Tips for successful investing in cryptocurrencies / blockchain field.

After being involved with cryptocurrencies for about five years, I've learned some strategies that could lead to success. Here are my insights:

Avoid Centralized Exchanges: Storing funds on centralized exchanges is risky due to potential hacks and insider thefts. Your funds are essentially out of your control on these platforms. Despite my own experiences with the Bter and Bitstamp hacks where I was reimbursed, such luck is not guaranteed. Thus, setting up a personal wallet is essential, despite potential challenges with buggy software.

Use Decentralized Exchanges: Platforms like Openledger Bitshares offer a secure and fast system for trading without risking your coins or private keys. While the trade volume may be lower compared to centralized exchanges, the security and client-side execution benefits are significant.

Prefer Linux Operating System: Windows and OS X are more vulnerable to malware attacks. Linux, with fewer malware threats and easier system updates, provides a safer environment for managing cryptocurrencies. Distributions like Ubuntu offer good support and stability.

Surf the Hype Wisely: The cryptocurrency market is volatile, and while initial investments often see rapid value increases, it’s crucial not to be greedy. Securing profits at reasonable intervals and reinvesting in new projects can be more sustainable than waiting for outsized returns.

Hold Onto Investments: In a dynamic market, even less active cryptocurrencies might revive. Selling at a loss is often regretted, so patience and holding (HODLing) can sometimes lead to gains.

Invest Responsibly: Only invest what you can afford to lose. Cryptocurrency investments carry risks similar to gambling, so it’s important to avoid financial decisions that could lead to ruin.

Avoid Day-Trading: Technical Analysis in the cryptocurrency market can be unreliable. Long-term investment in carefully selected projects is often more effective and less stressful than trying to profit from short-term market fluctuations.

Secure Your Investments: Hardware wallets like Ledger Nano S provide secure storage for cryptocurrencies. It’s also crucial to backup your private keys and passwords securely.

Timing Your Investments: Buying during market stabilization periods can lead to better investment outcomes. Research and strategic timing are key to successful investing.

Conduct Thorough Research: Spend time evaluating the potential of a project, considering its utility, demand, team background, and technical aspects. Avoid projects with hidden or questionable ownership details.

These principles have guided me through the complexities of the cryptocurrency market, highlighting the potential and pitfalls within this rapidly evolving field. The shift towards blockchain technologies suggests a future where decentralized, transparent, and consumer-oriented practices prevail, reshaping the digital and financial landscapes.