1. Don’t think about getting rich right away; first, understand the rules.
The cryptocurrency world is like a 'casino'; if you go in without understanding the rules, you'll definitely get 'scammed'. First, learn what blockchain is, what Bitcoin and Ethereum are, what these coins are used for, what wallets and exchanges are, and what gas fees are. At least understand the basic concepts.
Tips from the ground:
Just like checking out the beginner's tutorial before playing a game, don't rush in without knowing where the 'in-app purchases' are. You can watch cryptocurrency educational videos on Bilibili or browse some blockchain forums to catch up.
2. Don’t have a 'gamble all' mindset, start with 'small investments to test the waters'.
The cryptocurrency market is highly volatile; it can double today and be cut in half tomorrow. If you go all in, your mindset will collapse. Start with some spare money to test the waters; if you lose, consider it a lesson learned, don’t put in your meal money.
Tips from the ground:
'Invest spare money and learn to cut losses', don’t keep dreaming of getting rich overnight; it's others who get rich, you might just face huge losses.
3. Understand the 'market manipulation' and learn to observe the market.
The cryptocurrency world is very deep and full of 'insider information' and 'scams'. If you're not careful, you might just be that 'prime target'. Look at market charts more often and listen to reliable analyses from insiders, don't be fooled by social media KOLs' recommendations.
Tips from the ground:
When you encounter someone who frantically shouts 'XX coin will go up 10 times', first take a moment to think: 'Why would a good thing happen to me?'
4. Prepare your wallet and address security issues first.
What’s the biggest fear in the cryptocurrency world? Losing your coins! Learn to use cold wallets (like hardware wallets) to store your coins, don’t put all your assets on exchanges. Also, don’t click on random links and don’t trust 'free coins', it’s all a trap!
Tips from the ground:
Your wallet is your 'money box'. If you lose your password, no one can help you. Remember your recovery phrase as seriously as you would your bank card password.
5. Join reliable communities, ask more questions, and observe.
Newcomers in the cryptocurrency world are most likely to fall into pitfalls. Hang out with the veterans, listen and ask questions to avoid many detours. There are still many Web3 communities and DAO organizations; getting involved not only allows you to learn but also to access some resources.
Tips from the ground:
Don't join 'coin recommendation groups'; 90% of them are scams. You can find real project communities on Twitter, Discord, or Telegram.
6. Clarify what you want to do: speculate or focus on technology.
There are two types of people in the cryptocurrency world: one is 'speculators' who obsessively monitor K-line charts; the other is 'tech enthusiasts' who deal with smart contracts and develop DApps. If you want to do well, first clarify whether you are into short-term investments or if you want to solidly learn some blockchain technology.
Next, I'm planning to ambush a potential insider coin, just like I did with AVAX yesterday afternoon, which surged by 24% the next day.
I can't disclose this insider coin here, mainly concerned that it’s too heavy to pull.
If you have any thoughts, drop an 8 in the comments.
