If you are planning on exiting the crypto world, here are the steps you should follow.
Cryptocurrency prices are plunging, and retail investors are selling off their digital assets at a rapid pace. The Luna Terra fiasco and the suspension of withdrawal services by several crypto companies contributed to this market crash. Crypto winters have never been harsher than this.
First-time company ownership battles broke out between WazirX and Binance. Additionally, investors who have lost their entire life savings have been deeply wounded by regulatory uncertainty from global regulators.
The following steps will explain exactly what you need to do if you decide to leave cryptocurrency.
Step 1: Sell everything
Selling your digital assets and liquidating them via a crypto exchange is one of the best ways to exit the crypto space. Withdrawing your crypto assets should be possible on any crypto platform that holds your cryptos.
Step 2: Send your cryptocurrency to a wallet
A safe and secure hardware wallet is the best option for those who are bleeding red in their crypto portfolio but do not plan to quit crypto just yet. It is a good idea to store them until the bear market reverses. Nonetheless, you must always remember your private keys (i.e., crypto passwords). Make sure that you have access to them at all times by keeping it in a safe place.
The digital assets you store in your crypto wallets are cryptographically protected, which makes hacking the private keys of the wallets impossible. Crypto wallets use blockchain technology to store digital assets, so thieves cannot access them.
It is impossible to claim ownership of any crypto asset without private keys. In the absence of private keys, court orders and other legal documents will be useless.
Step 3: Stop following charts
Cryptocurrencies are volatile markets. There is always an investment opportunity to be found. If you keep on tracking new coins, it becomes difficult to leave the cryptocurrency space. It is imperative that you prevent a “change of heart”. You might want to consider leaving all crypto groups on Telegram, Reddit, and everywhere else on the internet. False narratives can be built by these groups and new coins can be promoted by them.
Step 4: Look for other alternatives
Investments in regulated spaces, such as the stock market, could be a good distraction. Consider switching your interest from crypto to equity markets if you want to invest your money. Stocks also experience
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