The Basics of CryptoInvestments According to WOO Network: Our Takeaways
This article is based on the recently concluded CrypTalks with WOO Network and the material shared with the community. Join our Discord server to request the original handout.
Investing in crypto assets can be incredibly daunting, especially for those just entering the space. We invited investment experts from WOO Network, a platform that connects traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at zero or low cost, to enlighten members of our community on how to start their crypto investment journeys.
Here are our key takeaways from that conversation:
Do Your Own Research — The 5 Point Investment Checklist
WOO Network suggests that you look at 5 different aspects of the project you’re interested in before deciding to invest: the product/business, marketing, community, tokenomics, and the team. These are elements that will give you clarity on whether or not your investment will be in safe hands, and will be utilized properly.
Here are the questions you should be asking:
Patience is a Virtue
The crypto space always rewards the patient: it’s a marathon and not a race. If you pay attention on social media, it will seem that everything is moving quickly, and that you feel pressured to move at the same pace. WOO Network suggests that you resist the temptation to rush into things, and always think every decision through. You do not have to take every opportunity available to you, and don’t get hung up on the opportunities you may end up missing. Move at the pace you’re comfortable with.
Do Your Own Research — But Know Who to Listen To
As mentioned in the previous point, it’s so easy to get swayed by what we see on social media. There are many influencers online that will keep pushing the high-rolling, “make it big” mentality, pushing people to get into schemes that promise high rewards, but also pose a higher risk. While searching for information regarding the Web 3.0 space is relatively easy, being able to tune out the noise and zero in on those whose opinions you’d want to listen to is a skill you will develop over time. WOO Network emphasizes, “Learn to question everything.”
While Web 3.0 is a trustless world, it is still susceptible to bad agents. It is important to make sure you, your assets, and your information are secured. WOO Network recommends that you have a dedicated browser for crypto with no add-ons or extensions other than your wallets, as add-ons and extensions can be a source for hacks. It is also recommended to use a hardware wallet like Trezor and Ledger. Being able to secure yourself is incredibly important as crypto has no customer support — you are on your own. And as always, do not share your seed phrase to anyone.
Failure Isn’t the End
As with anything, your efforts will not always be a complete success — and that’s okay. There is no clear playbook yet on how to succeed in Web 3.0. Just learn to take it in stride. Failure is always a welcome experience: it allows you the chance to step back and reconsider the steps you’ve taken that got you to this point. But most importantly, it’s a clear opportunity to keep learning and growing.