This is why you don’t connect a hardwallet to a soft wallet. Just setup a separate soft wallet if you have to and keep the hardware uncompromised. If you can keep an old laptop, wipe it reinstall the OS with a vpn and antivirus and only use it for this.
https://cointelegraph.com/news/multiple-dapps-using-ledger-connector-compromised
Cryptocurrency investment can be a rewarding but risky endeavor. To navigate this rapidly evolving space, here are some essential DOs and DON'Ts to consider when investing in cryptocurrencies.
DO:
DON'T:
In the cryptocurrency world, knowledge, caution, and security are your allies. By following these DOs and DON'Ts, you can embark on your crypto investment journey with a more informed and secure approach, potentially reaping the rewards of this exciting digital frontier.
When diving into cryptocurrency, research is key. Don't get swayed by the noise; focus on the fundamentals. For newcomers, I'd recommend starting with well-known coins. Understand the technology they're built on and the real-world problems they aim to address. If you want to risk and invest in a less-known or less-hyped coin, begin with factors like the coin's market cap, historical trends, and the reputation of its development team.
As for mining, your choice between prebuilt rigs or custom builds boils down to two things: your budget and technical expertise. Prebuilt ones are convenient and hassle-free, great for those just starting out. However, if you're technically inclined, building your own can offer more flexibility. And don't forget electricity costs can make or break your mining profitability.
For newcomers, I can recommend this free bitcoin mining platform, where I earned my first tokens. They have a BTC faucet where I managed to earn about 0.05BTC in a month through tasks like surveys. It was a neat little bonus that I used as a starting capital in Crypto.
When investing in cryptocurrency, there are several key actions to consider. First and foremost, educate yourself about blockchain technology and the workings of cryptocurrencies to make informed decisions. Diversification is crucial; spread your investments across various cryptocurrencies to mitigate risks. Thoroughly research projects before investing, focusing on their legitimacy, technology, and real-world applications. Use reputable cryptocurrency exchanges and prioritize security by employing strong passwords and two-factor authentication. Stay updated on market trends and news that could affect your investments, and invest only what you can afford to lose without causing financial strain.
How should a newcomer choose a cryptocurrency to invest in?
You need to have a guide on legit cryptocurrencies from a reputable platform like coinmarketcap and coingecko. Choose a coin with good ranking. The ranking is done based on investors confidence, trading volume, liquidity score and market capitalization. Usually coins ranked from 1 to 100 are good to invest in.
How would an investor even start a risk assessment?
First, we need to look at the crypto that has wider use-case. This is evidenced in their market capitalization and liquidity score. Although there's a new market manipulation strategy called wash trading done to fake increase in trading volume. So, I don't really rely on trading volume as a factor for considering a coin.
There's also need to look at the price volatility during a unidirectional market season (that's either in a bull or bear season). If the coin is highly volatile, it's not recommended to invest in such coin but trading can be done with more attention given to your TP/SL tools.
Also, there's need to carefully choose an exchange to buy your coins because some exchanges doesn't have enough liquidity to cater for users demand whilst still charging outrageous transaction fees.
What hardware should a miner look at sourcing to start?
Well, I don't do hardware mining. I only do DeFi mining. So, I don't have much knowledge on that
The first advice newbies must adhere to is; never input funds/amount you can't afford to lose in crypto and don't see crypto as a quick rich scheme. Take your time to understand the industry and when you decide to trade make DYOR (Do Your Own Research) your first point. Also choosing the right exchange to use for trading have a significant impact on your success in this industry because some exchanges have hidden charges that will drain your profits.
It is advisable to consider exchange ranking on CMC and CG and users are mostly advised to use an exchange with user-friendly UI, good CS, and offer earning opportunities. Based on my experience Binance, Bitget, Bybit, and Coinbase are good options of CEX to use.
The first #dont, is dont ever sell.. feeling so bad looking back at some of my old wallets
Hello, I am a new member of the forum, and I also invest in cryptocurrencies. Where can I post and share my experiences for everyone to discuss? Thank you!
It is also a good idea to keep a "hot wallet" & "cold wallet" meaning use a mobile wallet like trust or metamask for smaller transactions which you make to purchase things online. Then use a ledger (physical hardware wallet) as your "cold wallet" where the majority of your funds go. I Do this and view my cold wallet as my bank & hot wallet as a normal wallet you use everyday. Much safer.
CryptoSexist you say?
I think it is good to invest in to cryptocurrency E.g. BTC. For example you can buy The Greedy Machines from GMT Token project and receive BTC as a daily rewards
Thanks for the information; it's really appreciated.
How should a newcomer to the topic choose a cryptocurrency to invest in?
I personally have started investing in BTC first, it's a classic. Then I moved to alts, but very very attentively. First, buying something more known like SOL, Tether etc. And now that I have quite a good portfolio, I've decided to move to research new coins on the market. For example, the recent once has been WEI from WEIcrypto, I'm looking into them right now.
What I would definitely recommend is DOING YOUR RESEARCH. Please, join telegram chats and discords of the coins that interest you AND ASK QUESTIONS!!!!!!!! If the team is helpful, then it's a great start, but ASK AS MANY QUESTIONS AS YOU CAN 🙏 Not all altcoins are scam, you just need to research them thoroughly.
It depends on the license and what it’s for. For example to launch an app on a chain you can need a valid license or stake in that chain but again it depends on the chain and how they work.
Best ask the questions and I'm sure someone will know the answers.
would there be more such posts thoughts to share will be intretsed to read.
thanks for the tips
That was fun reading.
Never ever reveal your backup phrases. It seems that people shares that and losses a lot lately. Don't fall for such scams when you receive an email.
I have not yet withdrawn this amount of bitcoins, but I plan to. Did you hire an accountant after all?
Fees vary wildly depending on the coin. I have transferred a lot of Tron coins to my ledger wallet from Binance for cents but the ETH fees mean that it’s not economical to move those coins at present. I only have a couple of hundred Euro and the fees were mental.
It look liked it was all binance fees
Don't trade your BTC
FIAT->BTC👍️
BTC->ALT 👎️
ALT->BTC👍️
BTC->FIAT 👍️
ALT->FIAT👍️
Yep agreed. Best thing to do would be file the tax and simply be honest here. I would contact my bank prior to transferring large amounts in 5-6 figure range, let them know what you intend to do. Banks are required by law to report large transactions (I think over €20000) as per anti fraud/corruption legislation.
That sounds way too high. Should cost you no more than $5 BTC network fees currently. Does it tell you what portion of that is Binance or Trezor fees?
It cost me .0005 BTC to move .0091 BTC from binance to trezor Model 1.
So about $30 to move $600.
Are those fees normal?
Send the cash or crypto to me first and I'll check it out for you.
All serious I think it's up to you to file the tax and if you don't the bank may look into why you had a large figure moved in account from a crypto exchange and may rat you out and you will be in worse trouble then.
Has anyone here sent their crypto gains about 5-6 digits to their bank account?
How did you prepare it with regards to the bank? Did you have to hire an accountant re tax implications?
Thanks
Any information should be checked, so as not to lose your money because of your own credibility.
