This is my first time buying cryptocurrency using fiat. I was hoping that I can sell it back soon at a higher price but then I made the wrong decision. It looks like I have to wait longer.
The first lesson I learned in buying cryptocurrency is to observe. I need to observe the flow of the market.
Buy low, sell high.
I mean that I need to buy crypto during the price is down and sell it back when the price goes up.
The second lesson is to wait. I need to wait until the price goes as low as it can be and observe the graph. There will be a time when the differences between the up and down of the price do not vary much. If it is low enough and within my budget, I will buy it. If it is higher than the price I first bought the crypto then I will sell.
The third lesson will be the fees. There are charges for every transaction done or exchanging done with crypto as the bank does. It can go high and it can be cheaper at a time. In my observation, the fees go down when the price is low, therefore if I want to do and withdraw or transfer between wallets, it is the best time for me. I might be lost credit in the asset values themselves but then I will be able to save from being charge more.
"I will buy a cheaper cryptocurrency and keep it."
Once the price goes up, I will use the interest earned to buy another crypto.
It is risky. Make sure that every decision is your own call and get ready to be disappointed. In my era of newbies, I once waited for two years before the price went up again.
Below is the link where I watch the market price of the cryptocurrency.
I have multiple E-wallets for cryptocurrency to be a little bit safer. It might not be as safe as I thought it would be but then that is the gamble that I took and within my capability.
It is your call and none others.
This is written based on my young experiences in cryptocurrency.