There are certain principles to keep in mind when you decide to invest in cryptocurrencies. Here are my favorites.
- Invest when there is a massive dip (when the price is low) and sell high.
- Let your private keys remain private. Don’t share it with anyone.
- Not all coins should be held for a long time. Some are good for trading and making quick profits. Research and discern which to keep and which to sell off as soon as you see a profit.
- When you provide an allowance for swapping on decentralized trading platforms disconnect it when you are done, ASAP.
- Avoid interacting with coins that suddenly appear on your wallet — they are likely a scam, 98% of the time.
- If you plan to hold your assets for long, store them in a hardware wallet or offline wallet.
- Only buy coins from reputable crypto exchanges.
- If it sounds too good to be true, it’s likely a scam.
- Plan on how to transfer your crypto assets to your heirs in case you are no more — it might get lost forever.
- If you plan to trade actively, listen to economic and financial news It can impact the price of crypto assets as well.
- Do not buy coins because someone said it will do well. Do your own research.
There are really no rules. However, these are my personal rules that work for me and help keep me safe. I hope you find them useful. You’ll develop your rules when you get more experience.
Getting started with crypto? Read our introduction to Crypto
Software Developer | Blockchain
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