Digital Gold Rush: The Thrills chills, spills and spits of Cryptocurrency Investment

You’ve probably heard of Bitcoin, Ethereum and perhaps some other funny-sounding currencies like Dogecoin. It seems that everyone is talking about cryptocurrency. Before you dive into what could be the ocean of sharks in a bacon-skin swimsuit there are some points you should think about. Read more here to get the complete story!

First of all, it’s not the typical stock market business. These digital coins have their own little quirkiness going on. There are days when they’re high while other days they’re down, like a rollercoaster that hasn’t passed the safety inspection. Bitcoin for instance, might be at $60,000 in one minute, and then fall to $40,000 the next. If that rides in your head, be sure to be prepared!

Everyone loves a good tale. Did you remember that person who thought that he purchased 100 Bitcoin in 2011, when they were dirt cheap but then came across his fortune a decade later? Oh that dulcet sound of Cha-ching! Don’t fall for the illusion, even though, he is the lottery winner and not the everyday Joe. The vast sea of cryptocurrency could be a huge waves and should be treated with a healthy dose of caution.

People speak about “HODLing”. Short for ‘Hold On for Dear Life’, it’s the mantra of people who invest in cryptocurrency and hold on to them thin and thick, much like a surfer riding a monster wave. Do you have an even hand or do your knees shake at every little ripple? The patience of a monk might be your most trusted companion in this crowded market.

Crypto isn’t just about making rapid money. Some see it as the technological revolution that is poised to challenge the established order. But for many it’s still a high-risk game. Consider the old tale of “invest the amount you can afford to risk.” This is not an opportunity to bet on the house. It’s like throwing money into a pond to see if you get the desired outcome.

Don’t forget the art of researching. Look at whitepapers before you click “buy”. These papers will provide an insight into the currency’s actions, much like an old treasure map that you’d study prior to digging. Particulars matter. It’s a bit difficult and complicated, but ultimately rewarding, as in Shakespeare. If you’re lost on this path, there are many online communities that offer guidebooks to assist you.

The eternal question is: Do you need to diversify your portfolio? Some people swear by Bitcoin, the granddaddy of all cryptocurrency. Some combine it all and are interested with Litecoin or Ripple. Options abound, but one rule persists: spread the risk, or simply, don’t place all your eggs in the same CryptoKitties basket.

Security is yet another important aspect. Imagine leaving treasure chests lying around with no lock on them. Not fun. Be sure that your purses and wallets are as secure as Fort Knox. Cyber-attacks can be as sophisticated as foxes, and you need to protect your assets behind steel walls.

Another topic worth considering Another thing to think about is the regulations. The world is different from night to day when it comes to crypto. Others are averse to it, while some believe it is Voldemort’s currency. You should pay attention to the laws that govern your region as they could influence the ease for you to purchase or sell assets.

Take note that each successful story is accompanied by a lot of hype, hustle and madness. The stories of riches usually ignore the tears and sweat shed during the process. So, do you see yourself joining this digital gold rush? Make sure you do it with your eyes wide open, a smidge of humor and a hefty dose of caution. Perhaps someday you’ll be able to tell your own tale of fortune found or, at the most, the lessons you’ve learned.