Trading cryptocurrencies can be lucrative, but it also carries a number of hazards. When investing in a market as volatile as cryptocurrency, a lot can go wrong, especially if you’re new to the game.
Some people, who had never heard of cryptocurrency, began mining on Core DAO after a buddy informed them that if they mined the token, they could become billionaires. Therefore, it is crucial to understand the fundamental strategies for trading cryptocurrency as well as the pitfalls to avoid.
Here are some frequent errors we observe traders making that you must avoid:
1. Choosing a cryptocurrency trading exchange without taking into account things like costs, the trading interface, the accessible assets, etc. Not all exchanges that list $CORE are genuine, so you must be sure to trade your asset on a safer platform.
2. Failing to conduct adequate due diligence before investing in a coin or token; You can buy other crypto assets with $CORE when the time comes but be sure you do not swap your $CORE with a wrong asset.
3. Investing excessive sums of money in a single coin or token without diversifying your portfolio; Those who didn’t mine can buy $CORE but don’t put all your eggs in one basket, split your investment and buy other tokens too. This is not to suggest that Core DAO may fail however we can’t tell, even Bitcoin lost out the whole of last year.
4. Not having a well-defined exit strategy or a proper trading strategy.
5. Making impulsive deals after being influenced by social media rumors or influencer marketing; Do your own research and do not rely on rumours that $CORE is the best investment in cryptocurrency at the moment.
6. Ignoring significant news and market developments; Inasmuch as rumour is bad, it is important to read crypto news daily to align yourself with the market trends.
What is Core DAO?
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the crypto ecosystem’s history and an even greater excitement for Core’s role in its future.
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