Any cryptocurrency advice?

[Jenzz]

Hi guys,

Please share any your cryptocurrency advice.

Thanks

 

[edwardyn]

I am not sure that i can give good advice about which currency is better to take. In my opinion, it is better mot to get involved with cryptocurrency at all.

 

[Mugeni Ivan]

Best answer

1. If you are going to aim to be in crypto for the long term, consider building an average position (for example via dollar cost averaging or value averaging). There is no better way to avoid making a poorly timed trade than buying incrementally instead of all at once and thereby buying an asset at its “average” price over time. If you don’t have a really solid grasp of technical indicators and the way the volatile crypto markets work, consider averaging out of positions as well. Averaging isn’t just financially conservative, it is important psychologically. Taking too big of a position at once can be emotionally difficult to deal with (and can thus lead to bad decision making) given the historic volatility of the cryptocurrency market.

 

[Brackwom]

Crypto is very dangerous, you can lose your money very fast. If you really want to get into crypto, buy when it is the lowest, then hold for one or two years, when the price hits high, sell them all, then wait for the next market cycle.

 

[neriwoods]

Thanks for advices here. I'm a newbie in cryptocurrency, but really interested to learn about it. I'm discovering the theme now. So I'll highly appreciate any good advice on how to start.

 

[Fasuemb123]

I am dealing in this field for over 2 years. and i will say do not be greedy on any deals in crypto. always try to understand the background knowledge, Here are few point before investing in crypto.

1. Always do technical analysis of every coin or project before investing in it.
2. be aware of phishing and scamming projects by reviewing them to other community members.
3. DO your own research always

 

[Grekalis]

Hey @Jenzz, I hope you've had a good year exploring the world of digital assets. The landscape is ever-changing, but some core principles remain the same.
Portfolio diversification remains as crucial as ever. Make sure to spread your investments across different assets to mitigate risks. And remember, only invest what you can afford to lose. The volatility in the crypto market is still very much alive.

 

[edwardyn]

My first and main piece of advice would be to educate yourself as much as possible before diving in. The more you understand about blockchain technology, the different types of cryptocurrencies, and how to securely store and transact them, the better off you'll be.
Once you're comfortable with the basics, you may want to start by investing in well-known cryptocurrencies like Bitcoin or Ethereum.
As for trading platforms, I've had a good experience with https://whitebit.com/. Some of the key features that I liked is that they allow their users to join the community of early investors by purchasing tokens of promising crypto projects at a fixed price before they hit the market. The users can also earn interest on their holdings by participating in crypto lending for their assets. The platform's fees are also quite reasonable, and most importantly, they have solid security measures in place.

 

[wilsonjames]

It's crucial to understand cryptocurrencies before you invest in them. This means knowing how they work and keeping up with the fast changes in this digital asset class. Having this knowledge helps you make smart investment choices and be prepared to handle challenges in the cryptocurrency market if they come up. One must be properly aware of the merits and demerits of investing in cryptocurrency.