6 Tips for Staying up to Date With the Latest Cryptocurrency News
Cryptocurrencies are gaining significant momentum this year because of increased coverage and the idea of people getting rich trading them. But, did you know, the first cryptocurrency transaction was on May 22, 2010? The sale consisted of 10,000 bitcoins for two pizzas.Today, those same 10,000 bitcoins would be worth nearly $100,000,000!
Keep reading to discover essential cryptocurrency advice and learn seven tips for staying up to date with cryptocurrencies.
Stay up to Date on Twitter
Twitter is a great place to stay up to date with any investing topic, but especially cryptocurrency.On Twitter, you can find some of the best cryptocurrency day trading advice from the top investors around the globe. It is a quick and easy way to receive cryptocurrency updates sent directly to your phone.For an even easier way to receive bitcoin tips, find your favorite investors or news outlets, and set them to appear as notifications on your phone. This way, you will never miss an update and will be updated regularly on what is going on in the cryptocurrency world.
Read Through the Blogs
Beware of FOMO
FOMO is a real thing in the investing world, and it stands for Fear Of Missing Out. Many traders and investors use the term to describe the people who are left out of a certain investment. The people who are left out of these trades or are on the outside looking in, typically end up chasing and losing money.When reading through cryptocurrency news, it is important to keep this idea in mind. You may get a tip from a friend or someone else you come in contact with and notice the investment is doing well. Other investors are making money and promoting it, so you decide to buy.This usually is when those “other investors” will sell or cash out, and you will be left holding the bags.To avoid this, beware of FOMO and make sure you are always doing your due diligence.
Understand What You Are Reading
There is a significant difference between reading and comprehending. When reading through cryptocurrency blogs and news, it is crucial to understand the information you are reading, not just skimming through to find what other people are buying.If at some point during your reading, you don’t understand a concept or term, you should some quick research around that subject to get a complete understanding of what the writer is trying to tell you.This is where many people get caught up and fall into the trap of FOMO. Or, as Peter Lynch, the former manager of the Magellan Fund at Fidelity, would say, “Know what you own, and know why you own it.”
Be Cautious With Who You Trust
This is a big one. In the investing world, there are many traps and pitfalls that you may potentially wander into.It is crucial to have the ability to decipher what is legit and what is a scam when it comes to cryptocurrency.There are a few common scams to look out for, including:
An ICO is short for Initial Coin Offering and is when a new cryptocurrency acquires funding, typically in the form of crowdfunding, in exchange for a return in the future. According to research from Bloomberg, over 80 percent of them were scams.
Wallets, when it comes to cryptocurrency, are where you hold and manage your cryptocurrency portfolio. Beware of fraud wallets, as they can wipe out your account.
Fishing can happen anywhere. It involves tricking the user into using their personal information such as a password or billing information into a fake page that was created to look like the original.
If you are looking for the latest in cryptocurrency news, it’s worth taking a look at Coindar.On the homepage, you will find a useful cryptocurrency calendar that shows what is happening in the crypto world. You can sort it by date, recently added events or popular events.You can also find the latest prices for each cryptocurrency, along with other relevant information about it.
According to Coindoo