Top 3 Mistakes I Learned From That I Hope May Benefit You Too

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Let’s cut to the chase. Crypto in essence is the wild wild west of investing. Whether it’s the rug pulls, scams, or volatility, we all have to be cautious before what gives us gains also makes us humble. Let’s get to it then:

(1) STORING SAFELY: Early on, I setup a mining rig, which was working on BTC and Eth. I sold most to pay bills but held some for the long term. I thought I was super secure given I had done research and stored most of my holdings on an offline wallet which was partitioned from the internet to avoid any cyberattacks. Long story short, I came back from work one day to find my entire apartment flooded 2 inches deep due to a building leak. That shit fried my PC and any attempt I made to recover the assets failed miserably. (I still have the waterlogged hard drive in hopes I’ll plug it in one day and taadaa.) – What I learned : buy hardware wallet, don’t always keep it attached to your PC, put it in a fireproof safe when out of use, and lock that shit up 3 feet off the ground (in a closet or elsewhere.)

(2) PRIORITIES: Like most, when I first began investing I was frothing at the mouth at potential shortterm upsides of 10x, 50x, or 100x. We’ve heard those stories. However, with such upside there is always a catch. Perhaps the catch is volatility, it’s criminal intent, etc. I’ve felt and I’ve seen new folk walk in here with the number 1 priority of, “Make money and make it quick.” Not to say that financial growth isn’t highly valued but it IS only 2nd in importance in my humble opinion. – “My number one priority of investing is to preserve weath.” After that priority is fulfilled, grow that shit. Therefore, don’t make risky assets 80% of your portfolio, don’t jump on every rocket to the moon thinking you’re not going to crash, and don’t follow hype, precede it. Do your research, invest in good projects, think long, stake, and then, go ahead, play with 5-10% of your portfolio in memeworld.

(3) THE BIG “WHAT IF”: 2 years back, I had 60% of my family’s investments in crypto. I played it conservative and sat back and watched it grow. Biking, on the way to work one day, I was cut off by a car turning across the bike lane while I was speeding down a hill. My brakes did SweetFA and I smashed into the car going ~35mph. I apparently headbutt the rear passenger window because I was told I had to be pulled out of the car. I woke up in the hospital about an hour later. I thought of my wife and kids and the “what if it was worse” laid there in the front of my mind. Aside from insurance, a majority of my family’s investments would rot in my hardware wallet without any chance of my family getting to it. – That’s why I thought about how I could set up my non-techsavy wife to access my crypto should the issue ever arise. I built a detailed video, password protected by something only she would know, detailing how to retrieve, monitor, and withdraw the assets if needed. I put it in a safety deposit box under her name. Make sure you do this if you hold a large value and you have someone close you can really trust. No need to let them know the value of the holdings, just that it’s important they work on opening it if you are not there to do so. As for the video, make it lighthearted, is my recommendation. After losing you, watching a video of you won’t be too easy.

Anyways, these are three big things I’ve learned, on top of many more. I hope they help you before you have a chance of experiencing them. Or perhaps you’re working through a similar issue, I hope my trial and error process gives you inspiration and innovation to find a working solution for your case.

Much love, stay safe, and hodl on.

submitted by /u/Reign2294
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