Questions from cryptocurrency traders

✔️ Information reviewed and updated in June 2024 by Eduardo López

Chances are, like everyone else when we start, you have questions. That is why here we will leave you what are the most frequent questions about cryptocurrencies answered by experts. So you will have the peace of mind of knowing that your doubts have been resolved.

✨ Is there a risk when investing in cryptocurrencies?

The answer to this question is yes, Cryptocurrencies are very volatile so there is considerable risk when investing in them. We recommend that you take into account the strategy to use, since using leverage if you trade cryptocurrencies in CFDs, for example, is a bad idea due to its volatility.

✨ Do cryptocurrencies generate dividends?

Yes and no. A cryptocurrency does not generate dividends like a share, but some do offer passive income or benefits to those who own said cryptocurrencies. Such is the case of NEO that offers GAS or Bitcoin that rewarded its users with AirDrops.

 

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✨My CFD broker wants me to trade Bitcoin.Is it reliable?

The answer to this question depends on whether your broker has the corresponding legal regulations and complies with the operations regulations. Also We must distinguish between trading cryptocurrencies with CFDs and investing through the use of Wallets.

✨Is the technical analysis of a cryptocurrency useful?

Although the analysis of the statistics can be very useful, it is not always as accurate as it seems, this because most cryptocurrencies follow the same trend as Bitcoin, emulating its data and statistics, which makes the analysis useless.

✨ They send me emails and call me offering cryptocurrency services. Is it reliable?

It is likely that you have received emails and calls offering you the service of managing your cryptocurrencies. This is a fraud! Be very careful, as it can be spam and phishing practices to hack and steal your cryptocurrencies.

Which broker is right for me to buy cryptocurrencies?

Each of its platforms has its own characteristics, so none is better than another at all. Forever It is advisable to take into account the experience of other users and the reviews to make sure we are choosing the best option.

Can I participate in an ICO?

An initial introductory offer can be a tempting idea that is easy to join thanks to the platforms' ICO forms and the ability to make Wallet transfers. The problem is that you must evaluate the ICO well, since not all of them are as reliable as they seem.

Will they give me my tokens at the start of the ICO?

If you have decided that you will participate in an ICO and you were offered tokens, you probably think that these will be received at the beginning. This is not always the case, there are times when you will receive them until the end of it.

I got the wrong address.Can I get my Bitcoin back?

Those who have made a mistake in the sending address of Bitcoin should know that no matter how much courage they do, they will not get it back, since the wrong address will cause the bitcoins to be lost in the Blockchain forever.

Bitcoin is down and should we invest?

We are not financial experts nor do we play the role of advisers so we cannot know if it is the bearish moment of Bitcoin. Any analysis must be considered as a personal opinion, since, in the end, the market is not entirely predictable.

Can anyone mine cryptocurrencies?

You should know that the process of mining cryptocurrencies is not as simple as it seems, since it requires a large investment in hardware, a constant source of energy and technical knowledge to be able to carry out this task.

Will they ban cryptocurrencies?

As in Spain, there is a conflict between prohibiting the promotion of Bitcoin, but encouraging its use, which generates a paradox. At the moment it is not known what position will be taken regarding cryptocurrencies, although their use is increasingly popular which can generate pressure in favor of their promotion.

Why haven't I received my cryptocurrencies?

If you made a transfer and have not received your coins, then it is likely that there is a wrong transfer address. To verify it, you must go to the cryptocurrency block explorer, insert the public address and see the details of the last transaction.

They ask me for my private address to buy. Is it safe?

No, you should never give your private address, since this is the access to your Wallet and all your cryptocurrencies. If they ask for your private address for an ICO or transaction, be careful, as it may be a scam.

Can a cryptocurrency replicate in fiat money?

Although there are some options that offer it, it is always important to check them, since in the end, the money can end up being worth nothing. At the moment, there are still no cryptocurrencies that replicate 100% in fiat money.

Do I need a minimum budget to invest in cryptocurrencies?

Although you can invest the amount you want, you should always take into account that the platforms have minimum deposits, so we could say that the amount to invest will depend on the minimum deposit established by the casino.

 

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How can I buy a cryptocurrency that is not available for purchase with money?

You must know that not all cryptocurrencies can be bought with money, some are only available for exchange with other cryptocurrencies. The easiest way would be to buy cryptocurrencies on a buying platform and transfer them to an exchange in order to get said currencies.

I lost my 2FA recovery code, can I get it back?

When activating the two-factor authentication you were given a recovery code which is an access to re-enter if you lost the initial method. If you do not have this code, it will not be possible to recover your account.

Can my access passwords be hacked?

Yes, it is possible, but it is also very difficult to do due to the large number of combinations that can be given. Even so, We suggest using an additional security system like a Ledger to further complicate the hacker's task.

Eduardo Lopez

Editor and Copywriter

I am Eduardo López Martínez, I was born in Madrid, Spain and I am 48 years old. I am a journalist and I am part of the Brokersdeforexconfiables.com team. Do you want to know a little more about me? I invite you to read my biography.

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