Cryptocurrency is a bewildering sector. If you’re just getting started, it can be overwhelming. Here are a few tips from people who have been here a while and bear the scars.
- Don’t keep funds on exchanges. Seriously. Just don’t.
- Don’t keep funds on exchanges (just in case you missed it the first time). It’s one of the best ways to lose money.
- Back up your private keys. Keep them somewhere safe, offline. Learn about cold storage for large accounts. Never break those rules, even once.
- Don’t enter your private keys online – anywhere. Especially not in a hurry, and especially not in a hurry because you need the funds to take advantage of a deal that’s too good to be true. Also especially not anywhere at all. JUST DON’T DO IT.
- Get on Discord. It’s where the action happens. And Telegram, if you can face it.
- Ignore trolls. You’re going to meet them. A lot of them. None are worth your time.
- Get used to shills. They will try to get you into their special coin. It will probably be XRP most of the time.
- Cultivate cynicism – if it’s too good to be true, it might be. This is crypto, so sometimes it won’t be. But be cynical all the same.
- Learn about computer security. And cryptography. And economics. And markets, technical and fundamental analysis, and group psychology.
- Ignore anyone selling a great new ICO token that’s a ‘Bitcoin killer’, ‘Ethereum killer’, ‘the next Facebook/Uber/anything’ or that claims it will ‘bank the unbanked’.
Can you explain why OneCoin is not a cryptocurrency? Well done, you have graduated!
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