Things to Know Before Investing in Cryptocurrency
The economy is constantly changing, but one of the things that people need to know is what can happen when it comes to investing in cryptocurrency. Marketing specialists in the industry of crypto-trading will tell you nothing but positive things, but many people don’t realize all of the risks that can be involved, or how insecure things are. In this guide, we’re going to tell you all of the things to know before investing in cryptocurrency.
You Can’t Predict the Future
Cryptocurrencies are a humongous trading platform and they can be worth a lot of money. Your market can grow a hundred times during spikes, or your coin stash can plummet to the ground with the rest of the market (most revolving around Bitcoin) when it comes to the blockchain.
The U.S.: The Enemy or Best Friend to Crypto?
The US government has been on a constant rampage since Bitcoin boomed to being worth $20,000 dollars back in 2017. They’re one of the strictest governments when it comes to being able to buy and trade (most overseas markets won’t even allow U.S. citizens to trade on them), and they’re trying to regulate crypto. They have bills that are proposed to regulate cryptocurrencies, and also just like the anti-terrorism act, they want to put a stop to terrorists that are stealing people’s cryptocurrencies as well.
Buying May Not Be the Right Thing to Do
Most people think that the crypto market is a straightforward price, but in all actuality, it can crash completely at any time. Therefore, it may not be a wise thing to invest in something because just like the stock market, there’s always that risk.
Make Sure You Choose the Right Cryptocurrency for You
This is somewhat personal preference, but at the same time, you need to know what you can invest in and grow the fastest. Many are investing in altcoins that are worth less, and then converting them into bitcoin when they spike. You need to know your stock market skills with cryptocurrency just like you would be if you were investing in stocks. Many people don’t like the fact that cryptocurrency is unpredictable, but in 2019, it’s been a pretty steady rate. Bitcoin for example has been constantly going back and forth, and so has the market cap.
Know Where to Trade Cryptocurrency Securely
There has to be a lot of homework to be done by you when you’re investing in cryptocurrency. Using online wallets and exchanges is great, but it’s extremely crucial that you pick one that you know is secure. There are still a lot of scammers, hackers, and fake sites out there that offer you to put a little bit in, and then the next thing you know, they’re stealing your passwords, wallets, and more. Ransomware has also been at an all-time high, and the most common way to supposedly get rid of it is with cryptocurrency. But when you pay it, they don’t give you your files back, they just take your money.
Conclusion: The Solution
You need a secure place to trade, invest, and buy. There is nothing wrong with investing in the cryptocurrency market though, and many skeptics go in with closed eyes and tell you all of the warning signs. But the truth is, with an exchange like Rubix, you’ll be able to trade securely and privately with your friends and family on social media, which is something you haven’t been able to do now. On many of the exchanges out there, your information has been pretty public, including your net worth when it comes to bitcoin. This can make you an easy target. However, with a private Facebook exchange, you can keep your information, and your crypto-wallets safe.