How Not To Drown Into Crypto Sea?
People had always searched for opportunities to get rich fast, and often — by investing in questionable ventures that ride the hype trains. The crypto niche is no different — many new people join the digital assets industry every day, and we see them making the same mistakes over and over again. There is a way to avoid it — by learning the most common ones.
Here are some of the most common mistakes beginners in crypto make and some tips on fixing and avoiding them.
1)Poor Research is Harmful
It is too straightforward to invest your hard-earned fiat money into something you know very little about. Most people rely on the opinion of trusted friends or some net-born experts, and it ends badly for them. One need to make a clear picture of how the crypto industry works, study trading tips, and particular market coins pros/cons before he makes any initial investment.
2) Greediness is Bad
Many first cryptocurrency adopters and original had become millionaires. This idea has tempted many to start their own mining operations. However, in 2019 the picture is quite different, and before one decides to take this road seriously, he should consider all risks associated with equipment and electricity costs of today, before having in mind a wish to become a millionaire fast and easy.
3) Overwhelming Activity is Poisonous
Not everyone can become a trader — quite a trendy profession last year.
Keep calm as third parties might try to get you to sell or buy anything but the real stuff, and you will be highly rewarded only if you have the mentioned qualities. The planning is also a must. Moreover, you never know how high a token price may go, so emotions must be out of the game when you are engaged in the crypto field.
4) Cybersecurity Issues are Numerous
Regarding security and privacy: you should always have your private keys is because wallets can crash, and exchanges can get compromised, and you could lose thousands of dollars.
Sending funds to the wrong crypto wallet is also a common mistake made too often. Double-check whether the wallet you are sending funds to is matching with the token — just make sure that everything is accurate. Do not neglect to make offline copies of all of your passwords, private keys, and other essential data if you want to feel safe. This is important because you want to be able to access and restore all of your cryptos even if your computer crashes, gets stolen or something.
Forgetting about 2-F authentication makes you also open to different vulnerabilities. While exchanges can be regarded as a necessary evil, you shouldn’t forget to enable two-factor identification — this approach is imperative in keeping your account safe and secure. You should also save all your codes offline so that you can get your account unlocked when something terrible happens.
5) FOMO Factor is Your Worst Sin
A big and evil monster. Many overrated and unexpected success stories highly influence minds, and it is not a problem only existing in the crypto industry. The Fear of Missing Out can change you into taking rush actions/decisions you might miss out on something valuable. Realize the fact that while you might miss out on some things, you won’t miss out on everything anyway. Moreover, you can’t catch all the opportunities in the world.
These shorts have illustrated some of the most common mistakes newbies make when they come to the cryptocurrency world. Make sure to remember them and learn to avoid in the future. Hopefully, it will help you have a better crypto experience.