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Dos and Don’ts to consider when buying crypto, or NFTs (non-fungible tokens)

In: Tech

You’re thinking of getting involved in NFTs or crypto? Awesome! This is a fantastic area to be in and there’s a lot of exciting things to come, which makes it a fantastic moment to join in.

We know that engaging yourself in something completely unfamiliar can be daunting, however, which is why we’d like to share some tips to help you invest in cryptocurrency or non-fungible tokens (NFTs).

The majority of the information below is something you’ve heard before. Because, really investing in crypto, or purchasing NFTs isn’t really much different from many of other things you can do online. Therefore, a lot of recommendations are similar. However, it is never a bad idea to keep an eye-opener on the best online practices. Therefore, with no further delay we present our top tips and do’s of investing in crypto.

  1. Do your research

This is the top choice due to reasons. If you decide to invest in cryptocurrency or purchase NFTs it is your obligation to do a thorough research on the businesses, coins and services. that you’re involved in. I’m sorry to sound like a mother regarding the matter, but it’s the money you’re investingand is important to be careful about what. Take your time and conduct the amount of research you believe is necessary. Don’t be reliant on one source of information…which leads us to number 2.

  1. Don’t be swayed by what you see on social media.

We are huge fans of social media and enjoy the majority of people who are. But…there are some with their own agendas and often, their goal is not to assist you, but rather to profit from your ignorance. They’re looking to profit from the ignorance of others knowledgeand to use scaremongering to gain their own profit. There are also people who have sincere intentions, but are simply ignorant. Actually, the group of people with good intentions overshadows those who are scammers, and those who wish to help aren’t always aware of all the information. If you notice something that seems interesting, strange or nutty, go back to step one and conduct your own investigation.

  1. Do not divulge your passwords/keys or bank account details

Simple right? Obvious, surely? But is not the case if you’re not used to NFTs and crypto, and that’s the thing people are betting on. If you’re not familiar with the terminology (pro tip: read our dictionary of crypto terms for an overview of terms commonly used) and the processes involved and procedures, then a request the private keys of your account (this is yours only and should not ever be divulged!) to arrange a transaction of NFT or cryptocurrency may appear to be a good idea. It’s not. If anyone asks for information from you, particularly in the middle of the night take a moment to check the details before moving on. Certain information can be disclosed, but your personal information, banking details and login details or any other information is not to be shared, and if you smell something suspicious you must be firm and not give it until you’ve investigated further. (Pro advice: If you feel anyone is trying to pressure you to provide information in exchange for a “limited-time deal or ‘limited time deal’, it could be an enticement).

  1. If it seems too good to be true, it most likely is’

Scammers depend on people who want amazing deals and not taking the time to look into the scams. Do not be one of those people. The best way to protect yourself is to have an adequate dose of skepticism. If you see an offer that seems too appealing to be true, take a look the offer thoroughly. Check out local groups in the community to find out whether they’ve seen similar offers or have any knowledge about the company or person who made the offer. It’s okay to be cautious.

  1. Be involved in crypto-related communities.

A group of fellow enthusiasts who have gone through the same thing, and have done it is extremely beneficial particularly when you’re just beginning your journey. If you’re just beginning to learn about crypto or NFTs, it’s worthwhile to join some online forums to seek help, get familiar with the field, and enjoy chatting with others. Like we said earlier that these are great locations to find information and check out things and they can also be interesting and enjoyable ways to communicate with other like-minded individuals. We have the Terra Virtua Discord server and Telegram channel that are full of amazing people who are always eager to give their expertise. You can also connect with us through Twitter, Instagram, and Facebook to stay up-to-date with updates and NFT news.

  1. Do not invest more than you are able to afford or willing to risk.

It’s a well-known piece of investment advice as is the fact that ‘past performance is not a guarantee of future outcomes’. It is important to remember both in case you decide to invest in NFTs or crypto. Crypto is a volatile market, meaning things can shift in a flash. While many claim to be able to tell you what’s a “sure bet,” the reality is that nobody knows the exact amount. If you’re not comfortable with this amount of risk, then it may not be the right choice for you.

  1. Check and double-check the contact information of anyone or company who contact you.

This might seem like repeating the same thing but it really could be. However, it’s so crucial, that we’re happy to repeat it. If anyone, be it an individual or company comes to you with an offer, you should go back to step 1 and do your research.

If it seems similar to common sense it’s since it’s. However, we recognize that the crypto market is exciting and growing swiftly, which makes it easy to become swept into all the excitement activities going on. Another tip we’ll offer you is that there’s no have to rush! The NFTs and cryptocurrencies aren’t going to disappear Don’t be pushed by family or media to join in If you’re not prepared.

Remember, it’s supposed to be a blast and enjoyable, so take your time exploring the many opportunities that are that are available in the NFT and crypto space!

This article is written by the Frequenc which is an NFT consulting company that offers services to its clients.

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