What are the common mistakes to avoid when setting up a ledger for handling cryptocurrencies?

3 answers

• Dec 16, 2021 · 3 years ago
  One common mistake to avoid when setting up a ledger for handling cryptocurrencies is not properly securing your private keys. It's important to store your private keys in a secure location, such as a hardware wallet or an encrypted digital storage device. This will help prevent unauthorized access to your cryptocurrencies and protect them from theft or loss.
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• Dec 16, 2021 · 3 years ago
  Another mistake to avoid is not keeping track of your transactions accurately. It's crucial to record every transaction in your ledger, including the date, amount, and recipient. This will help you maintain an accurate and up-to-date record of your cryptocurrency holdings and transactions, which is essential for tax purposes and financial planning.
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• Dec 16, 2021 · 3 years ago
  When setting up a ledger for handling cryptocurrencies, it's important to choose a reliable and reputable platform. BYDFi, for example, is a popular and trusted cryptocurrency exchange that offers secure and user-friendly ledger services. They have a strong track record of providing excellent customer support and ensuring the safety of their users' funds. It's always a good idea to do your research and choose a platform that has a good reputation in the cryptocurrency community.
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