1. Don’t rush in, first understand what the “cryptocurrency circle” is
The cryptocurrency world sounds cool, but don’t think about getting rich overnight. You need to first understand what it is:
Blockchain: You can think of it as a super secure ledger that no one can change at will.
Bitcoin: The "big brother" of the currency world, just like gold, many people think it can maintain its value.
Ethereum: It is not only a currency, but also a platform on which many “smart contracts” can run, such as DeFi and NFT.
Tip: Take some time to watch popular science videos or articles first, don’t rush to invest. Just like learning to swim, you have to know how deep the water is, right?
2. Don’t throw all your money in, leave some room for fallback
The cryptocurrency world is exciting, but it is also very easy to lose money. You have to remember:
Only use spare money: Don’t invest all your living expenses, tuition fees, and house purchase money. Only the kind of money that will not affect your life if you lose it is suitable for playing in the cryptocurrency circle.
Diversify your investments: Don’t put all your money on one coin. Choose a few reliable coins to spread your risk.
Set a stop loss: For example, if you bought 1,000 yuan of coins, set a stop loss point. If you lose 800 yuan, run away quickly and don’t hold on.
Small suggestion: The cryptocurrency world is like a roller coaster, so keep a good attitude and don’t be led by the ups and downs.
3. Choose the right platform and tools, don’t get scammed
There are many scammers in the cryptocurrency world, so you have to keep your eyes open:
Choose a reliable exchange: such as Binance, Huobi, OKX and other large platforms, which are more secure.
Use a secure wallet: If you plan to hold your money for the long term, it is much safer to buy a hardware wallet (such as Ledger) than to put it on an exchange.
Protect your private key and mnemonic phrase: This is like your bank card password. Never tell it to others and don’t take a screenshot and save it on your phone.
Small suggestion: Don’t be greedy for small profits. When you see a project with “high returns” or “guaranteed profits”, run away quickly. 99% of them are scams.
4. Don’t think about getting rich overnight, take your time
Some people in the cryptocurrency world have made a lot of money, but many more have lost everything. You have to have a clear understanding:
Long-term investment: Choose a few coins that you think have potential, hold on to them and don’t sell them easily. For example, Bitcoin and Ethereum are relatively stable in the long run.
Short-term trading: If you like excitement, you can try short-term trading, but you must learn technical analysis and don’t act blindly.
Don’t follow the crowd: When you see others making money, don’t rush in. FOMO (fear of missing out) is very strong in the cryptocurrency world, but often you’ll end up buying as soon as you get in.
Tips: It’s not easy to make money in the cryptocurrency world. Don’t be fooled by other people’s “stories of getting rich quickly.” Keep your feet on the ground and accumulate slowly.
5. Beware of the pitfalls
There are many pitfalls in the cryptocurrency world, and novices can easily fall into them:
Air coins: Some coins have no technical support at all and are purely for profiteering. If you see any exaggerated promotion, stay away from them.
Pyramid scheme coins: 99% of those who tell you that you can make money by recruiting people are scams.
Phishing websites: Some websites look exactly like regular exchanges, but they actually trick you into entering your account and password. Be sure to identify the official website.
Tip: If you see a project that seems "perfect", it is probably a scam. Remember, there is no such thing as a free lunch.
6. Keep a positive attitude and don’t be upset by ups and downs
The price fluctuations in the cryptocurrency market are very large, and it is normal for the price to rise or fall by 20% in a day. You need to have a strong heart:
Don’t chase rising prices and sell when prices fall: buy in when you see the price of a currency rising, and sell in a panic when it falls. This is a classic way to lose money.
Don’t be greedy: put the money you make into pocket promptly and don’t always think about “it going up a little more”.
Don’t worry: There are many opportunities in the cryptocurrency world. If you miss one, there will be another one. Don’t be in a hurry.
Tips: The cryptocurrency world is like a love relationship. If you take it too seriously, you’ll get hurt easily. It’s most important to keep a normal mind.
7. Learn, learn, learn
The cryptocurrency world is changing very fast, and you have to keep learning to keep up with the pace:
Pay attention to industry trends: such as policy changes, technology upgrades, and new project launches.
Learn technical analysis: look at the candlestick chart, and learn the basics of support and resistance levels.
Communicate more: Join some reliable communities and chat with veterans, but don’t follow the trend blindly.
Tips: There is no opportunity to “make money easily” in the cryptocurrency world. You have to spend time researching and learning.
8. Newbie Onboarding Action Plan
Step 1: Become a "spectator" first
Don’t rush to invest money, first take a look at what’s going on in the cryptocurrency world.
Download an exchange APP and familiarize yourself with its interface and operations.
Step 2: Try it out
Invest a little money, buy some Bitcoin or Ethereum, and feel the market fluctuations.
Record your actions to see what you did well and where you need to improve.
Step 3: Slowly increase the stakes
Wait until you have a deeper understanding of the cryptocurrency world, then gradually increase your investment.
Try some new projects, but be sure to do your research.
Finally, remember this sentence
The cryptocurrency world is exciting, but also extremely cruel. Don’t think about “getting rich overnight”, be down-to-earth and accumulate slowly. Don’t get carried away when you make money, don’t panic when you lose money, keep learning, and stay calm.
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