Mistakes To Avoid When Dealing With Bitcoin
Bitcoin Mistakes To Avoid
Over the last few years, the internet has weaved its way into our everyday lives. From socialization, banking, news, and investment, we look towards the web for answers and better alternatives. At times, we’ve become so accustomed to our reliance on tech, that we unfortunately fall for bad tech and bad investments, or not think about the choices we make before it is too late. Sometimes this type of behaviour can lead to financial ruin. When it comes to learning about, and perhaps investing in, Bitcoin, here are a few things to consider.
Come On People,… Slow Down!
Although we are all so familiar with buying and selling things online, or moving money from one place to another with ease, its not the same when it comes to Bitcoin. One of the features that makes Bitcoin unique is that transactions are irreversible. Once you send Bitcoin, it isn’t coming back regardless of the reason. So, you had better make sure your transactions are well thought out before jumping the gun and losing your coin.
cryptocurrency continues to gain followers, making it a hot topic. Problem is, some of those looking to invest don’t do their homework and they don’t understand the technology. The worse thing you can do is invest in anything based on hype and the fear of “missing out.” Take your time, educate yourself on the technology and the companies behind it before deciding how to proceed with your investment. This may save some pain later down the road.
Cryptocurrency is still in its infancy. You need to prepare for the volatility of the market before investing. If not, you are bound to buy high and sell in a panic when it drops. Remember, this should be a long term investment. Markets fluctuate. Don’t panic, and don’t invest more than you can lose.
All Your Coins,… One Basket. Not A Good Idea!
One of the mistakes we see over and over is that AltCoin investors put all their coins into one basket. Spread your coins out between several secure wallets. That way, if the worst happens, from hackers to forgetting your password, you don’t lose all your hard earned coin in one fowl swoop.
Although mistakes are bound to happen from time to time, keeping these little pitfalls in mind when investing is sure to keep you ahead of the rest.
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