You've heard all about bitcoin and cryptocurrency, but where do you even start? Here, Natt Ford shares some helpful tips on how to start investing in cryptocurrency.
Unless you’ve been living under a rock, you’ve definitely heard of bitcoin and cryptocurrency. But you might not know exactly what it is and why people keep talking about it—in that case, don’t worry, you’re not alone. It wasn't long ago that I was just like you, so I'm going to teach you how to start investing in cryptocurrency.
I love everything digital and new, so I started to learn about bitcoin and cryptocurrencies in November 2016, when my friend told me to invest in one cryptocurrency.
After hearing about people making a lot of money from investing in bitcoin, I brought it up with my husband, who had learnt about bitcoin back in 2008. We decided to invest some money, just to learn how it goes. Our aim was to do long-term investment, not a daily trade.
So what have I learned since then? Here are 5 tips on how to start investing in cryptocurrency.
Talk to people who have been investing for a while to gauge their opinions. But if your heart is really set on investing and you get some negative feedback, sometimes it’s better to trust your gut. I am so grateful that my husband supported my decision so we could invest together!
Read up on cryptocurrency so you feel more confident to invest. I read around 20 articles before I decided to invest, and one tip I got from reading is shortlisting other cryptocurrencies to be my target.
I shortlisted Ripple from an article and invested when it was about $1.10 and now it is risen to $1.64. Some people say that Bill Gates invests in Everex, so why not? I invested in Everex when it was $2. Now it is at $4.12.*
Once you shortlisted the currencies, make sure you understand each cryptocurrency’s profile, vision, and how it wants to improve or disrupt the world. Also, looking at their partner or supporter would be a wise decision.
Ripple, for example, is partnered with many commercial banks around the world, so that makes me feel confident about investing in them. Please note that the value of a currency is also based on actions of its CEO (if applicable).
Coincheckup.com is a research platform where you can check how healthy and how good a currency is. This platform provides key information that would help you to make a decision i.e market capital, star, buying volume and history.
Image: CoinHub, a popular cryptocurrency platform
After feeling more confident, it is time to choose the trading desk or platform for you to invest. As I am in Thailand, I chose bx.in.th. After creating a profile, you can transfer money to your account and start trading easily.
The return from investing in cryptocurrency can be much higher than interest from banks. However, it’s quite risky because the market can change just like that. Bear in mind that all investments have risks. You still need to be careful and aware of them.
Enjoy your investment, and hope you make a profit with cryptocurrencies!
* Note: the prices of Ripple and Everex were taken from coinmarketcap.com at 1/16/2018.
We hope this article on how to start investing in cryptocurrency was useful!
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