Five Common Factors You Lose Your Bitcoins

crypto-worldnews (46)in #cryptocurrency • 6 years ago (edited)

Every person wants to earn money from crypto currency especialy from the top ranked coin Bitcoin.

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Crypto currency is the top source of earning income and that to easily, but in greed of making money many people loose there money because of some of the following reason.

The top most reason for loosing Bitcoins is LOST KEYS.

Many people store their crypto currency in their wallets but many people don't remember the backup passphrase. In this case if one lost his keys or passphrase then the one should also forget his coins in the wallet.

Remember- Always store your passphrase and account keys in a safe place where you can access. And most importantly is to store in 2-3 different places.

The second reason for loosing your coins is WRONG WALLET ADDRESS.

In this case many people try to send Bitcoin but by mistake they send to a wrong wallet address.

This may because of you typed the wrong address and another reason may be you want to send Bitcoin but you send Bitcoin to Ethereum wallet so in this case you transaction might show completed but as you put wrong address your funds might be lost.

Remember- Always copy and paste your wallet address rather than typing it. Another is check wether you are sending Bitcoin to Bitcoin wallet not in other coin wallet address. Always check thrice before confirming the transaction.

The third most reason for loosing Bitcoins and other crypto currencies is EXCHANGE HACK.

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In this exchange hack some hackers try to hack the full exchange servers. In this when exchange servers are hacked then all accounts in the exchange gets hacked and all the funds in the account also gets lost.

This is not your fault but is fault of exchange. Recent example of exchange hack is Bithumb exchange, which lost 30 million$ of funds.

Watch below this post
https://steemit.com/cryptocurrency/@crypto-worldnews/bithumb-exchange-hacked

Remember- Always put less funds in any exchanges. Even if you want to do trading try to split the funds. For example put some funds in bittrex and some portion in binance and other some in poloniex and so on. This will reduce the chance of hacking of all fund at one time. But try to put less funds on exchanges. You can try Decentralized exchanges for more security.

Another reason for loosing your Bitcoin is FAKE ICO'S.

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Initial coin offering(ICO) are the best way to gain profit upto 10x or even 20x.

Most of the people put investment in ICO for making huge profit, but most of the ICO's are scam. Means they show that there project is great and team is strong and investors who invest now will get gains of 10x in comming years, but when people investment the project scams and run with your investment.

Remember- Always put less amount on ICO's and only put investment on that icos in which you are damn sure that they will be at the top. My recommendation is not to put any investment in any ICO because in today's time 90% ICO's are fake and scam you guys.

Fifth and the last most important factor that you loose your Bitcoins and crypto currency is FAKE MINING SETUPS.

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In this many people or companies email many of us that invest in mining project and get assured returns in Bitcoins and altcoins. This is totally fake. What they will do is tell you to invest in mining, in the beginning they will give some Bitcoins but after some time they will stop giving you coins and they will say the difficulty rose too much up and unable to fullfil electricity bills so your mining contract has ended up. Most recent example is HASHFLARE. They did the same and now no payouts since last month.

Remember- Do not put any investment on mining because mining is not earning business for now as it was in 2017. If you still want to mine some coins you can start your own setup, but do not invest in any company or any person.

These are my top 5 reason for which many people are loosing their money. Please take care of all the above points. Share as much as you can guys and also comment below if you have been scammed. Please also tell other ways which I need to mention in this list. YOUR COMMENTS MATTERS A LOT.