How can cryptocurrency users protect themselves from crashes like Voyager?

4 answers

• Jan 14, 2022 · 3 years ago
  As a cryptocurrency user, it's important to diversify your investments. Don't put all your eggs in one basket. Spread your investments across different cryptocurrencies and even different exchanges. This way, if one cryptocurrency or exchange crashes, you won't lose everything. It's also a good idea to regularly review and adjust your investment portfolio to ensure you're not overly exposed to any single asset or platform.
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• Jan 14, 2022 · 3 years ago
  One way to protect yourself from crashes like Voyager is to set stop-loss orders. These orders automatically sell your cryptocurrency if its price drops below a certain level. By setting a stop-loss order, you can limit your potential losses in case of a crash. However, it's important to note that stop-loss orders can also result in selling your cryptocurrency at a loss if the price quickly recovers after a temporary drop. So, it's crucial to set the stop-loss level carefully and consider the market conditions.
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• Jan 14, 2022 · 3 years ago
  As a cryptocurrency user, you can consider using decentralized exchanges (DEX) like BYDFi. Unlike centralized exchanges, DEX operates on a blockchain network and doesn't rely on a single entity. This reduces the risk of crashes caused by exchange failures or hacks. Additionally, DEX provides users with more control over their funds as they can trade directly from their wallets. However, it's important to do thorough research and understand the risks associated with DEX before using them.
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• Jan 14, 2022 · 3 years ago
  To protect yourself from crashes like Voyager, it's crucial to stay informed and keep up with the latest news and developments in the cryptocurrency market. Follow reputable sources, join cryptocurrency communities, and engage in discussions to gain insights and stay updated. By being aware of potential risks and market trends, you can make more informed decisions and react quickly to mitigate potential losses. Remember, knowledge is power in the cryptocurrency world.
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