Alexander Gleeson 🚢

May 5, 2022

5 Bits of Advice for Someone New to Crypto that will save you money, heartache, and time

If you don’t hear and listen to this advice, you will likely lose all more money.

I began trading crypto five years ago after discovering it six years ago. Since then, I have seen countless people, many respective leaders, lose money to scams, hacks, and forgotten passwords. I have made the mistake myself with Metamask, which is why it’s important you learn from my mistakes.

1.    Scams

Scams are rampant in crypto. The sophisticated Bored Apes ones are the latest examples. 

The industry attracts scammers majorly. Discord and Telegram are filled with messages attempting to trick users out of their coins. With Metamask connections, you have to be so careful. The latest Bored Apes scam airdrop, asked users to connect their MetaMask.

They connected and had their MetaMask wallets drained.

2.    Hacks

Hacks are another major concern.

Here you want to be careful connecting to public wifi connections. My advice for this is either keep your coins very safe, or being cautious of holding too much on Web 3 exchanges. Keeping the bulk of your coins in cold storage or accredited exchanges is advised.

3.    Forgotten passwords

We’ve all heard the story of people losing passwords to huge crypto portfolios. 

These are usually for cold storage wallets. The solution is to put your password in a cold storage vault. For 200 euro a year, you will have the confidence that you won’t have this problem. 

4.    Forgotten Location

I am embarrassed to say I’ve fallen to this one. I bought FNC at it’s inception and I can't remember what I did with it. 

Crypto is a minefield with many sharp-toothed predators out to take your coins. You want to stay sober of it and become like a bookkeeper when it comes to online.

Alexander Gleeson 🚢

Digital Writer | Crypto, Spirituality & Personal Development