5 common problems with cryptocurrencies

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3 min read

Every day millions of people use cryptocurrencies as a method of exchange, safeguard of value or simply to trade and earn income. Today we are going to review 5 common problems with cryptocurrencies that a large part of crypto users have suffered at some time.

Common problems with cryptocurrencies

1- High transaction costs
Perhaps one of the most common problems in the crypto world is having to face a high cost for the transactions made. Although it is worth clarifying that this depends on the characteristics of each cryptocurrency and how congested the network is at the time of making the transaction.

2- Use the wrong exchange
Satoshi Nakamoto’s initial idea with Bitcoin was to promote a peer-to-peer (p2p) exchange system, but in the middle many companies have decided to enter the exchange business by officiating as intermediaries (exchanges). The problem is that not all exchanges are trustworthy and many of them have suffered hacks and countless service problems.

3- Volatility
Another common problem with cryptocurrencies is the variation that their price suffers daily. It is true that for some this may represent an opportunity to trade (buy and sell cryptocurrencies) but for most users it represents a problem since it is very difficult to make estimates in the medium and long term. If you want to invest in a more stable option in the crypto world, it would be good for you to know what a stablecoin is and how it maintains its value over time.

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4- Adresses
It is essential to check, at least once, that the address to which you send the funds is correct, even if you have copied and pasted it. This is because your device may contain a virus that gets into your clipboard and changes the address to steal your funds.

 
5- Scams
The world world is full of people who will try to keep your money and that is why it is advisable not to make hasty decisions and always investigate thoroughly each proposal. One of the most common and very famous scams on Twitter is to simulate the fake profile of a famous person and ask you to send them cryptocurrencies with the promise of giving you double back. Don’t do it, I assure you, Elon Musk has more important things to do than give away crypto on Twitter.

Congratulations on making it to the end! At Bitnovo we care that there are more educated users, who know where they are investing their money and who are clear about how to protect themselves from anyone who wants to steal them.