Bitcoin's Warning Let's look at another platform crash for a moment. In December 2017, the cryptocurrency trading platform Coinbase experienced a similar outage. Coinbase hit the No. 1 spot for free apps on Apple's App Store. So many people were trying to buy Bitcoin that the system simply crashed. The following day, Coinbase CEO Brian Armstrong explained that access to the website "may become degraded or unavailable during times of significant volatility or volume." It happened again a few days later, when Coinbase had to temporarily disable buying or selling Litecoin and Ethereum during a historic price surge. The system simply couldn't bear the weight of so much interest. Don't Wait Another Minute The lessons learned in December 2017 and March 2020 are identical... Don't wait for a run-up or a crash to get into the market. Because then you're just overreacting to the news cycle like every other Chicken Little. Setting up a trading account can take a few hours, if not a few days. Sometimes you're stuck waiting for your bank to verify and approve your account access. And if it's true mania - as was the case for Coinbase in 2017 - the platform may stop allowing new sign-ups altogether. So if you're trying to make quick money in the very moment that the Dow is falling 2,000 points... well, you're going to be out of luck. If there's a possibility that you'll want to profit on upcoming volatility, you should already have market exposure. That way, you'll be ready for whatever hits next. But if you don't have an online trading account set up and ready to use, don't be surprised when you miss out on all the fun. For some helpful information on how to start trading, click here. And to check out the top five best investing apps, check this out. Good investing, Rebecca P.S. Don't worry, we're not throwing you to the wolves. Once you get set up with a trading account, you can look to The Oxford Club to help you find the best investment opportunities. For example, one of my colleagues is raving about a company that he's calling the "Next Tech Giant." And it's a total steal right now at just $5 on the Nasdaq. Learn more here. |
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