WHAT IS REKT?
When we hear the word “REKT” what comes to our minds has to be “Wrecked”
Rekt is a crypto slang with the same meaning and pronunciation as the word “Wrecked”. Both words mean damaged or something that is completely destroyed.
Getting rekt means losing one’s assets in the crypto market, this terrific loss may end an individual’s cryptocurrency trading or make them uninterested in crypto.
Considering the fact that novices who make the mistake of getting rekt might lose to a large extent, important points have been laid out to prevent this from occurring.
- Do not put all your tokens, buying into an ICO (initial coin offering) because it could fail.
ICO is a strategy used by Cryptocurrency industries to make profits and raise money to build an app, create a coin or develop a service. As a trader, you should stick to trusted defi protocols so as not to expend your funds
- Manage your digital wallet effectively. The first step to managing your wallet is to avoid putting all your funds in one place, you can make use of both the hot wallet (software) and the cold wallet(hardware), the next step is to never disclose your seed phrase to anyone. It is more secure to store your funds in the cold wallet, while some explain that it is better to start with a hot wallet and then transfer to a cold wallet.
- Always remember the gas cost. Gas is the crypto fee paid to nodes to complete a transaction. When the gas fee is forgotten, the profit margin is hugely affected.
- Do not hurriedly trade your assets because there is a current hike in value of a crypto coin. FOMO is the term people ignorantly misuse in cryptocurrency or in a situation similar to this. However, it is important to understand what is happening before investing.
- Investigate, do research, get educated!
Before trading, you should have knowledge about cryptocurrency, the token you want to trade and what you should expect in return. The cryptocurrency market is extremely volatile and for a beginner, it is better to trade less.