Cuba sees a solution to the country's problems in Bitcoin
It seems that after El Salvador, other smaller countries for which Bitcoin could represent a rescue, are also looking after cryptocurrency solutions.
The cryptocurrency world is attracting more and more people to invest, and this brings with it a large number of mistakes, which are made especially by newcomers. They, often with a vision of getting rich quick, enter a market they know almost nothing about and lose their money unnecessarily. Most of the mistakes would probably be avoided if they devoted at least some of their time to get education in this area. This is confirmed by a new study conducted on the US market, with almost 30% of respondents saying they did not understand the market at all.
This is a survey by CryptoVantage, which points to the most common mistakes made by investors in the cryptocurrency market. It was performed in the USA on a sample of 1,021 respondents who own cryptocurrencies and revealed what problems they encountered. We can assume that users in our latitudes are struggling with the same problems.
First, we will introduce a very standard mistake, which we also hear about quite often. 32.8% of respondents stated that they sold their cryptocurrencies in a panic. Investing in cryptocurrencies requires really strong nerves in the current volatility, and this is not for everyone. This is a major problem for the whole crypto world and points to the inexperience of users, who thus lose a lot of money.
Just a little less, 32.5% of people said they had invested all their money in a single cryptocurrency. Such an action carries considerable risk, and if the asset falls, the investor can quickly lose the entire investment. Portfolio diversification is one of the most basic investment rules, not only in the crypto market. These are often people who are tempted to invest in an unknown cryptocurrency with a vision or even a promise of getting rich quick.
With a 27.8% incidence, we also have a mistake, which in our opinion is one of the most fundamental. These users stated that they did not understand the market at all. They simply jumped into the cryptocurrencies, and can be said, they invest or even trade literally like try - mistake. We have been following this trend for a long time and this is one of the main reasons why we at Dollero Technology decided that the project must also include an online learning platform, in which users will receive the necessary information free of charge.
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The problem of investors simply losing their private keys to e-wallets is often recurring. As many as 39.7% of respondents stated this, but in 95.6% of cases did they manage to recover their lost cryptocurrencies. At the same time, we consider this problem to be part of the insufficient level of education in this area, as the experienced user knows the possibilities of how to reduce this risk to a minimum. Investors who did not get their cryptocurrencies back lost an average of $ 2,000.
The level of succumbing to various types of scams, which are a very negative part of the crypto world, was also high. 32.6% of respondents encountered scams, and the wrong decision mostly led to a subsequent reassessment of security procedures and increased caution in further investment decisions. Users lost an average of $ 538 in these scams. The most common types of scams were various fake mobile applications, as well as websites that looked like the websites of reputable companies.
The good news is that, according to the survey, most investors did not give up on cryptocurrencies due to the negative experience. However, there are certainly easier and, in particular, cheaper ways of gaining experience than wasting money. Most of these errors are directly related to the level of education in the field of cryptocurrencies, which is literally alarming, as the necessary information is available.
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