Preliminary acknowledgement of facts:
”crypto” preferably referred to as digital assets, is a superior technology to all existing forms of value exchange by orders of magnitude.
Digital assets will be adopted by the world—not a question of “if” but “when”
Current investment in the space is considered fringe and speculative. The entire space is $200–300 billion. Multiply that by a thousand once it is mainstream.
Suggestions:
Start at the top of the list with the digital asset project with the greatest portion of the market and begin your research. Currently, this bitcoin.
Avoid news and opinion as there is a ton of misinformation and disinformation. Go directly to the source. Find the white paper. Go to the project’s website. Learn about the intention of its creation, its current capabilities, the potential of the tech and the team working on it. Are any companies in the world using it or intending to soon implement it for a professional application? Then, move to the next one on the list.
Look for projects you understand and have real utility, meaning they seek to replace an existing model for something fundamental, like the speed at which money moves around the world, or blow open the accessibility to banking to all humans anywhere in the world. Or, create an as-of-yet unimagined paradigm. Think in terms of how the internet removed the need for commerce to be conducted out of a brick and mortar store and combine that headspace with a sci-fi movie with hovering droids.
Research exchanges to use for purchasing your digital asset(s). Setup accounts with more than one exchange in case one crashes during a period of heavy volume like was experienced during the last bull market. Do this as soon as possible. Do not wait and try to do this when the hordes are piling in and the market is already up ten thousand percent as they will not have the capacity and you will find yourself on the sidelines filled with regret.
For recommended security, Research offline storage devices and how to use them. Then, transfer your digital asset(s) from the exchange to the storage device, but first…
Transfer funds to the exchange and buy the digital asset(s) based on your research.
This is simultaneously the most difficult and the easiest part as it is 100% psychological. Hold onto your investment with an iron will. Do not sell. Remind yourself it was your research and you must believe in your decisions if you are going to pull this off. If your iron will is being tested, review the “Preliminary acknowledgement of facts”.
THE BIG HAZARD TO AVOID:
Buying when market exuberance is irresistible. Because price might actually be nearing its apex. Buying near the top of a bull market and riding the subsequent bear market into the ground can be an excruciating experience. To help sidestep this, familiarize yourself with the basics of identifying the trend of the investment and overall market on the price chart. If it piques your interest, look into candlestick formations and chart patterns. Focus on longer term trends like weekly and monthly. Don’t worry about daily moves and especially not intraday moves.A little knowledge in this realm could serve you well when timing your entry and hopefully exit at the very peak of the next bull run and then re-entry In the trough of the subsequent bear.
Other hazards:
the learning curve needed to be a successful “trader” as opposed to an investor is long and filled with expensive “learning experiences”. The knowledge base to be a trader is vast and is accumulated over years and decades. Statistically, 95% of traders will dynamite their account on the first go-round. My recommendation is do not trade. In my opinion, this is the investment opportunity of a lifetime. For the love of all that is just and pure, buy and hold.
Trading with leverage, if done with appropriate stops and money management is valuable knowledge but it is also the quickest way to lose everything. My recommendation is don’t do it.
I’m not an investment advisor. Just picked this information up through osmosis by holding my friends bitcoin in my hand for about five minutes.
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