Today, I would like to talk on how to safely invest in the most volatile instrument market in the world. Be ready for new comers. This are my views, others may differs, I wrote base on my experience.
Here the tips and strategies...
1. Invest in Blue Chips Crypto for Long Term. As well known to everybody in the crypto world, the blue chips are only two, which are Bitcoin and Ethereum (ETH), but for me, I add up one more for the blue chip, which is BINANCE (BNB). Thus, the total blue chips would be BTC, ETH, and BNB; we can invest in these for the long term. There are about 22,000 types of cryptos, and for records for the past 10 years, there has been a lot of ups and downs in the cryptocurrency market; even the previous top ten coins go down after a few cycles.
2. Use Trusted Centralized Exchange (CEX). There are tonnes of CEX available in the world, of course, the most trusted one based on the CoinMarketCap (CMC) rankings is Binance (I know that CMC belongs to Binance), but after all, at least there is a ranking that we can rely on. Then there are the other big exchanges like Coinbase, Huobi, Kucoin, Kraken, and many more. We can use the score ranking in CMC for easy reference.
3. Use Cold Wallet for Main Storage. The Hot Wallet is subject to hacks, and scams. To make your asset secure and safe, the only way is to get it offline via the Cold Wallet. You can choose from a wide variety of providers, such as Safepal, Trezor, and LEDGER Nano. Once your cryptocurrency is secure, make sure your keys are secure as well.
4. Use Decentralized Exchange (DEX) with Special Care. Without proper care, in selecting the coins, through DEX, you are exposed to many scammed coins out there, they just focus on collecting the money and run away once they reach the desired amount. Beware of the small cap; do your research thoroughly.
5. Never Ever Enclose Your Private Keys. Imagine this: your private keys are your home keys; you cannot give the keys to anyone, only to your family. But your public keys are like your house address, you can disclose that to anyone that you want to do a transaction, with. For example, if you purchase a product online, and want the product delivered, you can give them the address. Remember this—not your keys, not your cryptocurrency.
