Bitcoins is one of the number one investments in the market and although not at a low-risk, it can give you great returns if you invest in it smartly. But if you have invested in Bitcoins or planning to do it in the near future, here are some of the things which you should avoid after investing in the Bitcoins.
- Never keep your coins in the Exchanges
It is recommended to keep your Bitcoins only in your digital secure wallets rather than the exchanges. Because these exchange wallets can be hacked and you can lose your bitcoins easily.
So, in order to ensure the security of your coins, you should always store them in secure hardware wallets or mobile wallets where you hold the private key of the wallet.
- Don’t shout to the world
If you have invested in Bitcoins, then it is best to keep quiet about it and not tell others about the number of Bitcoins you own. It can be a big risk because some people may take extreme steps just to rob you of your bitcoins.
For example, if you had invested in Bitcoins at an earlier stage and purchased them for just $20 dollars and told your friends about it. Now your bitcoins are worth $800,000 dollars, and you keep telling people about your good fortune, so some people might be there who will take steps to rob you of your Bitcoins and get ahold of that money. So it is best, to keep quiet and invest in bitcoins silently as the security of your Bitcoins lies in your hands only.
- Don’t check the prices every moment
The prices of Bitcoins and other cryptocurrencies, keep on fluctuating so if you are monitoring the prices every moment, you will get a shock every moment. You might get rich in one second and get extremely poor the next. It might set a panic reaction and you might sell off all your Bitcoins just in the fear mode.
So, if you are investing in Bitcoins as an investor and not as a day-trader, then treat it like any other investment and don’t check the prices on a regular basis. You should always focus on long-term goals rather than the short-term goals.