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 artistic tales of their scariest crypto nightmares.
Our winners have been certainly inventive, but additionally raised reliable crypto-related considerations. Subsequently, along with celebrating their creativity, we additionally needed to place their minds comfortable and present how one can cope with/keep away from every of those crypto fears and points.
Under are the winners’ tales, and our group’s skilled tips about tips on how to cope with them.
1. Crypto fraudsters
Easy methods to keep away from this situation
Cryptocurrencies are in style globally and probably profitable. As such, they’ll signify fertile soil for nefarious and fraudulent market actors. It’s essential to keep in mind 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 effectively.
Actually, one of the vital widespread methods crypto fanatics fall sufferer to those scams is by responding to presents that promise to “double your investments with one click on.” Such scams typically contain sending crypto to unknown teams or people, which as a rule leads to customers shedding their hard-earned crypto.
As a substitute, your most secure wager is to concentrate on established and famend people and firms with stable monetary credentials (like CEX.IO).
2. Forgetting pockets passwords
Easy methods to keep away from this situation
Most crypto wallets these days function automated logins, like FaceID or Thumbprint ID (relying in your sort of smartphone). In case you’re utilizing a laptop computer/pill/desktop laptop, you seemingly even have a code. Alternatively, you would additionally think about using trusted custodial wallets, to not point out that, with CEX.IO, you may all the time restore your passwords.
3. Misplaced crypto alternatives
Easy methods to keep away from this situation
The cryptocurrency market is unpredictable and unstable. In different phrases, there isn’t a assured technique to acknowledge when an asset’s value will go up or down.
Nevertheless, we monitor the markets 24/7 to watch and analyze traits in an try to know market habits.
To that finish, portfolio diversification may very well be a clever selection for danger administration. Additionally, staking is an alternative choice out there on our platform that has the potential to reduce the consequences of market volatility. You’ll be able to study extra about it right here. Additionally, in case you’re fascinated about studying extra about perspective tokens, try CEX.IO College, or bookmark our weblog for normal crypto highlight items.
4. Hacking
Easy methods to keep away from this situation
Hacking is a scary factor to expertise these days of the web, and much more so in relation to crypto. Nevertheless, there are quite a few methods you may shield your crypto pockets from being hacked. Examples embody storing your crypto in a “chilly” pockets, commonly altering your password, utilizing 2-factor authentication, and avoiding public WiFi when accessing your crypto property. For optimum security, we advocate combining two or extra of those strategies to make sure your crypto portfolio is totally protected.
5. Market crash
Easy methods to keep away from this situation
As talked about above, monetary markets — crypto included — are unpredictable. Additionally they transfer in a cyclical trend, 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 outdated 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 may 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 may also 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 sport) or that provide a tangible resolution past speculative worth.
That is under no circumstances an exhaustive listing 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’ll impart, you’re higher outfitted to take advantage of knowledgeable choices alongside your crypto journey.
Disclaimer: Data offered by CEX.IO shouldn’t be supposed to be, nor ought to or not it’s construed as monetary, tax or authorized recommendation. The danger of loss in buying and selling or holding digital property might be substantial. It’s best to rigorously take into account whether or not interacting with, holding, or buying and selling digital property is appropriate for you in gentle of the chance concerned and your monetary situation. It’s best to consider your stage of expertise and search unbiased recommendation if vital concerning your particular circumstances. CEX.IO shouldn’t be engaged within the provide, sale, or buying and selling of securities. Please confer with the Phrases of Use for extra particulars
