In most cases, it is almost impossible to get rich in the traditional way: just by working. Knowing how to invest smartly is crucial to increasing your wealth and at least protecting the value of your savings. Inflation always exists. If you only save your salary but never invest, you are, in fact, losing your money because of inflation.
So how can you better manage your digital assets to make them work and profit for you? Read the article for some inspiration!
Which currencies should I choose?
When choosing crypto to invest, you can check the ranking of the currency you are interested in, as it is an important reference of its present and future value. You can also learn more about the coin project, its team, its history and its development path to have a full view of it before buying.
Overall, Bitcoin, accounting for nearly half the value of the cryptocurrency market, is widely considered a good long-term investment option. Many investors also believe in the potential of Ethereum, as it is moving towards Ethereum 2.0 to improve itself, and that huge DeFi projects are based on the Ethereum network.
Recently, Bittorrent, DOGE and Chiliz have been very popular among investors.
I don’t have much investment experience, what can I do?
Anyone who starts out in the crypto world and is unfamiliar with the volatility of crypto prices is always worried or impulsive and does not make rational decisions. So they lose instead of profit.
To avoid impulsive or irrational investment, you can try out the “recurring purchase” function. This function helps you apply the dollar-cost averaging strategy, where the investor divides his invested money in parts to be used periodically in purchase of a targeted asset like Bitcoin. In this way, although some price drops may go unnoticed, cases of buying too much at Bitcoin high and, consequently, ending up losing can be avoided.