What To Know Before Buying A CRYPTOCURRENCY Coin

WHAT DO YOU KNOW ABOUT THE COIN YOU BOUGHT?

Bitcoin in Nigeria

It isn’t uncommon to see people buy coins and expect it to go high… like in the next few days they expect it to increase by 50%.

But, I’m forced to ask, do you know a thing about that coin you are about to invest in or already invested in?

Sometimes, we have to do more than “hoping” and make sure we are taking the right steps.

Don’t forget, it is your money on the table and you should guard it well.

Things to know before buying a coin

1. Read about your favorite coin:  Randomly picking Coins isn’t something really cool and advisable to do. There are lots of publications on any cryptocurrency of your interest. There is even white paper for that particular coin and all you have to do is read them. Not for reading sake but to help you make best decision for your money.

2. Dont rely solely on “buy before the price go up o”: You may think a friend is trying to help by pushing you to buy coins, but it may not turn out that way. When you let the buy before the price goes up affect you, you are in the FOMO (Fear Of Missing Out) zone. And this may cause you buy at its peak.

Cryptocurrency investment opportunities

3. Make fundamental and technical analysis your friend. For they will help you know when to buy and when not to. Fundamental and technical analysis is part of cryptocurrency market you can never take out of your dashboard. Do yourself some good and learn little about them.

MUST SEE: How To Trade Cryptocurrency Like A Pro

4. Have lots of patience: PATIENCE! PATIENCE!! PATIENCE!!! You must have it in this market. It will keep you from panickly selling off your coins when you should HOLD them.

If you are not planning to forever “HOLD THE BAG”, be sure you know what you are doing.

Can cryptocurrency market be risky?

Yes, cryptocurrency market can be risky. But, it will be less risky for you if you know what you are doing. Take courses, read books and move closer to those who know what you don’t know.

Be the best you can be.

Your friend,

Dapo Obembe

Updated: January 14, 2021 — 1:49 pm

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