Updated: Sep 30, 2021
These are a few of the most valuable lessons I've learned after spending years in the crypto space.
Find your niche
Enthusiasm is your best friend. Find projects that inspire you and become an expert in their field
Examples: NFT, DeFi, Privacy, Metaverse, Exchanges, Memes, etc.
Only invest in what you are a user of
Most common uses of crypto: Paying fees, Staking, DEX tokens, Governance
Many of the top cryptos like BTC, ETH, BNB are primarily used for paying fees
Staking is an easy way to earn interest from crypto you plan on holding
DEX tokens are valuable for governance and discounted exchange fees
Governance tokens are valuable if you plan on being a long-term community member
Key takeaway: You will feel more comfortable holding onto coins that you regularly use
Get to the front of the information totem pole
Join Discord and Telegram groups for projects you are invested in
Keep up with project development and interact with devs
The sooner you receive information, the greater edge you have
Invest in communities
Generally speaking - crypto projects with the strongest communities end up having the most success in the long term
Helping others goes a long way in the crypto industry; investing your time into communities is as valuable as investing your money
Don't lose interest during bear markets
Find a way to stay interested even when the price isn't pretty
The crypto market rewards passivity; the longer you hold, the greater your returns are
Bear markets are where the real money is made
Keep these tips in mind and your chances of making money in crypto will skyrocket. The key to successful crypto investing comes down to finding communities that you are genuinely interested in and learning as much as you can about them. The more knowledgeable you are about a project, the higher conviction you will have in your investment. Crypto bear markets can be extremely rough, but previous cycles tell us that holding onto projects with strong network effects can generate the biggest returns.