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What will be your advice to a person who is getting into Crypto today?

All Cryptocurrencies

by COINS NEWS 116 Views

Here is my list. I would have liked to follow these a bit more religiously but nonetheless....

1) Learn a bit about the Technology - how it works, why is it different, what it takes to build networks/Dapps ---- doesn't need to be a degree but basic reading over a few days/ weeks can give a lot of knowledge. Don't be a fool in the market.

2) Know the right people to follow. Having said that, there are 1000x more shady influencers/ people in Crypto. Founders/Heads of major projects, exchanges, services are generally good people to follow - you may not like them always, you may disagree with them but they would most likely not say hyper-stupid things or do super-shameless shilling.

3) Beware of shady scammers/ YouTubers - never ever follow their advice blindly. Most of the time they are paid to shill or promote a project. Sometimes they have yoloed into something and they will try to rally everyone to invest, and there are numerous reasons but they are not here to make you smart and rich. You can blindly apply this to every Crypto YouTubers.

4) The only way to be happy in Crypto sustainably is invest what you can afford to loose. This is extremely hard to follow during market rallies/ FOMO cycles but always a good reminder. Basically, know your risk appetite really well, stick to it so you don't force yourself into intensive-stress-zones.

5) Have the right perspective on corrections/ down-markets: Even some of the best projects can crash 80%+ in Crypto during bad times. ETH crashed 85% from ATH, BTC crashed 80%, Solana crashed 95% and so on in the last crash cycle in 2022. Now, most of the time good projects bounce back and go higher than previous ATH but it's important to keep a perspective on the level of correction in mind to stay peaceful.

6) It takes time, be patient - overnight mooning happens every once in a while in Crypto but they are rare and you need to be almost a witch-hunter to really get them, however, good news is that most good projects create massive value in long term. Patience and the right projects (utility, technology, people) are important if you are looking for big gains, don't sell them for loss just after one major down-rally/ bear-market.

Please add yours to this list - I can compile the final list and post/ update the post.

submitted by /u/Sharp_Tank05
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