Bitcoin is on its way to becoming a common household name if we go by the stats. The popularity of this Cryptocurrency is skyrocketing and there is no denying this fact. So, if this ever-evolving trend is fascinating you too then let us tell you more about it.
There is a great boom in the Bitcoin curve and that has got much talking and interested in it. However, what this trend lacks is clear and precise information about the currency. Now, many of those who want to get into this space have little idea about this industry. That is why they later find themselves in a tough spot, striving for survival.
So, to keep those troubles away at a later stage, it is better that you prepare beforehand. Therefore, we have brought this essential guide for the readers to know their facts before they jump right into.
In this article, we have compiled a list of important tips that a Bitcoin beginner should know:
Be your guide– This space is already over-crowded with hundreds of experts and experienced practitioners sharing their knowledge on the Bitcoin Revolution system. Now, most of it acts as a guiding tool but you should not completely rely on it. In the end, it is your race and you are solely responsible for it.
So, one should do his research before getting real money involved in the same, you do not want to follow someone else’s footsteps and find yourself in trouble later. It is your journey so base it on your research. This way it will be so much more rewarding and fulfilling.
So, as you get started the first step of this journey should be garnering as much possible knowledge about Bitcoin and blockchain technology. For that, do not completely rely on one expert, rather than collect information from different trusted sources and then form your perspective on that collective basis.
Think twice before leaving your coins on the exchange
Many of the beginner Bitcoin traders follow this approach where they keep their bitcoin on exchanges even after purchasing them and do not transfer them to an actual account. Now, this is okay if you are continually trading but things get difficult when the security of those funds get compromised.
In many such instances, users’ hard-earned Bitcoin and profits have been stolen by hackers from their accounts leaving them helpless. As there is no way you can find the thief in such an unregulated market.
So, explaining this famous Bitcoin slang that says, “Not your keys, not your coins.” Meaning your coins are not really yours if they are still hanging in exchange which you have little control over.
New users should rather keep their funds with them to avoid being hacked or lose all their coins to a cyber-attack. In other sets of security guidelines, they should secure their wallet using all possible means to protect their funds.
Understand the volatility of the Bitcoin market
Bitcoin is an extremely volatile market that keeps changing all the time. So, you cannot expect or foresee precisely how much you will be earning or losing. The prices depreciate as quickly as they appreciate with no such warning.
The market trend has shown the rise of as high as 40% in one-day to a depreciation of 50% in just a month. So, you cannot be sure of anything in this market. So, accept the high volatility and dynamism of the market and invest accordingly to avoid unbearable losses.
Be wary of cyber scams and Ponzi acts
The bitcoin market has become the most favorite target of cyber-hackers and thieves. Considering, the unregulated nature of the market it is easy for attackers here to target the users. There are a lot of scams and hoax schemes out there which you must protect yourself from.
So, practice mindful and conscious trading and try to look out for these signs so you do not find yourself in trouble:
Do not blindly believe every word your internet experts say, rather do your research and be your own guide.
If you have found a trading platform, but little can be known about its founders, then it is better to stay away from that platform.
If you ever come across projects that ask for registration fees, then double-check its legitimacy to avoid losing your money.
Platforms that go overboard with their claims of offering high returns and incredible profits are scandalous.
Do not invest if your gut does not allow you to do so.
Do not trust platforms where you cannot find any real customer testimonials or third-party verifications.
Blockchains are verifiable and those who claim to have made huge profits should have reviews or verifications from some credible sources to support these claims.
Make Cybersecurity a priority
Cybersecurity is a hugely overlooked yet highly important factor when it comes to Bitcoin trading. When you are functioning in such an unregulated industry in the digital space you should make cybersecurity your top-most priority.
Always check the URL of the website you are trading for and if it has the S for security missing in it “http://” than you should question its legitimacy.
User should always be extra cautious while using VPNs with any new platform
If you are using multiple platforms, then make sure the password for each of them is different and you are using two-factor authentication with each of them.
Beware of sharing any personal details like email addresses, passwords, and account details with new platforms. As it could be phishing site to which you are revealing all your data which they could use for malicious activities.
The bitcoin ecosystem is very exciting to be a part of. However, new users must be careful and take measures to safeguard their funds.
Bitcoin is a very interesting space, but users must showcase extra care and concern while dealing in the same.
Police Confirm Arrest Of Ritualist, Other Suspects Linked To Killings In Oyo State
BMO Lauds President Buhari’s Decision To Suspend Magu
VSF COVID-19 Task Force Donates Medical Supplies, PPEs To FCTA
COVID-19: Domestic Flights Resume At Lagos Airport
Police Arrest Bandit, Wife With 2 AK 47 Rifles In Kebbi
Insecurity: Yusuf Donates Patrol Vehicles To Kogi Police
Troops Kill 17 Terrorists, Loses 2 Soldiers In Damboa Ambush – DHQ
NEWS21 hours ago
Head Of Service Urges Reversal Of NASS Salary Structure
COVER STORIES9 hours ago
Top Police Officers Lobby To Take Over From Magu
NEWS20 hours ago
774,000 Jobs: Again, Kayamo Disagree With Senate Over Execution Of Programme
LAW23 hours ago
PMB Seeks Senate Confirmation Of 11 Judges, Others
NEWS21 hours ago
National Commission For Persons With Disability In Process – Farouq
EDUCATION24 hours ago
WAEC Says PPE Required For Supervisors, Inadequate Preparation Not Excuse To Cheat
NEWS6 hours ago
Squabble: Housewife Apologizes To IGP, Ex-husband
NEWS9 hours ago
Troops Repel Attack In Katsina, Kill 46