Topic: A LITTLE ADVICE TO BTC NOVICE (Read 249 times)

Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain

Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.

How do i update my Ethereum wallet?

1. Go to our website MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.

Please note that you need to manually update your wallet, failure to do so may result in funds being lost.

We are taking these measures to protect both you and our network from phishing and malicious attacks.

Thank you for your cooperation and understanding!
MyEtherWallet Security Team.

If you use other methods, then ignore this message.

Thanks for the information, it is very true that we have to learn about crypto before investing in it. And especially we should learn from people who are more experienced and those with higher rwnks, I am sure they will be willing to work.

Thanks so much for this advice, although I just came to this forum but I'm learning somethingfrom your posts. Keep it up

I think the best advice will be try to understand the market, discuss with those people who are all ready involve with it for long time, in this market experience teaches better trading policy , getting youself mentally prepare is also very important cause things are bit unpredictable here but once you learn it than risk start decreasing.

Nice tips. Thanks for sharing. I must agree with you that all investors should definitely read more and get much understanding in in the concept of cryptocurrency and its underlying distributed ledger technology. Not just Blockchain, but also Directed Acyclic Graph (DAG) or the recent famous Hashgraph. These knowledge will help investors decide which will be the technology worth investing for the next few years. This is not only applicable to BTC but also altcoins in general. To be honest, bitcoin needs to solve its scalability issues as well as the high transaction fees. Together with its volatility, they make merchants less interested to adopt the currency. It will be difficult to achieve mass adoption that's much needed to make cryptocurrency useful.

For myself, I believe in altcoins more than bitcoin. This is partly because rather than using BTC, it has become more of a speculative investment where people trade, hodl and do nothing other than that. This drives price up and creates a volatile environment. With all these concerns, I don't see the utility of BTC anymore. That's dangerous. And I hope people who read this forum should (like what you suggested), get a fair idea about BTC and have a ready to learn attitude, and not simply coming here to get predictions or buying suggestions.

Last but not least, always remember 99.9% of the time people tell you this coin/token is good/bad, they're using you to their advantage. Only 0.1% actually meant good for you to benefit. Take every prediction with a pinch of salt.

the market of bitcoin is quite unpredictable prices fluctuate time to time. for new investor it is best to have patience and learn the market before making a move. It is necessary to have understanding of the Blockchain technology as well as a good strategy. To maximize profit coins should be bought when prices are low and sold when it is high.

The users of crypto currency is increasing day by day based on their benefits also btc users also increased and thanks for this suggestion you really suggest some good ideas also many people doesn’t know how to use this so they should keep learn about this matter.

Learn , unlearn and relearn.
Reading through the basis of Technical analysis will also help a long way in making decisions on trading.

Fully agreed with you. I also did so while starting my crypto journey. Even after starting of one year, I think I have learnt a few about the industry. Its learning will never end. So study will also continue till crypto market exists.

That's a very informative post. The novices will get much information from this post. Thanks a lot for this post.

Thank you for the informative suggestions. I think this should be implemented by everyone in this forum. I hope that your suggestion will be helpful for the beginners as well as the old investors.

Yes it is really useful advice, I have something to add, never, do not trust anyone, rely only on yourself. Do not believe crypto signals from different groups that you are offered to earn $ 1,000,000 in a short time, it's not! they deceive you, do not believe never to different pump groups, they too deceive you, the percentage of really honest groups is very low, think yourself if a person has a signal that some kind of coin will suddenly fly to the moon at the next time why should he sell this signal? because he can use himself and sit quietly earning at home.

It is very tempting to rush into the pool of investment with a head, especially after the stories of success and instant earnings. But beginners should be remembered: caution distinguishes valor from recklessness. You will face a huge number of problems and difficulties, if you invest with just one thought - rather, get rich.

Take time to learn
Around Bitcoin and other crypto currencies there is a big stir, there are many rumors, and you constantly come across success stories and failures. To begin with, make sure that you understand what you are getting into and risk the amount of money available to you.

This business in bitcoins or any other coins is about maximizing your profit through investing your money into it and at the same time reducing loses. This can be achieve by learning and acquiring the skills to trade and understand what is happening in this field.

Yeah, the bitcoin business is up and down fluctuation. You don't have to rush to buy, you buy when it is low so you can expect bigger profit. And holding your coin in your wallet is another way to profit.

Thanks for this information and we will keep this in mind whenever there are ups and down.

I have now know how to go about in this business. Thanks for the information.

I think this has been the headache most of us goes through when first introduced to this crypto stuffs. Thanks so much for this information and I know it will be very useful to us all.

Although I have not been into this crypto business for long but from the little I have learnt from the ranks higher above me and the enthusiast on this platform, I want to give some small advice to people who wants to invest into BTC. I followed the footsteps of so many people on this platform and it has helped me. To start with the investment and you are a novice,

1. Get to read more and get much understanding in Blockchain technology
2. Make sure you also get a fair idea about BTC and
3. Be ready to learn and unlearn

When these things are at the back of your head you will know what to do when BTC prices goes up and vice versa and also the reason why it can rise high and also decrease in price. This is what I have for the newbies and I stand to be corrected though. I know ours seniors on this forum can add more. Let us know your suggestions guys because we are always learning more.