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Beginner investing in crypto
Crypto investing tips
How to buy crypto safely
Not having a goal & plan
-Arguably the most important thing to do when getting into crypto is to have a goal and a plan. A goal being the reason why you’re investing in crypto. Is your goal to invest in promising projects to hopefully gain a good return on your money in the long term?
Price does not equal value
-A very common misconception is that the price of a coin is what determines its value.
To the moon!
-So you know what market cap is, and you go to the 10th page of coinmarketcap, and you find crypto with only a 500k market cap, compared to Bitcoins 900 billion market cap. So I could make 1.8 million times my money right???
-Well in theory yes, but it’s unlikely… Almost every single coin past the top 100 or so will come and go at some point.
Buying and selling too much
-When it comes to the stock market, buying and selling is a bad idea as it quickly accumulates your tax obligation, which can really eat into your profits.
-Well with crypto it’s an even worse idea. Not only will you accumulate tax obligations, but you will pay a LOT in fees, which will also slowly eat away at your profits.
-Leverage in crypto is neither a good nor bad tool to use when investing, it’s just a very powerful tool!
-As you invest more into crypto, odds are eventually you’ll see some gains in one of your investments, and it’s important that when you do, you keep a level head.
-A lot of beginners know that panic selling isn’t always the best option, but there’s the opposite end of that as well, “excitement-buying,” or more commonly known as FOMO, fear of missing out.
Use a legit exchange
-While most beginners just use something safe and well-known like Coinbase, there are a lot of scam exchanges out there.
-When you’re just starting and signing up for an exchange make sure it’s a legitimate one.
DYOR Do your OWN research
-Crypto has been a hot topic with everyone, including influencers. You can’t blindly trust them.
-If you do your own research this gives you confidence in your investments because you know why you’re buying, not just because someone told you to.
Oops wrong address now all your crypto is gone.
-As some of you know, but probably not all of you. Crypto transactions are designed to be permanent and irreversible. This is so that no one has control over the network,.
-If someone had the ability to reverse transactions this would defeat the whole purpose of decentralization…
-When you’re sending crypto from one wallet to another, if you’re sending a large amount of money you don’t want to lose, then it’s best to do a test transaction.
Not using 2FA
-The crypto space is FULL of hackers.
-One of the most simple and effective measures to take in preventing your account from getting hacked is 2 factor authentication.
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*I am not a financial advisor. This is not financial advice*