You’ve probably already asked yourself some of the following questions: Is it too late to get started? Did the Bitcoin bubble really burst? What are the chances to succeed? What are the best tips to follow? We are about to answer all of these and give you some tips that will surely help you in your endeavour.
We are sure you’ve noticed the prolonged bear market cryptocurrencies have been facing the past year, with November 2018 being the worst month for Bitcoin since 2011. Thus, despite the recent significant drops, cryptocurrencies are far from being finished, and it’s definitely not the right moment to stop investing. In fact, the security platform SharesPost reported that 72% of cryptocurrency investors are planning to buy more holdings in the next year. More and more stores and online casinos now accept payments in these virtual currencies and this makes everyone really happy.
In order to make sure you have a great start in your adventure, make sure you:
Follow Your Instinct
In the world of cryptocurrencies, 2 voices are making themselves heard over all the rest. The Media along with some financial sectors which preach about the negative effects of the digital currencies and the population who embraced the financial prospects and practical applications of virtual currencies. Instead of allowing any of these parties to influence you, do your own research and make the best strategy for yourself and your goals. There is no recipe that suits everyone’s needs.
Expect The Unexpected To Happen
The significant volatility that exists in cryptocurrency markets cannot be ignored. Experienced investors are accustomed to huge price changes. This kind of swings is rarely encountered in traditional markets. By mentally preparing for these unfavourable investment performances, the intelligent crypto investor will be able to act rationally instead of emotionally in times of unexpected price drops.
Opt For An Alternative Email Account
The use of a regular email account places an investor, regardless of the level of experience, at an unnecessary risk of exposure for a data breach. To overcome the possibility of something bad to occur, it is recommended to create a unique account just for trading, especially with added two-factor authentication password security.
No matter what, ensure that two-factor authentication is utilized for every service you use the email for. Also, when setting up your accounts, be sure to select a unique username and password that have no personally identifiable information. This way, you avoid the possibility for the would-be hackers to trace the information back to you.
Avoid Storing Your Digital Currency On Mobile Wallets
Storing or trading large sums of any type of cryptocurrency, via mobile phone is simply too great a risk. Mobile phones face a higher risk of being compromised electronically or physically. Although they might be more convenient, this fact should not surpass the security concerns.
Becoming a cryptocurrency investor is a difficult path that comes with many. Hopefully, these tips are going to help you get started, gain more confidence in yourself and create your own strategy for success.