Don't Let Yourself Get Distracted! Risks of Investing in Unreliable Coins

[Adams-Richard]

Image from Liquid

Time flies quickly isn't it? It was not long ago when the Covid-19 pandemic hit the world. But here we are now, we have never been in a better position to end the pandemic. Well, it's not yet over but we can all agree that the end is in sight.

In the peak of the pandemic when we are all restricted to our homes for safety concerns, many of us have learned about and grown interested in cryptocurrency. The courage to take risks and invest in crypto has certainly opened doors for potential financial growth for many of us.

And as we delve deeper into the world of crypto and discover the unique potential of the many virtual assets on the market, our focus will inevitably become undivided. As much as we don't want to, we have gradually developed the habit of giving our attention to various cryptos when we are not supposed to.

But because of the many influencers claiming to give investing advice all over various social media platforms, our attention is unconsciously getting drawn to those coins that they are promoting without realizing the mistake we are about to make.

Why We Should Steer Clear of Unreliable Coin Investments in 2023

Only a few days away before a new year begins.

I’m not sure if new year’s resolutions are still a trend, but if you would like to make a list, feel free to include this: "I won’t rely my investment on unreliable coins." Let's admit it guys, in the crypto space, relying on an unstable coin is like kicking yourself in the foot.
The market is currently experiencing a downturn. Therefore, every new initiative now under development believes that in order to make money, they must first provide something to the market. This is why DYOR is so essential. In the crypto space, it is important to be well-informed if you want to save yourself from massive losses. While it's true that there are some projects that pump right away and offer multiple returns, there are also coins that start falling and keep falling.

You might be expecting me to specify the "unreliable currencies" I'm referring to in this article, but I'm sorry guys, I have no intention to ruin someone else’s business. I would still like to believe and hope that the team behind the “unreliable currencies” will be more open to innovation and step up their game in order to save their tokens from being called unreliable or unstable. After all, it is still not too late for them to realize that every project that will be introduced to the crypto market should have a solid foundation because survival is important.

Again, don't get distracted. If you are considering investing in a certain token just because you're favorite influencer told you so, don't get swayed. Protect your finances. Save yourself from crypto losses.
See what I mean? This is why DYOR is a must before you enter the crypto world.

Disclaimer

This isn't financial advice, though. Only educational purposes are intended for this content. I am also just a passionate guy that enjoys writing on the internet and sharing my opinions and analysis based on my extensive expertise.