Dema
Board Rep
I thought I'd make a quick guide to help those out looking into investing into cryptocurrency... I myself am fairly new but I've had great succes so far...unfortunately this guide will be for those who know the basic of crypto, if you don't do some research........ And here is what I learned so far...
Just like steriods, research research research then dive in.... Never get greedy.. Buy low and sell high.. When you think you going to hit it big time with everyone is when your going to lose the most..
There are a few options I see to invest in Bitcoin or other crypto...
1. Simply by a coin or a few coins you see a bright future in like Bitcoin and store them for a long time and hope for the best... Not a bad idea and should yield a good investment long term. As I personally see crypto becoming big.... How to store the coins.. Create a paper wallet or buy a ledger.....
Pros
simple
not time consuming
less risk
cons
Not likely to get crazy gains
must be very very patient
2. Day trading... This is where you can careless about a coin long term and simply trade coins day to day making small gains that add up very quickly... Read charts, follow the masses.. This takes time to master and with cryptocurrency you are competing with bots... Not my favorite but this is making a few people rich...
Pro
Make good profits
Cons
difficult and takes time to learn
More risky
will take up most your day
3. Project investing... This is what I try to focus on... Like day trading but little different... I find a coin or project that is just starting out OR has been dying down for awhile.... I look for big updates that are going to happen, such as big articles, Platform launches, new exchanges, upgrades..etc... In the coming weeks... I set up some buy orders low and see if they hit.. Usally big updates bring attention to the day traders and the volume goes up and so does the price on that day... Then I sell for much higher then I bought in for as I bought in a few weeks before when it was low....
Pros.
Big rewards
your a buying at a low point, less risk if picking the right project
cons
updates have to follow thru!!!!
Lots of time researching for the perfect project
you will need to help shill the project.. Get it out there for people to see..
There is a ton of market out there and lots of money to be made.. You just need to learn what works for you and need to spend some time.. I learned and always research a forum called bitcointalk.. It would be a good place to start learning where to start. As I said in another thread... Give it a few months before you really put money in, learn the market first and you won't be disappointed.... Honestly everything I learned was different to type out here but I hope this helps... Questions please fire away
Just like steriods, research research research then dive in.... Never get greedy.. Buy low and sell high.. When you think you going to hit it big time with everyone is when your going to lose the most..
There are a few options I see to invest in Bitcoin or other crypto...
1. Simply by a coin or a few coins you see a bright future in like Bitcoin and store them for a long time and hope for the best... Not a bad idea and should yield a good investment long term. As I personally see crypto becoming big.... How to store the coins.. Create a paper wallet or buy a ledger.....
Pros
simple
not time consuming
less risk
cons
Not likely to get crazy gains
must be very very patient
2. Day trading... This is where you can careless about a coin long term and simply trade coins day to day making small gains that add up very quickly... Read charts, follow the masses.. This takes time to master and with cryptocurrency you are competing with bots... Not my favorite but this is making a few people rich...
Pro
Make good profits
Cons
difficult and takes time to learn
More risky
will take up most your day
3. Project investing... This is what I try to focus on... Like day trading but little different... I find a coin or project that is just starting out OR has been dying down for awhile.... I look for big updates that are going to happen, such as big articles, Platform launches, new exchanges, upgrades..etc... In the coming weeks... I set up some buy orders low and see if they hit.. Usally big updates bring attention to the day traders and the volume goes up and so does the price on that day... Then I sell for much higher then I bought in for as I bought in a few weeks before when it was low....
Pros.
Big rewards
your a buying at a low point, less risk if picking the right project
cons
updates have to follow thru!!!!
Lots of time researching for the perfect project
you will need to help shill the project.. Get it out there for people to see..
There is a ton of market out there and lots of money to be made.. You just need to learn what works for you and need to spend some time.. I learned and always research a forum called bitcointalk.. It would be a good place to start learning where to start. As I said in another thread... Give it a few months before you really put money in, learn the market first and you won't be disappointed.... Honestly everything I learned was different to type out here but I hope this helps... Questions please fire away
