Are cryptocurrencies safe at all?
Speaking of security, it’s a good time to remind you of the importance of protecting your data online. There are general rules of thumb for crypto trading:
- Use long and complex passwords;
- Change your passwords regularly;
- Do not use the same password on different websites;
- Do not click on any suspicious links;
- Don’t leave any personal information on websites you don’t trust.
Particular attention should be paid to the private key and sid phrase generated when creating your Bitcoin wallet. Your private key is an encryption that allows you to access your bitcoins at any time. If someone else learns about them, the coins also become their property.
Cryptocurrency Trading for Beginners
In the beginning, you’ll need a cryptocurrency wallet (which is more secure than storing coins on an exchange), as well as a verified profile on a cryptocurrency exchange.
There are different types of wallets, each with its own advantages and disadvantages.
Paper wallet. It is one of the easiest and most reliable ways to store your cryptocurrency. You can create such a wallet using offline services – these are applications that generate keys for a wallet without a network.
Since the paper is not connected to the internet, the likelihood of your coins being stolen by a hacker attack is minimal – unless you have a photo of the data sheet on your phone.
Hardware wallet. This method is very secure – your keys are stored on a small device that is generally well protected from physical attacks. In addition, it is not connected to the Internet.
Mobile or desktop wallets. It is one of the most insecure but convenient ways to store cryptocurrency. Your coins will be available at all times – via an app on your smartphone or on your computer. Therefore, transactions can also be processed faster than with other methods.
The Basics of Crypto Trading
There is no one-size-fits-all crypto trading strategy for beginners, but we will highlight the general points and give 5 important tips.
