Don’t trust anyone in the crypto space and stop treating crypto personalities as God.
Entrepreneurs, Influencers, and Employees in crypto are all humans and humans have emotions and moods. Humans get corrupted easily and there is no limit to human greed.
Do not invest while relying on a piece of individual advice. No matter how big the name is!
In 2008 during the Lehman Brothers crisis, everyone thought Lehman is too big to fail. Since it was a regulated space the US government intervened and printed $5 trillion to save its reputation and confidence among people.
In crypto, no one will save you – there are no bailouts!
Earlier we had banks, and the problem is no one is sure if all the customers try to withdraw their money at once, will the bank be able to facilitate that? The answer is No!
Crypto exchanges are nothing more than modern-day banks! You are at their mercy.
In crypto, there are three options, you decide:
- Bitcoin:
A software that tells us how a decentralized monetary network will work?It is just a set of codes.
Code can change but people who believe in that code don’t let that change.
Power comes from people and not code. Ethereum:
Pre-mined, meaning the founding team has filled their bags first and then launched the project.
It has achieved substantial levels of decentralization but a recent change in its DNA from PoW to PoS and its impact is yet to be seen. Only time will tell.
Others:
Some are genuinely good and solve real-world problems and then there are others who just want to grab your money.
Treat these as shares and before any investment please do your research.
If you are new to this space, it is highly recommended to avoid them.
- Bitcoin:
Are Crypto Exchanges safe?
Answer: No one is 100% safe, because there are no regulations. A regulated exchange is safer than a non-regulated exchange. So, treat these exchanges as a checking account and not your savings account.
What should I do?
If you are a newcomer to this space, go for crypto exchange in your country that follows the highest standards in terms of security and compliance.
Old timers: should learn self-custody; but it has its own set of risks. It will require time and effort to learn.
Last but not least!
👉Don’t be greedy!
👉 Do not put your life savings in crypto.
👉 Do not take loans!
👉 Only take a 5% exposure on a SIP basis.
👉 If you are 55+ in age please avoid crypto.
👉 Do not invest in shitcoins.
👉 Try to find a career in crypto to earn!
⚠️ DISCLAIMER ⚠️
The above blog is for information & educational purposes only and is not to be construed as any sort of investment advice.
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