Perhaps you’ve heard of Bitcoin, Ethereum, and possibly some other cryptic ones such as Dogecoin. It seems like everyone and their grandma are talking about cryptocurrency these days. But wait, before you jump into the abyss of jumping into a pool of sharks with a bacon swimsuit Let’s talk about the things you need to be aware of. Find this to access complete details!
The crypto market isn’t like the stock market you’re used to. These digital coins are unique. Sometimes they’re up and some days they’re down. It’s like a rollercoaster that hasn’t passed the safety inspection. For instance, Bitcoin might be chilling at $60,000 for a moment, and then it’s backstroking at $40,000 in the following. If the thought of riding on a train in your head, be sure to buckle up!
Everybody loves a good payback story. Did you remember that person who thought he bought 100 Bitcoin in 2011, when they were at a steal and then rediscovered his fortune 10 years later? Oh, the dulcet sound of cha-ching! Don’t fall for the illusion, even though you may think he’s the lottery winner and not your everyday Joe. The vast ocean of cryptocurrency can include big waves and should be treated with the utmost caution.
People will talk about ‘HODL’ing. It’s short for “Hold on for the Rest of Your Life” and it’s the mantra of people who purchase cryptocurrency and hold onto it, thick and thin like a surfer riding on a huge wave. Are you the kind of person who is steadfast or are you a twitchy knee at the smallest twitch? The stoicism of a monk could be your best friend in this crowded market.
Crypto isn’t just about grabbing a quick buck. Many believe that it’s the new financial order and is poised to challenge the old. For many, however, it remains a high-stakes game. Consider the old adage “invest only the amount you can afford.” It’s not an investment in the house. It’s like throwing coins into a wish well without knowing if they’ll ever create the impact you want.
Let’s not forget the art of conducting research. Consider whitepapers before clicking “buy”. They provide insight into what the coin is doing, for instance, reading the treasure map before digging. Particulars are essential. It’s difficult and complicated, but ultimately rewarding, like Shakespeare. If you’re feeling confused, online communities have indie guides ready to help novices who are trying to navigate this tricky path.
Then there’s the perennial debate of whether to diversify or not? Some people swear by sticking to Bitcoin which is the ancestor of them all. Some mix it up, dabbling in the likes of the Litecoin coin, Ripple, or some other catchy-named coin. The options are endless but there is one rule that remains spread the risk or more simply, don’t put all your eggs in one CryptoKitties basket.
Security is a different issue. Imagine putting treasure chests around with barely a lock on them. It’s not a good idea. Ensure your wallets are as secure as Fort Knox. Cyber-threats are as crafty as foxes, and you need to protect your assets with steel walls.
Another aspect to consider: rules. The world is different from night to day with regards to crypto. Some love it; others behave as if it’s Voldemort the cryptocurrency that isn’t called. Pay attention to laws where you live, as they can affect how easily you buy or sell your possessions.
Take note that each success story is accompanied by a lot of glitz, swagger and madness. The stories of wealth often ignore the tears and sweat shed during the process. Do you see yourself joining this digital gold rush? Keep your eyes open, a hint of humor and a hefty dose of caution. Who knows, one day, you may be able to recount your story of your own fortune or lessons learned.