Crypto Veteran Mishaboar Warns New Investors: Bull Market Risks & Secure Dogecoin Storage Tips

• Mishaboar warns new crypto investors about the risks of “earn” programs in the upcoming bull market.
• Storing large amounts of cryptocurrency on exchanges poses significant risks, cautions Mishaboar.
• Mishaboar draws from past bull market experiences to advise against high-risk crypto storage methods.

Mishaboar, a notable Dogecoin supporter, has issued a warning to crypto investors, particularly newcomers, regarding the dangers associated with the upcoming bull market. Drawing from experiences during previous bull runs, he cautioned against the risks tied to “earn” programs and storing large amounts of cryptocurrency on exchanges.

Mishaboar highlighted that many investors suffered substantial losses during the last bull market due to ignoring warnings about unstable platforms. Even highly regarded exchanges like FTX were not exempt from failures, resulting in financial damage for many. 

For those specifically dealing with Dogecoin, Mishaboar advised against using hot wallets, including smartphone wallets or Telegram bots, for storing large amounts of crypto assets. Hot wallets, being connected to the internet, are more susceptible to hacks and security breaches. Mishaboar underscored the importance of safeguarding assets by choosing more secure storage options.

Instead, Mishaboar recommended using cold wallets for assets not intended for immediate trading. Cold wallets, which are not connected to the internet, offer a higher level of security against online threats. 

He mentioned Trezor’s Safe 3 model as a reliable and affordable option for securely storing cryptocurrencies. However, he expressed concerns regarding Ledger’s recent shift towards more centralized services, suggesting that users consider these factors when choosing a cold wallet.

This warning from Mishaboar is particularly relevant as the crypto market gears up for another potential bull run. Investors are advised to prioritize security by using cold wallets and remaining cautious of “earn” programs that promise high returns.

Mishaboar emphasizes the critical role of self-custody in protecting digital assets. Although it demands added responsibility, such as securely backing up seed phrases and storing them offline, this approach is a vital safeguard against potential losses and access issues. Despite its less convenient nature, self-custody significantly mitigates the risk of losing assets. 

Additionally, DOGE enthusiasts should be wary of exchange programs offering yield. These programs, while attractive for their high returns, often come with complex terms and hidden risks that many users may not fully grasp.