WikiBit’s Tip 101: Things To Consider In Starting Your Cryptocurrency Journey

The dramatic spike in the value of Cryptocurrencies such as Bitcoin brought cryptocurrencies into the spotlight as a form of payment. Bitcoin is operated upon blockchain technology, which has been lauded as the newest, most revolutionary technology. For several years now, cryptos have overtaken the capital market discussions. What originated as an effort to develop a substitute for the commonly used fiat money has evolved into a trillion-dollar investment phenomenon. As cryptos popularity continues to dominate the market, we all want to learn a thing or two about it.

1. Try reading up on investing in cryptocurrencies

First, you need to know the basics. You must first understand the breakdown of methods for buying, trading, and exchanging cryptocurrencies. You cannot invest in cryptocurrencies carelessly if you have little knowledge of how to approach them. Find the platform that enables you to add and remove fiat currencies from a blockchain network. A regulated and tested crypto exchange platform allows you to review all the fundamental stages, including the simple buying and selling guides.

One example is the WikiBit app, which helps you track down choices for your crypto exchange options. You may download the app to know more about the market.

2. Don‘t invest in what you can’t afford to lose

The market is quite volatile and there are numerous factors to take into account—many of which are discovered when trading in real-time. As a general guideline, only spend what you can afford to lose. You cannot bear the risk of placing the amount you are considering if you aren't capable of enduring the probable loss of your cryptocurrency investment. Only invest funds that won't in any way damage or degrade your standard of living.

3. Beware of Scammers

You might observe a lot of buzz on social media for an investment technique that claims to provide enormous returns from unknown crypto assets—sadly, there are some fraudulent operators in the crypto sphere. You may stumble upon fake websites, phishing scams, unregulated exchanges, or fake apps that may lead you to get fraud. If you encounter a skeptical exchange platform, you can check WikiBits app to confirm whether such exchanges are licensed or trustworthy—-or you can even report it by clicking on the Exposure selection in the app.

4. Balance your portfolio and do your research

Diversifying the portfolio that includes prominent projects in well-known industries like Defi, NFTs, gaming, and layer-one protocols is the safest approach in a volatile crypto market. You cannot merely bet all of your assets on one cryptocurrency on the assumption that its worth will increase. Note that cryptocurrencies are indeed risky compared to traditional investments, especially given their unpredictability.

Learn to conduct research before investing, the WikiBit platform helps you check on whats in demand in the market such as token rankings, projects, and top exchanges—-plus, giving you access to the latest news in the crypto world.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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