Word of advice from a seasoned filthy casual

Lot of new people here, so I wanted to pass on a few quick tips. As stated I'm a filthy casual, but I feel that I have enough credentials to pass advice along. 1) I made my first crypto purchase for $50 of bitcoin in April of 2014. 2) I've been semi-active/lurking on this sub since around that time and even won one of the 3 ledgers given away in the 100k subscriber contest. 3) I have HODL'd this entire time.With that out of of the way, here is my advice:1) Do invest weekly/bi-weekly/monthly even if it's just small amounts.2) Don't worry about what everyone else is doing, in terms of how much money they have and are able to invest. You do you, whether you are investing small because that's all you have, or if you are investing small because this is new technology, it's confusing and you want to start small while you learn.3) Be Careful, you will lose your money in a heartbeat. Real people have lost real money on this fake internet money everyday. Scam after Scam after Scam. Errors and Typos. Lost Wallets. Hang out on this sub long enough and hopefully you hear enough horror stories to scare you straight. If you have money in Crypto, you should be worried. You should have a heightened level of awareness around everything you do.4) Avoid small transactions. When I first started out, I was amazed by the fact that I could take $100, but it on an exchange and purchase $1 worth of 100 different Alt Coins. I might as well have taken that $100 and flushed it down the toilet. Most of those purchases went down in value until they were official defunk, then the coin was removed. Some are still there but there is no way for me to pull the money out due to fees.5) Despite number 4, don't put all your eggs in one basket. I don't care how much research you think you have done, you really don't know anything about what's gonna happen to the value of these coins. Have your safe stable of coins holding the majority of your funds, but also have some fun and throw a few dollars at something new or exciting. Most fail, but the ones that pay off usually make up for it and you get to say that you knew about it first.6) As they say, not your keys = not your crypto. There have been so many online exchanges that have gone under. If you take a little time off from watching the market, it feels like you blink and you're money is gone because the exchange is gone. Or the exchange decided not to deal with your coin anymore. Hard wallets are coming down in price, invest in one.​That's my ramble. Thanks for reading

Submitted December 08, 2020 at 01:08AM