The most terrifying thing in the cryptocurrency world is not losing money in the market, but the exchange suddenly collapsing and your principal being frozen. In 2024, I experienced an exchange collapse; the money in my account couldn't be withdrawn. During that time, I couldn't eat or sleep, and I even questioned my life. Later, I realized that in the cryptocurrency world, preserving your principal is more important than making money. These four life-saving tips must be remembered!
Important warning!
First, choose a compliant platform, prioritize exchanges with proof of reserves and a high ratio of cold wallet storage. Don't be tempted by those 'zero fee' fly-by-night platforms; by the first quarter of 2025, over 300 of these platforms will have gone bust.
Secondly, wallet security must be taken seriously. Small assets can be stored on exchanges, but large assets must use hardware wallets. The mnemonic phrase must be handwritten and locked in a safe. Never keep it in your phone's notes. I was once phished because of this.
Thirdly, withdrawals and deposits should go through proper channels. Buy USDT through internal merchants of the exchange, choosing those with a high number of transactions and sufficient margins. For withdrawals, never go offline to avoid losing both coins and funds.
Fourthly, regularly back up your assets. Review your holdings weekly and back up important information to prevent unexpected incidents.
Having experienced a major crash, I am now particularly cautious about fund security and have never fallen into similar traps again. As long as the principal is there, there is a chance for recovery. This message is for everyone in the crypto space. Follow me @链上标哥 so you won't get lost!
