When considering an investment in cryptocurrency, the options are plentiful. The options seem infinite and often overwhelming. “Bitcoin is like a foreign language to most people and yet a money-making secret society to those who know how to invest in cryptocurrency opportunities”, said Aziz Sattar, a top cryptocurrency consultant and trader in Reno, Nevada.
It’s a unique and risky experience – but can be well worth it
In some ways, an Initial Coin Offerings (ICO) is like an Initial Public Offerings (IPOs). For instance, buying cryptocurrencies works a lot like buying shares in the public marketplace. Aside from that, the crypto space is a whole different universe.
Before investing into cryptocurrencies, know what makes it so much different. Also, for the many overnight millionaires coming from the 2017 Bitcoin price surge, it has proven it can be a lucrative investment.
It’s a different kind of ecosystem
Besides understanding the micro and macroeconomics, it is important to recognize the business fundamentals and the underlying technology of the digital investments. To capitalize on the best opportunity, you need a keen awareness of the problems existing in the crypto verse. If you know the problems, then it is easy to spot out the right solution to invest and support.
Do your due diligence
While searching for a project worthy of your investment, leave no stone unturned. You should analyze any digital coin/token before investing. There are several factors you should consider, including the tokens previous performance, the current state of the market, and correlating data trends.
There are websites such as CoinGecko.com that provide real-time data about most tokens and coins, including their trading volumes, price movement, liquidity, market cap,
Make sure you have the latest information, from the most reliable sources. Also, it is wise to do extensive research to learn about the people behind the scenes, such as the development teams experience, social media presence, and activity on GitHub. This means you must set up connections in the community.
Online forums like Reddit, Bitcointalk, and CryptoCompare are places to learn about the various teams and their activity in the community. How each one works, what influences affect their price, and if you can expect their prices to rise – but you still must make your own call on whom you can and cannot trust.
Or get some help
Cryptocurrency is a complicated market could invest in crypto and make huge gains themselves, however, many who choose to navigate and trade on a crypto exchange without guidance, suffer a significant loss. If you are just entering the crypto markets for the first time, then you should hire a coach to teach you the ropes. This way you do not have to learn many basic lessons the hard way – from very costly mistakes!