Whereas in the past investment opportunities were restricted to things like land, property, gold, and business shares, nowadays, with the creation of Bitcoin, Ethereum, and other cryptocurrencies, as well as NFTs, there is a seemingly endless choice of assets to speculate on and make your money work for you. With cryptocurrency, as with any type of investment, there are many factors to consider, such as How much money should you initially invest? Which exchange should you use to trade, PrimeXBT or Binance? Can reviews found online be trusted? With costs of living rising at a rate not matched by wages around the world, an ever-increasing number of people are realizing that multiple streams of income are the future for anyone seeking financial security. The majority of the world’s most financially secure or wealthiest people did not achieve that status via traditional jobs, at least those not fortunate enough to have been blessed with a talent such as the artistic or athletic ability. How those people supplement their incomes, often substantially so, is through investments.
Investing in Cryptocurrency
Although Bitcoin has been around for well over a decade, it, along with other newer cryptocurrencies, has really skyrocketed in the last two years so naturally, one might feel they’ve missed the boat. Luckily, new cryptocurrencies are being created on an almost monthly basis and their popularity continues to soar, so there’s never been a better time to get involved and start reaping the rewards.
One of the first things to consider before investing in cryptocurrency is which exchange to use. Simply put, an exchange is a platform used to buy, sell and store any given cryptocurrency. There are three important factors to think about when choosing an exchange, deposit methods, reputation, and fees. Deposit methods range from Paypal uploads to standard credit card purchases and everything in between, while the three main fees are imposed for proposing a deal, accepting a deal, and withdrawing funds. Sites like Cryptowisser are the best place to start researching these factors before taking the plunge, as they provide rankings for the different exchanges like Bexplus and Binance, reviews from real users, and fee information.
After choosing an exchange, creating a simple yet concise plan is vital before investing. This will help facilitate clear thinking which is vital when making difficult business decisions, especially when large amounts of money are involved. Once a plan has been put into place, the next step is to research cryptocurrencies and choose one (or multiple), while paying close attention to trajectory and future projections.
Hot on the heels of Bitcoin in the digital assets race are NFTs. NFT stands for a non-fungible token, which is a piece of data used to represent an original digital item such as visual art, video games (as well as items within them), and audio or visual files. Once assigned to a file, an NFT guarantees both authenticity and originality, as well as proof of purchase. NFTs recently started making waves in China with share prices of fintech company Jiayin Group and online art platform Takung Art Co. rising 226% and 590% respectively. This is due to investors speculating that those companies are well placed to move into the NFT space. NFT drops can be found using sites like newdrops and can be bought on marketplaces like OpenSea.
The real value in NFT’s comes from rare, 1 of 1 or limited items for which people are willing to pay large amounts of money. This naturally attracts those with more disposable income to play with, although, as is the case with the story above, it can be a viable option for first-time investors also, if willing to invest in companies that invest in NFTs and thus acquire valuable assets and make large sales.