At this point there are still people who get rich thanks to cryptocurrencies like BitCoin (Yes, even with low price), it isn't late enough to get on the boat. I don’t want to cheat you, there are also people who screw it up and lose like Carlos Matos. Therefore, I bring 10 keys that you should know if you want to invest in cryptocurrencies.
-Don’t invest money that you’ll need:
It wouldn’t be the first or the last time you see someone asking banks for credits to invest in this. Spend money that you have saved, that you are going to spend on trips, drugs, parties, idk ... but don’t spend what you need for the bills.
-Investigate the crypto you want to invest in:
Compare prices, community, market supply, graphs, exchanges ... All this can be found in CoinMarketCap, you only have to compare.
An idea is more important than a value: Before looking at the price of a currency, look at its mission. Will this project be useful? If it convinces you, go ahead.
-Buy cheap and sell expensive:
It seems logical but greed breaks the bag. Whenever there is a price increase, there is a correction and it goes down again a bit (or not). Use exchange houses (For example: Coinbase), are the most viable sites to get our crypts.
-Think about everything:
Will this coin be useful? Why are there no updates? Do I sell now or do I wait a little longer? Think about it all and look at its pros and cons.
-Think long-term:
We are in a very volatile market, today it rises as tomorrow lows, so thinking in the short term is going to make us want to tear the hair out of our heads.
-Save your coins in Wallets, not in Exchanges:
There are programs called Wallets that store your coins and only you control them. They can also be stored in the Exchanges, but it is easier to be hacked.
-Make copies of everything and save them:
You don’t want to be the first page of a newspaper that says "He lost the key of his Wallet with 1250 BitCoins". Do backup copies always.
-Don’t panic:
This point goes with the number 4 and 6. If you have decided to invest in long-term forget to look at the price of your currency day by day, it is very easy to enter in a panic seeing the price and you sell cheap.
-Your privacy matters:
The mission of cryptocurrencies is to decentralize money and that entities have no control over us, but there are cryptos that can be tracked. With this, I mean that anonymous cryptos like DeepOnion are a very good option to invest.
It is all said, now it is your mission to become a retired person 30 years before the established. Good luck on your trip through the crypto world.
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