The White House is putting cryptocurrency in the spotlight with plans for a Trump Crypto Reserve, a March 7 Crypto Summit, and the groundwork for sweeping new regulations.
Now’s the perfect time to break down the biggest crypto blunders beginners make. If I’d had this kind of guide early on, it would’ve saved me a world of frustration—and probably a lot of money.
So let’s dive into three more mistakes you should avoid at all costs.
Buying a digital asset due to the Fear Of Missing Out (FOMO) highlights a common mistake: buying based on emotion.
You panic sold the dip? Emotional trading.
You panic bought the rip? Emotional trading.
Now, there’s nothing wrong with buying into FOMO before an asset pumps, but generally, you should not overpay for an asset. The dips will come, be grateful for them.
We’re not saying don’t think about it, always do your own research (DYOR). What we’re saying is don’t think about it too much.
Often people psych themselves out, they panic sell, or never hop in the waters at all. The “what if’s” are not nearly as important as what is.
Another example of simply overdoing it is over-trading. Since this is a nonstop market, it’s very easy to constantly buy and sell and re-enter.
Sometimes, you just have to sit on your hands and let the winners win.
It’s not impossible to get rich quick. A Shiba-Inu developer turned $8,000 into $5 billion, yes BILLION. That’s like the greatest trade in economic history. Even better, it’s all verifiable on the public ledger. *finger guns*
Yet the odds are that something like this won’t happen again.
It’s too easy to get wrapped up in a shitcoin that loses all of its value in a second. That’s what we call a “rug pull.” So even if you invest in memes or low market cap coins, do your own research first.
Final Thought (Get Ready For Trump Crypto Reserve)
Hopefully, these are three mistakes that you can avoid on your crypto investing journey. Learn from your mistakes; don’t dwell on them.
As Satoshi Nakamoto the creator of Bitcoin once said: “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
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Key Takeaways
The White House is putting cryptocurrency in the spotlight with plans for a Trump Crypto Reserve, a March 7 Crypto Summit and much more.
Even if you invest in memes or low market cap coins, do your own research first.
