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The cryptocurrency market has often been referred to as the last frontier. There are still next to no regulations in this industry, which means that the crypto market is the Wild Wild West. There are dangers lurking all around you, and if you’re not careful you will lose everything. After being in this market for several years, this is something that I have unfortunately seen happen time after time.
The first common mistake that happens is just due to not having experience or being careless. Mistakes such as sending transactions to the wrong address. Losing the keys to your wallet, or most of all falling for a scam on the internet. Anytime that you hear someone offering to send you double the amount of Bitcoin or Ethereum that you send them, it is definitely a scam. If it sounds too good to be true; it is.
I’ll be honest with you, throughout the years I have made a few mistakes as well. Most of them were sending transactions to the wrong address or using the wrong network. Nearly every time I made this mistake, I was always extremely tired, or in a rush. Therefore, I decided to never make any crypto transactions when I’m tired or busy. It has prevented me from ever making those mistakes again.
Greed is the trait that puts you in the most danger in the crypto market.
While greed is probably the reason that many of us decided to enter this market. With hopes of being able to change our lives financially forever. It also is a great motivator to continue working hard to make this goal happen. However, in the cryptocurrency market, if you’re not careful, greed can destroy your portfolio.
First, you must understand the assets that are in your portfolio. Most people believe that Bitcoin and Ethereum will be assets that will continue to soar in value in the future. Bitcoin’s price could someday reach several millions of dollars, and perhaps Ethereum could reach $100k. They are assets that should be treasured and protected at all costs. With that said, that is where our greed often gets in the way. We are addicted to making a yield or maximizing profits. Even though these…
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