How To Invest In Cryptocurrency For Beginners – The Step By Step Guide ( Pt1).
How To Invest In Cryptocurrency for beginners (Pt1).
How To Invest In Cryptocurrency for beginners guide will be in Part 1 and 2. The part 1 of this article will consist of five steps while the Part 2 which will also be consisted of five steps will be discussed when go to part2 page.
As a crypto currency specialist,today am about to show you ways to safely and securely start investment in digital currencies like Bitcoin, Litecoin and Ethereum. I will explain the step by step process , read on.
This process is going to be as easy as possible for everyone,but before we go into that,i need to let you know two vital things before you start to convert your wealth or fiat money into digital currency or asset.
First: These sorts of business are not like the type you have been used to,its not like the normal banks,stock exchanges and credit union.So you don’t have protection if you make mistakes in case you don’t understand the process,there is nothing like hotline to call if you get stocked,in most cases,there is no corporate office you can reach incase you lose your money or investment,presently you don’t have FDIC and banks insured to secure these type of investments,meaning that you can lose all of your funds as a result of user errors or hackers at any time.
With these said,however, it is important to know that, the technology in cryptocurrency is cutting-edge and is the modern day kind of the wild wild west (www),it needs some time and energy to understand it,but you are lucky that i have been able to do legwork by putting together this step by step information to enable you get the proper knowledge and skill required to succeed in crypto currency business or investments.
The next thing you need to know before you continue is YOU must not invest more than what you can afford to lose,this is a golden rule of doing this type of investments.The higher the risk can give higher profit or reward,so humans naturally will always want to over invest,but its important to determine the amount you can comfortably invest and more importantly the amount that will not disturb you in case you lose.So it will be nice you stick to that amount you are comfortable with and be patient during these processes.
Crypto assets are mostly unpredictable and volatile in nature than other assets like the stock exchange,they are traded worldwide 24/7,so if you want to have rest of mind in crypto investment you will need to make budget the amount of money you will invest and focus on that amount.This processes have been arranged into 10 simple steps.
First Step:this may look surprising to you because things about cryptocurrency is big tech,so getting yourself a paper notebook should be the first thing to do, you can visit Amazon to get some notebooks for this. There is these notebook called moleskin with grip paper from Amazon i personally like to use, i like it because it is simple to use because of its way of organizing information for reading.Two notebooks can be required but i think you getting 3 will be better.
Second Step: All of your logins details, passwords and all other important info concerning your crypto exchanges, crypto wallet should be saved in the paper notebook. We are going to talk about setting it up later during this article.It is important that you don’t save or store your login information or password online using password manager,whether on your phone,device linked to the internet, its advisable you do it the old fashion way to save your
important data on paper wallet with backups,this is the reason i advice you get at-least 2 paper notebooks,also to be safer make sure to save or store your notebooks on different areas or locations.You should store your paper wallet or notebooks where very safe incase there is fire outbreak in your office or house, also keep them safe from bad flooding and hurricanes,you may also consider using deposit box in your local bank, bear in mind as we have stated above initially that there is no fail proof for investment lose in crypto currency business,so you have to take responsibility to protect your funds and investments.
Please note that if you have chosen to use the moleskin notebooks i advised you fill in the section which says ( Please return to in-case of lose ). And its good to check carefully and determine the amount of money you would give the person who found and return your notebook as compensation.
Third Step: We will be talking more about passwords here,you should use very strong passwords in anything concerning cryptocurrency.We are going to look into the tips that will enable you create very solid passwords in the process of setting up your account.Important thing to note here is that hackers are not always checking the computers or internet to guess what your passwords will look like,NO,there are sophisticated programs and software they use which
automatically scan through major data bases to check common passphrases or passwords in different characters,so you must not use common words or characters found in bibles or movies,you should also never use the password you use in one account for other accounts.
I will emphasize that you should not use passphrase manager to save or store your crypto account details. Some password managers like OnePassword and LastPass are prone to common attacks by hackers even though those crypto account may look encrypted,you are totally exposed the moment your master password is compromised or hacked,so you must never hope on a single password to secure and protect your crypto funds,another thing is you should not save or store your passwords in browsers because they are also vulnerable or prone to attacks too,this is why i suggest saving or storing your passwords in paper notebooks.
Another thing is if your account needs some security questions,make sure to take it very serious just like you do to your passwords,create difficult to guess questions and answers. Please have it in mind that its easy for people to guess your password questions as ” what is your mothers’ maiden name” in places like facebook and other platforms.Another thing,use fake security answers to save or store your security questions in your paper wallet or paper notebooks.
Fourth Step: Before you start to create any account or wallets using your any devices,whether it is your computer or laptop or phone or any other,you must make sure that the device is 100% free from malwares and any other phishing or hacking programs.In order to scan and secure your computer or devices,there are many types of free tools and free services for that and in this article am going to look into the scanning,securing and cleaning ways using malwarebytes.
The malwarebytes can be a high quality cyber/internet security provider that will enable you to protect and secure your computer or device from hackers first if you don’t already need a strong or solid password to access your computer,now start making your first storage into your paper notebooks using new strong solid password for your computer. Next, lets do a full and complete malware scan of your compter or device using Malwarebytes.
Visit the Malwarebytes website address in your browser on your computer,then scroll down to all products and under the “For Home”area,choose Malwarebytes for Mac or PC.In this article, we will look into how to install on Mac device.
So lets go: Click “Learn More” and then you click “Free Download. ” Retrieve the downloaded file and open it to start the installation process. Click through the installation wizard until the installation is complete and then you click “Close. ” Next, you open Malwarebytes on your computer and you click “Scan Now. If you are clean congratulations!but if there some files that will pose as a threat to your computer,those threats will be quarantined by Malwarebytes immediately,then after that you can click “show quarantine” to check out those files that has been quarantined.Then click the “Clear Quarantine” button to permanently delete all the files that are threats. Finally, you need to secure your freshly-cleaned computer.
Personally,i suggest using the pro version to scan and secure your computer using malwarebytes program,the pro version is the paid version.Note that there are many other good softwares and programs you can use to secure your computers, securing programs such as Trend Micro and many similar ones,only make sure you choose a reputable security
solution to protect your computer or device.
If you decide to take your computer security to another higher level,if its on PC,i will suggest you download and install a key scrambler. The reason for using key scrambler is to avoid hidden keystrokes malware not to record your login information and sent to the hackers who will use it to login into your accounts through encryption of all the things you are typing in your computer or device.I would suggest giving KeyScrambler produced by QFX a try,but bear in mind that you can as well try other softwares out there.
Fifth Step. Your computer will not be the only place to access your crypto accounts,your smartphones too have big role to play here,So you need to take steps to secure your phone. First, if you don’t have one already, require a password to unlock your phone. That way if it’s ever lost or stolen, there is a barrier between a potential hacker and your invested funds.
Endeavor to put your password in the paper notebook in order to keep it safe. Another thing is you have to take away your phone number from public domains/websites or social media,though this process may seem difficult to do due to the nature of social media world,but its like an important and necessary way/step required to give proper security to your crypto investments.Mobile phones numbers are mostly ways to enter into sensitive information or data even in crypto banking. Later in this article we shall see how to setup two factor authentication.
There is what is known as SIM THEFT which is used by hackers,done by making use of phone number and cell phone company, this enable the hackers take your phone’s ID by calling your mobile phone company and requesting for another new SIM card, this is so they could easily hack your invested funds.if they are able to get hold of your phone sim card,so the way to avoid this type of experience is to set up password that the hacker must provide to your cell phone company before getting a brand new sim card which can be used to hack your funds.
Call your mobile phone company and set up a strong and solid passphrase that must be provided before anyone can use your mobile phone to get a new sim card activated.
Thanks for ready,check out the Part 2 And Continuation Of This Article where you will find the final steps on how to invest in cryptocurrency for beginners, we hope you will gain full knowledge of how to trade crypto currencies without stress.