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The relatively new Crypto-industry has provided ‘a very risky but also very rewarding means’ to making income. Nowadays, global adoption of digital forms of exchange (Cryptocurrencies) is fast gaining ground, with the Crypto-industry now worth well over two trillion-dollar market capitalization, a milestone that seemed like a mirage only a few years ago.
There is no gainsaying the fact that any industry valued at over two trillion dollars presents a formidable platform for solid profits provided one knows how to realize the boundless opportunities for continued profit taking!
We have put down below, some of these ‘know-how’ as simple rules for your pleasant reading and profit-making in the ever-evolving crypto world.
Rule Number 1. Forget the FOMO (Fear of Missing Out), Knowledge is King!
Before you ever part ways with your hard-earned money, face the facts and learn the science of Blockchains, Digital Money and Cryptocurrencies! Many Crypto projects are simply people’s ideas that still need to become projects and then products! Even if these ideas do make it all the way to becoming products, there are no guarantees that they will become successful products. So do your proper research before investing in this alluring goldmine.
Rule Number 2. Never Go All-In
When you have decided to invest, never put in all your investible funds at once. You might just be crowdfunding a bunch of anonymous scammers. It is always a better strategy to invest along the project growth cycle, following its successes and roadmap. When deciding how much to invest, always leave some aside, even when you have chosen the amount you want to put in, only spend a portion of it for your first investment.
Rule Number 3. Secure and Protect Your Investment.
Cryptocurrencies are digital assets, which makes them very susceptible to hacks and scams. In most cases, it is your own duty to protect your investment from complete loss. Learn to secure your assets in hardware wallets, offline wallets, exchanges, etc. Some highly recommended wallets and exchanges include:
- Trust Wallet: https://trustwallet.com/
- Luno Wallet and Exchange: https://luno.com/
- Ledger Hardware Wallet: https://www.ledger.com/
- Metamask: https://metamask.io/
- Myetherwallet: https://www.myetherwallet.com/
- Poloniex Exchange: https://login-m.poloniex.com/
- Bitfinex Exchange: https://www.bitfinex.com/
Rule Number 4. Once You Are in Profit, Take Out Your Initial Investment.
Never forget to use the concept of “House Money” when investing in Cryptocurrencies. Because this market is so volatile, there are no guarantees for tomorrow, the only guarantee is the opportunity that exists now. House money simply means that you should only keep the money you have made in crypto in your long-term portfolio, this way you never lose your initial capital which can then be ploughed into something with a huge upside again and again.
Rule Number 5. Do Not Panic-Sell.
The Large players also known as “Whales” use this trick to accumulate cheap coins. They get ‘Newbies’ to panic-sell fast when prices shift southwards while they simply wait to get these same coins at very cheap prices. Unless you are already in significant profit do not fall for this trick, rather learn to buy the dips that have bottomed-out for yourself, especially when your investment is now ‘House Money.’
