A global study shows that crypto scams were rise to 82% in 2021. It is important to be cautious. Are you looking to invest but don’t know how to?
Many people talk about cryptocurrency and the potential resources they could gain from investing in this asset. However, there is still a lot of information out there about Invest in cryptocurrencies and the resources that they can provide. It is important to consider some things to keep in mind if you are looking to invest in crypto.
Why did crypto Cryptocurrency scams occur? How to keep track of crypto for taxes? This is due to the inexperience and ignorance of many people who invest in the crypto market.
Follow these tips for Invest in Cryptocurrencies investment:
- Purchase sustainable cryptocurrencies and not “shitcoins”. There are currently more than 12,000 cryptocurrencies. We recommend that you identify those that can be sustained over time and are associated with solid projects. Those that don’t comply with these guidelines do not solve any problems. They are only speculation and marketing spin.
- Invest only in the top 2 Invest in cryptocurrencies if this is your first time using this currency. So far, they are Ethereum and Bitcoin. After you have gained experience in this market, you can buy other types of cryptocurrency.
- How to properly store and protect cryptocurrencies: Many people think they have bought them and left them on the Exchange. However, they aren’t under their control. They can be stolen at any time. Many experts recommend that you take them out of the Exchange and move them to a cold wallet, such as a Ledger, or a physical offline cryptocurrency storage system. The person must also have full control over their crypto. It is important to not share passwords with anyone if they do not have your keys.
Other tips are:
- Make an investment plan If you decide to invest, make sure it is in a complete market (bearish, then bullish), which means that it should take between 3.5 to 4 years. It should be that ” If a person with no knowledge speculates in the immediate term, they will lose, as he doesn’t have the experience to do so. However, if the investor assumes a complete market cycle, then the greatest probability, according to statistics, of making a profit is greater.
- Keeping up to date with the political and economic landscapes around the world is essential. This allows you to make investment decisions that preserve your wealth. The impact of Russia’s invasion of Ukraine on the world stock market is an example.
- Get expert advice: It is essential to seek out advice from experts in cryptocurrency investment. However, ensure that they are real and have a track record of delivering results. It is essential to be educated with useful information that will help you create a solid investment strategy.
- Get involved: It is crucial to become familiar with cryptocurrency and invest some money to gain more knowledge.
Experts disagree on how much to invest
Because the price of cryptocurrency is often volatile, they are recommended for investors with higher risk profiles. If you are interested in the crypto market, you should invest the amount that will allow you to sleep comfortably. This is not to say that you should put all your capital at risk, but enough to prevent headaches if the price falls or rises.