- Long–term investing should be the goal
While many individuals online will try to convince you otherwise, cryptocurrencies are not a way to become rich quickly. Don’t get distracted from your long-term goals, as short-term gains are less likely and present unbelievably high risks.
This isn’t to say that you cannot make money in a relatively short amount of time or that there haven’t been lucky crypto millionaires that profited from their investments considerably quickly. However, most serious, experienced crypto enthusiasts are focusing on using cryptocurrencies to build their long-term wealth. Once you are focused on the long-term gains, you are less likely to give into the market fear and make wrong decisions.
- Expect extreme market volatility
The volatility of the crypto market is simply unavoidable, and the best way to deal with it is to focus on the long-term outlook. There have been several crypto crashes that scared many investors, and there likely will be many more crypto winters to come. Nonetheless, if you are investing to achieve long-term returns, surviving crypto market downturns is just a part of the process.
- Without real-world utility, is there a point?
With tens of thousands of cryptocurrencies in the industry, it can be difficult to find the best opportunities for returns. Crypto experts advise that to find a worthy investment, you must ensure that it has real-world use cases.
Although the future success of any cryptocurrencies is relatively speculative, the ones that have the highest chances of survival are usually the ones with the most applications in the real world. While it cannot guarantee that the use cases will help the cryptocurrency thrive and compete in the market, it is more likely that it carries value, which will prove its worth over time.
- The market downturn will pass
Market downturns may be frightening, and it may be appealing to postpone investing until prices have recovered. However, market downturns might be one of the finest times to invest.
Investing in cryptocurrency isn’t always straightforward, especially during volatile moments. However, the appropriate strategy can preserve your money to the greatest extent feasible, irrespective of what the future holds.
Bonus: Bitcoin is not the only choice
While Bitcoin (BTC) is the king of crypto and the most obvious choice for many crypto newbies, it might be wise to look out for new crypto projects that can be riskier yet bring greater rewards in the long run.
One of the up-and-coming cryptocurrencies joining the crypto world is PrivaCrip (PRCR). It aims to become one of the most secure crypto platforms, focusing on users’ right to privacy. PrivaCrip’s multi-faceted protection-powered blockchain will provide the decentralised finance (DeFi) sector with advanced solutions.
To learn more about PrivaCrip project and its roadmap, check out this article.
PrivaCrip (PRCR)
Presale: http://join.privacrip.io/
Website: http://privacrip.io/
Telegram: https://t.me/PrivaCripOfficial
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
Source: https://cryptodaily.co.uk/2022/08/4-things-you-must-know-before-getting-into-crypto