summary
- The author recommends starting small with small amounts of money when investing in cryptocurrencies.
- There are seven service providers worldwide to exchange DFI, but the author recommends using Cake DeFi and Decentralized Finance Exchange (DFX).
- Cake DeFi is easy to use but has higher fees than competitors. It is easy to buy DFI with bank transfer or credit card.
- DFX is a young project built for DeFiChain. You can exchange your money into DFI with the DFX Wallet.
- To store DFI, you need a wallet which can also be used to invest in DeFiChain financial products.
- There are four ways to secure DFI: the central online wallet (Cake Wallet), the decentralized online wallet (DFX), the decentralized offline wallet (paper wallet), and the hardware wallet.
- Storing DFI on Cake Wallet means that the platform stores the coins, not the user. This is recommended for beginners.
- Decentralized wallets are more secure than central wallets, but the user must take responsibility for managing the wallet themselves.
- Paper wallets are the most secure way to store DFI, but only recommended for professionals.
