Cryptocurrency investing and trading have become buzz words of late. If you’ve googled Bitcoin, Ethereum, Litecoin or cryptocurrency then you’re likely to be inundated with marketing campaigns that try to get you to “invest” or “trade” cryptos. Some marketing campaigns refer to elaborate schemes that require you to invest in a certain manner so that you can reap “consistent, dependable” rewards.
“Investment Gurus” have appeared all over the internet claiming to know or predict the future of crypto prices. Everyone (including con artists and venture capitalists looking to make a quick buck) wants a piece of the crypto-pie.
But really….? Should you be putting your hard earned cash into any crypto scheme? Obviously not. If you’re new to the cryptocurrency space you need to be cautious with your approach. If you’re not a trader then there’s no reason to believe you’ll suddenly become a Cryptocurrency Trading expert.
What you want to do is invest in the most cautious but beneficial manner possible…there is no secret formula to this. Like any investment, the rules of the game have not miraculously changed. Step one requires you to do your homework: if you’ve just entered the crypto space then find out where you can get cryptocurrencies from and find out about the actual cryptocurrency? You buy crypto’s at “exchanges”. We have a number of exchanges that we’ve reviewed for you. Join an exchange and deposit your funds into the exchange. Don’t deposit your entire life savings – deposit an amount that you can afford to lose yet an amount that will allow for significant gains if any price movement occurs on Cryptocurrency.
Next, you diversify, similar to creating a share portfolio. Look at the top 4 performing cryptocurrencies and simply BUY them.
Once you have bought the Cryptocurrency that you desired and the amounts reflect in your account with the exchange, then you need to consider security. Under no circumstances do we recommend that you keep your Cryptocurrency on the exchange. You should transfer them to “Cold Storage”.
There’s nothing fancy about the type of Cold Storage you choose. We recommend using a hardware wallet like the Ledger Nano S simply because it’s secure and easy to use for the beginner who has just entered the crypto currency sphere.
Once you’ve figured out how to transfer your crypto currency to the hardware wallet then store your wallet in a safe place. You then forget about your wallet and occasionally check on the price of the that you hold.
You don’t have to trade cryptocurrencies on a market or join up with a company that offers benefit schemes dealing with cryptocurrencies. All you need to do is own the actual crypto and let it grow. Once you become more familiar with the cryptocurrency market/sphere then start considering other methods of benefitting from cryptocurrencies – possibly learn to trade the market or to include crypto currencies in you IRA. The possibilities are limitless but it’s important to start with the basics. The important thing is not to be reckless with your hard earned money.
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