Take advantage of the price drops to buy cryptocurrencies
Taking advantage of the moments when cryptocurrencies fall in price to buy what you can of your favorite currencies is perhaps the best investment advice that in terms of cryptocurrencies there can be.
When I started to get interested in Bitcoin, the price of the pioneer cryptocurrency was $ 3,900, the time when it was at $ 20,000 had passed, that exorbitant amount that for so long was the historical maximum price of Bitcoin.
Since then I have seen the same phenomenon repeat itself over and over again, over and over, without changing: the price goes down, sometimes a lot, and it seems that everything will go down the drain, but it is not, the price later recovers, and not Only that, it goes back up more than what had previously been its historical maximum, that is, the historical maximum price is constantly being exceeded.
The volatility in the price of Bitcoin and other cryptocurrencies, the up and down changes of crypto assets, are precisely what constantly generates the opportunity to win with them.
Whenever you see a significant drop in the price of a cryptocurrency, if you have money to invest, buy and hold as much of it as you can, don’t sell it until the price rise makes you profit. This is the simplest and safest way to earn with cryptocurrencies.
Depending on the country you are in, you will have various options to easily buy the main cryptocurrencies; In Mexico, for example, the best and easiest option is Bitso, it is probably also for Argentina (not exclusively, Bitso can be used all over the world). In the case of Mexico, in addition to providing you with the facility to buy online with any credit or debit card -including those of Banco Azteca- or to buy online and pay at an Oxxo, for example, it has the advantage of being regulated by the National Banking and Securities Commission, which gives it added security. Obviously you are not obliged to leave your cryptocurrencies in Bitso, but it is a convenient gateway because it is easy to buy there and send your cryptocurrencies wherever you want. Soon I will publish an article where I speak a little more extensively about Bitso, so do not stop visiting this blog from time to time and subscribing, so as not to miss anything.
If you are in the US, an excellent option is Coinbase. In addition to Bitso and Coinbase there are many other platforms to buy cryptocurrencies: Binance, StormGain, Nexo (Nexo is also an excellent place to have them, because you earn interest just for having your money there), among others.
Two days ago the price of Litecoin was 400 dollars, today it has reached 300 and at the moment I write it is 307 dollars; As you can see, the margin is wide. And the same – percentages more, percentages less – happens with the other important cryptocurrencies (Bitcoin, Ethereum, Ripple, Dash, Zcash, Bitcoin Cash, etc.).
The drop in the price of Litecoin in recent days, from 400 to 300 dollars was 25%, that same percentage is your minimum profit margin, the price – I could bet it – will return to 400 dollars and will still exceed them. Of course, you must use money that you do not need to live, if you barely have for the week’s expenses, better not risk it, because this way the price can be recovered in a few hours, it can also be traded a few days, a few weeks or even up to months.
You should never forget the golden rule of investing: only risk the money you can afford to lose. I am sure that if you buy at significant price drops, you will win, but caution is an essential part of intelligence, be smart, be cautious.
Very good, so far today’s advice and reflection. I invite you to continue exploring the
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