If you had to share one important lesson to someone who’s new to crypto, what would it be?

Cryptocurrency News and Public Mining Pools

If you had to share one important lesson to someone who’s new to crypto, what would it be?

I'm sure you've all heard someone say this before, but for me it’s the importance of understanding Dollar Cost Averaging (DCA).

Point is this: If you do small re-occurring purchases of BTC and ETH, it won’t get you rich fast, but it just might get you rich slow.

I spent a lot of time chasing alts back in 2018, and the majority of them (80%), never reached their old all time highs.

If you set automatic purchases of BTC and ETH, you don’t have to worry about timing the market anymore. You just catch all the highs and lows, and if you believe that crypto is trending up in the long run, you’ll very likely do well.

Look at BTH and ETH over the past few years, and how low they were at certain points. If you had been slowly buying those coins over the past few years, your portfolio would be looking pretty good right now. So while you can’t go back in time, you can set yourself up pretty good for the future.

You can of course still try your luck at catching the next hot alt coin (or meme coin) early, but understanding DCA'ing and adding that to your overall crypto strategy is something I wish I did earlier.

Hope that helps!

So crypto veterans, what’s your one important lesson to share?

TL;DR: Understand the importance of Dollar Cost Averaging, and how it can do very well in the long run.

P.S. If you enjoyed this post, I wrote something similar yesterday going into more detail about the alt coin boom and bust of 2018. You can read that here if you find that topic interesting.

submitted by /u/CraftingAmbition
[link] [comments]