Getting Started 

BEFORE doing anything with crypto it’s imperative that you follow the steps below. (If you already have accounts for Crypto I HIGHLY suggest you implement these immediately).

Computer Security

Despite frequent hacking most people are unaware of the dangers lurking when they are online. Anti-virus and firewalls help but they are not sufficient to be safe. Nothing is 100% secure when online so the objective is to reduce the opportunity for a hacker to steal your information.

The solutions below will depend on your situation but here is my advice in order of preference for anyone new to crypto and those wanting to operate a buy and hold cryptocurrency strategy.

  1. Use an Apple Macbook / Mac  (RECOMMENDED)  – add a VPN and anti-virus for increased protection.
  2. Purchase a BRAND NEW computer that has never been connected to the internet. Add anti-virus software and install a VPN immediately. The computer does not need to be expensive – you can find a suitable machine for $200-$400. This computer should ONLY be connected to the internet when you are making a crypto transaction online. The rest of the time the computer should be completely disconnected from the web. For this reason, this computer would typically NOT be home to a wallet that you might use for regular spending.
  3. If you are using a non-Apple computer or laptop then a VPN (virtual private network) is the best solution to hiding your presence and making it much less likely a hacker will be able to access your data.This option SHOULD work, but if you are dealing with any significant volume don’t cut-corners, buy yourself a new computer!

Recommended VPN’s

https://privateinternetaccess.com

https://nordvpn.com

 

Email Address

I highly recommend creating a new email address that you will monitor closely to protect all your crypto currency. Unless you have your own domain with significant security I recommend using Gmail. Google closely monitors account activity so if someone tries to access your email from another location it will often ask for verification before allowing access – at the least you will be notified by email.

ADD 2-FACTOR  AUTHENTICATION (2FA) FOR ADDED SECURITY.

Decide Your Strategy And Stick With It

The recent correction in crypto prices is a reminder to everyone that the market is volatile and will have periods of growth and correction. Unless you are planning to trade crypto currencies you should expect to hold your coins.

Consider:

  • How much will you commit?
  • Your risk tolerance
  • Do you want to Speculate (buy and hold)
  • Do you have the time and finances to trade the markets (and to learn to trade)?
  • Would you like to have automated systems do the work for you?

Your next steps will depend on your answers to the above questions, however whichever you decide you will need to have some wallets .

Create Accounts With Exchanges

Any legitimate exchanges will require you to go through a verification process much like a bank does to comply with KYC (know your customer) government regulations. Open these accounts and complete these steps as soon as possible. Go through the extra steps for additional security and to raise limits for deposit and withdrawal.

Create Your Wallets

Be sure to be connected using your Macbook or PC (with VPN switched on) before creating your wallets.

 

The recent correction in crypto prices is a reminder to everyone that the market is volatile and will have periods of growth and correction. Unless you are planning to trade crypto currencies you should expect to hold your coins.