Cryptocurrency is an exciting new technology that has many people excited. It’s also a confusing and difficult space for beginners to enter, so we’ve put together some amazing crypto tips to help you get started. Read on for our 10 crypto tips for beginners.
10 Crypto Tips You Should Know
1. Be patient and never leave money on the exchange.
It’s tempting to think you can chalk up somemoney by leaving your tokens on exchanges long-term instead of withdrawing them.
Exchanges have been hacked in the past, and whilst it’s unlikely to happen to you personally you should make sure your is safely stored in a wallet like ledger nano s.
2. Take care when entering your private key into any website.
Many exchanges market themselves as ‘online wallets’ which store your tokens securely on their servers instead of on hardware equipment like ledger nano s.
3. Do Your Own Research
Always obtain 3-5 different opinions before making any investment decisions.
Don’t ask yourself too many questions when choosing what to invest in. Cryptocurrency Isn’t a get rich quick scheme. Although it has already has proven its worth in places of high economic uncertainty, but it comes with just as many risks as any other investment so don’t invest money you can’t afford to lose.
4. Don’t spend it all at once in an investment
There is no guarantee that prices for any coin will go up forever, so if you invest money into currency make sure you can afford to lose it all – never put your life savings on or moneys that you cannot afford to lose.
The market is still an emerging market and currencies are volatile, making them a risky investment. Currencies have seen massive rise in value over the last year but this may not always be the case – learn to take profits and cut your losses.
5. Choose the right wallet when trading
Currency wallets are software or hardware tools that store on your computer and facilitate transactions,currency experts suggest you need to choose wisely when selecting a wallet as the security of your will depend on it.
Currency users can opt for desktop, mobile or online wallets to house their investments, however only use verified crypto exchanges. There is no such thing as an official bitcoin wallet but using the right website can help make sure your investment is secure by choosing one that has been recognized by other investors.
7. Don’t expect to get rich quickly
The price of coins like bitcoin has seen massive appreciation over the past few years but this is not a get rich quick scheme. Currency investors should expect to hold currencies for the long term, for them to be worth any value, this means you need to see considerable fluctuation over time before they can appreciate in price
8. Only invest what you can afford to lose
Don’t put more money into currencies than you can afford to lose I.E if you have $5000 then only use $2000 for your investment,currencies are still seen as high risk investments despite their popularity and interest from large financial institutions– remember if you do take a bigger risk with currencies you can earn a greater return, currency investors should be prepared that are still not as stable as real cash.
News is important to follow for news because it portrays the market in various ways, this determines what people think about currencies and what their value might be in the future which means traders need to pay attention to news.
10. Avoid forums or some websites that contain code that can be used to obtain access to your personal details
These types of sites should be avoided at all costs especially if they’re asking for personal information such as verification documents. Never give up any private information such as private key or passwords to cryptocurrency exchange websites.
Conclusion: 10 Crypto Tips for beginners
With these crypto tips, you should be set to go and start investing in crypto. If there are any other questions not covered here that you can’t find the answer to, please use the comment box to ask questions. We will always do our best to provide a helpful response as soon as possible.