Common Mistakes by Novice Crypto Investors
The cryptocurrency market like any other, can make a person instantly rich or on the contrary, cause tremendous losses. In the pursuit of easy money, new crypto-investors often make many typical and common mistakes.
The first mistake is that people often do not want to check all the facts themselves. Most people who offer you to invest in a cryptocurrency will most likely start a conversation with the fact that Bitcoin once cost $1,000, and today it costs $20,000. Such profitability can instantly convince an inexperienced person to invest, without conducting an independent analysis of the market situation.
“Fomo” is a syndrome of lost opportunities to earn money. This is another mistake for newcomers who invest in cryptocurrency just because someone could get 20X profit.
The most common cases of loss in funds are related to people’s wrong attitude toward their crypto-assets. Some do not protect their passwords well enough, or forget them entirely. Others do not understand the difference between public and private key, sending the second one to intruders.
The last mistake is just carelessness — sending cryptocurrency can not be canceled, which, if using the wrong address, leads to a loss of money. It sounds simple, but these errors are quite common and people constantly commit them. Just keep it in mind if you are entering the new industry.