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How To Start Investing in Crypto?

Investing in crypto is still very popular, but not as much as in 2021 when NFTs became very popular even in the mainstream media. It was the golden year for the market because a lot of positive things were happening, and many new investors came in. This changed drastically in 2022, but the industry is still managing to survive and accomplish new things.

Some people like the gaming side of it, and others like online casino games, but there isn’t any proven strategy that will make your investment pay at any cost. It has to be a risky business like anything else; you will just increase your chances with proper research and strategy.

The fundamentals usually matter the most because people tend to skip this part and look for the top-tier investments that will bring them millions. This is the case for one in a couple of million investors, so don’t rely on something huge unless you have money to throw away. Much better investments usually gain a small percentage in return but are considered safer.

Do Research in Advance

This is the most important part of investing because the more solid your info is the better. But, this can also be an issue because there’s a lot of fake news that people listen to and waste their money on. Besides fake news, you will need to have the ability to figure out if something could have an issue in the future.

For example, no one expected that stablecoins are not so stable after all, and billions of dollars were lost after the LUNA crash. There are numerous examples where famous people started a certain cryptocurrency which was a rug pull meaning that they would own most of the coins, and after reaching a certain amount, they would just withdraw.

When doing research, find people that have the most reliable information that isn’t only gathered by the news. Some of the info you need might come from the main sources or employees that are working directly with the exchange platforms. This info is the most valuable but very hard to get.

Have Multiple Wallets

You can’t do anything without having a crypto wallet, and there are a couple of ways you can do it. The first one is to create it when you are making a deposit on any platform that seems reliable. Even if this seems like a great idea, sometimes keeping the fund on the platform isn’t the best way to do it. There have been occasions where major platforms got hacked, and a bunch of info was stolen.

 

This isn’t something that is happening every day, but if you want to make a bigger investment, it’s better to be as safe as possible. The other thing that you can do is to place a certain amount on a flash drive that you won’t touch in the near future. This is meant for long-term investments, so you would need multiple wallets if you want to spend and keep some.

 

There’s a chance that you will make bigger profits when you spend the crypto on many available services or just trade it. But everything depends on what you are trying to achieve and your end goal. If you want to be a part of the industry, having 2 to 4 wallets is an average number.

Exchange Platforms

Exchange platforms will be the primary source you will go to every day because everything is done through these platforms. When you want to spend some crypto, you will probably exchange the currencies on these platforms and proceed. So, always be careful which one you choose because even some of the biggest can have some flaws.

 

FTX is a great example where you can’t believe what every CEO says about their platform. They manipulated with a certain amount of their tokens which shouldn’t be the case if everything was regulated. This is also one of the reasons you should have multiple wallets on different platforms.