There are certain things in the Crypto world that nobody tells you. You learn by yourself, at the cost of your time or money or both. Here are some of the most common things I learnt the hard way:
1) Pancakeswap Auto Cake Bounty
Those who have visited Pancakeswap Pools would have seen the free rewards on top, like the one I've posted below. Whenever someone claims the bounty, we are activating the Auto-cake pool's compounding function for everyone. I was excited, started claiming it day in and day out, until after a week I realised a decrease in BNB in my wallet. Realised the hard way, that they take BNB worth about $0.30 (30 cents) for each claim. Meaning I lost more than I earned
2) Gas fees
When I entered the crypto world, as I was scrolling through reddit, I saw the term "Gas fees", but didn't know what it was. I read the explanation, but still wasn't understanding. It was at that time, I realised about a Low Cap Gem. And apparently it was only available in Uniswap and some other small exchanges. So I decided to buy it from Uniswap. I transferred USDT from my exchange to the wallet (paying the withdrawal fee), then connected wallet to uniswap inorder to exchange USDT for my gem, only to realise that I needed ETH to pay for the Gas fees, finally realising what exactly Gas fees were.
Heartbroken, I decided to withdraw the USDT back to my exchange. Guess what, you needed ETH again to pay for the Gas fees. TRAPPED!
3) Pump and Dump schemes
I joined a telegram channel with over a million users. Only the admin was allowed to post. I scrolled through messages and most of them were like these, "This is the biggest pump in History" and so on. One day there was a message that in exactly 14 days there will be a huge pump. I was excited. Finally the day arrived, there was countdown and all. They hadn't announced the coin yet. They put a message that the "Pro - users" had already started pumping the coin, and now we, the Non-pro users also could. And they posted the name of the coin. I immediately head to the exchange to see if it was pumping, and it actually was! The pump had started about 5 minutes back, exactly as it was told. Emotion player out - I bought! BAAAAMMMM! THE DUMP.... , I realised the trap, and sold what I had for 10% loss. Thank God I didn't hold further!
The pro users were pumping the coins ad then selling them on the non-pro users. Learnt it the hard way
4) APY
*15-day locked staking @30% APY*
I'm sure many of you might have seen this and thought "Wow, what a deal".
Reality: APY is calculated per year. So the 30% APY for 15 days, is actually only 30 divided by how many 15 days are there in a year. This will approximately come about 30/24, which is just 1.25 APY
You get this 30% APY, only if you let it compound over 1 year!
5) FOMO
The moment some coin start rising, everyone has the urge to buy them, popularly called FOMOing. Believe me, everytime I FOMOed in, I had only losses. So learnt the hard way that, "Never buy Green candles, and always buy the dips"
6) Not everyone is here to help
So many random people might text you either trying to solve your issues, or just in a friendly manner. 80% of the times, they are scammers. They ask for seed phrases, ask you to join some groups, or send them some money etc. Always remember, not a single transaction in the crypto world requires you to give your Seed phrase. It is for you and only you, to recover your wallet.
7) Be rich, don't show
The important thing is to Be Rich, not to Show Rich or how much you own! The moment you post somewhere, how much you own, you immediately become a target of hackers and scammers! Would anybody want that? Stay humble, stay quiet!
Thanks for reading till the end! If you liked my articles and found it useful, you can tip me some, and if you find it super-useful, you can tip me further in the following wallet addresses!
BTC - bc1q3n50p8sr63wud7vdzz2kxfsljpc45klplc82rq
ETH/BNB (Bep20) - 0xC35331b5bbf5ECc9Fe1CeD023546b88cc6404F6b
Tron - TXU6ehx6b2Lc93uHabY6Q5v8xy1kqhTVeE
Cheers ??
