Investing in Cryptocurrency: What Not to Do
Investing in cryptocurrency is when you buy and don’t sell
Greed is an expensive vice. The more you have, the less you are able to objectively assess what is happening. Again, the mistakes of newbies come down to the fact that they sell bitcoins in order to take advantage of the amount of $ 200 now, for example.
“Well, the cue ball has grown a little. Why not?"
If extortionate commissions do not bother you, your investment in cryptocurrency may at some point turn out to be a distillation of money with no opportunity to make money on it. There is also a negative exit. But, of course, you have to try…
If you want to “fit in like an adult" into the cryptosphere, play chess. Of course, this is not the first time you hear about this game. The point is different. Chess is a fun opportunity to improve your strategy.
Investing in cryptocurrency is when you need to think periodically
How many moves ahead do you plan to play? We suggest you play chess more often. How many moves of the opponent can you calculate? How much are you able to pawn – for yourself? Do you have alternative plans (B) in case your opponent is not a fool?
Strategic thinking will come in handy not only when you decide whether investing in cryptocurrency is profitable or not. By the way, let’s remember “how it all began” in the world of crypto. Despite the fact that no country can yet regulate this technology, we immediately allowed it to be “tested”.
Cryptocurrency investing is worth getting involved, of course. If only you understand what kind of technology it is. We are talking about the theory and the mistakes of beginners.
When you start and invest in cryptocurrency, you make mistakes
Information overload drives inexperienced users into "infotrans". This is somewhat reminiscent of a meeting with a gypsy on the street. It seems that you know that this is a gypsy and you cannot trust her, but now she is gone. As well as your money. In the information field of the Internet, it is even more dangerous – you do not notice how you fall into somnambulism, follow the links and register now volumes, then here. Therefore, study new information about cryptocurrency with a fresh mind. Try to find sources of information with a proven reputation, check by going to money transfer services – whether this is a mirror or a real site.
But first, understand the basics so you know what you’re getting yourself into.
Study in detail again, even if it seems to you now that you understand everything in general terms:
- Cryptocurrency is;
- Blockchain is;
- What are the exchanges and what cryptocurrencies are in use there;
- Which wallets are safe to store crypto.
Understand. Two or three days of theory, so as not to make the mistakes of beginners in practice.
Consider investing in cryptocurrency as an area where it is enough to google the first page of the issue on the topic:
Top investors, who are already earning money by teaching cryptoliteracy and blockchain, are in a continuous search for new information. Everything is changing very quickly. Try to get into the rhythm, keep your finger on the pulse – call it what you want, but do not stop learning. Today the coin is falling, and yesterday it was growing in price. You should not be surprised by market fluctuations or any processes, even if they are sudden. If you know the process from the inside, then when you receive unexpected news, you will always know what to do. Like an engineer who is able to repair various mechanisms, not because he knows them all. He has algorithms for ongoing processes.
Cryptocurrency investing is an endless learning curve
You are already reading this article now, which means you are striving to understand the issue before investing in a new financial technology. It is commendable. However, we want to warn you – rookie mistakes may seem like truisms from Captain Obvious, but they are made. Even more. They are made by people who have been “in the know” for a long time.
You can create conditions and a large sum at once. or you’re just lucky, but you get the money. Fast and a lot.
It’s a good news.
Having bought coins profitably, you can always lose them. This is not bad news, but rather a warning. If you are in a hurry, nervous, or if you are “kissed by greed”, the crypt will go away. Just as easy as it came. Although someone may disagree with the last statement. Still, luck alone is not enough if you are going to study the issue seriously, and not just play “crypto roulette”.
Cryptocurrency investing is when “everything is big”
Large amounts, influential “big” people, called “whales” (They influence processes clearly, and they have a starting resource, coupled with an understanding of financial mechanisms and technologies) big risks, and big wins.
However, don’t take new blockchain technologies and cryptocurrencies too seriously. For now though, it’s a game. Although on a large scale, on a global scale and without regulation by banks and governing institutions of countries.
Think of cryptocurrency and blockchain as a relatively free trial period of the best game of the century. Now you have the opportunity to be a part of history. But it’s all lyrics.
This world is still new, exciting and dangerous. The classic layout for everything new and promising.
Investing in cryptocurrency is when you are not in a hurry, but you are not “stupid” either
If you do not want to repeat the mistakes of beginners, do not rush, but react quickly; stop taking things seriously. Take care of your nerves.
Bitcoin restores its rate faster than your body’s nerve cells.
But don’t forget, a light attitude to money is when you don’t “waste” over your cold wallet number, but simply don’t lose it. And do not share with everyone in a row the information that you are a happy owner of bitcoins.
The technology is not yet hackable, unlike you. We are talking about de-centralized influences: physical violence and psychological pressure. So far, no one has learned how to cancel them.