Greetings to all the readers here,
Have you ever made a mistake in your blockchain career or your blockchain journey? What was that mistake? Can you share it with all of us in the comment section so that we can also know about it and avoid it?
I will share a few mistakes that I have made in my cryptocurrency journey and because of which I also lost so much money. With those mistakes, I have learned and I have now made sure that I will never do these mistakes again. So let us talk about these mistakes so that you can avoid doing them and you can protect your money from getting lost.
The first time I lost my money was when I forgot to enter a memo. I was really happy because I earned some bounty from a project. I do not remember what it was for, but when I went to send it to the exchange, I was so excited and happy that I forgot to write the memo correctly.
Instead of memo, I wrote something on my own, which I do not even remember now. At that time, I think I lost one hundred dollars and it was a lot for me. That day, my excitement soon turned into a disaster and I got sad.
I shared it with my seniors, with my mentors who guided me in this cryptocurrency thing, and they were very angry at me because I forgot to follow the lesson they taught me.
They taught me in the very beginning that whenever I have to send my cryptocurrency anywhere, be it an exchange or wallet, I must first make sure to send a little amount as a test amount. Then I should send the whole amount after that so that I am confirmed about doing the things correctly. But that day, obviously, my excitement took a lot of money from me.
I got carried away, I got excited and I forgot to write the memo correctly. But since that day, I have never forgotten to write a memo correctly again. I do not know if you have ever faced this situation, but I have personally faced this situation and I think that people who are using cryptocurrency for anything should know this thing so that they can make sure that they write the memo correctly.
The second mistake I remember was selecting the wrong chain while sending dollars. There are so many networks on which USDT dollar is available and one of them is Binance. I remember that Binance version of USDT had very less fees.
Right now the fees has become zero, but earlier also the fees used to be very low and that is why we used to use Binance Smart Chain network. So once I was sending dollars and I by mistake selected the wrong blockchain.
Because of it, the money was lost. But thankfully in this case there was a support option which I selected and I arrived to the exchange and after that my money was recovered.
But you have to know that not all exchanges give this facility and maybe when you select a wrong network, you will end up losing your money and you might never be able to recover it. So please, whenever you send your money to anyone, make sure that you are selecting the right chain. And also, as we talked in the first place, if you have to mention the name or memo, mention it correctly.
Another mistake is something which I have not made personally, but I know someone who made that mistake and he ended up losing his account. On Hive blockchain itself, I do not know what he did with his master key, but due to some reason, he used master key somewhere and in a few days, his account got compromised and he lost all his money.
The hacker took that money and transferred it to exchange and then obviously he might have sold that money. So never use your master key for posting or even for sending your money. Only use active key and make sure that you do not save your active key in your browser.
Because if something fishy is found on your laptop, you can end up losing your active key and it can get compromised. So always use posting key for posting on Hive blockchain, and whenever you want to send your money, use active key and do not save it in the browser.
I think we all should learn from mistakes and that is what I have done this time. I will ask the people who are reading this blog to do the same. If you have ever made a mistake, it is okay and just make sure you learn from it and do not repeat it again, be it in the crypto market or anywhere else.
If you are new to a platform or a technology, you are actually not going to get everything at the first place, so making a mistake is something that can occur naturally. So, learn to accept it and learn from it.
I have surely made many more mistakes but at this moment I am not able to remember them. Hopefully, I will share them someday again in a separate blog and that can be considered as the continuation blog for this blog.
It is already 00:25 at night here in my country and I am feeling really sleepy, but actually I have not written on Inleo for the last two days and that is why I wanted to write here before I go to sleep, and I have successfully done that.
So with that, I think I will stop writing this blog and it will be very good if you all can share your experiences from life about cryptocurrency and losses you made because of some silly mistakes or anything that is relatable. So okay guys, good night and I will see you all tomorrow again.
Bye
