Top 5 common mistakes newbies make when entering crypto!
0:19 Number 5... Balls deep!
0:48 Number 4... FOMO
1:24 Number 3... FUD and fake news
1:54 Number 2... Buy the news
2:13 Number 1! Beware of exchanges
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Absolutely agreed . Resteeming it.
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My biggest mistake was to buy an altcoin right after it was listen on the exchange after the ico. aaaaaand it dropped 90% .. :(
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Hi Mikel !
Really nice tips! Thanks a lot my friend.
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10 out of 10 for your list of crypto don'ts. I think many people have committed some if not all of your top 5. To avoid these and other "crypto sins" it is probably a good ideas to adopt Mr Spock as your alter-ego.
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Very insightful and true. I wish I knew this at the beginning. Unfortunately I did a few of these like FUD and FOMO, but I have learned a lot since starting. Thanks.
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Thank you for the advice. It should be compulsory before any buys any crypto that they should have to read some simple consumer advice such as you suggest.
Am afraid I have made several of these mistakes, like so many others.
Storing btc on Mt.Gox was painful at the time yet we may get some compensation before the end of the year. Lol!
Provided you don't bankrupt yourself then mistakes are a way of learning so beat yourself up.
The U.S. Congress has just issued its annual Economic Report that is rather bullish for crypto as it calls the technology,'''truly revolutionary''. and calls upon the government to examine ways of investing in blockchain.
All crypto investors should look at fundamentals such as this not at get rich quick FOMO.
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I think the number one mistake is going 100% all in on crypto (actually, 100% into anything is a horrible idea).
When I see some of your contemporaries on YouTube encouraging others to go all in I want to scream. This is highly, highly irresponsible advice.
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Fair enough mate ! People (some Youtubers) just see their own interest, they make more on short term but are obviously loosing money on the long term...
Like I became rich holding bitcoin so you hold crypto if you want to get rich as well... Whereas the truth is marketcap is getting lower whereas projects are in constant progression. So obviously holding is not always the best solution..
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Exactly! And the ones that say they're "all in" on crypto when you know they cash or real estate or other assets drive me insane. They encourage their followers who probably aren't as well off as they are to assume massive risks and when the market dips...things turn ugly, fast.
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At the end of the day, you are the one using your hard-earned cash to purchase cryptocurrency. If you don’t understand the product, or the value, and you’re only listening to “experts” on Medium, Twitter, or Slack who tell you when to buy and sell, you’re going to get in big trouble and lose a lot of money.
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your information very important of Noob Mistakes knowing matter.i think that, every steemians should be know its 5 mistakes matter of cryptocurrency.but i don,t know this matter.i see your video and i am knowing this important matter. . I think we should not rush to make decisions and be patient.It’s important to make a plan for selling your crypto. You must have an end-game, and you must stick to it, no matter what. thanks to sharing for your good post dear.. @boxmining
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Looks text Your amazing post is very good,you deserve something valuable in esteem..
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Loved the amazing information about cryptocurrency.. I can not forget your contribution to the steemit platform. Because Your all this update news helps us to move forward in this platform. . It is very necessary for a steemians to know about these five mistakes of crypto. .very useful video dear @boxmining
Thank you so much for revealing another great news which is very useful. .
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Always such a fun to listen to you, sir. The tips are newbies are extremely insightful. The speculations and rumors should be given place in the brains too if you are serious about the cryptocurrency trading.
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Knowledge is the key.
Investing, without a proper knowledge is in one of the biggest mistakes one can make
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Great Tips,
Ya I've made these mistakes and probably am still quite a noob. One thing you say at #5 is to diversify, honestly it seems like the market goes altogether. When Bitcoin is high everything is high, when bitcoin is low everything is low. I still haven't quite figured out the purpose of diversifying that much!
again, Thanks for the video!
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I agree. At the end of the day, you are the one using your hard-earned cash to purchase cryptocurrency. If you don’t understand the product, or the value, and you’re only listening to “experts” on Medium, Twitter, or Slack who tell you when to buy and sell, you’re going to get in big trouble and lose a lot of money. I think we should not rush to make decisions and be patient.It’s important to make a plan for selling your crypto. You must have an end-game, and you must stick to it, no matter what.
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You are right mate, Most people pick the good strategy at the start and then give up their plan. Because of FUD most of the time or to much hope (self lie). Or even gurus who tell people to HODL but have stop limit on every trade...
Whereas they think it is positive for the general state of blockchain, it is not. Indeed after people go broke they just forget what opportunities blockchain is bringing to this world and agree with the ignorant stating blockcahin is a buble !
''You must have an end-game, and you must stick to it, no matter what'' Yeah mate ! When I do think about the stop limit it does not happened X)
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main reason behind making mistakes is that alot are having lack of knowledge what crypto actually is, lot are having confusion over it that is it a real money, currency or digital money? and mostly people have trust issues...
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I'd say don't buy into a coin when it first debuts on an exchange. The price is likely waaaaayyyy too inflated and will come crashing down in a few days. Patience pays off, always buy the dip.
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Great and simple video. Some solutions are to diversify your crypto assets, scale into positions, and use cold wallets to store cryptos. Another thing to look out for are scams on the internet. Nobody would give away more money than they receive so beware! Thanks for the content!
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You are right, these are the commonly mistakes made by people. I am guilty of the FUD and fake news.
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Number 5: nope
Number 4: ye
Number 3: ye
Number 2:ye :(
Number 1: yes but not a lot anymore am
but a did all my mistakes when a began with crypto and did it all in a few weeks time. "a now better now"
jumps in with the clothes on. and do not check how deep the water was.
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thanks for sharing,,,,every user make those mistake all time,,,,sir
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wow,,,it is nice article sir,,,thanks for sharing
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Thanks for sharing
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Thanks for share experience front us
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I’ve been smoked by these mistakes LOL. I think they are necessary though.
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These are the mistakes which I did when I heard about Crypto first time in December 2017. I Bought Ripple at $3.1 & Tron at $0.23.
But Thanks GOD, I invested very less from my savings.
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I think If you need to leave it on an exchange then divide it up between multiple exchanges.
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Also don't click on links that are posted like crypto crypto posted. Could be phishing or malware. Make sure you type in addressed yourself to websites you want and that they are secure https:
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A good list. Another that I learned the hard way is not taking profits when you get the chance. I guess this also fits in with FOMO as I was concerned I'd take some profit and then miss another run. I'd be in a very strong position in this dip if I'd have learned this earlier.
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Great advice and many benefit for this,,, thanks my friend,,,
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The list shouldn't be restrained to 5 things only.
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*Don’t buy on any news which would mean automatically priced in.
*Beware of fake news, don’t get afraid by this since there is so many of them.
*Be diversified.
*Don’t store your coins on exchanges. Invest in baby steps.
*Invest only what you can afford to lose.
*Dont share your keys with enyone lol!!!
I hope I got it right along with some of my rules.
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Nice video and very informative. It was nice to see the miners with you, brings back some memories of my Antminer S7 and S9! Keep up the great work. -Respect
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I completely agree with this list, I think it all stems from having a "get rich quick mindset" In investing there are winners and losers. the smart money takes the dumb money every time.
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Very nice, Will be looking forward to your posts. Up-voted: hope you will visit my blog
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