But if you do buy the wrong coin, it isn’t the end of the world. That’s not to say that these offshoots are bad or scams, it’s just that they aren’t the original Bitcoin that has become widely traded and quoted. There’s Bitcoin Cash, Bitcoin Gold, Bitcoin SV, Bitcoin Private and dozens of other direct offshoots of the original cryptocurrency that have the word “Bitcoin” in its name. Just because it has ‘Bitcoin’ in its name doesn’t mean it’s a Bitcoin. One of the biggest mistakes new investors make is buying the wrong coin. If you decide to buy Bitcoin, make sure it’s the genuine article. Here are a few mistakes that new crypto investors often make when they get started, as well as some things to consider before taking the plunge. Learning the rules of this new digital investment game is essential and could potentially save you from making mistakes worth thousands, or even millions of dollars.
That’s not to say that navigating the crypto universe requires a masters in computer science or finance rather, it just means that some of the financial resources, protections and patterns investors have come to expect when trading stocks and bonds will be different when trading crypto. Many of the same risks and pitfalls that vexed crypto pioneers can still cause headaches for those entering the field today. Investing in crypto may be easier and faster than ever - you can now opt to invest through online brokers like Robinhood and SoFi Invest or crypto exchanges like Coinbase and Gemini- but it’s far from being a foolproof venture.