Are you about to get into buying and selling cryptocurrency? Do you want to invest some money into the money-making, Internet sensation of business called Cryptocurrency? Before you start, read the basic facts below.
1. Exchange/Hardware Wallet
Before you start with the complicated process of storing your own cryptocurrencies in your hardware wallet, start with the Exchanges first, to get the hang of things. When you are more confident and comfortable with the whole crypto things, then you may start thinking of hardware wallets. CryptoCurrencies can be traded 24/7 on exchanges, there is no closing or opening, and there are also no entities that can HALT trading and prevent you from buying/selling.
2. Cryptocurrency is Volatile
There is a lot of volatility in crypto relative to normal stocks. This is an emerging concept and get in only if you can lose your money in a single day. Well, that’s talking in the extremes. The point is, don’t put into Cryptocurrency any money you are not prepared to lose; not your rent money, nor your school fees, nor the family feeding money.
3. Trust No One
There is also a lot of misinformation on all social media with regards to Cryptocurrency. Assume every single person explaining why a coin is better is a deceiver. That is to say, he wants you and all the people he talks to, to buy his favourite coin so that the price can increase. Don’t depend on a single source of information before taking a decision on what coin to buy.
4. Do Not Buy Giveaways
Do not buy any of those giveaways being promoted all over the Internet. No one will give you crypto if you send them some money. If you send money to anyone, forget it! It won’t come back. Gone to the winds!
5. Cryptocurrencies are Legitimate
CryptoCurrencies are not Illegal. If you hear all these millionaires defaming or lashing out at cryptocurrencies, you need to sit down and ask yourself, ‘Why is this man saying so?’. These people are the old ones who believe and live on the dollars.. Cryptocurrency is harmful to their personal gains. They don’t want to get involved, and they don’t want it to prosper.
6. Cryptocurrency is Not Magic Money
Cryptocurrency is not a Get-Rich-Quick scheme. It takes time, patience, and knowing exactly what you are doing. It is also never too late to get in or also get out! Don’t be motivated by greed
7. Do Your Own Research
Do your own research. A healthy skepticism is what saves you in whatever situation you are! Take time to read about cryptocurrencies and educate yourself. Before watching a movie, you want to see the trailer or ratings to decide if it is worth your time. In the same way, you should read the official whitepaper and roadmap for the cryptos you are interested in.
The list is by no means exhaustive, but this about covers the basics. Drop your question or comment in the comment section. We will be happy to hear from you.