There are two sides to a coin, which is valid for bitcoin trading. Everything that looks nice, productive, and successful may not have the same story to spin as you expect it to. You have an analyst to guide you, you have done your research homework, and you are extra careful with your digital pins. It will feel like you are in the best place to do bitcoin trading, but what if it turns out to be something far from reality?
It can be heartbreaking, and more of your mistakes lead to huge losses, right?
So, what is the solution?
No team will completely supervise all your steps on any crypto platform. They can guide you, but at the end of the day, it comes to whether you are an aware investor who is using your brain while investing or not.
They say that nothing teaches you better than mistakes. So, why not learn about some potential errors that happen during bitcoin trading and be ready with the steps to avoid them?
So, here you go!
● Trusting Without Researching
The kind of vibe that exists in a bitcoin trading platform is quite competitive. Also, it is home to hackers and scammers constantly looking for loopholes so that they can deprive you of your hard-earned money and enjoy it by taking undue advantage of your vulnerability.
It can be hard to believe, but these scammers indeed have immense potential. They have caused losses to many industry experts too. As a beginner, you may be directed to different kinds of pages that will emit a legitimate vibe of an authentic platform for bitcoin trading. While in reality, it will be nothing more than a duplicate page that is all set to con you.
Solution: Pay attention to small details. It is alarming if anyone asks for your encrypted key or other information. Never share such things or click on any links or download files if asked to do so.
● Entering The Wrong Information
Now, this is quite a common one. Typos are unavoidable, but their happening during a bitcoin trading transaction can cost you your money and the investment. These transactions cannot be reversed, and once they reach the wrong account, no one will return it to you. There are chances that you won’t even know to whom the money or the bitcoin has been transferred.
Solution: You should make your account on authentic trading platforms like BitIndexAI and also reach out to analysts or experienced professionals that can help you keep a check on the information to be entered. If you are entering it manually, you should keep a note of it and check it twice before choosing to move forward with the final stage of the transaction.
● Paying Extra Gas Fees
It can be a new term for you. It is well-known that bitcoin transactions are related to the public blockchain ledger, which helps execute the trades and verify them. It is possible with the expertise of cryptocurrency miners; hence, individuals interested in bitcoin training need to pay a fee to them, known as the gas fees. It is a calculation of network congestion. So, if the congestion is higher, the prices increase.
So, unfortunately, the higher amount of traffic can turn a free or inexpensive transaction into a costly one. In the worst cases, the gas fees can also surpass the amount of the transaction. There is no point in wasting your time by paying the extra amount.
Solution: You can wait for transactions that are not sensitive to time. The other option that you have are moving tokens. The urgency that revolves around them is less. Also, you need to figure out whether you want to be associated with timely trades or NFT mints.
● Don’t Get Swayed Easily
Human emotions are risky. If you have an investor friend making profits one after the other through crypto trading, you will feel like having every reason to invest in the same. But that’s not how it works. These markets are notorious, and you got to see whether it is the right time to enter the trend or not. Also, analysis is essential, and the lack of it can help you witness fraud, uncertainty, and numerous doubts. So, instead of giving in, you should focus on the market trends. Keep a check on the current status with an expert analyst who can help you make a profitable entry into the market. Also, don’t get carried away with negative results.
Solution: You should remember that good times come to those who wait. Instead of rushing with the investments, set a strong base, and that’s how you will never be in doubt with cryptocurrency trading.
● Less Storage Options
You might know that whenever you become a bitcoin owner, no matter partly or wholly, you have the option of storing your bitcoin in different ways to ensure its safety and security. While considering the options, you will come across the cold and hot storage options. Both of them are excellent and safe options. But, you will be committing a blunder if you choose either. You can select both and go for proportionate storage. However, you should ensure that the hot storages have lesser amounts as they are prone to risks.
Solution: Keep your hot storage balance low. You can use this amount for trading. Try and keep only 20-30% of the investment here and store the rest in cold storage for better security.
Good and bad outcomes are part of all situations, including bitcoin trading transactions. The crypto world is an excellent chance to learn about this new form of trading, but it is home to hackers too. All you do is commit a simple and single mistake, and boom, everything is gone!
So, be aware of the surroundings and try to read between the lines if you feel suspicious activity is happening. Don’t do anything in a hurry, and pay extra care while doing bitcoin trading to stay far away from threats and losses.