Total noob here. Ive been studying cryptocurrency and blockchain technology for a couple weeks and I have a couple questions. I wont be starting out with a lot of money tied up in this. I am only going to start with around $500. Any suggestions as to dos and donts or any general advice would be nice.
Thanks,
The Noob
Sure.
- Don't invest more than you're willing to lose. It will make it much easier to go through days when the price drops 30%+...
- Read a lot!
https://lopp.net/bitcoin.html is a good start. It's centered on Bitcoin, but most articles apply to all crypto in general.
- Don't keep all 'your' coins on an exchange. They're YOUR coins when they are in your wallet and only you control the private keys. On the flip side. This also means you can lose them if you lose your wallet. And there's exactly nothing you can do to recover them.
- Always triple check the address you are sending to is the right one. When doing your first transaction of any type, try it out with a small amount first.
- Do some research on any crypto you want to invest into. Guilty until proven innocent is the best approach. Avoid anything that doesn't have full public access to the blockchain and a GitHub page with all the code. If it's centered around a company/page and has incentives/affiliate/lending programs it's 100% a ponzi (BitConnect & Co...).
- Trust nobody. Not even me
