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Over the past few years, the significance of cryptocurrencies has grown far and wide. The digital asset market is constantly evolving with investors discovering new use cases regularly. Currently, there are thousands of cryptocurrencies in the market, with Bitcoin as the largest and the greatest of them all. However, the present condition of the crypto market is scaring investors away from it. The market’s growing popularity has led to an increase in cryptocurrency investments, however, investing in cryptocurrency might not be that easy! There are various facts about cryptocurrencies that beginners should understand and analyze before diving into the market, starting with its intense volatility that led to the fall of major cryptocurrencies like Bitcoin and Ethereum. Even though the crypto market’s volatility is worrying investors, investing in cryptocurrency is not likely to slow down anytime soon. In this article, we have enlisted the top 10 things you must know before investing in cryptocurrency in 2023.
Cryptocurrencies are unregulated and decentralized. These are some of the most attractive qualities of the crypto market, yet also some of the most dangerous. Since cryptocurrencies are not controlled or regulated properly by centralized authorities, it leads to increased threats of scams and fraud. However, experts believe that the year 2023 will bring with it new forms of regulations for the crypto market.
Large-scale, trusted investments like Bitcoin and Ethereum have lost significant chunks of their values due to their extreme volatility. However, investors are still unaware of how to control the volatility in a manner to satisfy their own needs, without losing massive amounts of funding.
The buying and selling of cryptocurrencies define what and how customers are feeling about a specific digital asset. Understanding the basic conduct of buying and selling, the rising mainstream adoption of specific crypto, and how it’s being adopted by external users indicate the market sentiments about the digital asset. Beginners should take note of such investments since it demonstrates which cryptocurrency has higher potential to yield profits.
Investing in cryptocurrency requires investors to spread their money across various digital assets. The assortment should include potentially less volatile cryptos, and some volatile, yet high-reward assets like Bitcoin. Keeping a diversified portfolio will help investors endure profits for a longer period of time.
Cryptocurrencies are based on blockchain technology that is open-source. It provides investors with the ability to check out the latest developer activity to get a better glimpse of how the crypto might prove useful in the days to come.
Cryptocurrencies are innately risky, infact, sometimes plummet down to zero! For instance, the implosion of the Terra LUNA stablecoin token taught investors to not completely put their investments into one token and only invest what they are capable of losing.
Initial coin offerings became quite popular, a few years back. However, ICOs became one of the primary hunting grounds for naive investors. ICOs can be extremely risky, hence, investors need to go through the whitepapers of cryptocurrencies on their respective websites before plunging into it. 
Investors need to look for trustworthy crypto exchanges and wallet services, through which they can handle their crypto funds and investments. The rising popularity of cryptocurrencies gave birth to several new crypto exchanges and wallet services, however, choosing the right one might make investors quite overwhelmed.
Investors might not always remember the passwords to all their crypto wallets; however, it is critical that they remember and protect the private keys. Experts say that one of the best ways is to handle crypto funds through a hardware wallet that will not require any internet connection, making it less vulnerable to attacks.
While buying cryptocurrencies, the primary focus of investors should conduct thorough research on what kind of regulation their governments are following to regulate digital assets. As mentioned earlier, the year 2023 is about to witness increased regulations, hence aspiring crypto users must be extremely careful about crypto tax regulations.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
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