Five Steps for a Newbie
Tips for crypto newcomers
It can be a scary thing when entering the crypto space. If we could do it all over again and make it easier for ourselves here are the five things we wish we would have known better or understood more.
1. Learn more about the blockchains and cryptocurrencies
Before you start investing take the time to learn and read. Check blogs, read books such as Crypto assets by Chris Burniske and listen to podcasts such as ones by Mitchell Stulken with BitBetterHaveMyMoney.com.
2. Start using cryptocurrency
It is good to start making some purchases and initiating some transfers so you understand how to send and receive. We highly recommend you also take part in some small trades to understand how to do it before investing bigger. If you mess up you could lose it and never see those coins again.
3. Do your own research before investing.
We can not say this enough but do your own research. Look at the coin, what it is accomplishing or setting out to do, the people behind the project etc. Investigate them thoroughly.
4. Take security seriously
Once you purchase cryptocurrency, it is time to upgrade your security. Are you using two factor? Are you using hardware wallets? Do not leave any coins on exchanges if possible.
We recommend picking up a Trezor or ledger nano and learn how to safely store coins.
5. Only invest what you’re willing to lose
Only invest what you’re willing to lose. The space is new and still very volatile. If you’re investing in cryptocurrencies, make sure you ready for the fluctuations. If you find yourself constantly checking and worrying then you either have too much invested, lack of an investment plan or you need to read up on how to remove emotion from investing.
And as always let us know if you have any questions!