I got into crypto via Bitcoin, about the time the very first asic mining devices arrived on market. Just like the price of BTC, my experience was full of highs and lows.
I paid a ton of money for my first Bitcoin miner. And so, it was making more than one Bitcoin per day ($50 at the time) when purchased, but the payouts steadily declined. Due to difficulty increases in the network, the machine became obsolete within a few months.
Expensive Lesson Learned: Mining is a tough trade; it’s more profitable to buy coins you believe in and hold them.
My next Noob mistake was disastrous. The new Macbook Air that I had my Bitcoin wallet on crapped out. Dumbly, I had no external back ups and lost a lot of btc.
Second Lesson Learned: Back Up Your Crypto Keys Externally!!!
Unswayed, I purchased more btc and rode the bubble up over $1000. At that point I diversified into coins that were popular but added no real utility to crypto. Though Bitcoin began a slow burnoff, my alt-coins’ value VANISHED!
Third Lesson Learned: Only invest what you can lose and only into projects you believe in.
So since my beginning in crypto, I’ve also had investments go well. I’ve found that in addition to avoiding the above mistakes, doing a lot of research and reading can help one determine if the investment is sensible. If it doesn't feel right, I don't invest.
I hope you learn from my Noob mistakes so you don’t make them yourself. I also hope you enjoy STEEMIT as much as I do, because STEEMIT is so much fun that I’d almost forgotten about my early crypto mistakes. STEEMIT has real, every-day utility for most people and that's why I say its DA BOMB!!!
Be good to each other and lets build a greater civilization together, fellow STEEMERS!!!
