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Want To Invest In Digital Currencies For The First Time? Read These 10 Tips First

Less Than 10 Years Ago, If You Were Talking About Bitcoin And Its Price Today, They Would Doubt Your Sanity; But Today’s World Is Where The World’s Largest Banks Buy Bitcoins; The Largest Technology Companies Have Added Bitcoin To Their Coffers; Payment Industry Giants Such As Visa And Paypal Make Money From Buying And Selling Digital Currencies To Their Users; Celebrities And Influential People Are Constantly Tweeting About Digital Currencies, And Many Artists Are Framing Their Artwork.

INVEST IN DIGITAL CURRENCIES, Unparalleled tokens(NFT) to sell. All of these signs indicate that the general popularity of digital currencies is increasing day by day.

It does not matter if you are an experienced investor or trader or an uninformed newcomer, you hear the phrase “digital currency” several times a week, and you may have questions about it yourself.

The truth is that in such a situation, being indifferent to this issue and not being tempted to invest is by no means an easy task; Especially when you open your Instagram and see the ads of professors who insist on making money overnight with digital currencies, give guaranteed profits and win your heart and religion by showing charts and profits of thousands of percent!

These factors have made many people feel that they are missing out on a golden opportunity and hurrying to enter this unknown world.

If you are one of those people and your decision to invest in digital currencies follows the turmoil that has recently swept the world, I must say that it is better to wait a bit.

Of course, I do not mean that investing in these currencies is wrong or vice versa; Rather, the goal is to inform you about the risks of this market so that you can enter this field with a more open vision; Because ignorance, over-optimism and prejudice will only lead to failure.

This article will help an article Written from the Kevin Desk website, and it outlines 10 important points to keep in mind before buying digital currencies.


1. Invest the amount you can afford to lose

The risk of investing in digital currencies is higher than in many other markets. In this world, nothing but oscillation is guaranteed. In addition, there are often no specific rules for digital currencies.

Of course, this does not mean that these currencies are illegal; rather, no specific legislation has yet been enacted for them in most countries. These currencies cannot be insured, and there is no guarantee of selling them (for example, at a certain time when you need money).

You might pick up the phone right now and look at the digital currency price chart and feel that prices have always been up, But this is not the case. Nothing in the world works like this.

Prices are correcting, bad and negative news always have the power to bring the market into a downturn for a while.

Perhaps the closest and most concrete example is the market’s fall in May 2021 (May 1400). This is certainly not the last time digital currencies have had bad days, and things like this will happen again.

Of course, do not forget that the level of risk for different currencies is different. For example, Bitcoin, the world’s first digital currency and the king of digital currencies, is more than 10 years old and less likely to be destroyed than other currencies; But again, this does not mean that there is no risk to Bitcoin.

The result of all these reminders is that you should never invest all your capital and livelihoods in digital currencies. In other words, always invest the amount you can afford to lose.

2. Do as much research as you can

We recommend that you take the time to research and read as much as you can before deciding to enter this market. Only by doing enough research can you realize the value of this market as well as its risks.

Many internal and external resources can help you with this. The “Digital Currency” site is one of the resources that provide basic and various training on the concepts related to digital currencies.

You can from the contents of the section «Learn” And “Investment and trading training.»Use this site and also stay informed of the latest events in the world by following the news. In addition, reading related books and attending courses can be very helpful.

We strongly advise you not to be afraid to ask questions.

Whenever you have a problem with these concepts, be sure to look for the answer and do not stop searching until you find the answer. Even if you asked someone and their answer was unclear or understandable, repeat your question to find out. If you do not understand a point, do not think that you are alone.

Do not forget that the world of digital currencies is full of new and often complex concepts, and in addition, there are people in this space who tend to use harsh terms. So do not despair and try to get help from people you think really want to help you.

Finally, avoid people who offer to buy or invest for your own benefit. Always ask yourself if there is a benefit (of any kind) to my investment from the other person. When it comes to investing in digital currencies, talking to somewhat pessimistic people may be helpful.

There are some people who, by default, look at things with a pessimistic view and consider the negative aspects.

The least benefit of talking to these people is that it broadens your horizons and makes you think about things you never thought possible before.

In a word, do not limit yourself to research and study. At exactly the point where you think you have done enough research and have enough information to invest, you should continue your research; Because the world of digital currencies does not stop moving and is evolving every day.

3. Get rid of the “fear of losing”

“Fear of losing” is widespread in the world of digital currencies, and the term “FOMO” (Fear of Missing Out) is used to refer to it. Experience has shown that this fear is as destructive as it is common.

Fear of losing can ruin all the money you have accumulated in your lifetime. Of course, if we take a closer look, we find that this point is somehow related to the previous point. Fear of losing makes you act emotionally and without enough research. Certainly, the result of any thoughtless action is nothing but failure.

One of the most common arguments for attracting you to the digital currency market is that “so far, everyone has made a profit at any price they buy Bitcoin.”

Yes, this is not wrong; Over the years, even if you have bought bitcoins at all price peaks, you have probably made a profit in the long run. But only those who can control their emotions after heavy losses and do not sell their values ​​at a loss will taste the benefits. This strong faith comes only from those who know exactly what they have invested in.

The best and most logical thing to do is to know what you are really buying and get a true understanding of the nature of digital currencies.

Unlocking trading software and monitoring the growth of different currencies in the last 24 hours is not called research. Some people deliberately raise prices or so-called “pumps” prices in the digital currency community with their own techniques.

Try not to fall into the trap of these people, and we emphasize that research, research, and research again.

4. Be suspicious of overly good and dreamy projects

As with any other financial market, the world of digital currencies is full of scammers. In this world, you encounter people every day who claim that their project will replace Bitcoin, but out of every 100 projects, one may be successful and sustainable.

Of course, in some cases, some ads are not scams and are really serious; But their problem is that they only show you the good side of the story, and it’s your job to discover the downsides as well. For example, Digital currency exchanges There are those that allow you to 100 times in Margin Trading use.

Well, this is an extraordinary possibility, and if successful, it will significantly increase your chances of making a profit. Still, if the situation goes against your expectations, you will experience terrible losses.

5. Do not trust; Really Test

Wherever there is a lot of money, there are scammers. As I said, the world of digital currencies is no exception. Scammers have a few simple solutions to trick you:

  • Introducing scam projects and promoting worthless tokens
  • Introduction of Ponzi, pyramidal, and lattice designs
  • Cloud extraction (promise of astronomical profits in exchange for rent)
  • Phishing attacks and theft of sensitive information via emails, fake website support, and fake airdrops
  • Counterfeits and fake wallets
  • Misuse of the names of well-known people and receiving money under the pretext of charity, lottery, and…

All of these are easily identifiable; do nothing for a few minutes and check the logic of the benefits they offer you. Refrain from investing if you see the slightest dark spot.

In a Saturday Night Live Company comedy show, we mention one of the closest examples, recently American billionaire Ilan Musk. He did not appear in the show with his real identity and appeared in a digital currency expert named Lloyd Ostertag.

After the program, a team of scammers created a fake Twitter account attributed to the program and stole $ 100,000 from users’ funds. They promised their victims big prizes in digital currencies and asked them to deposit small sums in the form of digital currencies to verify their accounts.

These small sums eventually turned into a big scam with no reward.

What would you do if you were these victims? Could it be that the greed for bigger prizes made you deposit this small amount? If the answer is yes, it is best to have a major overhaul of your approach to financial markets.

6. The price of a digital currency alone does not determine anything

The nature of digital currencies is different, and their valuation systems are similar. In other words, the world of digital currencies is a free world in which everyone is free to develop a currency with unique features. Some of these currencies are born to mimic bitcoin, while others seek to solve other problems.

Of course, everything is indeed free in this world. So every developer uses their own methods to achieve success. For example, a digital currency may be cheap; But the number of coins is large enough to create a large market volume.

Cardano is a good example of such a project. At the time of writing, Cardano’s price(ADA) equals $ 1.57; But this digital currency ranks fifth in market volume contract.

On the other hand, Bitcoin is a limited-edition digital currency; But the price is so high that this digital currency is ranked first on this site.

So if the price of a currency is $ 1, it does not mean that it is worth less than a currency of $ 5; Many projects deliberately add more units to their currency to make it more suitable for micropayments (would you rather pay one unit for a cup of coffee or 0.000001 units?).

To measure the validity of a digital currency, it is better to ask yourself the purpose of this currency and why it was created? Who are the developers, and what is their background? Is the code of this currency constantly edited on sites like GitHub or not?

Its consensus algorithm of type proof of work Is or Proof of stock(Or other options)? If its consensus algorithm is proof of work, Hash Rite, What is its network compared to other networks?

In other words, compare each project to itself and measure it by itself, not by bitcoin.

7. If you do not have your keys, you do not own the currency!

One of the similarities between digital currencies and assets such as gold or cash is that their ownership is not registered anywhere and is owned by the owner. So if these assets are lost or stolen, they are lost forever.

That is why digital currency experts do not recommend keeping these currencies in exchange accounts. Digital currency exchanges, in fact, are intermediaries that hold your private keys.

As you probably know, one of the primary goals of digital currencies was to eliminate intermediaries.

So it does not make sense to rely on intermediaries to hold these currencies; But in addition, other reasons persuade you not to use the wallets of exchange offices.

As I said in the previous sections, there is no specific legislation on digital currencies in most countries. So if these exchanges are hacked or your assets are stolen, it won’t be easy to recover them.

The bad news is that these two cases (hacking and theft) are prevalent in digital currency exchanges.

Hack Exchange Mt. Gox And (KuCoin) and Turkish exchange scams Tadex (Thodex) are three of the most prominent.

Another problem is that these exchanges can block your access to your assets whenever they want. This issue is very tangible and understandable for us Iranians.

Foreign digital currency exchanges can block Iranians’ access to their digital currencies for many legal and security reasons, and Iranian users must accept this. In addition, the infrastructure of some of these exchanges is not such that they can serve their users 24 hours a day and may not be responsive during the hours of the day (especially during network traffic times).

In a word, keeping digital currencies in the accounts of exchange offices is equal to not having definitive ownership of them.

However, if we do not want to entrust the maintenance of private keys to a third party, we must take responsibility for it ourselves. The private key in digital currency wallets is a 12 to 24-word phrase presented in a specific order. These 12 to 24 words are called “retrieval terms.”

It is your job to discover what that is and to bring it about. If any of these things happen, you should know your assets are lost. Do not forget that digital currency wallets are not like your bank cards, so if you forget their password, go to the bank and solve the problem.

In the world of digital currencies, there are no intermediaries, and everything is up to you.

8. You do not have to buy a full unit of Bitcoin (or other currencies)

When buying digital currencies, there is no need to buy a complete unit. For example, bitcoins are divisible by up to eight decimal places, and you do not have to buy a full bitcoin.

This feature allows you to buy digital currency as much as your dollar (or rial) balance. For example, you can go to a digital currency exchange and buy digital currency for 1 million tomans.

9. Do not rule out the possibility of future legislation and tax allocation

In various parts of this article, we note that specific legislation on digital currencies is not yet enacted; this does not mean there is no possibility of legislation in the future. Usually, different institutions are involved in legislating different aspects of this field.

Whether digital currency legislation is a good or bad issue is not the subject of this article. Still, the important thing about this is that the current situation is not stable.

For example, despite full mining legislation last year and the issuance of licenses for legal mining, it is likely that miners will be temporarily shut down due to electricity shortages as the summer season approaches and electricity consumption increases in the country.

This happens when writing and directly following the widespread power outage in the country command Orders that any mining activity is shut down by the end of September 1400.

Also, several different institutions may sometimes make different decisions on a particular issue due to overlapping legislative areas.

For example, in recent weeks, the Speaker of the Islamic Consultative Assembly letters called on the executive bodies to block the country’s payment gateways of digital currency exchange offices.

But on the other hand, the central bank announced that it would refrain from any hasty action in this regard. Eventually, the president command Issued to prevent the blockage of payment gateways of exchange offices.

I do not want to disappoint you; Usually, any new technology encounters such problems at the outset. But the purpose of reviewing these events is to prepare yourself for anything, at least in the current gray space.

10. Control your emotions against price fluctuations

The price of digital currencies may change moment by moment and hour by hour. These fluctuations should not worry you and affect your whole life.

Do not forget that if your goal in buying digital currencies is a long-term investment, their cross-sectional price fluctuations should not disrupt your life. Instead, divert your thinking to good things in life.

You may buy a currency like Bitcoin and hear the news of the fall in the price of Bitcoin the very next day. In this case, you need to keep calm and rest assured that the price will return to the uptrend in the long run.

If you feel sorry for your purchase or feel that you have missed the opportunity to buy at a lower price, life will be harrowing for you.

To avoid these negative feelings, it is better to allocate the number of Rials that you have accepted the risk of losing to buy digital currencies and then, at least for a while, do not observe price fluctuations. If you strengthen your long-term approach to this investment, you do not need to worry about temporary fluctuations.


Our purpose in writing this article is by no means to intimidate users into entering the world of digital currencies. Digital currencies are truly pure phenomena with extraordinary ideas that can change our future world. The idea of ​​these currencies is so serious that many people believe that in the future, there will be no such thing as paper money and that future children will only see paper money in their history books.

Our only goal is for you to enter this world with your eyes open and fully aware.

Like any other space, there are scammers and profiteers in the digital currency space who exploit the ignorance of new users. Your knowledge should be large enough to block any fraud and protect your capital, which is the result of years of work and effort.

Aside from the possibility of such things happening, digital currencies have inherent characteristics different from traditional assets.

One of these features is the price fluctuation we mention. Your ignorance of these features can lead to frustration and turn the opportunity of a successful investment into an unpleasant experience.

In a word, further research is never to your detriment. The world of digital currencies is so complex that no matter how hard you try, you will still come up with new things. So do not limit yourself and learn and gain as much experience as you can.