10 Crypto Secrets No One Ever Told You!

Disclaimer: The information that is provided here is purely for educational purposesd only. I am not a financial advisor. You should always consult a professional advisor before investing. My results are probably atypical and due to extreme dumb luck, your results may vary……CryptoDaddy

So you want to dive into the crypto pool and take a swim. Awesome! Crypto can be a great way to make some extra cash if you follow a few simple rules. These rules apply to the beginner and advanced crypto enthusiast alike. The secrets I am about to reveal to you may seem obvious but you’d be surprised how many advanced crypto investors have lost thousands of dollars by not obeying these simple rules.

 

The 10 Crypto Commandments

1. Thou shalt Do Your Own Research: No matter what blogs you read, what YouTube influencers you follow, never break this rule. Always, Aways do your homework before sinking your money into any crypto currency or token. I can’t stress this enough. The old saying of ” A fool and his money are soon parted.” applies here. If it sounds too good to be true it probably is. Research, research, and research some more before hitting that send button. Google is your friend, use it.
2. Thou shalt be Patient for it is a Virtue: The lure of fast money in crypto is strong. Be patient. Wait for low points to jump into a particular currency and hold on. you may see your currency fall below your entry point. Hold on. I bought Ether at what i thought was a low and watched it sink $50 bucks per coin. I wanted to pull out as fast as i could nd cut my loss but i stayed the course. I held on and watched it rally back to not only regain the $50 but to jump up another $100. So be patient Padawan. Now i know alot of you want to “day trade” crypto and that’s cool. Just have a plan and stick to it if thats the case. Let no one deter you from that.
3. Thou shalt Secure Your Private Keys from Prying Eyes: What are private keys you ask? You are not ready for crypto yet. See commandment number 1. Not securing your private keys is probably the biggest mistake made by crypto enthusiasts. Also never leave your money sitting in an exchange. Get a good wallet and secure it along with your private keys. Hundres of millions of dollars have been lost by not following this simple yet extremely important rule.
4. Remember Your Crypto Community and Keep It Holy: The only way to truly learn about crypto is to study crypto. A great way to do this is to join a crypto community of some sort. There are some awesome cryptocurrency forums and boards online. Reddit is another excellent plece to find like minded souls who are willing to give you advice. but don’t forget Commandment #1 Once again Google is your friend here. There also are some really inforative YouTubers who make videos about all things crypto. CryptoCrow, Trevon James, CryptoJack are 3 good places to start as well as hanging out here with yours truly CryptoDaddy. But I like everyone involved in crypto am still learning as well. Things change on a daily basis in this market so you have to be willing to study, and learn from the mistakes of others when you can.
5. Thou shalt not send currency to the wrong wallet: This happens more than most people will admit. It is a horrible mistake because it is not fixable. If you send BTC to and ETH wallet kiss that money goodbye. *Poof!* It’s gone and its not coming back. So take your time and pay attention to what you are doing when transferring funds between exchanges and wallets. Double check everything before hitting that send button.
6. Thou shalt not succumb to FOMO: What is F.O.M.O. Fear of Missing Out. This a a real plague to some people. If only I had bought BitCoin at $1.00, if only I had gotten in on XRP at the start. Yeah well you didn’t so get over it. Don’t let FOMO c ause you to make bad decisions down the road. Like your mother used to say if everyone else was jumping off a cliff……would you? Use your best friend……The 1st commandment and DYOR…..nuff said.
7. Thou shalt love 2FA with all your heart and shall save the restoration code offline: What is 2FA? 2FA stands for 2 factor authentication. It is a very secure method of logging into your accounts that uses not only a password or pin code but a second code that is randomly generated and sent to your mobile device or a dedicated key fob after you enter you normal password. This prevents someone who has possibly obtained your password from accessing your account because the 2nd factor authentication is generated and sent to your mobile or fob  which the thief does not have. The restoration code is used ro recover your account in case you lose your mobile or get a new one.It is extremely important that you store the restoration code in a hard copy offline somewhere. So many people have stored them on their phone only to lose the device and have no access to their accounts. Heed this commandment to have a long and prosperous crypto life.
8. Thou shalt leave the Mining to the Miners: Mining is a special subset of the crypto world. Yes you can get free coins by mining them but it takes a lot of dedication to do it. you need a special rig to mine, and you need more than just 1. It also requires a shit ton of electricity. You may need to know a little programming to set your OS up properly to mine. Another way to get some of the benefitsof mininf is Proof Staking or PoS. I will do a full mining poec a little later this summer to give you a better idea on the ins and outs of mining. But for now i’d say unless you’re willing to DYOR and spend some long nights learning then i’d s leave it alone for now.
9. Thou shalt keep a hard copy of EVERYTHING!: Passwords, private keys, public keys, usernames, knicknames restoration keys ALL OF IT! Not a word doc on your laptop but a physical hard copy …you know piece of paper. Handwritten, printed, possibly laminated hardcopy. Even though this is listed as commandment #9 it should be number 2 so heed my words, hardcopy of everything then lock it away in a safe or strong box somewhere treat it like you SS number. Disobey this one and trust me YOU WILL BE SORRY!
10. Thou shall enjoy the ride: Don’t take this shit to seriously. Don’t invest the car payment or the mortgage money in hopes of making the big score. Have a plan and stick to it. Have fun and don’t forget to ocassionally walk away from the computer, play with the kids, and the dog. The real commodity in life is TIME not money, never forget that. Fortunes can be made lost and made again. Lost time can never be recovered. so get up and go play with the kids, shape their minds after all that’s who’s going to be spending your crypto when youre gone.

Until next time, Keep It Crypto.