A cryptocurrency is 100% virtual currency. No cash, therefore, no bank card or checkbook. And unlike currencies such as the euro, for example, cryptocurrencies are not backed by the state. It is therefore impossible for any institution to seize the money or block the payments.
Today, the most common cryptocurrency is bitcoin. Its price varies according to supply and demand. And more and more online businesses allow purchases with this virtual currency. Online payments can be done in total anonymity. The cryptomonads tempting? We give you 5 tips to get started if you are a beginner.
Inquire and learn the basics
Cryptocurrency is not straightforward. So before getting started seriously, it is important to educate yourself, learn the basics, and especially the vocabulary used by investors. To do this, read as many books and articles as possible. Analyze the strategies that everyone offers on the net. Learn how to read stock market charts and understand them brilliantly. In short, cryptocurrency and how it works should no longer hold any secrets for you when you get started.
Choosing the right portfolio
The first step before investing in cryptocurrency is to create an email address. In short, a virtual wallet that can be compared to a bank account, and which will contain your bitcoins (or another cryptocurrency). This address will be referenced in the blockchain, and once this is done, you will be able to carry out your first transactions.
Some of the most popular online wallets are eToro Wallet and Coinbase. But for more security and to avoid being hacked, the ideal is to choose an offline wallet, and therefore physical. With the latter, your bitcoins will be stored on a device, like a USB key.
To secure them, consider creating backups of these keys. A key failure, burglary, or any other accident happens quickly.
Beware of scams
On the net, there are hackers. And scammers too. Some investors have indeed found themselves ruined after having trusted too much and having been persuaded to find the currency that would make them rich. Do some promises seem completely extraordinary or even unrealistic to you? Don't dive into it. Beware of everything and everyone (without going overboard of course) and do not hesitate to carry out research in order to verify each of the information that is given to you. For example, each of the intermediaries who can offer you the purchase or sale of cryptocurrencies must be registered with the AMF (financial market authority). The list of service providers is available online.
Think and have a strategy
Getting into cryptocurrency is far from a game. In order not to see your bitcoins go up in smoke, you need to think about a good strategy. Don't buy anytime and take a profit. But above all, if these are your first investments, stay alert. There is no point in buying 2,000 euros worth of bitcoin for the first time, start lower. Otherwise, obey only one rule: invest only the amount you can afford to lose.
And if you don't want to go wrong, your best bet is to call in an expert to help you find and adopt the right strategy.
Be attentive and patient
Patience is one of the qualities to have if you want to properly manage your bitcoins but above all succeed in making a lot of money. While market trends may change overnight, it is also possible that they will stay neutral for quite a while. And in this case, the only thing to do is to be patient and attentive. Finding the right entry can take time.
And when you have doubled your capital in record time, be careful not to take too much confidence. Depending on the time of year, it can be easier and faster to make money. And it doesn't necessarily have to do with you or your strategy, but sometimes just that the market is good.
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