What To Look Out For Before You Trade Your Crypto
With cryptocurrency, the biggest challenge to investors is not getting caught up in the hype, and the fear of being left out on the next big thing ( FOMO — Fear Of Missing Out ). There has been a tremendous increase of digital currencies in the financial portfolios of many individuals and institutional investors. At the same time, critics have continued to inform investors about the volatility and unpredictability of the prices of cryptocurrencies.
If you have decided to invest in cryptocurrency, it is vital to do your due diligence just like you should do with other investment opportunities. The best trading tactics often come from years of investment in the cryptocurrency market. In this article, we will be giving out some hints on how to be a successful crypto investor and how you can sell your cryptocurrency for cash for Naira and Cedis.
Consider Why You Are Investing in Cryptocurrency
To be a good cryptocurrency investor, this is the most basic question you should ask yourself before you make any cryptocurrency investment. There are other areas of investment that you can invest in, many of which has greater stability and lesser risk than cryptocurrency.
You should know what you are in the market for and let that shape your trading tactics. Are you in the market cause of the hype? Or do you have a more compelling reason for investing in a particular token? (Maybe the token is trying to solve a particular climate issue with funds gathered and you are interested in reducing climate change.) Of course, different investors have different reasons for going into the market.
Get a Feel for the Industry
It is important for investors, especially those that are relatively new to cryptocurrencies to learn how the digital currency world operates before investing. Take your time to learn about the different types of cryptocurrencies, this should exclude the big names like Bitcoin, Ether, Ripple, Dodge and co, you should be familiar with those already, you should focus more on lower-ranking altcoins.
In addition, it’s important to explore blockchain technology to get a sense of how this aspect of the cryptocurrency world works, how it is currently used and its possible future usage.
Without a proper computer science or coding background, some aspects of blockchain technology might be challenging to learn, however, get yourself familiar with the blockchain as some aspect of it is written for laypeople.
Once you’ve pinpointed the cryptocurrency (or cryptocurrencies) for investment, look into how those tokens make use of blockchain technology and whether they provide any innovations that differentiate them from the rest like Ethereum for NFTs and smart contracts. When you have a better grasp of cryptocurrencies and blockchain technology, you’ll be more equipped to determine whether a potential investment opportunity will be fruitful.
Join an Online Community of Cryptocurrency Enthusiasts
The cryptocurrency space is a very vast one and it can be hard to get a grasp of all aspects alone. And trends come and go quickly in the crypto world, timely information is key to having a successful crypto experience, being part of a crypto community can help you stay and be part of the latest trend the reason is that an active community of digital currency investors and enthusiasts are communicating around the clock and sharing vital crypto news and tips.
Get yourself into an online cryptocurrency community to learn the latest news and gist in the crypto world. Reddit and Twitter (especially NFTs related news) has become a central hub for digital currency enthusiasts.
Read Cryptocurrency White Papers
More important than word of mouth and social media hype, are what determine good cryptocurrencies. When you are considering a particular crypto investment, take time to find the project’s white paper and read it. A good cryptocurrency project should have one and should be easily accessible if you can’t get hold of the white paper that is a red flag.
The white paper should tell you everything you need to know about the project, the developer in charge, how they plan on raising capital and funds, what the project is meant for, the project time frame and other specifics of the project that investors might need. If the white paper does not contain information and specific details about the project, that is generally seen as a negative. The white paper is a development team’s chance to lay out the who, what, when, and why of their project.
How you can sell your cryptocurrency for cash
If you are in Nigeria or Ghana and you are searching for a platform to sell your cryptocurrency, Dart Africa is the leading exchange platform in Africa.
Dart Africa offers its customers a high exchange rate to trade their cryptocurrency, Dart Africa is well known for its juicy rates. Customers are always getting the highest possible return for their coins when they trade with Dart Africa. You can always check what you will be getting for your Bitcoin and other altcoins using the Dart Africa rate calculator.
Note, to sell Bitcoin or other altcoins with Dart Africa you have to create an account with them or log in if you already have an account.
Cryptocurrencies traded on Dart Africa
- Bitcoin
- Ethereum
- Dodge Coin
- Litecoin
- USD Coin
- USDT Tether
- BNB
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