THERE’S NO MONOPOLY OF KNOWLEDGE IN THIS INDUSTRY. LEARN!
There's so much going on in the crypto industry to know it all. If you want to stay long here as a beginner, you must read this
The majority of crypto enthusiasts and leaders you see today are barely 3-4 years old in the industry- and that’s a good timeframe, considering that the industry is still relatively new and has experienced a lot of changes since then.
When I got into the cryptocurrency space, I thought it was going to be a smooth ride. For one, I thought I was going to own a yacht by the end of the year (scoffs). No doubt there are a lot of lucky people out there in the crypto space who were part of the 2017 gold rush (bull run), even those who have made the right trades afterwards, invested in certain cryptocurrencies and turned over their capital massively in a short period. However, the majority don’t have it that way. It’s just not that simple.
Over time, I’ve had to gain knowledge and understand that this isn’t going to be a pretty straight-forward journey, but something we’re all going to win down the road.
As a beginner, one of the things you shouldn’t be doing is investing ignorantly or too confidently. I guess Warren Buffet said it better -“Never invest in a business you cannot understand”. Most people get burnt starting in a hurry. The first and most important factor is educating yourself on what you’re about to invest in. Learn how it works, who they are working with/ going to be working with. What’s the value proposition of the project and why do you think it’s going to have a good future? Will the token price rise alongside if the project delivers efficiently? What’s the relationship between the project and the token?
When your money is on the line, nothing is more important than getting knowledge.
Considering the complexity and dynamic nature of the industry, one thing I can guarantee is that there’s absolutely no single individual in the crypto or blockchain space that knows all that there is to know. Continue to educate yourself about the exciting projects you come across. You might even get a job with one of your favourite projects someday. It’s easier to stick to your investment decisions when it’s backed by knowledge.
We’re early. We all need to understand that and act accordingly.
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