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Author Topic: Patience and carefulness are the biggest virtues in crypto  (Read 134 times)
hatshepsut93
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July 05, 2019, 11:21:29 AM
Merited by gentlemand (1)
 #1

Many people don't fully understand that cryptocurrencies are not only a source of big profits and a cool new tech, but also a huge responsibility for users. In crypto you are on your own most of the time - there's no one to appeal to in case something goes wrong, there are no warranties, and effectively no chances of recovering lost funds.

I believe that those facts make patience and carefulness the biggest virtues that people of any experience should cultivate. So, when you are doing any operation with crypto, you have to tripple check everything, but first learn how to properly check it, and never let your guard down.

Always verify every software you install by checking developer's signatures, always verify the addresses you send/receive crypto to, always verify the site addresses that you are visiting, verify the reputation of people you are about to trade with, be skeptical of news and rumors that you hear and check the facts yourself, do your research before buying altcoins.
This list can go on and on, but you should get the general idea - always think twice before doing something in crypto, because your decisions will quickly become final and irreversible.

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July 05, 2019, 12:17:46 PM
 #2

That's true, have heard of things that happen whenever a transaction is done carelessly by not checking the address or confirm address before sending out coins, most of the hacks today are caused by this singular actions on the part of the sender because, if the computer is compromise then the clipboard will definitely be comprise too. Always ensure you differentiate Ethereum wallet from USDT wallet among others, be more careful than your thought.

Patience is the key to cryptocurrency because of the nature it was founded. HODL is profitable and should be embrace among crypto community, wait even at that you will still make more profit than you expect.
Have been an investor since 2015 and this is my first time seeing this place, patience was my key and still remains my key for survival in the world of cryptocurrency.

You can't beat my soul out of me!!!!, but, you can with my mortal body lol.
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July 05, 2019, 03:22:44 PM
 #3

Add to that the ability to do a simple research on everything before sending some coins to a service/entity that isn't trusted within the community. I know that trust is factor that dilutes the P2P system in crypto, but then again an established service/entity in the scene would likely beat a newly-established service/entity, but that doesn't mean that the latter would always do bad things in the end and the former would always stay the same and not screw with their peers. This has happened a lot of times, so in order to trusting someone easily because of reviews, doing some own research on the background and the way people/services deal with things is also a great help for newbies.

 
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tranthidung
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July 05, 2019, 04:40:46 PM
 #4

Carefulness relates to so many things:
- Read and learn how to install, and back up wallets & seeds/ private keys
- Read and learn to activate and backup 2FA codes.
- Read and learn to use hardware wallets (if possible).
- Only get links to download wallets from official sites, and try to avoid installing wallets from new-born projects (if don't have skills to test potential threats).
- Try to minimize tradings on mobile devices (because on such devices, traders are more easily to type wrong numbers or wrongly click on buttons, then make wrong orders).

Patience relates to:
- Buying (waiting long enough to see coins drop and get cheap prices to enter).
- Selling (waiting long enough to see good high prices to take profits).
- Patience enough to use time to verify news you read or hear to avoid fake news that can force you to make wrong decisions.

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July 05, 2019, 08:54:55 PM
 #5

Exact and on point. I've experinced that whenever people hear crypto, all they think is all about rich quick scheme although it has been a rough year last 2018. But they didnt know on how hard it was and what requires to be in profitable momentum.

Being careful, being patient and I'll add being responsible with every step that you take with your crypto.

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July 05, 2019, 11:00:32 PM
 #6

Good post, I've made some posts that speak the same thing but are done differently.

Don't FOMO in if you don't have what it takes - PATIENCE! - This one discusses patience

Bitcoin Ledger and other hardware related questions.

WTS my smartphone but I've got crypto in it. HELP! - These two discuss about carefulness

We should be really convinced about our money and make decisions carefully in complete sense as this is crypto where we're the responsible authority for anything that occurs with us - be it SCAM, LOSS or THEFT. It's our sheer responsibility to combat these by -

- Trading with what we can afford to lose
- Not going all in
- Not to trust anybody so easily and at least use an escrow for any deals (I believe this is affordable)
- Save our wallets being hacked by putting a passphrase and a 2FA as it is a must (some even allow 2FA through SMS)
- Last but not least, be a responsible member of the community and let everyone know if we get scammed by anyone (so to save others from being a victim)

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July 06, 2019, 12:35:41 AM
 #7

I believe that those facts make patience and carefulness the biggest virtues that people of any experience should cultivate. So, when you are doing any operation with crypto, you have to tripple check everything, but first learn how to properly check it, and never let your guard down.

Agree. From my trading experience over the years i have same conclusions.
Emotions are only harmful while trading, always calculate "cold-blooded". If you are too emotional no matter in which way, good or bad, stop trading, you won't miss a chance believe me.
*this is not trading advice, its keeping ur emotions in check advice

hatshepsut93
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July 06, 2019, 07:40:18 AM
 #8

...

That's the thing with crypto, there are so many caveats, that it's hard to even put them all in one place for newbies to see. What I want to tell people is a general rule for crypto - before doing anything, think carefully if this is correct, google what is the best approach, search or ask on this forum.
We crypto veterans have experience to avoid most of the pitfalls, because we've gathered so much information over the years and we've learned from experience of less fortunate people, but newbies don't have it, which is why I believe it's mandatory they always take extra steps when doing anything with crypto.

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