A Simple Yet Powerful Message That Will Always Hold True

Barikui1

sr. member

Activity: 266

Merit: 205

Quote from: alastantiger on October 15, 2023, 09:32:13 AM

The message to newbies has always been the same since the beginning of time. From bitcoin creation to the very time altcoin started to pop up, till the era of NFTs, airdrops and other silly nonsense that shows up to deceive the naive ones. This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"

PS- Image source is from a Telegram group. I don't claim ownership of it.

I am actually really impressed by this your post here, because it entails all a newbie needs in other to navigate his or her way safely in this crypto space, though their are some people that are just too stubborn to see the the truth and abide by it, some investors just loves taking stupid risk due to greed, and the funny aspect of it is that, when things doesn't goes as planned, they will start generalizing it, and start associating Bitcoin with it.

Lastly, those stubborn fellas that have refuses to heed to the warning that comes with the phrase that if you aren't with the keys, then it's not your coin, they are the ones that mostly falls victim of the last illustrated in the diagram, something like the FTX issue, so I believe that if a complete newbie or a novice can follow through this guide on this diagram, I believe that he or she will be able to navigate his way easily and safely in this crypto space.

JayJuanGee

legendary

Activity: 3920

Merit: 11299

Self-Custody is a right. Say no to"Non-custodial"

Quote from: Finestream on December 29, 2023, 09:19:57 AM

Honestly, the message is so simple and so easy to follow, but a lot of us never understood it clearly. Instead of making bitcoin as our top priority, we always end up making it as an alternative probably because of its expensive price, and resort into altcoin investment as our major investment. Not only newbies are doing this, but I believe even to some of those who have been here investing in the market for quite long, its like they trusted altcoins more than bitcoin.

However, there's always a time for change. If we fail to make it last time and see our altcoin investment continues to drop, this time we will be sticking into bitcoin. Although we can still invest into altcoins with high potentials, but we should always put bitcoin as our top priority and should have the biggest allocation of funds.

Don't get sucked into shitcoins, and if you are not able to control yourself because you love gambling and you are easily distracted into "wanna get rich quick" schemes that are likely going to cause you to lose time, money and energies, at least if you could limit your exposure to shitcoins to be less than 10% of your bitcoin holdings, then you will at least put some kind of limitation that restricts you, and hopefully if you keep losing from your shitcoins, you do not keep drawing from your bitcoin holdings to justify to continue to allow that less than 10% allocation to suck value from my lil precious.

Finestream

hero member

Activity: 3052

Merit: 606

Honestly, the message is so simple and so easy to follow, but a lot of us never understood it clearly. Instead of making bitcoin as our top priority, we always end up making it as an alternative probably because of its expensive price, and resort into altcoin investment as our major investment. Not only newbies are doing this, but I believe even to some of those who have been here investing in the market for quite long, its like they trusted altcoins more than bitcoin.

However, there's always a time for change. If we fail to make it last time and see our altcoin investment continues to drop, this time we will be sticking into bitcoin. Although we can still invest into altcoins with high potentials, but we should always put bitcoin as our top priority and should have the biggest allocation of funds.

Promocodeudo

sr. member

Activity: 616

Merit: 414

Quote from: alastantiger on October 15, 2023, 09:32:13 AM

The message to newbies has always been the same since the beginning of time. From bitcoin creation to the very time altcoin started to pop up, till the era of NFTs, airdrops and other silly nonsense that shows up to deceive the naive ones. This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"

PS- Image source is from a Telegram group. I don't claim ownership of it.

Your message is self-explanatory and straight forward, it is left for the concerned individuals to adhere strictly to the advice that's if they want to, people buy bitcoin without knowing about it in full, mastering your keys and keeping it safe for you alone should be one of the topmost concern of a bitcoin holder, the key safeguard your investment, and it should be your priority, bitcoin was created to teach people about how safe your money and your identify could be without anyone else knowing about it, but people has failed to maintained that standard and continue to chase shadow, if I may ask how many investors or holder has taken a good measure in other to secure their investments, pop I appreciate your effort in making this message public for people to know how important this aspect in investment is.

siniminomorocomunisakito

member

Activity: 420

Merit: 34

Quote from: Broadanbig on October 16, 2023, 08:45:33 AM

Indeed the message is very powerful and it still holds the truth till time. Many shit coins and Cryptos have come and gone but Bitcoin has long been in existence and will still be. The message passed across is so simple and short and does not need much explanations to for clarification. If you want to profit from Bitcoin, buy and hold and take proper security measures to protect your bitcoin by holding in your own personal custody. Make sure you do hold your coin in your own personal wallet or self custodial wallet for a long time. Avoid third party exchanges as they can not guarantee your coin safety.

For BTC, it is very undeniable. It's true that indirectly it depends on their infrastructure but, how to avoid third party exchanges when that's the only place where we are, for example, to carry out transactions and cash them into fiat if necessary at any time?

Bitcoin_people

sr. member

Activity: 700

Merit: 380

🎗️🍁🎭

The cryptocurrency world currently has various altcoins popping up, including Bitcoin. Moreover, people are now making many attempts to cheat people through NFT airdrops along with giveaways etc. I have seen a lot of airdrops and giveaways that are created just for scams where new people get scammed by messaging them when they connect their wallets here. That's why I think the wallet should never connect to an unknown website to avoid being a victim of such scams with the possibility of losing all money. I also got scammed by connecting a wallet to an Airdop website, that's why I think your message is very important. So it is very important for newbies to know that avoid all other scam websites and buy bitcoins and hold them and keep the keys in a safe place. When you buy and hold bitcoins and store your keys in a safe place, you can earn a large amount of money from bitcoins over a period of time.

HajiBagi

sr. member

Activity: 742

Merit: 349

Without going any further, this is evident to all beginners: purchasing another worthless coin that will cause you to lose your money is extremely risky, and this danger extends beyond novices to those who are incapable of losing money. Bitcoin is merely an investment that you can hold onto for a long time, during which time nothing will happen to your money as long as you keep your private key in your possession. I haven't purchased any other coins except for bitcoin because I don't want to lose money. I haven't seen anyone express dissatisfaction over holding bitcoin for an extended length of time, and many people on this forum recommend investing in bitcoin rather than other coins.

Another crucial aspect for a novice is safeguarding their secret keys. You should keep your secret key private, even from your closest friends, as if someone were to obtain it and gain access to your wallet, your bitcoin would be lost forever, and there would be no way to track down the scammers and get a refund. For this reason, it is advised that you conceal your secret key as well as possible.

Myleschetty

member

Activity: 1191

Merit: 78

Quote from: Franctoshi on October 16, 2023, 12:31:40 PM

Quote from: ZAINmalik75 on October 15, 2023, 11:55:10 AM

Quote from: alastantiger on October 15, 2023, 09:32:13 AM

"Just buy Bitcoin and hold your keys or else you are going to get scammed"

You are damn right, even if this statement looks easy to follow but many failed to follow it and lost all of their funds, not only in BTC but in other investments like those made in altcoins, nuts, metaverse-related projects, etc. These investments, no doubt, made many people millionaires overnight, but also made many millionaires poor too. And that also happens in BTC, where if a person bought some BTC and now holding it for like 10 years.

Exactly, The Biggest losses I have experienced in this crypto industry when it comes to investment were my investment in altcoin and shitcoins, and that was when I had less information regarding Bitcoin compared to what I know of now, I do think this is the same case story with most newbies that have also lost in one way or the other.

Information is key and this is why most investors who understand this now stick their investment only on Bitcoin or more percentage of their capital into BTC, it is indeed safer with Bitcoin, just Hodl and have patience.

Information is indeed the key while knowledge is power. Many crypto investors have received the information needed to know that altcoin market are highly and it's the manipulation space for the whales now and once they get their profit they move it into BTC.
The point is that receiving the right information can lead to failure of the person don't have the knowledge to understand the information futuristic benefit.

GbitG

sr. member

Activity: 854

Merit: 364

Enjoy 500% bonus + 70 FS

Quote from: Davidvictorson on November 06, 2023, 11:26:24 AM

If you do not learn from the experience of others you would definitely have your own bitter experience where learning would be inevitable. The instructions on how to keep your bitcoins safe is so simple yet there are people who lose it because of their greed, their lack of attention to details, just plain laziness which may include, keeping your private key carelessness, drawing unwanted attention to your self in public as Bitcoin investor thereby making yourself a target and so on.

Yes, of course, if a person does not learn from the mistakes of others, then it can become a big problem and trouable for him. Often people are weak in the matter of privicy, they take such stances lightly while it is their biggest mistake, carelessness and laziness, which I say is a proof of the biggest stupidity of this person. Even iff he knows everything, if someone does not respond to any issues regarding privacy, then he is doing something rong with himself because, every day, similar cases are increasing. People underestimate the importance of their privacy, but it is a very serious matter. And if they don't protect their funds in the right way, they lose everything; that is, due to their own mistakes, they find their wallets empty in the hands of hackers.

Moreover, when most people create a wallet, they temporarily take a screenshot of their passphrase and can keep it on their phone. This YouTuber also did the same, and when the hackers monitored, the hacker hacked the email of the YouTuber, backed up all the data, and stole a million dollars of assets from his wallets by finding the phrase of this wallet.

So, it means that whenever you save a phrase in your wallet, you must write it down on paper and don't save it on your phone, because it can happen to you in the same way as it happened to this YouTuber. So be careful in terms of privacy.

Lamkuthang

member

Activity: 335

Merit: 34

Low Fidelity High Potential

Quote from: alastantiger on October 15, 2023, 09:32:13 AM

I like the picture. The message is also simple and really works. If we do it, we just have to say it by starting to buy a number of BTC according to the capital capabilities we have. Indeed, at first glance BTC looks expensive, but we can also buy it in installments and don't have to do it all at once, and it cannot be denied that with large funds, if it lasts 10 years, the benefits will be felt.

Out of mind

sr. member

Activity: 672

Merit: 321

I like to treat everyone as a friend 🔹

I think this message is one of the best and said for the safety of all people. Buy bitcoins and hold your keys, and hold bitcoins for a long time, it will be good for you and for the future. When you use a hardware wallet or software wallet to make an investment, you will be given a key that must be collected. If you don't save the keys, then you are definitely risking your money and most likely losing money. Or never share or give the keys you collect to other people or else we know for sure that you will get scammed. So we should keep our invested money for a long time and keep the wallet keys in a safe place to avoid fraud. It's always important to keep in mind that your money is safe when your keys are safe, but your bitcoins will be safe in the future.

Jon_Hodl

member

Activity: 253

Merit: 93

Humble Bitcoin Stacktivist

Excellent advice.

I would also say that securing your seed phrase with the best practices and running your own node are also very important. I should have purchased steel plates and run my own node a lot sooner.

Best decisions I ever made.

Essential10

full member

Activity: 448

Merit: 130

As a veteran and the first cryptocurrency, Bitcoin has been a major means of investment and creation of civilization. Bitcoin has created a breakthrough and extraordinary value in technology, and it is turning a new economy in the human community in different parts of the world. However, alongside Bitcoin, many altcoins and blockchain technologies are competing and new and creative projects are emerging. These new coins are designed for different functions, and their important features can make them attractive to various individual and venture investors. At this time, it is important to look at the competition between different cryptocurrencies, and for private enterprises to reach good technology and a balanced investment is now going to be effective. Above all else we should buy bitcoins and hold bitcoins.

Hewlet

full member

Activity: 504

Merit: 227

Quote from: Davidvictorson on November 06, 2023, 11:26:24 AM

If you do not learn from the experience of others you would definitely have your own bitter experience where learning would be inevitable. The instructions on how to keep your bitcoins safe is so simple yet there are people who lose it because of their greed, their lack of attention to details, just plain laziness which may include, keeping your private key carelessness, drawing unwanted attention to your self in public as Bitcoin investor thereby making yourself a target and so on.

No doubt, the most important thing most often times looks too simple to us and will just joke with it until it gets us in trouble and within split seconds our sense of reasoning comes back to us and we now start crying,"if I hard known, I would have kept my keys safe right from the outset.

I still remember that when I opened my first wallet, I was too lazy to write out my passphrase but instead, I thought of making a screenshot of it and then I thought of the fact that I could misplace my phone or that my phone might be stolen by fraudulent people that will easily recognized my passphrase and will drain out whatever bitcoin I have accumulated so far. I had to get up immediately, take up a pen and I wrote down my passphrase and ensured that I kept it as secured as my other important documents.

Kasabus

hero member

Activity: 2814

Merit: 576

DGbet.fun - Crypto Sportsbook

Quote from: LogitechMouse on November 06, 2023, 02:45:57 AM

Quote from: alastantiger on October 15, 2023, 09:32:13 AM

The message to newbies has always been the same since the beginning of time. From bitcoin creation to the very time altcoin started to pop up, till the era of NFTs, airdrops and other silly nonsense that shows up to deceive the naive ones. This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"
~

Well, I want to agree on what the OP has advised to us, but it would be better if you indicated in the subject title that this "Simple yet Powerful Message" are only for newbies out there who don't know where to invest their money with.

I believe that newbies really need to focus their money in investing into Bitcoin "ONLY" as it's considered the "SAFE" asset by many people. It might be a safe asset, but I would call it "the safest cryptocurrency you can invest your money with". That would be better, but overall, I guess OP already shared important details that a newbies must know. Focus on Bitcoin first, and be patient.

Now what about those not newbies anymore? Will you still recommend them to just invest only on Bitcoin, and disregards those altcoins out there especially those that are on the top in terms of market cap?

It's not bad to diversify bitcoin with altcoins as long as you are in the right coins to invest, which can also sustain the market volatility and won't definitely end up with zero value. However, even if those altcoins are on top of the market cap, we can't be sure that they're not gonna fall in the long run as majority of the altcoins are just profitable at the beginning but eventually lost their significant value in the end, which means these type of altcoins will only add to its higher risk of losing.

I have been in the same situation way back then and have trusted these altcoins but all I got are just losses. The reason why I just want to stick to bitcoin for long term investment and just continue doing DCA to maximize my portfolio before this bitcoin halving is supposed to happen.

Bd officer

sr. member

Activity: 602

Merit: 369

Betunlim|Welcome Bonus 100%|Upto 1000€

Quote from: alastantiger on October 15, 2023, 09:32:13 AM

"Just buy bitcoin and hold your own keys or else you are going to get scammed"

Yes of course, should only invest in Bitcoin. Investing in altcoins with a small amount of money can get a lot of profit, investing in altcoins is very risky, you can lose the whole money. Due to the huge price increase in Bitcoin at present time, investing in Bitcoin with small amount of money can expect small profit but long term holding can expect to get huge profit. If a loss is incurred by investing in alt coins, the chances of recovery are less. But if you invest in Bitcoin, you can easily recover if there is a loss. People who get new ideas about cryptocurrencies decide to invest in different types of alt coins without understanding the market. Investing in Bitcoin is much less risky than investing in other coins. So everyone should choose bitcoin and avoid alt coins.

ThemePen

hero member

Activity: 938

Merit: 765

I stand with Palestine.

I understood your point about the risks and scams that exist in the cryptocurrency world especially for newcomers. It is true that there are fraudulent activities targeting those who who don't know much. However, it's important to note that not all altcoins NFTs or airdrops are scams. You can see many projects are legitimate and gave huge airdrop to their users.

I agree with your message which showing the importance of holding your own keys. This is a fundamental principle. Not your keys not your funds.

Cookdata

hero member

Activity: 1106

Merit: 912

Not Your Keys, Not Your Bitcoin

Quote from: Z390 on November 06, 2023, 03:17:16 AM

I respect your warning but for many its other side of this story, altcoins have bring good ROI for them than Bitcoin will ever bring, many people don't even know when to buy, that's the problem, they fomo into altcoins and they get dumped on.

With Bitcoin you can start buying any time if we are in a bear market, with altcoins you can't do the same, you need to make sure that you get in early and watch the chart closely, it's good to always have Bitcoin in your portfolio but altcoins will always bring you good amount than Bitcoin, the bad side of altcoins is too many scam projects but if you know how to find those gems you will still be in profits.

Bitcoin is safer and altcoins expose you to more risks, I have lost money in altcoins like OP said but I have made more with altcoins than my Bitcoin, few that I bought this year have done over 1000% gains already, one of these alts is injective protocol, if you have your doubts you can do your research, another is Solana, the so called shit coin that everyone thought it won't survive because FTX had a lot and dumped a lot too.

If you know how to calculate your risks very well altcoins are not completely bad like some are saying, in fact it's better than gambling with money in a casino, all you need to do is make sure the project is very good and still very early. Right now my altcoin bags is looking better than my Bitcoin bag, though both are in good shape as we speak.

This is having some atom of dishonesty in my opinion. Is there any Altcoin in the history of cryptocurrency that has given an ROI like Bitcoin? Google search the profit of Bitcoin from the day it was listed as compared to other altcoins, and they don't come near, even Ethereum does have half the return of what Bitcoin has printed if you do the maths from the first day it was listed on exchanges. The only problem is that Bitcoin has grown rapidly because the market cap alone is enough to give us more than 100 altcoins if we are to share the Bitcoin market cap with other altcoins that are top 100.

I am not sure if the survey result will be the same but if you ask around about how people have lost money to crypto, they will tell you that more than 80% of people lost money into altcoins than they did in Bitcoin. Fact check the bear market that we just had, altcoin is the reason why we are here today, and Terra Luna and Solana collapse is the reason why billions of dollars were wiped off the market. Not for one day you will hear that people panic and sold everything because Bitcoin had issues, it's always altcoins bullshit that brings fear, doubt and uncertainty.

Fuso.hp

sr. member

Activity: 490

Merit: 294

Quote from: Dimitri94 on November 07, 2023, 07:45:57 AM

Quote from: alastantiger on October 15, 2023, 09:32:13 AM

The message to newbies has always been the same since the beginning of time. From bitcoin creation to the very time altcoin started to pop up, till the era of NFTs, airdrops and other silly nonsense that shows up to deceive the naive ones. This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"

Many people get involved in cryptocurrencies with greed which makes them lose the ability to consider what would be the good or bad. An investor first understand the difference between Bitcoin and Shitcoin. There are many investors who hold shit coins for years and at some point the results are zero. When they have money they become attracted to shitcoins for their greed. When the market turns bearish, it's all over. A shit coin never get ath, it is very difficult. But in the case of Bitcoin it is possible if some one hold bitcoin.

An investor should invest in a platform that increases in value over time. So far many of us are aware of many crypto scams but still rely on altcoins. As an investor you can buy altcoins if you want to gamble. But if you want to benefit from a reliable long-term investment, then no one should move any other platform than Bitcoin.

I would never call anyone who comes to cryptocurrency and invests in any coin out of greed for the success of others an investor because an investor would never invest out of greed for the success of others. Someone else has achieved success in crypto currency but we must think about how he achieved success or in which coin he achieved success.

If we buy any shitcoin we want and hold it for a long time without thinking about the right direction and if we expect to get a lot of good from this shitcoin then we are definitely living in a fool's kingdom. Investing does not mean rush, investment does not mean greed, investment does not mean following others directly but investment means investing in the right coin after doing enough market research and holding it for a long time. If we invest in the right coin and hold for a long time, we expect to get good from that coin. If we wait a thousand years to invest in any of the citcoins in the market without investing in the right coin, I don't think we will ever get anything good from that investment.

An investor needs to have the mindset and patience to hold enough to invest and also an investor needs to select the right coin before investing. If the right coin is selected at the right time and can be held for a long time then an investor is successful in that investment.

Japinat

hero member

Activity: 3052

Merit: 685

Quote from: LogitechMouse on November 06, 2023, 02:45:57 AM

Quote from: alastantiger on October 15, 2023, 09:32:13 AM

The message to newbies has always been the same since the beginning of time. From bitcoin creation to the very time altcoin started to pop up, till the era of NFTs, airdrops and other silly nonsense that shows up to deceive the naive ones. This is the simple message being reiterated - "Just buy bitcoin and hold your own keys or else you are going to get scammed"
~

Well, I want to agree on what the OP has advised to us, but it would be better if you indicated in the subject title that this "Simple yet Powerful Message" are only for newbies out there who don't know where to invest their money with.

I believe that newbies really need to focus their money in investing into Bitcoin "ONLY" as it's considered the "SAFE" asset by many people. It might be a safe asset, but I would call it "the safest cryptocurrency you can invest your money with". That would be better, but overall, I guess OP already shared important details that a newbies must know. Focus on Bitcoin first, and be patient.

Now what about those not newbies anymore? Will you still recommend them to just invest only on Bitcoin, and disregards those altcoins out there especially those that are on the top in terms of market cap?

For long time market investors, I believe they already know where to invest and where to put their higher allocation of capital, and what coins to diversify aside from bitcoin. They have better experiences in the market so they are aware already what coins that will make them profitable and what coins that need to be avoided to prevent from losing.

However, this message is not actually for newbies but I can also tell that this is also applicable even for experienced investors. Bitcoin is still the best crypto and safest crypto asset so if we can’t stick to it, at least we should give bitcoin the biggest allocation and only invest to other potential altcoins and shitcoins with an amount that we can afford to lose.

Topic: A Simple Yet Powerful Message That Will Always Hold True (Read 809 times)