Cryptocurrency is the big boom in 2019, a market that offers huge profit making opportunities. But it’s also extremely risky so before you jump in it’s better to be informed. Here are a few advices if you want to buy cryptocurrency online in 2019. To start investing in Bitcoin and other cryptocurrencies you first need to sign up to an exchange which will allow you to buy cryptocurrency with paper money. An exchange is basically an website that enables everyone to purchase and sell Bitcoin as well as any other cryptocurrency that they have traded.
Once you’ve made your purchase, your new Bitcoin will be stored in your Coinbase wallet. You should then seek out the option to transfer these funds to the address of the Bitcoin wallet you have created that’s off the exchange. You will have to pay a small fee to do so, but that is part and parcel of Bitcoin transfers. Fortunately, the fees for such trades are far from their peak.
During an ICO (Initial Coin Offering), startups offer the general public an early chance to invest in their idea through a crowded sale. In return, these investors are allocated tokens at a lower price with a promise to sell them at a much higher price when listed on an exchange. Time has proven that ICOs can quite successful with records showing that some tokens ended up more than ten times the value of the projected returns. But what’s the catch in this, you might ask… ICOs have attracted a large number of investors clearly due to their high returns; however, another large number of ICOs have turned out to be total scams. People have lost millions worth of investments.
Rule number one of investing; don’t invest more than you can afford to lose. You should go into this ready to lose whatever you put in. Ultimately, as the price swings up and down, you should remain calm and still be living a healthy life with room for regular spending. I’ve heard countless horror stories of people investing greedily with their entire life savings or borrowing large sums of money. This is a HUGE mistake.
Buying the dips and holding can be dangerous in a bear market, and it can put pressure on you to sell low if you overextend, but it is still often better than FOMO buying the top. Sometimes it can be wise to sell for a loss or to buy when the price is at a local high, but knowing when this is the case requires a rather high skill level. Thus, although rules sometimes are best broken, start by aiming to buy low and sell high. Two last points A. Knowing when to take a loss is hard, buying the dips and holding is easy. B. The dips WILL happen, you must be patient and ward off FOMO! C. If you aren’t willing to see 90%+ losses, then call a point where you will take a loss and stick to the game plan.
You can store your cryptocurrencies in a secure wallet. Cryptocurrencies give you the option to store your money in two types of portfolios that can be easily transferred to your account. And the wallets have no charge to store your money. For most people, privacy is the highest priority. When it comes to cryptocurrencies, you can expect your transactions to be highly confidential. You can make your transactions and be anonymous. Read extra details on Cryptocurrency Guy.