Three ways to Avoid losing your Cryptocurrency Investment

2018-11-20 09:03

Starting a cryptocurrency investment is very interesting and gives you some confidence about hitting the jackpot sooner or later. What some cryptocurrency investors fail to realize is that buying the digital assets and storing them in their wallets does not end there.

There is a high possibility of losing every single coin in the wallet if no effort is made to ensure that the coins are safe. This post seeks to point out three ways to avoid losing your cryptocurrency investment.

Don’t forget to back up your Paraphrase

I bought XRP some months back, and I stored them in an Android wallet I installed from google play store. I generated a one-time login password and a pin code which I used to access my XRPs.

Also, I was asked to write down a paraphrase when creating the wallet, but I just skipped that option because I thought there was no way I was going to lose my phone, so no need to waste that time. Funny enough, my phone got missing, and I reinstalled the app on a different phone. The app asked me to check a box if I was trying to access an existing account, and I did. The app then asked me to enter the paraphrase generated for me when I earlier installed the app. I then realized that my XRPs are gone for good.

Buying a cryptocurrency into a wallet is one thing, and keeping them safe is another thing. Do not forget to write down the paraphrase generated for you by the wallet. And also, do not hesitate to back up private keys. Bear in mind that investing in cryptocurrency is a long-term project, and so paraphrase should be kept at a safer play.

Store Cryptocurrencies in an Official Offline wallet

There are many wallets on the google play store, and across the internet, however, most of them are “entry without exit.” Some of them will gladly accept your deposit, but once you decide to transfer them out, some funny excuses will pop up, and at that instance, you should know there is danger ahead.

To send cryptocurrency into a wallet, first, visit the official website of the cryptocurrency you intend to buy, and make use of the recommended wallets over there. Do not send your assets into any wallet that claim to be genuine and safer to use. You can also check reviews of its previous users to make a decision.

Pump and Dump Cryptocurrencies

Investing in cryptocurrencies with small available supply and market caps are good, but can be dangerous. Investing in an unknown coin because of its price and market cap can easily take you to the moon when the general market price is skyrocketing and can dump you somewhere when there is a small fall in the general price. Getting cheap cryptocurrencies can make you buy a lot. However, most of them are bound to make you lose your investment in a market recession. Make a proper background check on a cryptocurrency and the team behind it before you buy them.

The post Three ways to Avoid losing your Cryptocurrency Investment appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0005634 (-100%)

cryptocurrency losing investment ways your three avoid

cryptocurrency losing → Результатов: 107


Twitter on the Defensive, Blames Third-Party App for Recent Scams

Twitter is pointing the finger at an unnamed third-party app as the party responsible for a string of cryptocurrency giveaway scams in recent weeks involving some major brands. Throughout the year, the popular social media platform Twitter has been in a losing battle against a massive botnet and cybercriminals who are hijacking prominent, verified accounts.

2018-11-17 03:00


Basic Attention Token Price Analysis: BAT Retraces After Coinbase Effect Boost, but up 4% Today

Known as the Coinbase effect, cryptocurrencies typically undergo appreciation upon listing to Coinbase. Basic Attention Token (BAT), the most recent cryptocurrency to list on Coinbase Pro, did receive a price boost of up to 50% leading up to and after the event, but then sharply declined for consecutive days losing all the gains.

2018-11-13 19:54


Can Digital Asset Regulation Help Countries Improve The Crypto Market

Digital Asset Regulation Can Help Countries Improve The Market Ripple released an article in which they talk about how digital asset regulation could improve the crypto and financial market. Back in 2014, the popular cryptocurrency exchange Mt Gox went bankrupt after being attacked and losing more than $460 million dollars of Bitcoins. At that moment, […]

2018-10-20 18:35


Фото:

Exchanges Roundup: Tether, Bitfinex Drop Noble Bank, Bitmex Hires COO

In recent news pertaining to cryptocurrency exchanges, Noble Bank is looking to sell after reportedly losing Bitfinex and Tether as clients, Bitmex has announced the former compliance head of Hong Kong Exchanges and Clearing Limited as its new chief operating officer, and Huobi’s director of research into blockchain applications has discussed the company’s goals for […] The post Exchanges Roundup: Tether, Bitfinex Drop Noble Bank, Bitmex Hires COO appeared first on Bitcoin News.

2018-10-3 12:50


Фото:

Iceland’s Bitcoin Mining Industry Losing Allure, Interest Now Shifting to Core Blockchain Technology

Iceland has been a hotbed for bitcoin and other cryptocurrency miners due to its very cold climate and the availability of cheap power supply. However, 2018 has seen a shift of interest from bitcoin mining to core blockchain ventures in the country, partly due to the slump in the price of bitcoin, reported  Red Herring on September 23, 2018.

2018-9-25 09:00


Don’t Panic, Bitcoin for sure still has a Very Bright Future

It is an everyday thing in the crypto market, for many shy investors to jump on the throat of bitcoin when thing go just a little bit sour. Of course, this year hasn’t been all smiles for bitcoin and its investors, with the cryptocurrency losing over 70% since its record run last year when it […] The post Don’t Panic, Bitcoin for sure still has a Very Bright Future appeared first on ZyCrypto.

2018-9-15 12:10


Two Major Cryptocurrency Firms Move Closer to Initial Public Offering

Two well-known cryptocurrency exchanges, U.S. based Robinhood and Huobi of Singapore, are inching closer to a much anticipated initial public offering (IPO), CoinDesk reports. With the initial coin offering (ICO) space appearing to be losing traction—especially considering that August campaigns raised just $326 million in total, the lowest in 16 months—a handful of organizations are… The post Two Major Cryptocurrency Firms Move Closer to Initial Public Offering appeared first on UNHASHED.

2018-9-12 19:00


Фото:

Trader Alleges Bithumb is Losing $150,000 USD Daily to Washtrading

A trader has posted on Twitter alleging that an actor is taking advantage of Bithumb’s 120% fee payback to milk the platform of approximately $150,000 USD each day through washtrading. Also Read: Uzbekistan Legalizes Crypto Exchanges and Trading Twitter Trader Claims Bithumb’s Promotional Fee Schedule is Getting Exploited The Twitter account of Alex Kruger, a cryptocurrency […] The post Trader Alleges Bithumb is Losing $150,000 USD Daily to Washtrading appeared first on Bitcoin News.

2018-9-7 01:10


RBI Losing Sleep Over Negative Consequences of Cryptocurrency Ban

The Reserve Bank of India (RBI), the country’s central bank, is reportedly losing sleep over the unconsidered consequences of its cryptocurrency crackdown. Reports from the country indicate that the virtual currency market has mostly adapted to the environment created by the RBI ban with a shift towards peer-to-peer (P2P) platforms and crypto/crypto trading pairs.

2018-8-30 23:26