Getting started with cryptocurrencies can be an exciting, but likewise terrifying endeavor that includes a variety of challenges for the beginner:
- How do I put “real” money into cryptocurrencies?
- Am I transferring these Bitcoin funds to the right address?
- Should i send 0.1 Ethereum to some random guy on Twitter who says he’ll send me 5 ETH back?
These and scores of other questions are commonplace for the newbie.
That’s why Boxmining put together a short primer on five common cryptocurrency mistakes made by noobs (aka beginners). Here’s a brief rundown. We encourage you to check out the video for more detailed advice and suggestions that will help you avoid getting “rekt” (aka having your balance wiped out or suffering serious losses):
#5: Don’t Go Balls Deep Into A Single Cryptocurrency
#4 Be weary of rumors that some big institution or whale is about to buy a particular crypto
#3 Don’t believe the FUD (Fear, Uncertainty and Doubt) without doing your own research
#2 Don’t buy just because a project announced big news… chances are the market has already accounted for this.
#1 Don’t store your cryptocurrencies on an exchange… they are prime targets for hackers