Why you should HODL onto your crypto?
Have you panicked and sold your crypto? Are you panic selling?
There are plenty of cryptocurrency stories where people have either sold too early or sold too late. While both are unfortunate situations, HODLing (Hold On for Dear Life) could turn out to be the better choice given the increasing value that the cryptocurrency industry has continued to garner, since the launch of Bitcoin (BTC) in 2009.
Today, we delve into the reasons why you should HODL onto your cryptocurrency and/or digital assets and how to protect them.
Weren’t you glad you kept your Bitcoin (BTC)?
As the first-ever recognized cryptocurrency, Bitcoin (BTC) has survived choppy waters and numerous regulation battles to get to where it is now; at the top of the crypto food chain as the biggest virtual currency in the world, amassing a market cap of over $620 billion, according to d CoinMarketCap. In 2021, the Bitcoin market cap surpassed the $1 Trillion mark, making it one of the most valued assets ever.
For a long period before its breakout, Bitcoin was extremely volatile and has risen and fallen sharply throughout its history before the record-breaking year of 2017. Having been priced around $2,000 in mid-May of 2017, BTC went on an incredible tear as it reached a previously insurmountable value of $19,345.49 in December 2017.
Bitcoin reached an all-time high of $69,044.77 in November 2021 and now sits at $32,800 at the time of writing.
While the rise of cryptocurrency scams has increased which has led people to sell off their holdings and leave the crypto space behind, some see the potential of digital currency and with more governments and countries regulating the industry and introducing CBDCs (Central Bank Digital Currency), HODLing is becoming more common and recognized as a store of value.
How to protect your crypto investment?
Security is of the utmost importance in the cryptocurrency industry and there are many ways for crypto users to secure their crypto wallets, and not have to worry about scammers. How can you protect your crypto investments?
- The number one resource for crypto security is a cold wallet. Unlike hot wallets, cold wallets are not prone to cyber attacks as it’s not connected to the internet.
- With a virtual wallet, certain phrases are given to the owner to unlock the wallet and only the owner is privy to the list of phrases. Therefore, keep your secure phrases off the internet and in a secure place.
- Phishing sites are rampant in the crypto industry therefore, crypto users must stay wary and not click on any links that aren’t secure, or input any vital information on unknown websites.
- Avoid participating in airdrops that require you to connect your wallet; this can result in your crypto being drained by stealing bots.
- Trust no one with your private keys and passwords.
Stay Safe and HODL!!!
#crypto #bitcoin #ethereum #trading #anypad #blockchain
As written by Niranjan Duguta
Anypad is a next-generation blockchain Incubator and accelerator platform building a Multi-chain LaunchPad, Multi-chain AMM DEX, and Blockchain Game, Star Strike. Anypad would give crypto & blockchain startups & investors the best experience as the industry gains full-scale global adoption. Anypad is dedicated to incubating and accelerating the best and most innovative micro-cap blockchain projects, allowing blockchain startups to grow and raise funds seamlessly.