Cryptocurrencies: Bitcoin To Altcoins To Everything Else
Even if you live under a rock, you have already probably heard about the new booming investment hype called cryptocurrencies. If you are a beginner, you probably only know about Bitcoin. Since it was founded in 2008, many cryptocurrencies have already emerged and have proven to be very lucrative. There’s Litecoin, Ethereum, Zcash, Ripple, Altcoin and more. Innovators are attempting to make new forms of crypto everyday, and the hype is not about to die down. Just as stocks have IPOs or Initial Public Offerings, cryptos have ICOs or initial coin offering. Initial Coin Offering as the term suggests is when a new type of cryptocurrency is introduced in exchange for Bitcoin, Ethereum, and others.
We will do an in-depth discussion of the pros and cons of each of these cryptos, but for this, we would like to give you a few tips to get started.
1. Study the market
As with everything related to money and the economy, information is key. Some are lucky enough to dive right into crypto trading and get positive results, but this is not the case for everyone. If you’re starting out without any information, the chance of failure is extremely high, especially in this very volatile and what experts may call speculative market. Worry not – our website is especially made to give you that information.
2. Invest what you are willing to lose
Unless you are super rich looking to gamble your money without worry, you should only invest what you are willing to lose. The market is unpredictable. The value of cryptocurrencies skyrocketed over the past year. The value can go up or down by $1000 overnight. If you are not willing to lose that much, you should rethink getting into crypto, or just start small. Like any market, it can crash anytime. You have to make sure you won’t regret losing the money you put in. If done right, there is so much to gain.
3. Fail fast, learn fast
There are no guarantees in this market. But the sooner you fail, the sooner you are able to recover. Take notes and learn from these mistakes. Decide if you want to keep playing the game or if you want to exit. This market is not for everyone. Make sure to follow and subscribe to our website! With our extensive knowledge on crypto, you’ll be up to speed in no time.