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                              4 Things You Should Know When Trading Crypto

                              Neha Bhatnagar by Neha Bhatnagar
                              October 13, 2022
                              in Crypto
                              Reading Time: 5 mins read
                              0
                              Know When Trading Crypto
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                              Cryptocurrencies have seen their rise and fall. There have been aha moments, investors going in deep, watching both profit and potential rise. There have been times when even the most skilled crypto traders regretted ever opting for this currency. The market, in a nutshell, is mind-jarringly volatile. But we cannot simply ignore this domain’s potential for growth. Comparatively, over the last couple of years, we have seen a growth rate of up to 400% in the span of only a quarter. 

                              New investors wonder how it all started. While digital currencies have always been around, it took only the creator of Bitcoin, Satoshi Nakamoto – which is believed to be their pseudonym – to successfully implement their attempt at virtual money. It all started when people read their whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System in the October of 2008. The currency was launched not too late in the January of next year. 

                              Cryptocurrency is too important to ignore or not be a part of. It has a bit of a learning curve, but once you have the hang of the ups and downs, and most importantly, you know how to maneuver around them, it is worth it. You can start easily; buy Bitcoin with credit card on one of the various platforms dedicated to its sale and purchase, like Binance.

                              This article addresses beginners and experts alike. It should give you an idea of what to expect and what not to expect. 

                              Table of Contents

                              • 1. Crypto Is Like the Most Unstable of Bubbles 
                              • 2. Fluctuating Prices – Almost Like Fireworks on the 4th of July
                              • 3. Predicting the Crypto Market is Difficult, Bad
                              • 4. Crypto is Where Hackers Come to Party

                              1. Crypto Is Like the Most Unstable of Bubbles 

                              Much like most crypto-enthusiasts, you must already have done your research and come across a number of articles testament to its potential for growth, which is correct. However, not all of these articles and research will inform you of crypto’s volatility. Like the proverbial bubble, crypto is too unstable. With physical money, there is guaranteed long-term growth and less volatility subject to only unforeseeable events and market fluctuations.

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                              Crypto is good for online payments and short-term investments only. This is the one rule even the best of the best crypto-traders bear in mind, for the unstable pop could happen any time – even when you’re asleep. You need to diversify your portfolio as much as possible to avoid incurring serious losses when a bubble or two pop.  

                              2. Fluctuating Prices – Almost Like Fireworks on the 4th of July

                              Market values in the cryptocurrency domain can increase up to an astounding 100% or more in short amounts of time. You get the gist of these peaks spending a month, a week, a day, or even an hour trading crypto. However, it can be a little overwhelming trying to adapt to these hikes when you are only in the learning phase. This off-putting behavior is a major repellant for most newbies trying to get the hang of the game. 

                              Bearing in mind that digital coins are unregulated, and the hikes are more often than not all part of the fun, you will realize that this does make for a challenging, captivating learning environment. When you go fireworks-viewing this 4th of July, picture cryptocurrency. The light can be blindingly beautiful, but just as soon as the sparks ignite, a silent, looming dark will follow. Crypto is like that! There are good days and bad. Good hours and bad. Good minutes and bad. Good seconds, and bad. 

                              3. Predicting the Crypto Market is Difficult, Bad

                              Mostly, you would look at performance data of an asset over the years to determine whether you should invest. This is an important way of creating a diversified portfolio. But with digital currency moving, changing, and fluctuating like it does, predicting the future based on past performance is tricky.

                              Firstly, because this currency is mostly unregulated, it goes around maneuvering the blockchain unchecked and unrestricted, which is also the cause of price hikes and sudden, steep drops. To put it simply, there is no viable trend at all that one can use. 

                              A coin could soar the skies with a hundred percent growth in two days just as easily as it can topple to 10% within minutes. Investors rely heavily on what crypto experts have to say about currencies. Predicting the crypto market, hence, is not easy. But if you keep yourself abreast of news related to crypto, you will stay afloat. 

                              4. Crypto is Where Hackers Come to Party

                              Let us put it simply like this: thieves are to cash as hackers are to crypto. You can never, even for a second, stop to consider that your crypto assets are safe. Cybercriminals are always on the lookout for computers and devices with minimal security. There have been countless reports of thousands of cryptocurrencies being hacked and stolen by hackers. As a beginner, one of the many things you should look into before investing in crypto is the safety of your wallet. While online wallets are the most vulnerable to hacking injections, you could opt for a physical USB wallet that is out of reach of hackers in the cloud. 

                              Additionally, you also need to be careful when purchasing crypto online. Leaving a trail of payments can make it easier for hackers who are on to you. Keep your purchases less frequent. To add up on your crypto reserves, you could increase your volume. 

                              Cryptocurrency, while easy to move with, is not for the faint of heart. However, you can invest your time in learning resources. Overpreparation is the key to success. You can even opt for a few security hacks. It is easy to browse the web anonymously with proxies and the incognito mode (which doesn’t provide the kind of protection a VPN does but is still recommended).

                              Do your research, read up on what is trending, and do what other more expert traders are doing. Practice makes us perfect. While we are learning the various merits and demerits of crypto, we must also keep in mind that practicing caution helps. Be careful. But don’t forget to have fun!

                              Also read: Sanctions Help The Cryptocurrency Industry Become Stronger

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