How to Invest in Cryptocurrencies

I think that due to the high volatility of cryptos over the course of one day, day trading may be more harmful than profitable. Unless you truly have the time to watch the charts all day and to discover mini trends.

Image link: https://www.entrepreneur.com/article/229501

Long term, I think that it is more beneficial to invest in many different cryptocurrencies now and to hold. Here's why:

1. As cryptocurrencies become more popular, more people are going to want in driving the value of them way up. The highest Bitcoin projection I have seen is $500,000 a coin in 2030.

2. By spreading your investment over several currencies such as BTC, ETH, LTC, XRP, Dash, STEEM, etc. and holding long term, you can help protect yourself from the risk of one coin failing. At least one of these currencies is bound to skyrocket over the next few years so a small investment now is not too detrimental.

3. Large companies are beginning to take interest in currencies such as BTC, ETH, and XRP. Deloitte has a large interest in Bitcoin, and many large companies such as Microsoft have recently sided with the Enterprise Ethereum Alliance. Large banks in China and all over have recently invested in Ripple as it is increasing transaction speed and lowering costs.

4. As many of us do not have the time to day trade, long term investment of cryptocurrencies is a viable option because it appears they will see tremendous growth in the future. Attempting to trade of daylong trends can result in massive loss if you make one wrong trade.

Months from now, I think that several of these new currencies are going to have increased greatly in value. Many are cheap right now too like Ripple or Lumens, so putting in a little bit now may see great returns months, and even years from now.