Ten deadly cryptocurrency mistakes that could ruin your portfolio
If your mnemonic phrase is not backed up properly, it's over! The mnemonic phrase is your wallet password; without it, you cannot retrieve your money. Remember to write it down on paper, don't put it online, write multiple copies and store them safely, and never tell anyone else.
If you send to the wrong address, your money is gone. Transactions on the blockchain cannot be changed; if sent to the wrong place, it cannot be retrieved. Always double-check the address before sending money; if in doubt, send a small amount first to test.
Phishing is a common tactic used by scammers. They create fake websites, fake wallets, and fake emails to steal your information and money. Be cautious online, verify URLs, don’t click on unfamiliar links, and use official wallets for safety.
Putting all your money in a hot wallet is dangerous! Hot wallets are convenient but not secure, making it easy for hackers to attack. Large sums should be placed in cold wallets, such as hardware wallets, while only a small amount for transactions should be kept in hot wallets.
Don’t trust projects that seem “too good to be true.” Scammers often boast about high returns and sky-high interest rates. Check the team, white paper, and project history to avoid being deceived by false promises; only use reliable platforms for peace of mind.
Avoid using public Wi-Fi for transactions. Public Wi-Fi is insecure, and hackers can steal your data. Use your own network for transactions, or use a VPN for extra protection.
Don’t ignore security updates. Outdated software and devices are a playground for hackers. Remember to frequently update your wallet software and devices, enable two-factor authentication, and use strong passwords.
Be cautious with leveraged trading. Leverage can amplify profits but also losses. Don't engage if you're inexperienced, and don't take risks you can't afford.
Don't put all your money into one project. The cryptocurrency market is highly volatile, and investing everything in one project carries high risks. Diversify your investments and add stablecoins to reduce risk.
Don’t let emotions control you. FOMO (Fear of Missing Out) and FUD (Fear, Uncertainty, Doubt) can lead to impulsive decisions. Establish a trading plan, don’t follow the crowd, and rely on research and strategy.
Have you or someone around you made these mistakes? Let’s talk about it, and we can grow together!
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