Investment is an essential part of financial security. What’s really cool about investment is that no matter how much money you have, there are fields where you can establish an investment and make your money work for you. In this article, we’re going to delve into how you can establish a successful crypto investment. But first, let’s understand what a successful investment is based on.
What makes an investment successful?
Whatever is the investment field, seriousness is what guarantees success. You can establish a successful investment as long as you’re serious at taking these three aspects into account: Goal, assets, and safety. Now, let’s see how that applies to crypto investment.
1- Goal: Use crypto for long-term investment goals
As you ponder starting an investment, you pick the field that matches both your money and your investment goal. If your goal is short-term, such as buying furniture or paying credit card debts, you’re likely to consider low-risk investments such as saving accounts and certificates of deposit. But if your goal is long-term such as saving for retirement or starting a business, you’re more likely to consider investments that imply higher risk. In this case, crypto investment is a good choice for you.
2- Assets: Find undervalued cryptocurrencies
With cryptocurrency being your to-be investment asset; you want to buy and hold them for future profit when their prices rise, then you have good chances with the great many cryptocurrencies that are constantly introduced into the market. Amid that great many, there are some promising cryptocurrencies that are not well known yet. So, your job now is to recognize these cryptocurrencies that are potentially profitable.
How to spot promising undervalued cryptocurrencies
Introducing BitcoinMisr; the real-time crypto market portal. As you’ll see shortly, it’s a comprehensive guide that allows you to compare cryptocurrencies according to various different criteria so that you can identify your optimum investment choice.
The above screenshot depicts the market cap section on BitcoinMisr. It comprises a list that includes cryptocurrencies’ value (market cap), price, 24-hour size, and circulation. Clicking “Direction” shows you the below-depicted market trend.
As you can see in the above screenshot, “Direction” allows you to know which currencies are highest at real time. Also, if you scroll down, you’ll see the real-time lowest listed as well. Having this information available at hand, you can compare the different cryptocurrencies and primarily detect the ones that you can consider as good candidates. Now, let’s see how to determine specifically the potentially profitable cryptocurrencies.
Check out the cryptocurrency info: On the above-depicted BitcoinMisr market cap page, clicking a specific cryptocurrency brings up all its relevant info. Let’s say you want to know about Bitcoin BTC. When you click Bitcoin, this is what will come up.
As the above screenshot depicts, the page comprises complete real-time information about Bitcoin, including how it has been proceeding during the past 24 hours, 30 days, and 24 months. Generally, this long-term scale gives a good indication on whether the cryptocurrency is actively present in the market.
3- Safety: Keep your cryptocurrency safe
Now that you’ve chosen your assets; the cryptocurrency you will invest your money in, what you want to do is keep your assets safe and secured. In other words, you want trusted cryptocurrency wallets.
Understanding the cryptocurrency wallet
It’s the medium through which buying, storing, and trading take place. The info you manage your wallet through are your private key and your public address. The public address — either a text or a QR code — is what you give to other cryptocurrency users in order to receive funds. And the private key is the code that allows you to access your wallet. As you’ll see shortly, keeping your private key secured is a top priority procedure to secure your cryptocurrencies. But before going into that, let’s delve briefly into the different types of crypto wallets.
The hot wallet is your wallet on the exchange platform. You need it to buy and trade your cryptocurrency.
The cold wallet is a wallet that can be disconnected from the internet. There are two types of the cold wallet.
The software wallet is a program that you can install on your smartphone or computer.
The hardware wallet is a small device that – just like your flash memory or USB modem – can be connected and disconnected from your computer. Having defined wallet types, let’s see how to keep your cryptocurrency safe.
How to protect your cryptocurrency?
In order to secure your cryptocurrency, you want to follow some safety precautions that include the following:
Avoid phishing scams: Sometimes, you might come across a link to a software wallet that’s in a social media post or sent to you via email. Beware of such links and NEVER use them because most of the times they’re meant to hack your wallet. Instead, always type the link to your wallet yourself.
Be careful using your hot wallet: Your hot wallet, though being indispensable, has a major drawback; it’s susceptible to hacking attacks. For this reason, you shouldn’t use it to store all your cryptocurrency. Instead, keep your cryptocurrency on a cold wallet, and only transfer to your hot wallet the amount that you will trade or use in online shopping.
Get a hardware wallet: As you use your software wallet, you’re most likely to store your private key on your laptop or smartphone, which puts your cryptocurrency at a great risk as these devices are liable to be compromised. In this respect, a hardware wallet is the best solution. What’s really cool about the hardware wallet is that it keeps your private key stored safely in it, so you don’t have to store it on your smartphone/laptop, thus keep your cryptocurrency largely hack-proof.
In order to establish a successful investment, good information is key. If crypto investment is your field of choice, with crypto market being so volatile, what you want is an efficient informative guidance, which is what BitcoinMisr offers to you. With the real-time follow-ups of crypto market data, up-to-date crypto news, and the trading guide, BitcoinMisr makes a comprehensive source of information that you can tap into in order to make informative decisions on how to successfully invest your valuable money.