👀 The authors of the best pieces of crypto advice 👀
Have you heard that choosing areliable crypto exchange is as important as selecting worthy assets? Or that you should transfer a small number of coins before initiating a larger transaction to be sure of its reliability?
Here is the list of the winners and the pieces of advice they shared with us.
The user firstname.lastname@example.org recommends the following:
“The world of trading attracts many parties, including young people. With flexible time, a trader has unlimited earning opportunities. By understanding trading, you can make alternative income in addition to your main job in today’s era. To be successful in the world of trading, you must be mentally mature and able to control emotions. Do not be greedy! If you don’t get emotional, you won’t be tempted to buy again. Likewise, when you lose, don’t be curious to enter into a deal again. All decisions should not be based on momentary emotions because they can destroy everything!
The second success tip is to get the knowledge, both fundamentally and technically. Don’t guess! Master the knowledge of trading in earnest. Because knowing trading knowledge in its entirety can provide its own advantages.
The third factor is frequent sharing. So give charity and share with others as a sign that we care for others. Because many great things can happen, only with God’s power and help”.
email@example.com gives these 9 tips:
- “Always transfer funds to only whitelisted addresses on exchanges.
- Cross-check the first 5 and the last 5 letters of non-whitelisted addresses before the transaction.
- Do not transfer through a web browser with extensions turned on. Always transfer in incognito mode or through the app.
- Transfer a small amount before initiating a larger transaction to confirm its reliability.
- Transfer large amounts only from a browser protected with anti-malware and anti-tracking software like Kaspersky.
- Do not install a mod or unofficial APK of any apps on the same device with crypto wallets like MetaMask or Trustwallet.
- Use separate devices for cryptocurrency- and finance-related activities and other daily work, study, entertainment-related activities.
- Do not browse any unsafe pages in your cryptocurrency wallet-held device – particularly adult content and video streaming sites. Do not download any content.
- Large amounts must be held only in hardware wallets”.
The winner firstname.lastname@example.org, shares these pieces of advice:
- “Start with small capital. As a beginner, avoid big risks by investing a lot. Instead, start with a small capital first so that the risk of loss that you have to bear is also small.
- Be prepared to face risks. It is possible that the value of the assets you have will drop dramatically when you sleep. This is the kind of risk you should be prepared to face. Don’t be surprised if you can experience losses, even if it’s only for a few seconds. For that, you need experience and good instincts in trading crypto because you have to be brave to benefit from price speculations.
- Don’t give up easily when prices are down. When the value of the assets you currently have is down, don’t get discouraged and just give up. Be patient, waiting for the value to increase. Then immediately sell right away if you are worried about losing. The key to success in trading crypto is to know when it is the right time to buy and sell assets”.
According to email@example.com, if you are new to the world of cryptocurrencies, you should keep the following in mind:
“Before doing any activity like creating accounts on exchanges or replenishing wallets, you must clear several important points to minimize risks and avoid losing money.
- You must familiarize yourself with the crypto vocabulary so that you understand the basic terms and you can know what each of them means.
- The key point is to know how to distinguish an exchange from a hot or cold wallet. The first one allows you to trade, and you are not solely responsible for your funds. You follow the rules and conditions imposed by the exchange. As for the wallet, you are responsible for the safety of your assets, and therefore, in the latter case, there are more fraudsters trying to get hold of your funds.
- Once you know the basic terms and differences between wallets and exchanges, configure the security elements. On centralized exchanges, you can activate 2FA, anti-phishing, and verify your e-mail and phone number. In some cases, you may establish passwords on funds in cold wallets. Never share your private key with anyone; you must keep it out of your devices like PC, mobile, tablet, write them down several times on paper and keep these copies in safe places such as your home safe.
- Then you should know what blockchain networks imply. This is important because many times people lose their assets by sending them to the wrong addresses. In the case of exchanges, the addresses are unique for each token, and the same token can have several sending addresses. In the case of wallets, you should know that they can support several blockchain networks, and your main address is the same in several networks.
- If you’re going to open a link, never search on Google because you can log into phishing sites just looking to steal your data. It is important to establish the anti-phishing code on the exchanges. If it is of a particular project that requires information, use CoinMarketcap and CoinGecko. There you can get information of the project and its contract.
- If you are going to connect your wallet to any DEX, verify that the link is the official one, search CoinMarketcap and CoinGecko to make sure that it is the official website, or look through the social networks of the project.
- There are algorithms to determine the token sites or scam projects, such as DEXTools, Tokensniffer, etc. You must be clear on how to learn to identify those fake sites.
- Another important point, no exchange will contact you by e-mail or on social networks to ask for information about your account or password. Report and block them if it is made via social networks. And if it is via e-mail, report it as spam. Never open the link that they will send to you by e-mail.
- Finally, do the research and educate yourself, as the responsibility for what happens with your assets is your responsibility. If you follow everything to the letter, you will not have problems”.
And the firstname.lastname@example.org says:
“We’ll go through seven things to know before investing in the cryptocurrency market.
- Timing is everything. Digital assets are extremely volatile — and cryptocurrencies such as Bitcoin and Ethereum can fluctuate wildly with little notice. Generally, crypto investors try to “buy the dip,” meaning that they’ll purchase more of an altcoin when its price falls.
- Watch out for scammers. On social media, you may see a lot of hype around an investment strategy that promises huge returns from obscure crypto assets. Others make exaggerated claims about how the price of Bitcoin will rise. Sadly, there are some dishonest actors in the crypto world — and billions have been lost to Ponzi schemes and exit scams.
- Build an investment strategy. Successful investors devise a plan for their cryptocurrency assets. This can involve setting a limit order that means their Bitcoin will be automatically sold when prices hit a certain level. Some crypto exchanges also allow you to copy the moves of established traders in the crypto market.
- Is it too good to be true? Scammers often thrive on creating a sense of FOMO, a fear of missing out. Think carefully before making a cryptocurrency investment, and remember: if something seems too good to be true, it probably is. The cryptocurrency industry is full of impartial reviews and fiercely independent news sites that can help you make an informed decision.
- Beware of FOMO. In a bull market, popular cryptocurrencies can see their prices rise sharply and quickly. Proceed with caution — buying BTC at high prices could lead to nasty losses if it corrects.
- Pick a good crypto exchange. Look for a crypto exchange with strong levels of liquidity, an array of crypto assets, resilient security measures, and reliability.
- Protect your private keys. Last but not least, remember that you need to keep your cryptocurrency safe. One of the best ways to do this is through a hardware wallet, as this will mean your crypto assets are held securely — and far, far away from an internet connection”.
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