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Want to quit crypto? Here’s a quick guide to leaving the world of cryptocurrency safely

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Want to quit crypto?  Here’s a quick guide to leaving the world of cryptocurrency safely

It won’t be wrong to say that this has been the toughest crypto winter ever. For the first time, companies like WazirX and Binance fought on the ownership of the company. Not to mention that regulatory uncertainty from global regulators has compounded the hurt of investors who have lost all their life savings.

So, if you’re considering quitting the world of cryptocurrency, here’s a step-by-step guide on exactly what to do.

Step 1: Sell everything

To exit the crypto space, one thing you need to do is sell all your digital assets and liquidate them through a crypto exchange. Any crypto platform that holds your cryptos should be able to help you withdraw your assets.

Step 2: Send your cryptocurrency to a wallet

If your wallet is bleeding red but you are not planning to quit crypto yet, the best option is to send your cryptos to a safe and secure hardware wallet. Hold them until the bear market reverses. However, make sure you always remember your private keys (equivalent to your crypto password). Keep it in a safe place so you always have access to it. Cryptocurrencies are stored in your crypto wallets based on blockchain technology, which stores digital assets cryptographically, preventing someone from hacking your private keys.

Without private keys, you cannot claim ownership of any crypto assets. Court orders or other legal documents won’t be worth it if you don’t have private keys.

Step 3: Stop following charts

The crypto market is volatile. Every day you see a potential investment opportunity. What makes it hard to leave the crypto space is when you keep following new coins. You must prevent a “change of mind”. Try quitting all crypto groups on Telegram, Reddit and everywhere on social media. These groups can build false narratives and promote new plays.

Step 4: Look for other alternatives

The best investment option for a distraction might be a regulated space like the stock market. If you want to invest your money, learn more about the stock market, portfolio building, and switch from crypto to stock markets. It should be noted that although the stock market is also subject to volatility, it has what is known as a “daily lower circuit” which prevents you from losing your investment.

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