Benzinga

Where is it profitable and safe to buy cryptocurrency

The economic crisis has every chance to bring interest in cryptocurrencies to a new level. Many investors are skeptical about the prospects for the dollar and the euro at a time when central banks have gone by “pumping” the economies with money.

Thanks to this, cryptocurrency can become a profitable investment, but it is important to figure out how to protect yourself when buying it.

Growth indicators

According to the analytical service Glassnode, the number of electronic wallets in which at least one bitcoin is stored this spring set a record, reaching 800 thousand. Interest in cryptocurrency had a positive effect on its value. So, in mid-March, the value of the main cryptocurrencies collapsed in parallel with the collapse of the stock markets, but since that moment it has already won back the fall and is even more than before the collapse.

For example, bitcoin, compared to March 1, added $ 750 in price, having risen in price by 9%. The purchase of another popular cryptocurrency, Ethereum, would bring even more income. It went up in price by 10%.

Less well-known cryptocurrencies are now showing profitability records: Hedera Hashgraph has risen in price by 214%, Streamr – by 185%, and Datum – 168%.

At the same time, experts do not recommend investing in new cryptocurrencies – it is too risky a business. In addition, you need to do a lot of analytical work to understand which of them has a chance to “shoot”.

According to experts, if there is a desire to invest money in a cryptocurrency, it is better to choose an already known one, which can also bring significant income. For example, according to the forecasts of analysts at Weiss Crypto, bitcoin has every chance to rise in price to $ 12 thousand from the current $ 9400.

Please, use only trusted sites, like BestChange, where you can sell, exchange and buy cryptocurrency and so on. If you are looking for a good bitcoin converter, this resource would be a good choice.

Risky investments

Those who plan to buy cryptocurrency should understand the risks inherent in such operations. And it’s not just about a possible decrease in the price of coins. There are enough scammers on the market who want to bask in inattentive or too gullible investors.

There are many schemes aimed at taking over the funds of those who buy cryptocurrency “from hand to hand”. The simplest of these is the “error” with a comma. For example, let’s say you sell bitcoin for $ 9,350. The buyer says he will send you the money first, and then your turn. However, it costs $ 9,350. If you look at this figure quickly, you might not notice the catch, and if you do, the scammers won’t lose much anyway. There are a number of other tricks as well.

In such conditions, it is safer to contact electronic cryptocurrency exchangers. Finding them is not difficult – just write a request in Google. However, there are nuances here as well.

There are a large number of fake exchangers on the Internet that will take money for the purchased cryptocurrency, but will not send anything in response. It is quite difficult to deal with them, because they are usually one-day sites. After several operations, when the victims go to the police or write about the scammers on the form, the attackers simply leave the highlighted site and create another one. Back in 2018, cyber police exposed an entire network of fake crypto exchanges. However, this did not help to radically change the situation.