Best Crypto Tips and What You Should Avoid

There’s a lot of information online about crypto investment and what you should do with it, but people still make mistakes that cost them their whole investment. YouTube is a great source of safety tips and figuring out which coins are a scam and which ones you can trust. But, you should be careful who you trust because everyone is looking to make a profit.
Some people love to spend their money on the best online casino and others like buying NFTs, so it also depends on your preferences. There are some things that everyone should take into consideration and some that everyone should avoid. Things are constantly changing in the crypto world so it can be difficult to keep up with the trends.
Have A Strategy If you Trade or Buy Coins
A lot of small investors will just purchase a coin that seems legit and they wait for the money to come. But, that usually results in a waste instead of making a profit. For every investment, you should have a strategy that you will stick to.
Having a strategy doesn’t mean joining certain groups that will share their ideas, instead, it means doing your own research and making a strategy yourself. You can join as many discord and telegram groups as you wish but in the end, make sure that you would do the same as they suggest.
Have at Least a Few Investments
It’s great if you have a few Bitcoins in your wallet waiting for that $100K mark, but there’s a big chance other coins will also become huge. This is why you should research other options and have a diversified portfolio. Some of the things you can check out are altcoins, meme coins, and mining options.
Meme coins are a big gamble but knowing when to invest can bring you success in the crypto game. For altcoins, you will need to do a bit of research because there are so many scammers that love rug pulling which is taking a huge part of the market cap by the coins devs which leads to a disaster.
Mining is still a great option because it isn’t affected by the changes in the market and it will exist forever. Something that is very popular nowadays is cloud mining where you can just rent hash power and the facility will mine for you. You can calculate how much profit you will make based on the expected value of the coin you are mining.
Purchasing Low Priced Coins
One of the mistakes many people make is purchasing a certain coin only because the price is low or dropped. It’s usually a great idea to purchase when the market dropped everything but some coins will never get back up.
Bitcoin and Ethereum are the only two coins that have a high chance to rise back up after a drastic fall. This happens every year and after the drop in 2022, it’s expected to rise back and break new records.
Influencer Coins
Another big mistake is to believe a certain influencer that you follow that a certain coin will be huge. They won’t promote a certain coin unless they get something out of it which means that they will gain something for sure and they won’t guarantee for you. Many of these scams have been documented on YouTube and you can check how they are executed.
You Can Automate Everything
Trading with crypto has proven to be a great source of income for people that have a background in trading. The reason why some of them are earning thousands of dollars on a daily basis is that every coin drops and rises dramatically on a daily basis.
If you see a pattern in some coins, you can make or hire a bot that will do the trading for you. You will need to make small investments to try the bot and figure out if you get something by the end of the day. These bots can purchase, sell, and do many small tasks for you.