Tips to overcome fear crypto investment and reason to invest for newbies

[jademaxsuy]

We all know that most of us failed in some of our investment may it small or big form of investment. Failing is part of becoming successful that we can be proud of one day. Failure is inevitable in the process of learning but do we need to fear of something when we fail? I guess we have the same answer and that is definitely we will not fear to get lose because that is part of learning.  

However, there are instances that we our fear conquers our intention to pursue in what we do like investing wherein this is something that we always wanted to get a good return. Right?

Introduction to Cryptocurrency Investment
Cryptocurrency has a broad application in our daily life. It is not only focus as a digital currency for it depend on the crypto for its utilization. Others consider crypto like bitcoin as an investment or an asset where one could store bitcoin in cold storage for safety keeping making it as a reserve money like gold. So, if you wanted to invest, or think of crypto as an asset or something to which you are not sure then follow these simple tips below,

Tips to get the fear out when investing cryptocurrency based on my own simple analysis and what I have also learn in this forum.

1. Learn first the basic of creating wallet, transferring coins or buying crypto on exchange.
Chose the best wallet and exchange in your place or in your country. Try your first purchase or trade with small amount of money to test out the process. You can learn it by searching tutorials like in youtube or google on how to do it or better ask someone you know that could help you with the process.
2. Know when is the best time to invest in cryptocurrency.
Definitely you can observe it for crypto market is sometimes crashing or sometimes doing well. This is for the optimum profit you can get when buy cheap and sell when market is high or crypto became expensive.
3. Do your own research.
Before you invest it is ideal to conduct a good research. For me ideally when it comes to invest only bitcoin and other establish altcoins could do better in cryptocurrency investment like ETH and XRP.
4. Invest only money that you can afford to lose.
Never be afraid to invest but never also compromised the priorities you have in your life especially if you are a breadwinner in the family.
5. Hold or HODL,
This when market seem so bad after you invested do not get emotional with your money that are making potential losses. Remember that when you sell it out then you will lose not only with your money but the ability to enjoy the new trend or this technology that has to offer in you.
6. Do not be greedy,
If you feel like investing more then that could be a sign of greed but it is alright to invest more when you wanted. Just remember the the tip # 3 to only invest only the money you can afford to lose.
7. Fear Of Missing Out (FOMO)
This is related to being greedy but sometimes it is better not to believe on everyone here when they say about things that they claim they are sure to happen. You can get a FOMO in that lead you to bad decision making.
8. High Yield Investment Program
There are many members especially if you have social media platform like facebook, twitter, telegram and etc. making a private message with you discussing about a certain program you can invest or project that yield high returns. More of it are scam so one must be careful not to engaged in any of them inviting you to invest.
9. Scam, Never trust anyone with your money.
Free giveaways, from fake people using the names and pictures of high profiles in cryptocurrency about a certain giveaways like if you give me 2 ETH i will send you 4ETH that will not going to happen and that is a scam.
10. Be careful with fake sites,
Fake sites could lead your important details of wallet to be compromised so whenever you will visit a certain site make sure that it is right or correct site. Others are bookmarking legit site in their browser for easy access and for security purposes.

Lastly, Do not forget to sell when market for crypto is good.


What is a good reason to join cryptocurrency investment
For me, cryptocurrency is like a financial literacy, an access for Financial Freedom away from the inflation rate that could hit the fiat currency. If you do not believe then try to assess the value of fiat currency now and before,

Comparison

|

Currency(peso)

|

before 10 years ago

|

now(present)

|

|

goody2x snack and ice cold watee

|

1 peso

|

5 pesos

|

|

transportation fare going to wet market

|

3.50 pesos

|

10 pesos

|

|

money I gave to homeless in the street

|

3 pesos

|

20 pesos

|

|

money I gave to my nephew

|

1 peso

|

5 pesos

|

|

cheap in during night life drinking sessions (tanduay)

|

20 pesos

|

50 pesos

|

See, these are only a few of example that all or mostly fiat currency are hitting with inflation rate a complete opposite when you get bitcoin as your asset or investment.

What do you think?

[Raytheon]

4. Invest only money that you can afford to lose.
Never be afraid to invest but never also compromised the priorities you have in your life especially if you are a breadwinner in the family.

In terms of overcome fear, I think this is the most useful tip. I started off my crypto trading journey with USD 300 and the thought that I could lose all that amount of money in exchange for experience. Now even I'm not really a pro trader, but I'm not afraid to buy when I think the prices are good and cut loss when necessary. Another tip that I learned during my journey is that withdraw your capital if you're already profited and continue investing on your profit. When your original capital is in safe place, you will have no hesitance buying on your profit.

[erikoy]

9. Scam, Never trust anyone with your money.
Free giveaways, from fake people using the names and pictures of high profiles in cryptocurrency about a certain giveaways like if you give me 2 ETH i will send you 4ETH that will not going to happen and that is a scam.

Money issue is very hot and this is what the scammers wanted to obtain. So we must be all careful with our money. I always remember especially in telegram a user that copying the name of the community manager and introduces self as the community manager. The trend is that user will ask or invite you to join in them by investing and huge profit as promise. Sad to say they could not scam me because in the first place I have no money hold and I know also that they are just scammers.

[Coyster]

Lastly, Do not forget to sell when market for crypto is good.

Imo this could prolly not be a good advice for newbies, I know Bitcoin is good for investment and that's what majority of the users on the network use the coin for, but mind you that Bitcoin is also money, a currency that's not controlled/manipulated by the government, and is run without any third party; newbies should also get to appreciate that 'side' of Bitcoin, that they could also use it the way they use their fiat currency, not only to buy and later sell when it's on a bull run or when it is above it's ath.

Having said that, if you're going to use Bitcoin, being anti-inflationary as a hedge against fiat, selling all of it back to fiat when the price appreciates is also clearly putting it back into inflation vulnerabilities associated with fiat currencies; it'd prolly be better to always keep a fraction of your stash in your wallet, no matter how high the price appreciates.

[Findingnemo]

If someone wants to become an investor the first thing they need to know that they are taking risks to make something out of it, so there are chances to lose the money as well means they have to invest the money which is affordable for you to lose.

Cryptocurrencies are highly volatile so no matter experienced veteran or newbies both are having the same kind of risk associated with it.

[pakhitheboss]

Please do not be offended but this whole post is just a recap of what this board is all about and it is useless to create such a topic when we have a dedicated board.

I am not sure what made you create this topic?

Things are very different now to what it was two years ago, earlier newbies never understood cryptocurrency and how it worked now most of them are. Still, it is a good topic but very late to write it.

[batang_bitcoin]

Likely, when the market is bullish, a lot of newbies will also become interested in all of the sudden to invest. All they ask is "how to make money in buying bitcoin".
But they don't want to study the basics of it. That's what they lack when they started to invest and sees the dramatic fall of bitcoin suddenly. They don't give emphasis to the research which is the most important thing to do as a newbie to understand the concept of bitcoin, crypto and investing.

[AakZaki]

Imo this could prolly not be a good advice for newbies, I know Bitcoin is good for investment and that's what majority of the users on the network use the coin for, but mind you that Bitcoin is also money, a currency that's not controlled/manipulated by the government, and is run without any third party; newbies should also get to appreciate that 'side' of Bitcoin, that they could also use it the way they use their fiat currency, not only to buy and later sell when it's on a bull run or when it is above it's ath.

Having said that, if you're going to use Bitcoin, being anti-inflationary as a hedge against fiat, selling all of it back to fiat when the price appreciates is also clearly putting it back into inflation vulnerabilities associated with fiat currencies; it'd prolly be better to always keep a fraction of your stash in your wallet, no matter how high the price appreciates.

Being anti-inflation as a hedge against fiat is certainly an advantage that bitcoin has. But some people are only concerned with making a profit during a bullish market and then selling all their assets, then buying them again when the market price is bearish.
there is nothing wrong and it is the choice of every user.

Using bitcoin as a means of payment for goods and services is also not possible and is not permitted in some countries, so bitcoin is only used for futures trading.

[Harlot]

When it comes to HYIP I think the most sensible comment from it from any old investors is to just avoid it and actually not think about it as some kind of option for your money. HYIPs generally give you unbelievable return rates as compared to traditional or normal kinds of investments, these just give it away that what they are offering is not a legitimate business but a fake one. Even though they are paying what is really happening is they are just recycling the money back from new members and paying it to new members to give you an illusion that they are earning, also there will be no guarantee that you will earn from it or even have your money back once they pull of an exit scam.

[OcTradism]

1. Learn first the basic of creating wallet, transferring coins or buying crypto on exchange.
Chose the best wallet and exchange in your place or in your country. Try your first purchase or trade with small amount of money to test out the process. You can learn it by searching tutorials like in youtube or google on how to do it or better ask someone you know that could help you with the process.

What are best wallets? I don't know honestly but the best wallets will depend on each person taste (risks, convenience, security, privacy or anonymity). I always want to choose wallets that I can control private keys, mnemonic seeds and don't have to go through KYC procedure.

Moreover, I don't try to install wallets of new projects (shit tokens or shit altcoins). I don't know what are stored in such shit wallets. If there are hazardous elements inside, my computer will be infected and I will lose my bitcoin.

2. Know when is the best time to invest in cryptocurrency.
Definitely you can observe it for crypto market is sometimes crashing or sometimes doing well. This is for the optimum profit you can get when buy cheap and sell when market is high or crypto became expensive.

Afford opposite trend and movements from your thoughts and afford loses at start. If you don't, you will get panic when price crashes and things are not moving in the directions you want.

3. Do your own research.
Before you invest it is ideal to conduct a good research. For me ideally when it comes to invest only bitcoin and other establish altcoins could do better in cryptocurrency investment like ETH and XRP.

Ethereum is a big failure (technical side with lots of holes in their smart contracts and commercial side with scam projects). Ripple is a centralized altcoin and people who believed in Ripple in 2017 or 2018 now have gotten big losses. Losses can be recovered but its centralization is a big risk for investors.

4. Invest only money that you can afford to lose.
Never be afraid to invest but never also compromised the priorities you have in your life especially if you are a breadwinner in the family.

Have an allocation fund for your family expenses and not use all of your or your family funds for crypto investment.

5. Hold or HODL,
This when market seem so bad after you invested do not get emotional with your money that are making potential losses. Remember that when you sell it out then you will lose not only with your money but the ability to enjoy the new trend or this technology that has to offer in you.

Hold is better than HODL. Many people say they are HODLers because they fail with their investment, don't make stop loss and don't know what to do to recover losses. Hold means that you investigate and choose a good entry price. Hold is a second part after that, hold for months to exit.

[jademaxsuy]

Please do not be offended but this whole post is just a recap of what this board is all about and it is useless to create such a topic when we have a dedicated board.

I am not sure what made you create this topic?

Things are very different now to what it was two years ago, earlier newbies never understood cryptocurrency and how it worked now most of them are. Still, it is a good topic but very late to write it.

There is never late to discuss anything. If you had just read the tips that I am providing then probably you can think of that it could be helpful to newbie. In you case it wouldn't be helpful because you know about this and it does not excite you. But what about those newbie users here coming asking for best bitcoin wallet?, what to do in the forum? I am just new here what to do? How to earn in cryptocurrency? These are the type questions that is visible in this section that happens to be seeing your reply as well to those clueless newbies that are here around. Later or sooner this thread will.be buried over other threads and it can't reach to the future newbie as well so what can we do is to continue spread awareness by bumping old threads but has not been updated or create new thread with new trends, current events and things tha happen around.

Of course, before posting one must think what is needed to address the problem of the community. Now, the new trend in investing and that is why we can see visibly the bitcoin market. To encourage more to invest or to be aware of what to do posting like this for me is an ideal thing.

Do not get offended too with my reply for I am also trying to be helpful regardless of what others say but my intention is for the good.

[pooya87]

3. Do your own research.
Before you invest it is ideal to conduct a good research. For me ideally when it comes to invest only bitcoin and other establish altcoins could do better in cryptocurrency investment like ETH and XRP.

just being around for longer time and having a fake-big market cap doesn't mean an altcoin is established and definitely doesn't mean it is a good investment. both altcoins you named here are centralized and terrible investments in long term. they are both only good for pump and dumps.

5. Hold or HODL,
This when market seem so bad after you invested do not get emotional with your money that are making potential losses. Remember that when you sell it out then you will lose not only with your money but the ability to enjoy the new trend or this technology that has to offer in you.

considering that you are talking about "cryptocurrency" investment and not just bitcoin, talking about "investment" and "holding" is a bad idea because majority of altcoins are terrible investments since they have no long term potential and they have always been losing value in long term. that means holding them is a guaranteed loss. in altcoin cases selling when you see a dump is the wise thing to do.

[lovesmayfamilis]

The factor of fear of loss has always been important to me. Since making a profit always responds in us with positive emotions, which cannot be said about losses. I was also helped once by a pro's advice that sudden price dips can positively train my nerves by buying even more coins at low prices. Don't be afraid to take risky steps.

I can also suggest, in addition to the OP post, to read tips on psychological traps that investors experience.
https://twitter.com/spencernoon/status/1308853116700426256

You always need to be bolder, and not give up at the first setbacks.

[plvbob0070]

Likely, when the market is bullish, a lot of newbies will also become interested in all of the sudden to invest. All they ask is "how to make money in buying bitcoin".
But they don't want to study the basics of it. That's what they lack when they started to invest and sees the dramatic fall of bitcoin suddenly. They don't give emphasis to the research which is the most important thing to do as a newbie to understand the concept of bitcoin, crypto and investing.

It is the issue, they are fascinated with the substantial profit that the bullish market offers, but they don’t examine the elevated risk associated. They have no interest in learning the fundamental idea of investing, so they often end up losing. All they do is monitor market conditions, but they don’t have any idea how it works and the factors that affect it. They don't see the importance of doing research and the extent to which it can help them invest.

[Latviand]

3. Do your own research.
Before you invest it is ideal to conduct a good research. For me ideally when it comes to invest only bitcoin and other establish altcoins could do better in cryptocurrency investment like ETH and XRP.

Each and every one of us experienced getting curious to something that interests us. Bitcoin really gives me hope and I do a lot of research about its importance, benefits, uses, impact, and etc. I also learned how it works in the market and how to utilize it properly so that I can make a lot of profits in a much effective way.

I know that newbies are greedy and they want an instant money, but I guarantee you, there's no such thing like that in bitcoin.

Hardwork, patience, good decision making and critical thinking will help you become successful in your bitcoin investment so do your thing and make the best out of it.

[Heisenberg_Hunter]

See, these are only a few of example that all or mostly fiat currency are hitting with inflation rate a complete opposite when you get bitcoin as your asset or investment.

Bitcoin has more purchasing power in the future and it doesn't mean we should hold all our savings without spending any. If we are doing so, bitcoin is moving towards a path which was never like how satoshi initially envisioned. Bitcoin is meant both to be an investment option and along with that using them as a global decentralized currency.

[1] If we are encouraging newbies to invest huge money, then we should be urging them to learn everything related to security like multi-sig wallets, hardware wallets etc as they could be the best storage options for future years to come. For [2] we should never force newbies to invest during bull run which might cause them to lose money and blame bitcoin. 90% of the twitter profiles in bitcoin spread FOMO and push the newbies entering into crypto space to buy bitcoin so that during the higher prices whales try to cash out by crashing the market and leaving the newbies stranded with a huge loss.

For [3], I would ask newbies to invest in a currency like Monero rather than diverting them to centralized shitcoin like XRP. If someone is new to crypto, we should preach them more about decentralization and open source softwares and why they are important starting with history of Linux and people like Richard Stallman all the way.

Lastly, bitcoin is a currency which can be earned by selling your services. Start educating newbies on how to earn bitcoin like creating a website and selling their service for crypto as like. If we need bitcoin to be accepted globally, we should make them a reserve currency for freelancers and promote them to be used instead of USD as much as we can. If this happens on a large scale, we can slowly experience companies paying in bitcoin.

[batang_bitcoin]

Likely, when the market is bullish, a lot of newbies will also become interested in all of the sudden to invest. All they ask is "how to make money in buying bitcoin".
But they don't want to study the basics of it. That's what they lack when they started to invest and sees the dramatic fall of bitcoin suddenly. They don't give emphasis to the research which is the most important thing to do as a newbie to understand the concept of bitcoin, crypto and investing.

It is the issue, they are fascinated with the substantial profit that the bullish market offers, but they don’t examine the elevated risk associated. They have no interest in learning the fundamental idea of investing, so they often end up losing. All they do is monitor market conditions, but they don’t have any idea how it works and the factors that affect it. They don't see the importance of doing research and the extent to which it can help them invest.

Hearing others profit, makes them think that it's also them that should profit. Without any consultation or study, they will just put money on the lines without understanding what they do. It happened in 2017 bull run and it's also going to happen if there will be another set of bull run.
It is fine if they don't study the fundamentals but just to learn the basics of it such as why they've bought bitcoin and understanding how volatile it is, they don't do that. They only complain when they see the market fall as if it's never going to fall when they've bought.

[libert19]

Just to add, HODL doesn't always work, I think it's good idea to exit if you think your project is going nowhere than to stay being bag holder and hope for best. Even projects you thought legit can turn to 0.

[harizen]

These tips might not be fully understood by those newbies since they aren't in the situation yet.

Let their own experience teach them how to deal with their future problems. I think most of us here didn't follow these pointers but still realize on our way what's the best thing to do in order to deal with several problems we encounter in the crypto world.

A good reference for those newbies though especially at those looking at all sides of the square before putting money on crypto.

[cryptoaddictchie]

because majority of altcoins are terrible investments since they have no long term potential and they have always been losing value in long term. that means holding them is a guaranteed loss. in altcoin cases selling when you see a dump is the wise thing to do.

Actually it depends on the altcoin you are "holding" and "investing". There are some altcoin that has long term stability and it also depends on the use cases or benefits to someone holding it I guess. I respect your opinion, but I am holder of an altcoin specifically Binance coin. Ive dont see any reason I am gonna sit on a guaranteed loss well in fact, holding it gave me some beneficial gains you could get on bitcoin itself.

Like winning on an IEO even by holding bnb and that ticket can get you sure profits. Also the launchpool, which literally giving you free tokens which you can sell by holding bnb. Well its on my experienced side, that's why Im not agree totally cause it depends on the altcoin we hold or invest if that one is giving us benefit or not. I like bitcoin too, but those freebies Ive mentioned cant get from holding bitcoin aside from the increase on price. Im a bitcoin holder too so I know and compared the benefits of what Im holding. Just my opinion.