The crypto-world is still very new and the all the crypto-expert investors only have a few years of experience rolled up their sleeves. That’s the reality! The crypto-vese even now lacks proper infrastructure, that’s probably why it’s super hard to find the best ways to use your cryptos. So, what about the new investors huh? Well, what can we say it’s how things are. Sorry!
But, don’t lose hope we’ve got you some of the mistakes you can learn from and you won’t be as bad of an investor! *Drum roll please* We present you with the biggest mistakes you can make as newbie crypto-investor.
Not Doing Research
DYOR! Do your own research, we mean. It’s one of the most crucial steps. You skip it. You don’t win at it! The internet is loaded with opinions. Some opinions can be a load of crap too. So, relying to much on people could sink your boat. We don’t say the opinions of crypto-influence’s can’t serve as a guideline. But, there is no guarantee of anything right?
Getting Rid of Coins
It’s better HODL! It means hold on to your coins. It’s actually a long-term strategy and based on the faith that the future of the crypto-market is brighter than what it is. Many say, it’s totally worth keeping coins in a wallet for better time instead of passing them away.
Turning a Blind Eye to Bitcoin
Since, a lot of the newbie investors think they are little too late to the crypto-party and the prices won’t grow. Some are rather very pessimistic and truly believe the prices will never grow back. Big mistake, right there! Obviously, it’s not true which is why many turn a blind eye to Bitcoin. It’s a bad move because Bitcoin is the leader of it all!
Not Calculating Taxes
The day the true potential of cryptocurrency came into the limelight, governments everywhere anxiously started looking for ways to exploit it. Taxation on crypto-profit has now become their go-to strategy. The government doesn’t leave us alone, ever! We’re kinda pissed! But, its how it is and many crypto-newbie don’t know about it and end up paying huge amounts of taxes.
Making Emotional Decisions
That’s a big, no! Emotions can run us over, okay? So, don’t let the change in market bring you down. The prices rise and drop. All you need to do is make rational decisions. Don’t rush into buying or selling any BTC. It pays much more when you’re calm and calculated. Only make decisions based on facts, research and probability. You’ll succeed!
The thing is, it’s really easy to make mistake when you’re dealing with cryptos. You’ll make some here and there. But, you’ll have to learn which one’s you can’t keep making anymore in the future. Afterall, we learn from our mistakes and especially the mistakes of others!
We hope these mistakes serve you well! And, if it does serve you well this shouldn’t be your ultimate guide. There are many traps you’ll have to look out for before it’s too late too step back. So, remain calm, careful and calculated. We wish you all the best!
If you’ve made any crypto-investment mistakes, let us know and help other people out in learning from them too. Do a good deed will ya!