6 Most Important Things To Do As Crypto Investors
Investment in the crypto space requires due diligence. The volatility and evolution of the cryptosphere must be met with equal preparedness, research and community-wide presence on the part of the investor. During the early days of blockchain technology introduction, many impostors used the opportunity to perpetrate fraud and thus scam unsuspecting investors.
Cruel as that may seem, I would exert bigger blame to the investor because everyone has the sole responsibility to safeguard their assets to prevent undue losses. To excel and thrive in the cryptosphere also involves certain commitments that this article seeks to present, follow me as we explore 6 important things every investor in today’s cryptosphere must do to blossom as desired.
1. Get Trained
Sequel to anyone’s journey into the world of cryptocurrencies is a comprehensive knowledge gathering. The crypto space is wide and any newbie can get lost. Few of the things to get engaged within the cryptosphere includes but not limited to:
- Cryptocurrency Trading
- Cryptocurrency Mining
- Masternode investments
- Initial Coin Offerings/ Airdrops
- Cryptocurrency Writing Gigs etc.
The categories in the cryptosphere might be quite unfamiliar or strange to those new to the space, this is the exact reason why I pitched getting a training, no matter how basic it might be, the essence of which is to make you understand each sub-niches and how they operate.
Experienced cryptocurrency investors should also acquire knowledge so as to fully optimize the potentials in the cryptosphere. Recommended sites you can learn about cryptocurrencies includes;
- Cnn.com etc.
2. Stick to a Niche
As a cryptocurrency investor, you must decide on which niche is best suited for your investment principles and stick to that niche. Having being in the cryptosphere for more than 8 years, I have seen many people dabble about from one niche to the other, Yes, they are making money, I know for sure that they aren’t earning optimally because they are not master in any niche whatsoever. Being disciplined enough to stick to a particular niche would enable you to keep track of the trends in that particular niche and deploy same for your benefits
3. Be Involved in Community Activities
Most “Crypto Whales” we have out there have, in addition to their huge cryptocurrency holdings, a strong online presence. It is recommended for you as a crypto investor to follow the social media handles of cryptocurrency trading sites, coins or blockchain projects that you either fancy or have investments on. Been engaged in crypto communities’ help register you as a credible investor and this can help boost future deals and recommendations you would get.
4. Learn to Track and Keep Your Assets
Every investor in the cryptosphere must-have tools and software to monitor their crypto assets. An invaluable app is the CoinMarketCap application for monitoring coin price fluctuations and help give one a good grasp of several coin’s volatility. For lovers of masternode projects and coins, the website masternode.pro would prove resourceful.
As an investor with crypto assets, it is best to invest in hardware wallets for the safety of your coins. Leaving your coins in exchanges might be quite unsafe as exchanges are prone to cyber attacks and other such unforeseen irregularities. Some recommended hardware wallets you can use include;
- Nano S Ledger
- Trezor T
- Trezor One etc.
With these hardware wallets, the safety of your crypto assets are guaranteed and it's encouraged to make this a good habit.
5. Safeguard your Passwords and Keys
The highly encrypted wallets (Hot and Cold wallets) in the cryptosphere generally always have a unique password or key to gain access. From applications to exchanges, password generation on the crypto platform is fundamental and it is your sole responsibility to safeguard your passwords. While it is generally construed that the human mind is fallible, every investor should make it a habit to write out their unique passwords and keys and safe them offline. The loss or forgetfulness of your passwords or unique keys can lead to loss of your assets as site administrators do not keep private keys, so do all you can to safeguard your assets.
6. Have your Own Principle
To be defrauded is easy in the cryptosphere as much as it is difficult. The convenience to scam you as an investor hinges on whether you have strong principles or not. If you are a trader, do not involve in ‘all’ trades and when you trade, have a good exit strategy. When you develop a healthy principle no matter the niche you are in the cryptosphere, you would thrive more than lose.
As seen, the crypto space is wide and can be drowning. While venturing into the cryptographic world, have a predefined strategy, interest and do well to learn from trusted stakeholders so you won’t get drowned.