Things You Should Know Before Investing In Cryptocurrency

 

Table Of Content

  1. What is cryptocurrency?
  2. Things you should consider before Investing.
  3. Advantages attached to Cryptocurrency.
  4. Disadvantages attached to Cryptocurrency.
  5. Best 10 Crypto Apps you should use.
  6. Conclusion.

Things You Should Know Before Investing In Cryptocurrency

 

What is Cryptocurrency?

It is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double spend. You can also define it as a digital currency that can be used to purchase goods and services across the country.

Cryptocurrency over the years has been used for everyday-to-transaction, purchasing, selling and even to the point of trading them for profit.

This cryptocurrency is a decentralized digital currency in the sense that they operate without a central bank or single administration/management

Cryptocurrency how ever over the years has rapidly increased in value. All transactions are verified by network nodes through cryptography and recorded in a distributed ledger called block chain. Some popular examples of this digital currency are Bitcoin, Ripple, Ethereum and Bitcoin cash.

Many individuals including parents has gradually with no little effort engaging their children/ward in crypto activities.

The crypto market is growing and showing optimism it is slowly but becoming a popular form of premium. Some advantages of this currency include more confidential transactions strong encryption/security amongst others. Although, this has many advantages but also has it’s demerits which include lack of inherent values, black market activities, unregulated cyber hacking and it is normally accepted as it is decentralized and has no central authority just like the way the government of a country holds authority over their currency.
In as much as government is tracking down on this currency has now become the odder of the day. Many (physical/online) institutions around the globe are now in existence were this digital currency will be taught properly under the forest market.

 Things you should consider before Investing in Cryptocurrency

Never invest more than what you can afford to lose:

Nowadays, people make the mistake of investing their entire finance into the cryptocurrency thinking that they will always make a great turnout but the truth is Cryptocurrency are not some kind of a money magic making venture, it is just like every other business that grow with time and with a proper management and dedication.

Therefore, before you invest into the crypto-world, make sure you are investing an average amount you are willing to lose because in business, one should not always expect huge returns all the time,  too much expectations in business will always lead you to lost.

Never Act Based On Fomo{ fear of missing out}:

A large percentage of people investing into the cryptocurrency nowadays as shown by statistics are young people of which twenty percent of them invest because they fear of missing out in this business and also peer pressure. Please as a new investor, you are advised to invest on your own terms and willingness to bear the business risks not on an account of others.

Conduct your own research and lastly safeguard your key because loosing or disclosing your key can create a risk of loosing your coin to thieves and scammers.

Advantages attached to Cryptocurrency

  • User Autonomy
  • Peer to peer focus
  • Elimination of Banking fees
  • Accessibility etc.

 

Things You Should Know Before Investing In Cryptocurrency

Disadvantages attached to Cryptocurrency

  • Price volatility and lack of inherent values
  •  Cyber security issues and Accessibility.

 

Best 10 Crypto Apps you should use.

For beginner investors and cryptocurrency gurus alike, there are a modest bunch of applications that can upgrade your crypto experience and even add crypto to your portfolio without spending a dime. From loaning stages to trades and portfolio chiefs, there are a lot of apps that every trader should have on their home screen.

Begin with our audit of the best crypto applications and discover what you’re absent.

  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. Tether (USDT)
  4. Binance coin (BNB) 
  5. Cardano (ADA)
  6. XRP
  7. Dogecoin (Doge)
  8. USD coin (USDC)
  9. Binance USD (USDT)
  10. Polkatdot (DOT)

Here we have the 10 best apps in the world of cryptocurrency, you can make use of anyone of them without any regret.

Conclusion

This article is written for any interested person’s that intend going into the crypto world. This article will aid in giving you a clearly picture and understanding of things you should know before investing in the cryptocurrency, knowing the steps to take the advantages and disadvantages in the cryptocurrency, that will help a person to check if it’s a business you are willing to go into or not.

For more help, check out our guide on “How to create and set up your Binance Crypto App“.

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