My top 5 crypto errors (and how to fix it)

My top 5 crypto errors (and how to fix it)

By yanis | little crypto guides | 3 Jun 2020


Everyone make errors. It's because error is human. So, in this article, I'll talk about 5 errors I made in the "crypto world".

 

1 - Minimum deposit

Minimum deposit is something that we doesn't like. I sent 0.5 gridcoins to SouthXchange, but I forgot that minimum was 1 GRC. So I lost my deposit. I wanted to intend a trial to the exchange, but I rembered that lawyers cost more than 25 satoshis...

 

How to fix it ?

We can't (you can ask to the exchange, but...)

 

2 - Sending ETH to an ETC address

ETH and ETC addresses are in the same format (0x...), so it's easy to use the wrong chain. You also can make this fault with ThunderCore and Callisto addresses, and you can fix with the same steps.

How to fix it ?

If you own your ETC private key, use it with an ether wallet (like metamask or trust wallet). It will "import" account "linked" with your private key (and you'll see a balance). Then, just transfer full balance to your ETH wallet.

If you doesn't, ask the person that owns the key. If you sent it to a friend, he will be nice (if he's a real friend), but if the key is held by a cloud wallet provider like Coinbase or Freewallet, It will be hard.

 

3 - Storing tokens but no ETH in an ether wallet

If you only put tokens (DAI, BAT, Loopring...) in your ether wallet, you'll have a problem for selling it : you won't be able to pay the gas fees for the transaction. You could have the same problem with callisto, tron or ethereum classic blockchain.

How to fix ?

Add Ether to your wallet. 1 or 2 dollars is a sufficient amount.

If you doesn't want to pay for a so little amount, you can use faucets like faucetpay (fauceypay.io).

 

4 - Using a cloud wallet like coinbase or freewallet

Cloud Wallets are easy to use for beginners, but there's a problem : you doesn't have the private keys, so if you've the problem #2, you'll have a problem for recovering your coins.

I won't say it enough : Not your keys, not your coins.

How to fix it ?

Don't use a cloud wallet. Prefer HD wallets like trust wallet (with this link : https://share.trustwallet.com/jCzaMLk, you'll get 100 TWT for free. It will also run if you already've the app) or coinomi (coinomi.com).

If you've many cryptocurrency, I advise the holy grail of wallets : hardware wallets

 

5 - Do not put all your coins in the same wallet

If you put all your coins in the same wallet, you'll have a problem if it gets hacked.

I won't repeat it enough : don't put all your eggs in the same basket... but if you only have one egg and one basket

How to fix it ?

Dispatch your cryptocurrency between some wallets (two or three, it's great)



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