Things I wish I knew as a crypto noob

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Things I wish I knew as a crypto noob

Hey guys just been in this crypto space for a while now, (since late 2017) and would like to share my experience and things I wish I knew ages ago before I found out e hard way

  1. Bitcoin cash, bitcoin gold , ethereum classic. None of these spin offs are actually bitcoin or ethereum. If you want to invest in ethereum or bitcoin buy the real coin. These are whole seperate entity’s (I’m not hating on any of them just stating this)

  2. Don’t invest more than you can afford to lose. The euphoria during these bull runs overwhelm you and you start to fantasise easy riches and millions by throwing in more than you would be happy with losing. Always be prepared for drops in value.

  3. Have fun with alt coins. Don’t chuck your life savings into them, but have a bit of fun with memes sometimes these generate insane returns!

  4. always take profits on the way up in increments. This way you realise your profits and avoid chances of being dumped on.

  5. Don’t buy coins just based off how much they cost. A $1000 investment into bitcoin where you would receive “0.01 bitcoin “or whatever it is and a $1000 investment into something like safemoon is the same thing percentage wise if it grows or not. (It doesn’t matter if you have a billion tokens or 0.000005 of a btc.

  6. Don’t buy into a project because it has gone up 50% in a day (AKA dont FOMO buy) usually these end up in harsh corrections and you end up buying the top. Sometimes you get lucky but it almost always revisits for a test of the price.

  7. Crypto is always risky , however assuming we are just talking about crypto world. Treat bitcoin and ethereum as your savings accounts as these are seen as the “sure thing” in the crypto world they don’t look like they’re going anywhere.

  8. HOLD . Don’t look at your portfolio everyday getting sad if it goes down it plays on your emotions and sometimes you end up making stupid panic sales only for the asset to go back up when you sell. If you believe in a project or coin and bought it , you bought for a reason price fluctuation can be harsh don’t get caught up day by day.

  9. If you end up making a lot of money remmeber to invest smart and try not to splurge your money (money is easily taken for granted when earnt easily and you might not realise how fortunate some gains are) don’t let it get to your head.

  10. And lastly of course don’t let the losses discourage you, I lost 85% of my portfolio in 2018 and seemed like nothing was ever coming back, there’s always other avenues in life to make money, just be patient!

Hope this helps some people out, this ones only really for newcomers want to help our friends out 🙌🏼 anyway enough from me!

submitted by /u/WinnnAllDayyy
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