Cryptocurrency is the talk of the town. It makes much noise in the investment industry, and its popularity is inviting many investors, some the traditional investors, while some are the newbie is in the crypto world, or I may say, in the world of investing. The benefits overwhelmingly out weight the cons and many new investors are now knocking on its doors.
However, before jumping into this new world, better take time to study more of the system, to avoid committing the biggest in their life.
Here are some basic things you should know.
• Wallets. Wallets are just like a bank account in our banking system. Each wallet, stores different tokens. In cryptocurrency, you need a wallet to store your token, before you are allowed to trade. For example, your bitcoin must be stored in a bitcoin wallet, just like your bank account. Getting a wallet can be done when you sign up in an exchange that will allow you buy, trade and sell cryptocurrencies. There, you will be allowed to generate a wallet for every token they trade or sell to you. This wallet does not hold any amount of money, like your physical wallet. It’s just your secure viewpoint towards the blockchain, where you can view your records and transactions.
• Exchanges. Crypto exchanges never sleeps, it goes 24/7, unlike the traditional stock markets. Not all exchanges allow you to buy bitcoin, the most common trading pair in the crypto world. Most coins can only be traded against bitcoin. In the crypto world, exchanges are not regulated, so you will have to invest at your own risk.
• Management. Management will require you to look after dozens of wallets spread out in many exchanges. You have to remember which token you bought from, the price of the token and a lot of data’s. This is a very tiring task. The solution is to set up a spreadsheet, but, to sync it with live data could be another hard task. This time, you need the help of the available apps, to be able to log your data, to know your losses or gains.
• Security. Making sure that your investment is secure is your priority. You have to follow these precautionary measures.
a. Enabling of two-factor Identification. This feature should be enabled.
By enabling it, hackers cannot open your account even if they have the
Password, because only you will have the code, that is sent to your phone.
b. Avoid re-using your password and log-ins.
• Mistakes often committed. In the crypto world, some mistakes are often committed by the users. They are:
a. Wrong send. Sending tokens to the wrong wallet is a big mistake. In the
Crypto world, there is no retrieval. Once sent, it is final. Check the address to
send the coin, before continuing with the transaction.
b. Wrong amount. Make sure that you are sending the correct amount before
you proceed with the transaction.
Official links for more details,
Website: http://nodexcoin.org
ANN Threads Link : https://bitcointalk.org/index.php?topic=5027555.0
Discord: https://d.nodex.app
Twitter Link : https://twitter.com/nodexapp
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1472403