Cryptocurrencies for beginners: how to avoid the biggest mistakes

andrei

Novice cryptocurrency investors should not get carried away by the anxiety generated by word of mouth. These siren songs always tend to lead to the worst results.

The first step is to understand what cryptocurrencies are and what their role is in the world. First as a store of value, something that no one doubts, and then as a means of payment between people who recognize the value of the asset.

Cryptocurrency training is a cornerstone

As with traditional investment, training is the cornerstone, both technically and psychologically. One of the most frequent mistakes is greed, thinking that you can get rich in three days, and another is arrogance, believing we are smarter than we are.

As in all investments, people tend to think more about winning than about doing things right, and for that you need training. Here you are playing in the Champions League against the brightest minds in the world and it is a bit pretentious to think that you can beat them without training.

Avoiding word-of-mouth

In many of these cases, the fuel that lights the fuse of greed and haste is word of mouth. Succumbing to this temptation is one of the most frequent mistakes that novice investors tend to make.

We try to discourage these attitudes, trying to ensure that decisions have all the information available. That is why training content that covers these shortcomings is important.

The idea is to establish a parapet, a kind of defense against the anxiety generated in investors by rumors of the next crypto boom, which reaches the masses when there is little to gain and much to lose. That is why we must ground expectations and put an end to the siren songs.

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Cryptocurrencies are a huge opportunity, also to lose everything. The key is for investors to make cold decisions, without haste and relying on the community.

Difference between token and cryptocurrency

Another relevant aspect that often generates confusion among beginners is the difference between tokens and cryptocurrencies.

Coins arise from a blockchain of their own, and the example is bitcoin which was the first one. Then there are tokens that are coins that run on top of other blockchains. This does not make them worse but in general more expensive, because their activity requires paying the chain for where their production runs.

The disruption that tokens bring is that they are much more varied, such as NFTs or fan tokens issued by brands or soccer teams. They give their holders political rights, for example, fans of a club the right to choose the name of the stadium.

Right now they are the latest fad, but you have to take things slowly.

It is a very interesting industry, but to enter this world you have to sink your elbows into it because there is a lot to learn.

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Disclaimer : This website does not invite anyone to invest in the projects we are talking about. This is simple information about crypto projects that we find interesting.
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