10 Tips for Beginners Entering the Crypto World | Don't Regret It: A Guide for Newcomers to the Crypto Space, It’s Easy to Fall into Pits? Don’t Worry, as someone who has been there,
Here’s my summarized survival guide for beginners entering the crypto space,
I hope it helps you pay less tuition and earn more profits!
1. Investment is always your own business, don’t blindly trust the 'experts'
There are a lot of 'experts' in the crypto world, but 'you profit, they boast; you lose, they bury'.
Any investment decision should be made by yourself, don’t let others decide for you.
2. Only invest spare money, never go all in
Investing in digital currencies is extremely risky, and a crash can happen at any time.
Play with spare money, don’t touch the money needed for living expenses, and definitely don’t take loans to trade cryptocurrencies!
3. Learn to distinguish between mainstream coins and altcoins
Mainstream coins: such as BTC, ETH, which have smaller fluctuations and relatively stable long-term value.
Altcoins: have drastic rises and falls, there is a chance to double but also a risk of going to zero overnight.
It’s recommended for beginners to start with mainstream coins and proceed steadily.
4. Never touch projects that seem too good to be true
Any 'high-yield, capital-protected' projects are basically traps!
There are no free lunches, only traps can fall from the sky.
5. Learn to read candlestick charts, but don’t get addicted to short-term trading
Learn some basic technical analysis, but frequent trading is not recommended,
As fees and mistakes may cause you to lose money faster.
6. Protect your wallet’s private keys
The private key or mnemonic phrase of your wallet is the 'lifeline' of your assets.
Make sure to keep it offline, never screenshot or send it to anyone!
7. Don’t be led by FOMO emotions
Seeing others making a fortune makes you anxious? Stay calm!
Often, chasing high prices will only leave you standing guard.
A popular saying in the crypto world: buy in despair, sell in frenzy.
8. Ask if you don’t understand, but filter information
Beginners will have many areas they don’t understand,
You can join a few crypto community groups, but learn to judge true and false information,
Especially when strangers contact you, be wary of scams.
9. Keep learning and stay rational
The crypto world changes rapidly, with new concepts emerging endlessly. Spend time learning about blockchain,
Web3, DeFi, etc., and understanding industry trends so you can go further.
10. Control expectations, don’t fantasize about getting rich overnight
While some people do get rich in the crypto world, many more lose money and exit. Stay grounded,
