Hi all,
We are very new to crypto and we have adopted it way much earlier than the whole world had did, its just a decade old industry, so young risky assets world.
Out of a scale of 10% population, not more than 20% would have still adopted crypto, so, this is why the industry is still in its very early stages and very immature. Thus the newbies always find very complicated and risky to safely invest in cryptoâs.
As the space is still unregulated, the space is most filled with scammers, pump and dumpoors, rug pullers etc.
Rug pull â Every newbie should understand the term. A scam coin, made by scammers where you can only buy and price may shoot above 1000% in few min and you cannot sell, developer runs away with the money. This can be avoided with the help of mentor and popular cex like Binance never list any rug pull projects.
Next option other than cex, In hot wallets and cold wallets along with Binance web 3 wallets
Hot wallets â are connected by internet and famous examples are metamast, trustwallet, electrum, exodus, phantom wallet,brave browser, coinbase wallet etc.
Cold wallets â These are not connected by internet and you can purchase cold wallet through strores and keep your coins safe their, some of the popular examples are :
- Trezor Model T ( cost = $185-$220 )
- Ledger Nano X ( cost = $119-$149)
- Ledger Nano S ( cost = $59)
- Keepkey ( cost = $49)
Now some additional steps I may recommend you is
- If you are not actively trading, keep your coins in hard wallets
- Have 2fa mode activated
- Never share your passwords with anyone
- invest in major from recognized exchanges and avoid microcaps from dex like poocoin and dexscreener where 99% coins are rugpulls.
- Avoid using public wifiâs.
- Have a good mentor
- Be updated with the current world
- Be very vigilant while sending crypto onchain, sending to wrong network or spelling mistake in address may result in loosing your coins.
- Know what is phishing, phishing is a direct clone of the orginal website and through that you may give your credentials to hackers. So verify the website link before you give credentials to any site.
Have a blessed day,