NEWS
Is It Too Late To Get On The Crypto Express Train?
For some time, crypto investors have been telling people that the crypto express train was about to leave the station and that if people didn’t get on board, then they would miss it.
If you aren’t familiar with what crypto is, then it’s a shortened version of the world cryptocurrency. Cryptocurrency is a form of digital currency, which has no underlying value, but that can be worth a lot of money despite this.
If you want to know whether or not crypto’s a good investment (and whether the train’s leaving the station) then this post’s got you covered. In addition to telling you whether it’s sensible to invest in crypto or not, this post will also tell you how you can get started with crypto investment.
Making Money from Crypto
In answer to this post’s titular question, no, it is absolutely not too late to get on the crypto express train. On an almost daily basis, new traders take up crypto trading, and some make a lot of money. You don’t just have to trade crypto to make money, either. One look at a spreadsheet detailing the best Bitcoin lending rates will clearly show that you can also make a lot of money by creating a crypto interest account. Because of how popular crypto is becoming, lots of new ways of making money from it are springing up. As long as you have enough money for an initial investment, then you also can start making a profit from it.
Starting to Trade Crypto
If you are going to trade crypto, then it is very important that you first take the time to research it. A lot of amateur traders don’t research crypto, which results in them losing money and wasting their time. Despite how simple crypto seems, it can actually be quite complex. One of the first things that you need to do is to be able to read financial charts. If you cannot read financial charts, then you won’t be able to predict price changes or fluctuations. Most amateur traders never learn to read financial charts. There are lots of online courses explaining how to read financial charts, as well as online video tutorials. In addition to learning about how to read charts, you also need to take the time to learn about the different currencies, which will be covered in greater detail later.
Making Sensible Investments
If you do intend on crypto trading, then you need to make sure that you make sensible investments (and manage your money well). A lot of people treat crypto trading like it’s gambling. People that do tend to treat crypto like it’s a roulette wheel inevitably lose money. One of the best ways to make more sensible investments is to attend some kind of crypto trading course or even to hire a financial manager, who can help you to make more sensible trades. Some people even give all of their cryptos to a professional investor, who invests it for them.
Starting to Trade Crypto
Creating An Account
If you do want to go ahead and start trading crypto, then the first thing that you need to do is to create an account on a crypto exchange. A crypto exchange is a platform where you are able to buy, hold, store, and sell cryptocurrencies. Most platforms are completely free to sign up for. Ideally, you should find a platform that allows demo trading so that you can find your footing and learn how to trade properly.
Researching Currencies
As mentioned earlier, it’s crucial that you take the time to learn about the different cryptocurrencies. If you do not, then you won’t be able to make sensible investments. Researching currencies is relatively easy since there’s so much information about cryptocurrency on the internet today. The best place to look for information about different currencies is in unbiased financial journals and magazines. It’s always a good idea to avoid blog posts and so-called independent expert opinions, because more often than not they are biased and want you to invest in very specific currencies so that the price of these currencies is artificially inflated, and they make money.
Creating A Wallet
A wallet is an online bank account, essentially. It is where you store all of your crypto holdings. Most experts agree that it’s best to invest in an offline wallet so that your crypto is a lot more secure. As will be addressed in the next section, security should be one of your primary concerns. Hackers regularly target people and try to steal their cryptocurrency, because crypto can be very valuable. You shouldn’t ever store crypto inside your platform account, because it can be stolen very easily from there by hackers.
Online Security
Online security is very important. Whenever you are trading crypto, you need to ensure that you have a wallet, and that you have two-factor authentication set up on it (and on your trading platform, each time that you log in). You should never store your crypto wallet’s password on your computer, either. The best way to store it is to write it down on a piece of paper and store it inside a safe. When you store your password on your computer, you make it available to hackers. In terms of security, try to use a VPN whenever you are trading or accessing your crypto wallet.
Educated Trades
Finally, take the time to conduct online research, read financial magazines, and get an expert’s opinion before you make any trades. As a beginner, doing all of these things before you make a trade will help to prevent you from making any mistakes or wasting your money. A lot of amateur traders act on impulse, which is never a good idea. An emotional trade is one that’s likely to fail. In addition to this, you must make sure never to make any trades after you have been drinking or taking any kind of intoxicant. Wait until you’re sober before you trade.
It’s never too late to get in on crypto. While it might be too late to cash in on certain cryptocurrencies, the industry as a whole is still growing and new currencies are popping up on a daily basis. Investing in crypto can be extremely lucrative, as long as you take the time to research and make educated trades.
Kenneth is a proud native of sydney, born and raised there. However, he pursued his education abroad and studied in Australia. Kenneth has worked as a journalist for almost a decade, making valuable contributions to prominent publications such as Yahoo News and The Verge. Currently, he serves as a journalist for The Hear Up, where he focuses on covering climate and science news. You can reach Kenneth at [email protected].
