Hi there! I hope that you have started trading bitcoins online already! I have provided tons of useful info in my previous articles about bitcoins, litecoins, online trading, bitcoin wallets, bitcoin markets etc. Nevertheless, i’d like to warn you about some things that you must avoid to make your trading journey sweet, not bitter. So, here we go.
Divide and conquer
Don’t, i repeat, don’t use your exchange’s wallet to keep all Bitcoins that you have earned already. Basically, every online market provides you with your personal bitcoin wallet right after submitting your profile. Nevertheless, keeping your money on your exchange wallet is very convenient, but, on the other hand, it gives your exchange a full access to your Bitcoins. Exchanges servers can be hacked, can be destroyed or just suffer some hardware malfunctions. So, ALWAYS transfer your money to your main storage wallet.
Conquer and divide
Or do not keep all your bitcoins in one place. And, preferably, use offline wallets to store your wealth. Online wallets can be hacked and hijacked. Storing your money on your PC is not reliable either, since hardware issues can make you poor. So, use offline wallets and always do backups. Always. Also, i don’t recommend just to accumulate money. Money must make money, so invest in everything that you want. It is better to invest into 10 startups and make a good profit in several years, than just to accumulate all your money in your wallet and lose them after a hardware problem.
Yes, BTC is volatile, and you must remember that when you invest in bitcoins. Same as USD, Euro and every other currency. Just be smart, be steady, and do not rush. I remember reading in the news 10 years ago that some dude just ordered a pizza for 1000 BTC. And i remember myself trembling when i bought my parents a 3 bedroom flat for 15 BTC just 3 years ago. Just don’t panic when you see that the price goes down. You’ll get used to it. So, don’t panic yourself, and get used to make more money with the other traders panicking.
Try to be loyal to your cryptocurrency of choice
Today, after tremendous success of BTC, there are new altcoins spawning on the market every single day. Just stick to the one you believe in. Personally, i prefer BTC, LTC and ETH – three of a perfect pair are more than enough for me. Just remember to keep some healthy skepticism when reading about some brand new altcoin in the news.
Always develop yourself
Just keep abreast. I hope that you have got plenty of useful information from me. Anyway, just be sure to check on the new info every single day. There are plenty of news digest sites and social network groups, that can provide you with the latest news about cryptocurrency situation. Information is a weapon, so be sure to use it.
I hope that i’ll help you to avoid these mistakes. Mea culpa, i mentioned them just because i have made that mistakes myself. God, i wish there was someone mentoring me back in the days. Stay in touch, i’ll give you lots of info in my next articles.