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Newbies - please, be sensible and educate yourself before jumping into the deep end of crypto

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by COINS NEWS 195 Views

It's obvious that the current bullrun may have attracted the largest amount of new retail investors so far to crypto, and that is great news. But when I see some of the posts or questions here, it really makes me worried about how they will fare over the next few weeks, let alone if we encounter a bear market.

From the more innocent 'how do I buy BTC and where to store it?' to 'I don't understand what I'm doing, what is a seed password' or 'ELI5 how to put my life savings into shitcoin X on cake swap', all the way down to 'how can I make crypto trading less boring with leverage', it's evident that many newcomers have no idea what they're doing

For the love of everything, be sensible. Read up on the basics of crypto and blockchain. Realise that you should consider your investment lost as soon as you make it, and invest an amount accordingly. Start with a small amount to learn the ropes, and keep a reserve once you've figured out what you want to do. It's fine if you decide that to be a shitcoin, just wait until you know you're buying one.

Above all else, INVEST ONLY WHAT YOU CAN AFFORD TO LOSE. Make sure you can take care of your bills and your family, and you've got a safety fund stashed away. Spending your cigarette, alcohol or porn allowance on crypto instead is more than fine.

TLDR: Be sensible. Educate yourself before you invest in anything. The FOMO is not worth you ruining your financial future by making unnecessary mistakes now.

May Satoshi be with you and your loved ones!

PS. Feel free to treat this post as a forum for questions, no such thing as stupid asks. I'm sure veterans will be more than happy to answer them.

Edit: Appreciate the pieces of advice everyone is sharing! Let's show everyone who just joined that they're very welcome.

submitted by /u/Kashnaru
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