So I started crypto trading about 4-5 months ago. I started reseaehing about what is cryptocurrency, blockchain technology, decentralization, smart contracts, and other related material. I have learned so much and I enjoy it so much. I literally work a 8 am to 7 pm job, but still find myself just looking up things all crypto on my free time, and investing in some alt coins after some critical thinking. It truly makes me happy that I've found another thing that sparked my interest and now has been a lot of what I do on my spare time. With having dedicating a lot of my spare time into crypto, I am conscious and very aware (of)/what (how)/kind people are in the market, how the market works, how it can be influenced, and other factors that can change the volatility even more in the market. Even though I've only been in the crypto space for about 4 months I can tell you what I've observed and analyzed in those short months about this crypto space. (1.) I've learned not to trust and listen to all of the Youtubers on the site; I have seen it by several YouTubers that have exploited their own VIEWERS for monetary gain. Considering that I'm going to be jumping into YouTube soon, I have set myself to a very high ethical standard list that I will share with later on! I cannot believe these Youtubers hype up a coin and make their own viewers FOMO so they hop on and make a purchase then they cash out once it hits a nice all time high. That frustrates me because these are some people who (probably shouldn't be investing if they just take the word of other people on a monitor) have been taken advantage of and exploited for their own funds so this YouTuber can reap all the profits. I have seen it several times so something I learned not to trust just the words that come out people's mouths.
Questions I ask myself:
- Why is this coin good?
- What problem is this coin trying to solve?
- What makes this coin unique?
- What industry are they trying to touch?
- Who are the founders and development team?
- Do they have a white paper published?
- Are the founders active on social media?
- Are the founders/development teams transparent? Do they show LinkedIn's, Facebook, Discord, Reddit, Twitter and other social media?
- What does the roadmap look like?
- Why is this YouTuber saying this coin is great?
- Is the YouTuber informing/educating you on the coin itself or are they just telling you to buy it?
- Do you believe this YouTuber is being transparent? (Nothing wrong with getting paid by the companies for a review, just tell your audience what you are doing and be honest.)
- Do you believe this YouTuber is honest?
- Do you believe in this coin? Always ask yourself this question before investing thoroughly!!!
There are not just whales 🐳 out in the crypto sea 🌊 .... there are plenty of SHARKS 🦈 in the water that are out to take all of your hard earned money! A lot of us are minnows 🐟 trying to get big by investing in the right companies/coins that we believe will change the world. I will be posting my opinions on what I'd do to protect myself from scams and sharks. I always recommend to do your own research and be very assertive when using the crypto market I don't care if you're a newcomer like me or an OG. You can never be too safe! Research the coins/companies you are putting your money in! Do not invest what you cannot afford to lose guys!
