Want more wrestling news, rumors, and results? Be sure to visit PWInsider.com and PWInsiderXtra.com.
Everyone wants to be part of the cryptocurrency's network. It is as expected with the buzz around cryptocurrency giving attention and putting it out in the limelight. Many people have let go of their initial thoughts on cryptocurrencies in general. Now, it is widely accepted.
If you are among the fraction that would like to try out Bitcoin and have no knowledge, this article might be helpful. In it are tips on avoiding losing money and starting making profits.
Secure your phone and computer.
Your phone and computer are very essential for trading; hence, the need to secure them. If your phone is not adequately protected, hackers can take advantage of it and steal your cryptocurrencies. That's why you might want to set up a password or pin then download a Google Authenticator app. Google Authenticators have proven to be effective and efficient. Also, for your computers, you'll need to install an antivirus and Nocoin browser extension. This will keep off hacker miners. Then, you can explore other important security your computer needs as you become an expert in the field.
Set up a new email account.
It's most advisable to create a new email address that is not linked to anything else. This will protect your identity in case of a security breach. In addition, you'll be able to keep track of all your email and easily fish out anything odd. This email should be strictly for your cryptocurrency. Don't link it to personal social media accounts or give it out as a means of contact information.
Buy Bitcoin from trusted sources only.
After setting up your email, the next step is buying from an exchange. Ensure you only buy from trusted sources. On exchanges, these trusted sources are usually verified. Buying via peer-to-peer transactions should only be with people you trust else; it is pretty easy to get scammed. You can visit bitcoin-profit.org/ for more information on investing in cryptocurrency. If you are in NZ and want to start your trading on a safe source, check out Trade SHIB in NZ with the Swyftx trading platform.
Choose your wallets wisely.
This comes with knowledge of the types of wallets existing. There are hot wallets and cold wallets. Experts often recommend cold wallets because of the risk attached to hot wallets, which involves leaving your cryptocurrency on the exchange. If the exchange gets hacked, your cryptocurrency will also get stolen. Most times, these stolen cryptocurrencies are not insured hence, unrecoverable. In addition, choose companies with reputations and security. Do your research before choosing a wallet.
Safeguard your seed phrase or private keys.
These are sensitive information that you shouldn't share with anyone regardless of who they are. It will save them from all forms of exploitation or even theft. After setting up your wallet, these seed phrases or private keys should be written and kept somewhere safe or on computer systems that can never be hacked. Once this information gets to the wrong hands, they automatically control your bitcoin. They can as well do what they like with it.
Ensure you are making transfers to the correct address.
Due to the decentralized nature of Bitcoin and the various exchange platforms, any error in transactions amounts to a loss. Always confirm the address more than twice before clicking on it to complete that transaction.
Greed destroys.
When you begin to trade actively, you have to be disciplined. You should always DYOR, Do your research before going ahead to jumping on a trade train. Most times, people forget about their rule because of FOMO, Fear of missing out. You wouldn't want to be caught in that situation.
You should know Bitcoin is volatile; hence, you should always reform your trading pattern if needed. This will help you be up to date.
If you enjoy PWInsider.com you can check out the AD-FREE PWInsider Elite section, which features exclusive audio updates, news, our critically acclaimed podcasts, interviews and more by clicking here!
Bang On Casino
