Cryptocurrencies are gaining significant momentum this year because of increased coverage and the idea of people getting rich trading them. But, did you know, the first cryptocurrency transaction was on May 22, 2010? The sale consisted of 10,000 bitcoins for two pizzas.
Today, those same 10,000 bitcoins would be worth nearly $100,000,000!
Keep reading to discover essential cryptocurrency advice and learn seven tips for staying up to date with cryptocurrencies.
1. Try the Morning Reader
The Morning Reader is a newsletter that gets sent to your email inbox every day at a time of your choosing.
It is straightforward to set up and gives you the option of having five curated news articles about technology, blockchain, or you can choose to receive both. The company selects news articles through an advanced algorithm that features a scoring system to determine what articles will be included in the newsletter.
The Morning Reader has been a huge success and is one of the best ways to learn more about blockchain and cryptocurrency. The team behind the newsletter is determined to provide quality articles to their readers instead of just any news clips related to the subject.
The Morning Reader has become so successful that they now have a chrome extension and their own app. If you really want to keep up with cryptocurrency news and own a mac, visit https://setapp.com/how-to/change-default-apps-on-mac-in-one-click to learn more about setting up default apps.
2. Stay up to Date on Twitter
Twitter is a great place to stay up to date with any investing topic, but especially cryptocurrency.
On Twitter, you can find some of the best cryptocurrency day trading advice from the top investors around the globe. It is a quick and easy way to receive cryptocurrency updates sent directly to your phone.
For an even easier way to receive bitcoin tips, find your favorite investors or news outlets, and set them to appear as notifications on your phone. This way, you will never miss an update and will be updated regularly on what is going on in the cryptocurrency world.
3. Read Through the Blogs
Source: Listorify
Not every blog is going to have helpful or informative information. Many of them will be trying to sell you a product or promote their brand.
However, some bloggers have excellent cryptocurrency investment tips and advice for you to learn from. Some of these bloggers are former investment analysts or have a particular area of expertise around cryptocurrency.
Through these blogs, you can learn how to start trading cryptocurrency and receive some helpful advice along the way. Some of the most popular cryptocurrency blogs include Cointelegraph and Coindesk. One thing to beware of when reading through investment blogs is if they have a particular interest or are trying to sell you cryptocurrency, these could be considered a scam and are just looking to take your money. The best cryptocurrency blogs will not require any money or cards on file to do business.
4. Beware of FOMO
FOMO is a real thing in the investing world, and it stands for Fear Of Missing Out. Many traders and investors use the term to describe the people who are left out of a certain investment. The people who are left out of these trades or are on the outside looking in, typically end up chasing and losing money.
When reading through cryptocurrency news, it is important to keep this idea in mind. You may get a tip from a friend or someone else you come in contact with and notice the investment is doing well. Other investors are making money and promoting it, so you decide to buy.
This usually is when those “other investors” will sell or cash out, and you will be left holding the bags.
To avoid this, beware of FOMO and make sure you are always doing your due diligence.
5. Understand What You Are Reading
Source: VM Trading
There is a significant difference between reading and comprehending. When reading through cryptocurrency blogs and news, it is crucial to understand the information you are reading, not just skimming through to find what other people are buying.
If at some point during your reading, you don’t understand a concept or term, you should some quick research around that subject to get a complete understanding of what the writer is trying to tell you.
This is where many people get caught up and fall into the trap of FOMO. Or, as Peter Lynch, the former manager of the Magellan Fund at Fidelity, would say, “Know what you own, and know why you own it.”
6. Be Cautious With Who You Trust
This is a big one. In the investing world, there are many traps and pitfalls that you may potentially wander into.
It is crucial to have the ability to decipher what is legit and what is a scam when it comes to cryptocurrency.
There are a few common scams to look out for, including:
Fake ICO’s
Source: Techsauce
An ICO is short for Initial Coin Offering and is when a new cryptocurrency acquires funding, typically in the form of crowdfunding, in exchange for a return in the future. According to research from Bloomberg, over 80 percent of them were scams.
Fraud Wallets
Wallets, when it comes to cryptocurrency, are where you hold and manage your cryptocurrency portfolio. Beware of fraud wallets, as they can wipe out your account.
Phishing
Source: Smartfense
Fishing can happen anywhere. It involves tricking the user into using their personal information such as a password or billing information into a fake page that was created to look like the original.
7. Review Coindar
If you are looking for the latest in cryptocurrency news, it’s worth taking a look at Coindar.
On the homepage, you will find a useful cryptocurrency calendar that shows what is happening in the crypto world. You can sort it by date, recently added events or popular events.
You can also find the latest prices for each cryptocurrency, along with other relevant information about it.
For Additional Cryptocurrency Advice
Trading and investing in cryptocurrency requires time, patience, knowledge, and a whole lot of research. Staying up to date with the latest information is vital to the success you will have.
For additional cryptocurrency advice and to view the last news, check out our blog!
coindoo.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
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