Over the past two months, I have read a multitude of stories about people investing in cryptocurrency and how they are on the verge of bankruptcy and homelessness because of bad advice they received from some YouTuber or blogger who recommended investing in certain cryptocurrencies. The tokens they ended up buying were a flop and either never gained in price, or turned out to be a complete scam in which the company just disappeared into thin air.
People wake up, and use your common sense! If you have never invested in anything before, then how about you begin by learning more about investments, how they work, and why you should or shouldn't get involved with trading tokens/coins online. Investments are a huge risk to begin with. The trick to investing is to minimize as much of the risks as possible by doing research on the company you plan to invest with. By no means should you ever take the advice of anyone, especially those on YouTube who tell you to sign up with a referral link that they provide for you. This referral link provides that person with a commission on what you purchase when you open your account. These types of YouTuber's have been loving referred to as "referral whores" who push any and every possible ICO or token they can so they can get as many of their subscribers to sign up.
The most important rule with cryptocurrency or even stock market investing is this : ONLY INVEST WHAT YOU ARE WILLING TO LOSE! If you know that you will lose sleep over $100, $500, or even $2,000.00 should you lose it, then you have no business investing in anything! If you have to work a second job in order to save money to invest, then investing in crypto is not for you. If you feel that any loss of money is something that you will not be able to bare with emotionally, then investing in crypto is not for you. I look at it this way; whatever amount I intend to invest, I basically kiss that amount goodbye and hope that one day the gods of crypto may return it to me, possibly with massive interest! Thinking this way protects you from your own stupidity and dreams of becoming some overnight millionaire. That picture has been painted with many shades of success stories (some made up) and printed on the cover of a very appealing bestseller book!
Use common sense and don't paint yourself into a corner upon which you need to sell a kidney in order to make your financial ends meet. It is plain dumb to think that you will hit a home run each and every time you are up to bat. In the words of "The Oracle", one of my favorite YouTuber's, "investing in anything is risky". However, should you be willing to take the risk, start small and research as much as you can about investment strategies, the companies you chose to invest in, and make Google and YouTube your best friends. The risks are always great, but the returns could be just as great! Watch YouTubers and how they invest, which companies they chose to invest with, what are their selection criteria, and most importantly, how they plan to turn it into a profit. When you are done with that, search Google for as many reviews on that particular company or ICO that interests you and read through them. Review all the facts and opinions that you have been able to find to help you make the best possible decision. When you have decided on what to invest in, find a friend or a family member you can share your thoughts with and run it through them. Do whatever you deem necessary before making your final decision to invest in order to ensure that you covered all the possible alternatives. Whatever you do, don't be LAZY! Put in the work, afterall, it's your money on the line.
Overall, for godsakes, use common sense and only invest what you are willing to lose! Don't jump into doing something you have no idea about and then turn around and blame some YouTuber or blogger for your loss. Always remember their disclaimer, "I am not your financial advisor...", they really mean it! Neither am I, so what do I know right?