How to Invest in Cryptocurrency Safely ✔


Hi guys, its Majesty Ibianga here with the
Financial Drive-Thru and in this video i’m gonna be teaching you how you can
get started investing in cryptocurrencies safely and securely. So
if you’re interested in that kind of content, definitely stick around, smash
the thumbs up button if you like it and be sure to subscribe. And that said, let’s
Drive-Thru. Okay guys welcome to this presentation
on how to invest in cryptocurrencies safely, let’s get right into it. Now the
first thing to keep in mind once you decide you want to invest in
cryptocurrencies is that you need to understand all the risks. You’re going
all-in, there’s really no time to half-ass this and so first thing to bear in mind
is that you can and you probably will lose some money along the way. Now this
may be anything from investing poorly to holding on to one currency just too long –
when everybody else is selling, you still remain optimistic, anything can
happen but don’t take it personal, everybody loses money sometime, one way
or the other the second thing to bear in mind with
cryptocurrencies is that you essentially are becoming your own bank, so even if
you’re dealing with exchanges where you’re probably not holding your own
private keys, you’re still responsible for keeping your recovery codes safe (and
I’m referring to the recovery codes you get when you sign up to any of these
platforms), so understand the risks, know that you’re fully responsible for what
you get into and once you have that in mind let’s go on to the next point. The
next thing I want you to consider is Research. You have to do lots and lots of
research so what I want you looking at is knowing exactly what you’re investing in –
if it’s an ICO, if it’s a new cryptocurrency, anything, you need
to put in the research. Now most people believe just going over something for
about 30 minutes is enough; I don’t think so. I think if you’re gonna invest money
in anything, you owe it to yourself to actually do proper due diligence so that
you know you are actually not just throwing money away. Ask yourself a couple of
questions when you want to buy any coin – what are the prospects you see? Is it
the hype that’s making you buy it? Take a look at the team, take a look at what
they’re trying to achieve, their project, their mission, what exactly is it about
that coin that made you want to buy it? Now the easiest way I can suggest doing
some research on any coin is to come over to coinmarketcap.com and we’re gonna pick any random coin here… so let’s just change this up a bit, Noah
coin for example – I have no idea what this coin is, but if we want to do a basic
check on this coin, what we’re going to do is we’re going to click on it and
immediately you can see the market cap, the volume, how many coins are in
circulation, the total supply and then you could also link up to their website,
any announcements on that, technical documentation – I mean, they have
everything! You can see historical charts on Noah coin to find out how well it’s
been doing against the price of Bitcoin and just as easily, you can click
on the website. Things you should usually check out; whether or not the
site is secure (SSL), find out how you feel about the coin, what they’re offering, you
could check out their team – in this case we have LinkedIn profiles; you can look
these people up find out if you feel that they have something that they’re
doing. Also check out their partners, a lot of times the
partnerships can actually let you know what you feel about the prospects of the
coin. So look at everything. You can reach out to a couple people on the
team as a ‘Contact Us’ tab is on pretty much every site; So do your research, make sure
you don’t rush into anything because at the end of the day, it is your money and
it’s your duty to protect it and the major thing to remember with
cryptocurrencies is that if you lose your cryptocurrencies, or you lose your
private keys and all, that there are very few ways to actually get it back and you
may never get your money back. I’ve lost money too and I’ve had to
learn myself and get better and know how I keep these codes so, I want this to
actually be a learning curve for you; I want you to be able to avoid some of the
mistakes I’ve made and so that’s definitely something you should do. Do
your research, make sure you have that in mind. You also want to read the White
paper – Now a lot of people probably think they’re not going to understand anything
in the white paper, but I think that’s untrue. Basically you’re gonna see
exactly what they’re trying to offer, you’re gonna see how many tokens or
coins they’re going to be putting out, how it all came to be, a lot of backstory is
gonna be given and you just might make some sense of some of it but I think
it’s safer to actually go through this and decide if there’s anything that is a
red flag. You can also try copying a bunch of text from the White paper and pasting it
on Google to see if any of this was plagiarized – these things happen.
Whenever any ICO is coming out, some ICOs are actually
lazy and just copy and paste all the information from another coin and put it
out there and then have you buy in. So this is one way you can actually come up
with your own viewpoints about a coin and try and decide why exactly it is you
want something. Now I cannot stress this enough, I’m putting on the serious face
right here, this is it guys: Decide how much you’re willing to invest and base
this decision on your current situation!! For example, if you have rent coming up I
don’t expect you to be pulling money out of there, if you’re supposed to pay your
kids school fees, if you have some payments or bills that you need to pay I
really don’t think it’s a wise choice for you to be buying any cryptocurrency
especially when you consider the volatility in the market. Simply because
everybody is buying Bitcoin right now doesn’t mean you have to buy it right
now or doesn’t mean you have to buy a huge amount of it right now. There is no such
thing as ‘buying too little’, that’s the beauty of Bitcoin and most of the
cryptocurrencies, you can choose and just pick some, just pick a little bit up. I
mean if you’re holding on to the right coin at the right time, you could see a
massive boom overnight, Yes, but at the same time you could also see it going in
reverse and nobody wants that! nobody wants that! So as a rule and I’m sure
you’ve heard this a lot so this is not news to anybody as I’m pretty sure if
you’re on this channel, you probably heard this somewhere – NEVER invest more
than what you can AFFORD to lose! Also never FOMO. Fomo means ‘fear of
missing out’. Fomo is what happens when your friend comes over to your house and
goes ”hey guy, have you heard about the Drive-Thru coin? Its greatest coin out
there, everybody’s buying it right now. it’s really racking up in the charts, you
should check it out”, and then you go and you start asking people -” hey what’s
happening with drive-thru coin, what’s really going on”, and then you keep seeing
”oh my god, Drive-thru coin, so many plans, drive-thru coin”, next week, ”drive-thru coin”, and they literally leave you like ‘what the hell, I need some Drive-thru coin’, and so you go you buy that coin without doing any research, without
doing anything and then guess what? The very next day, drive-thru coin dips and
it’s like a pump and dump so here are the rules,
never buy at the highs, I mean never, ever buy into the Fomo. I’ll use a recent example, barely two weeks ago we saw the price of XRP surge just like over
here, nice gains all because the Ripple conferece was coming up (that’s the Swell Conference), just because that was
coming up and they made a couple new announcements and everybody – all the
YouTubers, there was all that news, everybody was making so much noise about
xrp going to the moon and such and see what happened over here – we see this nice
spike. So just picture yourself hearing all about xrp, you know your friends have
been talking about it and then you buy in at this point – how would you feel? I
mean if you got in at the bottom, kudos to you, but if you didn’t, that’s
the FOMO you jumped in on. So never, ever FOMO. Another thing I want you to have
in mind when thinking of investing in cryptocurrencies is safety. Think safety
at all times. You want to write things down on paper – now I know it seems like
such a crude thing to do but the internet is fraught with hackers. I mean
a lot of people can get access to your computer through various nefarious means,
so things you shouldn’t do – never save your codes online. I mean, yes, it may be
convenient to have your browser remembering all your passwords and all
your codes and filling in the blanks for you but you don’t want to expose
yourself to that level of risk. Write down everything on paper, you may want
to get yourself a couple notebooks and form the habit of writing down all your
passwords, your login information, your wallet recovery phrases, and write them
in each of these books and preferably store these books in different places
just in case anything happens to one you know you still have some security and I
mean if you think there are other ways to store your information other than
writing it down on paper and hardware wallets which we are going to talk about
shortly, do let me know in the comment section of the video. I’d love to get
your input. Also, you want to get 2-step verification for everything! I
mean your emails, your exchanges, your wallets, every single thing that holds
your money should have 2-step verification. I strongly recommend
Google authenticator and you can get that in your app store on your mobile phone,
on your laptop, you can get Google Authenticator pretty much everywhere so
I highly recommend that you try it. Look it up, check it out,
be safe. Also, when a lot of people get involved in cryptocurrencies, they
start to sign up for things like airdrops, they do some network marketing programs,
I mean they do a lot of stuff to invest in Cryptos, so one of the things that you
really shouldn’t do is use your personal email addresses. You want to find some
seriously secure and encrypted email options – I
highly recommend protonmail.com. I’m gonna put links to all these things in
the detail section on the video so don’t worry about having to remember them. If
possible all your cryptocurrencies should be linked to these secure and encrypted
accounts and that is the way that you should go. You also want to avoid
phishing sites as much as possible. It’s always good to pay attention to the URLs
of the sites that you frequently visit so you can easily identify a phishing
scam when it’s about to happen. Always check and double-check, make sure
you’re on the right website before you put in any of your personal login
information because you want to be safe I have another video about how to avoid
cryptocurrency scams and scammers and I’m gonna link that at the top of the
screen right now so do check it out I mentioned hardware wallets and a couple
of them that I wanted us to look at are: the Keepkey, Nano ledger S and Trezor. Now these three I highly recommend, the KeepKey is really just a very
cool and techy gadget. It’s nice, it looks good and it’s something
good to show to your friends. It feels kind of like a premium wallet and
it may be a little bit heavy and so yeah that may fall sometimes so you may want
to keep that in mind.The Nano ledger S is the wallet of choice as far as I’m
concerned and I’m gonna link them all in the details section of the video you should
check it out. They’re currently in stock and if you do get one, let me know about
your experience in the comment section of the video. Finally,the Trezor
wallets is one of the very first wallets in the industry and it set the gold
standard for crypto security but obviously it’s more expensive and it has
a reputation for providing top-notch security and protecting against both
virtual and physical theft. It’s basically considered a ‘vault’,
so if you want to be extra secure, obviously you should go for this. At the
end of the day after looking over all three of them, I personally believe the
Nano ledger S is a good way to start and I definitely see it as a win. The last
thing to consider when getting into cryptocurrencies is your psyche, your
mindset and your discipline. It’s going to teach you a lot of stuff about
yourself but one thing you need to try and do is control your emotions – first of
all you really don’t want to get too attached to any coin I mean it’s easier
said than done; I’m a huge fan of Neo and I’ve been holding Neo through all
the rough times I mean from when we were really all the way up and now
it’s down, I’m still holding on to Neo and this is just me being very
passionate about the project and what they’re doing and I don’t exactly
recommend that for anybody if you can’t handle it.
now I followed the rules, I only invested what I could afford to lose and that’s
me, that’s my own story. I understand that a lot of people get very attached to
certain coins so if you are attached to any particular coin, let me know in the
comment section which coin that is, it’ll be a fun topic. But the fact is it’s
really not wise to get attached to any coin because if you’re thinking of
investing, you want to think of investing in a very fluid manner. You don’t want to
limit yourself to anything and you don’t want to get too involved
so definitely diversify your portfolio. it’s better to have five different coins
that you invest in rather than put all your eggs in one basket so if bitcoin is
doing very well, you get to benefit from that, if neo is doing poorly, then bitcoin
may cover your losses and then if you buy some Stellar or if you buy some Ethereum, I mean mix things up you know, just monitor the markets and mix things
up! follow the news! follow the hype! subscribe to channels that give updates
about cryptocurrencies and definitely subscribe to this. one another thing to
mix up is your wallet choices – personally I use a lot of wallets; I have the
regular blockchain wallet (blockchain.info), I have a Jaxx wallet, i have an Exodus as well, I mean
mix things up and this is because it’s important to consider that you may not
want to leave your money on exchanges and you may want to have your
private keys and have direct access to it, so do some research on different
wallet types and also diversify your types of investments so I mean you can
find yourself in an index fund, you could consider Bitcoin futures, just
mix things up. Try different things and see what works best for you and that is
eventually gonna give you some success. That brings us to the end of this
presentation. I want to say a big thank you to you all for watching. The
Financial Drive-Thru is here because I want to be able to help out and give you
an edge in the cryptocurrency and financial markets through up-to-date
news, information and just basically all the things that you need to get ahead in
this space. I’ve made a couple mistakes in my experience and it’s my hope that
through this channel you won’t get to make those mistakes. so definitely be
safe out there, thanks for watching, don’t forget to Like and subscribe and once
again, my name is Majesty Ibianga and I’ll see you on the next Drive-Thru, thank
you.

2 thoughts on “How to Invest in Cryptocurrency Safely ✔”

  1. What are your thoughts on hardware wallets? Some people think they're too easy to lose and not worth the effort. Let me know what you think

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