Digital cash, digital money or crypto currency, whatever it is said but is the right time to invest in the future. Crypto currencies are widely in trend and predicted for the replacement of paper money. Within few years crypto currency has widely captured the market and use cases are being built. Soon you can travel, shop and stay with digital cash/ crypto currency.
Beginner or working as professional, all follows some of the major tips before and during investing on crypto currency. It’s merely like stock, where you want to know more about company, research it and then decide how much and till when to invest, all for profit.
First of all learn about how to store your crypto currency:
By basics it comes first when one need to learn about digital wallets, where these crypto currencies or digital cash are stored. Every wallet has identical wallet address and private key. Learn about safe wallets and create a place to store your coins.
Learn to walk before you can run.
Learn to store coins before you start to trade.
Do not put all your money in same basket:
Not only while investing in crypto currency, but this statement works while you invest anywhere or in anything. Creating a good portfolio always decreases the risk of loss. So, study about various coming and upcoming crypto currency and invest in them. Some crypto currency might have good future due to their good use case or strong team. Investing in new companies if one can hold will surely have high return on investment.
Make a habit of reading market status:
Crypto currency market have a high volatility, within a year bit coin surged down below $12000-$14000 of its top price. One must not only notice price of the token instead look for it’s market cap too. It defines how trustable and capable crypto is.
Always use different email address and strong security
Using same account everywhere might risk investor for data breaching. In order to overcome the risk, it is recommended to create a unique email account only for trading. Enable all security option like two factor authentication password security, recovery email address, getting OTP for every log in and notify if logged in from unknown devices.
Set a clear profit range:
For beginners, one might not know the right time to sell or buy. So, after you buy tokens set a clear target of profit you want to earn. Once when it reaches to that level, sell it and wait for it to get lower to buy again or find new companies to invest again.
