posted on Nov, 6 2021 @ 06:00 AM
There's been increasing interest in cryptocurrency and like or not everybody reading this will be using crypto in the near future, if you aren't
already. It will be done in some ways that have no observable impact on your life. Other things you'll notice as new or changed, but the blockchain
portion will almost never be apparent.
Why should you listen to me? Don't. Fact check me, look up your own information, and come to your own conclusions. I recommend you apply that
Here's some helpful hints.
Pretty much everywhere is full of unethical shills that are pushing their own crypto, getting perks for pushing a crypto, or they are simply
generating clicks. This applies to projects I like too. This isn't rocket science and crypto is not immune to the same forces as everything else.
These people are like political pundits or sports commentators. When you see a thumbnail of some moron's face with veins popping out of his forehead
and a big green arrow on the chart, you know you've gone astray in where you get your financial advice. These are 20-somethings who grew up with Jim
Rome clones. Forgive them, but don't encourage them.
It's difficult, but not impossible, to learn technical analysis without hands-on help. I came into crypto having been licensed by the NFA 20 years
prior and having passed the Series 3. Without the prior time and experience in markets, even in crypto hard and heavy for two years, I still would not
be able to find my backside with both hands and a map. A better idea for getting started is to learn how to read the charts and partake of lots of
other people's technical analysis. You can find chartists you like or find specific preprogrammed charts on TradingView or other sites that you feel
comfortable and confident with. Do not rely on a single source or a circle-jerk of sources saying the same thing.
The whowhatwherewhenwhy&how is actually just as important as that chart you're looking at. Charts are showing you the trends that are mostly driven
by speculators and manipulators, not utility. This is going to change, soon. The answer to 5W&H is your utility. Who is going to use this? What are
they going to use it for? Where will this token be used (industry, retail, tech, logistics)? When will this token become a viable product? Why do they
need this token? How does the token actually do it at scale and at reasonable cost? A good idea doesn't mean that there is a practical application.
How they deliver is important. Crypto requires developers to be advancing the project. BTC was created by Satoshi, but without the continued
development and support of others it would have been dead in the water years ago. It's only still relevant because people are working on ways to
expand the use-case. Just keep asking questions and looking for answers. Dig.
Almost everything you hear is at least partially incorrect. Welcome to reality. In my crypto experience during internet encounters the more outwardly
confident and certain the person is the more likely they're misinformed on something critical. Unironic memecoin shillers are almost all completely
misinformed because the people they listen to are unabashed scammers. The best and brightest I've encountered are all wrong often. You will be wrong,
The first thing you should be doing once you put money in is trying to prevent catastrophic losses. You don't have to make a ton on every trade. You
DO have to prevent huge losses on every trade. Start with throwaway money. If you're the kind of OCD that can manage to keep up with mock trading
then do that on the side. Along with my regular trading and reviewing I've tried different tools, without spending real money, to assess if they work
and how best to use them. Once you're confident you can manage to not lose your shirt then you can start improving your profit.
Time is your friend in crypto if you've invested wisely. If you stick with utility tokens that you've vetted then time is on your side. We're in
the early days and utility is going to be here to stay. There will be overall market trends like the stock market. Dollar cost averaging by buying
during price dips is a popular strategy for people that aren't short-term traders and those without the time to research optimal positions for large
You can check in any time you like, but you may never leave. Unlike most traditional stocks, futures, and other derivatives, you have to pay attention
to volume and liquidity. If there is no volume nobody is buying and selling. This is exchange specific for each token it supports. Most of the
centralized exchanges maintain a certain level of liquidity for coins they list. Decentralized exchanges with custom pairs and orders may have nothing
in place like that. The more obscure your token the more likely you will need to keep an eye on this. There are several jokes here about liquidity and
getting painfully screwed. I'll let you discover your own punchlines, just mix and match.
Crypto isn't just for buying and selling. I am currently in a staking pool that is paying just over 250%APY, paid daily. It works out to about a .75%
return daily. If you stake 10k, you get 75$ a day. This is a particularly good staking reward, but in general the potential residuals in crypto blow
away regular finance. Your tokens are taking the place of banks, facilitating contracts and processes, loans and escrow, providing liquidity to
exchanges, and providing signal services. Your rewards are high, the user's costs are low, and everybody can get fat and happy. Fow now. These
opportunities will slow down over time and returns will average lower. It's still probably the most accessible way for a person with fairly average
means to begin building a base of residuals to support their lifestyle in the future.
There are a number of ways your crypto can make money. Some crypto assets provide a benefit for anybody holding the token. You can either be paid gas
fees, interest, or some other kind of reward for delegating your tokens to a specific purpose. Some tokens are utility NFTs. Yes, NFTs can be used for
digital art and garbage. NFTs can also be used for nodes and oracles. NFTs will be how all titles are recorded eventually, proving ownership of
physical objects along with all historical data. Some of these NFTs provide rewards.