If you want to invest in cryptocurrency, then you should pay special attention to how the cryptocurrency can be kept safe for a long time. Because if you keep it at the crypto currency exchange from which you are buying it, it is less secure.
And if seen, the complete control of the cryptocurrency is not in your hands if ever the cryptocurrency exchange is closed.So your cryptocurrency will be frozen due to which
You may have to lose all your investment.So today we are going to tell you the best way to keep Cryptocurrency safe, after this you will not have any kind of problem.
Ways to keep Crypto Investments Safe for the long term
To keep your Cryptocurrency safe for a long time, you have to find out what are the ways in the market by which you can keep your Cryptocurrency safe.Here we will tell you three ways by which you can keep crypto currency safe.Out of these three methods,
two methods are absolutely free, for this you will not have to spend even 1 Dollars, while for the third method you will have to spend Dollar .So without much delay let’s start knowing and understanding about it.
Hold Cryptocurrency on Different Exchanges
To keep your cryptocurrency safe, you can do so by not Keeping your purchased cryptocurrency on an exchange.You can invest on different cryptocurrency exchanges. Now you have to find out about the top 5 cryptocurrency exchanges to know about the best cryptocurrency exchanges.
After this, you have to go to these cryptocurrency exchanges and keep your cryptocurrency or you can buy cryptocurrency on the same cryptocurrency exchange.And then you can send it from one place to another cryptocurrency exchange through Blockchain.
Why Use Different Cryptocurrency Exchanges
This is why you should use different cryptocurrency exchanges So that even if any cryptocurrency exchange closes in future, your entire investment will not disappear from it. If you hold your cryptocurrency on five different cryptocurrency exchanges, then perhaps only one of them may close down.
The chances of all the others getting closed are very less.For example, if you want to buy Bitcoin crypto currency, you can divide it on five exchanges in equal amounts.The advantage of doing this will be that whenever the price of cryptocurrency increases, you will make profit and if any cryptocurrency exchange is closed then your loss will also be very less.
Precautions Related to Holding Crypto currencies on Different Cryptocurrency Exchanges
If you hold cryptocurrency on different cryptocurrency exchanges, then you need to take this precaution.To keep all five crypto currency exchanges well protected, you have to create good passwords for them and write these passwords on a paper.
And keep this paper in a safe place Along with this, you have to buy all the five Cryptocurrencies which you are going to buy in small quantities on different cryptocurrency exchanges.For example, if you do not do this and keep a cryptocurrency on a cryptocurrency exchange, for example, this cryptocurrency gave you more profits.
But if that crypto currency exchange closes then you will not get any benefit from it at all.Same but if you have placed it on different cryptocurrency exchange and even if the cryptocurrency exchange is closed then only a small part of yours will remain in loss.you get the rest of the profit For example,
if you invest $100 in any cryptocurrency, then you have to transfer $20 each to five exchanges. By adopting this first method, you can easily keep your cryptocurrency safe, for this you do not need to spend even Dollar 1, but yes, there will definitely be some risk on you.
Use a Decentralized cryptocurrency exchange
You can also adopt this method to keep cryptocurrency safe.This method will benefit you more than yourself.Because no one has control over a centralized cryptocurrency exchange.Due to which there is a high possibility of their closure.
One percent chance of their closing People who know about this method definitely use this method.Because those people do not have to spend money to use it.If you want to invest 400 $ 500 in cryptocurrency,
then you can adopt the method mentioned above or you can also adopt this method. But if you want to spend million dollars in cryptocurrency then you do not have to use it.You have to use the cryptocurrency exchange mentioned below
To keep your cryptocurrency safe on these cryptocurrency exchanges, first of all you need to Buying Cryptocurrency on a Cryptocurrency Exchange Then he has to transfer the crypto currency to you.In this way you can use the wrong cryptocurrency exchange.
Important precautions Related to using decentralized cryptocurrency exchange
To use a decentralization cryptocurrency exchange, you must keep this in mind That when you sign up here for the first time, you will be provided with a key You have to keep it safe, it will be a combination of some passwords.
If you give it to then you have no other way to login.Since this is a decentralized exchange, you will not get a chance to reset your Password again.So for this you have to write that key on a paper and keep it safe.Keeping this precaution you can use cryptocurrency exchange.
Use a crypto hardware wallet
The method where your cryptocurrency can remain 100% safe is called having crypto hardware.The way you used to buy a pen drive to store songs or any computer thing In this way, you can buy a hardware wallet to store the cryptocurrency or it is similar to a pen drive.
It has a blockchain address, based on the blockchain you can send cryptocurrency through it. First you have to connect it to your computer, after that you will be able to see its blockchain address.
You can then send this cryptocurrency to a centralized cryptocurrency exchange.The best thing about using this cryptocurrency method is that here you will have complete control in your hands.
To use it you have to buy it and you can go to the internet and buy it from there very easily. You will be shocked after knowing their price. To buy this you will have to invest at least $1000.Only then you can buy them, the leaders will not be able to buy their own.
Related to using crypto hardware wallet
Here also you will have to create ID password, you have to save these ID passwords.And you have to keep this hardware wallet with you.You have to pay special attention to its security If you want to buy a large amount of cryptocurrency then you must use it.Then whenever you wish, you can withdraw the crypto currency from here and take it to any big cryptocurrency exchange and sell it.