Things to Learn before buying a Cryptocurrency

[Kyoshiro]

Important Things to Know Before Buying Cryptocurrency

I’m going to make this as easy as possible for you guys, but before we get started, I want to share with you three important things you need to know before transforming some of your wealth into digital assets.

1. You Need to Learn How to Protect Your Cryptocurrency

Number one, these types of investments are not like anything else you may be familiar with. Unlike banks, credit unions, and traditional stock exchanges, there are virtually no fail safes in place to protect you if you make a mistake or don’t understand what you’re doing.

There is no hotline you can call when you get stuck, there’s no corporate headquarters you can reach out to if you lose your funds, there are no FDIC insured banks behind these investments – this means at anytime you could lose all of your investments from hackers or user error with no recourse at all.

2. Choose and Stick to the Amount You Want to Invest in Cryptocurrency

The second thing you need to know before we go any further is the golden rule of investing:

NEVER invest more than you can afford to lose.

High risk can lead high reward and we humans have a natural tendency to want to overreach. But you need to figure out an amount you are comfortable investing and, more importantly, an amount you can truly afford to invest – then you need to stick with that amount and be patient in the process.

3. NEVER Leave Cryptocurrency on Exchanges – Set Up Corresponding Wallets

The third thing you need to do before buying different altcoins on exchanges is set up corresponding wallets that support the specific cryptocurrency you wish to buy.

Never leave your crypto on exchanges. It’s dangerous and risky because exchanges are targets for hackers, and sometimes exchanges start imposing rules and regulations that make it difficult to manage your funds.

Research to Find Trusted, Secure Wallets for Your Type of Altcoins

So make sure you do your research and due diligence about the wallets for the cryptocurrencies you want to invest in before purchasing them on an exchange.

References:
https://www.cryptocasey.com

[sugarchrisp]

I appreciate the effort you put into this to help inform people.  Giving karma, keep it up!  <3

[Kyoshiro]

I appreciate the effort you put into this to help inform people.  Giving karma, keep it up!  <3

Thanks for your appreciation.

[Cruelmes]

nothink cause i thnk when you think to buy crypto i thikn you alredy know what make you want to buy crypto

[sidkz]

what is the most reliable way to keep currency

[Kyoshiro]

what is the most reliable way to keep currency

I'll make that topic on my next post. Just wait and watch out It tackles a lot about wallets. So keep reading and reaearching. It will help you a lot.

[flyaccount]

That's right, bro, this post. Indeed, before plunging and starting to do business in the Crypto World, you must pay attention to the 3 things that you explained above. I think this is perfect for beginners if you want to get ahead and want to get more information about the Crypto world, bro.

[Kyoshiro]

That's right, bro, this post. Indeed, before plunging and starting to do business in the Crypto World, you must pay attention to the 3 things that you explained above. I think this is perfect for beginners if you want to get ahead and want to get more information about the Crypto world, bro.

Thanks for your appreciation. Indeed. This is the very heart of crypto basis. Market caps are all around revolving inctypto and we should learn how to avoid any mistakes on investing.

[Nayrb45]

I agree with this we need to know and learned about buying before a cryptocurrency because it is very important to be a good perpormance upon working into a crypto.

[Dprincebh]

That is a good outlined principles, sure to keep that on mind

[Dkingbh]

you must pay attention to the 3 things that you explained above. I think this is perfect for beginners if you want to get ahead and want to get more information about the Crypto world.

[PRIBO247]

Wow mate, I appreciate the effort and time you put into writing this post, with the purpose of education. Even season cryptosiast still learned something.

[Terrexa_Exchange]

Important Things to Know Before Buying Cryptocurrency

I’m going to make this as easy as possible for you guys, but before we get started, I want to share with you three important things you need to know before transforming some of your wealth into digital assets.

1. You Need to Learn How to Protect Your Cryptocurrency

Number one, these types of investments are not like anything else you may be familiar with. Unlike banks, credit unions, and traditional stock exchanges, there are virtually no fail safes in place to protect you if you make a mistake or don’t understand what you’re doing.

There is no hotline you can call when you get stuck, there’s no corporate headquarters you can reach out to if you lose your funds, there are no FDIC insured banks behind these investments – this means at anytime you could lose all of your investments from hackers or user error with no recourse at all.

2. Choose and Stick to the Amount You Want to Invest in Cryptocurrency

The second thing you need to know before we go any further is the golden rule of investing:

NEVER invest more than you can afford to lose.

High risk can lead high reward and we humans have a natural tendency to want to overreach. But you need to figure out an amount you are comfortable investing and, more importantly, an amount you can truly afford to invest – then you need to stick with that amount and be patient in the process.

3. NEVER Leave Cryptocurrency on Exchanges – Set Up Corresponding Wallets

The third thing you need to do before buying different altcoins on exchanges is set up corresponding wallets that support the specific cryptocurrency you wish to buy.

Never leave your crypto on exchanges. It’s dangerous and risky because exchanges are targets for hackers, and sometimes exchanges start imposing rules and regulations that make it difficult to manage your funds.

Research to Find Trusted, Secure Wallets for Your Type of Altcoins

So make sure you do your research and due diligence about the wallets for the cryptocurrencies you want to invest in before purchasing them on an exchange.

References:
https://www.cryptocasey.com [nofollow]

I would like to add one:

Understand WHY you are entering the crypto market. So many new people have joined the crypto world out of curiosity, a desire to "get rich quick". Or an ill-informed conviction that crypto is the answer to "life, the universe, and everything". Even experienced traders that have made the leap from stocks/shares/forex can find the transition difficult to navigate. 

I can think of several reasons to enter the market:


Investment for the future
Investing in a monetary structure that will (maybe) replace the existing fiat one.
Speculation - Trading on short or long-term price movements.
Conviction of "to the moon" (
Get rich quick

The first three are valid, they just require a lot of research, if you think for one minute that the bottom two are good reasons to enter the market - stop yourself.

[anu1980]

The first three are valid, they just require a lot of research, if you think for one minute that the bottom two are good reasons to enter the market - stop yourself.

Sadly, almost everybody aims to get that by joining the crypto world. It's not entirely wrong, as long as you can do that correctly. After all, stocks, gold, and any other investments assets can make people rich.

[BengYou]

Thank you for the guide. Currently I’m still store my assets at exchange wallet. But after read your thread, I have to find some wallet. Between trezor and Nano S, which one is better and easier to use?