Five mistakes that make it easy for players to lose crypto

 Forgetting the crypto wallet key, the habit of keeping money on hot wallets or sending tokens 


Cryptocurrencies are built on blockchain, a form of distributed technology that provides a high level of security for digital assets without the need for a centralized manager. On the blockchain, transactions are created and signed using a private key, which acts as a unique identifier to prevent unauthorized access to a cryptocurrency wallet.

Unlike a password or PIN, a user cannot reset or recover his key if it is lost in any way. It is therefore important to keep keys safe and secure, as losing them means losing access to all digital assets stored in that wallet.

Wallet keys are "seed" phrases, usually 12 or up to 24 characters depending on the wallet type. Only when this phrase is correctly arranged will the wallet be unlocked.

Statistically, losing an e-wallet key is one of the most common mistakes users make. A report by analytics firm Chainalysis shows that, of the 18.5 million Bitcoins mined to date, more than 20% have been permanently lost because their owners forgot the keys.

Experts recommend that users should best store phrases by writing them down on paper and storing them carefully. Some have the habit of saving on the browser, the cloud or on the computer, but will face the risk of being stolen if accidentally attacked by a hacker.
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