My Top 10 Crypto Commandments - if you're new to crypto, take a moment and read!
~4-6 minutes
Cryptocurrency is not all one big ICO - crypto is extremely volatile, so know what you're doing with your hard-earned money!
If you're new to the crypto-market, PLEASE understand a few things.
- Just like gambling on penny stocks, you are gambling on cryptocurrencies.
- What comes up, does not always come down. What comes down, does not always come back up.
- Invest what you can afford to invest, and never invest what you cannot afford.
- Research! Think of these cryptocurrencies as startups, as technologies, as small businesses, not just a token that might be worth a buck.
- Fall back on step #4, again, and again.
- Understand that asking "experts" usually not recommended. People will troll, and you will annoy your buddies. If you ignored them a year ago, two years ago, don't expect them to take too kindly to you sucking up to them now. Fall back to step #4, again.
- Security and don't depend on thin basic security. It can be possible for your coins to be transferred to an incorrect address. It can also be possible to lose your coins to more malicious acts. Research wallets. Always verify where you are sending coins. If you send your coins to an incorrect address? Most likely, you will not be able to recover them.
- Become familiar, read all of the warnings, and read some more.
- Practice makes perfect. Don't expect to become a crypto-god overnight. I have been collecting and trading coins for almost 3 years now, and I'm still nowhere near perfect.
- Don't be afraid to get your toes wet, from multiple pools. What do I mean by this? I currently am holding a handful of different tokens. (Key word is holding.)
If you have some questions, feel free to drop by and ask them. I cannot and will not give legal advice, but I can share some of my experiences. I have gone through some ups, and some downs. I have made money, lost money, and mostly, I have made money and lost it immediately. This is normal, but this is also to be expected.
@thovre - feel free to drop a comment, and upvote if you've taken a moment to read this!