What do you need to do to become a savvy cryptocurrency investor? The simple answer is this: learn. There are several ways to upskill as you look towards investing in crypto. Here are five ways to help you profit from cryptocurrency investment.
Internet research and reading
The internet is an obvious destination when seeking information. Unsuprisingly, documentation on cryptocurrencies are abundant as they are product of the information age. As with anything you research online, critical thinking is a key skill for assessing the trustworthiness of cryptocurrency content. Learn to notice when the content you’re reading is trying to inform you or shape your behavior. Try to understand when you are reading a rant rather than a considered opinion. By putting time into research, you’ll piece together all the information you need to understand blockchain, types of blockchain technologies, ICOs, altcoins and so forth. Seeking out the whitepapers of major cryptocurrencies is a great way to understand the big players and fundamental mechanisms of the sector.
Take lessons in a programming language
Cryptocurrency is built on the language of coding and programming. To become a tech-savvy cryptocurrency investor, you need to understand the inner workings of the system you are using. Online courses like CodeAcademy, DataCamp and the ones provided here on this site provide low-cost methods for learning to program. Building these skills will help you understand the principles used to build cryptocurrencies. Learning to code as a crypto trader will help you to stay on top of the sector and ahead of the game.
Get involved in online cryptocurrency forums and networks
The great strength of the internet is that it provides for connection between people who are trying similar things at the same time, and there are some great platforms out there that can be a source of crypto-info. Forums like this one, in addition to BitcoinTalk, Reddit and GitHub, have passionate crypto experts who want to share and discuss what they’re learning and know all the technological workings around digital currency and investment. It’s a great opportunity to change your take on cryptocurrency investing by crowdsourcing wisdom.
Get an expert to mentor you
If you want to become a savvy investor, get close to one and learn from his or her expertise. A Bitcoin investor who has a lot of experience will have a few tricks, skills and lessons to help you grow your skills from being a novice to a knowledgeable investor.
Try it out yourself
One way of quickly becoming a savvy cryptocurrency investor is to put into practice what you learn. If you have learned about mining, then go ahead and set up a mining rig and try it out, or engage in trading to work out how it works. Learn how to store coins in a wallet, or find info on Coinmarket and use it to calculate the market capitalization for Ethereum, for example. Practice will grow your skills and understanding.
The cryptocurrency market is potentially lucrative, but extremely tricky to navigate. Take the time to learn from those around you. Make small steps to grow your understanding of the tools and systems being used. All these tips can help you improve your chances of making a profit from your investment.