10 things to know before entering the cryptocurrency market
Cryptocurrencies are becoming increasingly popular on a daily basis, and many people are heard about them to wonder about them and introduce them.
Here the way of turnout varies from person to person who is careful and does not enter to something he does not know until he is sure of what it is, and some of them see only the huge profits achieved and wants to be among the winners and he offers his money without knowing the reality of the market, which makes him come out empty-handed.
In this article, the Bitcoin-New website team is keen to take the hands of beginners to reach a level where they can understand and understand the reality of the cryptocurrency market before they lose their money we suggest ten things to know before entering the cryptocurrency market.
1 – How is the price of the cryptocurrency determined?
There are no regulatory bodies to determine the price of the cryptocurrency, which makes it easier for currency users to push the price up or down.
For example, when a currency is listed in the cryptocurrency trading platform, there is a great opportunity to increase its value and demand, and if the opposite happens if a platform abandons an cryptocurrency, it is undervalued as a result of its lack of demand.
2 – What is the right time to buy?
Many questions are asked in the Bitcoin Arab community on Telegram asking their owners when it is time to buy.
In fact, this question is very difficult and there is no definite answer to it, given the fact that the price changes frequently over a short period of time, it is difficult to know when to invest in cryptocurrency.
So the right search is necessary before you put your money in any currency.
3 – How safe are cryptocurrencies?
Cryptocurrencies are vulnerable to attacks by hackers and hackers.
Keeping the digital currency in an offline wallet has proven to be the safest way to keep it.
However, these currencies still need to connect to the Internet to trade.
That’s why you should only use trusted trading platforms to trade cryptocurrencies.
4 – Never trade on the Internet in general :
This applies to every online financial transaction you make.
It doesn’t have to be done online public Wi-Fi public.
This makes it easy for attackers to steal sensitive information such as a wallet key, credit card details and other useful information to carry out fraud by intercepting traffic while executing the transaction.
Are losses secured in the cryptocurrency market?
In the event of any loss during the trading period, especially due to cyber attacks, you should know that you are not covered by any insurance and that you are fully responsible for your money.
5 – What types of cryptocurrencies are available?
At present, more than 5,000 cryptocurrencies are available.
All fall into one of the following categories:
Of these three, the most widespread and of course unchallenged bitcoin, because it is the world’s leading cryptocurrency with an estimated market value of $99 billion.
6 – Can encrypted transactions be reversed?
Unlike other financial transactions, cryptocurrency transactions cannot be undone.
This makes it necessary to check again each transaction before the final authorization.
8 – What are the risks of cryptocurrencies?
The risk of investing in cryptocurrency is high.
This means that if your risk appetite is low, crypto investment may not be right for you.
The factor responsible for this is the volatility of cryptocurrencies significantly.
9 – What is the storage method used for cryptocurrencies?
The cryptocurrency is stored in the so-called “digital wallet” with a PIN or secure code.
With this wallet, you can send, receive and store cryptocurrencies.
Offline wallets, as we mentioned earlier, are the safest way to keep cryptocurrencies.
10 – How do you invest in cryptocurrency?
The first step you need to take is to select a secure exchange platform, to ensure the integrity of your cryptocurrency.
Another thing to pay attention to is the fees they take in each successful transaction on their platform, so you definitely want to go to which offers a low fee.