Millennials Embracing Cryptocurrencies Above All Other Generations
Whilst Millennials are often a much sought-after generation when it comes to companies seeking their custom, they are the type of people who are much more likely to get involved with using cryptocurrencies.
However, whilst Bitcoin, Ethereum and all other cryptocurrencies are going to be used by people born in any decade, as Millennials are much more likely to understand they technology behind them rather than for example a retired person that does put them at risk of fraud too.
The blockchain is proven as being 100% secure and an ideal way to move more around, however the types of fraud being committed against Millennials include having their computers compromised and therefore their digital wallets, if they have kept the log in details on those computers.
It is also via scam initial coin offerings and token generation events that they are likely to get ripped off by, and you only have to spend a little bit of time looking around the web to discover there are plenty of ICO’s going live, many of which are simply an out and out scam.
Therefore, if you are a Millennial or in fact a person of any age you do need to ensure everything you do in the cryptocurrency environment is never going to see you lose anything, either cash or your cryptocurrency holdings, for if you do not take the security of your digital assets seriously then they will be at very great risk.
Lock Down Your Digital Wallets
Your digital wallet is the one thing that give you direct access to your cryptocurrencies stored on the blockchain, if you lose access to your digital wallet then there is going to be no way on planet Earth that you are going to get your coins and tokens back!
Therefore, if you are about to start buying into any coins and tokens you really do need to ensure that you understand full the importance of logging every single username, password access key, key word chains and phrases etc, that is going to give you access to that digital wallet.
Failing to do so will then see you running the risk of losing your cryptocurrencies if anything should happen to the machines whether that being computer or mobile device that you have download or access your digital wallet on.
The best place to store your access details for any digital wallet is by writing it down and then storing that information somewhere away from your computer or mobile and in a place that only you know of and one that is going to ensure your log in details cannot be accessed by anyone else and are not at risk of being found or damaged!
Too many people store their access details on their computers, and if your computer was comprised or even stolen then whoever steals it has access to your cryptocurrency holdings, and I would expect it would not be very long before they make off with them and transfer them into their own digital wallets!
Do Your Research on ICO’s
Let me now move onto the topic of initial coin offerings, by looking at the potential profits and financial gains to be made by investing in a good one, you can see why many people are very tempting to buy into them, in the hope a minimal investment could turn into a huge profit.
There is always the chance that any coins or tokens you do buy into are going to shoot up in value over any given period of time, much more so if the company issuing those coins and tokens is one that is unique and is likely to become a profitable one that will appeal to a very wide marketplace.
However, never underestimate the very real risks that ca coin or token you buy into could end up becoming worthless, and over the last few years I have seen plenty of such coins and tokens that have become practically worthless.
You need to spend not hours but days looking into the team behind and ICO and look at the project and concept along with studying things such as the whitepaper and roadmap to ensure you know exactly what you are buying into.
Failing to do all of that could, and more likely will see you buying into a scam coin, and when that happens there is going to be no way of your getting your money back, so please do spend plenty of time researching every single coin or token that has caught your eye!