Do not invest in crypto without reading this

tbct_mt2

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Quote from: Daniel91 on February 20, 2021, 05:37:45 AM

Another known mistake is to use a web wallet instead of a hardware wallet to hold larger crypto amounts.
Personally, I only use the web wallet to hold the current, smaller amount of money I need each day.
My friend thought the web wallet was safe and within a week the hackers hacked his that wallet and took all his crypto assets.
Also, you should never invest money that you can’t afford to lose.
Remember, crypto is risky investment!

I don't want to use web wallet if I have other wallets to choose.

And if I have to use web wallet, I will created different wallets with each of them will be used to store a portion of my capital in altcoins or tokens.

I know if my computer is infected with malwares, trojans or viruses, all data can be stolen but I believe if I store my crypto in different wallets, it will take more time from hackers to get access and steal all of my fund. If I can detect the steal early, I can save some of my fund. Grin

Jb

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Learn how to make paragraphs first before investing in cryptocurrency. That's my best advice Wink

cheezcarls

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Although that I would really appreciate in sharing your tips here to the newbies and beginners, it's better that you should not make such long paragraphs. It would make us bored reading your stuff. Also you lack some bold or italic words for some key points.

For me, the biggest common mistake of all in crypto investment? Lack of financial risk management.

Why? No trading strategy is perfect no matter if he or she is an expert and market is unpredictable as well.

CryptocurencyKing

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One of the common mistakes most people make is going into a business in this case, the cryptocurrency coin market, believing that there is no possibility for a lose and that it's going to be profit all through. It becomes common especially when they look at the low capital needed for altcoin investments at the beginner stage and depends on the whitepaper alone coupled with the beautification and quality of the thread home page as an evaluation criteria for credibility and growth potential. Before you know it, it turns out to be a pump and dump for altcoins while, in case of established coins, investing at the pump is a very bad strategy but then, this is the point where investors are attracted the most based on the pump and everyone wants a share of the pie.

It might interest you to know that the pie can turn to ash in your throat and as such, you must always carry the possibility of a lose at heart so, you can plan on possible ways to mitigate against it.

AniviaBtc

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This kind of threads are really unpleasant to read especially that the words are congested.

Don't expect someone to read your thread because that is really not a good post especially that you didn't just state your point with shorter sentences.

As I'm reading it, I stopped in the middle because my eyes can't take too much words and also it really causes discomfort in the eye.

I somehow understand your posts because I jumped as I'm reading it but please next time be organized in making quality posts.

nakamura12

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Posting a wall of text won't do you good and to others as well as it will take time to read unless you summarize it or make it short. Focusing on important notes for everyone to see and learn from mistakes about investing in crypto of your own choice. Doing the opposite of the common mistakes will help.

Taskford

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I didn't read the heavy text posted by OP but I will put here the most common mistake made by newbie when investing is they always listen to the feedback of others even though they don't know if the feed information about them is so true, remember there are so many hyip's and cloudminings as well scam tokens made and it's so unfortunate to them if they will choose to go or buy those type of investment since I'm sure they will lost their money.

That's why newbies should look for proper knowledge by researching since being resourceful is the most important thing when we think about investments.

Daniel91

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Quote from: tbct_mt2 on February 20, 2021, 04:45:06 AM

tl;dr.

The most common mistakes when investing in crypto is choose a coin, buy it, and store it on exchange account.

Not your keys, not your coins. Some investors did not check account or exchange for a while. When they log in account, the exchange was shut downs weeks or months previously. Or it can be hacked for a while sometime.

Newbies - Read before using exchanges or investing
For newbies when you are using new exchanges
Notyourkeys.org

Don't invest too much money or all money in altcoins. Bitcoin is the most profitable and strongest coin in crypto.

With bitcoin, learn and practice to use a non custodial wallet as Electrum.
Electrum wallet - Update safely and avoid phishing wallets?

Another known mistake is to use a web wallet instead of a hardware wallet to hold larger crypto amounts.
Personally, I only use the web wallet to hold the current, smaller amount of money I need each day.
My friend thought the web wallet was safe and within a week the hackers hacked his that wallet and took all his crypto assets.
Also, you should never invest money that you can’t afford to lose.
Remember, crypto is risky investment!

tbct_mt2

hero member

Activity: 2366

Merit: 838

tl;dr.

The most common mistakes when investing in crypto is choose a coin, buy it, and store it on exchange account.

Not your keys, not your coins. Some investors did not check account or exchange for a while. When they log in account, the exchange was shut downs weeks or months previously. Or it can be hacked for a while sometime.

Newbies - Read before using exchanges or investing
For newbies when you are using new exchanges
Notyourkeys.org

Don't invest too much money or all money in altcoins. Bitcoin is the most profitable and strongest coin in crypto.

With bitcoin, learn and practice to use a non custodial wallet as Electrum.
Electrum wallet - Update safely and avoid phishing wallets?

Jawhead999

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Quote from: Sunnyace001 on February 19, 2021, 09:40:35 AM

tl;dr
1 Investing in high value crypto with little money

The second mistake is ignoring utility and focusing on fast rising prices.

Thirdly, many of us do not invest for the long term.

1. It's not a problem as long as the fees aren't took 10-20% of your capital, you'll still profiting in the long term holding.

2. Agreed here, only focus on the price just like a gambling. You win or either lose.

3. True especially if you're hold high value crypto, if you hold low value crypto/shitcoin in the long term. You'll in loss since it lose the value, it's only for hype or mid term holding.

YOSHIE

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Yes, that's not a mistake, investors are everywhere in the world of investing, the main pillar is capital, if you don't have capital, of course it's not an investment.

The last few days Bitcoin and almost all altcoins have skyrocketed, again the capital needed, no one who invests with a capital of $50 makes millions of $, that's a lie.

Capital has a lot of profit, too much, it is the law of the game in the investment world, if you have a little capital, you can only see the events of every coin movement, in essence: you can't do much.

Today you have a lot of capital and put in one of the potential coins, today you can be successful in the investment world and get rich.

cryptoaddictchie

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Whether your money is small it could grow as long as you put your money into a good project. Yes that's how it grows and slow progress is normal. Mistakes are inevitable most of the time there is no right or wrong choice on trading if you studied the basics well.

Piece of advice OP. I appreciated for sharing your sentiment but make your post organized and straight to the point. Wall of text isnt good to read like this.

pakhitheboss

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Top Crypto Casino

I wanted to read it but because of the format I skipped it and straight away would like to ask you to change the format.

Op please edit by adding some paragraph. Since I use my phone to visit BTT it is hard to read topic that does not have paragraph.

Also try to highlight heading by using the Text Bold feature. Use few text tools whenever you are creating a big post.

JeromeTash

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What a wall of text Shocked

OP I am not discouraging you from making posts or articles, but please try to format and punctuate your post in away that can make the reader want to read through it over and over again. When I looked at your text, I felt like I didn't want to read anything out of it.
- No paragraphs
- No punctuations

It all just looks like a forest of meaningless text, yet you may be trying to drive a point home Wink

boyptc

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Your thread is not encouraging to read. You can add some space for your paragraphs. Like this,

Quote from: Sunnyace001 on February 19, 2021, 09:40:35 AM

1 Investing in high value crypto with little money

You have put #1 and yet, I'm looking if there's #2 but seems there's none instead you have put it in words.

Quote from: Sunnyace001 on February 19, 2021, 09:40:35 AM

The second mistake

Going with the #1, that argument is what I see everywhere. You can have your own strategy and purchase cheap altcoins with $100 and wait for it to increase in another centavo and take the profits. But investing in bitcoin with any amount is also one of the best strategy, you won't be a victim of pump and dump groups because it's becoming a store of value these days and it's really for long term people.

Sunnyace001

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   Investing in crypto is what most of us love doing because it easily yields profits and is usually interesting to speculate over . When I began investing in crypto I had little knowledge and made some mistakes which many still make today and I'll like to share them with you.

   (1). Investing in high-value crypto with little money

   What you may have never realized is that the crypto you chose to buy should depend on the amount you have. If you have alot of money to stake, you could easily go for high value cryptos but if you don't have much money and you still go for the high ,you may be allowing lots of profit to pass you by without even realizing.
   Take for instance Bitcoin. As at the time I composed this article Bitcoin was 45000 dollars so I'll use that number.Now imagine if I chose to invest my spare 100 dollars in a 45000 Bitcoin and in 2 weeks time it rose from 45000 to 55000 dollars . I would be very happy because the price of my crypto has increased by 10000 and I will have made some profit of about 19 dollars on top.

   With that in mind imagine as well that I used the same 100 dollars to buy an altcoin that was valued at 50 cents. From my calculations I would buy exactly 200 of that coin . Now if that coin rises within the same period from the 50 to 80 cents I would be making 30 cents on each of the coin and when you multiply that by 200 I have made 60 dollars on top my 100 dollars . Think back once more to the difference in the price and you will realize that I'd have made more profit from a 30 cent increase than from a 10000 dollar increase. Why? Simple.
   If I had alot of money to buy a whole Bitcoin or even half of it, I will make a good amount of profit because I would own a huge chunk of it .From the 10000 dollar increase I would make a 10000 profit if I bought the whole Coin and 5000 if I bought half and that's quite impressive . So if your money is small such that you get tiny fragments of the coin , you will make very little profit with even a huge price jump and much more if you invested in something you were able to get much of not a tiny fragment and that could be a cheap altcoin.
  Don't get me wrong Bitcoin could be very profitable but when your money is small and you can't get up to a whole or half of it you lose your opportunity to make better profits if you choose to invest in it than in cheaper altcoins.

   (2). Focusing on high prices and ignoring utility

   Many people are eager to buy a crypto when they see the price . Before you do this, ask yourself why was crypto currency created? When you think about it ,you realize that crypto was created to solve problems posed by Fiat such as centralization and slow cross border payments.
   Since crypto was meant to solve problems it becomes an inevitable truth that when crypto it becomes more widely used, the most valuable crypto will be those that solve the most problems. Personally , I always use ethereum as an example to show this . Ethereum's block chain is used in running so many smart contracts around world and many cryptos like USDT run on ethereum's block chain . That is why almost every online smart contract you may do will always say something about ethereum . Due to this utility that it generates, the price of ethereum is almost always on the rise . This shows that utility is very important to consider in the crypto space.
   Another thing to should keep you in mind about investing based on high prices is that investing based on price can quickly turn against you because of the fact that nothing goes up indefinitely as well as the rise and dump factor. Simply put, anything that rises will drop at some point whether by little or by much . Speaking on the rise and dump factor, we realize that they're are many online traders who buy crypto currency that are predicted to rise over a short period of time and once they rise to a certain amount, they cash out.
   Where the risk could then be is that the price of a crypto at any point is influenced by the money that circulates around it. The more that money comes in, the higher the price will likely go especially if by institutions(recent surge in Bitcoin price when Tesla purchased huge amount). On the contrary, the more that money gets removed, the higher the chances that the price will fall.You can probably see where I'm going from here.
   If you invest in a crypto that is fast rising and most of the people that invested early solely to make quick profit cash out, the price of the crypto will start to fall, and
your money automatically starts reducing. In most cases , you'll choose to wait and hope it goes back up so you could at least gain back your capital and then the price dips even more forcing you to cash out to avoid excessive loss. Although I know this is not always the reason for price fall, recently, it became one of the factors that contributed to massive loss of money put in by investors in the XRP community.
   What actually happened was that the XRP investors were getting upset due to the SEC lawsuit that caused the price of the crypto to dip massively as it was seemingly approaching a dollar . Following the fact that GameStop stocks were rising due to the high buying rate, many in the community had come together to reason and decided that they would all buy large amounts of the crypto on the 1st of February to artificially pump the price up just like game stop and to cut the story short, it did go up from 20 cents to 60 cents.
   Many people flocked in when the price started rising feeling happy that they were not going to miss out entirely and very unfortunately for them, the price literally began to dip . And in a few hours time it had nearly reached the 0.20 cents which was the price it began from to surge and in the process, many lost their money . Although nobody knows the exact reason, it was believed that many people sold after they made their profit and it contributed to the fall in price.
   Nevertheless, not every coin will experience a sudden fall like that but you should remember that everything rises and falls from time to time and if you're not cautious, you could lose your money at any point.

   (3). Not investing for the long term

   You may have heard several times that is best to invest for the long term in crypto and may or may not have thought about that but I can personally attest that it's very true because most cryptos reach their full potential after a couple of years of their being used and not immediately . And so if you you sell off your crypto immediately you see a little price appreciation that seems a no brainer, you may unknowingly sell of a coin that would have gained massively over time and generated life changing wealth for you and your family and of course no crypto proves this more than Bitcoin.
   Over the years, it has reached prices that anyone who had invested early in it would have felt he had made enough to cash out starting with it's five dollar increase in 2012 which was three years from it's release to a four hundred dollar increase in 2016 which is 7 years from it's release and to the 48k now approaching 50k in 2020 and the truth is that those who keep longer maybe to 2025 will make even more.

   And so if you want to invest in a crypto you know has potential, try to keep it for a long time maybe a couple of years to ensure you don't miss out on a price explosion.
And remember , once it starts moving massively, you will not be able to buy the same quantity of the crypto you initially bought at the same price .You would have to spend more.

   Anyways , I believe this article has given some of us something to think about when investing in crypto or added to what you had already known. Please comment on what else you feel should be considered when investing[/i] in crypto .Thanks for reading.

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