Should I? Am I too late? When to invest? Which ones to invest?
“There are top politicians and wall street’s people saying Bitcoin won’t work out and that it is used for bad things, but that’s because politicians and wall street people are very afraid of what Bicton will do to them and their industry.” — Erik Finman an early investor.
At Winco, we sincerely believe in the future of cryptocurrencies, and I know we are biased to say that since we own a cryptocurrency company, but that should also serve as an assurance to you. We are not just here speaking of something we have no intention in being a part of, oh no, we are completely invested in it ourselves.
Our team works hard to bring you the best content in the cryptocurrency market, but it is only our point of view and not legal advice, and may be divergent from other opinions, so please do not make any decisions without concluding studies of your own to understand the profit possibilities and uncertainties involved at your own risk.
“Cryptocurrency represents the largest transfer of wealth our generation has ever seen. Never before have young people been able to change economic classes so quickly. This is bigger than Bitcoin.” — @erikfinman via twitter
Who is Erik Finman you might ask?
Erik Finman: made his first million in cryptos by the age of 18.
Erik Finman, a high school drop-out, discouraged by a teacher to drop out of school and go work for McDonald’s (his words). Sadly, he did. He started investing in cryptos when he was only 12 years old through one of his brothers, they were buying bitcoins for 12 bucks at the time, imagine that? For his birthday grandma gave him 1,000$ to put away for his scholarship funds, he took the money and invested in bitcoins. By the age of 18 he made his first million dollars bought a Lamborghini and created an Educational company, an online school tool called Botangle. Today he owns 403 bitcoins at current price 6, 827$ USD, you do the math.
Can bitcoin make everybody rich? That’s like asking can money make everybody rich? What would you say? Lol.
If you have enough of it, it will make anyone rich, yes, and if you don’t then no. But just like with fiduciary money (paper money) it’s not as simple as owning money, it has to be the right ones, same applies to cryptos. LOL I’m not sure how to answer this
Am I too late to invest? FOMO.
Many people ask this when they first hear about cryptocurrency. But NO, you’re not too late.
Even though bitcoins seem to have a long journey, it is still in crawling stage, due to volatility, it is still relatively “small”, representing only a small percentage of the world’s money. But the more people get to know it, invest in it, the more stable it will become.
People end up investing because they are fearful of missing out, which is understandable due to the hype, but not good enough reason to invest. Which takes us to our next topic.
Basic Rules to invest in Cryptocurrency.
#1 Rule: Invest consciously! Not with your emotions.
#2 Rule: Only invest what you can afford to lose.
#3 Rule: Learn when to buy, sell and trade.
#4 Rule: Invest in knowledge & Legitimacy (Become obsessed with learning)
#5 Rule: Choose an investment strategy “am I holding them, am I trading them?”
“An investment in knowledge pays the best interest.”
Which coins should I invest in?
Only you can choose, but here is how:
It is very important you educate yourself about the coins of your choice, as well as the industry. There are many fraud cases that you must be aware of, and make sure you only invest in legitimate coins that you can find enough information about. ICO’s are a great way of investing, this post might help you understand how they work and how to protect yourself: “What´s an ICO?”
You can also find a list of coins & tokens at WorldCoinIndex.com.
Learn as much as possible about the coins and tokens, the creators, the team behind it, read their white paper , the coins purpose, reviews, etc. Choosing coins from listings like WCI gives you some security because listings that make to their platform must go through a “screening” of legitimacy in order to be listed.
There is almost 2.000 cryptos at the moment, I wouldn’t trust them all (just saying) do your research at Investing.com.
So, when to invest?
The answer is simple, experts say: whenever there’s a dip.
They drop you buy. Many people get scare, but remember rule number one, do not invest with your emotions. Experienced investors and traders will tell you, to stay cool, and buy when they are low. Sell when they are peaking high.
Might sound obvious, but when time comes you just might use your emotions that will tell you “by logic” that if its dipping you will soon lose all your money you better trade now, when its actually buy time.
But should not invest every time there is a little dip. So, when is it deep enough? Well it is absolutely normal to see small dips weekly but stay close to the movement of the market for significant drops.
Investing.com also offers Live Cryptocurrency Charts.
Picking an exchange and a wallet known for its security is important.
When seeking for an exchange to buy, sell or trade you must ask:
- How is their security?
- Reviews or user’s experiences, what are most people saying?
- Which coins are available or alt coin variety?
In this industry your safety is entirely YOUR RESPONSIBILITY.
Study strategies, you cannot do anything in this industry without studying deeply, from traditional ways to modern ways of buying selling trading, allow yourself to be creative and find out your own ways of investing consciously.
“Society limits you, most people think they have to go through things the traditional way, but that’s not the case, ask how I can completely do this my way? And start from scratch.” -Erik Finman
As you can see, the answers are not that simple, nor defined for you, only you can choose to invest or not invest. As emphasized through this post, educate yourself, learn advantages and disadvantages. Acquire knowledge, according to your circumstances, the details of your needs and capabilities, and invest or not invest accordingly. And never follow others blindly.
We wish you a healthy journey.