Saturday, March 10, 2018

5 Invaluable Bitcoin Investment Tips!

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Before you rush ahead and invest thousands of dollars into purchasing Bitcoin, make sure to read and understand the 5 invaluable Bitcoin investment tips which are conveniently listed below!

5 Invaluable Bitcoin investment tips:

 1. Buy Bitcoin when there is a significant dip in Bitcoin’s market price

 Many first time investors make the mistake of purchasing Bitcoin when it’s thriving as they are more confident that Bitcoin will continue to skyrocket. However, the smartest time to invest in Bitcoin is when Bitcoin takes a significant dip in price as historically each time Bitcoin dips in price, its share price quickly recovers. Which means that you’ll be able to purchase valuable Bitcoins at a discounted price!

2. Decide whether you wish to take a short-term approach or a long-term approach to Bitcoin investment

 If you prefer to invest in long-term investments, which may result in generous profits, you may choose to purchase and hold on to your Bitcoin, for the long term. Whereas if you prefer to make quick, short-term investments you may choose, to regularly buy Bitcoin when there is a dip in Bitcoin’s market price before quickly selling your Bitcoin as soon as its price recovers.
 Alternatively, you may want to purchase Bitcoin to hold on to, for several years as well as Bitcoin, which you’ll aim to sell within the next couple of months.

 3. Choose to invest the bulk of your cryptocurrency cash in Bitcoin, rather than copycat cryptocurrencies

 While a wide variety of cryptocurrencies such as Litecoin, Ethereum, Ripple, and Dash have gone from strength to strength, for every digital currency which has achieved phenomenal success, several currencies will have fallen by the wayside.
 So while you may want to diversify your investments in order to decrease your risk level, by choosing to invest the bulk of your capital into Bitcoin, you’ll actually increase your chances of making an enviable long-term profit.

 4. Make sure that you can afford to lose any money which you choose to invest in Bitcoin

 As with any other investment, it’s important only to invest funds which you can afford to lose as while it’s highly likely that you’ll make a significant profit investing in Bitcoin, there is a relatively small chance that you may end up losing some or all of the capital which you choose to invest in Bitcoin.
 As while financial experts don’t foresee Bitcoin’s market price permanently crashing in the next few years, it is possible that Bitcoin’s market price could eventually crash.

 5. Make sure that you control your Bitcoins

 While some sites encourage their clients to store their Bitcoins directly on their site, the only way which you can properly protect your Bitcoins from being hacked is to keep your Bitcoins stored in a hardware wallet. Forget paper wallets as if you misplace the piece of paper which you keep your digital wallet’s keycode on, you won’t be able to access or withdraw your Bitcoins!
 If you’re convinced that you can make a decent profit by investing in Bitcoin, make sure that you understand each of the invaluable Bitcoin tips listed above.
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5 Must Know Bitcoin Trading Tips

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Every soldier is familiar with the statement that “safety rules were written with blood”.  While we are not referring to a risk to human life, losing your prized Bitcoins by making trading mistakes is clearly not a fun situation to find yourself.

How can you avoid mistakes in your Bitcoin trading? How can you be mainly on the green side? The first thing that you should be aware of is that trading requires attention and complete focus. The second thing is that trading is not for everybody.

The tips below are easy to understand and implement since they were “written in the blood of the veterans”. However, it is still possible to experience problems applying them in real-time since human beings are not always rational.

Have a reason for getting into a trade

You should only enter a trade when you know exactly why you are doing it and have a proper strategy for afterward. Since trading is a zero-sum game (one person’s loss is another person’s gain), not all traders actually make gains from trading.

Large whales (yes, the same ones placing massive blocks of hundreds of Bitcoins on the order book) drive the Altcoins market. The whales wait patiently for small, innocent fish (regular retail traders like us) to make mistakes.

Even if your aim is to trading bitcoin every single day, it is sometimes better to do nothing and not earn rather than jumping into the rushing water and expose your coins to losses. From experience, you can keep your profits by not trading completely on some days.

Set a Stop and Target Before Getting into a Trade

It is important to set a clear target for taking profit for each trade as well as a stop-loss for cutting your losses. A stop-loss is setting a loss level where the trade will get closed. It is important to consider several factors when setting your stop loss.

The path to failure for most traders is falling in love with either the coin itself or the trade. They keep saying to themselves that eventually the price will turn around and they will exit the trade with minimal losses.

However, letting your ego take control is the quickest route to disaster since Crypto trades are usually riskier compared to traditional stock markets where daily movements of 2 to 3 percent are considered extreme. Cryptocurrencies can lose or gain tens of percentage points in a matter of hours!

Fear Of Missing Out (FOMO)

It is never fun to see certain situations from the outside such as when a particular coin is being pumped up in a big way and making double-digit gains in a matter of minutes. Such situations are evidenced by massive green candles enticing you to start trading those coins.

At this point, you will start noticing people flooding Cryptocurrency forums and exchanges to talk about the point. What should you do in such a situation? The answer is quite simple, just continue moving forward.

It is certainly possible that many might have got on the move before the rest of the traders and it can still rise, but remember that whales are simply waiting for small buyers to sell the coins that they bought at considerably lower prices.

At this point, prices will be now high, but it will be evident that those currently holding coins are just the little fish. Needless to say, the next step is almost always a massive bright red candle that sells through the entire order book.

Risk Management

Big pig gets eaten while little pig eats a lot. This statement tells the story of the market profits from our perspective. If you wish to be a profitable trader, you should never look for the movement’s peak. A better idea would be to look for small profits that eventually accumulate into a massive one.

Wisely manage your risk across your portfolio. For instance, never invest more than a small proportion of your portfolio in a non-liquid market. To traders assigned greater tolerance - the stop loss and target levels are usually far from the buying level.

The Underlying Asset Can Create Volatile Market Conditions

Altcoins are generally traded according to the value of Bitcoin. Bitcoin is a volatile asset and it is important to take this into consideration especially during the days when Bitcoin’s value moves sharply.

Bitcoin and Altcoins tend to have an inverse relationship in their value, i.e. when Bitcoin’s value drops then Altcoins gain their Bitcoin value and vice versa. When Bitcoin is volatile the trading conditions will be kind of foggy. In times of fog, it is much harder to see ahead and it is better to not trade at all or simply have close targets for trades.
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9 Must have tips for securing your crypto wallet

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Security in the techno-savvy world is very complex. It seems that nearly every day there’s another report of a major hacking or ransomware violation. And as the number of hacks increases, consumer desires for security increase as well.

The promise of blockchain technology and the power of cryptocurrencies is their security. Blockchain makes it impossible for someone to hack into your cryptocurrency and steal it since blockchain is completely secure through the distributed ledger that creates the chain.

While blockchain is the model of internet security, that doesn’t produce a fully secure system for users. There’s a surprising security risk regarding your digital wallet, and few cryptocurrency investors are aware of it.

Only As Secure As

The threat to your digital wallet is not through the blockchain but through the wallet or exchange provider. Information can be tracked and stored at the provider level, including your personal key, and can then be accessed by hackers in order to access your wallet without your permission.

Because the competition for digital wallet usage is growing, companies are seeking more information about their customers. Whether through information provided or through tracking software, companies are learning about their customers more than ever before.

Wallet providers are tracking the information that you provide them. When you sign up for digital wallets with providers or exchanges, the company requires a certain level of information. Email address and name are all included in the data collected.While developers at wallet companies are kept under lock and key for security, the marketing information is not, and therefore can be accessed.

However, marketing managers are constantly seeking to track the online activity of their users. Search history, emails, and web activity all provide valuable information about what customers want and what would best be marketed to them.

Therefore, the information that can be easily tracked by your provider includes web activity, searches, and even keystrokes. What’s more, some software used by marketing companies today includes services that allow the researcher to actually see what the user sees. This means that secure private keys generated by wallet holders may not be such secure after all.

Marketing managers can track your keystrokes, and even see what you can see.
The data that is collected by your wallet provider, and the information that is possible to gain from your computer for marketing purposes, can be combined to allow hackers to sneak into your digital wallet. The possibility of revealing your secret key to your wallet provider is real, and that data can be accessed simply by hacking the wallet provider’s servers or through insider’s hacking.

What can be done?

There are a number of important safety and security practices that can help to protect your private keys and therefore protect your funds.

1. Secure Your Wallets

First, it is wise to find a wallet with security measures beyond the normal wallet providers. Some wallets are now using encryption to protect the private keys. Companies like Coinomi, Mycelium, and Corion have created a code package that encrypts the key data and protects it from insider hacking.

The above company offers a variety of services including a wallet and an exchange, all of which use encryption for private keys. Corion stands for capital online reward incentive optimized network – meaning that the company incentivizes consumers to use the platform by giving them rewards for activity. Corion has also shared the code for their Safety Look Solution so that other wallet providers can offer the same level of security. The details are available on their GitHub here.

2. Separate Your Funds, Use Cold Storage

Users should always have at least two digital wallets (or even more, depends on the amount of crypto funds). One wallet should be used for trading and transactional purposes, and the other wallet should be used to store savings and be kept in a secure location. This type of wallet must be a cold storage wallet. In any way, a backup of the private keys has to be stored safely offline (it’s a good idea to separate the private key into 2-3 parts and store them safely away from each other).

3. Wi-fi Wisdom

Be careful about where you go online when you’re using a device that has a wallet on it. Dangerous websites and risky wi-fi networks put your wallet at risk. At the same time, do not leave your device unattended, or lend it to anyone.

4. Service-Safety

If your device holding your wallet needs service, be sure to move the funds from the wallet before having service done. Further, it is wise to change wallets every few months in order to not allow the wallet security to grow thin over time.

5. Gone Phishing – Email and Web

Phishing scams through Google Ads and through email are rampant in the crypto world. Phishing scams are becoming more and more elaborate, make sure email received from wallet companies have their domain spelled correctly and never look for their web address clicking on Google ads. Once you send a phishing website your private key you can say goodbye to your funds.

6. Turn off auto-updates

It’s always a good idea to turn off auto-updates for applications relating to the crypto sphere. Application bugs can potentially create massive losses for account holders. It’s best to wait 2-3 days after an update has been released to see if any bugs appear. Once the app has been tested by other users, it’s a safe bet that you can install it without risk.

7. One or Two Factor?

It’s best to enable two-factor authentication (2FA) if your wallet allows for it. 2FA is simply a double authentication of who you are. 2FA Authentication can be done in different ways – Google Authenticator app uses a 6 digit code which is changing minute by minute and is unique to you, another option is to add biometric identification like a fingerprint. Whichever you choose, 2FA is very important in order to increase security.

8. Double Check the Address

It’s important to double check the address that you send any payment transaction to. There are malicious programs that can edit a ‘copy and paste’ procedure in order to paste a different address, the new address belongs to an attacker. It’s usually best to send a micropayment as a verification, and then send the larger payment to the verified address.

9. Check the Locks

It’s important when using a web wallet, to ensure that there is an SSL security mark in the address window of your web browser. This stands for secure site seal, and ensures that your browsing is encrypted. The website should begin with HTTPS, rather than HTTP and you should notice a lock sign next to the URL. Again, security is critical when dealing with digital wallets.
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