What To Do and What Not To Do When Buying Bitcoins

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Buying Bitcoins: Tips to take note of..

Now we know that bitcoins are the most popular cryptocurrencies in the world, they are perhaps the fastest growing and the safest too. All through the past year, some of us watched in astonishment how fast bitcoins grew while others watched in glee because they had invested at earlier times.

Riding on the waves it made last year, bitcoin still retains its number one spot as the most popular and the most valuable cryptocurrency currently in circulation. The fact that you are here means you have made a decision to invest and just like every other investments comes with its own commandment’s, here are the things you should do and the things you shouldn’t do as you are planning to buy your bitcoins.

Things You Should Do

As a beginner, it would do you a world of good to do proper research before buying bitcoins. The crypto market though didn’t originate recently is still not quite 100% stable. You want to arm yourself with adequate knowledge to help you identify when to buy, when to hold on to your coins and when it is wise for you to trade them.

After you must have armed yourself with the requisite knowledge on what bitcoins are and what they entail, you should create a wallet. Now to create a wallet, there are many applications to use, please take time out to research properly on the best wallets using people’s experiences and reviews. This wallet would serve as your storage space for the bitcoins you are buying so you don’t want to end up being swindled of your hard earned money. Hardware wallets are often advised because the offer stricter and stronger protection for your coins.

Back up your wallet and if the wallet you are using offers you password protection for your account, please use it. This adds an extra layer of protection for your coins against hackers.

Use a two factor authorization where necessary. Though storing bitcoins online is not advisable, if you are doing that or buying on exchange platforms, it is advised that time based OTPs (one time passwords) to secure your account.

Keep your bitcoin secret closely guarded.

Things You Shouldn’t Do

Do not buy bitcoins without knowing the risks involved. Though cryptocurrencies look like they are here to stay for a long time and there is no doubt that bitcoins are actually doing fantastic, there are still risks associated with buying cryptocurrencies. You should know what you are buying into fully before making a purchase.

Don’t leave large coins in your wallets. If you are purchasing quite a number of coins at a time, it is advisable you go for the hardware wallets. They are more secure and are not as susceptible to any hacking attempt.

Sometimes when something feels too good to be true, you better obey your guts, it probably isn’t! Avoid following unfamiliar links and websites. Do not give your details up to any unregulated website asking and don’t fall victim to any scam.

There are a thousand more rules regulating the purchase of your bitcoins but these are the basic. Exercise extra diligence when buying and you sure would be fine!

 

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