Let's Talk About Crypto; Investment Guide to Newbies. Part #1
On my last post, I officially welcomed myself to the steemleo family, well I am here again with another investment tip again. This post is basically for those in the crypto space.
Without beating around the Bush, let's look at some keywords in the crypto space.
The blockchain is a peer to peer network of recorded blocks that are linked using cryptography. This is an advancing technology upon which the cryptocurrency concept is built.
These are digital currencies that operate independently, using strong cryptography to secure financial transactions, regulate creation of new units and verify transfer of funds.
This is more like the head of all cryptocurrencies. It follows the Cryptocurrency concept and all txns are trackable.
Like I stated earlier, it is a growing technology and over the years has had a lot of new investors attention who have invested into the blockchain technology through the purchase of different cryptocurrencies. In last 2017 and early 2018 when there was a major mainstream of investors into the blockchain technology, there was a large rise in the general crypto market volume. I think some people were caught up in all the hype and talks of $100k for bitcoin.
Now here is one problem with some investors in the crypto world, they see cryptocurrencies like a ponzi scheme, somewhere you can come and multiply your funds in short term. Well that is not the mind of an investor. That is why we have a common issue now of whales manipulating the market value and dumping on minnows (low budget investors). People who fall into these traps are those who think crypto is a ponzi scheme.
Where am I arriving at?
You have to come into the crypto world with the right attitude first. You have to understand that you ate making an investment of either your time or your money, or maybe both. Whichever way, you have to clean off that mindset of fast money. Fast money is going to come, there are a lot of awuuf on the blockchain. We call them airdrops here, where tokens are distributed at random to qualified participants so as to keep it in large circulation. Without deviating from the point at hand, when coming into the blockchain, come with a mindset of working for the future and not the present. There are Three things you need to do before you invest your time or money into the blockchain;
- take action
As a newbie who is new to the crypto space, you have to belong to a community. Try your best to explore for the possible best community which is moving towards the right direction. While with this community, you observe things going on there. Every community has its whales, intellects, airdrop soldiers, bounty hunters, traders, and newbies. Here you are a newbie, you then observe among the other groups, which feels more adaptable by you.
This is the key factor you need before you invest anything. You have to be aware of what you are about to invest into. Here you make research about your niche which you have chosen. Also for any project you want to handle under your niche, it is also good to research about the project values, the team behind it and its prospects to know if it is worth your time. A wasted time can never be recovered.
This is the final thing to do. If you are investing your time, you should be consistent and dedicated. A half work is almost as good as nothing at all. Stay consistent so you never miss the train. Have a schedule for your crypto time. Learn to mix your crypto activities with your offline activities.
These are basically the things you need to consider before jumping into the crypto space. It's a very crazy space and lots of things are going on. Do not fall prey to the bad things, and also don't miss out on the good things. Bye for today.