Some basic tips for Beginners of cryptocurrencies


As a newbie to the crypto world of buying and selling cryptocurrencies I have learnt a few valuable steps in which I would like to share.

1. "NEVER" disclose your 24 word seed to ANYONE. - Each wallet has a 24 word seed for you to be able to access your wallet. Write the 24 word seed on a piece of paper and store it in a safe location offline so that no one will have access to. If someone has your 24 word seed they can access you wallet that contains your cryptocurrencies.

2. Not your key, not your cryptocurrency - If you store your cryptocurrency on an exchange, you DON'T own the cryptocurrency. Ensure you store your cryptocurrency in your OWN wallet.

3. "NEVER" disclose the amount of cryptocurrency you have. Don't brag to your friends about how much cryptocurrency you have or where you have stored it. The information could get in the wrong hands and soon or later you wondered why your cryptocurrency has disappeared. The ;ess they know, the safer you are.

4. If its too good to be true, don't get sucked in. I have recently seen advertisements offering people insane amount of free cryptocurrencies if they send a test amount of their own cryptocurrency to a receiving address. AVOID like a plague as its a SCAM.

5. Check, double check, triple check and Quad triple check before sending or advising of the receiving address. Be careful of buying cryptocurrency from an exchange and then sending it to your wallet. Always check every character in the receiving/sending address to ensure its 110% correct. If one character is wrong you will lose the amount in its entirety. 

 

 

How do you rate this article?


5

0

NewbieinWien
NewbieinWien

42M interested in exploring the new world of cryptocurrencies.


Before receiving and sending cryptocurrencies
Before receiving and sending cryptocurrencies

As a newbie to the crypto world I have familiarized myself with buying and selling various crytptocurrencies as a beginner. I would like to share my experiences of what I have learnt so far. ANy helpful tips you can advise that would be great ;-)

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.