5 Tips for Cryptocurrency Newbies

2 min reading
5 Tips for Cryptocurrency Newbies

Are you taking your first steps on the cryptocurrency market? You've found the right place! We will tell you which aspects you need to pay attention to before you start investing.

Make sure that your cryptocurrencies are secure

Be sure to have an appropriate cryptocurrency wallet. Remember that it's you who has to control your virtual currencies as entrusting them to third parties always involves risk. Avoid all types of bidders claiming to multiply your capital - these types of agreements often end up with unpleasant disappointment for novice investors. If you do not feel confident enough to manage your own savings, let it go until you possess the knowledge required to survive on such a volatile market. Also, do not forget that exchanges are not a safe place to hold cryptocurrencies since they are the ideal target for hacker attacks.

Do not share your private keys with anyone

Remember that the person who knows your private keys has access to your cryptocurrencies, which is why it is very important to keep them in a safe place so that no one but you can see them. If you plan to hold cryptocurrencies in the stock market you must be aware that it owns your private keys.

Do not panic

Get rid of unnecessary emotions - they are the main source of confusion and panic. Different types of phobias will not allow you to think clearly, which will negatively affect the accuracy of your decisions. Fear of missing out is not a good adviser on the cryptocurrency market, and only an open mind will allow you to survive here.

Analyse on your own

Focus on the strengths and weaknesses of the projects in which you intend to invest. Pay attention to who is behind them and what is their value. Are there any interesting events connected with them that could contribute to the increase of the price? And above all, avoid following the crowd blindly. Think twice before making any decision and ask yourself whether it is a wise investment. Does the value of the project have growth potential? And how much are you going to lose in the worst case?

Make sure that the URL is correct

Have you ever heard about phishing attacks? It is a fraud in which a cybercriminal impersonates a website in order to obtain certain information, such as login details. Remember to check the URL twice before proceeding with any actions.