Crypto achieved massive growth globally and we can see a flood of cryptocurrencies in the last couple of years these are all because of the success of Bitcoin and a few others.
If you are looking to buy crypto or going to invest in crypto, do some research online.
We have shortlisted a few factors that will help you in investing in cryptocurrency or help in smart investment decisions.
Tips for investing in cryptocurrency for the first time
You can earn huge money by investing in crypto but the crypto market is an unregulated market and has a high risk of lose of money because of market volatility.
Here I am sharing tips before investing in cryptocurrency for the first time and you must follow them for a better investment decision.
1) Do small research by yourself
First tips before investing in crypto for the first time, research and analysis count much and prestudy about crypto will be helpful in investment decisions and managing funds.
Small research and analysis are always helpful before entering any field and they will boost your confidence and decision-making capability.
You can find a large number of crypto but you have to be more focused on the nature and characteristics of each crypto and trading platform.
- Bitcoin Cash
2) Identifying and selecting crypto
Identification and selection of crypto is a crucial job and you have to be more precise and learn much online about crypto and types of crypto.
Crypto is trending in India and is in the most demand in the world because of the return on investment.
The selection of crypto can be based on features, characteristics, history, support team, and demand.
Tesla Inc CEO Elon Musk has made many decisions in support of Dogecoin that created a positive impact on Dogecoin and investors started investing.
Your selection must be according to your government norms and trading platforms.
3) Government regulations and guidelines
Government regulations and guidelines must be considered before investment because each country has some norms about crypto a few countries are very much favoring crypto and some are not in favor.
In a country like India where crypto trading is legal but charges are at a very high rate.
Few countries are most crypto-favored nations
4) Join an online crypto enthusiast community
Joining an online crypto enthusiast community will help you in acquiring knowledge, experience, training, investing, new updates, techniques, motivation, and interaction with different investors and experts who can suggest and help you in your investment.
Top 8 online crypto communities in 2022
5) Selection of Trading Platforms
Each country has its platforms but few platforms are international standards and trust.
A major concern is the reliability and acceptance of platforms so that buying and selling can keep going on and investment will be secure.
Internationally popular trading platforms are coinbase, Binance, Kraken, and Gemini and these are private companies that offer platforms to trade cryptocurrency.
6) Selection of investment format
The selection of investment format concerns types of trading like long-term, short-term, etc.
You must start with a small about and track your investment and keep growing it.
7) Time Leads To Success
Time leads to success this is true and you have to give proper time to this process and learn every so that acquire more skills, expertise, knowledge, and understanding about crypto.
You have to grow this business through proper planning, care, time, visualization, self-affirmation, a positive belief system, and deliberate practices.
8. And Finally, Do not Sell the House, Car, and Kidneys to Buy Cryptocurrency
Now and then you can come across the great stories of desperate people who had sold everything and bought cryptocurrency, which later made them millionaires. But these stories have a downside.
Firstly, today it is not 2011, and buying a thousand bitcoins is not so easy, and no one knows whether at least one of the altcoins will repeat the feat of Bitcoin.
Secondly, do not let yourself be fooled by a single success story, because each of them is worth a hundred failures and failures, largely due to ignorance, negligence, and inexperience.
Most popular cryptocurrency
- USD coin
- Binance coin
- Lucky Block
- The Graph
- Shiba Inu
Crypto assets are highly volatile and unregulated products and your investment must be wise.
Why invest in crypto?
People earn huge money from crypto through investment, trading, and dividends.
Bitcoin has so popular but there are many more cryptocurrencies other than bitcoin performing well and attracting investors.
Many countries like India have still not given a legal identity to cryptocurrency and will launch their cryptocurrency to give it a legal identity as a currency that is all done by the central bank of India.
Crypto attracts investment at a very high rate but you should be careful while going for investment keep your eye open and do some analytics.
If you do not do proper research, you can not succeed by analyzing the factors that affect your investment decisions.
Bitcoin, Dogecoin, Ripple, Ethereum, and other cryptocurrencies are attracting investment throughout the world and their prices rising.
In India, cryptocurrency will be taxed as per the February 2022 budget.
Aware crypto scams
Crypto scams are like any other financial scams but scammers are targeted at your crypto.
Types of crypto scams
- Investment scams
- Phishing scams
- Upgrade scams
- Sim-wap scams
- Fake crypto exchanges and crypto wallets