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Rule number 1: Never invest more than you can lose

This is the most important rule and it will be hard to follow it when the markers turn green. There will be a time when greed will overtake you - be aware of it - follow this rule and you will be fine!

Rule number 2: Use of social medias

Although there are many influencers who always say what you want to hear, you should take social media with a grain of salt. If you want to dive deep, you should engage with different Youtubers who have a different opinion on the topic. I personally also recommend reading articles where people argue against the whole crypto space.

I don't watch many channels but below you will find a few, maybe a good start is to check out the following;

Coffeezilla Chico Crypto SomeOrdinaryGamers VoskCoin

Again, don't take what you're told for granted. Do your own research, and that also brings me to rule number 3.

Rule number 3: DYOR (Do Your Own Research)

There is a high chance that you will eventually learn this the hard way when you are on your crypto journey.

The beauty of crypto is that you can decide what to do with your crypto. The possibilities are numerous: you can simply HODL your crypto, you can lend it, you can put it into liquidity pools, you can farm new tokens ... At the end of the day, it's your cryptocurrency and your decision which smart contract you want to interact with, and there's no one to stop you.

With freedom comes responsibility. You are responsible for your actions and no one else. Double check everything you want to do. Never rush into anything. Always take the time to research the project beforehand. If it seems too good to be true, it probably is.

Rule number 4 - be aware of scammers!

As mentioned a few times before, you are on your own. There are a lot of bad actors in the room who want to steal your coins! Here are a few tips on how you can prevent that from happening:

• Never share your seed phrase. You will never be asked to share your seed phrase for a project. When you create a new wallet, write it down on a paper, give half of the words to a trusted person and keep it in a safe place. I also strongly recommend using a hardware wallet like Ledger.

• Be aware of scams on Discord channels and Telegram groups. You will never get free money from a lottery - remember, if it seems too good to be true, it probably is a scam.

• Also, bookmark the projects you want to interact with. If you search for them in Google, there's a good chance you'll end up on a pishing website.

• Always make sure that you use only the official channels (Twitter, Telegram, etc.) of the projects. You will find that you are added to a fake Telegram channel. Just leave these groups and report them as spam.

• Never click on any links and website in these channels!

• Never trust anyone which sends you a DM!

Rule number 5 - not your keys - not your coins!

I strongly recommend that you use your own wallet with your own keys. The recent crash of centralized platforms have shown once again how important it is that you own your cryptocurrency.

One of the many nice side effects of using your own wallet is that if you use the protocols on your own, you could eventually be rewarded for it. Many protocols are considering giving tokens to their users to reward them for using their application (Airdrops)

Conclusion and summary

If you follow these rules, you will have a good start in the crypto world. Just remember to be careful in this area and always double check every interaction!

Finally, I'd like to share a great project that I think does best what is most needed in the crypto world: education! Dive into the rabbithole of crypto and learn step by step how to interact with different protocols;

https://rabbithole.gg/