Advice for Crypto newbies like myself
I am not an expert in cryptocurrency, i have lost a lot in the cryptoworld and this has prompted me to write this blog.
Firstly there are a lot of sites that are into cloud mining of Bitcoins with the promise of ROI that are too good to be true. I invested in these sites and lost my savings. I learnt my lesson the hard way and moved on.
There are also Ponzi schemes that are taking advantage of the crypto revolution to scam noobs of their investments. I have refrain from naming and shaming the culprits but they are obvious to any discerning mind.
The proliferation of ICO's is actually what spurred me to write this piece,there are tonnes of new coins being churned out everyday and before you invest in any token be sure to do your research. Invest in what you have expertise in or better still read up their white paper, find out about the brains behind the project .
Besides you purchasing a token does not confer a stake in a venture,it depends on the terms of agreement, though you will be able to make earnings when a coin is listed on the exchange. I have seen coins go into extinction on exchange such as Bittrex.
Your best bet will be to buy low and hodl the well known cryptocurrencies such as Bitcoin, Ethereum, Ethereum classic, Monero,Ripples,Dash e.t.c. and sell high.
Even greater is to invest in Steem, SBD as these are not entirely based on any future projection but are actual medium of exchange of value on Steemit. And like @stellabelle wrote in one of her recent post " We are all mining Steem with our minds". The possibilities is endless on Steemit.
So pending while you find your feet in the Cryptoworld be cautious with ICOs and invest in what you're sure of.
Love you all.
@blessedman939, you made some really great points:
Thanks for sharing.
You 're welcome.Good points you summarised there.
Invest in the leaders. This market will be plus one trillion in 3-5 years. Hold, do not sell. Add to your holding regularly.
If you dont sell, you never lose. you may have 0 usd equivilent worth of coins but gotta go into willingily accepting that.
I get your point.
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Hahaha this is such a catch-22.. You say advice for newbies, then you call yourself a newbie :D LOL!
Awesome post man. You're blessed! :P
Talk soon.