Do you have cryptocoins like Bitcoin? Then these are your five good intentions for 2020

By DoRi | A guide to crypto | 30 Dec 2019

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This year a lot of people started buying cryptocurrency. However, there is much more to it than most people realize. If you have indeed just started buying digital currencies, such as Bitcoin or Litecoin, we have five good intentions for you for next year. This will keep your coins safe and you won't be fooled.

Finally learn how it all works

You may have been working on Bitcoin or another cryptocurrency for a while, but still have no idea how it all works. Still, it's important that you get to know exactly how cryptocurrency works so that you can better respond to changing circumstances and, for example, know how to keep your bitcoins safe. Buy some "For Dummies" books and learn more about it.

Don't leave your cryptocurrency hanging at exchanges

Many people use fairs as a kind of wallet and leave their bitcoins there. Although it's nice and easy, you do risk losing your bitcoins at some point. Scholarships are beloved targets of hackers and a lot of fairs have been hacked this year alone. People who have been working on cryptocurrency for a while can probably remember the hack of the Mt. Gox fair in 2014, where 850,000 bitcoins were stolen.

Use a hardware wallet

So where are you gonna put your money? In your wallet, of course. But beware, because even wallets can be hacked. If you keep your wallet on your computer or smartphone, there is also a reasonable chance that hackers will get away with it. In September, for example, no less than 973 coins were stolen from someone's Ethereum wallet. The victim used the mobile Jaxx wallet. A safer option is to use a hardware wallet instead of a software wallet. With a hardware wallet it is more difficult to get data out of the wallet and you don't suffer from computer viruses, for example.

Watch out for pyramid games

If you're doing cryptocurrency you probably don't do it just for the excitement, but it's also meant to make money. Unfortunately, people will try to take advantage of this. On many websites that deal with cryptocurrency, you will come across advertisements that promise you mountains of coins. Usually you have to deposit money and a guaranteed percentage of profit is promised. Here one actually gets money, but often it's a kind of pyramid game that quickly collapses again. The result is that the site disappears and you lose your deposit.

Do not panic

Cryptocurrency is known to fluctuate enormously in value and to have extreme values. So the value is always in motion and there is no need to panic when your bitcoins suddenly drop in value. Resist the tendency to immediately sell everything and just wait and see. There is a big chance that the value will just rise again. Make sure there are no extreme circumstances. If, for example, a new technology has been developed that suddenly makes bitcoins obsolete, maybe it's time to get rid of them.

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