5 mistakes to avoid when investing in Crypto - page 15.

hassancisse

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Quote from: hassancisse on August 02, 2020, 07:41:07 AM

If you are a newbie in crypto world you are bound to make some mistakes but this thread is for you on how to avoind making those mistakes

1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.

2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.

3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.

4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true

5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges

If you have any additions to what i just listed here please include it under this thread. Thank you

hassancisse

member

Activity: 272

Merit: 13

Quote from: asder250 on August 02, 2020, 07:43:38 AM

And you forgot about the most important thing, invest only what you can afford to lose. Cryptocurrencies are a new form of digital assets and we still do not know, if they have a future or not.

This is very important also. Thank you for the addition i cant list all

ampere

full member

Activity: 1246

Merit: 116

Quote from: hassancisse on August 02, 2020, 07:41:07 AM

If you are a newbie in crypto world you are bound to make some mistakes but this thread is for you on how to avoind making those mistakes

1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.

2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.

3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.

4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true

5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges

You have listed core mistakes that a newbie must avoid when investing in crypto currency, and you focused more on exchange and learning. For some reasons, i feel investing in a token requires research, not just the read whitepaper type of research, but core deep insightful research that gives you quick answers about what type of project or developers you are dealing with.

Also, when you say fake or low volumes; believe me those are not enough reasons to call a project bad o inadequate; it merely could just be a bad phase in the developmental stage of the said project; which is why i stated earlier that insightful researching is important. Imagine investing in a coin when it is so cheap and low on volume; then selling in profit when it gets listed on another exchange and builds up volume? Example would be kardiachain and pixby token.

My recommendation though is that, it is your investment, your funds, dyor and invest accordingly. Also, stay in line and always pick up your profits when they appear.

20kevin20

legendary

Activity: 1134

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With the recent number of social media scams, I'd put one more thing on the list: nobody will give you free money. Not even Elon Musk. One more thing is, I'd highly suggest starting to educate yourself about decentralization and your privacy. It's going to be more than worth it in time, trust me. There are a lot of things you may think you're doing right but are completely mistaken about

Jawhead999

legendary

Activity: 1820

Merit: 1207

You missed one of the most important thing, let me add it

6. Not your keys, not your coins. Don't keep your coins on third parties (e.g. exchanges, custodial wallet), because it's not safe (your account can be frozen, hacked, or the third parties is scammer). You need to use non-custodial wallet (e.g. electrum, ledger)

asder250

full member

Activity: 708

Merit: 103

Empowering crypto w/ sustainable energy

And you forgot about the most important thing, invest only what you can afford to lose. Cryptocurrencies are a new form of digital assets and we still do not know, if they have a future or not.

hassancisse

member

Activity: 272

Merit: 13

If you are a newbie in crypto world you are bound to make some mistakes but this thread is for you on how to avoind making those mistakes

1. You dont want to skip the learning part- You need to have an idea of what youre going to even if it is to make a research about it. You have read about an asset before you invest in it to know exactly what they are building.

2. You want to avoid using the wrong crypto exchanges. This is one thing you want to avoid because it can make you lose all your assets. You need to research about the exchange before even registering. Some exchanges have fake volumes and are not transparent enough.

3. You dont want to rely on a single coin- Diversification is very important when it comes to investment. You dont want to put all your eggs in one basket.

4. You want to avoid the fear of missing out (FOMO)- When you see everyone buying a trending coin you dont jump in, it might too good to be true

5. You dont want to forget the basic security. Keeping your private keys safe is very important. As a newbie you should understand how important private keys are. Also 2 factor authenticator shold be added to all your exchanges

Topic: 5 mistakes to avoid when investing in Crypto - page 15. (Read 2948 times)