The popularity of cryptocurrency among investors (both institutional and retail) is increasing. At press time, the market cap of the cryptocurrency market is US$2.73 trillion. The top 3 leading cryptos in terms of market cap are Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). The popularity of cryptos has reached a new high as BTC reached its all-time high (ATH) of US $66,930.39 on October 20, 2021.
With the number of curious investors increasing by leaps and bounds, they are searching for information on the cryptocurrency market to grow their money. Reddit has come up as one of the most popular sources of information for new investors. There are many subreddits for crypto investment discussion and advice.
One of the most popular cryptocurrency-related subreddits is r/Cryptomarkets. At the time of writing, there were 634,000 members of this subreddit. It calls itself a "FOREX community for cryptocurrencies". r/Cryptomarkets was created on November 12, 2013.
Now let us check out some of the most popular cryptocurrency investment advice by Reddit users on the r/Cryptomarkets subreddit:
Reddit users said that it is always prudent to check the use-value of a protocol or project before choosing a cryptocurrency. If there are use values and real-life users are benefitting from it, such a project has the potential to get more investment and partnership. This will, in turn, increase the demand for the native coin of that project, increasing the price of that coin.
You can know how a product is by checking the beta version of a digital currency. It is critical because it gives you direct proof of how the product is. The motto is, if they are providing you with a working product, you must be able to check how it works.
A cryptocurrency project can be successful only when it has a series of funding sources. This ensures that the project continues maturing and growing even in a bear market. Usually, these projects are run by non-profit foundations having a continued revenue stream for developers.
It is very important for you, as an investor, to know how many crypto coins are already there in circulation. This will give you an idea about the percentage of a currency that is controlled by a small group of people.
You should check the current size of a market in the cryptocurrency space in which a particular crypto coin is competing. Just consider the coins such as Filecoin, Siacoin, or Storj. Reports say that the decentralized storage market is expected to increase to about 150 billion by the year 2022.
Once you have acquired all the pertinent information about your chosen crypto coins, you have to analyze the true value of the coins. Always try to buy coins that are undervalued. This will give you better returns in the long run.
If you are ready to invest in stocks and cryptos or buy Bitcoins through online brokerage accounts of centralized or decentralized cryptocurrency exchanges, you can do so in a legit way by investing through stock investing and cryptocurrency apps. You have to open an account with such an exchange or online broker (including trading apps and investing apps such as TD Ameritrade). Then verify your details (including basic personal information) and fund your stock or cryptocurrency and bitcoin trading account.
The best thing about the Bitcoin and crypto market is that the transactions are done without the involvement of banking entities. This is one of the reasons why more and more investors (including corporates, venture capitals, and institutional investors) are heavily investing in cryptos.
You can start depositing funds into your stock or crypto exchange account to buy company shares or cryptocurrencies. This can be done by simply connecting your online banking account (savings accounts, checking accounts, or other account types). Besides transferring fiat currency money online through bank transfer, you can make payments with other payment methods, including credit cards, debit cards, and others.
If you need further assistance, you may consider taking help from the vibrant and helpful trading communities. You can trade cryptos with credit cards (business credit cards, personal ones, or Citi custom cash cards), debit cards, or other payment options through reliable crypto trading web platforms.
You can also check the savings calculator to know how much you should save on a weekly, monthly, or yearly basis. Check the financial news to learn more about the prospects of various assets so that you can build long term wealth.
If you are bullish on the future prospects of gold, stock and ETF trading, the crypto market, Bitcoin BTC, Ethereum ETH, Bitcoin Cash BCH, Litecoin LTC, Ethereum Classic ETC, Bitcoin SV, Wrap Bitcoin, and other altcoins, you can start investing in stocks, gold, Bitcoin, and other altcoins with USD. Once purchased, transfer them to: