Top 5 tips for Crypto Noobs – getting started 📌
- Storage of private Keys
Always, always, ALWAYS make a note of your private key. This is the key to your money, it is yours and no one can get access to it, like a combination to your own personal safe. Write it down, print it out, and store it somewhere only you know. If you forget the passwords to your wallet, this is your only backstop so LOOK AFTER It!
- Choose the right exchange.
There are a lot of exchanges out there to choose from, each with their own benefit, each also with their own flaws. You can see recommendations of each on any number of google searches. The best exchanges are ones which are current and proven, ones which are sworn by leading crypto enthusiasts. Do your own research and choose which is the best for you.
"One of the leading and safer exchange today is Binance"
- Store your crypto in a cold storage wallet.
Some people choose to keep their money on an exchange, which is fine if you are constantly trading. If not, there is no sense in keeping it on there. Would you leave your wallet on the table at a restaurant when you go to the toilet? No. So take your money back into your control and store it in a paper wallet, or ledger until you are ready to use it again. Many exchanges have been hacked, and all the crypto from peoples wallets stolen, don’t let this be you.
- Do your own research!
This one is extremely important. Whilst it is good to listen to top crypto influencers and enthusiasts to gain knowledge on what is happening in the market and what investments are out there, DO NOT TAKE THEIR RECOMMENDATIONS AS VERBATUM. They, like you, are speculators and have no idea what the performance of the advertised cryptocurrency will be. Take their suggestions, look into the cryptocurrency, do some research on the fundamentals, then make your decision.
- Know when to take your profits.
Set yourself a point at which you are happy to take the profits of your spoils. Don’t, like so many others out there, expect your investment to 100x overnight. Set your own standards as to when you will sell, because crypto is a volatile game and large swings can happen almost instantaneously. Better to get out at 50% of profit rather than wait for 100% and instead see your investment plummet before you took out your money. One of the best ways to do this is by selling 50% when any coin doubles. This way you will have your principal amount safe.
