Want to Invest in Cryptocurrency? Know Why, How and Where?
Why Should YOU Invest?
Over the last few years, the crypto economy has grown by leaps and bounds. Companies are becoming increasingly interested on issuing their own crypto currencies and tokens given how innumerable ways in which the use-cases of this Blockchain Technology can be implemented. Corporate giants like JP Morgan, Google, Microsoft, IBM, Accenture et cetera are just some of the names flashing amongst the backers of currencies like Ripple, Ethereum, Litecoin and many more. And it is no rocket science to analyze that when such big companies and professionals are present behind the scenes of the crypto-market in the present, the future only spells of development and growth for crypto. If we were to give more detailed examples:
- The Enterprise Ethereum Alliance (EEA) is a widespread network connecting Fortune 500 enterprises, startups, academics and technology vendors to the Ethereum subject matter experts. The better known faces of this alliance include Microsoft, JP Morgan and Accenture.
- Ripple is based on using the blockchain technology to manage transactions between some of the largest banks of the world, and is currently being backed by Google.
- Apple-Jaxx recently declared Zcash as a legitimate cryptocurrency. And so on…..
In fact the number of projects being funded by major companies is increasing day by day.
What Is The Prerequisite Knowledge You Need?
Now, that you know how massive this economy is, or is becoming even as you read this article, some questions popping into your head will be where you should start with the investment process, what are the prerequisites required to keep these are digital currencies secured and how to get know that which currency or token has the potential to make it big enough?
First things first: Before you invest, you need to create your account on a cryptocurreny exchange. Then you should always keep the following things in mind while investing or trading:
- Never use same password for all accounts. Keep all passwords different and store them in a secured manner.
- Always use 2 factor authentication, as a matter of fact using Authy with 2FA is better thing.
- Have a good antivirus software.
- Always use exchange which has least fault cases complimenting better customer support.
- Learn the tradition of Hodling (Holding).
- Be patient.
How much you’re willing to lose?
It is often said that only bad investors jump into the investment sector with solid hope of making immense profits. The same fundamental applies to the crypto market too. If you’re willing to invest, invest safely and only invest the amount you can afford to lose. There have been cases like where a man sold his apartment only to buyether of all the money he got. This is an example of things you should never do.
Follow the three golden rules: Invest safe, Earn safe, Keep earnings safe.
Where To Start Investing?
In order to start buy any cryptocurrency, you will have to invest in bitcoin first. Buy some bitcoins, after you have checked it’s legality in your country. Then start trading cryptocurrencies on any suitable exchange. Bittrex and Poloniex are the two most common crypto exchange platforms, however we strongly recommend Bittrex because the rising complaints about Poloniex.
How to invest?
Your first step hould be to do a lot of research. Until, you are not aware about the coin or asset, their usage and the reasons for their growth, you will be unaware of the solutions provided by the company and you will be incapable in analyzing why these solutions will make it big in the future. Hence it is absolutely imperative to do a primary research and to go through the whitepaper of the company.50% of the idea of the cryptocurrency can be obtained after reading the whitepaper and for later work you can refer to the news, partner organizations etc. After you are done with checking these parameters and figuring out the credibility, you will be able to realize the currency which is worth your investment yourself.
How to trade or invest on Bittrex Exchange?
You just need to follow these steps:
- Buy bitcoins from any Bitcoin exchange, For Indian customers buy it from Zebpay(recommended), For others buy it from Bitstamp, localbitcoins or any other authentic platform.
- Create an account with Bittrex at bittrex.com.
- Say you want to buy NEO. First, you need to analyze the NEO chart history. Navigate through the prices in the last week, last month and go through the order book to find out the level of interest of NEO buyers.
- Accordingly, decide your Buying/Selling price.
- To place a bid (buying a token): Set the price per unit at which you are willing to buy. Set the total to the bitcoins you’re willing to invest. Then press buy option. Now when the price will reach price you mentioned, it will be bought. You can set Bid at Last price too if you want to buy at recent price.
- In case the price you want for the token is not achieved, then you will not be able to buy the token. If you still want to buy the token regardless you can go to ‘Ask’ option and buy the token immediately.
- To Sell: Set price as price per unit you want to sell, then choose how many coins you want to sell on max option.(to sell all, press max after putting selling price). Now press sell, and coins will be sold when price reaches mentioned threshold.
The Fundamental is simple, Buy when the price is low, Sell when it is high.
We have got entire guide ready for you for How to Trade Altcoins Successfully.
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