If you’ve just decided to dip your toes into the waters of cryptocurrency, then we’re going to hazard a guess and say that there’s a good chance that you’re finding the amount of information to get your head around a little overwhelming. It feels like one of the biggest reasons for people deciding that crypto is something that isn’t worth learning about or is inherently shady is because it does require a lot of time and research to get to grips with. It’s much easier to dismiss something than it is to put the work in and learn about it, isn’t it?
But if you’re reading this, then we’re guessing that you’ve decided to roll up your sleeves and get serious about cryptocurrency. If you’ve already put in the hours learning about the basics, then it’s high time that you learned about a few of the tips and tricks to help you get ahead.
Now, before we get started it’s worth reminding everyone that there are no guaranteed “this is how you get rich from Bitcoin fast” schemes, just as you wouldn’t trust anyone telling you that investing all your money in their mate’s new company they can’t really explain. Cryptocurrency is something that requires patience, research and confidence, and here are a few ways you can make your journey using it a little easier.
Make Sure You Do Your Legwork
While there are plenty of elements that make trading cryptocurrency unique, a lot of the advice is very similar. Let’s start with one of the basics: always do your research. No matter what kind of cryptocurrency you’re trading, whether it’s Bitcoin or one of the other increasingly numerous currencies, there will be whitepapers that you can find on the web to give you plenty of information. You wouldn’t snap up a bunch of stock without doing as much research as you could beforehand, and cryptocurrency is no different.
Don’t Rush Into Anything
Again, another classic piece of advice that’s been around for as long as trading has, but it’s particularly important when it comes to trading cryptocurrency. Because cryptocurrency is prone to, shall we say volatile, behaviour in its value, certain coins will become hot very quickly, or will suddenly have a very low price.
Now, this is a market where you can make a lot of money very quickly with the right investments and the right research, so it’s understandable that there’s a temptation to strike while the iron’s hot. However, this is also precisely the reason why you should be cautious. It might seem like something amazing has just fallen into your lap, but you’ll be kicking yourself if it turns out that you rushed into a bad deal.
There Are Ways To Get Free Crypto
We know, we know, we just said to watch out for anything that seems too good to be true. However, while we would advise you not to click any links in emails shouting about free crypto now, there are several avenues that you can explore to get some free tokens into your wallet.
The first, and one of the most common, comes in the form of sign-up bonuses as sites and exchanges look for ways to boost the number of people using their sites and services. There are some games that you can play to win coin prizes, and if you’re lucky you could find yourself the beneficiary of an airdrop, randomly dropping coins into random wallets to boost awareness of particular site. There are also competitions that you can enter if you’re feeling lucky. The hunt for free cryptocurrency can be a bit of a minefield, but Traders of Crypto have put together a guide for anyone getting started, and you can find out more here.
Learn About Safety
One of the most common warnings you’ll hear about cryptocurrency from people who don’t understand it that it’s unsafe, but the fact is that the safety measures you’d take when doing any kind of financial transaction online are also the ones you should apply here. Use a password app to make sure you’re staying safe, don’t open any suspicious emails, and use a two-factor authenticator.
Being vigilant and using common sense are definitely two easy ways to make sure that you avoid anything that’s going to compromise your finances, but if you want to make double certain that you keep your tokens secure, then you can learn about hot wallets and cold wallets. Hot wallets are the software version, which you can download for your computer, tablet or phone, and are easily accessible for quick transactions. Cold wallet is a phrase used to describe any device where you store your funds offline. As advanced as our software security is, the last year has shown that cyber scammers and crooks have been upping their game all over the world. Don’t take any chances, keep all your info and your funds safe.
