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In this article, we have gathered some of the community’s and our best crypto tips. All to make you avoid common mistakes and become a better crypto trader.
Let us explore the best 11 crypto tips!
1 ) You need to be in control of your own crypto
You can’t completely trust that an exchange will always protect your cryptocurrencies.
This is an extremely important crypto tip to be aware of. Remember it’s you that is in control of your own crypto, not the exchange, not a bank, or a government.
2 ) Use but don’t overuse the market cap
A cryptocurrency’s market cap is a way to value a cryptocurrency. And it is measure commonly used to rank different cryptocurrencies with each other.
Use it to see if similar types of cryptocurrencies are over or underpriced.
(Market cap = Circulating supply x Price)
– Learn more about how market caps works and how to best use it
3 ) Set profit goals (for cashing out)
Don’t make the same mistake that thousands of people did during the bull run, holding hoping your portfolio will increase a bit more before cashing out. Instead set several smaller profit targets along the way to that final goal.
If end goal is $100,000 USD set $25,000 + $50,000 + $75,000 USD as profit targets. You and your bank account will thank you if you listened to this crypto tip during any bull run!
4 ) DYOR
Do your own research or DYOR is a common expression used in the cryptocurrency community.
And we think it’s one of the better ones. Because it means that new users should before they jump straight in, do take your time to understand what cryptocurrencies are.
5 ) Only invest in PoS cryptocurrencies that you believe in
There is no point having lots of coins that in a few year’s time will be worthless?
The value of your cryptocurrency can both appreciate and depreciate in value during the time of staking.
This can have its benefits as you’d get more coins for your effort when it’s worthless. But you need to always re-evaluate the future value of your cryptocurrencies.
6 ) Ask yourself twice before jumping in
Take five minutes to cool yourself down. Ask: Is this a smart investment? Do I believe it will increase in value because of X and Y reasons? How much am I willing to lose?
When you can answer those questions then you are on your way of investing in cryptocurrency the right way.
7 ) You don’t have to buy whole Bitcoins!
You can buy them in fractions. From 0.1 Bitcoin down all the way to 0.00000001฿ (Satoshis, the units) – a simple but sometimes missed bit of crypto advice amongst beginners.
- Read our beginners guide to help you invest in Bitcoin
8 ) Cryptocurrencies are like stocks, fonds and other investments
And they might change in price. Don’t panic. It’s easy to panic when you see your investment go down in price.
But if you only make decisions that are planned and researched you will end up much calmer, and make smarter decisions.
- Find out more about Crypto vs Stocks
9 ) Never share your keys!
Don’t forget that you should never share your private keys with anyone. And keep them somewhere safe.
A good idea could be to store them on other secure cryptocurrency wallets hidden safely away where only you can access them.
- Read our guide for best tips to protect your cryptocurrencies against scams, hacks and other risks
10 ) Check the URL twice!
Make sure that the website address you’re accessing is the correct one, there have been several phishing hacks with crypto throughout the years. Where fake website addresses have been created to fool you to login using your credentials.
So make to check twice before accessing any website. And check that they are using HTTPS the added security protocol to websites. Please, take the extra five seconds it takes to make sure you are accessing the right website.
11 ) Avoid FOMO!
Perhaps one of the most common but still one of the most important crypto tips! You should have a clear strategy for how your cryptocurrency trading works. That means that FOMO doesn’t exist in your world. But you can still make use of other traders’ FOMO urges.
Best ways to get started with Bitcoin and cryptocurrencies
If you are looking for smart tips to get started with Bitcoin and cryptocurrencies then we have a full popular guide that will help you – a guide to investing in cryptocurrencies
Useful sites and forums to visit to keep track of the cryptocurrency market
It’s important to always keep an ear to the ground. To find the latest news, rumours, and insights. We promise you, it will be worth it. You might not know it at the time of reading that article, blog post or forum discussion. But eventually, it might be the insight needed to pick a cryptocurrency winner from the group.
So we have listed our best tips on websites, forums, and other channels to stay on top of all things crypto!
- Reddit – There are a bunch of different subreddit pages, dedicated to cryptocurrencies and blockchain. The biggest subreddit in the world for this topic is CryptoCurrency. But besides that there are hundreds of pages, often the major cryptocurrency projects have their own subreddit page. So have a browse a Reddit once in a while to get new insights from fellow crypto fans.
- Bitcointalk – This is the original Bitcoin and cryptocurrency forum. Famous for being the first and biggest forum centred around this new emerging technology. It is still one of the biggest and most popular forums dedicated to Bitcoin and cryptocurrency markets. Learn about new crypto projects, get reviews and engage in discussion with the rest of the community here. Also, it is founded by the same person (or group) that created Bitcoin, Satoshi Nakamoto. He was himself active from 2009 to 2010 and have never since been seen
- Check out the telegram channels for your crypto-specific company. If you are a big fan of Ethereum, Cardano, NEO, VeChain, etc then join their Telegram channel.
Other popular guides:
- How to sell Bitcoin for cash
- 6 Great Coinbase alternatives
- What is Crypto Mining? Find out Everything You Need
- What is a cryptocurrency?
Find more interviews and news here on our blog!
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier