Cryptocurrency for Beginners: mandatory basic steps
Whether you are a newbie or an experienced investor, 10 basic steps in crypto are mandatory, so I will explain them before investing.
1. Very volatile and risky. Full of scams and no customer support
2. Don’t publicize, risk with hackers
3. Check the website. Https and lock symbol
4. Separate email for crypto, strong passwords, use pen and paper for PWs.
5. Use VPN, Antivirus. Smart with strong PW
6. Don’t use OTP. Use 2FA. Google Authenticator/authy
7. Start with small amounts
8. Learn the terminology and understand the project.
9. start with BTC and ETH, may be Solana
10. Use good exchanges like Binance, WazirX, CoinDcx
1. Very volatile and risky. Full of scams and no customer support
We have to understand that crypto currency is very volatile and risky compared to the stock market. Most of these scams or stealing money, coins are very common in every day and we should understand it. Plus if something happens now the customer support is very minimal where as banks and stock exchanges have customer support but crypto doesn't have customer support. Once the money or coins are goes from our account, there is no way to get them back, you have to be careful.2. Don’t publicize, risk with hackers
Don't do too much publicity saying that you are investing in crypto because wherever you posts on social media like Twitter, Instagram, and etc, the hackers are always observing, that’s why we are at risk so we have to be careful.3. Check the website. Https and lock symbol
Next, you have to check your website which is the exchange website you have using whether it is secure or not. This is because fake websites have become more and more, now you know the WazirX, they make the same copy website, but it is not the original WazirX website. How to check this is, you will see the lock symbol before the URL (link) of the website or other way is lookup the website in Google, there will be Https before the website in Google search results. Make sure that both these are compulsory and also make sure that the spelling is correct. Bookmark the visited original website if you need. It is simply stored in Google Chrome.4. Separate email for crypto, strong passwords, use pen and paper for PWs.
Create a new email for crypto instead of using the email you use regularly for Gmail, Facebook, Instagram, banks and etc. Do not use this email for anything, use only crypto. This way, even if your email is hacked, your crypto account will remain separate and it is safe. when you use a regular email id and if it is hacked, your crypto account will also be hacked So be careful. Also, use a strong password, do not save it anywhere in the system or in the phone, take a paper and write the password on it. Keep the paper in safe place.5. Use VPN, Antivirus. Smart with strong PW
You must use compulsory VPN or antivirus on your laptop or mobile but this is a must because you know that something can get damaged or hacked due to getting a virus, so it is better to be safe before suffering later. If you are trading on the phone, you should set a strong password with fingerprint, face lock and all of these should be use compulsory.6. Don’t use OTP. Use 2FA. Google Authenticator/authy
In this point do not use OTP what happens by using OTP is that there is a chance that other people can take your SIM card in your name and hack your account. A lot is happening like this. There is 2 factor authentication you can Google it as 2FA. There are some apps called Google Authenticator/Authy. It is in Google Play Store, the Google Authenticator generates a new code every time you login. If you enter that code, you can log in. Same as OTP but instead of OTP, these apps are said to be more secure.7. Start with small amounts
Start with a small amount without investing too much at once. 1000, 2000 likewise start slowly and then increase slowly while understanding the market.8. Learn the terminology and understand the project
Coming to this point first understand the terminology. Crypto currency is a bit of a huge subject. First of all you need to slowly understand the technology, the terminology, what is a project, what is Bitcoin, what is Ethereum, what is Solana, why are you using them. Compulsorily understand what their use cases are in the real world. If you invest without understanding it does not come under investment. Someone on Instagram said this coin is good, and someone on the Facebook group and Telegram group said this coin is good, if you put money depending on that then it’s like you are gambling. So it is not an investment. Invest only if you compulsory understand the project and understand the technology and understand that terminology.9. start with BTC and ETH, may be Solana
If you are going to start you better start with bitcoin, ethereum because they are both slightly stronger coins and now the BTC which is slightly stronger coin among all the coins in crypto. Btc has high price, it is very cost but buy some BTC in fraction points. btc, ethereum are fine if u want u can try solana too. My point is that you should not try any coin other than these three coins. Once you understand and know everything about the market, once you get experience, then you can do experiments, but in starting it is better to stick with these three coins.10. Use good exchanges like Binance, WazirX, CoinDcx
Last point comes you use good exchanges we have exchanges like binance, wazirx, coindcx these are popular exchanges with little guarantee. The Binance is the world's most popular exchange. I would recommend any of these three exchanges.
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cryptocurrency