The topic is relatively new. Cryptocurrency novices errors are many. Many people learned about it last year – along with bitter jumps of Bitcoin. Therefore, in the niche, there are still a lot of newcomers, whose crypto-active activity is limited to one or two purchases of coins. Today we will tell you about the most popular stones, which you can stumble on the way to the new Lamborghini.
Indifference to the subject
To multiply one’s state, it’s not enough to create a wallet and print a password on a piece of paper. As soon as the coins rang on the account, immediately rush into the cryptocurrency jungle. Read forums, thematic sites and other sources of information. We need to understand the principle of the work of the blockchain, the task of the miners and even the advantages of certain video card manufacturers.
Without knowledge, there will be no faith, and without faith, it will not be possible to wait out difficult times. By the way, it is the beginners who discard savings when the exchange rate falls, the more they knock it down even more. We need to take care of the community.
Lack of patience
The desire to get rich often clouded consciousness. The brain insistently advises selling coins already when profits are enough for the new iPhone. But patience is the main key to success in the world of cryptocurrency in general and a new sports car in particular.
For example, on December 6th last year Bitcoin was $11,940, and after two days the rate reached $17,978. Sounds great – the profit is huge. Those who did not lose their savings received an extra two thousand dollars from each coin already on the 17th of December. They would be enough for a phone and a couple of tablets in addition.
Excessive expectations from mining
The first miners for Bitcoin and Ether will probably spend the rest of their lives at the most expensive resorts. But much has changed since then. The popularity of the session forced retailers to raise prices for video cards, because of which the payback lasts at least six months. Also, do not forget about electricity, which will regularly devastate the purse.
Mining is an activity for those who are ready not just to take risks, but to remain with nothing. By the start of the production of cryptocurrency, you need to approach as carefully and wisely as possible. Otherwise, you will have to resell the cards to gamers.
Susceptibility to criticism
Today Bitcoin allows you to send tens of thousands of dollars to anywhere in the world for a penny. Financial institutions do not know how. Do banks and payment systems need to work to reduce the cost of their services? Perhaps, but it’s much easier to criticize cryptocurrencies and try to bring down the course with the help of loud statements.
Replicas about money laundering, drug dealing and other sins of cryptocurrency will always sound – be prepared for this. If you need motivation, read the words of Tim Draper. Venture investor is confident in the growth of Bitcoin to 250 thousand dollars for four years. A very good reason not to pay attention to criticism.
Sending coins to the wrong wallet
You can not refund the sent funds. When issuing or translating cryptocurrency, be sure to check the wallet address to which they will leave. You can compare at least five times – it will not be worse.
The strategy is also relevant because of the invasion of Trojans, which replace the copied combinations in the clipboard.
Lost profit syndrome
In the users’ environment, it is called FOMO. The term obscures the obsessive fear of missing an important event – whether it’s a coin price jump or the start of sales of a new ASIC-miner. As a result, a person panically renews social media tapes, and sometimes loses sleep.
It is necessary to get rid of the syndrome. Changing health on a portfolio is not the best idea.
Forecast of profit on popular services
Most often, miners try to assess the profitability of their video cards on WhatToMine. Based on the testimony of the site, they switch to coins, which seem promising.
But there is one “but”. Such services work on the basis of information from the past, so the forecast is rarely accurate. In addition, after the appearance of a coin in the top of the site, miners from all over the world rush to dig it. The complexity of the network flies up, and the profit of production proportionally decreases.
It is better to look at the indicative profit in real life. To do this, we find the mining pool, go into the statistics and look for a miner with a similar capacity. If his income is higher than the forecast service, the find can be considered successful. Switch to the selected coin and earn more.
Here are the results of mining the Farm’s Ethereum at 18.19 GH on a pool of 2 miners. A day turned out slightly more than 50 thousand rubles.
Conclusions. What to remember:
– Cryptocurrency has ceased to be an easy profit;
– First knowledge, then the rest;
– For profit, patience and faith in technology are needed;
– There is no little going;
– You need to choose coins for mining in practice.