2017 was a colossal year for crypto traders as the price of Bitcoin, the pioneer virtual currency, soared from a value of approximately $1000 in January to roughly $19000 by the close of December 2017. This marked an average 1800% increase in value. The consistent mount in value was also witnessed in hundreds of other altcoins including the mainstream Ethereum, Ripple, and Litecoin.
2018 might just be yet another great year for the virtual currencies which are increasingly gaining legitimacy across different arenas in the world. Below are the top 5 tips and swings you need to know as a crypto entrepreneur in 2018:
Be on the lookout for new players
Despite much focus having been drawn to Bitcoin for nearly the last one decade, there are many altcoins that could really make a big win for you as an investor. Perhaps, it is time to consider dozens of other cryptocurrencies such as IOTA, Verge, WABI, SIACOIN, just to mention but a few. They might not be in the mainstream but bear the great potential to exponential growth in the near future.
Embrace day trading
Cryptocurrencies have been famed as one of the most volatile markets to stake your investments. Taking seize of every second with trading bots such as the Bitcoin Code can, therefore, be a loophole to massive gains within a single day. Despite facing a significant number of pitfalls when it comes to cryptocurrency day trading, some substantial knowledge in the market trends is a good pointer to maximizing your gains.Before taking care of the technicalities with a good trading bot, dedicate some time, preferably regularly, to learning and adding to your pool of crypto-related knowledge.
Stake only what you can afford to lose
In 2017, Initial Coin Offerings (ICOs), took the crypto space abuzz, they formed an everyday conversation among a majority of crypto investors. Unfortunately, despite the hype, more than 70% of the successful ICOs carried out in 2017 ended up financing projects that didn’t yield any returns.
As an investor, always risk only the amount of your hard earned cash you can afford to lose to the turbulent cryptocurrency mode of investment. Spread the risk by diversifying your scope of investments in trading.
Governments, among other regulatory agencies, are boosting their vigilance on cryptocurrencies
The unregulated cryptocurrency arena has been a boom for quite some time to the verge of smoothly facilitating illegal transactions between different parties. According to a study published by Oxford Law, about 25% of Bitcoin users and 44% of Bitcoin transactions are associated with illegal activities. Consequently, cryptocurrencies traders and users should brace themselves for more stringent government regulations on the use of virtual currencies including Know Your Customer (KYC) policies.
More merchants are beginning to accept virtual currencies as a means of remittance
Finally, there are brighter days ahead for cryptocurrency investors and users as soon enough, the hassles associated with converting virtual to fiat currencies will be eliminated. Many merchants across the globe are beginning to recognize cryptocurrencies as a means of payment for the various goods and services they provide, availing a seamless avenue of spending profits accrued from buying and selling of cryptocurrencies, or users who would like to experiment with the promising financial game changer.