Statistics have shown that about 60-65% of the world's funds are set ablaze due to errors caused by ignorance. The kinda errors that are not worth making in the crypto world.
The "ABC's" In Crypto World
ABC? "Always Be Conscious"
In every system there are a set of rules, programs, FAQ, and most importantly guidelines.
In this Case, we'd be looking at the guidelines!
One thing is taking a step into the crypto world and the other is understanding the basics and the risks involved. As always there are a lot of things that when done in the crypto world, it can never be undone.
Let's hit them below:
The ABC In Choice Of Investment
Crucial? Of course, being that you wouldn't wanna watch your funds vanish like dusts in the skies.
If I should recommend but not advice, BTC, ETH, BCH, LTC are the only lead Cryptocurency That I trust. So then putting your money on prolly a new coin and jumping into a massive purchase can be the most risky step.
Especially if you're not a long term investor, and you're definitely looking for quick profits and have no intentions in HODL. The most crucial aspect of investigating in crypto is tolerance and the ability to HODL your coins and tokens both in the time of Bull or Bear. But it's not entirely new that most fellows ain't interested in that, so they want a quick "Cash Out" short term and Profitable! Choose the right investment.
The ABC In Choice Of Wallet
Why is this important?
Ironically you can't and most definitely shouldn't take money to a criminal's house for safekeeping, absolutely not!
Your funds are at stake and so caution is needed to be applied when choosing a wallet.
So here are a few recommended crypto trusted wallets.
Note: do your own research before using any of the listed options!
Coinbase: Best Overall.
Trezor: Best Hardware Wallet for Security.
Ledger: Best Hardware Wallet for Durability.
SoFi: Best for Beginners.
Robinhood: Best for Free Buying and Selling.
Edge: Best for Mobile.
Exodus: Best for Desktop.
And for Crypto newbies or retailers I would recommend imtoken wallet, Trust wallet, meta mask and Safepal. I personally use safepal and am pretty much satisfied with it.
The ABC In Storage Of Keys
What are keys?
Keys in crypto refers to private codes used as tools to unlock some sensitive information or carry out some activities in a crypto wallet. Such as making transactions. Keys are your only means of accessing your funds and assets if at all anything happens like losing your phone or computer and having to open your wallet on a new device.
Is there any use in having the safest wallet in the world when you can't keep your keys safe? Well heck no! Most crypto wallets that I know would never give you an option to access you keys after the wallet has been set up. You only have one and important chance to backup your keys!
Speaking of back up, how do you back up your keys?
Do you write them down?
Do you screenshot and save on your device?
Do you save them on phone notes?
Oh well, out of the three listed above, only one is as close as the word safe and that is writing it down!
Screenshots, photos, videos are just a few things that are never permanently deleted from phones! So having your keys on photos are the best mistakes and risks you're taking that could cost you a lot, so don't do That! :)
Note books, absolutely not friendly, even though they look armless! There's always a compromise in privacy and that includes everything you type or store in those notebooks, so having your keys stored in them are top notch in risk formats.
Mnemonics or phrase words
I almost forgot that most Mobile wallets don't have keys but Mnemonics or phrase or seedwords . Technically it's the same thing as keys but it differs a bit because it's usually used to retrieve lost wallets.
Mnemonics are just a set of words, written in a certain order, expected to serve the purpose of fund retrieval, solely! Like words to remember in order to access your funds.
The ABC In Choice Of Exchange
Very essential for traders!
Your choice of Exchanger will affect you, but your profit and loss! :)
Yes, the strategy is to buy when the trend goes down and sell when it rises right? Of course!
You can make profits if you use the best or right exchanger and you can also make a loss if you use the wrong one. Always compare the prices in different exchangers before purchase, that's the only way to guarantee yourself some profits on your purchases. Nevertheless, there's a twist despite if those strategies are applied!
In every system where there's money, there's bound to be a lot of frauds and scam implemented programs. So that applies that there are numerous scam exchanges, can't list them but here are the recommend ones, do research before using any!
here's three of my favorite:
Binance.com
Altilly.com
Probit.come
Yeah, that's my top three, you can recommend more for me in the comment section.
So there you have it, my four(4) "ABC's" in Crypto World.
Hope that helps ;)
