Hello beautiful steemit,wonderful and ever daring crypto traders,many have had so much concern about where to put their money/investment in this present vista of digital coin trading.Yes it’s a new dawn,a new revolution in global finance of digital coin trading providing wide range of money making opportunities.
I could still reflect when I started FOREX trading as an undergraduate in my University days,some years ago,with so much gusto,buzz,razzmatazz,and excitement to make money.The Initial daily market trading combined was $1.5billion,it will surprise non forex traders how speedy the market had grown with now over over $4trillion daily turnover,6days/week for 24hrs,by far the largest thus far.
History is repeating itself,with the advent of digital coin/crypto trading,current market cap for cryptos now stands at $96.77billion.The big question is where should I put my money,which of the cryptos will fetch my investment profitable rewards,short term,medium,or long term basis.
Cryptocurrency is the future, we all accept that. Bitcoin has already shown the increasing popularity with it’s price touching new highs each and every year.It will amaze you even fiat currency lords in the banks and other financial institutions are leveraging the power of blockchain to build applications and systems that will improve the way business operations are performed.Developers are using it to build open source applications that will cut-off the middle man and also creating a more trustful environment.
RISK/REWARD
Before daring into uncharted waters/territories.First I present to you the following ,how much risk are you willing to take?
- Low Risk - To be frank,candid speeking Crypto-currencies are not for someone who is looking for low risk due to new market, high volatility etc.If you are a low risk taker,don’t invest.
- Moderate Risk - For moderate risk,can you invest in the top 10 currencies i.e. Bitcoin Ethereum ,Ripple,NEM,Ethereum classic,litecoin,Dash,monero etc when the market is down, wait for max 1 year or so, and book a decent return.The current bearish scenario was an opportunity,we all saw what happened to some of the cryptos,bitcoin despite hard-fork fear dipped around $1850 and recovered quickly with about $2800 high,about $1000 profit locked
- High Risk – Do you prefer the fast lane kind of investment,with an investment you are willing to lose by choosing high risk for higher returns?
NOTE- There are around 800–900 tokens/coins currently. Out of which lot of these coins are scams and only 3%-5% of them are good projects. These markets require a lot of technical knowledge in order to make a quality assessment,You should be aware that these markets are immature, highly volatile, and are driven by speculation. News can move the price significantly and there are unexpected events which can trigger wild price movements(ex. Bitfinex hack 2016, DAO hack 2016, Mt.Gox hack 2014,the current bitcoin BIP148 Hard fork).But the good thing is that there are tons of information available online and because blockchains are transparent by nature, you can find everything you need.
I will like to hit the break pedals at this juncture not to overwhelm you,as we will proceed with the next Episode 2.In Episode 2, I will be dishing out the steps to take before investing.Your suggestions,comments are always welcome and appreciated.Please endeavor to resteem to reach other members who will be very much interested in this topic.
To Your Success………
DISCLAIMER- None of the above written is an investment advice, it is just my subjective opinion based on my observations,technical,fundamental/economic market research and analysis, please make your own research.