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1. Take time to learn
Around Bitcoin and other crypto currencies there is a big stir, there are many rumors, and you constantly come across success stories and failures. To begin with, make sure that you understand what you are getting into and risk the amount of money available to you.
2. Be careful
In the world of crypto-investment it is necessary to be extremely cautious
Any investment carries risks, which is already talking about the new and volatile Bitcoin. Jacob Eliosoff stresses:
This is still an extremely dangerous area of investment. Do not invest as much as you are not ready to lose.
3. Diversify effectively
Most newcomers in the crypto industry are invested only in Bitcoin, forgetting about the existence of other crypto-currencies, some of which grow even faster than Bitcoin. Diversification is an effective way, given that many altcoins are growing during the fall of the Bitcoin exchange rate.
4. Do not hold funds on the exchange
The crypto industry attracts a lot of hackers and scammers, and it is important to take effective precautions. It's enough just to complicate the life of hackers: use exchanges only for exchange, and as soon as you bought the currency, move all the tokens to the protected wallet (for example, to the hardware purse). Many people lost their funds on stock exchanges not as a result of trade.
5. Be prepared for instability
These simple tips will help your portfolio withstand any storm in the market
Bitcoin is known for its volatility, many traditional investors are simply terrified of it. The instant drop in the Bitcoin rate does not mean a catastrophe, but it's hard to stay calm when you look at the red chart. Of course, diversification is an excellent method of fighting against this. But in order to effectively apply this method, you still have a lot to learn. The most famous (and most often the most profitable) strategy for investing in Bitcoin is to buy and wait. Then you are not afraid of any volatility. Simply buy coins and forget the site on which you are watching the course, this approach will keep you nervous and will bring a guaranteed profit.
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