The word ‘cryptocurrency’ is on every other person’s tongue these days, but only some know anything about crypto beyond the rudiments and fundamentals. While, on the one hand, it sounds mysterious and enticing, the enthusiasm is tempered by scepticism, lack of awareness, and misleading information. With diverse information available by the reams and hundreds of apps, trading platforms, currencies, and websites emerging daily, uninitiated beginners can find trading daunting without a definitive route map. Sometimes, inexperienced, overenthusiastic traders make costly mistakes in the crypto marketplace. Here is a post that hopes to forestall the ‘wish someone had said so in the aftermath of a trade gone wrong.
1. Cluelessly Plunging into the Thick of Things
It’s one thing to know what a car is. It’s a whole other thing to know how to drive one. You will need to clear a driving test to prove you understand the difference between a neighbourhood street and a Formula 1 race track. While you don’t need to take a test to trade crypto, you must delve into the deep blue unknown instead of scratching the surface. As intimidating as the jargon might sound, you’ll warm up to it the more you study and sleep over it. Nosediving into the marketplace with lots of money and little knowledge will jeopardise and bungle your finances.
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2. Forgetting Your Wallet Password
You can’t forget your crypto wallet passwords as easily and naturally as you forget what you ate for dinner four days ago. You can’t jimmy the wallets open with a heavy-duty crowbar if you don’t remember your passwords and seed phrases. If the site has a password reset option, lucky you! If not, it will be one of the darkest days in the history of humankind. Whether your password is ‘f0rg€t-m£-n()t’ or the chip-key variety (‘password’), unless you have an eidetic memory, write your passwords somewhere you’ll remember, and in handwriting, you can decipher.
3. Don’t Bite the Phishing Bait
The most dangerous species in this world are phishers, next to pufferfish and stonefish. These artful dodgers have sophisticated techniques to get into your wallet. Beware of emails from Nigerian princes who want your help with offshore transfers and warning messages that claim your crypto account has been compromised. At first glance, these messages appear legitimate, but the artifice becomes apparent upon further inspection. Here are some clues the email is part of a scam:
- It demands sensitive information (your passwords, pins, seed phrases, etc.) that no company worth its salt would request.
- It opens with generic salutations (Dear Sir/Madam, Dear Member, Customer) instead of your name.
- It won’t win a Spelling Bee prize.
- The sender’s email address does not correspond to the domain email.
- Replications of company logos come with subtle variations.
- Hyperlinks take you to unexpected destinations.
The crypto marketplace can be a great source of profit if you approach it realistically with the right knowledge and skills. After a point, it won’t feel so cryptic anymore. Keep your trading strategies simple and smart. Read and listen to diverse materials from jargony LinkedIn posts with more facts and figures than words, overnight success stories on YouTube, and 101 podcasts on Spotify. However, exercise discretion before adopting someone’s trading advice. Navigate the marketplace safely and never stop learning. Happy trading.