Tips for Mastering your Crypto Investment Game-Crypto assets are the new name and investment destination in today’s periods and the world. To participate in the game, you must also learn the art of trading with Bitcoins or any cryptocurrency. The newest trend is learning the game because it only uses blockchain technology. But don’t worry; there’s no need for you to obsess over it Tips for Mastering your Crypto Investment Game. Using a legitimate trading app that will mentor you to become a better trader will help you start your trading adventure with confidence.
Table of Contents
Tips And Tricks To Master The Crypto Trading Game
As a beginner, you should start by learning the shortcuts and strategies that could keep you from getting swept up in the chaos and help you stay afloat in the market. So, here are your advice and techniques.
Education and Self-Teaching
The first and most crucial advice is to train and educate yourself before trading. To start, be aware of what you are doing and determine whether you can absorb any potential losses. Whereas, To understand the game’s dominant technology and laws of the universe. The realm of blockchain technology is one where things function differently.
Knowing volatility is important
After training yourself, you must be fully aware that this unstable and delicate environment could collapse anytime. Even for a few hours, it continues to fluctuate. Nobody is ever able to forecast what the costs will be, not even in the next instant. You might want to throw everything away and hide your head deep in your pillow since it could be sky-high or plunge low into the dumps. However, you must always be prepared, regardless of how the trade develops or the time of day.
Selecting the Best Exchange
Using an exchange rather than going it alone is the way to go if you want to trade with Bitcoins, regardless of the amount. So, choose your deals wisely. Before registering, review all the information, including the costs and terms and conditions.
Balance Your Portfolio Properly
With each day that goes by, cryptocurrency develops and matures. However, you could say that it is still in its infancy. Decide wisely to save the day. Make sure the crypto assets you purchase balance before purchasing. Never put all of your money into just one coin. Make sure to diversify your holdings so that if one currency loses value, the others can make the difference.
Keep Your Distance From The Rumors And Hype Mills
The reason this sector continues to exist is primarily due to the daily hoopla that surrounds it. Avoid the hype and rumour mills that are going crazy in general. Instead, make decisions based on your research and judgement. Take the advice of interested family and friends if you feel you can’t make a decision. On the other hand, refrain from reading stories in newspapers and social media and basing your choice on them.
The Sets of goals for each of the profit and loss games.
In this industry, you need to be well aware of your limitations. For example, with your investments, you can’t overdo them. Similarly, it would help if you did not continue trading without monitoring your maximum profit or loss. You will lose everything if you become a glutton. Therefore, maintain self-control even when things are going well.
Take good care of your risks.
Recognize that when the price of Bitcoin increases, the price of alternative cryptocurrencies decreases and vice versa. So keep an eye out for them before making a market move. You can control and steer clear of the risks associated with careless trading in this way. Therefore, keep an eye on the market.
Invest the Money You Are Careful With.
It is crucial to remember that you should only invest money that won’t leave you stuck or uncomfortable. It shouldn’t weigh you down. Consequently, choose your investments carefully.
The final word of warning, which can repeat numerous times, is to proceed with caution and perform extensive research before joining the bandwagon. Every time you enter the market, you must be awake and aware. It is not a place for fools or the feeble-minded.
Investing in cryptocurrency for gaming is a beautiful strategy to diversify your portfolio and make your money works for you. It’s also a great strategy to avoid the volatility of the stock market and other conventional investment vehicles. The gaming industry, worth several billion dollars, has recently been growing. Mobile, internet and social games are also a part of this sector and are fun for consoles and computers. Due to the gaming industry’s rapid growth, more people now engage in game development and publishing, which has changed the business. By purchasing cryptocurrency coins linked to the gaming sector, investors can take advantage of the new chances that come with this new technology. How to invest in these is described here.
Learn about their ICO.
You purchase stock when you invest in a business. For example, an ICO uses when investing in cryptocurrencies (initial coin offering). Like an IPO, an ICO operates similarly (initial public offering). However, instead of purchasing stock from the company in the form of shares, investors purchase “tokens” with a specific value and grant access to additional resources.
In an ICO, investors trade fiat money, such as US dollars or euros, for cryptocurrencies like Bitcoin or Ethereum. After the platform launches, you can then utilize the new currency there. It makes it possible for these new projects to proceed with their company objectives without relying primarily on bank loans or venture capital investment. Furthermore, enabling them to circulate their tokens as soon as possible gives them liquidity.
Be aware of their ERC-20 token.
If you’re a cryptocurrency investor, you need to be familiar with the ERC-20 token. Smart contracts on the Ethereum network utilize this token standard. It can also be kept in any wallet that supports ERC-20.
Think about the group and what they have to give.
Thinking about the team behind a cryptocurrency and what they have to offer before making an investment is crucial. Have they produced anything previously? Do they have any previous experience growing a business? If so, what is their track record?
What is crypto gaming?
Since all items and experiences (XP) earned when playing traditional games are centralized, we cannot utilize them in other games. However, blockchain technology in cryptocurrencies changes this. Now, players can use their awards and things on various cryptocurrency gaming projects.
Additionally, users can make money through cryptocurrency gambling. A play-to-earn model is in the term, and players can use it in several ways. For example, consider the game Axie Infinity. Users can purchase Axis, level them up, and sell them for more money. Additionally, players can engage in combat with their Axis to gain SLP and AXS, two Ethereum-based crypto game currencies.
The idea that gamers can earn cryptocurrency while playing games is a brand-new addition to the business. Three of four gamers said they wanted to use their currency on other platforms. Thus this is a positive move, according to a study by Worldwide Asset Exchange. Is everyone playing, though?
Successful Tips for Mastering your Crypto Investment Game
Axie Infinity’s popularity in the Philippines is not surprising, considering the game’s Asian origins. Vietnam-based game developer Trung Nguyen established Sky Mavis, which released the Ethereum-based game. However, when you think that Sky Mavis had only recently raised $152 million in seed capital from cryptocurrency investors in October 2021, the company’s valuation of just under $3 billion as of December 2021 is astounding.
Despite its worth, Axie Infinity is merely the second-most played cryptocurrency game, trailing Alien Worlds, which has more than 1.16 million daily users—nearly twice as many as Axie. Co-founding the game, Saro McKenna has ten years of experience in the field and a corporate finance background. Moreover, McKenna has an MA.
How does a crypto game operate?
Many of the components in crypto alternatives are already present in traditional games. For example, players can purchase in-game money with fiat currency, and players can level up their characters and gather things. So what then draws both gamers and investors to cryptocurrency gaming?
Players are drawn to gaming because it can be profitable. Pay-to-play models, where players must spend money to get the most out of a game, have drawn criticism in the past for several titles. Before cryptocurrency gaming, spending money would enhance your experience, allowing you to level up more quickly, for example. The play-to-earn approach of cryptocurrency gaming does the exact opposite, allowing users to profit from their initial investments in in-game coins. It has even made it possible for Filipino gamers to make a living.
The future of crypto games
Investors want to take advantage of the rising demand for cryptocurrency gaming. For example, sky Mavis received $7.5 million from Mark Cuban’s investment in the company’s initial financing round. Additionally, venture capital firms are joining the fun: Framework Ventures recently unveiled a $400 million fund for Web 3.0 games, and Andreessen Horowitz recently announced a new $600 million fund.
Blockchain firms also want in on the action, and Solana and Polygon have begun investing in early-stage blockchain games incorporating decentralized finance (Defi) into their architecture. As a result, the market for crypto gaming platforms may expand as more and more investors exert pressure on them.
According to a recent financial firm Drake Star Partners research, this is already apparent. For example, 128 cryptocurrency gaming startups received funding totalling $1.2 billion in the first quarter of 2022 alone.
The world’s largest seller of PC games, Steam, announced in October 2021 that it would not host blockchain-based games because it does not permit items with a real-world value on its platform, dealing a severe blow to the crypto gaming industry. As a result, Tips for Mastering your Crypto Investment Game, Crypto games may suffer if Steam stops supporting them because they will lose access to a market that is the leader in its field and has 62.6 million daily users.
Epic Games, the distributor, is employing a different strategy. Tim Sweeney, the CEO of Epic, stated that the company is happy to collaborate with early developers on their blockchain-based games even though it won’t produce its cryptocurrency games. According to the video game distributor, Crypto games need to adhere to financial regulations and have the proper age ratings. Therefore, it might eliminate many of the dangers that crypto games face and provide Epic Games’ 31.3 million daily users access to the market.
What is the best gaming cryptocurrency?
Numerous successful ventures that use cryptocurrencies in gaming exist. For example, Axie Infinity’s cryptocurrency AXS has a more significant market capitalization than Alien Worlds, which has a market cap of $71 million compared to over a million monthly gamers for Alien Worlds. AXS is now priced at roughly $15, while TLM from Alien World costs just $0.02. At the time of writing (27 June 2022), Decentraland’s MANA token has one of the most significant market capitalizations, with more than $1.7 billion, and each MANA token is now worth $0.93.
Conclusion:
There are numerous ways for investors to participate in cryptocurrency games. On some exchanges, including Binance, Tips for Mastering your Crypto Investment Game, you can purchase cryptocurrency game tokens like AXS. Funding rounds can include investors as well. Blockchain-based gaming startups Sky Mavis, Animoca, and Enjin, have just completed funding rounds. Spending time playing and earning crypto tokens through rewards is the more obvious way to participate.
Due to the volatility of cryptocurrencies, you should always research before investing and never risk more than you can afford to lose.
Also read: Steps To Create A Cryptocurrency Trading App to Guide Basics