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Are you looking for a complete guide to investing in cryptocurrencies and are you a beginner?
This guide is for you if you are interested in the idea of investing in cryptocurrencies but have no idea how to do it, where to go and / or what to do first.
Maybe you feel like you're missing out on the Bitcoin craze, or you've heard of investing in cryptocurrencies, but have no idea what it is and how to get started.
Well, we're here to talk about just one thing:
How to start investing in cryptocurrencies for beginners.
1. Investing in cryptocurrencies for beginners.
I created this guide because investing in cryptocurrencies is my passion.
I'll teach you almost everything you need to know about investing in cryptocurrencies, including how to get started and the best trading strategies you can use to make money.
2. What you need to know about investing in cryptocurrencies.
Before I start investing in cryptocurrencies, I just want to point out something important (be careful because this is really something important)
1. It's not about "getting rich quick".
I know many people in the cryptocurrency community have been fooled into thinking they will become millionaires overnight with cryptocurrency!
And this is absolutely the wrong way to go:
Today, we're only going to talk about solid and proven investment strategies that you can use to make long-term profit with cryptocurrencies.
2. It is not necessary to be a professional trader.
This blog post is for beginners interested in making money with cryptocurrency
We won't cover advanced trading techniques like Fibonacci retracements or technical analysis - instead, you'll learn practical things you can start using right away!
In fact, we will only talk about exact and proven cryptocurrency trading techniques and almost anyone can use them and profit from them. With the information you will learn today, you will discover how to profit from cryptocurrency without spending hours analyzing charts or typing on a calculator.
3. There are risks.
Investing in cryptocurrencies comes with challenges that you should be aware of. Investing in crypto can be easy, but it can also be incredibly difficult and that's why I created this blog. You don't need to be good at math, particularly smart or even technical to do it right and that's what you'll learn now.
4. It all depends on you.
Some people will tell you large numbers such as - "how to make $ 7000 in 28 days of investing in cryptocurrencies".
I have to say that these results are not typical - and the average cryptocurrency trader probably doesn't make this figure every month with crypto! I don't know what your budget is or how much you are willing to invest - and that depends entirely on your personal situation and how much risk you are willing to take.
You can invest thousands of dollars in cryptocurrencies - but you can also test for as little as $ 50 if you want - in fact, I recommend starting slowly.
5. You have to act.
Most people never act on the advice they learn - they spend hours and hours learning to invest without making decisions and taking action.
So please pay attention to this blog and try to learn as much as possible, because it will really help you in the future.
Read carefully, take notes and above all take action!
Now, if you are ready, we can move on to business.
3. Where to buy cryptocurrencies.
Coinbase it is the easiest place to buy cryptocurrencies if you are a beginner.
Coinbase it's big but they only sell Bitcoin, Ethereum and Litecoin.
So, if you want to trade a wider selection of altcoins, sign up for SwissBorg or Binance.
SwissBorg and Binance have the cheapest exchange rates and Binance launch cryptocurrencies earlier than most other platforms.
Also, I wrote a step by step guide for Binance that you might want to read too. See our guide on Binance
4. Why invest in cryptocurrencies?
The biggest thing to note about cryptocurrency is that it's about putting power back into the hands of consumers.
With the way cryptocurrency technology works, the need for banks or any other third parties is reduced. It is completely unregulated and off the grid.
Imagine how powerful the biggest banks in the world are right now - if cryptocurrency replaces them, it could all change.
5. The biggest pitfalls of cryptocurrencies.
One of the biggest pitfalls I see most novice investors falling into is the emotional side of trading - they don't have the right mindset, they don't have the discipline, and they keep moving their money without sticking to a solid plan.
In fact, this is probably the biggest difference between those making a profit and those struggling to break even.
6. Invest with our tool for selecting the best cryptocurrency investments
It is important to diversify your investments by not putting all your capital into one investment. Let's take an example with € 1000 of capital, I advise you to proceed as follows:
€ 500 invested in 5 low-risk investments and not withdrawn for at least 1 year. We carefully select low-risk investments and invest personally.
350 invested in 5 medium risk investments and retired as soon as possible allowing profits to earn interest.
150 invested in 5 high-risk investments and withdraw your investment as soon as possible, allowing profits to earn interest. Do not be too greedy on these investments, look at the news and be ready to withdraw at the slightest doubt.
We always try to select the best investments for you and give you as much information as possible about each investment. However, there is always a risk (especially those considered high risk) that some are illegal HYIPs and therefore rely on Ponzy schemes. We do not recommend that you register on these sites if you know they are HYIPs. However, if we offer them on our site it is because we have not found any evidence of their illegal activities.
What is a HYIP?
A High Yield Investment Program (HYIP) is a fraudulent investment scheme that claims to offer extraordinarily high returns on investments. HYIPs often advertise returns above 100% per year to attract victims. In reality, these high-yield investment schemes are Ponzi schemes, and the organizers aim to steal the money invested. In a Ponzi scheme, new investors' money is taken to pay for established investor returns. The money is not invested and no underlying real return is earned; the new money is simply used to pay the people who entered the scam before them.
7. Day Trading.
For all those unfamiliar with it, day trading is simply trading cryptocurrencies on a daily basis and trying to profit by reading the technical charts. The problem is that cryptocurrency is so unpredictable and volatile that you have to be an extremely experienced trader to make money.
Plus, it's very stressful, exhausting, and emotionally draining.
8. Take the long view.
When it comes to trading, you need to ignore the "get rich quick" mentality, which is what most people have when it comes to cryptocurrencies ...
This will not be a profitable long-term approach:
Most novice traders only think about pumping and downloading cryptocurrencies without thinking about which cryptocurrency is a credible and feasible option in the long run.
9. Are you a player or an investor?
And finally, and this is actually a little more embarrassing, but I had to change my mindset. I was thinking a bit like an amateur player, not a long-term investor.
So I decided to work to reduce my risk, improve my confidence and think about long-term investments, not short-term bets.
10. What's the difference?
Here's what differentiates those who gain from those who lose in the cryptocurrency market:
Taking the long view is the only way to start building a solid cryptocurrency portfolio that grows sustainably, passive wealth is really thinking like an investor and studying the mental side of the game - don't try to roll the dice on shoddy cryptocurrencies in which you don't really have lasting trust.
In fact, I started studying investment masters, who have proven themselves over and over again.
And even though they mostly invested in stocks, the same strategies were applied.
I have taken a long-term approach - trying to build as much confidence as possible in my investments and improving my mindset as much as possible.
And that's when I discovered that if you want a passive income stream, it's not about the technicalities, it's about the fundamentals.
11. Why investing in cryptocurrencies is perfect for beginners.
You have to understand that cryptocurrency is almost brand new, so no one has real experience - unless you have already been trading stocks.
You may think you're not the kind of person who invests in cryptocurrencies, but seriously, it's for anyone!
And since cryptocurrencies have not yet reached Wall Street, you don't have to worry about being crushed by the big whales in the market.
12. Start slowly!
Don't go headlong and buy a whole Bitcoin thinking you'll become a millionaire overnight - in fact, if you're just starting out, you can invest in cryptocurrency for as little as $ 50-100.
This way you are still learning how to invest - without worrying about the stakes!
13. Where to start?
So first of all, if you are serious about investing in cryptocurrencies, then you need to sign up for an exchange.
Exchanges are where you can buy your cryptocurrency - it's kind of like eBay or Amazon for cryptocurrency.
However, you have to be careful as some of these companies are unregulated - which means they are not responsible if they run away with your money.
14. Which cryptocurrency exchange is better?
Coinbase is the first port of call for beginners.
It is the largest bag in the world right now and if you are a beginner, it is really easy to use.
Also, their headquarters are located in the United States, so they have to follow more legislation and technical details than almost any other exchange on the market.
15. Common cryptocurrency scams and how to avoid them.
Now, I know that some of you may be eager to start investing, but before you go hunting for the next Bitcoin, you need to be very careful where you put your money.
Just like when the internet was launched, there are some scams that you need to be aware of.
You may have heard of some people who have been hacked and lost their entire investment.
1. Pump & Dump Groups.
One thing to note is that there are many Pump & Dump groups that cannot be trusted.
These are basically groups of investors who will all decide to buy one cryptocurrency at a time, and artificially raise the price!
Then, when the rest of the market jumps in, everyone will sell at the same time - leaving anyone with that token completely locked in with a worthless cryptocurrency.
So you really have to watch out for pump & dump groups because I don't want them to screw you.
2. Low quality token.
There are some very low quality tokens on the market.
Almost anyone can start a cryptocurrency:
It is not like the stock market where there are a lot of regulations and checks before a company goes to market. I mean, some teens could literally start a cryptocurrency out of their garage and you wouldn't even notice - seriously, it has been done before and will likely happen again!
3. Fake news.
There are some big names in the cryptocurrency world, and many of them have a huge following on social media, for example, YouTube and Twitter.
Many of them are paid to promote someone's cryptocurrency, it's like sponsored advertising for the cryptocurrency world.
So, if someone is almost aggressive in telling you to invest in a certain altcoin online - be it via Twitter, YouTube or even Telegram - don't jump into it without doing a little research.
Do your research first and don't believe everything you read online.
16. Choose a cryptocurrency investment strategy.
Finally, and this is really important, when investing and trading with cryptocurrencies for the first time, you need to have a solid investment strategy - especially as a beginner:
Now this may sound complicated, but it's essentially like creating a business plan when starting a company.
I enjoy the efforts you have put into this, thanks for all the great posts.