1. Hardware Wallet
Digital assets need to be protected just like cash or bank accounts. Exchanges and online wallets are constantly subject to rapid changes. Just remember the Mt.Gox exchange hack in 2014 when investors lost over 850,000 BTC.
One solution is a hardware wallet, a physical device that stores private keys offline. It minimizes the risks of phishing attacks, viruses, hacking, etc.
The best options on the market
Ledger Nano X: supports over 5,500 assets, has Bluetooth for convenient use
Trezor Model T: open-source, touchscreen, additional layer of security
Keystone Pro: works without connecting to a computer, making it resistant to online threats
At the core of using a hardware wallet is a unique recovery phrase (seed phrase) that needs to be written down on paper and kept in a safe place.
2. Two-Factor Authentication (2FA) and password manager
Every day, hackers breach thousands of crypto investors' accounts. Using the same password for multiple services or storing passwords in a browser are the most common mistakes that lead people to lose their assets.
Two-factor authentication adds an extra layer of protection, as even if your password becomes known to hackers, without 2FA they cannot access your account.
The best solutions
Authy: allows you to recover data in case of phone loss.
Google Authenticator: generates one-time confirmation codes for sites and backup apps.
YubiKey: a physical key that protects against remote hacking.
It is also important to use password managers (1Password, Bitwarden, KeePass) - they will help keep complex unique passwords for each service.
3. Binance App
Trading cryptocurrency requires speed. The price of Bitcoin can change by 5-10% within a few minutes, and the volatility in the altcoin market is even higher.
Through the Binance app you can:
Buy cryptocurrency in seconds
Use staking and launch pools for passive income
Receive notifications about important market events
For investors who want to have control over the market and their accounts 24/7, a mobile app is a key tool.
4. BTC in the account
Buying Bitcoin is more than just an investment; it's participation in a decentralized economy. Even if you have a small amount, it's already a way to protect your money from inflation.
Many regret not buying Bitcoin earlier, but even now it's better to start than to wait a few more years. As one of the most common strategies, regularly invest small amounts (DCA, dollar-cost averaging).
5. Market analysis tools
Trading cryptocurrency without analysis is like gambling in a casino. The market may seem chaotic, but there are patterns behind it: cycles, the behavior of large players, liquidity flows.
Using quality analytical tools helps recognize these patterns and make informed decisions.
Why is it important to analyze the market?
Preventing impulsive decisions. Many traders buy during the peak of FOMO or sell in panic. Data analysis can help avoid these mistakes.
Understanding market trends. Is it worth entering the market now, or is it better to wait? Analytical services show which phases of the cycle to focus on.
Assessing the activity of institutional players. It is important to know when large investors are buying or selling assets. This shows the overall picture and market trends.
Top tools for market analysis
Santiment is a platform for analyzing social sentiment and on-chain activity. It allows tracking the behavior of large players, wallet activity, and key market indicators.
Messari offers deep analysis of crypto projects, tokenomics, and financial reporting. Useful for investors evaluating long-term asset prospects.
Glassnode is a leading service for on-chain analytics. It shows how crypto assets move between exchanges and cold wallets, allowing for predictions of potential market movements.
Using analytical tools is what distinguishes professional investors from casual market players.
6. Crypto Ticker
The cryptocurrency market operates 24/7, and prices change every second. Traders, investors, and cryptocurrency holders must have quick access to the current rate to respond to changes in time.
Instead of opening the exchange every 5 minutes, you can use a physical Crypto Ticker or cryptocurrency widgets for websites or smartphones.
How to conveniently track the rate?
Through physical devices - Lametric Time, Tickeron (mini-displays showing the rate of BTC, ETH, and other assets in real-time).
Through cryptocurrency widgets for smartphones - can be customized in CoinMarketCap, Binance, or TradingView.
Through Telegram bots - automatic notifications about rate changes.
7. An account on a decentralized exchange (DEX) and Web3 wallet
Decentralized finance (DeFi) is changing the way assets are managed, allowing users to exchange cryptocurrency without intermediaries. One of the key elements of DeFi is decentralized exchanges (DEX), such as Uniswap and PancakeSwap, where users can trade without the involvement of banks or centralized platforms.
To interact with DEX, you need a Web3 wallet - a crypto wallet that allows direct connection to blockchain applications and managing assets (e.g., Binance Wallet or MetaMask).
8. Non-Fungible Tokens (NFTs)
NFT (Non-Fungible Token) are unique digital assets that exist on the blockchain and confirm ownership of a specific item. Unlike regular cryptocurrencies (like Bitcoin or Ethereum), each NFT is unique and cannot be replaced by another token.
NFTs are used not only in art but also in many other fields:
Gaming - in-game items that can be bought, sold, and used in virtual worlds.
Exclusive access - passes to private clubs or events.
Digital real estate - purchasing virtual land in metaverses.
NFTs expand the possibilities of blockchain, allowing for the creation of new models of ownership, monetization, and interactivity in the digital world.
9. Books on cryptocurrency
For a better understanding of the world of cryptocurrencies, some books can help you.
This book takes the reader through the history of money - from shell exchanges to modern financial systems, and explains how Bitcoin fits into this context. Ammous analyzes the economic properties of Bitcoin and its impact on the economy and society in detail. This is a foundational work for those who want to understand why Bitcoin can become the new standard of money.
2. 'Mastering Bitcoin', Andreas Antonopoulos and David Harding
This is a technical guide that delves deeply into Bitcoin technology and blockchain. The book covers everything from the basics of cryptography to building your own Bitcoin applications. It is suitable for both developers and those who want to understand the inner workings of Bitcoin more deeply.
This book is a guide for investors in the world of cryptocurrencies. It explains various types of crypto assets, methods of their evaluation, and investment strategies. The authors provide readers with tools for market analysis and making informed investment decisions in the ever-changing world of digital assets.
Each of these books offers a unique perspective on cryptocurrencies and will help deepen your understanding of this dynamic market.
10. Subscribe to current cryptocurrency news
The market is changing every day, and tracking events is key to understanding the situation and making the right decisions.
Sources you can trust
Binance Research - analytics
CoinDesk, CoinTelegraph - news
The Block - in-depth market research
Binance Square - content platform for social interaction
Tracking similar sources will help you minimize risks and maximize opportunities in the cryptocurrency market.
The products, services, and examples mentioned in the article are provided solely for informational purposes. Binance does not advertise or promote the use of any of the mentioned services or solutions.
