With online crypto gurus and "overnight billionaire wonders" popping up all the time, one might wrongly assume that crypto is child's play. But the Internet's most reputed crypto teacher, Dacryptogem, has a few things he would like you to keep in mind.
- Research is Everything
Cryptocurrency is still relatively new. Even with all the buzz and recent hype surrounding it, there is still not as much authentic, trustworthy information out there. So, if you are looking to delve in, crypto researcher Dacryptogem urges you to put it your own, extensive work.
- Be Smart
Your favorite celeb backing a certain cryptocurrency doesn't necessarily give it the stamp of trustworthiness. This is where your own research comes into the picture.
Dacryptogem advises you to ask yourself - Does a cryptocurrency hold the same value for you if its brand endorsers are removed from the equation?
- It is all about demand and supply
You might be a regular stock market investor but crypto is another game entirely.
In that, the prices might fluctuate wildly, because of reasons well beyond our control, and at times - our understanding.
- Your Private Key Needs Military-Grade Security
A private key is an encrypted code that gives you direct access to your cryptocurrency. It is like your bank account password. If you forget it, you have no way in. If someone else gets their hands on your private key, they can access and steal all your cryptocurrency.
- Crypto Investments Are Taxable
Your cryptocurrency investments are seen as capital assets/property. That means the government has a right to tax your crypto gains exactly like transactions related to any other property.
With master crypto investor Dacryptogem's top 5 things to remember before investing your hard-earned money in this new trend, we hope that you gain boast-worthy profits and get to learn some interesting new things.
