Investors are always seeking an advantage when dealing with volatile assets like XRP (XRP -2.09%), Solana (SOL -0.05%), Ethereum (ETH -0.08%), and other cryptocurrencies. Even if you’re committed to holding your assets long-term, there’s still no assurance of success. Therefore, it’s essential to do everything within your power to enhance your investment strategy.
At the same time, many investors miss out on significant opportunities due to one key oversight. While it may not be straightforward, addressing this aspect can greatly enhance your crypto investment capabilities with some additional effort. Let’s explore how to become a more informed crypto investor.
Gain Insights Through Experimentation
If you’re among the many cryptocurrency holders, you likely have a general understanding that these assets exist on blockchains, which can offer unique characteristics that traditional currencies lack, like association with something such as an NFT (non-fungible token).
The initial move is to obtain your own digital wallet, instead of allowing someone else to manage your assets on your behalf. For those interested in coins like Solana, XRP, or Ethereum, the Phantom wallet serves as a convenient solution compatible with major blockchain networks, providing an easy-to-navigate interface.
After setting up a wallet, start performing basic operations such as swapping cryptocurrencies. For example, try exchanging Ethereum for another coin, noting the associated gas fees and other transaction costs. Conducting these transactions across your various coins will help you identify which ones are more affordable and faster to trade. If you’re eager to delve deeper, consider minting one of your phone’s images into an NFT on the chains where your coins reside. You might discover that minting on certain chains, such as XRP, requires some technical know-how, while platforms like Solana offer a smoother minting experience.
Your Experience May Differ from Others
Going through the trials of using various blockchain applications is an invaluable part of the learning process, and it’s something no resource can replace. You’ll soon realize that some networks, such as Ethereum and XRP, often feature more technical tools, posing challenges for newcomers.
However, it’s essential to remember that your individual experience may not align with that of others. By stepping into the shoes of fellow investors and cryptocurrency developers, you can develop a better understanding of how these assets are likely to behave. You don’t have to become a specialist in every aspect; simply engaging in exploration and experimentation with the blockchains will undoubtedly enrich your investment perspective.
