A MULTIMILLIONAIRE made their fortune in cryptocurrency – and now they want to help you to as well.<\/p>\n
The unnamed expert, who has raked in more than $3million (\u00a32.26m) in just a few years, has revealed 11 rules you should follow to make a tidy profit. <\/p>\n 2<\/span><\/p>\n<\/div> While the whizz confesses not to own a Lambo or luxurious villa, their cash has helped fund family holidays and a comfortable place to call home.<\/p>\n They also no longer have to work gruelling 60-hour weeks just to make ends meet – and in a few years you might not have to either.<\/p>\n From knowing the regulations to when not to panic, here are 11 top tips to help set you on your way, according to Ren & Heinrich on Medium<\/a>. <\/p>\n Before throwing your hard-earned money at something, it’s a good idea to understand where it’s going, and how it might come back – if it does at all.<\/p>\n Ren & Heinrich recommends reading up on whatever is you want to invest in. – starting with blockchain and public and private keys.<\/p>\n After that, delve a little deeper. <\/p>\n For example, if you’re keen to pump some cash into Ethereum, learn about smart contracts, decentralised finance platforms and how initial coin offerings work. <\/p>\n And if you’re set on buying Bitcoin, read developer Satoshi Nakamoto\u2019s white paper\u00a0before you do anything else. <\/p>\n Another form of knowledge key to success is knowing the regulations surrounding cryptocurrency in your country.<\/p>\n This includes what kinds are allowed to be bought and held, as well as what documents you need to provide when purchasing and how tax regulation works.<\/p>\n It is also vital to contact your broker or exchange, and your bank, before cashing out in case there are additional procedures required. <\/p>\n When deciding how much to invest, always leave some aside.<\/p>\n And even once you have chosen the amount you want to put in, only spend a portion of it for your first investment. <\/p>\n Crypto prices are very volatile and you may not get your money back. <\/p>\n Once you’re ready to diversify your portfolio, don’t put all your eggs in one basket. <\/p>\n As well as focusing on large-cap cryptos which have real use cases, perhaps give other assets such as stocks and gold a go to reduce risks. <\/p>\n The day you see your initial investment returned, take that money out straight away.<\/p>\n “This way, you get your money back, even if you lose, you are only losing the profit you have made,” Ren & Heinrich writes.<\/p>\n Another area to get clued up on is protecting your assets.<\/p>\n Experts suggest keeping your cryptos in your hardware wallet, and keeping your private keys and seed phrases safe.<\/p>\n This means not leaving your crypto in exchanges, as they might get hacked or go bankrupt, leaving you with nothing. <\/p>\n It also means never saving your private keys and seed phrases on your laptop or smartphone in case these too get hacked. <\/p>\n If you must keep note of them, write them on a piece of paper and store this in a place only you can find. <\/p>\n The worst time to buy is when prices reach an all-time high. <\/p>\n Other times to avoid include when the price is in downtrend as the price is likely to get lower and lower.<\/p>\n It is best to wait until the price has stabilised, then place a buy order. <\/p>\n Similarly to avoiding buying when prices are tumbling, don’t panic sell when the price is dropping – unless you are already in significant profit. <\/p>\n![\"Crypto](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2021\/12\/9d1b123e-3989-48a1-92bf-8daa276b4dd0.jpg\")
<\/a><\/p>\n1. Knowledge is king<\/h2>\n
2. Understand the regulations<\/h2>\n
3. Never go all-in<\/h2>\n
4. Take initial investment out once in profit<\/h2>\n
5. Protect, protect, protect<\/h2>\n
6. Know when to buy – and when not to<\/h2>\n
7. Do not panic sell<\/h2>\n
![\"Experts](\"https:\/\/www.thesun.co.uk\/wp-content\/uploads\/2021\/12\/NINTCHDBPICT000654470285.webp\")
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