Yes, we’re in a bull run but investing in crypto isn’t always easy — it can be damn right stressful. Even if things are going well, you can become obsessed (does checking your bitcoin balance every half an hour sound familiar?)
But there are a few ways to take the emotion out of investing. Not least by delegating: that is, putting decisions and processes in the hands of others so you can go about with your day — and not worry about those sudden price crashes that make the cryptocurrency industry so fun.
Never Invest More Into Bitcoin Than you Can Afford to Lose
This one may sound obvious but it needs reiterating, especially in a bull run. When people think they can make a lot of money, they do crazy things — like take out mortgages to buy Bitcoin. But this is unwise and can cause unnecessary stress. Therefore, it’s best to only put in what you can afford to lose.
Money that could otherwise be used for emergencies will be at risk and this will dramatically put you in a high-stress zone. Whether it’s Bitcoin, Ethereum or Tesla stocks — never invest more than you can afford to use.
Consistent Recurring Buys of Bitcoin
This is an interesting one that can take the pressure off tremendously. As timing the market can be very hard (knowing when to buy and sell), a cryptocurrency exchange has come up with a solution; recurring buys. bitFlyer USA launched recurring buys on their platform to give those interested a chance to keep stacking their satoshi’s.
Recurring Buy is now available on the bitFlyer app! 🎉🎊
Easily build your crypto portfolio by scheduling daily, weekly, monthly, or semi-monthly purchases.
Set up a Recurring Buy by Feb 3 for free cashback and a chance to win $100 in BTC. Details 👇https://t.co/VmYsy18EqN
— bitFlyer USA (@bitFlyerUSA) January 20, 2021
It takes the edge off by using dollar-cost-averaging (DCA) to invest a fixed amount at regular intervals — for example, $50 a week. The automated programming allows investors to let…