New to the Crypto? 10 tips I wish I knew when entering the space

So, entering anything new can be daunting, whether its a new job, moving countries or entering the crypto space. There is a lot to learn and it can be overwhelming so I wanted to make a fairly digestible 10 tips to help you figure it out.

1. Educate yourself on the basics

Understand the basics of blockchain technology, how cryptocurrencies work, and the different types of cryptocurrencies out there. Knowledge is power, or something. Most crypto exchanges have education built into their platform.

2. Secure Your Investments

Use reputable crypto wallets (hardware, software, or mobile) to store your assets. Enable two-factor authentication (2FA) wherever possible and keep your private keys safe. What are reputable wallets, personally I'd recommend https://trezor.io/ as a good cold wallet and always remember - "Not your keys, not your crypto."

3. Diversify Your Portfolio

Ever heard the phrase "Don't put all your eggs in one basket?" It's true, diversify your investments across multiple crypto to spread risk. Others focus on the big two (Bitcoin and Ethereum) so work out what your own strategy is to avoid losing your investment.

4. Do Your Own Research (DYOR)

Before investing in any cryptocurrency, research the project, team, use case, and community support. Avoid FOMO (Fear of Missing Out) and hype-driven investments. In addition to DYOR i'd recommend making a plan for yourself and sticking to it. What do YOU want to get out of this investment, be sure to understand your own motivations and wants.

5. Beware of Scams

Be cautious of phishing emails, Ponzi schemes, and offers that sound too good to be true. Avoid sending your crypto to unknown addresses or people promising guaranteed returns. It goes without saying but use critical thinking. Prime tip: Don’t click unknown links and block your DMs. (Thank you https://www.reddit.com/user/CoolCoolPapaOldSkool/)

6. Use Reputable Exchanges

Choose well-established cryptocurrency exchanges with a good track record for security and customer support. Research exchange fees and features. Who is reputable though? You have a lot of options but personally i'd recommend https://www.kraken.com/

7. Keep Emotions in Check

Cryptocurrency markets are highly volatile. Avoid making impulsive decisions based on emotions. Develop a long-term strategy and stick to it. One long-term strategy is dollar cost averaging (DCA) - instead of buying crypto at a particular price you instead buy at regular intervals irrespective of price.

8. Stay Informed

Follow reputable crypto news sources, join forums, and engage with the community to stay updated on market trends and developments.

9. Be Tax-Aware

Understand your tax obligations related to cryptocurrency transactions in your country. Keep records of your transactions for tax reporting purposes.

10. Start Small and Learn

Begin with a small investment and gradually increase your exposure as you gain experience and confidence in the market. Additionally, when sending crypto, always start with a small transaction first testing the address to ensure its correct.