After a turbulent couple of years which have seen a global pandemic and geopolitical tensions disrupt financial markets, the cryptocurrency sector has experienced some severe shocks of late. But despite a disappointing start to 2022, several experts with intimate knowledge of the industry have predicted that Bitcoin – often seen as the gold standard for all cryptocurrencies – could surpass $100,000 in value in the near future.
Of course, such sums are hugely attractive to prospective investors, who could triple or quadruple their money in a matter of weeks if they invest wisely and events fall their way. But knowing exactly when and how to take the plunge is a difficult business, especially for those who have little to no prior understanding of the sector. If you’re interested in expanding your understanding of how crypto works, these four ways could stand you in good stead.
Read, read and read some more!
The first and perhaps most effective way to learn more about how cryptocurrencies work is to put in the hard yards at your local library. There is a plethora of publications which deal exclusively with the subject, making it seem somewhat overwhelming to know where to begin for some people! If that sounds familiar, check out this list of the best crypto books to get you started. The internet is another vast source of information, though just be mindful that not all sites and sources as reputable nor reliable as others.
Join forums
Of course, it’s one thing doing your own due diligence on the provenance and working processes of cryptocurrencies, but even the most rigorous research is likely to leave you with some questions. That’s where internet forums come into their own. Social media is an excellent resource for finding a community of like-minded individuals who share your interest in crypto and likely have much more experience in the sector than you, so rely on them to answer your questions and allay your concerns as best they can.
Follow the experts
Aside from reaching out to your fellow crypto fans, there are also those who have made a career out of understanding and explaining the industry to people less well-versed in how it works. As well as helping you to understand the finer points of blockchain ledgers and deciphering the terminology associated with cryptocurrency, these individuals can even point you in the right direction when it comes to making investments. There are plenty of videos and podcasts dedicated to theme if the written word isn’t your preferred learning medium of choice, too.
Keep up to date with the news
Lastly, it’s important to remember that the cryptocurrency sector is an ever-evolving beast, with real-world events having a direct bearing on currency values on an almost daily basis. As such, it pays to stay up to speed with all of the latest developments and deals involving cryptocurrencies so that you’re best placed to strike while the iron is hot. From celebrity endorsements to government adoptions, geopolitical events are the final piece of the puzzle in a successful crypto investment portfolio.
Do you struggle to separate your blockchain from your Bitcoin? Follow these four tips and you’ll soon expand your knowledge of the cryptocurrency sector in no time, putting you in poll position to take advantage of its variable market conditions to take home a tidy profit.
