Unfiltered

10 Things I Wish I Knew Before I Got Into Bitcoin, Ethereum and The Likes of It

When it comes to cryptocurrency the biggest challenge you have to face is not getting caught up in the hype, but for some, it might be too late. Quite frankly we don’t blame you because crypto has always been techy and for most people who aren’t geeks *points at me*, it can be a tough place to fit in.

Ask Questions

As simple as it sounds, for most people it’s not. Don’t be afraid to ask questions even if it the dumbest question anyone can think of, ASK. Who knows someone else might be looking for the answer to that too. You’re not only helping yourself but others too.

Apart from this, ask yourself questions like; why are you making this investment? What are you interested in crypto; serious business or crypto craze? Different people have different answers so don’t shy away if you don’t sound serious enough as others.

Feel free to experiment

Trust me, whatever reason you have, if it sounds convincing to you, then it’s a good enough reason. No one should be telling you otherwise, but just be careful.

Carpe diem, child!

Get into the zone

For those of you who are new, this is important. Get to know about the crypto-world before you dive right into it. Take your time to learn about the different currencies and other things like, altcoins, tokens, etc., that are part of crypto.

Timing is key

Time is one of the most ‘valuable’ things in our lives and now, in the crypto-world too. Once you have developed the feel of the industry, the most important thing to remember, other than your money, is time.

The clock’s ticking!

You should know that the crypto market is known for its volatility and the digital currency world is fast-paced, so if you wanna keep up then you should keep a track of your investment/s.

Don’t Get Lured In

A lot of the times, hackers are looking to lure people in. And, mind you, they set very convincing traps so it’s easy to become their next victim. They mostly ploy schemes like offering free bitcoins, offering more bitcoins in exchange for a small amount, etc.. So you ought to be careful and just remember, gone are the days where you would get free bitcoins.

It’s super attractive

We all know how alluring the whole crypto vision is. But sometimes the advantages can also turn against you, not literally, especially if you aren’t being mindful about it. Attractions like lack of regulation from the state and decentralization are great offers but that also means that there’s a lack of security and your investments cannot be claimed. And, although, blockchain claims that no one can mess around, hackers are always one step ahead.

Don’t bid more than you can lose

The risks run high in the crypto market so only invest what your pockets can afford. Always be cautious. Please don’t mortgage your house, sell your car or pour in all your life’s worth savings; you’re only be digging your own grave.

In it for the long haul

Crypto is advertised as a get-rich-quick scheme but it’s not. Do not look for the short term gains specifically if you don’t have any prior experience in the fintech world.

Diversify your portfolio

Crypto is more than just Bitcoin and Ethereum. There are more than 1,600 different coins on the market. Expand your horizon via research. Plus you don’t have to be loyal to one currency, juggle around with others too.

Keep your investments in check

Pay attention when buying and consider future possibilities. The key to profitability is buy low and sell high.

We no way mean to scare you. We have your best interests at heart and we are just looking out for you mate!

Soha Ali

As vanilla as it sounds, a filmmaker in the making. Soha brings the irony out of the crypto world by contributing to the Unfiltered section of BlockPublisher. Contact the editor at editor.unfiltered@blockpublisher.com

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