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    ( Cryptocurrencies ) Why You Need to Keep Your cool When it Comes to Cryptocurrency

    It’s no secret that cryptocurrencies are riding high right now. Bitcoin, in particular, has more than doubled in value over the past year and it shows no signs of slowing down. But while there are plenty of reasons to be excited about cryptocurrencies, it’s also important to keep your emotions in check when you start investing—particularly if you’re new to investing and don’t have much experience with how markets work.

    Don’t Invest Until You Understand

    Before investing, investors should try and understand what they’re getting into. This means researching not only a specific coin or token but also coins/tokens in general, how blockchain works, and why you would use one over another. It also means understanding where crypto came from (cryptocurrencies are almost always decentralized with no central authority) and how it can be used in real life—that is, outside of simply trading or investing. And finally, it means knowing which questions to ask before investing. Crypto isn’t easy, so don’t expect to get rich overnight; if anything, expect that buying and holding will likely be more profitable than trading for most people. If you want to invest in crypto but don’t know where to start, check out our beginner’s guide. Also read: The 5 Most Common Cryptocurrency Scams.

    Do Your Own Research

    Cryptocurrencies are notoriously volatile—and no one’s saying they should be completely ignored. But unless you really know what you’re doing, don’t jump into cryptocurrency investing without doing at least a little research first.
    Taking a closer look at their markets, history, and technology can give you a greater appreciation for whether or not investing in these currencies is right for you. The New York Times offers some great guides on how to do just that. Even if you decide not to invest, taking a few minutes of your time will help better inform future decisions and may even help you avoid falling victim to investment scams down the road. And hey, who knows? You might actually find something worth investing in!
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    Consider the Risks

    If you’re considering getting into cryptocurrencies, think of it as gambling. Only instead of betting on horses or playing slots in Vegas, you’re betting on digital currency that can fluctuate wildly in a short period of time. Speculative investing is often seen as a quick way to get rich.
    But while there are many ways to make money with cryptocurrency, there are also plenty of ways to lose it—and that’s not something most people are prepared for. Before you invest any money in bitcoin or another cryptocurrency, be sure you understand how volatile these markets can be and do some research on whether they’re regulated (they aren’t currently). And never, ever put more money than you can afford to lose. The last thing anyone wants is for their life savings to disappear because of a bad investment.

    Don’t Panic

    In a similar vein, don’t let fear drive your investment strategy. While stocks tend to rise and fall based on what’s happening in that specific market at that specific time, cryptocurrencies are a little more complicated. In 2017, bitcoin was still trading well below its December peak of $20,000 per coin and in 2018 has already fallen more than 50 percent from its January high of $11,000. But crypto prices vary widely depending on what exchange you use. For example, as of mid-July, one popular U.S.-based exchange called Coinbase listed bitcoin for over $3,800 per coin while another cryptocurrency site called Bitfinex had it listed for just under $2,500. That means if you bought a single share of bitcoin at an average price of around $3,800 on Coinbase last month and sold today it would be worth around half as much ($1,925) on Bitfinex—an enormous difference! What’s going on?

    Evaluate Market Sentiment

    It can be easy to get caught up in hype—especially if we let our expectations run away with us. So, before you start investing in any cryptocurrency, take a moment to evaluate market sentiment. Check out news stories about that coin or token. Is there negative coverage? If so, why? Are people saying that it’s no good and should not be invested in? Or is there optimism and predictions of rising prices? The answers will help you determine whether or not a coin is worth investigating more closely. Of course, don’t put too much weight on what others say; after all, everyone has an opinion! Ultimately, you are responsible for your own due diligence.

    Set Goals

    Start by creating a plan for how much money you want to invest in cryptocurrency and for how long. It’s good practice, especially as a new investor, to always limit yourself so that if something goes wrong, your losses aren’t devastating. A useful rule of thumb is to never invest more than 1% of your net worth in any one investment—so if you have $100,000 in assets, don’t risk more than $1,000 on any one trade. That said, investing isn’t about playing it safe; some people are willing to take greater risks because they think they can handle them. The key is knowing what risk level is right for you.

    Keep Learning

    Cryptocurrencies are volatile, which means their prices go up and down a lot. This makes them particularly risky as an investment vehicle, but that also gives investors who are in it for the long haul an opportunity.

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