Cryptocurrency Investment Guide 0.0 : Start Investing In Cryptocurrency
In last 6 months, crypto-economy has grown like never before. As, this economy is growing drastically, It has become the new attraction for investors. A lot of people want to step in this market, want to invest in cryptocurrency with making a decent amount of profit. So, here we explain Why you need to invest in bitcoin and cryptocurrencies and How to invest?
Let’s get to our first answer.
Invest because it is growing!
Yeah! The crypto-economy is growing rapidly. Use-cases of blockchain technologies are being implemented and the companies working on this tech are issuing their own cryptocurrencies or tokens. There are projects in the market being backed by big names like JP morgan, Google, Microsoft, IBM and many more. When such big names, and professionals behind these names are present in the market, Market has to develop and grow. If we go for examples then:
- Enterprise Ethereum Alliance connects fortune 500 enterprises, startups, academics and technology vendors with Ethereum subject matter experts. Some of the members of the alliance are Microsoft, JP morgan etc.
- Ripple is being backed by Google, which uses blockchain technology to manage transactions between some of the largest banks of the world.
- Apple-Jaxx has accepted Zcash as legitimate cryptocurrency. And so on…..
There are a lot of such projects being supported by big ventures. These were just to give an insight of this economy.
Now, that you have got a basic idea about how big this economy is, or going to be, you must be wondering about how to invest. What are the prerequisites, as these are digital currencies so how to stay secured, How to get know that which currency or token has the potential to make it big enough.
So, the first thing before you invest is to creating your account on a cryptocurreny exchange. Then always keep following things in mind while investing or trading:
- Never use same password for all accounts. Keep all password different and store them in a secured manner.
- Always use 2 factor authentication, using Authy with 2FA is better thing.
- Do use a good antivirus software.
- Always use exchange which has least fault cases and has a better customer support.
- Learn the tradition of Hodling (Holding). Keep patience.
How much you’re willing to lose?
Never jump into any investment sector with having solid hope of making big profits. Same is with crypto market too. If you’re willing to invest, just invest safely. Invest as much as you can afford to lose. There are cases like where a man sold his apartment and bought ether of all the money he got. Never do such things. Invest safe, earn safe, keep earnings safe.
Time to invest in bitcoin.
Now, in order to start buying other cryptocurrency, you will have to invest in bitcoin first. Buy some bitcoins (I hope that is not illegal in your country. e.g.- Russia), then you can start trading cryptocurrencies on any suitable exchange. Preferable is Bittrex, as there are a lot of complains out there about Poloniex.
Now, How to invest?
Firstly, do research. A lot of research. Until, you are not aware about the coin or assest that what is the use of them, why they will rise and why they must rise? what are the solutions provided by the company and how those solutions are gonna make it big in future? You must be having all of these questions in mind before going to invest bitcoin in any cryptocurrency. Always, do a primary research, go through the whitepaper of the company. You will get 50% of the idea after reading whitepaper, for later work refer news, partner organisations etc. Then, you will be able to realise yourself which currency worth investment.
For basic or advanced information about cryptocurrencies, blockchain, information here are the links which will help you understanding all these things in a better way:
So, nowadyas ICO’s are very popular in crypto market. We strongly suggest you to get familiar with ICO first, then think of investing in it. Because, there are lot of ICO scams are also happening. We have a short read on both:
Get know basics of Initial Coin Offering:
About ICO scams, we will tell you how to know if it is a scam or not?
If you want to dive deep in how to get started with bitcoin investment and with other exchanges. Here it is:
How to Start Trading In Cryptocurrency? In this guide, we have taken example of currency of Ripple. You can do the same with other popular cryptocurrency.
So, this is all for today. We will keep coming with new updates and new things about Crypto trading and Blockchain. Stay updated with ItsBlockchain and share your doubts or thoughts in comment below.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.