Jun 17
THREE (3) THINGS YOU WISH YOU KNEW BEFORE DIVING INTO CRYPTO
INTRODUCTION
The cryptocurrency space has been filled with lots of misconceptions and misinformation of being a get-rich-quick scheme. however, it is not always what it seems to be so, here are three (3) things you wish you knew or should know before stepping into the cryptocurrency space.
1. BLOCKCHAIN TECHNOLOGY IS NOT PERFECT
For everyone hoping to dive into the blockchain space, it is worthy of note that despite the fact that blockchain technology solves the problem of traditional finance, it is still very much in its infancy stage and so, has some flaws and errors associated with it. Some of these flaws are evident in the slow transaction speed.
.
2. CRYPTOCURRENCY IS VOLATILE
Don’t be deceived by the rate of cashouts or hypes associated with cryptocurrency. The truth is cryptocurrency is very much volatile and has some tendency to elements of deception, especially with unverified projects which is why there is a need to make due research (DYOR) about investing in any cryptocurrency project. Also, it is worthy to note that Bitcoin is the head of all cryptocurrencies and so, there is a need for you to keep an eye on bitcoin while investing or trading any cryptocurrency. This is a very important cryptocurrency trading secret you need to know.
It is also worthy to note that a lot of countries today refused to accept cryptocurrency as a legal tender because of its volatility rate which in turn can affect the economy of the country.
3. CRYPTOCURRENCY HAS NO GOVERNMENT BACKING
Before a country can employ the use of any currencies, it must first be accepted and agreed upon by the government of that country. For instance, currencies like dollars, china yen, etc. So, unlike cryptocurrencies, it has no government backings or any central bank backings. This is why you cannot sue any government for any crypto crash whatsoever. However, is it a scam? it all depends on how your notion about it.
CONCLUSION:
There are a lot of things one should consider before stepping into the blockchain space however, these are just but a few of them you should note. Do well to share your opinion.
About the Author
Igwe Ihuoma Patience is a self-taught creative and industry-specific content writer, and cryptocurrency enthusiast with 2years plus experience and knowledge of the constantly evolving blockchain space.
I am skilled in content creation, copywriting, curating captions, video editing & graphic designing with mobile phones and I teach others how to get started in the cryptocurrency and blockchain space and My goal is to make blockchain learning and updates easy for anyone to understand.
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
Also, Read
- Red Dog Casino Review | Swyftx Review | CoinGate Review
- Bookmap Review | 5 Best Crypto Exchanges in the USA
- How to trade Futures on FTX Exchange | OKEx vs Binance
- CoinLoan Review | YouHodler Review | BlockFi Review
- ProfitTradingApp for Binance Review | XT.COM Review
- SmithBot Review | 4 Best Free Open Source Trading Bots
