This is my second Christmas in crypto. I am thankful for all the lessons and experiences I got from my journey. I am little sad that it cost me a heavy fortune though! Still, I am grateful and hope that you will make 2023 a great year for me.
For celebrating your giving spirit, let me share the 23 lessons I have learned between last Christmas and this one! Let these lessons be a guideline for all beginners in crypto for the year of 2023:
1) Understand the basics of cryptocurrency and blockchain technology: Otherwise, you will end up committing the mistake like I did by sending XTM Coins from my BSC Wallet to Torum's ERC Address! So try to learn the basic difference between various chains and their utilities, pros and cons. You can refer to my first Publish0x article to learn 101 Crypto terms and abbreviations that every beginner should know about.
2) Do your own research and due diligence before investing in any cryptocurrency: your money, your choices. No one else is responsible for that. So, be wise.
3) Be aware of the risks involved in cryptocurrency investing. Remember Terra Luna was one among the 10 at one moment!
4) Diversify your portfolio to reduce risk. Allocate majority of your portfolio in blue-chip coins.
5) Keep your cryptocurrency in a secure wallet. Keep in mind what happened to FTT, Celcius, etc.
6) Use a reputable exchange to buy and sell cryptocurrencies. Always do a primary research before putting money. Stay away if you find any red flags. Otherwise you will end up losing your capital like I did with VNSmart.
7) Stay up to date with the latest developments in the cryptocurrency market.
8) Keep track of your investments and monitor them regularly.
9) Don't invest more than you can afford to lose. This is why I am able sleep peacefully, even when my portfolio is at 80% loss!
10) Don't let greed or FOMO (fear of missing out) drive your investment decisions.
11) Don't fall for scams or frauds. Again, this is why I went to VNSmart. I trusted the advice of a fraud.
12) Don't blindly follow the advice of others, especially strangers on the internet. Again, refer to previous lesson!
13) Be prepared for volatility and price fluctuations.
14) Understand the tax implications of your cryptocurrency investments.
15) Use strong and unique passwords for all your accounts and devices.
16) Enable two-factor authentication for added security.
17) Use a hardware wallet for maximum security.
18) Avoid keeping a large amount of cryptocurrency on an exchange.
19) Don't share your personal or financial information with anyone.
20) Don't rush into investing in cryptocurrency without a plan.
21) Consider seeking the advice of a financial advisor or professional, or at least from your trusted expert friends. Torum is go to place for this!
22) Don't let your emotions cloud your judgment.
23) Don't put all your eggs in one basket. It's important to diversify your portfolio and not rely too heavily on cryptocurrencies only. This can help to mitigate risk and ensure that you're not overexposed to anyone particular asset. By investing in a variety of asset classes, you can spread out your risk and potentially increase your chances of success.
I want to thank all the great fellow landers in Torum, where I originally posted this, for making this difficult year in crypto a little better!
So Dear Santa, make 2023 an exceptional year for all my fellow landers! Merry Christmas to all!