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Through these various tips, we will guide you step by step to make your first investments. Letu2019s look in detail at all the important points that will need to be paid attention before depositing your money to buy cryptocurrency.
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KEY POINTS TO CONSIDER BEFORE INVESTING IN CRYPTOCURRENCIES ANALYSIS OF THE SIZE OF THE CAP Between all our advice, we still have to talk about a very important point: the total market capitalization of a cryptocurrency in which one wants to invest. This will be our 8th point. Many beginners rely solely on the unit value of a cryptocurrency (its price) to determine its growth potential. This is by no means the correct indicator to determine a cryptocurrency's margin of progress. To do this, we have to analyze 2 different factors: 1. Its total capitalization (market capitalization). This is calculated by multiplying the unit value of a token by the total number of tokens in circulation. A high market capitalization with less growth potential than a weak market capitalization. 2. The increase in capitalization since the ICO. A cryptocurrency that has already gained a lot of value since its ICO is less likely to make progress. In contrast, crypto that has fallen well since its ICO could in fact turn out to be a scam. It will therefore be necessary to be very careful with the high capitalizations and carefully research the cryptocurrency whose value has fallen since the ICO, as that could mean several things: 1. The project is a scam. 2. The team is working hard on the project and will leave marketing out of consideration for the time being. 3. Market conditions were very unfavorable and capitalization fell along with the rest of the market. FOLLOW YOUR RESULTS Now that we've seen all the best practices for properly investing in cryptocurrencies, our 9th point will explain how to track the evolution of your portfolio. After investing in a project, 3 scenarios can occur: 1. you earn money 2. Your investment remains stable 3. You lose money Tracking your results can be complicated as you need to check each of your assets one by one and see how they have evolved from the last moment you looked at them.
Fortunately, there are smartphone apps that allow you to track your results automatically and instantly. For this you simply need the following: 1. the quantity you own 2. Enter your cryptocurrency 3. the purchase values 4. the date of purchase Applications then give you a wealth of information. Here are the two mobile phone applications that allow you to track your results wherever you are: 1. Blockfolio 2. Delta Try these two apps and choose the one you like the most. Be careful, these applications are addictive and you can watch the evolution of your crypto wallet every 5 minutes. SECURING YOUR CRYPTOCURRENCY Our tenth and final tip is about the security of your cryptocurrency. You have probably heard about bitcoins stolen by hackers. While unfortunate, these stories are unfortunately true and have always had the same level: on the cryptocurrency exchange. It is therefore advisable to be particularly careful and not to offer your cryptocurrency on exchanges. It is stored in a so-called cryptocurrency wallet. There are several options for this: • A Metamask wallet for ERC-20 tokens • A physical storage medium such as the Ledger Nano S • A dedicated wallet for specific cryptocurrencies. This way, you virtually eliminate any risk of losing your cryptocurrencies. IMPACT So here we are at the end of our guide on our advice on how to invest optimally in cryptocurrencies. We hope this will help you make the best investments at best. And above all, it prevents you from making mistakes that could be costly from a financial point of view.