New to cryptocurrency? Here are some tips to get you started

Buy Bitcoin – but play it safe

Bitcoin was the first cryptocurrency in existence and remains one of the most valuable, credible, and widely used tokens to this day. As a matter of fact, some people argue that Bitcoin is the only real cryptocurrency, and everything else is classified as ‘altcoins’. The most important aspect of it is that it is, believe it or not, one of the more stable cryptocurrency tokens. This might be hard to believe, given the rise and fall of Bitcoin in 2017. The coin went from $5,000 per unit to a staggering $20,000 by the end of 2017. Just before we entered 2018, however, Bitcoin plummeted and has not recovered much since then. Today, it is still hovering between $6,000 and $7,000 per token. It could be argued that the volatility of Bitcoin makes it an unsafe bet. However, the cryptocurrency has been in existence for almost a decade now and is showing no signs of going anywhere. Compare this to many of the over 1500 different cryptocurrency tokens that are currently in circulation. Most altcoin comes and go, being hyped up one minute, and derided the next. Bitcoin, however, is one of the safest bets you can make IF you are going to invest in cryptocurrency for the first time. Who knows? If you buy now at around $6,000-$7,000 and it goes back up to $20,000, you could make thousands and thousands in profit. Just remember to sell before it loses value again!

Use trading bots – but research different kinds

Trading bots is not a technology unique to the cryptocurrency space. Traditional markets have been using them for many years, and it is a great way to ease into trading. Trading bots are quite simply algorithms that calculate the likelihood of assets going up or down, and then making an educated trading decision on your behalf. This is not to say that you can trust a trading bot blindly — you are best off doing some research yourself. When it comes to choosing a good trading bot, go with something popular like ProfitTrailer Bot. Buying a trading bot alone is not enough to start making money, however. You will need to input the right settings in order for your trading bot to make the right trading decisions. Fortunately, you do not have to figure these settings out yourself. Like the bots themselves, trading bot settings can be purchased from expert traders. As with the bots themselves, you need to do a bit of research on which settings to purchase. Once you have done research on trading bots and their settings, it can become a very profitable side business.

Invest in ICOs – but watch out for scams

Finally, there are the ICOs — initial coin offerings. ICOs are blockchain projects that allow you to invest in them by purchasing their cryptocurrency tokens. These tokens will not be worth much in the beginning, but depending on the success of the project, they can rise in value very quickly. Unfortunately, there are a lot of scam artists in the ICO space, so you would be wise to assess them properly before investing your money.

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