“Whenever the price of cryptocurrency is rallying, people start spending a lot more” — Erik Voorhees
This apt quote by Erik Voorhees beautifully describes the changing digital scenario and the increase in acceptance levels of the upcoming cryptocurrency by people. The emergence of cryptocurrencies has been the biggest disruptive revolution of the century. A revolution with umpteen and unexplored opportunities, has become the trending investment approach in this e-world. Those who have invested in bitcoin in the early years are on cloud nine. With the changing scenarios, investing in cryptocurrencies is not like a cake walk. You need to very careful in selecting and investing in cryptocurrencies so that you are not scammed or become a theft victim. This article outlines the risks and the potential considerations which you should take while investing in cryptocurrencies.
1. Volatility: The only constant
Upcoming Cryptocurrencies are known for their precarious nature but utilizing this volatile nature the right way is the key towards profits. These e-currencies have full potential to make the stockbrokers as well as investors get a cold sweat. Investing in cryptocurrencies is just like a roller coaster ride with huge ups and downs. But who cares!!! After all, Bitcoin passed the gianonmous mark of $10,000 per coin in just a year jumping from $700. This instability is the reason people love to invest and make some quick bucks.
2. Regulation of Blockchain
Back in 2017, when Singapore Regulatory Authority MAS declared the guidelines for the Blockchain development and ICOs, the regulations received an overwhelming response both from investors as well as the cryptocurrency ICO companies. These guidelines made the investors easy to choose and invest by defining protocols governing the upcoming ICO coins. This instilled more trust and reliability of investors towards the companies and ranked Singapore as the biggest upcoming cryptocurrency hub in Asia closely behind US and Switzerland. So, do check the regulations and will that Blockchain be accepted in that jurisdiction? Or Google the communities for best upcoming cryptocurrency to invest.
3. Security of your Coin
As more and more top ICOs are popping in the crypto-industry, the chances of hacking, scamming and falling prey to fraudsters, are increasing. The history have seen even the most popular exchanges were hacked and million dollars worth ICO coins were stolen. The reason was that the platforms weren’t up to date and became vulnerable for breach. Before investing in any upcoming cryptocurrency, cross-verify that the security measures or the algorithms (if you are tech savvy) the coin company is taking to safeguard its liquidity.
4. Do your homework properly
Do not believe what the website is saying. Google out for the technologies they are working over and also regarding the company reputation as well. Check out the crypto-community forums; is there any thread going on related to that or any kind of hype seeping in? Take guidance of your lawyers or other advisors in the cryptocurrency market. Trust me, you can back on their experience!! Do your research properly regarding the idea the company is planning to pitch, how much is it planning for crowd funding (shouldn’t be more than 50% of the total amount)?
5. Track your profits and losses
Crypto’s don’t really come into a “real investment” part but due to its unregulated nature, people seem to fall for it. Most of the crypto experts believe that capital gains do not apply but irrespective of this thing, an investor should be able to track his profits and losses with his own knowledge. Always keep a track on how your portfolio is working and performing. In some countries where the cryptocurrency market are getting regulated, ensure that your Blockchain company is following the protocols set by the jurisdiction of that country and you are ready to pay a fair share of your taxes.
If you are looking for best upcoming cryptocurrency to invest? then you are at right place.
BitBose: Best Upcoming Cryptocurrency to invest
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For more updates on BitBose, stay tuned on Medium or visit www.bitbose.com.
