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7 Ways to Lose Money in Crypto and How to Avoid It Losing $$ money in crypto is easier than you think. But with the right strategies, you can safeguard your investments. Don't learn the hard way; be smart from the start. Just read this. It might even save you.... 1. Ignoring Wallet Security Ignoring seed and wallet security is like leaving your house unlocked. • Prefer hardware wallets • If on the move, opt for an open source wallet • Enable 2FA, avoid SMS • Learn about backing up your 12 or 24-word seed. This is your best investment! 🛡️ A secure wallet is your first line of defense against loss. 2. Falling for Scams Scams are the quicksand of the crypto world. • Research before investing • Avoid "too good to be true" offers • Learn or STAY AWAY from DeFi, LP's, Governance tokens, Staking • Smart Contract exploits are everywhere! 🚨 If it sounds too good to be true, it probably is. Just get BItcoin. 3. Investing in Shady Projects - The Rug-pull is real Bad projects are time bombs waiting to explode. And they are everywhere. • Check team credentials • Read whitepapers, ie. https://t.co/shJgfpXICH • Monitor community engagement 🔎 A project's credibility is as good as its weakest link. 4. [Over]Trading Overtrading is the crypto version of gambling addiction. • Set trading limits • Stick to a strategy • Keep emotions in check • Best strategy? Trade fiat $$ for Bitcoin 🧠 Trading isn't a game of luck; it's a game of skill. Just buy sats and HODL! 5. Ignoring Taxes Ignoring taxes is like ignoring a ticking time bomb. • Document transactions • Learn the minimum about income taxes or consult a tax advisor • Report gains and losses 💸 Paying taxes is not optional; it's a legal obligation (in some jurisdictions). 6. Chasing Pump and Dumps Quick riches often lead to quick losses. • Avoid hype-driven coins. • 99% trend to 0. Matter of time • DYOR means Do your own research • Invest in fundamentals, ie. Bitcoin first 📈 Time in the market beats timing the market. 7. FOMO and FUD. The 'F' is for Fear. Fear-driven decisions are often regrettable. • Stick to your plan • Avoid herd mentality and project cheerleaders • Take breaks from social media ⚠️ Emotional decisions are often poor decisions. If you feel FOMO or see FUD, stay the f*ck away ⚠️ I've been in crypto since 2017, even part of a wallet project. I've educated folks on self-custody and seed security for years. And I still took a massive hit.. So, take these lessons to heart. Your future self will thank you. Thanks for reading! If you enjoyed these tips, please RT and Bookmark. Got more ways to lose money in crypto? Please leave a comment