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It was not so long ago that if you looked at the number of cryptocurrencies there were just over 700.

Is Investing In Cryptocurrencies Still Worth the Risk?

It was not so long ago that if you looked at the number of cryptocurrencies there were just over 700.

Is Investing In Cryptocurrencies Still Worth the Risk?
It was not so long ago that if you looked at the number of cryptocurrencies there were just over 700. That number has now more than doubled and there are new ones being started every day. They are not all available to everyone as some have been designed for a specific purpose, and will only be used by people concerned with that market. As with all new innovations, some cryptocurrencies will be successful and others will fail.

Investors are more aware

There has been a lot of media buzz around Bitcoin over the last few months, because of the rise in its value. This has made many more people aware of cryptocurrencies, and some are wondering after Bitcoin, is investing in them still worth the risk?

Investing in cryptocurrencies is like any other speculation you make, and you have to be prepared to lose as well as win. Bitcoin is not the only cryptocurrency to have increased in value. The other rises might not be so dramatic, but with the likes of Litecoin, Ripple and Mintchip all doing well, there is a profit still to be made if you buy and sell at the right time.

You have to remember that at the start of 2017, each Bitcoin was worth less than $1000, and by the end of the year, it had passed $19,000. That has dropped back quite a bit now, but they are still worth a lot more than they were in January 2017.

Embracing cryptocurrencies

There are many other uses for cryptocurrencies than investing. They are now being used for shopping, for paying bills, and in Japan, some employers are paying salaries with them. Ones of the first industries to embrace Bitcoin was the gaming industry, when these guys realized it gave their members an extra edge. Not only could players win on whatever casino game they were playing, but taking their winnings in Bitcoin could potentially make them more money, too.

'Royal Flush at casino' - Images Money via Flickr (CC BY 2.0)

Getting started

Like with any investment, you may be considering you need to learn something about cryptocurrencies before you start, and how to go about investing in them. You need to understand how blockchain works, which is the technology behind the success of Bitcoin, and learn about the alternative cryptocurrencies that are available.

The first step is to open a wallet to keep your cryptocurrency in. These are readily available for free from several different places, but watch out for the restrictions on withdrawal amounts that some have.

Once you have done some research, if you still feel confused about the whole thing, you should approach the professionals and find a trader to help you with your investment.

Cryptocurrencies are still worth the risk of an investment, as they will continue to grow as more and more users adopt them. It really is like any financial risk you take. You can reduce the likelihood of losing money by knowing the product and perhaps spreading your investment across several different cryptocurrencies.

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