Hello Steemians,
Actually I was feeling a little bit tired in last couple of days that is why I was unable to post anything on Steemit , so am really sorry for that!!
By the way lets get to the topic..
Today, I have decided to make an article on'Things You Should Know Before Investing Into Crypto Currencies'. I chose this topic because when I was new to crypto field , I had made a lot of mistakes in the beginning which I regret till now so I do not want my readers to repeat the same mistakes again.
So, without any further due lets start..
Expectations VS Reality
As we all know that when Bitcoin reached more than $19,000 USD from $1000 in 2017, cryptomarket became the centre of attraction in the world. When people saw that the price of Bitcoin is spiking up in every 2 weeks , without knowing anything about Blockchain Technology and having experience of cypto trading , they all blindly invested their money in crypto .
For a lot of people, it was like a miracle to see Bitcoin achieving such great heights. They started thinking that if they invested their money in it they can earn 5x-10x without doing much. So, they invested as much money as they can in crypto market so as to get more profits. And then what happens in early 2018 was really unexpected , the crypto market started dumping badly.
People who were new to this field started thinking that its all over for them and sold their coins at loss. But, the one who were experienced in this field thought that its the right time to fill their bags with good coins at cheap price. That is the difference between a non experienced person and the one who is experienced. I think that experience is needed in every field in order to achieve success.
By reading the above lines we can conclude that crypto market is highly risky but at the same time highly rewarding also. One should have knowledge about blockchain technology and crypto trading in order to understand the movements of the market. One should start with investing a small amount of money in crypto and should start trading with that money only in order to gain experience. Once you have become experienced then you can start investing more money as per your budget. You should not put in your life’s savings into the cryptomarket, but only a portion of your income which you are okay to loose and it wouldn't affect your personal life even if it doesn't give you any returns.
Be self dependent
I have seen many people who declare themselves to be the crypto leaders as if they know everything about the market and could accurately predict the movement of the market. They ask the people to join there paid groups in order to get maximum returns from the market. And many people enter into the crypto market thinking that they will just follow the signals of the paid group and will earn huge profits.
But that's not true, the reality is that no one can predict the accurate movement of the crypto market, no matter how much knowledge or experience they have. It is all about demand and supply which is sometimes manipulated by big whales in order to pump or dump the market.
So do not depend on anyone, you should do your own research before investing as you are responsible for your own loss as well as your profits. You can watch simple tutorials about crypto trading, how to manage your portfolio, how to find good projects and much more in order to find good projects and understand the movement of the market.
Securing And Backing Up The Wallet
Before investing money into digital currencies such as Bitcoin, it is important to have knowledge about how to secure and backup your wallet/account so that your coins remain safe from hackers.
Here are some simple ways by which you can ensure the security of your wallet/account-:
:-) Enabling Two Factor Authentication -In short, enabling 2FA provides your wallet more security from hackers.. Even if a hacker gets access to the password you use to log into your wallet/account, they would still need to pass the Two Factor Authentication in order to hack your account.
If you want to know more about it, be sure to check out this article!
https://www.securenvoy.com/two-factor-authentication/what-is-2fa.shtm
:-) Do Not Share Your Email ID - You should not share your email ID which is associated with your wallet with anyone. It is a very important precaution that you should take in order to keep you wallet safe from others. You should keep your Email ID private which you use to login to your wallet/account. If a hacker gets access to your email ID, there are high chances of your wallet to be hacked.
Backup your wallet/account
Backing up your wallet is really important as it ensures that if your device gets lost or stolen, or begins to malfunction, you will still have a backup and can easily retrieve your funds. It will hardly take 10-20 minutes to backup your wallet and once you have done that you will feel more safer with your funds than ever before.
For more information, be sure to read the article below!
https://bitcoin.org/en/secure-your-wallet#online
So that is all for today,
I don't want my readers to be bored so I decided that if this post gets a positive review I will make a part 2 of it for sure.
If you have any queries or suggestions for me , please comment below.
Hope you enjoyed reading my post!!
