18 Things Every Crypto Investor Should Do in 2018
As the adoption of Cryptocurrencies continue to spread like a wildfire, there are some important things everyone who holds any crypto should take note of.
- Only invest what you can afford to lose. If your friend is investing $5000 and you can invest only $100, don’t go taking loans. Go according to your level.
- Do not be greedy. You will find yourself easily falling to scams.
- Be sure to have proper security measures in place for your crypto before talking about crypto in public.
- Research the people behind an ICO before investing in them.
- Have a very good antivirus on your systems or run a linux distribution like Ubuntu. If you can afford to, have a different laptop for only trading.
- Keep paper backups of all your wallets, this is very important as that is the only way to recover your funds after device theft or mishap. Make several copies of this and keep some in bank deposit boxes if you have to.
- Seek the company of other crypto investors and enthusiasts, join groups on social media, discuss crypto, do not be afraid to ask questions.
- ASK a lot of questions. At some point everyone was a noob, I am not saying as someone what is Bitcoin without doing some googling, you will see a lot of things online, ask after doing some research to get more clarification. But never be afraid to ask.
- Do not be a spectator, get your first crypto and lets ride.
- Read reviews and ask other crypto investors about exchanges, wallets and services before using them.
- Get a hardware wallet, it’s very important to help you keep your crypto away from prying eyes.
- Setup 2-factor Authentication for all your wallets, this is very important as it adds another layer of security to your assets. Use apps such as Authy , Lastpass and Google Authenticator.
- When setting up 2-FA, always keep a backup of the key you’re shown during account setup, you can use this to get your settings back when you change your phone
- If your country taxes crypto, do your best to get in touch with a tax lawyer to understand how this works.
- Do not leave the bulk of your funds on exchanges, only keep what you use for trading. If they go down or get hacked, your funds will get lost as well.
- Just Hodl your coins/tokens if you’re not a good trader. Diversifying and keeping still yields good returns with lesser risks. If you want to really try the trading game, you can use $20-$50 to mess around and see what’s in it.
- Most importantly, spread the news to the uninitiated.
- Again, only invest you can afford to lose!