How I saved myself from cryptocurrency disappointment

[NdaMk]

As a newbie that has Falling into crypto currency scams and disappointment. The following is how I overcome those disappointments

Risk involve in cryptocurrency
i. Crypto pump and dump;
Crypto is highly volatile and a lot of people do not consider this before investing.
ii. Fake investment scams; This risk applies to a lot of newbies like myself. Someone will just tell you to bring your money and they'll help you invest,
It's important you recognize scams when you see them
iii. Emergency of new coins;
New coins emerge frequently it is now your own to DYOR(Do your own research) to know which ones you should invest in.
iv. Money-laundering through crypto exchanges;;This is also very common.VSome people are actually fraudsters but they just use Cryptocurrency as a camouflage.

What should your mindset be about cryptocurrency?

Mindest 1: Crypto is not a get rich quick scheme. If you have the mindset of putting $10 into crypto today and getting $100 tomorrow, please, I beg you do not venture into crypto.Having the get-rich-quick mindset makes you fall for a lot of scams.

Mindset 2: Cryptocurrency itself is not a skill or Business. This might sound a little bit controversial but it is what it is.
Cryptocurrency is neither a skill nor a business. At the moment, cryptocurency as a whole is more of an investment. The skill and business part of crypto is in Crypto Trading.

So, you should know this and know peace.

There are 3 major and sustainable ways to make money with cryptocurreny.
1. Investing
2. Crypto Trading
3. Crypto Mining.

[Daodex]

I'm impressed thats this is coming from a newbie, I believe this is the right thing to do as a crypto newbie

1. When I entered into crypto space I lack the gut to invest, I learned a lot over and over again before having the gut to purchase my first BTC, put aside buying coins and go straight for learning, be curious and ask questions, Google is also a good teacher.

2. Invest only what you can afford to lose, no matter how good a project utility might seem there is a chance of failure in future, you can never predict how smart and hardworking the project's team will be so using the amount you are ready to lose won't pull you down.

3. New coins do come around almost every day and I don't think it's a good place for a newbie to start his or her crypto journey, new coins and tokens are for crypto experts who are good at research, a newbie still has a lot to learn so better stick with top altcoins if altcoins are your aim.

4. Mining isn't for every newbie, there are things to check out first before buying any mining equipment like electricity cost which will determine how efficient your mining rigs are and secondly real miners are always in for a long term, mining isn't a get rich quick scheme like many thought, some times it will be profitable and some times it won't, getting your return of investment back might take longer than expected, find mining calculators online.

[sunsilk]

Most newbies are really bound into investing into a "platform" which promises them with good return because no one tells them to avoid those as it's a scam.

Mindset 2: Cryptocurrency itself is not a skill or Business. This might sound a little bit controversial but it is what it is.
Cryptocurrency is neither a skill nor a business. At the moment, cryptocurency as a whole is more of an investment. The skill and business part of crypto is in Crypto Trading.

Many have been considering it as a business. Anything that has a risk on it can be said of a business based on your perspective and as for the debate if being into crypto is a skill.

I agree that's on the side of trading but being into it teaches and forces you to be skilled whether you're a trader or not or by just being a holder and a passive investor.

[Pmalek]

There are ways to minimize or get rid of those risks you are taking about.

i. Crypto pump and dump;

Don't participate is such activities. They aren't meant to make you rich. Random people on the internet don't spend their time thinking what they can do to make your financial situation better. They want to better their own! Pump & dump schemes are created to allow the organizers to sell a coin they have previously acquired. They make the money, you are left holding a worthless asset. 

ii. Fake investment scams;

Don't give money to trading experts, crypto gurus, social media influencers, or websites for investments. Start with the basics. Buy Bitcoin and be happy with the returns long-term.

iii. Emergency of new coins;

People believe it's too late to invest in Bitcoin. The ship has sailed. What they need to do know is find the next Bitcoin before it's too late. That will never happen. Bitcoin wasn't developed to make its original creator rich, but this is the exact reason why all other altcoins exist. Stop chasing fairytales and stick with sound money.

There are 3 major and sustainable ways to make money with cryptocurreny.
1. Investing
2. Crypto Trading
3. Crypto Mining.

I don't suggest trying your luck with trading if you haven't spent weeks and months researching the subject and learning as much as you can before. Otherwise, you will become just another person who has lost money in an unfamiliar market.

[maydna]

You have good precautions things to avoid fraud that can occur in crypto. But not necessarily people who are new to crypto will think like you because many of them think that crypto can give them big profits in a short time. They think that way because they see many examples from social media even though they are not necessarily true.

With so many fraud cases happening and being shared on social media, this should be a lesson for new people that nothing is instant and everything has to go through a process. They need to find out more if they find one thing that interests them to avoid being scammed.

[sheenshane]

There are 3 major and sustainable ways to make money with cryptocurreny.
1. Investing
2. Crypto Trading
3. Crypto Mining.

When you say sustainable, it should have a maintained level of gaining profit and I don't see trading were fit for it.
Out of the 3 that you've given above that you've said, 3 major sustainable ways to make money isn't true that trading belongs to this criteria.  It's very crucial to make money in trading and trading isn't an easy way to make a sustainable profit, there's always a risk were involved not like investing is you will wait for a perfect time of selling your asset while mining you need a large of capital for the mining machines or facilities.

All precautions that you've mentioned above were right and you should learn from those of your previous mistakes, disappointment becomes quitting and quitters become a loser, therefore, never quit but instead, learn from it.

[Rockstarguy]

If you have the mindset of putting $10 into crypto today and getting $100 tomorrow,

The end results of this mindset in cryptocurrency is always dissapointment , sometimes it leads to give up totally.  With a mindset like this it tells that one is not ready for cryptocurrency because cryptocurrency is not quick money making machine.  Having a mind full of patience that is when one can enjoy the benefits of cryptocurrency.

[suzanne5223]

Most newbies are really bound into investing into a "platform" which promises them with good return because no one tells them to avoid those as it's a scam.

This happened because their belief is that cryptocurrency is a totally safe investment when everything that comes with great benefit will also come with great risk. However, some crypto influencers also have a part in newbies investing in pump and dump coin and this will never stop until the newbies understand that they need to understand how to make a safe investment in crypto.
I am saying this from experience cause i was once a victim of E-Dinar Coin and MMM Japan.

[GeorgeJohn]

The end results of this mindset in cryptocurrency is always dissapointment , sometimes it leads to give up totally.  With a mindset like this it tells that one is not ready for cryptocurrency because cryptocurrency is not quick money making machine.  Having a mind full of patience that is when one can enjoy the benefits of cryptocurrency.

it depends on your target and the kind of investment you run.. while some people feel biase or disappointed into cryptocurrency investment, is when you invest without knowing the rudiments of cryptocurrencies, that is while any cryptocurrency investor especially new once needs proper guidelines or orientation of crypto before investing..at times some purchase cryptocurrency because some certain elements is speculating the information of a particular coin and they will queue up to purchase without researching for the potentiality of the project...so such contributes for some people failure during investment.

[BITCOIN4X]

it depends on your target and the kind of investment you run.. while some people feel biase or disappointed into cryptocurrency investment, is when you invest without knowing the rudiments of cryptocurrencies, that is while any cryptocurrency investor especially new once needs proper guidelines or orientation of crypto before investing..at times some purchase cryptocurrency because some certain elements is speculating the information of a particular coin and they will queue up to purchase without researching for the potentiality of the project...so such contributes for some people failure during investment.

The basis of disappointment from cryptocurrency investments is when they feel the facts do not match expectations. One can easily invest in any asset but not all of them understand what the risks are. Profit is the target of every step they take, but good governance is not understood. This is the basis why begginers investors do not succeed with their first investments.

Yes, they need guidance as well as experience because sometimes experience is a good start to understand how the market works because in my opinion theory doesn't always work without failure.

[GeorgeJohn]

The basis of disappointment from cryptocurrency investments is when they feel the facts do not match expectations.

Actually the caused is from the investor, when your expectations fails to come to reality in cryptocurrency investment, is caused by misunderstood of crypto chat, for the traders. But for long term investment via altcoins, is caused by lack of searching for vital information of a project.

One can easily invest in any asset but not all of them understand what the risks are. Profit is the target of every step they take, but good governance is not understood. This is the basis why begginers investors do not succeed with their first investments.

.both of us is saying similar thing.. its greediness that makes some investors not understand that each move of acceleration of cryptocurrencies in a position way is profit.. majority of them always want it to accumulate before comprehending that each step is profit

[hatshepsut93]

Investing and trading are essentially the same thing, the difference is that by investing people understand buying something and holding for some period of time, while trading is done more frequently and includes using instruments like short-selling and derivatives. Both can go horribly wrong with crypto, you can invest in "good project" and watch it crash by 99% in an hour, or you can lose all your money with high-leverage trading.

But generally investing is better than trading, there were many studies that show that majority of traders are losing money.

As for mining, you need a starting capital, otherwise its just pointless.


Just because crypto trading is a skill that you can study, doesn't mean that you will succeed. There are no proven schools or courses or books that give people an edge in trading. The only people who make consistent profit in crypto markets are insiders and manipulators. And maybe some 0.001% of traders who "cracked the pattern".

[Hyphen(-)]

Mindest 1: Crypto is not a get rich quick scheme. If you have the mindset of putting $10 into crypto today and getting $100 tomorrow, please, I beg you do not venture into crypto.Having the get-rich-quick mindset makes you fall for a lot of scams.

This is exactly what many beginners in cryptocurrency have in mind, must of them think they can just invest $10 today and have 50x in short time gap, which is not the way.
one need the basic understanding about cryptocurrency, how it works and the risks involved before jumping into trading. I hope we Newbies will remove greed in our mindsets to learn so as to enjoy cryptocurrency.

[Fivestar4everMVP]

When I entered into crypto space I lack the gut to invest, I learned a lot over and over again before having the gut to purchase my first BTC

It was exactly the same thing for me, Infact, mine was a bit different cus I actually came into this space through a friend who introduced me to a project then, the project was in their ICO, I knew absolutely nothing about crypto but this friend compelled me to invest in that ico, the project later turned out to be scam, and that was how I lost my first ever investment in crypto, after that incident, I decided on my own learn what crypto is all about, that was how my journey began.

 

Google is also a good teacher.

Google taught me over 80 percent of what I know in crypto, I even found and became a member of this forum through Google, it was a joint effort between Google and the project I mentioned above, I actually Google searched the project to know what it is all about, that was how I found a link about the project which lead me to this great forum, and later on became a member here.

Today, I am always proud to tell my friends(those who come to me for education on crypto) that no physical person taught me anything I know of crypto today, I learnt everything through research on Google and this forum likewise many other online sources.

Invest only what you can afford to lose, no matter how good a project utility might seem there is a chance of failure in future.

Another simple explanation is "diversify" and "don't put all your eggs in one basket", many people are guilty of this, when they find a project is looks good and promising, they want to go "all in", if anything goes wrong and project crashes, you end up loosing all your money, but when your money is diversified, you stand a chance of regaining losses on a project from another project.

[alik111]

You are right but Investing and Crypto trading isn't suitable for any new crypto users.Because for investing you have to have knowledge about projects and have to find out is this a legit project.
And for trading you must have knowledge about technical analysis. So be experienced before you decide to invest.

[AakZaki]

it depends on your target and the kind of investment you run.. while some people feel biase or disappointed into cryptocurrency investment, is when you invest without knowing the rudiments of cryptocurrencies, that is while any cryptocurrency investor especially new once needs proper guidelines or orientation of crypto before investing..at times some purchase cryptocurrency because some certain elements is speculating the information of a particular coin and they will queue up to purchase without researching for the potentiality of the project...so such contributes for some people failure during investment.

I think this also happens to everyone in the crypto world especially people who invest. The mindset that crypto is an instant way of getting rich and multiplying money is sometimes a self-defeating weapon. There is no instant way to succeed in crypto, you need to learn because crypto is very broad. Even the crypto world is famous for a lot of scams.
Therefore honestly the mistakes that have occurred you should make a lesson. You have to minimize mistakes and look forward to keep fighting and not give up. Forget what has been lost and keep trying to get it back. I am sure your efforts will pay off according to your efforts.

[The Cryptovator]

I am not sure if OP collects content from somewhere else. But most of the advice is useful for crypto beginners. Because old users are already familiar with this kind of problem. The part of the thread I liked doesn't expect to become rich overnight from the crypto. Otherwise, you will have to cry later. I have seen a couple of things and I learned a costly lesson as well. Need to invest what you can afford a loss, then you don't have to cry. This is the very basic logic in crypto.

[sunsilk]

Most newbies are really bound into investing into a "platform" which promises them with good return because no one tells them to avoid those as it's a scam.

This happened because their belief is that cryptocurrency is a totally safe investment when everything that comes with great benefit will also come with great risk. However, some crypto influencers also have a part in newbies investing in pump and dump coin and this will never stop until the newbies understand that they need to understand how to make a safe investment in crypto.
I am saying this from experience cause i was once a victim of E-Dinar Coin and MMM Japan.

I don't think that it's the actual reason and belief they've got. It's about the quick money that they think circulates in the crypto market and they're thinking that crypto is all about that.

I agree with the influencers.

They're just paid people to advertise those projects and they don't filter and study the project that is hiring them to speak for them so that they can endorse them to their fans.

[ultrloa]

Most newbies are really bound into investing into a "platform" which promises them with good return because no one tells them to avoid those as it's a scam.

This happened because their belief is that cryptocurrency is a totally safe investment when everything that comes with great benefit will also come with great risk. However, some crypto influencers also have a part in newbies investing in pump and dump coin and this will never stop until the newbies understand that they need to understand how to make a safe investment in crypto.
I am saying this from experience cause i was once a victim of E-Dinar Coin and MMM Japan.

I don't think that it's the actual reason and belief they've got. It's about the quick money that they think circulates in the crypto market and they're thinking that crypto is all about that.

I agree with the influencers.

They're just paid people to advertise those projects and they don't filter and study the project that is hiring them to speak for them so that they can endorse them to their fans.

Quick rich schemes on crypto is what mostly promoted by influencers also with your friend which has been hype for certain investment  options where they invest their money, but unfortunately this is totally risky and for newbies for sure they lose their money for those people who promise and easy way to earn money because as always to good to be true offers is not true and for sure scam.

For influencers its easy to spot if they are just hyping easily and we should avoid on what they are promoting to us especially if they have history that the coins or tokens they promoted became scam before.

[taufik123]

I am not sure if OP collects content from somewhere else. But most of the advice is useful for crypto beginners. Because old users are already familiar with this kind of problem. The part of the thread I liked doesn't expect to become rich overnight from the crypto. Otherwise, you will have to cry later. I have seen a couple of things and I learned a costly lesson as well. Need to invest what you can afford a loss, then you don't have to cry. This is the very basic logic in crypto.

The basic logic of how to make the right investment in crypto will certainly never cross the minds of beginners who suddenly enter crypto. Get-rich-quick schemes have indeed become a very detrimental Hype, because they see other people can easily earn a lot of money from crypto. they do not know the process and the risks that will be faced.

I even experienced this get-rich-quick scheme mindset at the beginning of getting into crypto and of course it resulted in a lot of losses, but after getting a lot of experience and lessons on how to invest well, I started to understand what I had to do.