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Keep Your Crypto Investments In Check

Bitcoin mining

THINGS I WISH I KNEW

Investing in cryptocurrency is not an easy thing to do, apart from having to research the market thoroughly. You also have to face constant changes and market fluctuations.

This makes it hard to keep up and can become a daunting task for most people. However, there are other ways to ease your life regardless of the high volatility in the crypto market.

One thing you need to keep in mind is that your crypto investments are just like any other asset. For example. If you buy a company, you always take measures that will help you succeed with your new company. This requires learning more about the company and researching the market and competition.

There is not much difference between a company and your crypto asset, there both require regular checks, research, and attention.

Keep Your Crypto Investments

I Wish I Knew It Won’t Remain The Same

Many people in the crypto industry tend to rely on mainstream news to make their crypto decisions. That is not the best way to operate in the crypto space. I found that out the hard way.

When I started my journey into the crypto space, just like most newbies. I had no knowledge about what I was going into nor did I know what I was doing.

Most of the time my decisions were based on the media. Anyone who has done this will testify that it doesn’t always work.

It is good to follow up on news in the crypto space but with a filter, especially news that is coming from mainstream media.

Keep Your Crypto Investments In Check

Buying crypto may be very simple if you are living in a crypto-friendly country. The hard part is knowing when to sell or hold.

Many people will always advise you to hold for the long run because that is where profit is, the problem with this advice is that not every cryptocurrency will appreciate in the long run, even the most advanced holders have one or two crypto coins or tokens that have completely lost value and hopes of getting back on track.

I didn’t bring that up to debunk their advice or try to scare you away from holding cryptocurrencies. But you should always keep your eyes on the projects you invest in.

A few questions to keep asking yourself;

Is the project still improving?

Is the founder(s) still contributing?

Is there any project competing with them?

How are there trying to stay ahead of the competition?

Is the project still trying to solve the problems that got you excited in the first place?…

Asking yourself these kinds of questions can give you many answers that you can use to decide if you still want to hold the cryptocurrency or token.

Remember that most cryptocurrencies get their value from what problems there are solving and how it is helping society.

If you invest in tokens that have no real-world value then it may not be the best option to keep them for long. However, there are many projects that have proven their value over time like the first cryptocurrency, Bitcoin. Also Ethereum and a few others.

Recommended Article: Diversify Your Crypto Portfolio

You have to keep in mind that you are the CEO of your crypto asset. You decide when to buy and sell but it is best to keep yourself updated with market news and even do your own research and decide for yourself what to sell and what to hold.

We do try to keep you updated here on Life with Crypto, you can sign up for our monthly newsletter for interesting content about cryptocurrency and blockchain.

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