Hi guys!
Cryptocurrency is a good way to increase your investments despite how many people shy away from
plunging into the crypto sphere due to its complicated technology.
If you want to get started in investing in cryptocurrencies, we have a thorough article in our blog about it.
Bur here’s also a short overview with few tips to get you started.1. Do your researchDigital assets are not like your normal money investments.
Before investing, you must first decide
which coin you want to use and the technology behind it.
Having a deep understanding of the coin you want to use and grow will give you a strong grasp on where you want your investment to go.
2. Try Different Crypto Coins A diverse set of crypto coins is a good idea to balance your investments.
Ideally, you should
purchase different coins to see which one is the most suitable for long-term investments.
You also have to see which coin is the most functional and how best it can cater to your daily needs.
3. Look for a Reliable Wallet You Can UseA tool you need before delving into the crypto sphere is a
wallet.
Crypto wallets are like bank accounts. They enable you to send and receive crypto coins from one wallet to another.
These wallets are protected by a private key that allows you to activate your funds.
There are hardware wallets, software wallets, and paper wallets with their own level of protection,
which is why you need to pick the best one that will suit your needs.
* Hardware Wallets - come in the form of a small device that looks like a USB.
This type of wallet can be connected to your devices like laptops, tablets, or phones if you want to make a transaction.
This is also considered the
safest wallets for cryptos because it’s not connected to the internet, making it hard for breaches
to get a hold of your investments.
* Software Wallets - storage that you can download on your device.
Software wallets are nifty if you’re a person who likes to use digital coins to purchase, pay bills, or send money.
Since it’s installed on your phone, accessing your funds is easy.
The only thing you need to be wary about in software wallets is that they are always
connected to the internet,
so make sure you use a safe and encrypted internet.
* Paper Wallets - an offline storage where your private keys are printed.
To activate your funds using this wallet, you have to print the paper and allow a wallet generator to scan your keys.
The only drawback of using a paper wallet is you
can easily damage and misplace it.
That’s why it's advisable to keep it in a safe place with protective coverings.
4. Try Crypto Debit Cards A nifty tip you can do if you use your cryptos on a daily basis is to get a crypto debit card.
Getting these reliable cards will make accessing your crypto funds easier, especially when you use them paying items and services.
Crypto debit cards are no different than your regular ATM card.
Most of them are issued by credit card companies like Visa, Mastercard, and Megalink.
Here are a few crypto debit cards you can try:CoinsBank - features four different types of debit cards comprising various features and fees.
Having this card allows you to have your cryptos converted into various currencies like US dollars and Great Britain Pounds.
Shift Card - powered by Visa and enables you to access your Coinbase account if you want to use your funds.
Shift cards can be used online and offline.
Uquid - can be used across various currencies. You can access GBP, EUR, and USD.
Coinizy - a virtual Visa card that you can access using Paypal or online.
All you have to do is obtain a card and load your crypto coins in it.
Things to keep in mind before investing in cryptocurrencies* Always check the transactions you makeIt’s easy to send your crypto funds by mistake if you’re not careful.
That’s why it’s important that you double-check every transaction you make using your coins, especially when you’re purchasing something online.
* Check the marketsCryptocurrency is also susceptible to changes in value.
Always remember that the price of cryptocurrencies cannot be determined by rules, theory, or any government intervention.
The supply of these coins is solely determined by supply and demand, so don’t be surprised if you see the value of your coins
at an extreme high or low. The best strategy for this is to buy coins when the prices are low then sell them once the prices are high.
* Secure your wallet and private keyAlways make sure that your funds are secured by
activating 2FA and backing up your wallet.
Be mindful of the sites you visit because you can easily fall prey to online threats like phishers and hackers.
How to secure your crypto investmentsAlways secure your deviceMake sure that the devices you’re using contain
updated antivirus and firewalls.
Another thing you should remember is to avoid downloading sketchy files and apps that could give your devices malware.
Create a unique passwordOne way to protect your crypto investments is to create a unique
private key that will be difficult to crack.
The best way to do this is to combine lowercase and uppercase letters. It will also be helpful if you add numbers, characters, and symbols.
Limit usage of public wifiUsing public wifi is risky because it's unprotected. It can direct the browser you’re using to a page that can replicate your exchange or wallet.
Once this happens, it can access the information on your wallet along with your password.
The best way to counter hacks like this is to secure your browser by using a
VPN or don’t connect your device using a public hotspot.
Invest in a hard walletThe safest place to store your crypto funds is by using a
hard wallet.
Since this wallet is not connected to the internet, it will be difficult for hackers to get hold of your assets.
If you’re using crypto for payments, just allot a budget that you can keep in your wallet.
That way, all your credit funds are secured and well-budgeted.
Be wary of phishersPhishers are very common in hacking crypto addresses.
One of the most common scams these phishers are doing is creating a fake web wallet and using it to mail links to crypto users.
The emails they send are usually convincing and lures investors to log in with their information.
To spot these phishers, always verify if the link displayed on your browser matches the one in your exchange wallet.
Don’t store your funds in one walletOne of the best strategies to protect your funds is keeping them in
separate wallets.
Divide your funds and assign them in different wallets so you can avoid spending them all.
Always keep two wallets where you can store your funds for investment and for daily expenses.
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Cryptocurrency has the
power to change the world and launch a revolution
that can change the traditional banking system as we know it.
With its ability to make everything swift and seamless for people,
the medieval financial system we are used to might be replaced and improved for the better.
To fully benefit from these promises of digital assets, you have to do your part by being responsible
and gathering enough information before delving into the world of virtual currencies.
Don't forget you can read the full article in
Bitcasino.io blog.
Cheers
Karl
Bitcasino.io