The cryptocurrency market in the world is here to stay and more and more space is opening up among investors and entrepreneurs, who despite the skepticism a few years ago, have gradually begun to market this currency and learn about other options to increase their Profits.
World events such as the war between Russia and Ukraine, as well as the volatility in oil prices, have strengthened currencies such as bitcoin or ethereum, even making the United States government think about the possible creation of a “digital dollar”. to meet them in the market.
The rise of cryptocurrencies has been such that they even made a presence at the Grammy Awards and will even be sponsors of the Qatar World Cup, as announced by the platform for this type of currency Crypto.com, which joined historical sponsors of the The highest instance of soccer, such as the American Coca-Cola and Visa, and the German Adidas, although Fifa did not specify the duration of this new contract.
This new landscape has led many people (not just investors) to think about putting their resources into this digital market. However, fear is always present and that is why experts make some recommendations to start safely, while knowing how it works or, as the popular adage says, “you know where the chickens lay”.
Despite the fact that the use of cryptocurrencies in Colombia and the world is on the rise, the latest study by the firm Chainalysis shows that, globally, in 2021 scams grew 82% compared to last year, which occurs, between other things, due to the ignorance and inexperience of some people when investing in this crypto-market.
One of the first pieces of advice given to people who enter the world of cryptocurrencies is that they study it like any other career, that they make an effort to know its operation in detail and that they learn to identify dubious platforms where they are not must invest.
According to Santiago Vélez and Santiago Pérez, co-founders of Universo Cripto, a cryptocurrency education program, a first warning sign is the offer of exorbitant profits or rapid profitability, since like all businesses, cryptocurrencies also require reasonable time for investments grow.
“People need to focus on buying sustainable cryptocurrencies, not ‘shitcoins’, that is, cryptocurrencies that are sometimes for scams or that do not provide anything useful. Currently there are around 12,000 cryptocurrencies, but most operate as a bet, so as not to buy a worthless one,” explained Santiago Pérez.
Another tip is to play it safe to start and invest in the top 2 cryptocurrencies if it is a first approach with this currency, which are Bitcoin and Ethereum so far. If you want to buy other types of cryptocurrencies, it is best to do so after gaining experience and having more knowledge about this market.
Likewise, they recommend not being alone in the purchase, since in many cases, after acquiring them, some people simply leave them in the Exchange (centralized system of purchase and sale) believing that they are safe in this way, without knowing that they run a great risk of being stolen or confiscated.
“In this sense, once they are acquired, we recommend taking them out of here and taking them to a wallet that is either cold, such as a Ledger or a physical offline cryptocurrency storage system, or hot, connected to the Internet, because the person must always have control of your cryptocurrencies. If they are not his keys, they are not his crypto,” said Santiago Vélez.
It is also good to have an investment plan and try to make it in a complete market cycle (bearish and then bullish) that oscillates between 3.5 and 4 years, since ” if a person with ignorance speculates in the short term, he will lose because He has no experience on how to do it, on the contrary, if he does it at a complete cycle, the most probable, and according to the statistics, is that there is a greater probability of generating profit”.
According to the co-founders of Get India News, to be successful with cryptocurrencies it is necessary to be up to date with the global economic and political panorama, since based on this, investment decisions are made that allow preserving the value of wealth. For example, the impact of the Russian invasion of Ukraine on world stock markets.
“Any person who wants to do well must keep in mind not to deliver cryptocurrencies to third parties, especially if they guarantee a fixed return since they are part of a variable income market. Also, keep in mind that to invest in this currency it is not necessary to invite more people to form networks like in a pyramid”, these experts conclude.
Finally, they point out that it is advisable to start with small investments while learning how this market works and always be vigilant, because it is not simply a matter of buying and waiting for silver to increase.
