Research your resources
This right here is a basic universal known fact. I know most of you are lazy like me and understanding cryptocurrency is a bit of a task too, but you can’t skip this step. Your hard-earned money is at stake and unless you’re one of the Kardashians who makes money just by breathing, EVEN THEN, you should know what you’re getting into.
Apart from this, blockchain technology is a pretty interesting concept and in case you haven’t noticed being tech-savvy is the new “cool”, you can always impress your crush *wink wink* by boasting about how many changes this technology will bring in the coming future.
Benefits of decentralized exchanges
Decentralized exchanges and cryptocurrency go together like peanut butter and jam, like mac and cheese, like Marley and reggae, a horse and a carriage… YEAH! It’s THAT important. To make it easier for you to understand what decentralized exchanges are, here’s an easy analogy; when you start using cryptocurrency you yourself become the bank, there’s no one in charge of your funds but you; so the benefits are endless!
To start off, it allows you full control over your crypto funds this means that no third parties are involved to store your cash and keep it safe, instead it stores your information on all the computers in that network and the information cannot be altered. This cuts down on the fee that banks charge you for keeping your money secure.
SHOW THEM WHO’S THE BOSS!!
The exchange is not controlled by one single person and instead shared by all. So no government’s involved either and can’t shut you down. You can also choose to stay anonymous and no more pesky phone calls or lengthy forms to fill!
Ways of investment
The two basic ways of investing are the short and long-term investments. For the former, you buy and sell in a comparatively quicker manner. You buy small so selling them becomes easier. Whereas in the latter, you invest for a considerably long amount of time, so for e.g., you’d buy cryptocurrency and forget about it for 2-3 years, in hopes that the value will increase over time.
Keep a score
Try to keep a score for any investment that you make; even if you aren’t an expert, overtime keeping a track of trends will help you understand the business. Go old school and keep a journal to be safe from hackers. Record all your profits and losses to minimize the risk.
Keeping it real
WARNING! Continue reading at your own risk.
If you’re one of those people who has come across a few success stories of people who turned millionaires overnight, you might want to grab a Kleenex and brace yourself for a heartache.
If you think you might concur with a similar fate and will be bathing in money the next day, we are extremely sorry for breaking it to you but, you’re wrong. There’s no doubt that some people have managed to make it big but that doesn’t mean you go pouring all your money into it. Don’t raise your hopes too high.