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6 Expert Pieces Of Advice To Hear Before Deciding To Deal With Crypto

6-expert-pieces-of-advice-to-hear-before-deciding-to-deal-with-crypto

Crypto is something that everybody’s familiar with by now. It is a type of digital currency, used primarily by investors and traders. However, there are also other uses for it too, like online gaming, buying clothes, and even paying for one’s groceries.

If you are interested in investing in crypto, then there are some things that you need to know first. Not taking the time to educate yourself could lead to you making bad decisions, which could lose you money.

This post will tell you about six expert pieces of advice you need to hear before dealing with crypto in any capacity.

Consider Casinos

As mentioned in this post’s introduction, crypto isn’t only used for investing. It is also sometimes used to play in casinos. Dedicated crypto casinos can be a highly effective way of increasing your crypto holdings. In particular, Bitcoin casinos are the most popular. This is due to the fact that Bitcoin is the most popular and well-known crypto of all, not to mention one of the most valuable. You should do your research and find the best Bitcoin casinos that you can if you want to play at one.  In order to determine whether or not a casino is worth playing, do your research, read their reviews, and see what independent guides have to say. Independent guides can make the casino selection process much easier.

Another way of finding out about good online casinos is to ask around and network with members of the online gaming community. Bear in mind that some of the recommendations you might be given could be biased. If anybody recommends a casino to you and follows up their recommendation with a referral link, then avoid them. More often than not, such individuals will recommend anything to you, as long as it benefits them. Also, be sure to try and access casinos that offer bonuses. Bonuses are monetary gifts given to people to encourage them to deposit their own money and continue playing. 

Pump ‘n’ Dumps

If you are going to get into crypto, then there’s one thing that you need to know: steer clear of pump ‘n’ dump schemes. A pump ‘n’ dump is when a collective of traders comes together to artificially inflate a cryptocurrency’s price. Once they have inflated its price, they then sell all of their holdings, which significantly reduces the stock’s value, and causes everybody else involved to lose out. It’s very common for amateur investors to watch pump ‘n’ dumps on the charts, and rush in to invest, thinking that the stock’s rocketing in price. Then, they lose money.

Currency Research

Before you invest in a cryptocurrency, you need to do your research. There are many different currencies available for you to invest in. Some are more stable than others. That said, no cryptocurrency is 100% stable. Even the most stable coins are unpredictable.  The best way to learn about which cryptocurrencies are safe for you to invest in is to subscribe to a magazine or journal, dedicated to crypto investment. Also, you can hire an investment planner, who will be able to do research for you, and help you to make more sensible investments. Investment planners can be very expensive to work with, though.

Another way of learning about currencies is to join an online trading forum. There are quite a few crypto communities that you can join, with WallStreetBets being perhaps the most popular. WallStreetBets is a community on Reddit, that deals primarily with stocks and shares. However, a large number of the community’s members also trade crypto. Again, never take a person’s advice without doing your own research first. It is common for individuals that are part of these communities to begin advertising pump ‘n’ dumps to people, in order to get the currency that they have invested in to increase in price. 

Secure Storage

Where are you going to store your crypto? A lot of people make the mistake of storing their crypto in their exchange accounts, but this is a very bad idea. All a cybercriminal would need to do would be to hack your account, then they could steal your crypto. It’s a much better idea to store your crypto in an offline wallet. Make sure that you don’t give anybody your wallet password or ID. If you do, then they could get into your account and take all of your holdings, transferring it to their own wallet.

Wallet Password

Your wallet password is something that you need to take steps to protect. As mentioned in the previous section, if your password gets out, then people could steal your crypto very easily. Your wallet’s password should never be stored on your computer. Instead, it should be written down on a piece of paper, and ideally stored inside a safe. Make sure that you write it down on more than one piece of paper and store it in multiple places. This is so that if you do end up losing one copy, you still have another. You can also store it on a USB stick.

Protecting Yourself

Take steps to protect yourself from cybercriminals whenever you are having any involvement with cryptocurrency because they regularly target crypto investors. The best way to protect yourself is to download and set up a firewall on the device that you use for trading. Also, use a VPN. A VPN, or a virtual private network, is a program that masks your location and IP address, making it incredibly difficult for cybercriminals to track (and then hack) you. Make sure that you set up two-factor authentication on your devices, too. Two-factor authentication will stop unauthorized individuals from getting into your accounts. Your online security isn’t something that should be taken lightly. Implementing all of these measures will help you to ensure that you don’t get hacked or scammed.

Crypto can be very lucrative, as long as you know what you are doing.  However, before you can begin investing in it, you need to consider the points made here. Not doing so could lead to you getting hacked or scammed.

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