This Post will Not Give You a Job but 13 steps before Buying Cryptocurrencies

This post will not make you a millionaire or give you a job. This is a post about cryptocurrency.

Yes. Everyone I know or follow has been yapping/wapping/dabbing about this world. So do I.

But this is not a post about How to be a Millionaire through cryptocurrencies. Oh No.

I can write that to be honest. But guess what, wealth takes time, patience and research. The things I rarely see people ( new investors in the crypto market ) do today. Rather, there are pump and dump groups on Telegram /Reddit which blindly tell you to invest in certain coins.

Remember, there is no single / easy "Lets become a millionaire" tablet unless you are born into Donald Trump's family.

Disclaimer - ( Before people start butchering me, let me put it out there, I have been dabbling/investing in the crypto world since 2013 and have only seen the community grow bigger and better. Some amazing things have happened in the last few months in the blockchain world.)

But at the same time, I have seen people make money and loose money in this process. Most of the times hard earned money from their day jobs.

Believe me, there are some fantastic companies today building stuff in the crypto world.

But

crypto investments need patience, research and time. Below are a set of guidelines that I have followed over the years while investing in the market. They are still true 10 years later.

Checks Before Buying Coins

• Check details on the team behind the coin, who is backing them, what the platform intends to do.
• Read the underlying white-paper of the coin. Try and understand what the technology intends to do. ( I read the Bitcoin white-paper again and again for months before I dived in. This is back in 2013 when there were hardly articles written in plain english for average Joe's like me to comprehend. )
• Research on their leadership team and what the communities are saying about the coin and the founders on telegram and Reddit groups/forums.
• Check how resilient the coin behaves on exchanges when there are major dips.
• Check chatter on social forums on the development timeline for the coin and circulation.
• Crypto has risks. But crypto investments do not have a layer of insurance. Invest so much for the first time that you are okay to loose if things go south.
• There are lot of words in white-papers which first time crypto investors will not understand. Ask those queries on Forums in Reddit/Telegram or just Google it.
• A great repository to learn everything crypto is on https://a16z.com/crypto-startup-school/…
• Please resist FOMO. Just because a coin is trending, do not just jump and invest in it. Chances of you loosing out years of wealth gained on crypto is high.
• Do not trust random "Influencers" on Youtube/Instagram pitching for certain coins. Research first. Buy second.
• You do not need to buy the entire coin. You can buy fractions of a coin. This is like fractional investing in shares in the US market.
• Understand the taxation based on the country you are in.
• This is debatable but Dollar Cost Averaging does work for crypto market. Crypto is a volatile & difficult to predict on price movements. Put a "certain" amount at regular intervals to minimise risks, avoiding FOMO investments and creating crypto wealth for the long term.

You can add more to the list by commenting. Just remember the next time someone tells you, "Bitcoin Liya Kya", Just sit down with that person and ask ,"Research Kiya Kya" and "Kyun karein is coin mein invest"

Its your hard earned money. Research, invest and compound wealth.