Here is a list of the most common rookie mistakes and misconceptions in Crypto:
- Just because BTC was a few cents once and went up to $60k+ doesn’t mean other coins who cost a few cents right now will follow BTC’s price development.
BTC has a max. supply of 21million while most few cent coins have a much higher supply. I’m not shitting on any coins here, you should just have realistic expectations. Wish you best of luck & huge gains no matter which you invested in!
- Market Cap is more important than the price of a coin.
Market Cap = Current price of the coin, multiplied with the coin supply.
- You do not own any Coins on Robinhood and aren’t able to withdraw your crypto funds into your own wallet. You can only sell the coins for FIAT. Just don’t use Robinhood at all.
- Ethereum Classic is not Ethereum! If you buy Ethereum Classic (ETC) you’re buying a shitcoin, which is very vulnerable to exploits/hacks
- Coinbase Pro has much lower fees than the regular Coinbase and can be used for free just like the regular Coinbase
- Any (price) predictions are just as accurate as zodiac readings/astrology.
Even a broken clock shows the right time 2x a day.
- For your own safety and to avoid a lot of issues in the future, do not disclose how much Crypto you own to anyone!
- You don’t need to buy a whole coin, you can buy a small fraction of a coin. You could buy 1$ worth of Bitcoin if you want to.
- Stop trying to convert none-Coiners. People will most likely get annoyed by that or they will blame you in case something happens.
- Stop switching coins to chase the pumps. It’s like switching lanes in traffic and most of the time you will land on an even slower lane, while the previous one starts to accelerat