Learn from my mistakes: 3 things to avoid when buying crypto

I want to state at the outset that I’m not a financial advisor, and the only reason I’m writing this is I think it’s important that we learn from each other’s mistakes in this relatively new, relatively uncharted territory.

1. Don’t buy because “you’ve heard it’s the next Dogecoin”

I guess this is basically just a different way of saying DYOR – Do Your Own Research. I think the whole crypto space is going to become more stable and reliable as the it grows bigger and more solidified. But rug pulls are always around the corner, as are corrections and crashes, so always make sure you know what you’re buying. So far we’ve had famous cases such as Dogecoin, which did well, with Shiba Inu, which looks like it might also have a bright future, but today alone I’ve found at least 5 new Inu/Dog coins that are completely untested.

2. Don’t fall in love with a coin/token

I’m guilty of this. I find a new token, I read the Whitepaper or I like the thumbnail or whatever, and then I fall in love with the project and put more skin in the game even after it becomes clear the project isn’t really working or taking off. And that can always happen, even if you think it shouldn’t because it’s a great idea/project. I’ve done that with a few coins and tokens that are still alive, yes, but have been stagnating and going nowhere for years. It’s a mistake waiting to happen.

3. When people buy groceries, they buy bread and butter, not foie grais

The chances of accidentally buying an unknown token that moons and makes you rich are actually slim. It’s much better to get there a little later, but resting safe in the knowledge that you’re putting your money into something that’s already proven valuable, at least to an extent, than to YOLO on something that’s untested that could very easily lose you money.

Bitcoinea is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, Xmr, is highly appreciated (see address below) Thank you.

I’ve crossposted this article on Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free

Eth: 0xF8D5df20ed7B80624B02F21661DD0Fd57bf27F0D

Xmr: 8BZ1CtEoQsu1AekeSRmum5Y9o15RGjnbGbY34EertEYxYtXLsTwsH4bHQQrDf1Azz2du9h6NucR5aTxtMHpKRH38QhCkDu6

Btc: bc1q40wwu2qshpwkpurtyyrhs5t3kq0szrfjlyzmku

Nano: nano_3931o9kgduoqpt6wi6148dbooj8458wzi6djqkiocyqkkfyus71agxbtzg13

Get a discount on Undone Watches

Get a discount on your first Glovo order

Get free crypto when you make your first deposit on BlockFi

Get free BTC using my Coinbase code