Robert Testagrossa – What to Consider When Investing in Cryptocurrency Like Bitcoin
The crypto market is certainly taking the world by storm at the moment and that has caught the attention of many first time investors. Experts like Robert Testagrossa are making sure that they encourage people in the right way with crypto, and warning them to make serious considerations before they spend any money. This is a very exciting market indeed and if some experts are to be believed, it is an opportunity for a huge number of people to make some serious gains on their investment. Before you decide to part ways with your cash however, here is what you should be thinking about.
What Are You Investing In?
Within crypto you have solid coins like Bitcoin, which have huge market caps and which are seen as long term investments. Additionally however you have smaller alt coins, which can often provide a larger upside for investors. It is critical therefore that when you are investing, be it in an alt coin or something like Ethereum and Bitcoin, that you actually know what you are investing in. Far too many people take recommendations from social media, which is the worst way to invest.
What Are You Looking to Gain?
There are many stories of people who invested $10,000 and then at one point were sitting on a portfolio of $100,000, and didn’t cash out. Very quickly in the world of crypto however, that $100k could become $50k, which is why you have to ask yourself why you are here. Now there are some who know that even if they drop to $50k, they are confident that one day it’ll be worth $500k so they hang on, and that is fine. The question however is whether or not you can afford to watch these great swings in price. This comes down to your current financial status and what exactly you are looking to gain from crypto. Set yourself a ceiling and a floor, this will help you to make better decisions.
Are You Secure?
In order to be secure when you are buying cryptocurrency you have to make sure that you have a wallet which is completely secure and which at the very least has two factor authentication. Beyond this you should make sure that you are using a good quality wallet. And finally make sure that you have all of your login details and recovery keys written down somewhere safe. If you lose access, in most cases you’ll lose your money.
Where Are You Buying?
Many companies like to sell you crypto at a set price, which is almost always higher than what the market is saying. This is exactly why you need to avoid those prices and instead use the exchange. When using the exchange, be sure that you know what you are doing and also be sure that you are getting a great price for the coin which you are going to buy.
This is a great place to invest, as long as you are careful.