New Beginners To Cryptocurrency... LISTEN UP.
New Beginners To Cryptocurrency... LISTEN UP.
One of the biggest things I can suggest for new beginners entering the crypto world is to HODL. This is by experience and trial and error from my beginning days and losing tons of money because of panic selling thinking the coin was going to crash. I get a lot of phone calls or messages from people who say things such as “Omg Ripple (Insert whatever coin here) is going down, should I pull out…should I put it in a different coin?” That is panic and not understanding the technology of the coin or where it is going, and just looking at what the numbers are.
Yeah it’s cool to see that the coin you invested in is raising in value, but just like life, there are going to be ups and downs in the market. If there wasn’t such rebounds and retraces in the market, the financial market wouldn’t get anywhere.
Make sure you are reading the white pages, so you see where the coin is going in the future, so when it does dip, you know those are people that aren’t as invested in the coin and it is them hopping off the ship because they aren’t seeing the value as much (or they are traders) So as stated above, its not really about the price, its about what it is doing to further progress the planet and humanity.
Most coins are trash. You’ve gotta read what they are doing, not just get behind it because the price is low and you want to make a quick buck.
When you find the coin that fully grabs your attention because of what it is doing, ride it out long term and HODL throughout all the waves, no matter how large the dips are. Those peaks will be just as large if you know where it is going and have vision to see even in the midst of lows.
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As kinda the opposite to the HODL approach I've set up a fun challenge for 2018 to see how much I could make with only £20/ $20 seed in 2018. I've written about it here if you'd be up for joining the challenge? I get the potential profits aren't as big but it could be a low risk and fun way for people to get into Crypto.
https://steemit.com/cryptocurrency/@rbennett/play-the-2018-crypto-challenge
Good luck