Are you new at crytpo and you seem to be making mistakes left and right?
Not to worry. A big part of the learning experience are the mistakes we make as newbies while still finding our feet.
Some are hilarious while others can have devastating consequences. But, all these common mistakes can be easily avoided with a little research.
Here are a few of those:
1. Lost Keys
It is different from forgetting your password or your pin where you can request to reset your pin or have it sent to your email address. There is no customer care for the blockchain and no way to recover your key if you lose it. Be sure to keep this secure at all times.
2. Keeping Coins in Online Wallets
Most newbies after signing up with an exchange service and purchasing their first cryptocurrencies neglect to take them out of the exchanger’s website. Again, this is another case of ignorance, laziness or a combination of both. Be on the look out for this.
3. Not Keeping Hard Copies of Important Information
Very simple yet very effective. Make sure to keep hard copies of everything.
4. Fat-finger Error
Fat-finger error can be defined as a human error that occurs when the wrong key is pressed on a computer (or smartphone) keyboard. Some of the most calamitous trading errors ever recorded in the financial market has been due to fat-finger errors. So type very very carefully.
So there you have it. Be sure to take a good read and be aware of these easily avoidable common mistakes.
Cryptocurrency transactions are irreversible and as such, the onus is on the user to carry out due diligence before carrying out any transaction.
Nice thread. This is a good guide for a newbie like me. Thank you. Not to worry. A big part of the learning experience are the mistakes we make as newbies while still finding our feet.
Some are hilarious while others can have devastating consequences. But, all these common mistakes can be easily avoided with a little research.
Here are a few of those:
1. Lost Keys
It is different from forgetting your password or your pin where you can request to reset your pin or have it sent to your email address. There is no customer care for the blockchain and no way to recover your key if you lose it. Be sure to keep this secure at all times.
2. Keeping Coins in Online Wallets
Most newbies after signing up with an exchange service and purchasing their first cryptocurrencies neglect to take them out of the exchanger’s website. Again, this is another case of ignorance, laziness or a combination of both. Be on the look out for this.
3. Not Keeping Hard Copies of Important Information
Very simple yet very effective. Make sure to keep hard copies of everything.
4. Fat-finger Error
Fat-finger error can be defined as a human error that occurs when the wrong key is pressed on a computer (or smartphone) keyboard. Some of the most calamitous trading errors ever recorded in the financial market has been due to fat-finger errors. So type very very carefully.
So there you have it. Be sure to take a good read and be aware of these easily avoidable common mistakes.
Cryptocurrency transactions are irreversible and as such, the onus is on the user to carry out due diligence before carrying out any transaction.
