How to Play Crypto Complete!


how to cash out crypto currency

You need to know how to play crypto safely and smartly so you can get lots of money. Because many new players experience boncos or losses when they don't know how to play crypto properly.

This way of playing crypto every beginner can try to find the best trading strategy and avoid risks. If you want to invest in cryptocurrencies, here are some ways to play crypto properly.

Also read: Bitcoin Is The World's Oldest Crypto, Here's The Explanation!

How to Play Crypto Beginners

How to Play First Crypto: DYOR

The first thing you need to do is DYOR or Do Your Own Research. This is the first step that needs to be taken before investing in crypto assets.

You need to do this in order to know the fundamentals of each crypto asset that you want to choose for short term and long term investment.

By having the results of independent research, you can have an objective picture of a crypto asset, both crypto tokens and coins.

Apart from that, you can also find out the advantages and disadvantages of a crypto project.

You can do in-depth research about a crypto asset by gathering as much information as possible.

Generally, the first thing to do is to go to the official website of a crypto project.

Later you can get an overview of the crypto assets as a whole through the whitepaper.

Furthermore, you can enter crypto community groups that exist at the national and global levels. This will add to your insight about cryptocurrencies.

You can also see reviews about a project from influencers on social media.

If you have gathered enough information, then consider investing in a crypto asset or not.

Also read: What is DYOR? Check out the Full Explanation!

Have a Strategy to Play 

How to Play Crypto
Illustration of Crypto Coins. Pexels

It's not easy to separate genuine cryptocurrency recommendations from scams. Reports of crypto investment scams jumped to 7,118 in the first nine months of 2021.

This is up 30 percent over the whole of 2020, according to Action Fraud, with an average loss per victim of USD 20,500 million.

So when you are faced with a lot of information about cryptocurrencies, step back from it. Try to take a critical look at the project or platform. How many users does it have? What problems does it solve? Avoid coins that promise tons of cash but don't deliver anything tangible.

Also read: Explanation and How Crypto Machines Work

How to Play Crypto: Manage Risk

How to Play Crypto Pexels
How to Play Crypto. Source: Pexels.com

How to play crypto what you need to pay attention to next is to be able to manage risk. You have to know when is the right time to stop playing crypto.

The trick is to set limits on how much you invest in a particular cryptocurrency and don't be tempted to trade with more money.

Cryptocurrency trading is a high risk business and more traders lose money than not.

Crypto Portfolio Diversification

Bitcoins
Crypto illustration. Source: Pexels.com

The best way to play crypto for beginners is asset diversification. There is no point in investing too much in a single cryptocurrency.

You can reduce your risk if you invest in a number of assets. Because, you can reduce the risk when one of the asset values falls.

We all know that the movement of crypto assets fluctuates. By investing in more than one asset, of course we can reduce the risks that are accepted.

Automate Purchases

Crypto
Crypto. Source: Pexels.com

The next way to play crypto to stay safe is to set up automatic sales and purchases.

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Most exchanges, including Doors and Crypto Shops, let you set up repeat purchases.

This is where the crypto investor tells the platform to buy a fixed amount of their chosen cryptocurrency each month.

Most beginners make one common mistake, buying coins because their prices seem low.

The decision to invest in a coin should have little to do with its affordability but a lot to do with its market cap.

Just as conventional stocks are measured by their market capitalization, which is evaluated using the formula Current Market Price X Total Number of Outstanding Shares, the same is true for cryptocurrencies.

Also read: Want to Invest in Crypto? Pay Attention to These 5 Things

Use Trading Bots

Bitcoins
Bitcoin illustration

How to play crypto for those of you who are beginners can use trading bots. Trading bots can be useful in some circumstances, but are not recommended for beginners looking crypto investment tips. Often, they are just scams in disguise.

If there was a real algorithm that perfectly timed buy and sell trades, everyone would use it.

Criminals can easily increase or decrease the price of very small or unknown cryptocurrencies, sometimes causing these currencies to skyrocket in value.

Sometimes criminals will own a lot of a particular cryptocurrency (through pre-mining most of it before it becomes available to the general public).

As unwitting traders rush in to try and get a piece of the action, the crooks wait for the price to rise before selling all their coins and causing the price to crash.

They can increase the price by promoting it on social media, before selling it at a higher price.

With so much cryptocurrencies in the market, it can be difficult to tell which ones are real and which ones are not.

When you invest in counterfeit coins, criminals can steal your identity and often your hard-earned money.

Don't take anyone else's word for it and use as many sources as possible to do your own research on the coin before you buy it.

Also read: Benefits and Risks of Crypto Investment

For information, VCGamers has launched a crypto asset, $VCG Tokens, in early 2022.

This crypto asset from VCGamers which operates on the Binance Smart Chain (BEP 20) and Ethereum (ERC 20) networks has been registered with Bappebti and has a number of uses.

For now, $VCG Token has been listed on one of the largest Centralized Exchanges in Indonesia, Indodax. $VCG Token has also been listed on BitMart, PancakeSwap and Uniswap.

You can use this VCGamers crypto token for staking on the $VCG Staking feature. Apart from that, you can also use it to buy assets in RansVerse, the first metaverse in Indonesia.

To find out more about $VCG Token, you can visit the page Updates on VC News right now!

 

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