BigONE’s Suggestions for Investing in Cryptocurrencies
Cryptocurrency has grown in popularity as a means of investment. Because cryptocurrency is a new asset category with great potential, many people are interested in diversifying their investment portfolio by purchasing it. Some people buy cryptocurrency because they are drawn to stories about using cryptocurrency to achieve financial freedom. In contrast, others are drawn to crypto because of the social media hype surrounding it. If you are thinking about investing, some of BigONE’s recommendations in this article may be useful to you. BigONE is a well-known cryptocurrency exchange globally, and we are committed to providing you with clear investment advice.
BigONE thinks you should use this method to buy Bitcoin
When it comes to investing, BigONE advises concentrating on Bitcoin, even though you have many cryptocurrencies to choose from, Bitcoin remains the best-known digital currency. As a token buyer, you should purchase Bitcoins at the average US dollar (USD) cost, which means that you must buy bitcoins according to the established schedule regardless of whether the purchase price at the time is rising or falling. When you buy Bitcoin at the average price of USD, you will always get the same dollar amount of cryptocurrency, so the amount of cryptocurrency you get receives on the price when you buy it.
When you invest according to average USD costs, you don’t have to worry about perfect investment timing, which is always difficult to achieve due to the volatility of cryptocurrency prices. You will undoubtedly end up purchasing some cryptocurrencies at both high and low prices. This means when the price of cryptocurrencies is low, you will receive more cryptocurrencies for your money.
How much should you invest in crypto investments?
BigONE believes you should be advised on how much money you should spend on cryptocurrency each month. Because the average price of bitcoin is in US dollars, BigONE recommends that you invest in cryptocurrency funds with no more than 20% of your monthly income. If you calculate the average cost and assume that the money you invest each month is 20% of your income and that this cost does not interfere with your normal life, then this level of investment is reasonable. BigONE has repeatedly advised people to invest only what they can afford to lose because cryptocurrencies are volatile. Although cryptocurrency can be a reliable long-term investment, it is important to know the level of risk you are comfortable with when planning your investment strategy.
Although BigONE believes that cryptocurrencies will eventually become the currency of choice for purchasing goods and services, multi-currency conversion remains unresolved. Payment in other cryptocurrencies is currently considered somewhat impractical, apart from some mainstream cryptocurrencies. This is starting change, with the rise in the use of Dogecoin for purchasing, thanks to low fees and a strong community behind it. BigONE, on the other hand, believes Bitcoin is more akin to gold, an asset used to measure value and store it, rather than money used to shop.
Although we hope our advice is useful, only you can decide how much risk you are willing to take and how much loss you are willing to accept. The recommendation of 20% of monthly income may be appropriate for you, but in practice, you should choose to buy, depending on how much spare cash you decide to invest in cryptocurrencies.
About BigONE
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.
