Dan Schatt and Domenic Carosa, executives of a social-first crypto platform and marketplace, Earnity, know that information is key to a buyer’s success. But despite the countless resources available online regarding crypto buying, some buyers still commit mistakes that equal significant losses.
It is a fact that buying crypto can be a great way to earn a profit. But like any purchase, there are several pitfalls that buyers, especially new ones, need to be aware of when it comes to digital currency. Below are some of the most common mistakes that new crypto buyers make. Earnity’s Domenic Carosa and Dan Schatt wish to help people become educated on crypto.
Not doing research: It can’t be emphasized enough how important it is to conduct research before buying cryptocurrency. Make sure you understand what the coin is and what it’s used for, as well as the team behind it and their track record.
Not having a plan: Another common mistake is not having a plan for how you’re going to spend your money. Decide how much you’re willing to risk and what you want to achieve from your purchase.
Focusing on short-term profits: Some people buy cryptocurrencies with the sole intention of making a quick profit. While it’s possible to make money this way, it’s also very risky. It’s important to have a long-term strategy if you want to succeed in cryptocurrency purchase.
Not understanding the risks: The world of cryptocurrencies is still relatively new, and there are risks involved in buying them. So, make sure you understand the risks before spending your money.
Not using proper security measures: It’s important to use proper security measures when buying cryptocurrencies, such as strong passwords and two-factor authentication. Failure to secure your purchase could lead to your coins being stolen.
Buying without any experience: If you’re new to cryptocurrency purchase, it’s important to start small and learn as much as you can before buying larger sums of money. Trying to go too big too soon can be a recipe for disaster.