How to invest in cryptovalutes?
You’re facing a challenge that 90% of people haven’t experienced. And more than 75% of the people on earth have not heard of the cryptocurrencies themselves. This means that you want to be in front of others, gain knowledge that only a handful of people have. You are facing the freshest of the financial markets, which is developing at a dizzying pace. The changes that take place in the traditional markets for months here sometimes take a couple of hours, and one gossip can upset the course, causing something that in a normal market would be called a crash.
How to earn money on cryptocurrencies?
The answer you can find almost everywhere will be: buy cheap, sell more expensive. Keep it up and you’ll be rich. There is a lot of truth in this council, but in reality it is not as simple as you might think. The main reason is in human nature, with most of us impatient and greedy, fearing loss in both falls and rises. Therefore, it is best to start with smaller amounts to know the specifications of the market and your reactions to the stress of big price fluctuations.
Where do I start?
First we have to verify the project we want to invest in. In the case of the main crypto which they are: Bitcoin, Ethereum, Ripple, Litecoin and other projects known to everyone will have no problem with verifying the authenticity of the project. Nevertheless, we recommend that you find out how it works, so that you know what you are investing in and what your money is spent on.
However, there are still many other projects that often offer greater opportunities for return on invested capital. Projects need to be thoroughly verified in many respects, taking into account the history of the project and people associated with it, its credibility in assumptions and many other factors. However, some might say that it is possible to earn money on everything, even projects showing signs of fraud. In this case, you have to reckon with the fact that the probability of earning money from such an investment is negligible, and it is mainly those people who stand behind the “scam” or are very lucky. You can read more about project verification in the article: how to verify a project
Time to buy the first cryptocurrencies?
Nowadays, most people start their adventure in this market by buying bitcoin, it is a kind of reflection of the value of other projects. On various exchanges Bitcoin is used as the main currency reflecting the value of another project and is used for trading e.g. BTC/XRP where one XRP costs 0.000026BTC. To have your first bitcoin we need to find a platform for exchanging fiat currencies, i.e. zloty or currency exchange, as Bitclude we provide a comprehensive platform, including a convenient currency exchange and a fully functional crypto exchange. As the only exchange in Poland we have the status of a Small Payment Institution which allows us to legally store deposits in fiat currencies. Once we have made our purchase of BTC, and we want to buy other cryptocurrencies in pairs to Bitcoin, we recommend exchanges that specialize in altoin (crypted currencies other than Bitcoin), these are inter alia Binance, KuCoin, YoBit and many more. On the page of a given project in which we want to invest there should be information where we can buy a given crypted currency.
How many investors have so many opinions, whether technical analysis on the cryptic market works. It all depends on which pairs we play on, what time intervals we look at. But if we are people who want to put their money in the form of a deposit and not use it for so-called day trading, then technical analysis should not interest us.
However, if we want to feel a lot of emotion and try to play through buying and selling, the analysis can be useful to us. Experience from traditional markets will undoubtedly make the game easier for us, but it is not required. In various sources you can find a lot of information indicating the operation of some indicators from the regular stock exchange and the formation of the traditional stock exchange.
Let us remember, however, that the result of a survey conducted by Cass Business School showed that a chimpanzee in a clash with an investor imitating the stock market index received a higher rate of return than the investor.
How to invest in the cryptocurrencies in 2020?
How many investors have so many opinions whether technical analysis on the cryptocurrencies market works. It all depends on which pairs we play on, what time intervals we look at. But if we are people who want to put their money in the form of a deposit and not use it for so-called day trading, then technical analysis should not interest us.
Many projects that can mess up the crypto market have not yet seen the light of day. It is also worthwhile to follow all the information channels from the industry, bearing in mind the thorough verification of the project.
In the end
Many of the projects that can mess up the crypto market have not yet seen the light of day. It is also worthwhile to follow all information channels from the industry, bearing in mind the thorough verification of the project.