My first foray into cryptocurrencies: what no one tells you about investing in 2024

What despair I felt the first time I tried to invest in cryptocurrencies! The screen full of graphs, unknown terminology, and that constant fear of losing all my money. After several costly mistakes and many sleepless nights, I have decided to share my experience so that you do not have to go through the same.

Find a platform that doesn't rob you

The first thing is to find a place to buy your first coins. There are many platforms, some better than others. Not all are the same, and some charge absurd fees that eat into your profits. I have tried several, and many leave much to be desired in terms of security.

When choosing where to invest, consider:

• Security: Two-factor authentication is the minimum. If the platform doesn't require it, run away.
• Ease of use: If you need a doctorate to understand it, it's probably not for beginners.
• Variety of coins: You don't want to be stuck only with Bitcoin.
• Commissions: Some platforms fleece you with every transaction.

For newcomers, Bitcoin, Ethereum, and some other major coins are a good starting point. Don't be swayed by promises of quick profits with unknown coins.

Investigate or cry later

Don't be like me, who bought a cryptocurrency just because an "influencer" recommended it. Two days later I had lost 40% of my investment.

DYOR ( Do your own research ) is not just a nice acronym. Before putting your money in, you should understand:

• What problem does this crypto solve?
• Who is behind the project?
• Do you have an active community or just bots on Twitter?
• How has it historically behaved?

I have seen too many promising projects turn into smoke. Do not blindly trust "experts" on YouTube or Twitter gurus.

Your money, your responsibility

Once I bought cryptos and left them on the platform. When I tried to access them months later, the platform had "temporarily closed". I never recovered that money.

You need a secure wallet, whether it's a reliable app or better yet, a physical wallet. If you don't control your private keys, you really don't own your cryptocurrencies.

When choosing a wallet, look for:

• Robust security features
• Ease of making transfers
• Compatibility with your coins
• Backup options ( this is crucial!)

Strategies that work ( and those that do not )

I have learned some lessons the hard way:

1. Start small: Don't put in all your savings. The market can be brutal.

2. Constantly learn: The crypto ecosystem changes every week. What was valid a month ago may be obsolete today.

3. Diversify: Don't put everything in a single coin no matter how promising it may seem.

4. Averaging: Buying small amounts periodically works better than trying to "hit" the perfect moment.

5. Security above all: Use strong passwords, 2FA, and never share your keys.

6. Be careful with ICOs: Many are elaborate scams with nice websites.

7. Exit plan: Decide in advance when you will sell, both for losses and gains.

Cryptocurrencies can be exciting and potentially profitable, but also extremely volatile. I've seen people lose everything due to greed or panic. Don't be one of them.

Invest with your head, not with your heart. And remember that no one, absolutely no one, can predict with certainty where the market will go tomorrow.