So you’ve found your way into the magical world of cryptocurrency. While conversations on your news feed might make you feel like you’ve fallen behind, we have 5 tips & tricks on how to catch up to the pros.
- Do your research, and then do more. While self-educating might not be the quick tip you were looking for, it’s the single most important step to beginning your crypto journey. You need to know what cryptocurrency is, how it works, what it can be used for, where to buy it, where to sell it, how to trade it, and so on and so on. When it comes to cryptocurrency, you’ll never run out of resources to read. There’s always new ICO’s or new blog posts being published explaining more and more about this future of finance. We’ve talked about the importance of research in an earlier blog post.
- Once you’ve done your research, you might be ready to invest. While investing in cryptocurrency is different than typical stocks and bonds, the same rule of thumb applies. Only invest what you’re willing to lose. You can do all the research in the world, invest in the safest portfolio ever, and still lose everything on a whim. Don’t try to make up for lost time; take things slow, and invest safely.
- Now that you’re investing, be sure to diversify your investments. While investing safely is important, limiting your investments to one cryptocurrency also limits your potential. Be sure to keep researching new investments opportunities and look for ways to diversify your portfolio. Skraps makes diversifying your portfolio easier than ever, especially if you’re unsure of how to get started.
- Don’t think you’re going to flip that small amount of Bitcoin overnight. Unfortunately, those days of cryptocurrency are over. Investing in crypto is a long term game. You have to invest and wait out all the highs and lows to reap any benefits. This action is referred to as HODL in crypto slang. You can read more about crypto terms and slang here.
- One last tip before you’re off on your new crypto journey, have fun with it! Finance can be daunting; but it does’t have to be miserable. Whether it’s joining in on cryptocurrency memes, meeting new friends who share the same passion, or finding fun in all the research; don’t let your new passion become a chore. The future of finance is here! Take part in it, have fun with it.
When it comes to cryptocurrency, you’ll be handed new tips at every corner you turn. Long time investors will advise you one way, while successful consultants might say the opposite. Whatever you do, and whoever you listen to, just remember these 5 things: Do your research, invest safely, diversify your investments, be patient, and have fun!
From the Skraps team to you, we wish you the best on your new journey through the world of cryptocurrency. The app is open for early access, you can sign up here. Or you can follow our own journey on Instagram, Twitter, or Facebook.
