It’s take time to make a new venture to unknown world, it takes time to adjust to the significant changes of interaction. New surroundings cause a mild fear to tingle down the back of your neck as you carefully approach the first contact. The crypto world is no different. A bewildering set of rules of responsibilities and ways to dupe you out of your money.
You mean I am in complete control of all my money? What if something goes wrong? Who’s going to save me? Who is going to look out for me?
The answer, you’re on your own kid, get used to it! Now that’s not to say you are completely lost, there are a number of forums and people in the cryptosphere who are more than willing to help you at every turn, and there is a wealth of information online to guide you through, but, inevitably, your safety net has been removed and you are swinging on the crypto trapeze with freedom and grace. Don’t be alarmed though, once you get used to it, it’s not all that scary, soon you will be wondering why, all this time, you have been paying interest rates, taxes, charges, all these things the bank insists on you paying so you can be ‘carefree’. Well my friend it is time to take the power back into your own hands and take back control! Here to help you are a few mistakes, learned by yours truly, to ensure your money stays within your grasp.
1. 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! Also if you want an upgraded version wait for Ledger Nano X (to be launched in Mar19) tough Ledger Nano S will be cheaper and still relevant.
2. 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.
3. 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.
4. 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.
5. 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.
So there you have it, 5 tips for your crypto journey. Remember in this game, it’s not about who you know, it’s about WHAT you know. Enjoy the adventure, because once you’re invested, you’ll never want to leave!