In the course of the all-time high from December 2019 and the associated media coverage around Bitcoin, Ether and Co. in the past weeks and months more and more people became aware of the crypto currency market. However, as this brings some pitfalls, especially for newbies in this area, we would like to provide you here at cryptoticker.io a brief summary of the most important basic rules for buying and trading cryptocurrencies:
1) Invest Only As Much Capital As You Can Trust To Lose
Investors should never use more money than they could afford to lose. You always have to be aware that the risk of (total) loss is always present. Money, which is needed, for example, to cover everyday expenses such as rent or food, you should therefore also used for this and not in a highly speculative investment form, as it are the (most) crypto currencies are! Some people even go so far as borrowing to invest in cryptocurrencies. Even if the project sounds promising at the first moment, never put your entire existence at risk, because sooner or later you will burn your fingers with it. With the Kodimax cryptocurrency broker review you can have the best deals now.
2) “Be Your Own Bank” Also Means “Be Careful“
If you go wrong with a bank transfer something and, for example, accidentally transfer money to a wrong account, so you have a central contact, which can help to correct the error. In a decentralized system, which is the most cryptocurrency, every user has to make sure that his portfolio is safe and that his money transfers to where they should go.
One of the key points in handling cryptocurrencies is the safekeeping of coins and tokens. Hardly any other ecosystem has more cheaters and hackers working around the clock to kill people for their money. The A & O for anyone moving in the crypto world must be to protect their private keys from unauthorized access. Tips on how to do that best can be found here . Furthermore, it is extremely important to check carefully before each transfer if you have entered the recipient address and the amount to be sent correctly. If you accidentally transfer the coins / tokens to the wrong address, or even too many, they are unfortunately lost in most cases.