Being new to any industry or niche means that you are going to make some mistakes. However, making mistakes often makes your beginnings even harder so that it seems that you will never get out of being a newcomer.
Crypto niche is no different – many new people appear and we see them making the same mistakes we did when we first started out. But how do we fix it?
Here are some of the most common mistakes beginners in crypto make and some tips on fixing them.
- 1 10. Not researching
- 2 9. Don’t start with huge profits in mind
- 3 8. Don’t be impatient
- 4 7. Selling when you think it’s high enough
- 5 6. Not having private keys
- 6 5. Not finding a great community
- 7 4. Sending funds to the wrong crypto wallet
- 8 3. Not having copies
- 9 2. Not using two factor authentication
- 10 1. Fearing that you will miss out on something
10. Not researching
Before you get started in anything, you need to do some research. After all, you are going to use your money that you worked hard for in crypto and you need to understand what it is, what the value of doing that is and so on. Just listening to friends or fake experts online isn’t enough and you will lose money.
Do some research before you get into crypto. Understand it and then start selling and buying.
9. Don’t start with huge profits in mind
The original miners are now millionaires which is why it’s tempting for you to buy your own equipment and start mining. However, you shouldn’t dive so deep into mining without research and with huge payoff in mind. Mining takes a lot of electricity and it will create huge bills that will cost you more than mining will bring you in profits.
8. Don’t be impatient
This is a tough one but you need to keep calm and patient. Third parties might try to get you to sell or buy but if you are patient with your crypto, you will be highly rewarded. Short term trading is good but you need to have a plan and stick to that plan.
7. Selling when you think it’s high enough
You never know how high a token will go. It can go really, really high and then you would regret selling it when it was only just on the rise. So, make sure that you are patient in this respect as well and make a plan. You should also make sure that you are not selling because you see that something is decreasing. Stick to the plan – set a goal and go for it.
6. Not having private keys
This is mostly about security and privacy of what you own. You should always have your private keys because wallets can crash and exchanges can get compromised and you could lose thousands of dollars.
5. Not finding a great community
There are dozens of amazing crypto communities. One of the biggest mistakes that you can make is not joining one. You can pick up a lot of knowledge and support from these communities. Being alone is a difficult road, especially because here are so many great things you can pick up along the way.
4. Sending funds to the wrong crypto wallet
This is a mistake that people make often enough. To avoid it, you need to double check whether the wallet you are sending funds to is matching with the token. You need to make sure that everything is accurate. Slow down and relax.
3. Not having copies
You need to have some kind of offline copy of all of your passwords, private keys and other important data if you want to be safe. This is important because you want to be able to access and restore all of your crypto even if your computer crashes, gets stolen or something.
2. Not using two factor authentication
While exchanges can be a necessary evil, you shouldn’t forget to enable two factor identification. This is imperative in keeping your account safe and secure. You should also save your restoration codes offline so that you can get your account unlocked when something happens.
1. Fearing that you will miss out on something
This is a big problem in the crypto world. There are many unexpected success case stories and you can’t always know what will turn out well. This can make you make rash decisions because you might miss out on something. Realize that, while you might miss out on some things, you won’t miss out on everything.
These have been some of the most common mistakes newbies in crypto make. You can remember them and learn to avoid them in the future. Hopefully, it will help you have a better crypto experience.
Joel Snyder is a product manager at Originwritings.com and Academicbrits.com. He enjoys helping people to learn more about traversing great outdoors as well as creating articles about things that excite him for PhD Kingdom, academic service. One of his main interests is cryptocurrency.