Before you invest in crypto – invest in yourself
I don't want you to fall victim to a scam. Learn to distinguish good from bad projects. Understand the technology and look forward to your new opportunities.
1. Learn about Crypto
is a digital currency that uses cryptography to secure transactions,
control access, and verify the transfer of funds. Cryptography is the
branch of mathematics that deals with encryption techniques. Bitcoin was
the first cryptocurrency ever created in 2009. Since then, many others
have been developed, including Ethereum, Litecoin, Ripple, Dash, EOS,
Stellar Lumens, Cardano, Zcash, Monero, Dogecoin and thousands more.
2. Understand how cryptocurrencies work
Cryptocurrencies use blockchain technology to create a distributed ledger system. A distributed ledger is a continuously growing list of records (blocks) shared among computers connected to a network. Each block contains a timestamp and transaction data. Blockchain technology enables cryptocurrency transactions to take place without the need for intermediaries such as banks.
3. Know what you're investing in
The value of cryptocurrencies fluctuates based on supply and demand. When people hear about cryptocurrencies, they often think of speculation. However, cryptocurrencies are not just speculative investments; they are actually decentralized networks of computers running smart contracts. Decentralized applications do not require a third party to facilitate transactions. Instead, users store their own keys and transact directly with each other.
4. Invest wisely
investing in cryptocurrencies, make sure you understand the risks
involved. There are many types of cryptocurrencies, and some
may become obsolete over time.
5. Be aware of scams
There are many scammers who try to steal people's money by pretending to be legitimate companies. Make sure you only deal with companies you know. Scams often involve fake websites or email addresses. Never provide your private information to anyone you don't know.
6. Protect yourself
Make sure you keep your computer safe and secure. Use strong passwords and a safe operating system such as Linux. Avoid clicking links in emails or social media messages. Always check the URL before entering any personal information.
7. Don't forget to diversify
You shouldn't put all your eggs in one basket. Diversification means spreading your investment across several assets. This helps protect you from losing everything if one asset drops in value.