Crypto Mistake
(Credit: cryptoen.com)

Where most financial experts called it a scam and a Ponzi scheme, BTC rose to glory beyond expectations. The $65,000 ATH by Bitcoin came as a shock to the world. The bears then came back and pushed it down to the 30s range.

The fact that BTC rose to the ATH hooked the eyes of financial investors. What was called a scam has now attracted billionaires like Michael Saylor and Elon Musk. Not only this, financial giants like JP Morgan have a keen interest in the crypto world.

Even other global giants like Facebook, Google, Samsung, Twitter, and Apple are interested in BTC and cryptocurrencies in general. Even though the markets are choppy in the present situation, the involvement and interest of the multi-billion dollar organizations promise massive upside for cryptocurrencies.

One thing to realize, however; crypto markets aren’t the same as traditional markets such as stocks. The dynamics are different here. It is all digital, and extreme caution has to be maintained at all times. A slight mistake, and everything can crash to zero. For instance, if you wish to send your BTC to your wallet, then you need to have the right address. A single mistake can cause you significant damages. To avoid unwanted troubles, here are 6 cryptocurrency mistakes everyone should avoid:

Choosing Shady Exchanges

Always conduct a background check before trading on a platform. While many exchanges are phenomenal, a few are there to scam innocent people. Just like every other market in the world, crypto has people with ill intentions too. You are responsible for your money.

Many new exchanges pop up and give lucrative offers to attract traders. Or even if they aren’t scams, they don’t have enough security arrangements in place to protect the exchange from hackers. For instance, in 2014, a Tokyo-based exchange, MtGox, was hacked, and 750,000 BTCs were stolen. According to the current prices, this is worth more than $ 25 Billion.

Choosing the right platform is essential. Never make the mistake of trading on shady platforms. Credible platforms will not charm you with offers but provide you with the security and trading experience you deserve.

Believing its tax-free

Crypto gains are not tax-free. Every country that allows crypto holding and trading has tax rules for it. Make sure you know them thoroughly before making any financial decision.

Most people mistake decentralization as a way to evade taxes. While the crypto world does offer autonomy and better control over your money, it is in no way a platform to avoid your legal obligations.

Deal with Untrustworthy individuals/organizations

Since no financial institutions regulate crypto markets, it is extremely important to observe caution here. Many people are there to scam.

Crypto markets are fairly new in the financial space. Not many people know the right way to acquire USDTs and buy their favorite coins in the crypto markets. Even if they make profits, they don’t know how to sell them.

Scammers use this lack of knowledge to their advantage and trick innocent people. To ensure you avoid such trouble, always deal with credible platforms like A to Z Globe. It is a crypto shop where people can buy and sell their cryptocurrencies easily.

If you wish to buy BTC & LTC in Dubai, then visit A to Z Globe. You get your cryptocurrencies at the best rate. Plus, the transaction is so fast, you’ll get your desired coins or cash within a few minutes.

It is a sad sight to see people getting scammed. If you wish to deal in the crypto space, make sure you know what’s going on, or you can always search for credible platforms like A to Z Globe to deal with peace of mind.

Do not secure assets

Many people do not secure their assets. MtGox is the prime example that it is the owner’s responsibility to protect their assets. This isn’t much of an issue with day traders who don’t hold assets for long. For them, the strategy is to make profits and realize their gains.

However, there are many people who enter the crypto space to hold assets for the long term. For people with that intention, the best way is to secure their funds in a hardware wallet. With hardware wallets, your assets are safe with you. You can transfer them to an exchange whenever you wish to sell them and get the money back.

This way, your asset will remain secure even if some hanky panky happens with the exchange. If you are in this for the long haul, then take all the necessary measures to secure your assets.

Forget keys and wallet addresses

Since it’s digital, many people lose access to their wallet addresses or forget passwords to their accounts. Millions of dollars are frozen this way. To ensure that you aren’t a victim of this thing, always keep your passwords and wallet addresses safe.

You can note it down somewhere and keep it safe with you. Without passwords, your access can become difficult. Keep it safe to avoid any hassles.

Forget to explore

There are many options in the crypto world other than BTC. Bitcoin is the king, no wonder, but crypto markets have evolved unbelievably well. There are many other coins that give you absolutely amazing opportunities for return.

People who enter the crypto sphere don’t explore and predominantly think that BTC is the equivalent of all cryptocurrencies. Or vice versa. This is far from the truth. There are many other strong projects that you should explore and then make investments accordingly.

For example, Litecoin is considered a direct competitor to BTC. It is cheaper than BTC but offers solid prospects for the future. Then there are other strong crypto coins such as XRP, Cardano ADA, BNB, Vet, etc.

The information above shouldn’t be considered financial advice in any way. However, these are strong projects that hold great upside potential in the future. Make all your financial decisions after diligent research.

Bottom line, while BTC is surely the king, people should explore the markets and then decide what’s best for them. If you wish to buy and sell BTC in Dubai, then you are welcome to visit A to Z Globe. We offer the sale and purchase of crypto in cash at reasonable rates.

Bottom Line

Cryptocurrency is a fairly new financial market. There is a lot more to explore and a lot more to learn about it. It is basically challenging the traditional way people look at money.

The market is maturing with passing years. Many people mistake cryptocurrencies as a quick rich scheme that’ll make them rich overnight. While a few people do get lucky, that isn’t always the case. With great rewards come great risks.

Investors are requested to take the necessary steps to protect their assets. Also, understand the dynamics of the market, so they make better decisions and investment choices. With the right amount of knowledge, research and diligence, there’s surely a high probability that you can leverage the markets in your favor.

Above mentioned mistakes are the ones generally people make. However, with a little caution, your assets will be safe, and you’ll hopefully score profitable deals!

To buy BTC in Dubai or buy LTC in Dubai, please visit A to Z Globe stores. We’ll be happy to help you in any way possible.