Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: jennysmith on February 19, 2020, 10:13:53 AM
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UNDERSTANDING OF THE TECHNOLOGY
The decentralized architecture of Blockchain technology is revolutionary, yet it is also complex. It carries with it significant risks for those that do not fully grasp its function. Seemingly simple tasks such as setting up wallets and sending transactions can result in catastrophe if not performed correctly.
Before purchasing Bitcoin, time should be invested in learning the ins and outs of blockchain technology. Its history, functionality, and shortcomings should be thoroughly studied. Research should also be performed on competing platforms. New adopters should put effort into learning about the major exchanges, wallets, and procedures for secure storage. They should also learn the meanings behind common terms such as “proof-of-work” and “block time.”
Virtually all unexpected Crypto loss is due to easily avoidable user errors caused by a lack of technical knowledge. These often include lost keys, or using exchanges to store funds. Avoiding loss thus requires understanding and respecting the inner workings of blockchain platforms.
SKEPTICISM AND VIGILANCE
Given the revolutionary nature of distributed ledger technology, a healthy dose of skepticism is a must. Wild claims of easy profits are all but certain to be scams. Also, exchanges and wallets should be thoroughly reviewed by trusted sources before use.
This attitude should also be coupled with a conservative and reasonable investment approach. The most successful crypto investors over the past ten years have been those that have avoided exceedingly risky platforms or services. Rather, they have merely added to their crypto portfolio on a regular basis and kept their keys securely in their own wallets. It is worth noting that taking such a simple approach would have been remarkably profitable for almost every part of the past ten years.
UPDATED KNOWLEDGE ABOUT THE LATEST HAPPENINGS IN THE WORLD OF BITCOIN
The blockchain space is rapidly evolving technically, legally, and socially. All holders should routinely follow news and developments without exception. Platforms change, wallets update, and exchanges come and go. Staying updated in this environment is thus critical to keeping funds safe.
Following legal and regulatory developments is especially crucial, as governments are now taking a much closer look at blockchain assets. Some are requiring cryptocurrencies to be reported on tax forms. Others are seeking to squelch blockchain adoption. These issues are extremely relevant to anyone that has an investment in Bitcoin.
A key takeaway from the lessons of proper Bitcoin holding is that a sensible, traditional approach is the best means to keep funds safe. No investment should ever be made without careful study and security rests on being mature and vigilant.
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This is a good read for bitcoin holders but I think patience and trust in Blockchain is key to hold bitcoin for long-term.
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Thank you so much. Wish you all the success
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It is also very important to control emotions and never make rash decisions.
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In addition, I'd recommend to monitor the internet and look for a proper place of a solid information. Read forums and social networks. It could really help if you can get as many reviews and marks as possible in order to form own view. I'd recommend to read from time to time the articles from cryptogeek, they have useful information and opinions. For instance like this this Url is blocked due to spam/en/blog/top-5-exchange-cryptocurrency.