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 have been certainly inventive, but additionally raised reputable crypto-related issues. Due to this fact, 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 workforce’s skilled recommendations on the right way to cope with them.
1. Crypto fraudsters
Tips on how to keep away from this challenge
Cryptocurrencies are well-liked globally and probably profitable. As such, they will signify fertile soil for nefarious and fraudulent market actors. It’s vital to do not forget that performing ample analysis and due diligence is one of the simplest ways to guard your self from being scammed.
Moreover, do your finest to not take crypto recommendation from web boards, people on social media, celebrities, or anybody else you don’t know nicely.
The truth is, one of the widespread methods crypto fanatics fall sufferer to those scams is by responding to provides that promise to “double your investments with one click on.” Such scams usually contain sending crypto to unknown teams or people, which as a rule ends in customers dropping their hard-earned crypto.
As an alternative, your most secure wager is to deal with established and famend people and corporations with stable monetary credentials (like CEX.IO).
2. Forgetting pockets passwords
Tips on how to keep away from this challenge
Most crypto wallets these days characteristic automated 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 doubtless even have a code. Alternatively, you would additionally think about using trusted custodial wallets, to not point out that, with CEX.IO, you’ll be able to at all times restore your passwords.
3. Misplaced crypto alternatives
Tips on how to keep away from this challenge
The cryptocurrency market is unpredictable and risky. In different phrases, there is no such thing as a assured method to acknowledge when an asset’s worth will go up or down.
Nonetheless, we monitor the markets 24/7 to watch and analyze traits in an try to know market habits.
To that finish, portfolio diversification could possibly be a smart selection for danger administration. Additionally, staking is an alternative choice out there on our platform that has the potential to attenuate the consequences of market volatility. You possibly can study extra about it right here. Additionally, for those who’re fascinated with studying extra about perspective tokens, take a look at CEX.IO College, or bookmark our weblog for normal crypto highlight items.
4. Hacking
Tips on how to keep away from this challenge
Hacking is a scary factor to expertise these days of the web, and much more so in relation to crypto. Nonetheless, there are quite a few methods you’ll be able to defend your crypto pockets from being hacked. Examples embody storing your crypto in a “chilly” pockets, recurrently altering your password, utilizing 2-factor authentication, and avoiding public WiFi when accessing your crypto belongings. For max security, we suggest combining two or extra of those strategies to make sure your crypto portfolio is completely protected.
5. Market crash
Tips on how to keep away from this challenge
As talked about above, monetary markets — crypto included — are unpredictable. Additionally they transfer in a cyclical trend, that means crashes happen periodically. Regardless, not all is misplaced (pun meant) even when the markets go down, as a result of there are methods to attenuate 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. When you’re at it, selecting to diversify your funding portfolio may help keep away from the second oldest rule of “not placing all of your eggs in the identical basket.”
Lastly, you might even take into account selecting solely cryptocurrencies with long-term potential (such because the oldest/largest names within the recreation) or that supply a tangible answer past speculative worth.
That is certainly not an exhaustive checklist of all of the dangers that exist within the cryptocurrency area. 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 supplied by CEX.IO shouldn’t be meant 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 belongings might be substantial. You need to fastidiously take into account whether or not interacting with, holding, or buying and selling digital belongings is appropriate for you in mild of the chance concerned and your monetary situation. You need to take into accounts your stage of expertise and search unbiased recommendation if crucial relating to your particular circumstances. CEX.IO shouldn’t be engaged within the supply, sale, or buying and selling of securities. Please check with the Phrases of Use for extra particulars
