If you’re a noob to crypto, I’m sure you have so much on information to overload your plate. The one beautiful thing about crypto is how much attributes it has to life. If you’re patient and willing, you could learn enough to make a killing at some time in your later years. If not, you could be rekt of what little you have.
I’ll enumerate five things every noob should avoid when venturing Crypto. These are basic principles you might want to start with…
Do not START with crypto
If you have decided that you want to go into crypto, you must understand that crypto is a gamble. In other words, don’t put all your eggs into one basket expecting to make millions the next day. That’s not how crypto works.
I’d say, have something you’re doing. Only release to crypto what you can afford to lose, if not, don’t invest at all. Platforms like Hive are good for raising starting capital. You can start by growing something here and then looking to expand outside.
Hive is the best place for every noob. You’re taken at a slow and easier pace. If you’re genuinely interested, you can get the help you need to get going through community.
Do NOT put money somewhere until you’ve researched it
Photo by Nataliya Vaitkevich from Pexels
Do your own research. Can I say it enough? I know many of the noobs are mostly led by their emotions (FOMO) than they are by their heads. While it may seem like a good deal, and what is trending at the moment, you want to settle down and take apart the pieces.
You should be interested in what’s happening behind the coin rather than what you see or what you’ve been told. Simple questions like ‘who are the founders and what are their track records’ can save you from a lot of heart ache.
Do not believe the HYPE
What I was saying in the point above. You want to DYOR and not take what you’re given at face value. Hype is as dangerous as its influence.
I can pay a couple of influencers to shill my shitcoin just to attract the right people and then send them under. I believe we remember what happened with the Squid coin? Many people bought into the hype. No idea where the source was from, who they are and it was just easy for these guys to up and run away with huge amounts of money.
You might want to bear in mind that people (influencers) shilling stuff to you already got paid. So if it tanks, they don’t have a problem.
Do not get involved in TOO MANY projects
I see this happen even on Hive. Noobs are so anxious to get caught up and make that money they see we have in our wallets. They want to get with everything and then become frustrated when it’s not working like it’s “supposed” to.
Photo by Burak The Weekender from Pexels
Crypto is not a Get-Rich-Quick-Scheme. It’s quite the opposite and getting involved in tons of things doesn’t mean you’d eventually get paid. If anything, it’s just information overload and more anxiety added to your drawer. You might want to lay off making such a mistake.
Do NOT CLICK links
How many newbies on Hive have fallen prey to phishing attacks? They are told they’d win 1000 Leo tokens and they don’t think to check its validity. That’s another point. If it seems too good to be true, it probably is. You may want to double check.
I’d say, be sure of the source of that link and ask around. It’s so easy to fall prey to scammers on the other side if we are not careful enough.
I’d like to add that crypto will test you. Many things you’d experience along the way, we have and we did not die. If anything, we learned from our mistakes and made sure NOT to REPEAT them. The deeper you go, the more you learn, the better you become.
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