Buy Crypto: 4 Stupid Mistakes Everyone Makes

The desire to buy crypto alone is not enough to make a profit. We knew that all beginners in the cryptosphere make the same mistakes and decided to warn readers what to look for at the start. To make the risks of investing pay off, read this article and do the opposite.

Buy a crypt, do not soar in the "clouds", communicate with the pros

As a rule, the first mistakes are made when talking about buying crypto comes to action. After reading a few articles on the Internet about crypto, beginners create a blockchain wallet. Then, look at the trends. Choose popular. Cloud mining, for example. They invest and … do nothing. They wait according to the principle “om namo – everything by itself". We hasten to upset those who chose this strategy for themselves. Technology is not shamanism. You cannot just wait. That time is gone. Cryptocurrency is not antiques. Over time, some coins rise in value, some fall. All these processes are only conditionally possible to predict. Even experienced investors sometimes shrug their shoulders when the next collapse occurs.

What crypto-TOP is silent about

If you are really planning a deep dive into the world of cryptofinance, learning English is inevitable, the most adequate sources of information do not translate into the current language

If I have already bought crypto

You have created a wallet. How to choose a direction for earning? Of course, Google. You explore the TOP ways to make money on the crypto and understand that most of them are not available to you now. Cloud mining seems to be the easiest and least expensive, and it is popular. Sales.

You can be guided when choosing a strategy and a way to make money on the Internet on cryptocurrencies, but you should not rely on this data entirely. You can easily find successful stories on the Internet. But the reviews of those who failed are not included in the Top. 

Buy crypto or mine

Explore the issue more globally. Here it is useful not only to develop theoretically, but also to get acquainted with the “physical” equipment in order to “enter the process”: types of equipment (physical and types of cloud services), tariffs, conditions.

If you like mining, learn everything. Don't limit yourself to the Internet. Find people who have been or are engaged in mining. You can not only ask them “what is right”, but also offer cooperation.

I invest there, I don't know where

There are many reasons for thoughtless investment – someone is guided by contextual advertising, someone trusts the opinion of friends. Let's see why none of these options will bring profit.

If you decide to buy crypto because you have seen contextual advertising in your browser many times, don't do it. It’s not just that in every article of “Cryptograms” we remind you that knowledge is power. And in proportion to your education, the amount earned will grow.

Let's say you don't trust contextual advertising, but you have a genius friend. And he tells you a lot and often about ICO. At the same time, you understand little, and only one thought comes to mind, again and again: “you need to fit in, otherwise it will be too late.” Never take this thought seriously. If you don't know exactly what you "fit" into.

For you to understand, let's take a slightly different example. How often do you read user agreements when downloading applications on your phone, for example? Read recent changes, such as Uber's terms of user experience (User Agreement).

It's very entertaining. When you start to delve deeper into the issue, it turns out that the service can do whatever it wants, even be rude to you officially, and you cannot show anything. Officially, you have signed an agreement where you agree to everything.

We do not dissuade from investing in ICO – we only recommend that you study all aspects

This does not minimize the risks, but you will know what you are risking for and in what area. It may take longer to make a decision, but this is the least of the risks. If you miss out on a great deal, at least you have an understanding of the process. Sometimes, it's more important. At least in order to calculate the next step and notice what others did not have enough attention to while they “fit” into the hype topic.

Fact to note: Few people understand ICO. Even seasoned investors swim in the data. No one will tell you the exact numbers on risks and ups and downs. It's like quantum physics. A lot of people have devoted their whole lives to it – but if you ask the definition of quantum physics, most likely you will be honestly answered that they themselves do not really know what they are doing. But it's extremely interesting. ICO – from the same opera.

Before you buy crypto: find a convenient and safe wallet for yourself

Check the wallets for the cryptocurrencies on which you are going to store money. If a physical wallet is easy to pull out of a pocket in a crowded place, being a pro, then disappearing with users' virtual coins is a matter of writing a few lines of code. But this is not the main pain.

Wallets are targets. They are often hacked, they disappear from the market, etc. You cannot completely protect yourself from risks, since, having an amount in cryptocurrency, you are already in the territory of high and unpredictable risks anyway. But you can take the time to study reviews, storage technologies, to draw conclusions on your own, and, finally, throw small amounts into different wallets. Try. But don't rush.

Buying crypto on credit is a failure

We left one more story from the ” rookie mistakes  ” series for last. In our practice, there is not a single acquaintance who would have thought of this before, but, just in case, we warn you that it is better not to take a loan for cryptocurrency. The bank is unlikely to give it to you, but friends or relatives may well borrow it. Especially if you offer them a percentage of their income. But there may not be any income. How will you repay the borrowed amount in this case?

Another story from the category of “you don’t understand on purpose” is interaction with a cryptopawnshop. You pledge your bitcoins to, for example, pay off a loan debt. It's fantasy, but it happens. Despite the fact that crypto pawnshops have already appeared on the network.

We do not recommend that you become their client. Pawning coins so as not to starve to death is a matter of survival, of course. In order not to put yourself in a hopeless situation – just do not bring it to this. Do not borrow or borrow to buy crypto. So you save yourself from having to pawn this crypt later in order to repay the debt.

Laugh at this idea now and remember: investing in unstable digital technologies only makes sense if you have free money.

Credit is a dubious enterprise in principle, but this is a topic for another article.

So just remember – never borrow to buy crypto. This is silly.

To avoid making rookie mistakes, create a list of “bad advice” for yourself and post it somewhere prominent. Let the obvious be seen.