What is the biggest mistake made by bitcoin investors?

Answer to the question, “What is the biggest mistake made by bitcoin investors?”

The biggest mistake is being too careless with your online banking and that includes crypto trading. Here are some rules to follow:

1. Don’t log on by clicking on a link in an email but type in the site’s URL instead.

2. Invest your cryptocurrency in different wallets because there is always the possibility that one wallet can be hacked and you will lose all of your bitcoin.

3. Use different email addresses for different crypto wallets.

4. If possible, do not use your normal email address for signing up with bitcoin wallets.

5. When using a two step method to sign in with a bitcoin wallet include your cellphone.

Following simple rules are necessary in order to stay safe online because the cyber world is full of scammers who are after your money. A bitcoin crash is not the only way you can lose your money as a crypto trader. Hacking is a problem. If your email address is hacked by scammers then how easily would the scammers have access to your crypto wallet?

It is not unheard of for a bitcoin trading platform to go bust. Cryptopia in New Zealand is an example. It is believed that hackers are responsible for that one. Therefore, it will pay to spread your money around different wallets to spread your risk.

Most importantly only discretionary spending money should be used for bitcoin trading. That is money you would have otherwise used for nights out, holidays, and hobbies. That way any loss to your money will not cause any undue hardship to you.

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