Cryptocurrency has become the talk of the town for everyone in tech and finance. Everyone talks about investing in some form of cryptocurrency. In as much as it seems like a lucrative investment, Jack Skipp warns that enthusiasts must understand cryptocurrency properly before investing.
Skipp is a pilot-turned entrepreneur who, in addition to his investments and businesses, runs a YouTube channel, where he talks about different financial topics – investments, traditional markets, commodities, and cryptocurrency.
As someone experienced in cryptocurrency, Skipp has seen many enthusiasts, especially the new ones, lose money in it owing to a lack of sufficient knowledge.
"I've seen people lose all their savings in crypto because they got into it after a recommendation from their friend without bothering to research firsthand," he says. "They just jump headfirst into it, and are left regretting their decision after a few weeks or months."
Skipp recommends some techniques that have worked for him over the years when it comes to investing in crypto:
· Research on cryptocurrency exchanges – before you start investing in cryptocurrency, research into all the available cryptocurrency exchanges (platforms that allow you to buy and sell crypto) to choose the right one. Read the available reviews and talk to experienced crypto investors before you settle on one.
· Diversify your investment – just as you would diversify your other investment options, diversify your crypto investment too. While Bitcoin is currently the most well-known cryptocurrency, you should spread your investment to other currencies too.
· Find a safe way of storing your currency – crypto users can lose their tokens to theft, computer failure, or even lose their access keys. There are several digital wallets that you can use to store your cryptos, such as the desktop wallet, hardware wallet, and paper wallet. Research into them to find the safest one to store your currency.
Cryptocurrency is a form of currency that is a relatively new technology, and anyone investing in it should be careful before they invest their hard-earned money into it. As Jack Skipp warns, it is not something that you get into before you have all the necessary information about it.
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