There's no denying that when it comes to learning something new, especially finance-related, we all might end up scratching our heads, wondering when and how to even begin. The same goes when it comes to understanding crypto. Simply put, crypto is a form of a digital asset that can be used to buy goods and services, using an online ledger to secure the transactions. But with each passing day, as crypto becomes a progressively popular digital investment asset, it has also earned a reputation for being extremely volatile.
1. Conduct your own research.
It's simple logic, whenever you decide to dig into something new, it's important to do your own research. You have to know what, how, and when you're getting into something new. It's good to take people's advice or let yourself get all pumped up by something as fascinating as crypto, but at the end of the day, please learn, de-construct, and then invest for yourself. Also, we'd like to put it out there that, you should never trust someone else when it comes to investing your money, especially someone that is not a licensed financial advisor.
2. Don't act without verifying.
This reminds me of the instances when our mothers used to make lofty promises of cake and ice cream if we finished our homework. Even our 5 year-old-selves knew that it was probably too good to be true. The same goes here. If someone is promising you 100x gains or returns, it's best to not run away with this fantasy. Especially if the person in question isn’t a licensed financial advisor. Instead, take some time out to study the current market trends diligently before making any move.
3. Protection is everything.
We cannot emphasise this enough! You need to keep your cryptos safe. One of the best ways to do this is through a hardware wallet, that will securely hold all your crypto assets— far, far away from an internet connection.
4. Don't give in to FOMO.
We live in a digital age where everything is marketed to a point where we feel left behind if we don't give in. When it comes to cryptos, most new cryptos launch with a lot of hype. From extensive PR campaigns to endorsements, this may cause a lot of investors to jump in blindly without thinking. So be smart about it, and don't feed into your fear of missing out.
5. Pick a reliable crypto exchange.
One like CoinSwitch Kuber where you can safely buy, sell, and invest in cryptos starting at Rs. 100! Investing in crypto doesn't have to be as complicated because, with the right platform, we can get the best of best returns. The platform has recently crossed 10 million users with successful investment stories that will boost anyone's confidence when they wish to dabble in the world of crypto. You can also check out their KuberVerse section where you can get all the information you need related to crypto.