Assalam O Aalikum (Hello) (Hola) to all steemians!

Greetings and best wishes from my side to all of you!

Today I am writing on the topic of the Importance of Steemit in my life and when should one invest in a currency?

This post has to be divided into two different parts, Let's start with the first one, which is,

Part-1: "Importance of Steemit in my Life"

First of all, let's know what steemit actually is?

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Steemit is a blockchain-based blogging and social media website, which rewards its users with the cryptocurrency STEEM for publishing and curating content, and is owned by Steemit Inc., a privately held company based in New York City and a headquarters in Virginia. "Source".

When did I start working on Steemit ?

I started using Steemit back in 2018, I did not had any clue where it will go at that time but started working on it with my cousin @ azizulhassan and we both kept working on Steemit for a long time as I like writing about different topics. But to be honest I was fed up after some time as I was giving a lot of my time to it but in return, I did not get any reward for it. So, after some time I had to quit it due to my studies. but my cousin was working on it since then and he was happy when he gets something out of nothing when he first gets his rewards._{Picture edited by me on Canva.com using a Free to use template}

In March 2021 I joined Steemit back and start working on it. And Alhamdulillah I get my reward straight away, which was full of surprise and excitement as I was ranked first for my first-ever Best day of the week Diary game week-18 but the most important thing was motivation. And I realized if I give time to it then my time will not be wasted but it is worth giving time, not only on a reward basis but now I'm also very interested in this blockchain and it's working methods, which seems to be the future as cryptocurrency is going to rule the world in the near future. Along, with all these benefits, a writer especially is really encouraged here. I had done working on other platforms but as a writer, I was not that much encouraged as I'm here on Steemit . In short, I love working here with different communities, and especially @Steemitpakistan is the one, where I spent most of my time.

How Important Steemit is in my Life?

As I said earlier, I did not wanted to give time to steemit as my first experience was not much good, but now after rejoining last month, Steemit becomes one of an important part of my life, as I give most of my time to it on daily basis. I am a student, as well as doing my training to be a Chartered Accountant from 9 to 6, but still, I manage my time to work on Steemit. I will be giving more time in the coming days, as it fascinates me to write for Steemit and myself.

My Experience till now on Steemit?

After rejoining, my overall experience is very good on Steemit. I work on a daily basis and every day I learn something new about this blockchain as technically it is not as easy as any other social platform but it feels good when you are rewarded for your research as well as learning and writing. I am very happy with it and hoping for more good news in the coming days.

Part-2: When should one invest in a Currency?

First Let's know, what does investing in a currency means?

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Investing in currency is trading, which involves buying the currency of one country while selling that of another. Usually, this trading is performed through the foreign exchange market, called forex. Trading on forex always happens in pairs. One currency has to be exchanged for another to complete a transaction.

Investing in Currencies has recently attracted more interest as there is economic uncertainty almost all around the globe. Historically, multi-national companies and financial investors on a large scale were involved in trading of currencies but Now this trend has been changed and an average investor can trade in currencies as well.

When should one invest in a currency?

Investing in currencies can make you large enough profit but the risk is also very high as you can lose all your investment in a short period of time because investing in currencies is all about speculation. Therefore, due to high risk, it is always advisable to hire or consult a financial advisor before investing in a currency. We can discuss only Basic and normal rules to be followed before investing in a currency which can also vary, as there are different types of currencies so every case might be different in any way.

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Some of the Basic rules before investing in a currency are:

1- Never invest all your portfolio in a single or same type of currency.

2- Never invest all your portfolio at the same time in currency especially during volatile economic times.

2- One should invest in a currency when the direction of the market is downtrend (Trends is a separate wide topic which you can learn from visiting Here)

3- It is possible to make money trading in currency when the prices of foreign currencies rise and fall. Therefore, proper knowledge, recent updates, as well as future uncertainties must be considered before investing in currencies.

4- Ready to accept the risk and tolerate the loss if any,

Is investing in cryptocurrency good?

It is possible to get very rich by investing in cryptocurrency. But you could also lose all your money. How can both of those things be true? Well, like most investments, crypto assets come with a host of risks but also vast potential rewards.

Cryptocurrency is a good investment if you want to gain direct exposure to the demand for digital currency and the projects or businesses they facilitate. "Source"Source

Conclusion:

Before engaging in any type of investment especially currency trading, consult with a financial advisor who understands the markets and can advise you while determining, if currencies are appropriate for your personal portfolio as currencies have a reputation of being highly volatile in nature.

Unless you are a well-experienced trader or investor, it's never advisable to engage in currency trading. You might be up against those professionals brokers/investors, who make a living trading and studying these markets. Over in long-term, currencies provide other options for taking advantage of the coming events worldwide which may affect the value of the currency of the respective region.

Thank you for reading!

Suggestions or Corrections will be highly appreciated, Kindly mention them in the comments section.

Regards: @faizanwrites07

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