A few thoughts on the importance of diversifying your cryptocurrency investment. Available in both audio and text form.
Welcome to the Cosmic Crypto Explorer podcast.
I’m sure you’ve all heard about the importance of diversifying your investments, and that applies to cryptocurrency too. You want to make sure your assets are invested in a reasonable number of cryptocurrencies so that way if one of them does something interesting, it won’t really effect your overall portfolio that much.
I’d like to share my own experience to help highlight the importance of this. I recently found a bug on a cryptocurrency network that prevents me from interacting with the network or earning any money on it. I won’t mention which network it is as that’s not the point of this episode and I think it still is working for some people, but I will say it’s not publish0x or Steem.
I reported the bug to the team behind the network along with some specific details of where in the code the bug originates and the effect the bug is having. The team then proceeded to completely ignore my bug report.
If this particular cryptocurrency was my only investment, if it was the only crypto I was using, it would be difficult to keep working with my investment, and relying on the team behind the network for a clean and smooth system doesn’t seem like that great an idea. If they would ignore a detailed bug report like this it makes me wonder about the overall quality of what they’re doing in general.
But, this isn’t the only crypto or network I’m invested in, it’s just one of them, so as long as this network continues not to work and the bug continues not to be fixed, I have other networks and currencies to work with.
When you want to invest in cryptocurrency or you want to earn some, pick a few different currencies you like and focus on those. That will help make sure you always have access to the majority of your investments.
When deciding to invest in a particular crypto make sure you do your research first. Research the crypto itself, the network it works on, the company or group behind it and how responsive and professional they seem to be. Are they serious about providing a professional crypto solution? If you’re going to put much time or money into a particular crypto you want it and the team behind it to be reliable and to show that their network is a priority to them.
So that’s it for this episode of the podcast. I wanted to share my recent experiences with crypto investing and make sure to reiterate the importance of diversifying your portfolio. Thanks for listening or reading this as an article and remember to like, upvote, subscribe, and all that stuff.