If you are new to the Crypto world here is the 10 RULEZ to follow to keep your crypto investments SAVE.
- Don`t keep your Crypto on Exchanges.
Its easy to keep your crypto on exchanges and “not worry” about it. That is not true. In the past couple of years they were numerous hacks, exchange owner stealing crypto, hacked customer account and many more problems. There is a general rule “Not your private keys, not your crypto”. Keep what you are planing to trade on exchange and move all the rest to your private key owned wallet.
- USE hardware wallet.
For £69 you can buy a Ledger Nano S Plus hardware wallet with up to 100 different crypto assets installed on it. Hardware wallets are the best way to keep your crypto save. Keep in mind they are bulletproof as long as you don’t make a mistake on your side.
- Don’t invest money you can’t lose.
Crypto is good way to invest, BUT don`t invest your live saving into DOGE coin… In the short term you may make a win, but in the long term your money will be gone. Always invest ONLY the money you can afford and don`t mortgage your house to buy crypto.
- Don`t listen to YouTube,TikTok, Instagram or any other Influencer.
Since Bitcoin price jumped so much, every Influencer started selling tracinign courses, crypto signals, secret telegram group etc…. Do your own research and don`t belive or trust the Influencers/Media.
- Always have a backup of your backup of your secret key.
Always make a backup of your private key/hardware wallet/software wallet. It cost you only time (or money to buy another hardware wallet), but will save you in the future when bad things happen and you lose your wallet, damage your wallet, damage your harddrive (that you kept your software wallet) etc
Don`t keep all your eggs in a single basket. That doesent mean to buy Shiba, Doge or similar “shit” coin. Just split your investment between the top 10 crypto you like.
- Double check/Tripple Check the wallet address you are sending your crypto to.
There are viruses that change the address, when you copy it. There is always a chance that you don`t copy all of the address. Also check the network that the crypto you are sending to accepts. There are different networks (BEP20 etc) and in most cases if you send using the wrong network, your transfer is lost forever. Its always better to send small amount to check if it goes thrue and then send the big transfer.
- If you don
t know what you are doing, DON`T USE LEVERAGE.
Leverage is a fast way to WIN money, BUT its fastest way to LOSE all your money..
- Don`t FOMO your money.
FOMO (Fear of missing out) is a big factor in crypto prices. Alof of people see the price of a crypto increase in couple of days and start buying whitout doing their reaserach…. This way you fall for pump and dump schemes.
- Find a way to give your crypto wallet/keys to your relative in case of your death.
So many bitcoins are lost (no only because of death, but also because of forgoten passwords and throwen disk/usbs), so don`t be part of the statistics. Find a way to give your crypto to the people you want in case of a accident with you.