After publishing yesterday's article where I discussed smartBCH in a layman's language, several people that read the article were so excited to have found the answers to their questions and an easy way to start their smartBCH journey. However, I felt the need to draw out some tips that could serve as guilds to these Rockies in the smartBCH ecosystem.
It’s always exciting when you finally get into smartBCH. Sure, you get to learn a little more about the ecosystem, but there are also a lot of things to do! I want to offer some tips that can make the process exciting and give an edge to beginners.
1. To begin with, you must first become a BCH user.
Am very emphatic about that word because if you are not a BCH user you will not understand why SmartBCH is important to the Bitcoin cash community. There's a difference between a user and a price chaser, so you get my point.
You must also be a supporter of the bitcoin cash community. There are those who are against bitcoin cash and those who don't know about it. So before you start asking questions about smartBCH, first confirm if you are a user, who supports the community and appreciates the role it plays in bringing smartBCH to the people in the community.
You may want to ask "what's important of being a user"? It's quite important because without BCH there won't be anything called smartBCH. Moreover, BCH is the main token in the smartBCH ecosystem. The tokens of Every smartBCH project token is paired to BCH, this means the more BCH grow the more those project's token grow as well.
2. Chose the project and tokens you want to invest in carefully.
In this case, do your research about any project you're interested in. Don't rely on what people say, find out on your own. One thing to look into in a project is the use case of the project. Once that is established and it has a potential for long-term growth, you may go for it.
There are a lot of new projects that come up every day in the smartBCH ecosystem, and they want your attention and investment. You might get tangled in all of the news, but if you don’t know how to separate the wheat from the chaff, it can become very overwhelming. It’s almost impossible to find solid information.
There are so many projects that want your attention, but you want to be sure that it is worth your while. There are a few steps that you can go through before you decide to invest your money into any project.
I think for me it is important to look at what the use case of the project is. What I mean by that is if this is a token that is specifically created to solve a problem on the project, it's not just a buy and sell token that can be dumped on you. I think that is one of the biggest things that attracts me to a project if it has a specific use case for the token. This will be the one that I'm most likely to see success in.
3. Don't be ignorant about how DEXs work.
Basically, try to know the difference between staking and farming and the level of risks involved in them. So many people moved into farming because of the higher APR without a single knowledge of how it works. Learn all you have to learn about SmartBCH. What is the difference between staking and farming? One can ask, is the reason why I should make a different investment when both of them offer the same return? What are the risks involved in them?
Staking is basically securing the network with your token by putting it in a pool. It doesn’t require any technical skills to do so. You just need to connect your wallet to the Dex, click confirm the contract and choose how much you want to stake, you’re pretty much done. You will be rewarded with interest for doing so.
This is basically earning interest on your coins by doing nothing, but making sure to keep your private keys safe from intruders. Staking is great for people who just want to earn some profit without having to know about how it works. This will be my recommendation to newbies into smarttBCH.
4. Learn to be patient.
In the crypto space, emotions are often our undoing and it has led to most people losing their investment. If you have carefully chosen a token that matches your interest, invest in it with a long-term goal, and learn to put your emotions under control.
smartBCH is full of opportunities and threats. Investing can be fun, but not if your nerves are shot. If like most people, you feel like you’re constantly hopping from one hot project to the next and you’re so busy with the hustle that you’ve lost track, it might be time to take a step back.
Don't be driven by emotions, it can ruin your investment in the long run. If you feel like investing in any smartBCH project at the moment would be a great decision, then do so. If your heart is not in it, don’t invest. Do not be moved by hype. Do not invest in any token that has no limit in supply and raised money without any real use cases. I think a smartBCH user is a real hero because he can stop here and see his money work as intended.
5. Invest what you can afford to lose
Cryptocurrency is so volatile, today it can rise to the roof and in another minute goes down to the dust, SmartBCH projects tokens are not different. It's wise to choose carefully the tokens to invest in and do so with the amount of money you can afford to lose.
If you are looking for the best way to be a smart investor, make sure to learn from the mistakes made by people who have gone through them before. In my case, I had a hard time recovering my investment in Eben token in the earlier stage. I invested nearly 2 BCH in the token, the price went up from a few pennies to over $3 in a few days. I never thought of selling my tokens, I thought it will keep increasing but the next that happened saw Eben's price fell to just 2 cents.
It was a devastating moment for me. I felt like a loser, but for the fact that I haven't sold my Eben that was the only thing that keeps me on. It was after a month that Eben price went up again I was able to sell to get back my invested capital and make some gain.
It's advisable to only invest an amount of money you can afford to lose, so if the investment doesn't favor you, you can still breathe some fresh air.
Final thoughts
SmartBCH is a great project to be explored by anyone with an interest in making money from their cryptocurrency in a decentralized manner. And as a newbie to this ecosystem, you need to be guided so as not to make costly mistakes.
If you are ready to dive into the SmartBCH ecosystem with your money bag, I advise you to pay attention to the tips discussed in this article. Keep an eye on this blog for useful updates on SmartBCH projects, and don't forget to ask any question where you are not clear about this article, I am willing to help beginners with their questions that are within my knowledge.
...and you will also help the author collect more tips.
This is very informative and helpful! It all make sense now, I was seeking for an article like this because I am a noob in the crypto world. I'm so glad to read this article of yours. I'll gonna save this!