It’s Never Too Late to Invest in Digital Currencies
There is never a day that goes by without at least one news media outlet proclaiming that Bitcoin has finally bitten the dust or is losing so much in regards to its value that it isn’t going to be around for very much longer.
Whilst most savvy investors know that Bitcoin and all other digital currencies are here for the long term, there are some people who are listening and seeing those news reports who may think they have missed the boat so to speak in regards to investing in digital currencies.
Nothing could be further than the truth however for you if you been seriously thinking about investing in digital currencies there are now plenty of them to pick and choose from, in fact there are close to 1500 different digital currencies currently available, and that number is of course going to rise in the future.
So, be aware that you haven’t missed the boat in regards to buying up any units of digital currencies, such as Bitcoin however if that is the cryptocurrency that appeals to you the most you do need to be aware of its volatility in regards to its value.
Timing your purchase is also critical if you are thinking of using any digital currencies as a form of investment rather than simply using them for their intended purposes, that being to pay for goods and services online without any fuss or hassle, and that is something many people seem to forget was the reason Bitcoin was launched in the very first place!
Scandalous Additional Costs of Buying Digital Currencies
The fees that are forced upon people who wish to purchase units of most digital currencies can be and are scandalous, I have seen some exchanges that are going to charge you something known as a miner’s fee when you but a digital currency.
One “miner’s fee” I did come across was $50, but surely if you choose to mine for Bitcoin for example and you do actually mine some of them your reward is the value of the Bitcoin you have discovered, and you should not be getting a fee for selling that Bitcoin?
There are other fees you can be hit with including ones associated with the payment method you choose to use to but Bitcoin and other digital currencies with.
I seriously long for the day when someone or some company manages to put into place a fee free way of buying and selling digital currencies, and I am convinced that day is not going to be too far away.
Until that day arrives you should always shop around and be prepared to vote with your feet in regards to just which digital currencies exchange you do use, and those should of course be the ones that are not going to shaft you with all manner of fees and charges.
The more you end up paying to buy and sell digital currencies the less of a profit you will end up making if you do manage to sell any of them for more than you paid for them!
Never Take Any Unnecessary Risks
I have heard people say that inexperienced digital currency investors are like lambs to the slaughter, for there is a lot to learn before anyone does take the decision to start investing in digital currencies, and there are way too many pitfalls waiting for such investors too.
Whilst it is very true to say many people haven’t got the time or wish to put in the effort to learn the finer points of digital currencies, such as how to mine for them and how a blockchain actually works, one aspect of being someone who is using digital currencies for any reasons that should never be overlooked in the security aspects of doing so.
Therefore if you are about to start buying digital currencies, a few thing you should ensure you are fully aware of and should spend some time researching are things such as digital wallets, digital currency exchanges and the different ways that you can store your holdings too.
There are plenty of people out there who want to relieve you of your cryptocurrency holdings, and if you do not take the maximum security precautions in regards to storing your digital assets properly then you are going to run the very real risk of losing them through one of several different ways, so make sure that is something you look into!