We are now in the gold rush for Bitcoin which will last for at least

the next 10 years. And the reason why is that when you're first

buying into Bitcoin, start with an initial investment.

For you, it might be $1,000 or $100 and then have

a plan of entry. So it might be based on your income, $100 a

week, $1,000 a week. You keep stacking as you go. I also

think though that you need to have an exit strategy. The fundamental rule

is this is something that you must pay absolute attention

to. to underestimating security for buying and selling crypto. Now

let me tell you what I've done in my life to try and increase

security. One is I, I'm Matthew Fraser and this

is Crypto Collective. After making millions with Amazon and

e-commerce, I realized that if I was starting again today,

crypto would be my first choice. I'm here to help

you take your first steps and build real wealth. Ready

to set yourself up for life? Let's go. In

today's episode, I want to share with you the most common crypto mistakes

and how to avoid them. The first thing would be if you're very new

to this space, is jumping in without research.

You must do research. Now, I'm going to put a caveat in

on this one. I also think that there can be a bit of over-analysis.

Before you jump in, I know a lot of people who don't take any action at

all because they're too busy doing the research. I

would say you don't have to know how a car works before you

drive the car. You just get in, you know how to use the steering wheel and the pedals, and you know the road

rules. It's very much like Bitcoin. You don't need to

understand the absolute details and

intricate parts of Bitcoin before investing

in Bitcoin. But that said, you should still do some

type of research. Now, I would say, by

doing a little bit of setup of, let's say, buying

some Bitcoin, that is actually doing some research. So what I mean

by that is, if you're just sitting on the fence about whether

you should or shouldn't buy Bitcoin, why don't just at

least take one initial step in your research phase

by at least setting up a crypto exchange, so

somewhere like, SWIFTX, for example, which is a strain-based

crypto exchange, is a place where you can buy and sell crypto

and Bitcoin. And what you will do is you will obviously

go through the steps of setting up that crypto exchange, and

then you'll transfer funds from your bank to

the crypto exchange, then press the Buy button to

buy the Bitcoin, for example. Now, by just doing that,

you're going to get some understanding of how the system works. Deepen

your knowledge. Deepen your knowledge in the space.

Now, if you just put like $100 in, let's just say down the

track you've decided after doing further research that you just

do not want to buy Bitcoin whatsoever. It's too risky for

you or you don't believe in it or whatever it is. Then you can just sell

the $100 of Bitcoin or just walk away. Maybe you'll wake

up. If you just walk away, maybe you'll wake up in like 20 years and your $100 is

now worth like $100,000. So you might be pleasantly surprised. So

that would be one thing to consider. Because the other thing, too, is

what I find with a lot of people is that they don't take the

steps of actually just setting up the crypto exchange initially.

They do all the research. And

then by the time they're ready to buy, now they have to go

through the process of setting up the crypto exchange, which can

take, it's not too It's not too difficult, but

it just takes up more time. But usually by that time, you're so

desperate to buy Bitcoin that now you want to buy immediately, but you can't. Because

now you have to go through this process of setting up the exchange. So it will help

you either way. The second thing, and

the second very common mistake,

is following the hype and getting FOMO. And FOMO is fear

of missing out. And look, I don't pretend to be a saint. I

also suffer from FOMO. But it's trying to keep your

psychology, your FOMO, in check. Now

here's a classic example. This just happened to me yesterday. A

friend of mine owns a little bit of Bitcoin. And

he rang me, and he said, oh my goodness, I've just seen

a YouTube video. And there's these meme

coins or other cryptos out there. They're going to do 1,000x.

I have to buy them straight away. And that is

FOMO setting in. You've got a fear of missing out on this 1,000x,

which means that if you bought something for $100 worth of crypto and at 1,000x, it would now be worth

$100,000, which would be totally insane. Yes,

it does happen. But with

these type of what I call micro cap

coins, where they go from like $100,000 to $100,000 of value, they're

super, super risky. And

now, by putting $100 in, it wouldn't be that big of a deal, because it's

like a speculation. And it's a big gamble.

Because if you lost $100,000, it's not going to ruin you financially. But

where people really stuff up is they have the same type

of FOMO, but they might put in something like money

that they can't afford to lose, like $10,000 or

$20,000, thinking it's going to go to like $10, $20 million, and they're going to be rich forever. It's

not that simple. And the reason why is because you can

easily get rug pulled. And what that means is you can put the money in

and there's other people in the space who are far more sophisticated

than you at following the market. And they're going to

liquidate your money out of that asset before

you can blink. And next thing, you're left with holding

next to nothing. Yes,

you can invest in these types of assets, these

speculative high-risk assets, but you simply just need to know what

you're doing. Just don't jump into it after seeing one

video or seeing something on Instagram. The third mistake that

people can make is keeping your assets on

exchanges. Now, let me cover this off by saying that when

you buy your Bitcoin, you have to

use Generally an exchange now. I I

buy my crypto and Bitcoin through a company called Swift

X based in Australia and also regulated by Australian regulations

and They're also based in Brisbane. Actually, you can actually see you when you speak to them on

the phone. They're in there in Brisbane and Now,

I have some things sitting on exchanges, but I also have

some assets sitting off exchanges. There might

be some cryptos that I want to sell sooner rather than later.

Therefore, for me, I keep them on the exchange where

it's at a simple button press to sell and

liquidate. Other things like Bitcoin, I remove off

the exchange. Now, why do I do that? It's to de-risk that

asset. Because I'm holding onto Bitcoin long term, I don't

want to let a third party like SwiftX or any

other type of exchange, decentralized exchanges or others, to

perhaps have an issue where they either lose the Bitcoin, highly

unlikely losing the Bitcoin, but perhaps they go bankrupt. Perhaps

there was someone within a company that

was doing the wrong thing, and they sent your Bitcoin somewhere else,

and they were maybe spending it on something else. You just don't know. Because

in history, there has been other exchanges,

and I'm going to name one in particular, FTX. If you're not sure about FTX,

do some research. Because at face value of

FTX, they were advertising all

over the place. Even the Mercedes-Benz

Formula 1 team had FTX on their car and on their jerseys,

right? So you thought it was a legitimate good

exchange to put your money or buy your Bitcoin through.

They had things like stadiums, FTX Stadium. They

had Tom Brady and other big celebrities endorsing FTX.

And ultimately what happened, there was some malpractice

going on within FTX, and Sam Bankman Freed, who was

running the show there, went to jail. And a lot

of people lost their money. So

it could be in your interest. And in my opinion, it would be to

remove at least your Bitcoin or anything that you plan to hold long

term, remove it off the exchange and put it into what's called cold

storage. Things like Trezor, Ledger, or

any other type of cold storage device. Mistake number

four, ignoring market cycles. It

just happens that within traditional finance, and

crypto in particular, there are market cycles. Now, in crypto cycles,

the cycle is every four years. It's just something

that you should think about. That being said, I'm going to say something

else here. From January of 2024, we are

now in the gold rush, what Michael Saylor calls the gold rush of

Bitcoin, which will last for at least the next 10 years,

all the way to 2034. And the reason why is that. The

institutional adoption into Bitcoin now is

going to be absolutely immense. And there's going

to be a rush in to buy as much Bitcoin as possible, which is going

to send the price through the roof. So we

may see that a four-year cycle doesn't

happen so much within like a dump after four years. It may

not happen in Bitcoin. It may take another 10 years before

the market either comes back down or has a major correction. So

that's just something to keep in mind. Now, how can you mitigate that? You

can mitigate that by diversifying your Bitcoin assets.

So what I've done as an example is I have my

self-managed super fund, I have three buckets. Self-managed super

fund bucket, which I plan to never ever sell, my

company bucket, which I don't plan to sell, and

then I also have a personal bucket, which I do plan to

sell. And I'm going to sell that crypto and

probably not the Bitcoin, but at least the crypto in there, the altcoins, to

use for other things, paying down some debts and

some other things. And so that is something that you could consider. So

let's just say you hold two Bitcoin. You

could get to, let's say, 2028, or even through

this cycle. Maybe you get to the end of 2025, and you think, you know

what, I'm going to take some profits off the table. But I don't want to

get rid of all of my Bitcoin. I'm going to hold on to one

just in case. that the market cycle doesn't happen

within this four year cycle like it dumps hard, okay? Because there's

so much adoption happening right now, it may just continue to go up. Mistake number

five is going all in on an altcoin. Now,

I would say to you, if you are dead set investing, dead

set committed and orange peeled into Bitcoin,

great. Go all in on Bitcoin

and don't buy any other altcoins. That is

a strategy that you could employ. Ultimately,

I don't have any love for altcoins. I'm

going to buy some altcoins because I believe there's some better potential

growth in altcoins. But ultimately, I'm going to sell

those altcoins to either turn into fiat currency as

in cash to buy other things, or I'm going to

buy more Bitcoin. That is ultimately what I really want to hold

is the Bitcoin. So when you talk about altcoins, they

can crash hard within the four-year cycle that I just mentioned. Probably

by the end of 2025, that will be the end of the

four-year cycle, where things will then take a turn and start coming

back down. And the altcoins, particularly gaming,

probably AI, different categories of altcoins,

they will crash probably some of

them even up to 90% to 95% from

their all-time high. So don't get stuck thinking that you're going to buy one

particular altcoin. You get completely

invested into it emotionally, and you think it's just going to go up

forever. Because chances are, I would say near 99.9%, that's

not going to happen. It will come crashing down at some point. Now,

the other thing to think about is you might have put all your money

into one particular altcoin because you've heard from Jimmy down the

road that this is the best thing since sliced bread. But what happens if

it underperforms during a bull cycle? So

you've put $10,000, for example, into one altcoin, but you could have

put some money in that one, some money in another one, and

the other one was the one that actually did well. So you're just putting too

many eggs into one basket if you employ that strategy

of all of your money into one single altcoin. Hey,

just quickly, if you're ready to dive deeper into crypto and Bitcoin and

build real wealth, join my free crypto collective

community. It's where I share exclusive insights and strategies and

live discussions to help you succeed, whether you're a beginner or

scaling your portfolio. Click on the link in the description and join

us today. Now back to the episode. Mistake number six is not

having an entry and an exit strategy. So

I say to any family and friends, when

you're first buying into Bitcoin, start

with an initial investment. For you, it might be $1,000 or

$100. And then have a plan of entry.

So it might be based on your income. $100 a

week, $1,000 a week, $1,000 a month, right? You keep

stacking as you go. I also think, though,

that you definitely need to have an exit strategy. Because

what's going to happen is as the market goes up, let

me say this. It's easy to look back in history

and say, oh, I can see when the top of the market was, and I can see where the

bottom of the market was. So therefore, I would have bought at the bottom

of the market, and then perhaps I would sell at the top of the market. The

thing is, though, you never know when the exact top and

the exact bottom are going to take place. So the only

way you can take advantage of taking profits off the

table as the altcoin or

Bitcoin is going up, if that's what you decide to do, if you want to remove the profits,

if you're not holding onto Bitcoin for long term, like

decades, then you need to start scaling out of

Bitcoin or your altcoin. Start scaling out. So you're going

to have to work out some numbers that's based on what you

want out of this type of investment. Let me give you an example. Let's

say you've got a mortgage balance on your property of

$100,000. And you've invested $50,000 into crypto. You might say, Once

this crypto gets to $100,000, and this, of

course, is depending on where you're buying in the market cycle. If you're buying near

the top, well, then it's not going to double. But if you're buying near

the bottom or perhaps even in the mid-range of the market cycle, then

it could double. So let's just say that does happen and

it gets to $100,000. You might have written down already that

you want to exit your position because all you want

is to pay off your mortgage. So when it gets to $100,000, Sell

the crypto, pay off your mortgage, and that was the strategy

that you employed for your personal situation. But

you might have a different strategy. Perhaps it gets to $100,000, and you

say, I'm going to take out my initial investment off

the table. So you remove $50,000, leaving the house's

money still in the market that could potentially go up.

And there's all different variations of that. Perhaps you scale out.

Once it gets to $60,000, you take out $10,000. It gets

to another $60,000, you take out $10,000. So your $50,000 goes to $60,000, you take out

$10,000. There's all sorts of ways. The fundamental rule is have

a strategy in place, write it down, and try and

stick to it. Because once the market starts to skyrocket, if

you're playing from the bottom, your FOMO

is going to set in. You're going to think it's going to just go up forever and

ever and ever. And you may miss the top.

And then you may walk away with nothing. And that's definitely what

you don't want to do. Mistake number seven, underestimating security.

This is something that you must pay absolute attention

to. Now, let me tell you what I've done in my life to

try and increase security. One is I

use a completely separate computer. I don't

use the exchanges for buying and selling crypto

on my main computer. I've got a completely separate computer for doing that

and anything related to that. I've set up a completely separate email

system, I've got a VPN, I've

got a restricted browsing

network. I've tried to de-risk as much as

possible by implementing a lot of security measures. There's

even one thing I'm doing right now, which is a whole nother level where I've just bought

my own node. So I'm going to run my own server and

I've got the blockchain running through that solely. So I'm creating my

own sovereign bank. I'm in control of my own

Bitcoin. So don't do things like

For example, I don't use any crypto exchanges on my

phone. I've removed everything off the phone. I only

use this separate computer. So if you're unsure about what

to do, come into my community. It's absolutely free and that information will be

there for you to implement so you can make sure that you protect your

crypto. Big mistake is people use leverage. Now,

this is for beginners that I'm talking to, right? When

you come in, you may think you go to an exchange, there's

an opportunity for you to use leverage, which

means using the crypto exchange's money to help boost,

I guess, a bet on the market going up or down. Now,

people get wrecked with this all the time because unless you are a

very, very experienced trader, and even they make

massive mistakes, you should not use that because you will lose

all of your money. So in short, if you're new to crypto,

do not use leverage. Mistake number nine. Neglecting

tax obligations. This is absolutely crucial,

because right now in Australia, you have to pay tax on

crypto gains. Now, whether it's through capital gains tax,

or if you're a trader, it's treated as income. So any

gain is treated as income, and you pay income tax on

those gains. For most of you and myself, I'm

not a trader. So I'm not doing things, buying and selling cryptos day

to day. Here's something that I heard the other day, though, which I

want you to be aware of. Someone said to me, what

I'm going to do is I'm going to maximize my profits.

And I'm going to buy when it's low and sell

when it's high. But this person, A, was not a trader.

They were brand new to crypto and do

not watch the markets on a daily or monthly basis.

And the other thing is, you must know, is that you cannot time the top and the bottom.

You can only look back in history and see the top and the bottom, as I mentioned before. Now,

let's just say, hypothetically, they were able to

buy at $100,000, and then they sold at $110,000, believing the market was going to come back down

again. So they've now got a $10,000 gain. You've now got to pay capital gains

tax on

that gain. And if you've now owned that asset for less than 12 months,

you have to pay tax on the full gain. You don't get a capital

gains discount. If you hold the asset for over 12 months, you

then only pay tax on 50% of the gain. So

if you were to do that, though, you now have to take into account that you're now going

to lose a whole stack of Crypto,

essentially the money that you've now sold it for, that's now going to the tax

office. So you might find that you're actually just better off not

to sell and it's going to be extremely difficult to

time the top and the bottom. Mistake number 10, selling at

the wrong time. I'm going to relate this for people on

property. It's very hard to

sell property. And what I mean by that is, let's say you buy property for

$500,000. It's an investment property. And let's say within six

months, you hear that property values have dropped. And let's say it's now

$450,000. The only way you

would even know that it's $450,000 is you'd have

to go and get a valuation done on that property. Most people don't do that unless they're

refinancing that property. The bank's not going to come knocking on

your door to say, hey, we think your property's worth $450,000 now. We're going

to take it back. They don't even care. As long as you keep making the repayments on

the mortgage, you're good. The

other thing is, let's say you did get a valuation. It's now worth $450,000. You've

now got to go through, and you're thinking, oh my God, I'm going to sell this property because I

want to realize the loss. But you're thinking, oh my God, it's going to crash even

more. Well, now you've got to go through this whole process of

selling the property. You've got to contact the agent, you've got to market it, et cetera, et cetera. You've

got to pay more fees now. So there's going to be even more

loss because you've now got to pay an agent. You've now lost the stamp duty when you purchased it.

So it's a big rigmarole. Now, the difference is, if

you bought $500,000 for argument's sake

of Bitcoin, and let's say it dropped to

$450,000 within a month or even six months, you know,

because you can see it on the chart, it tells you it is

actually $450,000 worth now. And where people

make the mistake, particularly in a

bull cycle, but also more particularly with Bitcoin, is

they sell it at the wrong time. It is not the time to sell.

You've just put in $500, and now you're going to sell for $450. That

is a big no-no. Now, the only time you would think about doing

that is if you absolutely have to sell it

because you're in hospital, your children are

sick. I don't know. Something absolutely catastrophic has

happened. Something unforeseen has happened, and

now you need that money. You would not sell it because then

you're going to realize, otherwise you would not sell it, because you would need to

now realize the loss. You're now going to put back in your pocket

$450,000 instead of $500,000. That

would be disastrous, because your plan is to

hold on to the Bitcoin asset for years to come, because it

will come back around within a four-year cycle anyway. Mistake

number 11, using next week's rent

money. This is, well, I hope to most people is obvious.

Only invest money that you don't need for next week. Okay,

so set up some sort of a plan. Maybe you can

only afford to invest $50 a week. Something that

you just wouldn't notice because you'd obviously want to continue to pay the

rent, the mortgage, the school fees, the food and electrical,

right? So don't be gambling with the

money that you're going to need into the future, like your day-to-day money. That could

be a big mistake, because you're going to need it so quickly back,

potentially, you might find that the asset has dropped, and

now you're going to realize the loss. Mistake number 13 is getting

scammed. Do not do this. Now, there are some measures you can take.

Simple, really simple measures. Do not click on links on

social media, YouTube, Instagram, TikTok, that

are making claims that you can get rich quick. The

other big scam out there is you might see someone like a

Michael Saylor, who's very, very big in the space. You

might find you get a message from someone that looks

like Michael Saylor, but that's because they're pretending to be Michael Saylor. Michael

Saylor and other big cryptocurrency gurus

out there, they make it a point of saying they

will never, ever contact you for anything.

So don't fall to that scam. Mistake number 14 is

not de-risking your storage. And I want

to tell you a quick story on that one. A friend of mine, he bought $50,000 worth

of crypto. He tied it all up in one particular exchange.

It was a decentralized exchange. And what happened

was, through the last couple of years, it was actually, I think, after

the FTX saga, it collapsed because it was tied up with

FTX. And all of his money was lost. His

mistake was leaving all of his asset into one

exchange. Don't make that mistake. OK, guys. Now, in

wrapping up this episode, I'm going to tell you the biggest mistake

that I made. But thankfully, I didn't lose a ton of

money. It didn't make me go bankrupt. But it's something that I want to share with you. And

in the very early days, I didn't understand what was happening in

the market. And that's because I wasn't paying attention like I am now on

a daily basis. I absorb so much information

now on a daily basis that I know what's going on everywhere. And

in the beginning, there was one particular cryptocurrency. It

was called Luna. And by all measures, it was

doing great. I'd heard around the traps that it was the next best thing.

But what happened one day is I saw that the price was falling.

And I thought, oh, this is interesting. And it kept falling and kept falling.

And it got sort of fairly near the bottom when I thought, and I thought, you

know what? I'm going to put $1,500 in this. Because when

it goes back up again, I'm going to make a lot of money. What

I didn't realize at the time, though, that was Luna was going bankrupt. The

money was exiting out of Luna like there was no tomorrow by

investors who knew more than me. And here's silly me putting $1,500 into

something that was never, ever, ever going to come back.

And it hasn't. So guys, thank you so much for joining me

on that episode. Take note of all those mistakes so

that you don't make them. All right, see you in the next one. Thanks for tuning in

to Crypto Collective. If you've enjoyed this episode, the best way to

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