At one point in my life I owned over 200 Bitcoins. At the market peak, that would’ve been worth approximately 4 million dollars. I try not to think about this though, hindsight is 20/20 and nobody knew what btc had the potential to be (we still don’t). Because of this lack of understanding, I never set aside anything more than 2 measly bitcoins, I know I know, “that’s still over 30k” yea well, 30k doesn’t set my children up for life in a nice home with a good education.
I am going to list some of the direct mistakes I’ve made over the course of my Cryptocareer, in the hopes that anyone reading will be able to avoid similar folly.
- Do not turn your crypto into fiat. Ever. There are numerous ways to use your crypto to make payments to anything you need. Converting into fiat (government money) will effectively stop your exponential gains on that currency, as well as incur you considerable amount of fees.
- Never participate in Crypto gambling sites. They’re all rigged.
- Stay away from the darknet with your crypto.
- Don’t transfer bitcoin if you can help it, it’s too expensive, move Ethereum.
- Don’t be a slave to the market. If you’re in this game, you’re in it for the long haul. Hodl your coins and enjoy the ride.
- Put as much extra fiat as you can into your portfolio. Keep expanding and diversifying.