21 Pieces of Advice After 4+ Years Investing in Crypto
I bought my first cryptocurrency in 2019 after learning about Bitcoin during my trip to Thailand. Here are some pieces of advice for newbies/beginners that I learned after 4+ years as a crypto investor.
- Never invest more than you can afford to lose.
- Bitcoin is the safest long-term investment for newbies.
- 99% of altcoins will go to zero.
- Do not spend your crypto on depreciating assets.
- Focus on accumulating more coins not the price in USD.
- Read the whitepaper before investing in any crypto.
- Give your crypto investments time to bear fruit.
- Understand how the 4 Year Bitcoin Halving Cycle drives the crypto market
- Do not waste time trying to convert your friends and family. Tell them once and let inflation make them realize why crypto was invented.
- Seek a romantic partner who is pro-crypto.
- Never use 2FA SIM protection on your exchange account but use 2FA Authenticator app or security key instead.
- Do not click any crypto links in your email. Type in the domain manually or open the app on your phone.
- Never store your private keys where someone living with you can find them.
- Be consistent with your DCA strategy. Slow and steady wins the race.
- Store your crypto in cold storage for maximum protection.
- If it’s screenshot worthy then it’s worth selling.
- Saving crypto is easier than saving fiat money. Make crypto your savings account if you’re always broke.
- Get paid in crypto if your employer offers it.
- Make it difficult to spend your Bitcoin because you will regret it in the future.
- Follow popular crypto news websites and blogs. Immerse yourself in the industry.
- Have fun and enjoy the journey. When you’re having fun is when you stay committed over the long run.
