Fact: The 10 Rules (Commandments) of Cryptocurrency You Should Know

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When it comes to investing in the crypto market rushing to get to the top ladder isn't a welcome idea, which is why whenever a newbie in the crypto industry that I know too well starts investing in the crypto market and seeks (asks) for help on how he or she can get started, I would just smile and end up calming the person down, must especially when the market is bearish. Well, the reason for this is because I want the person to learn the basics first. Without further ado, let's take a look at the 10 rules which you can call the 10 commandments of crypto

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The 10 Commandments Of Cryptocurrency

For you to succeed in whatever you want to do in life you must learn about the rules or commandments of such things first which in crypto below are what you should know.

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• THOU SHAll NEVER YOU FOMO FOR ANY COIN

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The fear of missing out is something that has destroyed so many people in the crypto space. The moment you see an all-time high on the coin you want to invest in or a price surge, don't rush and buy, the coin because the chances of you buying the coin to make profits are low as the price can start declining To this, you have to be patient and wait for the market to retest.

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• THOU SHALL KEEP YOUR SEED PHRASES, PRIVATE KEYS, 2FA, AND PASSWORD SAFE

Here on the Steemit platform, we learned about how we can store our keys in the Achievement 2 task which is very important because it is the only way you can prevent your account from being compromised. There are many ways to store your keys which can be online or offline.

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• THOU SHALL DOUBLE ADDRESS BEFORE SENDING

Always double, triple, and quadruple-check the address you are sending your cryptocurrency to. Even if it is your friend or loved ones ensure the network matches that of the person's own and you aren't sending it to the wrong address.

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• THOU SHALL NOT SCAM A FELLOW:

Many people are out there to scam which is very wrong, as a crypto trader you need to beware of scammers, fake links, bots, and so on. Also, you should know that every DM asking you for your personal information is out to scam or steal from you because no customer service will ever be the first to DM you and start for your info.

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• BEWARE OF HONEY POTS:

When you are trading on a decentralized exchange, you should beware of Honey pots, always take note of slippages to avoid losing your money, while waiting for profit which you may not see.

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• THOU SHALL CHECK THE PROJECT COMMUNITY FOR UPDATES:

When you participate in a crypto project, make sure you always check out the community on all their social media and read what people are saying about the project to know if the project is legit or not.

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• ALWAYS ASKS QUESTIONS:

Be curious and open-minded to others and ask questions about something you don't know about, that you wish to know. There should be no asking annoying questions.

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• THOU SHALL BE PATIENT:

Crypto is for those who are patient, be patient to buy low and sell high, never buy high and sell low, because if you do that regularly, you may not last long in the industry.

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• EXPECT THE UNEXPECTED:

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You should know that anything can go wrong in space, just as it happened to Luna, FTX, and some others. With this, you don't need to have too much emotion on any coin.

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• PARTICIPATE IN AIRDROP TO INCREASE YOUR KNOWLEDGE

When doing airdrop don't put all your hope on it, just know that the chances of you getting rewards or not is 50/50. If you get rewards be happy and invest wisely, if you don't get rewarded, keep pushing for better days ahead.