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New to investing in cryptocurrency? Beware the dreaded 'crypto-millionaire'! — Steemit

Exactly eight days ago, having watched dozens of YouTube videos focused on the hottest cryptocurrencies just that minute, I hurried to Coinbase, bought $150 worth of Bitcoin, opened a Poloniex account, and threw my money into a market I quite honestly didn't understand in the slightest. Similarly, despite having no idea what a Siacoin is, countless people enter the cryptocurrency game on a daily basis, convinced that getting involved now will result in them becoming millionaires in a few years when most will make little if any profit off of their investment for one (or two) reasons: they never bother to learn how to the cryptocurrency market works, and instead place undeserved faith in the word of any number of Bitcoin gurus when investing their money.

Having had more than enough time to return to sanity since my original investment, although I continue to recognize the value and potential of cryptocurrency, I also recognize that a great many people I've come across on social media who present themselves as cryptocurrency experts fall into one of three categories: those who greatly overstate their understanding of the market, those who greatly overstate the amount of money they've made from the market, and those who do both. Visit nearly any cryptocurrency forum you'd like and you'll find any number of supposed crypto-millionaires, though upon closer inspection you'll discover that the guy claiming to hold 1.8 million Bitcoin and half a million Ethereum is more or less indistinguishable from a guy named Kevin, who first talked to me about Bitcoin back in 2013.

Obviously, I regret not getting involved way back then, as I would have made a ton of money off of my investment. However, you have to consider the source of the information I was receiving. My introduction to Bitcoin came from someone who even now claims to be making money "hand over fist" with his Bitcoin investment, despite still begging friends and family for rides around town, ...

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