Streamlining Your Crypto Experience Without Losing Functionality

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While your journey with cryptocurrency can be very rewarding and profitable, it could also be quite complex and confusing. At any given point in time, there are thousands of cryptocurrencies in the industry, and it can be a hassle deciding which one to put your money into. On top of this, there can be thousands of wallets of different types and features and having so many of these can be overwhelming.

But is it possible to streamline your cryptocurrency experience? Many consumers worry that a more streamlined approach to cryptocurrency will make them lose out, but there are a few ways to go about this:

Summary hide

Choose A Single Type Of Wallet
Putting A Cap On Your Tokens
Limit Your Platforms
Benefits of a streamlined group process
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Choose A Single Type Of Wallet

Cryptocurrency wallets can be as complex and varied as the tokens themselves. There are wallets for tokens based on specific blockchains, wallets for NFTs, wallets with different functions, and much more. Having different types of wallets means that you have to keep track of all of their passwords and recovery phrases and the tokens and other assets you keep in them. One idea would be to choose a singular type of wallet. Say you spend most of your time investing in cryptos directly instead of NFTs.

You could choose to keep only a crypto wallet, given that NFTs are in a bit of a slump. You could also choose crypto wallets based on the ecosystem you most engage with. Say you mostly use tokens that are based on the Polygon blockchain. You could then choose a crypto wallet that supports Polygon-based tokens, therefore allowing you to keep all your tokens in a single place and not spread them out. The best Polygon wallet is one that will grant you access to hundreds of tokens based on the blockchain. By doing this, you reduce the stress and complexity associated with managing your cryptos.

Putting A Cap On Your Tokens

Another way to streamline your crypto experience would be to put a cap on the number of tokens you invest in. While one of the golden rules of investing is to diversify your portfolio, it does not mean you need to put money into every crypto token that has a whiff of potential.

But how do you do this without losing your upper hand in the market? First things first, you want to break cryptocurrencies down into different categories. meme coins, stable coins, gaming coins, and so on. For each category, try to identify the top two or three cryptos in the market. Then, consider buying some of these. Not only does this put a cap on the number of tokens you initially invest in, but it also forces you to think deeply about your future investment.

If you’ve decided that you will not buy more than 15 tokens, for example, you will essentially have to sell your holdings in one to make room for a new offering. This forces you to ask yourself if this new trendy meme coin is so promising that you would sell your Dogecoin investments to add it to your portfolio. Another option could be putting caps on how much you invest in additional tokens.

You could, for example, decide that you will not invest more than $50 for every new token you buy. This will keep your crypto portfolio a bit less bulky while also letting you explore new options in the market.

Limit Your Platforms

Outside of crypto tokens and wallets, it is also possible to overwhelm yourself by signing up on too many platforms. This means having accounts on multiple exchanges, P2P platforms, and the like. Not only is this cumbersome to keep up with, having so many accounts means there are more pathways for your funds to be hacked into and possibly stolen. Instead, take a moment to consider which platforms you currently get the most use out of. You might have seven different crypto exchange wallets, but three of those accounts might not have been used in years. In that sense, it might be a good idea to close the account for your own good.

You can also choose to use decentralized platforms that don’t require you to create an account in the first place. This means you can get your activities done without having a trail of different login details everywhere. You might also want to choose an all-in-one platform. For example, Binance boasts a centralized exchange, a decentralized exchange, an NFT trading platform, and much more. A good idea would be to write down all the crypto-related services you are looking to use, whether it’s specific trading features, asset types, and so on. Find an exchange that offers as many of these as possible, and you’ll have a much more streamlined crypto process.

Benefits of a streamlined group process

We’ve touched on the ways you can make your crypto experience much more streamlined, but what is the benefit of doing so?

First, you save yourself a lot of confusion. Internet users have complained for years about the sheer number of different accounts they need to have to access various services. In fact, there has been a rise in e-commerce stores allowing people to buy items without creating an account. By limiting the number of different accounts you hold on different platforms, as well as the sheer number of different tokens you invest in, you save yourself a lot of confusion and make things easier to keep track of. If a certain market movement takes place and you need to sell all of your Ethereum, for example, it’s much easier if your tokens are in a single wallet as opposed to spread across several different ones.

Then, there is the security angle. The more accounts you need to keep track of, the more accounts that can be potentially exploited by criminals. Keeping your crypto experience lean means that you can keep your assets safer in the long run. If you apply the steps we’ve noted above, you can have a better crypto experience overall.

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Advertiser Disclosure: This article may contain references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.

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