Here’s my advise or tips for investing in crypto currency:
- There are more than 200 different crypto currencies current being traded in various exchanges across the world. Most of these are highly volatile. A few of them have daily changes of 500%. For ex, look at the chart below. Its better to invest in something which is stable and has a long term view than going for something which don’t have a future.
2. Always do your research before getting into investing into bitcoins. There are multiple exchanges in each country, look at my blog about different exchanges in different countries. All these exchanges have different rates. Some are cheaper and some are expensive. So its better to look around and see which one offers the cheapest and safest option.
3. Now, that you found the place to buy, have patience when looking for returns. Imagine if the guy who bought 3000 bitcoins in 2011 had sold them when bitcoin had reached $1000. He would be regretting it now. So, when you put your money, have patience and wait.
4. Choose a secure wallet, there are a lot of users who have lost bitcoins as they didnt choose the right wallet. With so many wallets being launched every day. Its better to go for the safer and stable ones. Always read reviews of wallets before you store them.
5. Finally, go and buy them before you miss the train.