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What are the Dos and don’ts to avoid when buying crypto, or NFTs (non-fungible tokens)

In: Tech

You’re thinking of getting involved in NFTs or crypto? Awesome! This is an extremely enjoyable place to be in and there’s a lot of exciting happening in the near future and it’s an excellent opportunity to be involved.

We understand that engaging yourself in something completely new may be a little daunting, however, which is why we’d like to offer some tips to help you invest in crypto or non-fungible coins (NFTs).

 

The majority of the information below is something you’ve heard before. Because, really investing in crypto, or purchasing NFTs isn’t any different from the majority of other actions you take online. So, the majority of recommendations are similar. It is always beneficial to have an eye-opener on proper online practice. Therefore, with no further delay this is our top recommendations for dos and don’ts of investing in crypto.

 

  1. Do your research

It is the number one choice with an explanation. If you decide to invest in cryptocurrency or purchase NFTs It is your responsibility to conduct a thorough investigation into the coins, companies services, etc. that you’re involved in. I’m sorry to sound like a mother regarding the matter, but it’s your money that you’re investingand is important to be careful about what. Therefore, take your time and complete all the research you think is necessary. Don’t be reliant on just one source of information…which is a great way to get us to the second point.

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

We are huge fans of social media, and enjoy the majority of people on it. But…there are those with their own agendas and, sometimes, that agenda isn’t to help you, but rather to profit from your ignorance. They’re looking to profit from others’ lack of information and also to create fear to make money for themselves. There are also people who have genuine intentions, but are misinformed. Actually, the group of people with good intentions surpasses fraudsters, and even people who are trying to help often don’t know all the information. If you notice something that appears interesting or odd or wrong, 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? No it’s not, especially if you’re brand new to NFTs and crypto, and that’s what many are betting on. If you’re unfamiliar with the terms (pro tip: read our crypto dictionary to get an overview of the most commonly used terms) and the processes involved and procedures, then a request the private keys of your account (this is yours alone and should not ever be divulged!) to arrange a transaction of NFT or cryptocurrency could appear to be a good idea. It’s not. If anyone asks for information from you, particularly from the air stop and look items out prior to proceeding. Certain things are disclosed, but your personal bank account details, keystrokes and login details or any other information shouldn’t be shared and if you smell something suspicious take a stand and say no until you have a chance to investigate further. (Pro tip: If anyone is trying to pressure you to provide information to get a “limited time offer that could be an enticement).

  1. Follow the rule of thumb ‘if it seems too good to be true, it most likely is’

Scammers are based on people looking for good deals, but not taking the time to look into the scams. Beware of people. The best defense is the right amount of skepticism. If you hear about an offer that seems way too good to be true, you should check the offer thoroughly. Check out local groups in the community to find out whether they’ve seen similar offers or have any information about the person or company making the offer. Be cautious.

  1. Get involved in crypto-related communities.

Being able to connect with people who have had the experience, been there and done that can be extremely helpful especially 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 groups to receive help, get familiar with the field, and engage in a lively conversation. As we’ve mentioned they can be excellent sources of information and to check the accuracy of things and they can also be interesting and enjoyable places to connect with other like-minded individuals. We have the Terra Virtua Discord server as well as a Telegram channel that are full of amazing people who are always eager to give their expertise. Additionally, you can join us via Twitter, Instagram, and Facebook to stay up-to-date with updates and NFT news.

  1. Do not invest more than you can afford or are willing to lose.

It’s a well-known piece of advice for investors, and ‘past performance’ does not guarantee future outcomes’. It is important to remember both in case you decide to invest in NFTs or crypto. Crypto is a unstable market, meaning that things can change at any moment. While many are willing to claim they know what is an “unquestionable bet,” the reality is that no one can say the exact amount. If you’re not confident with this amount of risk, then it may not be the right choice for you.

  1. Check and double-check the information of any individuals or companies who contact you.

This might seem like repeating the same thing however it actually could be. However, it’s so importantthat we’re not afraid to repeat it. If someone, whether an individual or company comes to you with an offer, you should go back to the beginning and conduct your own 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 by all the exciting activities going on. Another tip we’ll offer you is that there’s no have to rush! The NFTs and cryptocurrencies will not be going away So don’t be pressured by your friends or the media to participate If you’re not prepared.

Remember, the purpose of this endeavor is to have a blast So, have fun exploring the many opportunities that are available in the NFT and crypto space!

Frequenc is a leading provider of nft consulting services. We help our clients achieve their goals through the use of innovative technology and advanced techniques.

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