Topic: 5 Tips for Crypto Noobs 📌(in my opinion) (Read 224 times)

These 5 tips are related. Doing these 5 tips correctly will help Noobs understand how to use a wallet and how to get good projects on this forum. The main thing to do is to ensure that the wallet is safe and that the private key is stored in a place that no one else but you can access. then choose a project by doing research one of the things that need to be done. Research that has been done by other people before can also be a reference for you. In this forum everything is there, you just need to search and read it carefully.

DYOR is the hardest part of the tip. There really isn't a sure way to learn all the things needed. If you wanna learn Anything about a DEFI project, you'd have to go looking for all the terms been in their whitepapers and you have to go back to learning the lending terms and all. If you have no previous idea, the research eill take longer tan you expect.

And the least you expect could always happen like the project is actually a SCAM. The tips should include in investing to projects that have been running before 2017 bullrun to be safer.

Totally agree with you on everything. You are not a total noob though are you.

I got 2 of my friends into crypto. The first one lost his Bitcoin when he tried transferring it to a wallet he had downloaded onto his phone. He was brand new to crypto and had no idea what he was doing. He lost his Bitcoin, it wasn't a lot, but it was enough to put him off crypto for life.

My other friend invested a lot more. He leaves it in his Coinbase exchange wallet. I told him again and again to get it into cold storage. He bought a Ledger Nano and couldn't even set it up so he just leaves it on the exchange. I can guarantee that he would fuck it up and lose everything if he tried transferring it!

I stand by my comment. Noobs should leave their Bitcoin on the exchange UNTIL they know what they are doing!!

Bitcoin is too complicated for the average person. 50% of people are dumber than than the average person. Don't forget that!

Can you elaborate this one?

I think better read masulum post.

In addition to that superb reasons. Storing your funds to an exchange is high risk. Why not download or create your own wallet that you had your coin. For example you had neo, create wallet for neo, using the safest wallet they recommend. Not your keys not your coins. This is a fsmous tagline that you must remember.

If youre gonna say that it is time consuming then youre not concern your own safety. Even this is a hard way, at least you are doing it right. There are wallets that have multiple support for different cryptocurrency and blockchain but you must be careful cause it is still risky. Only left funds on your exchange that you can afford to lose in any case the five advise to you happened.

Exchange wallet, not the safest place to store your coin. No one expert will suggest a newbie to store coins in exchange. Why? Here some reason:
1. You don't have the private key of this wallet, remember "No Key, Not Your Coin".
2. Your account can be blocked or freeze by an exchange administrator. If this happens, you can't access your asset
3. Hacking, data breaches, and other cybersecurity will come to exchange, even Binance already become a victim in the past.
4. Turn as SCAM, there are lot of legit exchanges become a scam exchange, if your asset inside of this exchange, you will lose your asset, like the poin 1, no key, not your coin.
5. When wallet holder of this exchange dies, the user will lose their money, this is happen few years ago. Exchange founder is dead and no one knows the wallet key, so all of the exchange user assets gone.

For this five reason is enough to stay away from storing asset in exchange for holding or for a long time. Use exchange wallet if you want to trade it and withdraw it to your own wallet as soon as possible and keep it on your wallet. The safest place to store your coin is in cold wallet. such as Trezor, paper wallet, or any kind of trusted offline wallet. The access is yours and you can control it as you want. But remember keep your private key in the safe place and make sure no one knows this private key.

IMO total noobs should keep their coins on the exchange until they know what they're doing. For the average non tech savvy person the exchange is the safest place for their coins.

I agree with you a lot on this note perhaps the best thing is what does happen to the topic of it's nature #DisappearingQuickly. Though before that, the topic is got to have it's chance.

I don't ask for merit by forcing anyone..

Bounties don't prevent users from using the serach function. I agree with you that it may be impossible to create a completely novel topic, but adding novel ideas and including new things you've learned or experienced is welcomed. If for example I'm just going to make a thread on a topic that has been discussed before without putting in anything new, it's better I just bump the best thread on that topic, I'd not be accused of any redundancy or spam doing so, but if there is a new development on that subject that I will want to add, then I can create a new topic.

There are many topics had been discussed over and over again. Do we not eat over and over again? Do we not go to bath over and over again?

Due to.bounties we are motivated to make a  posts and get paid. This will resort to posting and posting without reading other threads if it was been dscussed already.  Old threads should not be revive in my own opinion because we are evovlving, What is right yesterday may be wrong today.

But, I agree with you somehow this post looks like wanting to get merit.

My tips for newbies :

1. Do not sell your crypto or bitcoin.

You will know if it is the right time for you to sell your bitcoin in the market, do not sell your bitcoin at some point because you just want to spend it. Trust me you will regret selling your bitcoin when the market price pump and you will realize how much you lost.

Why do I feel that the purpose of this post is to collect some Merits? being similar to a topic that gets some merit.^[1]
Unfortunately, the benefit of such topics is low, because the beginner who visits this forum possesses some basic knowledge, and such topics disappear quickly.
The best solution is to educate those you know about cryptocurrencies, and such topics ideal for trading platforms.

[1] https://bitcointalksearch.org/topic/newbies-read-before-using-exchanges-or-investing-5178747

New exchanges aren't the best. Binance was founded in 2017, so it's not a new exchange, I wouldn't advice newbies to use new exchanges, except if you want to play around with worthless coins, with no value.

Google searches have a lot of vulnerabilities in filtering scam from original, when downloading or seeking recommendation, I'd not advice you go through Google search, you could get directed to fake websites or download sites with malware stored in them, you can search using DuckDuckGo search engine or you ask users on the forum to recommend exchanges to you, either centralized or dex.
I don't think this is also correct, I think what should be written down and kept safe is your 12-24 word recovery/mnemonic phrase, the private keys are to be stored in the wallet, then you use your recovery seed to recover/import/export the wallet at anytime you desire.

Newbies can read many tips in those topics

Newbies - Read before using exchanges or investing
Electrum wallet - Update safely and avoid phishing wallets?
Collection of comprehensive guides on identify and avoid scam projects

well said by OP. It's really a good read for newbies. I want to add some more things that also need to maintain.

1. Control Your emotions.
This is a big factor for a trader,(Experienced/newbie) If anybody can not control his emotion can not success in trade.
2. Invest only the amount that you are willing to lose.
That means always people should not invest all the funds/big amount of funds that can not be afforded by the investor. So the invested amount should be the exact amount that if you lost the amount you can take it easy.
3. And Don't be greedy.
Greediness is the worst thing in this world. You should not do anything by greed..

1.  Storage of your private key

Always write down your private key. This is your money lock, it is yours and no one can access it with any combination of your personal safes. Write it down, print it and keep it where only you know it. If you've forgotten your wallet password, this is your only backup option.

2. Choose the correct exchange.

There are many exchanges to choose from, each with their own advantages and each with their own disadvantages. You can see all recommendations for multiple Google searches. The best exchanges are the newest, proven exchanges recognized by the fans of the latest cryptocurrencies. Do your own research and choose the one that works best for you.

"One of the leading and safest exchanges today is Binance."

3. Store cryptocurrency in cold storage wallet.

 Some people prefer to keep their money in the stock market, which is great if you always trade. Otherwise, there is no need to leave it there. Do you leave your wallet on the table when you go to the toilet in a restaurant? not. So, manage your money and keep it in your wallet or book until you're ready to use it again. Many exchanges have been hacked and all cryptocurrencies have been stolen from people's wallets. Don't let this be you.

4. Do your own research!

It is very important. Don't take advice like VERBATUM, listening to top crypto authorities and enthusiasts to find out what's going on in the market and what investments are being made. They are speculators like you and have no idea how the announced cryptocurrency will work. Listen to their advice, take a look at cryptocurrencies, learn the basics, and then make a decision.

5. Know when to payout your winnings.

Decide where you like to use the ruins. Don't expect your Investment return up to 100x a night like any other day. Cryptocurrency is a volatile game and big changes can happen almost overnight, so set your own standards at the point of sale. Instead of waiting for 100%, it's better to make 50% returns and instead watch your investment decline before withdrawing funds. One of the best ways to do this is to sell 50% coins by multiplying each coin. This will save you money.