7 Tools New Cryptocurrency Smart Investors Should Leverage

If you’re new to the cryptocurrency market – welcome. You’ve entered at a very interesting new phase.

And while prices may seem high, remember that as is the case with all markets, there are boom and bust cycles, the last of which took Bitcoin down from an all time high of $21,000+ per coin, to the current price it’s at today.

While you can make your own speculation on the future of the market, here are 7 tools ever new cryptocurrency investor must leverage in order to be successful in the market.

1. Really Ask and Understand What is Cryptocurrency

The first step any new investor must figure out is “What Is Cryptocurrency” really all about? Understanding some of the details behind the technology, the different types of cryptocurrency, the use cases, the history and trading terms (to name a few) will more than help you prepare for the adventure.

There are dozens of YouTube videos on the subject, countless guides and even a book designed to cover all the essentials called, you guessed it, What is Cryptocurrency.

If you aim to just jump in without understanding the basics, you stand a good chance at losing most, if not all, of your money.

2. Coin Market Cap

If you’re planning on understanding what cryptocurrencies are the top “movers and shakers” of the industry at any given point in time, you’ll want to understand how to use this website.

It’s full of valuable information that you’ll leverage on a daily, weekly, or monthly basis.

Similar in nature to the stock market, you can organize, sort and rank different cryptocurrencies by their market capitalization – or market cap – allowing you to find the top picks, and compare based on your investment criteria.

The website also helps you get quick access to company sites, whitepapers, social media and more.

3. Delta App

This is a favorite amongst crypto traders as it allows you to track virtual (or actual) portfolios of cryptocurrencies on your phone.

Where it differs from others in the space, is that it will calculate your estimated return (or loss) based on the change (delta) from your initial buy date.

This is hugely helpful as you’ll want to know what your returns look like from the point in time in which you purchased your cryptocurrency. The app will also help you track individual transactions, and quickly give you insights on the net loss or gain.

4. Cold Storage Wallet

There’s a saying in the cryptocurrency world that you may have seen online.

Not your keys, not your crypto.

The basis of this statement means – if you don’t have the private keys to your cryptocurrency that’s stored on your wallet, well, you don’t technically own your cryptocurrency.

You’ve got to remember that the cryptocurrency market is still largely unregulated. And while many of the exchanges look and may even feel like stock markets and financial institutions, the reality is, well, they’re not.

Hacks are possible. Even on large cryptocurrency exchanges. Sometimes they’re frequent.

People behind the companies sometimes run off and steal the money or cryptocurrency.

And some exchanges don’t even really give you your cryptocurrency if you store it on their servers – instead opting to give you their tokens that act as tickets to some cryptocurrency that they have.

If it sounds confusing, it is. And while a book like What is Cryptocurrency covers these details and more, it’s best to remember the saying.

If it’s not your keys (on your hardwear wallet), it’s not your crypto.

5. Google Authenticator

This is one of the key components to logging in and out of cryptocurrency exchanges – and is a near necessary component to being able to buy and sell.

Do yourself a favor and go with the Gorilla in the room. Google has been doing 2FA (2-Factor Authentication) for a long time. They’ve got it down well. They’re likely the biggest and the easiest to go with.

They work on iPhone and Android – so there’s no compatibility issues at all.

Here’s the one thing they don’t tell you that you’ll want to remember (and not be like me who lost Ethereum because I didn’t remember to do this).

IF you use 2FA with Google, you’ll want to make sure you record and write down your backup access / recovery keys. Why? Because 2FA is geared towards one installation of one phone, and will not transfer over if you backup, restore, or buy a new phone.

Let my loss fuel your learning. Backup your recovery phrases so you can automatically regain control if you ever lose your keys, switch or backup your phone.

6. MetaMask

This handy little browser plugin can help you securely access everything from dApps (Distributed Apps) to cold or hot wallets.

Built in part by some of the co-founders of Ethereum this extension is a must have for those wishing to access hot wallets and dApps on a regular basis.

Be sure to get the right extension – as there have been claims of fake extensions (that will syphon your cryptocurrency keys) know to exist in the extension store.

7. Paper

Yes, I said it. Paper. This underutilized tool in our digital age may just be one of the saviours of your cryptocurrency adventures.

You can use it to store your private keys.

You can use it to store your recovery phrases.

You can lock it up in a vault.

It’s hard to find and hard to steal.

It’s virtually unhackable.

And it’s one of the oldest means of communication we have. Use it.

You’ll want backups. You’ll want safety. You’ll want recovery. And yes, while extreme circumstances can occur (fire, flooding, etc.) this is one of the best options there is to help you maintain your cryptocurrency.

In Summary

If you’re new to the world of cryptocurrency investing – you’ll want to do things the right way. Do your own research DYOR, take the time to learn how to invest, read the right books, and find the right YouTube videos. Get the right technology and then get into the game.

The market is still very yonge. The technology is still in the very early days. And you are about to hop on the investment ride of a lifetime.

Good luck!

By Cahill Puil, founder and CEO of Byte Media Group / Author / Podcast Producer & Host

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