October could also be over, however Halloween is a singular and memorable vacation.
In true CEX.IO spirit, we organized a creativity contest on Twitter granting USDT tokens to 5 fortunate winners who submitted enjoyable and inventive tales of their scariest crypto nightmares.
Our winners had been certainly inventive, but in addition raised respectable crypto-related issues. Due to this fact, along with celebrating their creativity, we additionally wished to place their minds comfy and present how one can take care of/keep away from every of those crypto fears and points.
Beneath are the winners’ tales, and our staff’s skilled tips about tips on how to take care of them.
1. Crypto fraudsters
How one can keep away from this problem
Cryptocurrencies are standard globally and probably profitable. As such, they will signify fertile soil for nefarious and fraudulent market actors. It’s crucial to do not forget that performing ample analysis and due diligence is the easiest way to guard your self from being scammed.
Moreover, do your greatest to not take crypto recommendation from web boards, people on social media, celebrities, or anybody else you don’t know properly.
In truth, one of the widespread methods crypto lovers fall sufferer to those scams is by responding to presents that promise to “double your investments with one click on.” Such scams usually contain sending crypto to unknown teams or people, which most of the time ends in customers dropping their hard-earned crypto.
As an alternative, your most secure wager is to concentrate on established and famend people and firms with strong monetary credentials (like CEX.IO).
2. Forgetting pockets passwords
How one can keep away from this problem
Most crypto wallets these days characteristic computerized logins, like FaceID or Thumbprint ID (relying in your sort of smartphone). If you happen to’re utilizing a laptop computer/pill/desktop pc, you seemingly even have a code. Alternatively, you might additionally think about using trusted custodial wallets, to not point out that, with CEX.IO, you’ll be able to all the time restore your passwords.
3. Misplaced crypto alternatives
How one can keep away from this problem
The cryptocurrency market is unpredictable and unstable. In different phrases, there is no such thing as a assured strategy to acknowledge when an asset’s worth will go up or down.
Nonetheless, we monitor the markets 24/7 to look at and analyze developments in an try to grasp market habits.
To that finish, portfolio diversification might be a clever selection for danger administration. Additionally, staking is another choice obtainable on our platform that has the potential to reduce the consequences of market volatility. You possibly can be taught extra about it right here. Additionally, when you’re all in favour of studying extra about perspective tokens, take a look at CEX.IO College, or bookmark our weblog for normal crypto highlight items.
4. Hacking
How one can keep away from this problem
Hacking is a scary factor to expertise this present day of the web, and much more so in the case of crypto. Nonetheless, there are quite a few methods you’ll be able to shield your crypto pockets from being hacked. Examples embody storing your crypto in a “chilly” pockets, repeatedly altering your password, utilizing 2-factor authentication, and avoiding public WiFi when accessing your crypto property. For max security, we advocate combining two or extra of those strategies to make sure your crypto portfolio is completely protected.
5. Market crash
How one can keep away from this problem
As talked about above, monetary markets — crypto included — are unpredictable. Additionally they transfer in a cyclical style, which means crashes happen periodically. Regardless, not all is misplaced (pun supposed) even when the markets go down, as a result of there are methods to reduce your losses.
(because the previous saying goes – “a loss isn’t a loss till you promote”).
For instance, the oldest rule within the investing e book is to solely make investments funds you’ll be able to afford to lose. Concurrently, take into account having an emergency fund to cushion the blow of a market downturn. Whilst you’re at it, selecting to diversify your funding portfolio will help keep away from the second oldest rule of “not placing all of your eggs in the identical basket.”
Lastly, it’s possible you’ll even take into account selecting solely cryptocurrencies with long-term potential (such because the oldest/greatest names within the recreation) or that supply a tangible answer past speculative worth.
That is in no way an exhaustive checklist of all of the dangers that exist within the cryptocurrency house. Nonetheless, we hope that by sharing these experiences, and the hard-earned knowledge they will impart, you’re higher geared up to take advantage of knowledgeable selections alongside your crypto journey.
Disclaimer: Data offered by CEX.IO just isn’t supposed to be, nor ought to it’s construed as monetary, tax or authorized recommendation. The danger of loss in buying and selling or holding digital property might be substantial. You need to fastidiously take into account whether or not interacting with, holding, or buying and selling digital property is appropriate for you in mild of the chance concerned and your monetary situation. You need to think about your stage of expertise and search unbiased recommendation if needed relating to your particular circumstances. CEX.IO just isn’t engaged within the supply, sale, or buying and selling of securities. Please discuss with the Phrases of Use for extra particulars
