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If you haven’t heard about crypto you probably haven’t been watching the news lately. The year has kicked off with a Pro-Crypto POTUS for the first time. His administration is also pro-crypto and they are already putting plans in place to make crypto adoption better for the future. So moving forward you will be hearing more about crypto as its adoption on a global scale will be on steroids. More than 50% of the 52 states in America have already started filing for their own Bitcoin Strategic Reserve. We will talk about this in a later article. The Banks have also been given the green light to recognize cryptocurrency. All the chokepoints placed on crypto by the previous administration are being stripped away, which opens up access for the wider population to get involved.

Hedge funds have already been accumulating crypto and adding Bitcoin as part of their strategic efforts to maximize their client’s returns. Remember these are financial experts managing Billions of dollars, who have recognized Bitcoin and other cryptocurrencies as assets to be included in an investor’s portfolio. I hope you now see a reason to start paying attention to this new asset class.

Here are a few things to keep you aware and safe when dealing with cryptocurrency –

• First, Learn the Rules: Don’t invest in crypto if you don’t know what it is. It’s like learning how to play a new game before joining in, so you don’t make mistakes and lose your money. This is your money, don’t make the mistake of being lazy and rushing in unprepared.
• Keep It Safe: Do NOT share your wallet passwords or secret phrases, or else someone will steal your funds. It’s just like leaving your car door open with the keys left in the ignition.
• Watch Out for Flashy & Lucrative Tricks: Bad people will try to trick you into giving away your crypto. Always be careful with strangers online. Remember everyone online is not your friend. Do not blindly trust anyone. I have to repeat this. Trust no one, not even your favorite celebrity. They are influencers who are paid to post about coins or projects. Avoid them.
• Don’t Buy When Everyone’s Buying: If a crypto’s price is super high because everyone’s talking about it, don’t buy it just because others are. Do your research first. This connects with my first point. Learn the rules. Yes, you can make money but you will lose a lot more if you blindly buy something because a stranger online seems confident.
• Don’t Sell Too Soon Out of Fear: Crypto is very volatile. If the price goes down, don’t panic and sell right away. Prices can go up and down, and selling too soon might mean missing out on gains when it goes back up. Countless stories exist of people regretting selling or throwing away their Bitcoin too early. This goes back to doing your research and knowing why you bought it in the first place.
• Spread Out Your Investments: Don’t put all your money in one crypto. If that one does badly, you lose everything. Never put all your money on a meme coin. You will lose it all. While this may be common sense, if you approach crypto professionally you can manage your portfolio based on your risk appetite and what best suits you.
• Don’t Borrow Money for Crypto: Don’t use borrowed money to buy more crypto, thinking you’ll make more. If the price drops, you lose more and still have to pay back the loan. Never do this.
• Check Before You Send: When buying or selling, make sure you’re sending crypto to the right person or address. If you send it to the wrong place, you might not get it back. Double-check! Triple-check addresses before sending any crypto.
• Know About Fees: Crypto transactions have small costs called fees. Make sure you know about them, or you might spend more than you think, like finding out there’s a shipping cost when buying online.
• Have a Plan: Think about what you want to do with your crypto in the future—keep it, sell it, or trade it. Having a plan helps you make better decisions.

Cryptocurrency is here to stay and you are not late to the game. While you may not be early, you still have opportunities you can take advantage of. Ready to learn crypto investing from vetted professors in a supportive community? Join university.com today and start your journey to becoming a confident crypto investor!