We all know the hype around the cryptocurrency industry. In fact, the cryptocurrency industry has been making quite attractive and exciting news over the past few years, particularly in 2017, when most of the tokens and coins appreciated. However, if you are a newcomer in the industry, you might want to know more. The likes of dash are in the limelight.
Let’s say that you have decided to invest in one of the most promising cryptocurrencies in 2018, in this case, DASH. Launched in 2014, Dash is a cryptocurrency created to solve the significant concern of digital cash, mainly the speed and privacy of transactions. It is designed to facilitate instant and anonymous online payments throughout the world.
Since 2014, Dash has shown such a positive impact, and it won’t look like a bad idea at all to invest in this cryptocurrency. In fact, since its launch, it has featured regularly in the top 10 cryptocurrencies by market capitalization, currently at $1.29 billion. In this article, let’s look at some essential points to keep in mind before deciding to buy Dash.
Only invest the amount of funds you are willing to lose
This is, in fact, the most crucial point that shouldn’t be overlooked. Care and tact are needed to buy and invest in cryptocurrencies, and in this case, Dash. The main concern, in this case, is the issue if volatility. On the safer side, Dash showed such a great potential between 2017 and 2018, appreciating from barely $10 all the way to $1500. On the other hand, in 2018, the same coin fell from $1500 to $400, currently trading at about $152.
Trading Dash can be a good idea but bearing in mind its risks only invest in the amount you are willing to lose, this way, even in the worst-case scenario, you won’t lose much. In fact, you should only borrow to invest in Dash or any other cryptocurrency if you understand leveraged trading.
Only buy from trusted sellers
The cryptocurrency industry has no legal protection including insurance. It’s, therefore, a good idea to only buy your Dash coins from trusted sellers. In case you get scammed, there is entirely no way to regain your money.
In addition, once you buy your coins, it’s recommended that you store them in your own wallet. It is better to store your cryptocurrencies offline. Storing your coins in an exchange platform is not a good idea especially given their vulnerability to hackers and other cyber risks. For instance Mt. Gox was hacked in 2011 loosing over 850,000 Bitcoins.
Keep your eyes open
If you decide to invest in Dash or any other cryptocurrency, you won’t find any sure how-to from scratch tutorials. You should stay up to date with any Dash coin news and techs. Don’t just follow up the cloud.
The cryptocurrency industry is full of unregulated news, some fake while others correct. However, the only sure way is to do your analysis when you decide to buy or sell Dash. Find out which platform you can trust, the pros or cons, updated fees, and their terms and conditions. You will lose if you only follow what you read on the internet.
Do you want to buy Dash? Then you have to read and know everything about it. This will require you to dig almost every detail about it, ranging from its purpose, technology, risks, pros, and cons of the product. Additionally, read and analyze its trends since its launching.
Look for factors such as market volume, price, market capitalization among other significant details. Visit its official forums or read its white paper to find a more in-depth explanation of what it entails. If you can’t do this on your own, consider using a trusted expert to guide you on the same. Just make sure you are adequately informed before you get started with the Dash investment journey.
Beware of Scams
While the cryptocurrency industry has created such innovative and unique products primarily in the financial sector, it has as well given way to some malicious activities, scams. Most of these scams mainly will trick you into giving up your private keys (account passwords) by asking you to follow a link that claims to have originated from the official site.
While it’s almost impossible to notice some of these scams, there are some security measures you can follow. For instance, you shouldn’t follow up unknown links. In addition, if you notice something too good to be true, it’s most probably a scam, RUN!
In conclusion, if you decide to buy Dash, you also need to understand one thing- there is volatility in crypto markets. Unless you have a specific need for the crypto you are buying, or you understand how to trade it, speculation can be harmful. Therefore, make sure you make informed decisions once you decide to go ahead and invest in Dash.