If you don’t have too much knowledge and are not an expert on bitcoin or the way cryptocurrency works, that’s completely fine because, in this article, we will discuss what you need to know in order to get started before you buy your first crypto. First, you need to remember that in cryptocurrency, you are the one handling your assets. You are the keeper of your wealth, and you are responsible for everything that might happen in your account. So make sure you know how to manage your crypto accounts and secure them well.
There are a lot of people who will always try to steal your funds. And if ever you’re victimised by a crypto scam, then you will lose your assets, and there will be nothing you can do to get it back. Transactions in blockchain are immutable and permanent. Once a transaction has successfully gone through, has been validated, and uploaded to the blockchain, there are no takebacks. Once it’s done, it’s done. It’s important that you know how to take the necessary precautions to protect your assets. Make sure to secure your funds and know-how to properly manage and move your funds around.
In order to help you prepare for that kind of situation, let’s tackle the important things that you need to know and prepare before buying your first crypto. Where and how to buy it? What platforms are there in the market? And how to get your coins off the exchange and into your wallet. It is essential to take note that keeping your investments on exchanges can somehow be very vulnerable to hackers.
Things to know and prepare
What are the things you should know about and prepare before you buy your first cryptocurrency? Take cybersecurity very seriously, so the first and probably the easiest way to do this is to create a new email address. And only use that email address for all crypto-related transactions. Keep it separately from the email that you give out to the people.
People often forget some things but in this kind of situation, always be sure that all the necessary and vital details of your assets are safely stored, especially in dealing with crypto trading and signing up in a platform. Passwords, make sure that the one you have is long and secure. Use long random combinations of letters, symbols, and numbers to make it at least 12 characters but then if you can go 16 characters, that’s good too. Though it is easy and convenient to use the same password on multiple accounts, that’s also the easiest way to get hacked.
You can also use a password manager app or two-factor authentication as it is prevalent on crypto exchanges and platforms. These apps also generate an OTP or one-time password, so the number will change every 20- 30 seconds. They won’t be able to access your account when you have an extra layer of protection.
Many people are now learning that cryptocurrency has a big potential for profit, so first-timer crypto holder wants their funds or assets to be secure and protected in some ways. Remember, coins never leave the blockchain network. When you create a new crypto wallet, a public key and private key was generated. The public key is like your email address; public keys are what you send to other people if ever you want to send funds. It is also what you enter on the exchanges in the platforms. The private key is like the password that gives you access to your funds on the blockchain network. So always keep your private keys to yourself. To avoid the chance of being hacked. Having a crypto wallet will ensure the safety and security of your assets.
Where to buy crypto
Platforms like Binance, Coinbase, and Kucoin are some of the many trading platforms you can buy from. It’s very convenient since they have a good support system for traders like you. They support Bitcoin, BitcoinCash, Ethereum, Ripple, and a lot more. Also, check out those who cater more coins in the exchange because the more options you have, the better. Everything you need to know can be found at Bitcoin Loophole as they are discussing everything about crypto and trading. To start trading, you should go to the Bitcoin Loophole login page. It takes care of your interest and safety every step of the way and your initial step to enter the cryptocurrency markets. But still, it all comes down to what you want and what you are looking for. Your location is important; since crypto is decentralised and global, there might be limitations in your country to which services you can access and payment methods you can use.
This is not professional financial advice. Cryptocurrency is a very, very volatile asset, so always set a limit on your investment. What traders usually want is to chase a hundred-dollar profit in a day, but are you okay with losing the same amount, or more, in a day too? Thorough research is fundamental. Don’t throw your money into something you don’t know. Bitcoin Loophole has all the information you may need to start trading. Never be comfortable in putting your money into crypto because it’s a risk, so take the time and effort to understand what it is and how it works before investing in it.