The most common mistakes that cryptocurrency beginners make
|Slavomír Kaňuk|source|442x
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The most common mistakes that cryptocurrency beginners make

If you have decided to try something new in the new year and if this new thing is cryptocurrencies, make sure you avoid the most common mistakes. Some of them may seem trivial, but newcomers in the sector do them all the time.

 

The first and one of the most common mistakes is that even if you think you own cryptocurrencies, the opposite is true. If you do not own the private keys to cryptocurrencies, then you do not own the cryptocurrencies. What does this mean in practice? For example, if you buy Bitcoin through a cryptocurrency exchange and leave it on that exchange, then your BTC is owned by that exchange and not you. Keeping cryptocurrencies online is therefore very dangerous and often leads to the loss of cryptocurrencies through various hacks.

The second mistake that can be fatal in the cryptocurrency world is to send cryptocurrency to the wrong address. In the vast majority of cases, this means the end for your cryptocurrency, because you sent it to someone else, and it is only up to his conscience whether he will send it back to you or not. In this world, no third parties have any say in your transactions are thus reversal transaction is not possible. Therefore, when making any transaction, allow yourself enough time to check everything several times. Newcomers in this sector often forget that security is the most important thing of all. That's why you need to protect yourself not only with passwords but also with two-factor authentication. The so-called 2FA can significantly increase the protection of your cryptocurrencies if you have them stored on stock exchanges, for example. However, to avoid any problems, even with 2FA you need to store the restoration code properly. This can help if something happens to your device or the 2FA protection itself.

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