I just finished a lesson on coursera that I think could benefit some beginners here. One of the key point was that before deciding to invest on cryptocurrency, it’s important to seek professional investment advice and take time to understand how the market works for the fact that crypto is volatile and considering the fact that cryptocurrency can be confusing from the early time.
Went through some post post here and had to also add this, I understand that higher- ranked members might already know this I just posted but not every member does. Remember every expect was once a beginner, and so sometimes the most basic advice can save someone from a costly mistake. Let’s allow new members the space to learn and settle in.
Source: coursera - cryptocurrency to watch
You nailed it! Everyone should seek guidance and dedicate themselves to research before investing, not just in crypto, but in anything involving finance. Haste is the main trigger for mistakes in crypto or any other investment.
Once you invest money in something wrong, regret it, and want to correct it, the cost is much higher, and you'll usually start losing money right away.
As for Bitcoin, it's a fact that blockchain, volatility, wallets, fees, and regulatory risks are just some of the issues that confuse many people, and there are many others for those who want to delve deeper into crypto investments. I myself started out just accumulating Bitcoin from faucets and keeping it in my wallet. It was only later that I ventured into buying and trading.
I just want to add one thing about seeking professional help. I think many traditional financial advisors don't even understand crypto or are still very prejudiced against it. I think the best help and insight you can find is from the community itself, in forums like this one, for example.