Bitcoin is the most well-known and visible coin on the market, but other cryptocurrencies should be considered for investment, too. Energi (NRG) is one such cryptocurrency. Since its inception, Energi has performed very well. Below are several helpful tips not only for investing in NRG.
Study the Market
One of the biggest problems with novice investors is that many enter the market not knowing anything about investing. The first rule every investor should follow is never to invest in something you do not know anything about. It does not matter if it is cryptocurrency, stocks, or futures.
The rule is the same for experienced investors. Learn all there is to know about Energi. Read the coin’s white paper and study all news related to the coin at least once a day, staying on top of changes in price, trading volume, and other factors related to the currency.
Develop an Investment Strategy
An investor who puts all of his money in Bitcoin is making a massive mistake because doing so is akin to putting all of one’s eggs in a single basket. Diversification of digital assets should be a core component of everyone’s investment strategies. If someone is fully invested in Bitcoin and the bottom falls out of the market, that person stands to lose everything.
Energy is a suitable alternative to cryptocurrencies like Bitcoin. It is relatively affordable and has remained valued at over a dollar since its inception. A coin whose value is that low can only go up in value. Even if it goes down in value, investors do not have much to lose and can quickly cash out.
It is also a good idea to invest in stocks and precious metals as part of an investment strategy. Get invested in a mutual or hedge fund, and buy gold and silver when the time is right.
Find an Exchange
The importance of finding a solid BTC to NRG exchange cannot be emphasized enough. Godex is not only an exchange that can be relied upon to execute trades, but also a platform that offers several benefits that cannot be found anywhere else:
- The primary reason to use Godex is that they do not require customers to create an account. Customers also do not have to provide any personal information to Godex.
- Most transactions take anywhere from five to thirty minutes to complete. During that time, the exchange rate is locked.
- Customers can trade as many times as they want without arbitrary limits.
- Godex has over 200 coins listed on the exchange, and more are being added regularly.
- Godex has well-protected servers and uses the latest security protocols. They are protected from DDoS attacks and use an SSL certificate so that client information is not compromised.
- They also have a referral program for individuals and businesses. Participants can receive up to 0.6 percent of every transaction and a bonus of 0.005 BTC if they can successfully refer customers.
Secure Your Coins
Investors should not rely on exchanges to secure their coins. Exchanges are hacked regularly, losing millions of dollars every year. The best way to secure coins is to get your own wallet.
There are hot and cold wallets. Hot wallets are connected to the internet and are easier to use. Many are even free. However, the fact that they are always connected to the internet makes them vulnerable to hackers.
Cold wallets store the keys to the coins, and they are not connected to the internet. Next to paper wallets, they are the safest wallets to use. They are not free, but one should consider the amount of money that can be lost by having a free hot wallet hacked instead of spending fifty to one hundred dollars on a cold wallet.
Know When and How to Exit
Someone who holds a substantial amount of Bitcoin should read the news, paying attention to both financial and national news, as well as geopolitical events. A war, a massive sell-off, or a country printing a lot of fiat currency can cause Bitcoin to go up or down in price.
Pay special attention to what crypto whales are doing. If they start selling, it is time to get out of the market. Investors can cash out in Energi and other crypto and fiat currencies.
Closing Thoughts About BTC and NRG
Even though Energi is not as valuable as Bitcoin, it is well worth buying. Bitcoin buys a lot of it, and it is a relatively safe and easy way to diversify one’s digital assets. But, there are risks involved, and the way to mitigate those risks is by planning an investment strategy, staying up-to-date on market news, and using the best practices when it comes to securing your coins.