What to watch out for
Cryptocurrencies are not immune to risks and you will need to be cagey when handling your digital currency. Let’s check out the factors that you must keep note of while dealing with cryptocurrencies:
Research
Before diving into the uncharted waters of cryptocurrencies, everyone should do his or her own basic research. No single guide will ever be able to provide you with all the relevant information about all cryptocurrencies and you’ll always be presented with two sides to any argument. Additionally, you should also have the clarity about how exchanges and wallets work.
An informed decision is always better as it drastically lowers the risk factor particularly in this case where things are quite volatile. You can develop clarity and opinion on cryptocurrencies by going through guides, reviews and trials with small, disposable amounts of money before making bigger purchases.
Stay safe
Even though the technology that drives cryptocurrencies assures a good deal of security, there is no safety net when working with them. Being decentralized in nature, it is still largely unregulated and that’s why you won’t be able to lodge a complaint if your cryptocurrency gets stolen.
The freedom to operate beyond the control of the banks and the purview of government’s regulation comes with a lot of responsibility. Here before you send cryptocoins to someone, always double check their wallet address.
Merchants and those involved in businesses using cryptocurrencies should never hand over products or services before the transaction on the blockchain is verified. This might take up few minutes and it varies from blockchain to blockchain.
The computer on which your wallet is installed must be protected from viruses and malware or else the wallet will be susceptible to cyber attacks and the funds will be stolen.
Never ever lose your wallet password as you might not be able to get it back and every cryptocoin you own will be lost.
Unpredictable value
Bitcoin and cryptocurrencies in general often experience a nosedive in value. Thus one should be prepared for such predicament before using cryptocurrencies.
At the other end of the spectrum of cryptocurrencies value, there is the existence of huge gains from the rising prices. Cryptocurrency market is extremely volatile and past performance is not very indicative of future performance.
Women In Cryptocurrency: Top 8 Women In Cryptocurrency
Women plays an important role in Cryptocurrency and the number of women dealing with it increases day by day, check out the following infographic on the Top 8 women in Cryptocurrency and their achievements. This infographic was created by our friends at Mrbtc.org, please let us know the feedback.
