For many years now, cryptocurrency has proven to doubters that it’s here to stay. Not only has it become prevalent, but it has also made many people millionaires. Almost every company now wants to accept Bitcoin as payment for their product because of its popularity and ease. Millions of individuals make money through the cryptocurrency markets. It may be through passive investments or trades or active trading. What’s essential is that crypto is here to stay for a very long time.
Cryptocurrency has many benefits, no doubt. But it comes with its risks, just like any other investment. The market has a highly volatile property that can make you lose millions within a blink. Very recently, the crypto market value came crashing down based on Chinese regulations and Tesla’s CEO, Elon Musk. This devaluation was enormous, and as such, many traders lost a massive amount of money. So it’s better to learn well about the market before you invest in cryptocurrency. It doesn’t mean that you won’t lose, but at least you’ll know exactly how you can gain back. There are some factors that you must consider before you invest in cryptocurrency. Some of which are;
Your mind
The first and most crucial factor you must consider is yourself. You have to prepare your mind for this new journey and understand that it’s a risk. Also, you need to control the greed in you that always wants massive gains.
Your mind has a massive influence if you are to be successful in the crypto world. First, you have to convince yourself that you’re sure of what you want to do. Also, crypto can go good and bad. During the good times, you may want to increase your gains, now increasing your risks. During the bad times, you may want to pull all funds out. But with proper mind control, you’ll always make the right decisions. Put your mind to test in the first blockchain-based fantasy sports platform, Fanspel. Compete and win fantasy games to earn amazing rewards.
Your knowledge
If you are to trade cryptocurrency, you must remember that knowledge is power. What you know and how you apply what you know are very important. It’s an all-evolving industry, so you need to learn about the industry trends continually. Also, you have to read news and reports about cryptocurrency, as they influence market trends.
Another thing you should learn is the sectors in cryptocurrency. There are more than 10,000 cryptocurrencies traded globally. Each of these currencies has their respective purposes, and have specific sectors;
- Payment sector: Most, if not all, cryptocurrencies can complete financial transactions. But some have that as a specific purpose. These coins are usually very stable in the market. Examples are ripple, Bitcoin, and Dogecoin.
- Smart contract sector: These cryptocurrencies act as computer intermediaries to facilitate and enforce contracts digitally. Examples of these coins include; Ethereum, Cardano, etc.
- Gaming cryptocurrency: Yes! You can earn crypto when you play games on websites like Fanspel, a fantasy sports game. Examples of gaming cryptocurrencies are The Sandbox, Enjin Coin, among others.
- Health cryptocurrency: These currencies provide healthcare for you if you own them. Examples are Dentacoin and Solve.
- Stable Coins: These cryptocurrencies have the purpose of exchanging trades. A good example is USDT.
- Centralized exchange crypto: These cryptocurrencies come from platforms where you can buy and sell currencies when you sign up. An example is BNB.
- Decentralized exchange currencies: These cryptocurrencies come from platforms where you can buy crypto without signup. A good example is Uniswap.
There are other sectors in the cryptocurrency market that you should know before investing in crypto. But above all, you should maintain control of your mind, and you’re good to go!
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