As a newbie that has Falling into crypto currency scams and disappointment. The following is how I overcome those disappointments
Risk involve in cryptocurrency
i. Crypto pump and dump;
Crypto is highly volatile and a lot of people do not consider this before investing.
ii. Fake investment scams; This risk applies to a lot of newbies like myself. Someone will just tell you to bring your money and they'll help you invest,
It's important you recognize scams when you see them
iii. Emergency of new coins;
New coins emerge frequently it is now your own to DYOR(Do your own research) to know which ones you should invest in.
iv. Money-laundering through crypto exchanges;;This is also very common.VSome people are actually fraudsters but they just use Cryptocurrency as a camouflage.
What should your mindset be about cryptocurrency?
Mindest 1: Crypto is not a get rich quick scheme. If you have the mindset of putting $10 into crypto today and getting $100 tomorrow, please, I beg you do not venture into crypto.Having the get-rich-quick mindset makes you fall for a lot of scams.
Mindset 2: Cryptocurrency itself is not a skill or Business. This might sound a little bit controversial but it is what it is.
Cryptocurrency is neither a skill nor a business. At the moment, cryptocurency as a whole is more of an investment. The skill and business part of crypto is in Crypto Trading.
So, you should know this and know peace.
There are 3 major and sustainable ways to make money with cryptocurreny.
1. Investing
2. Crypto Trading
3. Crypto Mining.
Jump to: