How to Quit Crypto Safely

Retail investors are rapidly liquidating their digital assets as the Bitcoin market plummets. This crypto market collapse may be due to several things, including the Luna Terra stablecoin scandal and the suspension of withdrawal services by various crypto firms.

It won’t be inaccurate to claim that this has been the worst crypto winter ever. Companies like WazirX and Binance engaged in a battle over control of the firm for the first time. Not to mention that investors who lost their whole life savings are now more hurt by the regulatory uncertainties from international authorities.

Here is a step-by-step instruction on how to exit the bitcoin world if you intend to do so.

Step 1: Sell everything

One thing you should do to exit the cryptocurrency market is to sell all of your digital assets and liquidate them through a cryptocurrency exchange. You should be able to withdraw your assets from any cryptocurrency storage service.

Read More: Bitcoin Dips Below $20,000 in the Last Week of August

Step 2: Transfer your cryptocurrency to a wallet

Sending your cryptos to a secure hardware wallet is your best option if your portfolio is in the red, but you have no plans to stop using cryptocurrencies yet. Keep the crypto in storage until the bear market ends. Keep in mind, though, to always keep your private keys with you (equivalent to your crypto password). So that you always have access to them. Blockchain-based cryptocurrency wallets store digital assets cryptographically and prevent unauthorized access to your private keys.

Step 3: Stop referring to charts.

The bitcoin market is unstable. You come across prospective investment opportunities every day. When you continuously follow new currencies, it becomes tough to leave the crypto world. An “emotional change of heart” must be avoided. Try leaving all crypto-related groups on Telegram, Reddit, and other social media platforms. These organizations can propagate new currency and create misleading narratives.

Step 4: Scout out further options

The stock market, a controlled environment, can be the greatest place to invest as a diversion. If you’re serious about investing, educate yourself on the stock market, establish a strong portfolio, and shift your focus from cryptocurrency to equities markets. While the stock market is also vulnerable to volatility, it contains a feature known as a “daily lower circuit” that protects you from losing money on your investment.

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