If you are thinking of investing in cryptocurrencies, now could be the perfect time, even if you know very little about it.
Although one of the fears of crypto investments is the high volatility factor, you can in actual fact reap the benefits. Bitcoin is the first and arguably most popular cryptocurrency, but is one of the most volatile. At the beginning of last year, the value of Bitcoin was just $900, and peaked at a whopping $20,000 towards the end of the year. Despite the fact that the value has dropped once again to around $11,700, experts believe that now could be the best time to invest if you want to see huge profits.
Although Bitcoin is the largest and most valuable cryptocurrency, it is not the only one that investors get a lot back from. Others include; Ethereum, who’s price soared from $13 to $1,222 in little over a year; Ripple which towards mid to late 2017, was worth just 44 cents, reached a high of $3.40 at the start of 2018; and Litecoin, which started at just $2 in May 2017, but is now trading at $246.
If you ask any cryptocurrency expert, they would tell you to buy low and sell high, making now the perfect time to invest. This is because buying low, means that you can purchase more units, and if the price then rises, the investors will make a bigger profit.
Storing your virtual currency in a wallet will help to keep them secure; however, it is important that you choose the wallet wisely. One expert says;
“Your funds reside in a bank account, separate from the operations account, and fees are transferred daily. Your funds cannot be borrowed to fund operations, nor can they be lent, even for margin trading on the platform.”Original Image Source: Pexels