How to invest in cryptocurrency – risks and benefits for crypto investment

How to invest in cryptocurrency – risks and benefits for crypto investment

How to invest in cryptocurrency – risks and benefits for crypto investment Business By Ali Khan On May 4, 2022 0 Share (adsbygoogle = window.adsbygoogle || []).push({}); Cryptocurrency tokens, despite initially being tipped to replace their traditional fiat counterparts, have primarily contributed to investors since their inception. In recent years, tokens like Bitcoin and Ethereum have risen to dominate the market, each worth tens of thousands of dollars, piquing people’s interests as a new angle of the economy opens up. While prices of established currencies have set people out of the growing market, a host of new coins exist that allow new investors to test the water. Understand the risks The first thing to consider with cryptocurrencies is that, whether cheap or expensive, they are inherently risky investment products. They tend to fluctuate and are easily manipulated by those with a monopoly over the market known as “whales”. (adsbygoogle = window.adsbygoogle || []).push({}); Cryptocurrencies are also poorly regulated, leaving people uniquely open to scammers with little recourse. READ MORE: Cryptocurrency explained: The crypto terms you ‘need to know’ Read white papers Every legitimate cryptocurrency should have an easy-to-find white paper that explains the aim behind the project that founded it. (adsbygoogle = window.adsbygoogle || []).push({}); These should contain an exhaustive list of details about what the project leaders hope to achieve, how long in which they hope to do it, and a general overview. Hard-to-find or absent white papers are a red flag for investors, as they are ultimately left without vital information. DON’T MISS (adsbygoogle = window.adsbygoogle || []).push({}); Find a reputable platform Armed with a community and the information they need to trade, cryptocurrency investors need a platform where they can spend their money. This part of the process can be daunting, as crypto enthusiasts have established a range of platforms, each of which may have a different speciality. Coinbase is among the best for beginners, with others such as Kraken and geared towards experienced traders and those on the go. (adsbygoogle = window.adsbygoogle || []).push({}); Know your limits As with any investment, people should know their limits and ensure they only use money they can spare. Beginners should start with cheaper currencies and build up confidence, keeping their bank balance in mind as they work up the chain. Those who invest beyond their means risk ruin, and there is a long-documented history of severe investment addiction and losses. (adsbygoogle = window.adsbygoogle || []).push({}); The information in this article does not equate to financial advice. Anyone considering investing in cryptocurrency should understand the risks involved. if(typeof!==”undefined”&&!0){!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,’script’,’’);fbq(‘init’,’568781449942811′);fbq(‘track’,’PageView’)} Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook (adsbygoogle = window.adsbygoogle || []).push({}); We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines. For all the latest Business News Click Here For the latest news and updates, follow us on Google News. (adsbygoogle = window.adsbygoogle || []).push({}); Read original article here Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours. benefitsbest newscryptocryptocurrencyinvestinvestmentnew updaterisks 0 Share

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