Getting involved with cryptocurrency is certainly a good idea for your investment portfolio but there is much that you need to consider and watch out for when it comes to where you put your cash. For many years now experts like Robert Testgrosssa have been talking about why crypto is such a smart investment, and finally the world is very much waking up to that reality. There are many areas to get involved in but before you do, you have to consider pros and cons of doing so. 

What Do You Want?

Much like any other investment, you really need to be thinking about what exactly you are looking to get out of this. To give you an example of why when it comes to crypto, this is because profits can really surge. This leads to many people getting greedy and thinking that the run will never end. Unfortunately however, the more greedy you get, the more likely you are to lose money, or at least lose profits. If you are in it for the long haul then great, just invest and forget about it, if however you are looking for a set amount, decide this before you invest. 

New Ideas

If you are going to invest in new coins or NFTs then the amount of information which you educate yourself with before investing is going to be absolutely crucial. So many people will go into this kind of investment assuming that they should listen to some random account on Twitter and that they are going to make money. Make sure that you have properly investigated the investment before parting with any cash. 

Cautious of Scams and Big Risks

Unfortunately there are many scams and big risks within this sphere which you have to be careful of. The perfect example of this is Dogecoin, a coin which is not backed by anything other than a meme. Owing to a particular community on Reddit and the likes of Elon Musk, this coin has grown to huge levels as it has been continuously pumped. Realistically however, because of the way that it has been pumped, it will be dumped just as quick, and many will lose money. The same can be said of trash like Safemoon, which are created to be quickly pumped then dumped to nothing. Your research will help you to avoid these kind of investments. 

How to Buy

Many will buy straight from Coinbase for incredibly high prices when compared with what the crypto is actually doing. For example you could buy Bitcoin right now on the market for $57,000. Alternatively you can buy directly from Coinbase for $58,200. They do this because they know people prefer the safety of a simple buy. The reality however is that the exchange is not hard and you are going to get far more bang for your buck when you purchase through this method. 

Be smart, be cautious and be careful when you are buying crypto.

Jane