Since starting out in crypto, there are a whole bunch of lessons I’ve learnt either the hard way, or from the experiences of others.
These things vary from the important basics of investing in crypto, to the broader things like how to find balance and enjoy the experience.
To fast-track your own crypto journey, I’ve decided to write a little about these lessons for you, so that you can spend more time making money and having fun while doing it!
First things first, you want to completely understand the project you’re investing your money in.
Every cryptocurrency project should generally have a “whitepaper” – a technical document which gives you all the ins and outs of the project.
This document should usually include everything from the project’s aim and solution, to information on the team themselves. Important figures will also be included, such as the total number of tokens and how they’re being distributed.
Whitepapers are straight from the horse’s mouth – the project team themselves. This makes it one of the most reliable sources of information that you can get.
Being in crypto doesn’t have to be all work and no play.
It can get stressful at times – it always is when there’s some money at stake.
It’s also important to remember, however, that is a once-in-a-lifetime chance to be a part of the very origins of the internet 2.0.
Play around with new platforms and products, and enjoy the experience. We’re a meaningful part of a technological and financial revolution – that should be rewarding enough in itself 
In order to enjoy your experience in the crypto world, its important to surround yourself with the right people.
This doesn’t involve just looking for people who know what they’re doing, but people who are also friendly, honest, and have positive attitudes.
Crypto is an emotional rollercoaster and it’s important to be around mature people who know how to roll with the punches and enjoy the ride.
Attitudes are contagious!
Cryptocurrencies are super volatile and having money in the game means endless ups and downs.
The worst thing you can do as a crypto investor is become glued to the screen looking at charts all day – it’s addictive, but super counter-productive!
Placing too much attention on short-term price swings can lead to losses very quickly via the temptation to over-trade, not to mention being an unproductive way to spend your time.
If you ever find yourself staring at charts all day, put away your device and get out and about and enjoy the other parts of your life!
Crypto is a niche that’s highly attractive to those who want to make money. Unfortunately with that, comes some dishonest people and projects.
It’s important to keep a little scepticism in your mind for anything crypto, and take everything you hear with a grain of salt.
Although big returns in crypto are common, they’re never promised or guaranteed – stay away from any projects or people who promise large returns on your money. These are always scams.
Keep your investments and trades to an amount that you will be comfortable losing.
There are plenty of things that can go wrong in crypto; projects fail, exchanges have been hacked, and prices can crash.
Of course, there is also plenty of room for some big wins – but we can’t bank on winning every time.
Invest only what you’re willing to lose, so that you can walk away financially stable and content regardless of what happens to your investment.
In financial markets, if everyone agrees on something, they’re usually wrong.
After all, if everyone has already bought into a coin and there’s nobody left to make a purchase – how will the price go up any further?
A famous example of “group think” was when American news station CNBC aired a segment on how to buy Ripple in 2018 – at a time where the masses all believed that it was a great investment.
Funnily enough, Ripple only traded above its price that day for a week, before plunging more than 90% over the next few months.
Learn to go against the crowd.
Fear of missing out, known more simply as “FOMO” is one of the biggest killers in speculative investing.
It can be tough watching others making money when you’re on the side-lines, and there will always be an urge to jump on the train late.
Usually the best thing you can do in this scenario, however, is sit on your hands. Buying into an investment that has already rocketed upwards is risky, exposing you to much more downside.
There’s always another rocket to jump on in crypto. Remain patient, and wait for the next ride.
Rumours and exaggerative claims are a dime a dozen in crypto.
Stay sceptical about everything you hear in this niche – especially eye-catching headlines, tweets, and other sources of “news” in the niche, which are often designed purely to get your attention.
One perfect example of this was JPMorgan CEO Jamie Dimon’s infamous quote in 2017: “Bitcoin is a fraud”. News outlets everywhere reported about the banker’s bold claim about the cryptocurrency, only for Dimon to retract his comments two years later.
Now, Dimon have come full-circle, saying he believes in the technology behind it – with JPMorgan even going as far as launching their own cryptocurrency coin.
Actions speak louder than words, and this is truer than ever in crypto.
One things that people get carried away with in crypto is how “cheap” or “expensive” a cryptocurrency looks, from its unit price.
What really matters, however, is the value of the project as a whole – a value we call the “market cap”.
The market cap is more important to look at because it shows us just how big the company or project already is and how far it can grow.
Whether $100 dollars buys you 1 unit of a project, or 1000 smaller units of a project – all you want to know is how much your $100 investment can reasonably grow. The number of “shares” you get is usually irrelevant.
The timing of an investment matters much more than the size of an investment. Choosing the right time to invest just a small amount of money into a project can make all the difference.
Your aim is be early, when prices are low and people are fearful to buy – this is what leads to the biggest wins.
Conversely, if you buy when something has already shot up like crazy in value and everyone is talking about it – this is what leads to the biggest losses.
Buying $100 of verge in January 2017 would have made you a profit of over $1 million only a year later.
Compare that to buying $100 of verge in 2018, which would have left you with just $1 two years later.
Allocating money to a cryptocurrency investment should be done with risk and reward taken into account.
You’ll want to make sure that coins with a high risk (which usually come with large upside potential) receive a smaller allocation, whereas coins that are low risk (which have smaller, yet more certain upside potential) get a larger allocation.
For example, a coin like Ethereum would deserve a large allocation, since it’s a tried and tested cryptocurrency, which almost certainly has a future and some upside.
Be reasonable with your investments and understand the risk and rewards that you’re taking with each allocation.
Research is everything. Knowing all about your investment, what’s going on with it and who’s behind it is very important.
All too often, people don’t take the time to look into what they’re throwing their money into. This is a huge mistake and will often lead to ruin.
Take the time to understand your investment, and get your finger on the pulse so you know what to expect – no nasty surprises!
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