Four tips for investing in cryptocurrencies

investing in cryptocurrencies

Whether you are just entering cryptocurrencies now or whether you are a veteran, here are some tips for next year. Note: this is not a financial or investment advice. Always do your own research and make your own decisionsĀ investing in cryptocurrencies.

 

Do your own research

One of the most common questions I get when events or for family and friends is: “What is the next big currency you should invest?” Frankly, I hate this question because everyone should be investigating what projects and cryptocurrency in those who wish to invest their money. Not only is that what adults do, but it also saves everyone from the embarrassing situation of blaming someone for financial madness. Most projects today have a large amount of support documents and channels through which to contact the team directly. There is no excuse for not being complete and autonomous in his research in 2018.

 

Do not get too attached to a cryptocurrency

The beauty of the open source nature of cryptocurrencies is that if someone does not agree with the progress of a project, they can move away from it or choose to buy different crypts. Only believing in one and attacking all others results in something unwise, the jungle of the crypts is full of individuals who are scared and the cryptic crypt feel validated. So do not get too attached and definitely be cautious in all your investments.

 

Teach as many people as you can about cryptocurrencies

I believe that the community is what will make 2018 the year of the adoption of more widespread cryptocurrencies. So go out and tell people about it or maybe even some portfolios paper prepares a cheap altcoin to let r people try it for themselves. With all the main means of communication and the incessant attacks of the skeptics, the community must show the true value of the cryptocurrency.

 

Lead by example, use the cryptocurrencies in which you are investing

It can be tempting to never spend your cryptocurrencies. After all, what happens if they go up in price tomorrow? However, thinking exclusively in this way converts the cryptocurrency community into a band of speculators, viewing their cryptocurrencies as assets related to fiduciary assets. That is not the original intention of cryptocurrencies. The cryptocurrency can only prosper if its use cases are obvious to users and adopters. If your main objective is to be a currency, then it must be a store of value but also a means of change. Personally, I use a cold wallet to “save” and a hot wallet to “spend” much like I do with my fixed assets, which seems to work quite well.