Wednesday, October 20, 2021
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Bitcoin for Beginners: 5 Mistakes to Avoid

When making the decision to invest in cryptocurrencies, it is important to understand that there are several paths that can be traveled. Starting the journey can be overwhelming, especially for newbies to digital currencies, who are not used to crypto technology and processes.

That is why the specialists of Paxful , the platform for buying and selling cryptocurrencies that has more than 300,000 users in Latin America, listed a list of the 5 most frequent mistakes that first-time investors make when trading bitcoin .
1. Make transactions with cryptocurrencies without understanding how they work

In the drive to not miss out on the chance to take a position , many jump into their first purchase, skipping the primary step of all: learning. stepping into bitcoin trading without fully understanding it can cause unwanted results. to undertake your luck and not lose within the attempt, you’ve got to research and be ready to make decisions on your own, no matter the opinions of others.

2. Invest money that’s within your reach

It is convenient to start out with an amount of cash that doesn’t drastically affect the private economy. “In general, when bitcoin hits a record price, there could also be a downward correction stage, therefore, it’s better to take a position only in what are often lost and understand that market fluctuations are a part of all financial assets. ” Rodrigues argues.

3. Make decisions supported emotions

As investors, the trick isn’t to be impulsive or blindly follow intuition. Rather, you’ve got to find out to watch the market, hear the experts, and believe information from the context.

4. Storing BTC in unreliable wallets

Having a trusted wallet to store cryptocurrencies is vital . it’s best to carefully compare and choose the known and secure platforms within the region. Some peer-to-peer bitcoin exchanges , like Paxful , provide a free wallet when creating an account on the platform.

5. Trade just to possess active offers

Having many active offers doesn’t always produce instant benefits. There are cases where the market offers limited or unprofitable business opportunities. therein sense, expecting a far better opportunity would be a safer negotiation strategy.

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