Boss Lady

Buying and selling cryptocurrency may end the cash money business


The subject of the “cashless society” has been on the lips of entrepreneurs and people in business for well over two decades now. In fact, you could argue that cash has been on its way out since the 1970s when Mastercard and Visa got people into using plastic, charging them for the privilege. Cryptocurrency, based on the innovative blockchain technology, is the real new “cashless” money, and buying and selling cryptocurrency could be the end of the cash money business.

Cryptocurrency is the precise opposite of government money, like dollars, euros and pounds. Unlike government money, it can’t be counterfeited, either by the government or by private individuals. And it can’t be tracked either. Currently, Western governments are abandoning their liberal ideals of privacy and a respect for individual property rights and using new laws and powers to track money wherever it goes, which makes buying and selling cryptocurrency an even more attractive option.

Cryptocurrency remains the biggest challenge to cash, and this is one of the key reasons behind the meteoric rise of buying and selling cryptocurrency, which some analysts fear will lead to a blowout or bust. But there is still time to position yourself for the changes ahead.

With the crypto markets growing at a rapid pace, many investors now wonder how they can best prepare for the eventual “blowoff”. While everyone seems to buy bitcoin ahead of a potential economic collapse, the smart traders are already setting up strategies to ensure they sell at the peak.

Selling cryptocurrency without losing wealth

This article will not necessarily help you predict the peak, but rather give you a list of tips that will help you improve your investment skills in buying and selling cryptocurrency. Through a series of best practices, you will be able to sell your coins at a profit and avoid the great majority who leave the space just as fast as they discover it. To belong to the winners, you have to prepare accordingly. So strap your belts and get ready for some crypto education! Are you ready? Let’s dive in!

Understand the market sentiment

Market sentiment is the way the public feels about a token. It can go up or down rather fast depending on situations that are not directly related to the market. It can also act as a forecast for the future price of cryptocurrencies.

To understand market sentiment you will need to cross analyze lots of data points, like social media mentions, exchange flows, forum discussions, upcoming events, and more. However, this is the most reliable form of trading for investors that do not want to delve into the risks of day trading activities.

Invest only in coins you understand

Don’t buy a coin simply because you saw it trending on TikTok. In the same way, don’t sell a coin when you hear some negative news about it. Understand its main value proposition and decide whether you want to back up its long-term goals. If a promising project is trying to resolve a real-world problem, you might find it a better investment opportunity than the latest dog token on Binance Smart Chain.

You will also most likely sleep sounder at night, knowing that the possibility of a “rug pull” is much smaller. That said, to fully understand a token, you will need to spend significant time reading the whitepaper and watching podcasts where the founding team delves into the details of the project.

Strong conviction and continuous research

In a way, these two go hand in hand. Before making any form of investment you need to do research in its future potential. However, the only way to understand the future potential of a cryptocurrency is by studying the direction of the world as a whole. What are some of the most important trends to pay attention to in the next few years?

What role do cryptocurrencies play in it? One can easily see how the growth of Bitcoin correlates with a fall in global economic stability and a rise in monetary restrictions. To sell at a profit, it is important to remain up to date with the changes in the world, the news that affects the crypto markets, and the ability to filter the information that matters from the information that doesn’t

Develop emotional intelligence

Emotional intelligence is everything when it comes to trading. It is the reason why 95% of traders lose money while only a few out there make it. In short, emotional intelligence refers to your ability to make logical decisions without allowing your feelings to take over. Successful traders don’t “fall in love” with a coin and end up holding an illiquid bag. They do not buy coins based on intelligent marketing. Instead, they take a bird’s eye view and change their opinion based on the unfolding of new events.

The best way to develop emotional intelligence is by following all the points seen in this article and then trying to disassociate yourself from your investment. The more emotionally invested you are to the money in your account, the higher the risk of you losing it.

Study prior market cycles

One of the main drivers in a coin’s price is its historical performance. Most cryptocurrencies that are currently seen as the main drivers of the market have several years of development under their belt. One can easily study its charts to understand how prices are affected during each 4-year market cycle and trade accordingly. Of course, historical data is not reflective of a coin’s current price actions, but the runup and cooldown often rhyme.

This means that you can find local tops and bottoms based on historic price performance and possibly increase your portfolio value.  More specifically, we saw this with Bitcoin. In the previous bull market (2017), the popular cryptocurrency had several “crashes” in the class of 25%-35% before reaching its peak. The same is happening right now, albeit a little different. That said, you could easily be able to predict entry and exit points, and thus sell your crypto at a profit and re-enter at a lower price.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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