Are you deeming investing in cryptocurrency platforms and at the same scared to become a part of the whole cryptocurrency ecosystem? Crypto trading has always been a debatable topic among investors as it involves a lot of risks and losses. It is like an adventurous tour where you play the monetary game of either winning everything, or end up having nothing in your hands. If you are on the starting line, or the middle road of sinking money into cryptocurrency then you must make sure that you research inside and out before becoming a part of the cryptocurrency ecosystem.
Well, now let’s discuss a few key points before dipping your legs in the pool of cryptocurrency.
THE RISK IS IN YOUR HANDS!
Investing in cryptocurrency is no moonwalk! Any currency can take off one day and cave in the next one. So, what next? Well, the newcomers can go for popular cryptocurrencies like Ethereum, or Bitcoin which have lesser tendencies to go down, and also if you decide to unship your load, then you will have trouble-free time hunting a buyer for your token.
If you are a swashbuckler who does not get care about risking your cash, then you can consider investing in altcoins as they are economical and ensure quicker profits, but they come with a cost. These altcoins have truncated demand which makes them harder to unload among the traders.
CONNECT THE DOTS!
Do you remember that saying, everything that flickers is not gold? The same goes for cryptocurrencies. Don’t put your hand in the beehive until you are entirely sure of extracting honey without getting bitten by the bees. While hand-picking a cryptocurrency don’t get lured away by the tempting profits, put two and two together.
CHECK YOUR CRYPTOWALLETS FOR TOKENS!
Cryptowallets store your tokens and used them for transferring the funds while you are connected to the Internet. Although, hackers can easily break down the walls of cryptowallets due to the frequent internet connection. The two-factor authentication is a smart choice if you are going for a hot wallet as it elevates the security which further eliminates the chances of hackers getting to your cryptowallets. Also, remember that the two-factor authentication code reaches you through the medium of the app rather than a text.
Although hot wallets are a safer home for your tokens, that does not mean that you transfer all of them in the same wallet. Usually, a hot wallet should be used to make near-coming transactions, and freeze other assets in a cold wallet.
HACKERS NEED NO-KEY TO THE LOCK!
Great power will always bring great responsibility. One careless attempt and you will be saying goodbye to your little cryptos forever. That’s scary! Isn’t it? Today, these gearheads are advanced enough to persuade you to hand over your tokens in their hands. You got to be heedful of their next move.
USE PROTECTION WHILE TRADING CRYPTOS!
You do not want to mess with a hacker’s abilities. So, prevent your loss before it gets too late to cure. You must use a procured communication channel for all of your crypto transactions. Using public networks like Wifi can invite attention from hackers. Don’t let the gearheads get the hold of your cryptos. These criminals can expropriate your crypto records and can purloin your assets under your nose.
Even if you are using your home Wifi, make sure you secure it with a self-made password rather than the one provided by the Wifi company. These passwords are similar to each other making your assets vulnerable to hackers.
Employ an encrypted VPN channel to trade your assets.
This article does not intend to scare you or prevent you from investing in cryptocurrency. The motive behind this article is to make sure that you don’t get into the rat trap of hackers. You can invest in cryptocurrency but make sure that you are aware of every secured possible way to save your cryptos from drowning in a hacker’s wave.
Here is the summary of the article!
Get a hold of all the possible markets before investing, or transacting, don’t get too excited in the beginning.
Don’t stick to one flavor, explore your options and invest in multiple cryptocurrencies
Safeguard your password and try to keep your cryptocurrency in a cold wallet.
Don’t stick out your tongue for the free food. Explore all possible loopholes before investing in cryptos.
Shield your Internet connection, and do not forget to get a secured antivirus on every possible device you possess.