Is Crypto Investing for You?

in Project HOPE2 months ago

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A Booming Industry.

Now that the crypto industry is about to boom, you need to ask basic questions. Don't be like a lamb headed to slaughter. You need to analyze your personality and current needs and align yourself with the characteristics of the cryptocurrency you are about to purchase or participate in.

What are your investment goals? Are you to put in and eventually cash out in 6 months or your money is in for several years? What type of risks are you willing to put in? The longevity of the crypto might be different from the traditional markets. Also, with cryptos you're purchasing the value of the coins and not the ownership of the company. You might get in a surprise that the community is more of a libertarian rule and you do not see a CEO or an owner running the coin or the company for you.

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Analyze Your Risks.

Generally speaking, with crypto as a relatively young industry it is also subject to major volatility, so you need to set your expectations. It can spell big returns to professional traders who know how to sail with price movements but doom to newbies who just get in for the excitement of coin pumping their prices. How do you plan to make money? You need to evaluate yourself if you are more on volatility spikes or on the steady income side.

You need to also learn some basic principles of the crypto that you are buying. Like for example if that coin is with a pre-programmed supply or dictated by natural demand. Its competitive advantage, the community behind it, and other aspects of its organization.


So, What Now?

Now that we have a more realistic point of view. Now, its time to ask yourself, is crypto investing really for you? Make sure to research; of course, avoid scams; and focus on the strategy that you think works best for you.

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To the question in your title, my Magic 8-Ball says:

Yes definitely

Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.

Definitely, there a lot of factors that should be considered before taking the big leap in terms of cryptocurrencies investing.

Most people who have lost money in crypto investments did because lack of information and failing to do proper research on the coin/project.

Nice post buddy

Yes... caution first. Test the waters before you dive.

There are 2 kind of cryptos in my opinion:

  1. Replacement currencies (Bitcoin/Monero/Zcash)
  2. Dapp developers/ project platforms (Ethereum/Eos)

If you put money in 1. you are always speculating. If you invest in 2. you are not necessarily speculating.

I agree. Investing if applied in its truest sense is not just putting your money in.

Some rush to the crpto investment world and thinking they can make it within one month or two. There are some questions first needed one must ask his or herself. One of those is why am I really involving myself in the crypto investment world)

Good thinking. We need to set our expectations straight, it has real-world consequences, it is not like the movies.

It is important to completely understand the market and personality, it will be a terrible mistake to follow the crowd.

Totally agree. Develop your own style, you might be surprised how awesome and intelligent you can get when your money is on the line.

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