7 Important Points Before Investing in Digital Currencies

Bitcoin has a lot of noise these days and has attracted hundreds of thousands and millions of people in the world, not only to bitcoin, but also to other digital currencies. Will bitcoin prices continue to grow? Is Bitcoin just a bubble and does not have any real value? Different opinions are presented in this regard by different people, but whatever happens, there is no doubt Bitcoin and other digital currencies will play a role in the future of the world.

The domain of digital currencies is a very new field. Still, a large percentage of society does not have a proper understanding of what bitcoin is and how it works. Most of these people see digital currency as a lucrative investment, but the point is that a large number of these people invest their capital in digital currencies that they do not really know what they are doing. At Bitcoin At a Glance, I introduced the market, but in this blog post on the part of well-known broker clients, we plan to put in place seven basic points that need to be considered before investing in digital currencies. So be sure to read these 7 important things before investing in digital currencies!

It is worth noting that due to the lack of transparency in the trading of foreign currency digital transactions and the prohibition of its dealings with brokers, the investment in this market is not well-known in the area of ​​informed brokerage.

1 - Ready to take a high risk

It is true that the digital currency market is sometimes very lucrative, and if you bought a bit of money with a little bit of money five years ago, you would now become a huge asset, but it's true that this market is due to certain circumstances (such as being unpowered) And high volatility) are at a high risk.
These currencies are not like bourse corporations that have earnings and have real estate, factories, raw materials, and such things. Digital currencies are nothing but a code string and no government is backing them (like currencies like the dollar)
So, as their prices grow, their prices may drop sharply at any moment.

2 - Know that nobody is able to predict

This feature is available on stock exchanges and stock markets, but in the digital currency market, this feature is very prominent. There is no law, economic theory, pattern or process in which we can efficiently predict the digital currency market.

These currencies go up and down only on the basis of supply and demand, and there is no control over them. There is no institution controlling the growth and drop of these currencies, and there are very few fundamental factors that you can predict based on the price of a digital currency.

Any international event can cause bitcoin prices to fall by hundreds or even thousands of dollars. For example, when a country states that it does not allow the extraction of bitcoin or permission to use digital currencies in the country, this news may bring a price shock to that currency.

It is vital that you consider that nobody, regardless of how much it is in this market, can not predict the price of these currencies

3 - You must be very accurate

Perhaps this is a little bit obvious, but before you do something, make sure you are fully aware and alert. For example, your lack of experience may cause you to incorrectly send bitcoins and send them, or even compromise your wallet's security for not paying attention to security issues.
There is no way back to your mistakes in the world of digital currencies, if you lose a lot, it's almost impossible to bring it back.

When the transaction is sent to another wallet, it is irreversible, even the owner of that wallet is unknown and there is no institution such as the bank to be the controller or supervisor of the transactions.

Working with wallets also needs to be careful because the bitcoin wallet addresses are special and you can not remember them.

The bitcoin address is something like this: 1CWAzSPKvU9kpFMbuU7K6YKH4R3ePrxztY
URLs are composed of random characters and entering an incorrect character may cause your bitcoin inventory to be lost during sending or sent to the wrong destination.

4 - Raise your account security

There are many wallets available for online, offline, and hardware digital currency. There are also many platforms for buying and selling these currencies. But not all of these wallets and tools and platforms are valid and reliable.

Some online wallets that do not allow backup of your account balance also have dangers, and sometimes fraudsters do not have the sole purpose of stealing your online wallets. Valid online wallet for bitcoin and etherium is blockchain.info (it is your responsibility to use this site)

Next to the security, keep the passwords. You should never use a password on multiple sites. Keep private keys, the key to your access to your wallet, in a safe place.

Be aware of phishing attacks and enter your password only by checking the website address. Some sites place themselves in place of valid sites, and by entering your password on those sites, you actually put your wallet profile in the hands of abusers.

Online wallets are more likely to be attacked and hacked. Backing up your wallet and not keeping your money in online wallets is another way to increase your existing security. You can use the wallets or offline to keep up the high exchange rates. One of the many types of wallets known as Ledger

5 - Know the currency before investing

There is an Initial Coin Offering (ICO) in the world of digital currency. The initial supply of digital currency means the publication of a new currency token that is commonly referred to by the developers of that currency during massive publicity campaigns.

Unfortunately, there are many scams in the digital currency's early offerings, and even currencies that appear to be valid, after a while, become fraudulent. Even sometimes people invest in currencies that they do not fully understand, and they simply deceive the gains of wealth in the short term by seeing the price chart that has grown a lot.

We do not intend to say that new releases of digital currencies are completely fraudulent, but you should do a lot of research before doing anything.

There have been successful and valid early deliveries and will be made later. For example, the initial offering of the ethereum currency was a legitimate and legitimate item that benefited buyers well.

6 - Leave the thrill

Emergency buying and selling is also available in the digital currency market. This is a feature of the novice traders who, with the signs of growth or drop in price, are excited to buy or sell their currency and often do not get a good result.

You should keep in mind that the drop in prices is always in different markets, and if you have invested in a credible currency, spend patience. Digital currencies have a lot of fluctuations, and those who are more popular are usually re-discovered after a period of decline or growth.

Avoid ponies

Any site that promises you to double Bitcoin should not be considered valid. With the introduction of digital currencies and the difficulty of tracking the transactions of these types of currencies, Ponzi systems have also become very active in this area.

Ponzi systems are systems that, with the pretext of paying profits to investors, collect capital in different ways in different ways, and at the beginning, they also pay the benefit of the initial investors. This profit will be provided from the money of the next investors, and the company or person receiving the capital will not need to do business with no money. Ponzi systems are exposed after a while, and these are investors who are deceived and harmed.

For a quick diagnosis of a pontiff system, first of all, see your own rationale. Any system or site that promises a high profit in the short term and the identity of that person or person or company and their activity is not clearly and clearly defined is likely to be a pontiff system.

Conclusion

Investing in digital currencies is a new area that requires a lot of research and development. Investing in these currencies is profitable, but it also has the dangers that no one should risk their capital by ignoring them. The important thing here is to fully understand and investigate tools, sites, wallets and everything in the digital diving area, and to reject all claims without reviewing.