BigONE’s top 5 recommendations for newbie users
With the implementation of regulatory policies for digital currency transactions and mining in many countries worldwide, digital currency markets will continue to fluctuate in 2021. Currency prices will rise and fall like a roller coaster, dropping nearly 50% in three months. When BigONE recently talked with some users, they discovered that many newbie users would ask the same question: “Is it a good time to buy the dip?” BigONE does not have much guidance on this topic because everyone is aware of the current scenario. The market has not yet settled, and with whales constantly entering and exiting, the entire digital currency market remains in a state of turmoil.
Although digital currency investment is becoming increasingly popular among investors, many newbie users enter the Cryptocurrency circle with the intention of “making money,” hoping to “buy dips and get rich overnight” to gain financial freedom. The Cryptocurrency circle has benefited many people, but many people have also suffered drawbacks. BigONE, as digital currency exchange, has the responsibility and obligation to give certain advice to the newbie users who have entered or are about to enter the cryptocurrency circle. While BigONE’s recommendations may not allow everyone to achieve financial freedom immediately, they should ensure that everyone avoids numerous drawbacks.
If you are a newbie to the Cryptocurrency world and are thinking about investing in digital currencies, the following are some things you should know. Prepare yourself and get started straight away.
Prepare for a crazy journey
Newbie users should be aware that digital currencies are not a reliable investment option. Even if you are used to investing in stocks and claim to have seen high returns, it is still nothing compared to digital currencies. For example, although rising by more than 35% from the beginning of the year to April, the Bitcoin market has continued to drop due to various issues since May. It has already dropped to a three-month low in just six weeks. It has lost about 45% of its worth.
Although investing in digital currency can provide a high return, newbie users must be prepared for the dip before investing. It may be unpleasant when the investment portfolio loses value for the first time. Still, BigONE wants newbie users to remember that it is common for digital currencies to endure a minor dip. Remember to avoid frequent buying and selling and make as many long-term investments feasible. Wait for the currency’s value to climb once more. Pay closer attention to the news and information about the digital currency you purchased, and make additional purchases as soon as there is favorable news. This is why research is crucial to provide people the confidence they need to get over the hurdles, even though investing in digital currency takes time. It’s a crazy journey, but you can still find beauty along the road if you look past the craziness.
The dangers of investing in digital currencies
For all investors who invest in digital currencies, market fluctuations are not the only risk you will face.
Hackers: You may have heard of hackers targeting digital currency exchanges and wallets, but you may be unaware that digital currency itself may be hijacked. In April of this year, EasyFi, a decentralized lending organization focusing on small loans, was targeted. Hackers broke into the founder’s computer and stole $6 million and 2.98 million EASY tokens. Because blockchain is a computer technology, it will eventually face cyber-attacks. When using wallets, BigONE encourages newbie users to maintain their private keys and mnemonics as securely as possible. It is best to write down the private keys and mnemonics. This offline activity will be advantageous. You avoid asset losses as a result of hacker attacks.
Fraud: The hype boom, popular trends, technical intricacy, and high digital currency profits can all attract a slew of scammers. There are numerous crises, ranging from air coins to MLM coins to bogus websites promising big rewards. BigONE cautions newbie users to utilize formal exchanges and wallets when investing in digital currency and avoid adding exchange groups, investment groups, and projects that promise a high rate of return. You can contact BigONE if you have any questions.
Supervision: With the advent of money laundering, fraud, and environmental protection, many countries around the world have implemented relevant regulatory policies for digital currency transactions and mining activities, and more digital currency supervision is likely in the future. BigONE feels that this is a positive development for the digital currency business since it can effectively prevent the occurrence of money laundering, fraud, and other occurrences and successfully improve global environmental concerns.
BigONE does not recommend that investors place their whole investment portfolio into the digital currency market due to its constant volatility. The investment amount should be within the amount you can risk losing, especially for newbie users, not to affect your life and finances.
Learning is the process of accumulating wealth
Many technical concepts can be confusing to newbie users when they first begin to understand bitcoin. To purchase digital currency, you do not need to be a blockchain expert. However, all industries require a learning process. The more you learn, the better your decisions will be. Learning is a crucial procedure for newbie users to accumulate riches. In the face of the hype and exaggerated claims in the Cryptocurrency circle, the only way to avoid stumbling on the pit is to calm down and learn from the predecessors' mistakes. Take your time, use the Internet’s vast information resources, use social media to contact and engage with other investors, and if you’re interested in a specific digital currency, check out Reddit to see what other people think about it. Please feel free to consult BigONE for additional information on digital currency, and we will provide everyone with a satisfactory answer.
Blockchain is not just Bitcoin
According to available data, there are over 10,000 different digital currencies in the present digital currency market. Some of them fail to pass the review procedure of digital currency exchanges and are so being rejected.
Any legitimate digital currency will have a white paper outlining its role and the issues it seeks to address. You may check whether the people in their team have been involved in any fraudulent schemes in the past by introducing the management team, and if you find such circumstances, this is a clear red flag. BigONE reminds newbie users not to believe everything they see when it comes to new projects. Observing, learning, and researching will be extremely beneficial to future investments.
Don’t be afraid of making mistakes
Would you please not blame yourself if the investment result does not meet your expectations? The digital currency market is a dynamic ecosystem. Nobody can predict everything. The benefit of investing only in reasonable losses is that mistakes will not result in bankruptcy, which will hurt one’s life and finances.
BigONE advises newbie users that digital currency investment is similar to any other journey in life as long as they are clear about their aims and risk tolerance. If there is a problem, find a solution, record the experience, and move on.
BigONE, more than just asset safety!
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.