Mistakes are natural, and everybody makes them. However, when it comes to the world of cryptocurrency, there are a few people who do these four things simply, without knowing that it can destroy their careers. The problem with these things is that they are well-disguised under alluring promises, so if you’re new to investing and trading in cryptocurrency platforms, you might commit any of these damaging methods without knowing!
Cryptocurrency is one of the things that fall victim to their potential. When you look at Bitcoin, you can see its eternal struggle with value, yet investors still flock to investing in it like it’s the last bus in town. For traders who are new in the crypto world, this can be a conflicting concept and often leads to bad decisions. It’s wise to have that desire to prevent making bad decisions.
Exploring the crypto world can be a challenging task for most people. There have been cases of hacking and theft in the field where investors lost thousands to millions worth of their investment. If you’re here to gain knowledge of the basic things to avoid so you won’t be a victim of cybercrime, check out these five things that can ruin your crypto career.
- Invest all your money in the Cryptocurrency
If you’ve ever heard someone say, “I’ve invested all my money right now,” that person has already committed the first mistake on the list!
The Crypto world is fluctuating, meaning it can change – one day, the values are high, then there are days where it’s low. So if you think of it, investing in something with more than you can afford is certainly a bad idea. Investing all you have in cryptocurrency is so much worse! Although there have been stories of how it made some people increase their investment, it doesn’t mean that the same could happen to you – cryptocurrency is not easy money.
When Satoshi created Bitcoin, his goal was to keep each person’s transactions safe, not to make them rich. So, if you got inspired seeing stories of how cryptocurrency made them rich, and later on, you find yourself investing all the money that you have, it’s certainly one of the quickest ways to ruin your crypto career – and your life!
However, this doesn’t apply to famous people who got lucky by investing all their money in crypto! This includes Tim Westergen, who spent all his money to give us Pandora, or James Dyson, who sold his house three times and incurred over $4 million debt just to make a vacuum! The thing with these people is that they are allured by their vision, and they just got extremely lucky! So, if you only have a thing or two, forget about losing all your money and don’t invest in what you can’t afford to lose.
If you are interested in cryptocurrency and want to find out the correct way to invest, visit platforms like Bitcoin Era.
2) Settle with the first exchange you see
There’s a saying that the ones who hurt you the most are those you trust the most. Picking the right crypto exchange to invest your money is the first and most important step that can make or break your crypto journey.
Oftentimes, most people jump right into the first crypto exchange they see, not thinking of the pros and cons, as long as it works. However, it’s not the ideal thing to do. You need to do your research about every crypto exchange before deciding which one to tie your money to. The market is full of crypto exchanges, and each of them carries a different goal. However, they share the most common pattern of behaviour – promising investors success.
Some crypto exchanges guarantee profits. The more “benefits” they offer, the more likely they could provide the opposite. So if you want to have a healthy and successful career, don’t put your money on the first exchange that you see; instead, do your research on which ones suit you the most.
Keep in mind that legitimate platforms don’t need to shower you with promotions or fancy promises; instead, they show you the results. If you want to get the most out of your investment by choosing the right exchange, do some research and gather any relevant information about the exchange you prefer before investing.
3) Buy all kinds of Coins
When you hear your financial advisor or tip from someone you know who has been in the crypto field for a while say “diversify your investments,” they probably didn’t mean to buy every coin on the market.
Although it’s good to have choices, buying all kinds of coins and watching them is just doing more work for fewer gains. The profit that you earn from playing one coin correctly could exceed the rest of your collection – not to mention the overwhelming keeping track of all those charts, especially for newbies. In most cases, spreading your profit in too many coins could end up losing your money.
4) Ride the Wave
Riding the wave means sitting on an asset when it’s at its all-time peak. Although it’s not exactly a bad thing, you can only ride the wave of crypto when you already own the coin before it’s rising. Simply, if you didn’t own the coin when it was at one of its lows, you should consider your budget and try to catch it when it’s at its peak.
This is one of the most common errors that new traders commit. As a newbie, it’s normal that you want to be a part of the mile-high club to get into the hype. Due to the fear of missing out, newbies commonly make this mistake. However, the more they wait, the more money they could lose without knowing that they won’t lose any money until they buy a coin.
The crypto world can either help you increase your profit, or lose it all in just one night, depending on how you play your cards! To pave the way to a successful crypto career, make sure to avoid these four basic things mentioned above. Keep in mind that investing in any crypto trading platform is a long game of testing your patience and your decision-making skills, so do your research and master every important information of crypto to have a successful career.
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