If you are looking to get involved in cryptocurrency investing you have to first undertones a few things which will keep things safe and which will help you to make as much money from this as possible. Whilst this is a fantastic opportunity for so many investors, it is important to remember that this is still a market which has a lot of uncertainties. This is something which experts like Robert Testagrossa have been very vocal about and it is important that in order to keep your investment safe, that you heed the warnings and be careful when you are investing.
Before you get started, here are some things which you should be watching out for.
False Information Online
The internet can be a great place to get crypto advice, especially on the likes of Twitter. When you are using these mediums to get advice however it is important that you are following actual experts and not just people who wish to throw ideas out there. On top of this, when you do get some advice about a particular coin or a certain investment opportunity, you should always ensure that you conduct your own research afterwards. The key to any investment is knowledge and you should never blindly trust someone who you have seen talking online.
Buying and Selling
The market is incredibly volatile and this is why you should keep your trading to a minimum. The idea in reality is to buy and then simply allow your investment to grow over time. The price of crypto coins can boom and bust in a matter of days and the swing in terms of percentage can be absolutely huge. This is why it is critical that you are smart with your investments and that you are not focused on trying to buy and sell as the price moves. Even the experts cannot predict when they will see price changes so a small time investor is going to have no chance. What you risk if you do this is that you could even lose your investment or the profit which you have made.
When you are sending coins from one wallet to another, you have got to be absolutely careful that you are sending it to o the right place. The risk that you run here is that you get a digit wrong when you are typing in the 26 character code, and that could easily mean that you send those coins to someone else. Should this happen you have to know that there will be absolutely no way of you getting those coins back. Remember that this is not like the centralized finance system, there is no bank or company which will offer you protection if you do this, and you will have lost all of your money in one fell swoop.
Be careful and always ensure that you know what you are investing in before parting with any cash.