This week with Crypto--Talk with Chris Mentillo I would like to talk about how to get more out of your Bitcoin Venture:
If you want to make money with Bitcoin, then you will have to spend a lot of time on research. If you start to read up about it on the Internet, you will see all sorts of things, ranging from success stories to losing money in one night.
Take everything with a grain of salt because the Internet loves to exaggerate things. And whenever there is money involved, every exaggeration increases tenfold.
The world of crypto is exciting but nobody should enter it with the highest expectations. If something happens in real life, you can find a way to resolve a problem with help from others. Meanwhile, the Bitcoin market is decentralized, and you will not have anyone holding your hand.
Indeed, every article you read, every video you watch, and every podcast you listen to will bring you one step closer, but you should start with the most basic stuff and move up from there.
Investing means that you are getting exposed to risks. Given that Bitcoins and cryptocurrency are still relatively new, the whole thing is a bit magnified.
There will certainly be those who are willing to take a gamble and throw money at it with hopes of getting rich in one day. However, this sort of approach is unreasonable, and it would be better to start with a lesser amount of money.
Everyone has heard about Bitcoin and they believe it is the be-all-end-all in the industry. But the fact of the matter is you can find plenty of other cryptocurrencies which hold the same or even higher value.
Even Facebook is about to launch its cryptocurrency. If a company this size has such plans, you know that it is worth looking into.
Finally, remember the saying of “never put all of your eggs in one basket.” The market of cryptos fluctuates all the time and it will be much easier to recoup losses when you manage as many different cryptocurrencies as you can.
Be Vary of Hackers:
Since there is a lot of money involved in this, you can anticipate hearing news about hackers who were able to rob individuals of their cryptocurrency.
It is not that difficult to circumvent this problem. When you buy crypto, move it to an exchange and into a wallet that only you have access to.
Track Your Progress:
Getting lost in this world is quite easy, especially if you have success at first. Therefore, it is important to keep track of your results.
There are three potential scenarios after you invest in crypto – earning money, breaking even, and losing.
If you have a lot of ventures, it can be quite bothersome to check how you are doing. However, there are apps on a smartphone or computer software which lessen the burden.
Find People to Follow:
These people are usually called gurus, but you should not take this name too seriously. What you want to do is to follow some prominent authorities on the subject and learn from them. It takes time to get the hang of every little detail, but the broader your research options are, the better off you will be.
So, to conclude, there is certainly plenty of steps to take before you step in the world of cryptocurrency. It is a tough and sometimes cruel place, but after reading this article you should be more than familiar with what to expect and how to enter prepared.