So many people get involved with cryptos simply because of the news they've heard of how cryptos created many over night millionaires and how these guys bought lamboginis and go for vacations all around the world after investing $10 some cryptocurrencies. It is ironic that almost 99% of cryptocurrencies out there are created to scam or exploit their investors and we are all left with just a very tiny portion of cryptocurrencies to invest in. This is why it is best to know a couple few things before investing in cryptos and not jump on anything that looks like crypto.
Crypto Isn't A Get Rich Quick Scheme:
While the fact that people have actually made some crazy money while investing in cryptos is true and valid, it is best to know cryptos aren't actually a get rich quick scheme but could get you rich if done right. As mentioned earlier, almost 99% of all cryptocurrencies created are scams and so the average cryptocurrency isn't gonna get you rich even in a decade. Understanding this fact should change your mindset to cryptos by first knowing it is just an investment with ability of changing our lives for good and then diligently search for cryptocurrencies with potentials and a bright future to invest in.
No matter what, Don't buy a crypto when the price just pumped crazily;
Tons of people got into cryptos after hearing about certain cryptocurrencies that went over 10000% increase in price in 4 months and guess what, they bought those cryptos too so they can also go to the moon with it. This is just purely FOMO, and it one of the major causes of loss in the crypto space. With a crazy pump or rise in price comes a crazy dump. Buying low when no one is talking about the crypto is the best time. When people are already talking about it, you're probably already late and it's best to either wait for its price to crash back or just look towards the direction of other projects still laying low.
Have a long term vision:
The cryptocurrencies industry is over a decade old but is still a pretty new industry. There's so much to discover, so much to adjust and this industry is has so much untapped opportunities that would be so beneficial in the future. Before investing in cryptos, you should make up your mind on riding for a long time, decades most certainly. The success stories are mostly from those who have stayed around longer and like the saying goes, "if you stayed around a barber's shop for long, you'd get a haircut". The journey might be a tough one, but it would definitely pay off so long we have a long time mindset and stick to the industry no matter what.
Be Willing To Do Your Own Research/ Investigation:
Buying into a project simply because a YouTube or Twitter influencer said it would do a 10000% is a poor financial choice particular in the crypto space. Cryptocurrencies are one of the best ways to make money but are also one of the fastest ways to lose money. With this fact, it is best to do your own research / investigation about what you want to invest in. A little more findings won't hurt and would give you a better understanding about what you're involved in.
Cryptocurrencies are lucrative but knowing these things before investing would make your journey less stressful, more productive, profitable, enjoyable and fun. Thank you for reading.