Investors need to do extensive research into the entity they are investing in and avoid buying on a whim or jumping on a social media bandwagon. Stock investors spend a lot of time researching a company before buying shares, and foreign exchange investors pore over socioeconomic news. Crypto investors need to do the same.
Avoid buying on a hunch or because you like the logo of a new meme coin. Use details of 2024's most anticipated crypto presales and act quickly, but do your research. According to crypto writer Alan Draper, investors need to check the whitepaper, determine use cases, and research the team behind the project to ensure they're backing a solid project.
Don't ignore fees. Cryptocurrency proponents point to the minimal fees required for cryptocurrency transfers, but there are still fees, and some major crypto exchanges have quite high levies when exchanging coins.
Some fees are unavoidable, but you need to know how much you will be charged to be able to determine the efficacy of an investment. Don't expect to get rich overnight.
Collection
[
|
...
]