There several other cryptocurrencies other than Bitcoin :
Bitcoin blew up a few years ago and after that, the crypto-verse changed drastically for the better. There is a misconception among people that Bitcoin is the only cryptocurrency, but this is far from the truth. Bitcoin certainly does hold the highest value as of now, which is about 38,215.90 USD or 27,95,856.14 Indian Rupees, making it the most successful cryptocurrency out there due to its high market cap value of around 1.8 trillion USD. We are here to tell you that there are several other options that are way more affordable and can also produce valid returns that you can put your money in. Some of the alternative cryptocurrencies are Ripple, Shiba Inu, Matic, Ethereum, etc.
Balance and segregate your finances :
As cryptocurrency demands a healthy investment for returns, it is crucial that any investment that you make must not leave you empty-handed by chance if the coin drops in value. In fact, this should be kept in mind for all investments. If you canâ€™t afford to lose the money, then you should not invest it in crypto. There needs to be good segregation and balance your finances as there should not be a situation in which your household and essential commodities suffer. There is always the temptation to invest more and more but the amount you invest must be monitored closely as you could make large profits and also incur losses. It’s all a part of the game. Thus, it is crucial to make wise financial decisions and check your finances before getting into investments with cryptocurrency.Â
Do thorough research on the cryptocurrency you are looking to invest in :
Again, this stands true for all fields of investments, as it is very important to know about the pros and cons of where you are putting in your hard-earned money. Especially when you are new to cryptocurrency, every coin has a certain percentage of returns that it projects, but these percentages can also fall down, and this depends on the statistics of the market. Hence, it is important to do thorough research about the markets before you put in your money. This research should include learning about the various cryptocurrencies in the markets, their values, tools, stakeholders, investors, previous return percentages, etc. This will not only provide you the knowledge that can prevent losses in the future but also give you certain tools that will allow you to make a larger profit, all in a given time. Some things that you can do that can help you learn more are listening to podcasts with genuine traders, read books or blogs or articles on the subject. Monkhub is here as one of the best Cryptocurrency Exchange Development Companies out there, to help you understand the crypto world in a better way as well.Â
Learn about the risks/scams involved :
It is inevitable that the markets can be volatile. But apart from this, there are several other risks that are involved when it comes to investments in cryptocurrency. As an open field, there is always the possibility of financial scams. These scams are everywhere and it really is crucial to learn about them beforehand. You could incur heavy losses if you fall prey to one of these scams and even end up losing the cryptocurrency investment completely. Most of these scams usually occur due to trojan horse websites, fake applications/social media leads, and even viruses. These scams are responsible for the loss of millions of dollars across the world and can be kept in control by the use of better security provisions and cautious moves before you decide to invest.Â Â
Setup trustworthy security arrangements :
Once you are done with your research and have decided on the cryptocurrencies that you want to invest in, it is recommended that you set up security arrangements that can protect your investments. The last step is to tie up any loose ends that can be a risk before you decide to put in your money. A few basic security recommendations are to have a separate email ID for your communications to avoid loss of data, have a two-factor authentication application that can confirm your validity in case of a transaction, and confirm the authenticity of the cryptocurrency as well. Google Authenticator is an example of a two-factor authentication application that can help authenticate your presence in case a transaction is requested.