Topic: Beginning with Crypto (Read 409 times)

Cryptocurrency becomes so unique and different from fiat currency because of is volatility which makes it good for trading and investing, both things are good ways of earning money in the crypt but a risky one as well because it required knowledge first and make sure you have a good knowledge before you try it. Comparing investing and trading, I will still choose to invest because I find it so complicated and hard to earn when doing trading especially day trading, even though you know the basic rules of buy-in low and sell in high, it is easy to say but it is hard to do.

I once started making money on cryptocurrency a couple of years ago. I thought that this is a good way to make money if you know how to do it, what exactly to mine and where to invest your money. I once decided to start my career with ethereum. I first mined this cryptocurrency on all sorts of small tasks, as everyone starts, then on lending at interest, the more I started earning interest on Ethereum, then when I earned enough I started buying cryptocurrency and playing on increasing or decreasing the cost of the crypt. But then when I already had quite a lot of crypt, I thought about where it can be stored and managed, because there are many platforms, but I stopped at haru, I heard that it cooperates with many large companies, so for now I fully trust it.

That is how it should be a member should encourage other members to learn more about bitcoin by motivating in any ways. I think @OP had a good start here in the forum and hopefully it will continue throughout the journey of his cryptocurrency endeavors.

Well, good luck to OP but I guess not only to OP but to all who wishes stay more for good about cryptocurrency.

What happened?  

Please read some posts before, the creator was banned by plagiarism. The OP is a copy-paste and the discussion can be ended.

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You did not care to read the last post in this topic before you made your post. 

To get started with crypto you need to have a good idea about trading the number of scams is increasing due to the increasing demand for crypto if you don't have good knowledge about crypto you will be a victim of scam. Therefore you have to study the market and choose the safest sites for the exchange the wisest decision for any investment is to pay less early to maximize potential returns especially when it comes to volatile cryptocurrencies the three biggest most volatile and  intriguing to start with crypto are bitcoin ethereum and litecoin.

and in essence, you still have to learn how to do good and right trading and make the right investment and choose potential projects.

You can choose the short term, mid term and long term methods and adapt them to your needs. All methods can make you profit if you master them.

Holding coins and holding them may be a fairly safe option, but coin selection must be correct. Choose an account that already has certainty such as bitcoin or ethereum or is on the 10 CMC list. You have to start buying when the price is below, you need to do further analysis.

Thank you for your kindness towards me, I know this was just you been generous as my post doesn't deserve such blessings, I never saw this coming. The smerit will be spent wisely as I don't get them alot. Well your concerned are also shared by others too (as I have read on the forum) although if we buy into that idea many quality posts will be going unmerited as a result of the clumsy behavior of the posters.

I'm of the believe of meriting a post for its valuable content and not the poster. I would go ahead to merit any deserving post I see assuming I was in a position were I have more smerit not minding who or what has happened to the account like banned or red tagged. Once again thank you.

It is so easy to know a user makes plagiarism. A spammer suddenly makes too long post is a strange thing. Use Google search, you can find out whether that too long post is a plagiarism.

OP. I don't know who reported the plagiarism but a search gives me a source article.

Copy and do text spinning from https://www.mitrade.com/forex/crypto/crypto-market/make-money-with-cryptocurrency-best-ways

That guy and that plagiarism are other examples
https://bitcointalksearch.org/topic/--5285029

Thanks for pointing that out. This is one of the problems one has as a merit source, and not having enough time to research users before awarding merits. I've given you 10 merits, and hopefully you can find suitable recipients for the 5 sMerit that has generated.

Yes, that is right. With crypto, you will have the opportunity to make a big profit.
But unfortunately, not all people who can be willing to learn more about making money from crypto.
People just think that if they use big money to invest in crypto, they will make a big return in the future, but the fact is not like that.

Holding the coin is not as easy as we think because the crypto price will be too volatile, and not many people can have a strong heart to hold their coins.
Trading can be the other solution to make money from crypto, but there are many requirements that you need to have before you can make a profit.
You need to have skills in trading by learning from many lessons to make a profit.
The experience also takes part in trading because with having experience, you will know how to analyze the coin before you trade.

That's a good analogy, it is accurate and direct to the point.

You need to use a demo account in order for you to know how trading works, so that you will not be shocked when you are in a real situation. Sometimes, the reason why newbies are losing a lot of money is because they engaged in trading without even learning how to do it. It is not only a training, it is about learning how to adapt depending on the market situation. Once you know how it works, you can now trade freely with knowing how to deal with risks.

Nice observation OP. Yes, I totally agree with you that earning profit in cryptocurrency is to invest in it long term. This is a high chance in earning profit because market of cryptocurrency always grows timely just like gold and tha is one wnderful thing about having bitcoin. Day trading would seem also good but like you OP I would require a demo acount and to chose a good platform for this. However, I will not recommend day trading for this is a waste of time and money from the fees that will be taken every transaction. However, short term hold will do and that help you to earn more.

Very detailed advice coming from an experience user like yourself. Also I admire your generosity but it seems it has all gone to waste as the user has been banned from the forum. I was looking through the account and it hasn't posted since the 26th (last post was this topic) then noticed the account was active on the 27th. Wondering why the inactivity I decided to search the account through the BPIP service and saw the user is autobanned.

Link: https://bpip.org/Profile?id=2440452 auto ban mostly has to do with plagiarism (as I have read on the forum) so that could be the reason behind the user getting banned. Your advice though still has its impact on other as I took it to heart.

The easiest way to earn Crypto for the regular person is Blurt.blog, Hive.io and Steemit.com

Dollar-cost averaging (DCA) is the answer. You will have less excitement, but will invest consistently, profit from the lows, and since we expect the price to ultimately be much higher than today, even the buys at a high price will be worth it in the end.

@OP

I gave you 10 merits for your honesty in saying that you feel lost and out of place, and to encourage you to build your knowledge of Bitcoin and crypto. You may feel lost, but you are certainly not out of place here on the beginner's board, and I would like to welcome you to the forum.

Don't fall into the trap of believing that the only way to succeed in crypto is as a forex trader, or a sig spammer. You can build a crypto wallet by accepting selected coins in payment for online sales, and you can receive crypto payments as a reward for content production and other services.

If you are going to try  day trading, then I would suggest that you choose a coin that is volatile, and entering a bull market. Bitcoin is a good example in my opinion. Don't use gearing ( leverage ), and don't make uncovered bets. I've made small profits from scalping, and haven't made any losses in real terms, although I have made some notional losses by selling too soon. Learn about candles and wicks, and see if you could make a profit by anticipating the wicks. Don't speculate any money until you are confident that you can guess price movements well enough to make a profit.

Investing is better suited if you have a large amount of free money available, also when you have a good monthly income that will be able to cover all your costs and expenses even if your investment will not give no income.

And trading is just the place where a beginner can try his hand, but you do not need to immediately rush into battle and trade using large amounts of money. You should always start with very small amounts.

i am newbie in crypto, i do an idena project to earn iDNA for several month.. but just that, i dont even know how to earn other crypto coin..
hope i can got some other project in here

Cryptocurrency is more of a serious business than just involving without good sources of information and knowledge about the world of Cryptocurrency. It’s better to get good knowledge about Cryptocurrency so one won’t invest in a scam site or trade with the wrong people. Cryptocurrency is a digital platform for traders and investors and it’s also attracts lots of scam activities so in dealing with Cryptocurrency you should gain enough knowledge and experience to avoid loosing all your seeds to scammers.

With your advises I think you are in crypto scene for long.

It is not a trusted advise if you only join crypto scene in one week or one month. In short period, you can get huge profit or huge loss but you won't never experience all emotional challenge in crypto market.

You should store your bitcoin in your wallet, not store them on exchanges but the wallet you use must be a non-custodial wallet. In addition, you have to secure your wallet private key or mnemonic seed as much safely as possible. I have same advise for you with backups.

From ourselves we must have the skills to do this in crypto investing and day trading.
Long-term investing is indeed done by many people, but panic will continue when the market is crashing and it's unstoppable sometimes many people sell cheaper than what they expected before, but is this the best way? not stick to the core we must be able to withstand what is happening in the market and strong hold more natural coins than your choice.

My day trader is not very proficient even I don't decide whether this should be done every day or not so I always analyze coins first, then buy and sell when you are there, then for me there are no limits when profit is in sight then immediately I will sell .

I won't say the volatility makes it perfect for investing instead it makes it perfect for trading. Trading has to do with taking advantage of the ups and downs of the market which is something bitcoin and the entire crypto space has at its peak. The volatility is seen as one of the disadvantage of the currency as it poses a threat of instantaneous losses compared to the other means of exchange like the fiats.

What makes bitcoin perfect for investing is the purpose of its creation and the feature it has. The decentralization of the currency, the finite supply and the mechanism put in place to reduce the supply of coins coming into circulation in regards to reducing the reward for miners every four years etc.

Technically the price of bitcoin should continue increasing provided the demand of the currency remains constant or increase as well.

It's knowledgeable enough not to start day trading without skills in doing day trading. When you discuss about earning money there is a skill required in earning. It's the same as work, if you don't know how your work is done then you can't get your payment. Even in investing, skills is a must too and research is also important if a platform you're going to invest is worth to invest your crypto for long term investment.

Cryptocurrency's volatility makes it different and unique from other assets that's why this one is good for investment especially for long term investment, I would still choose to invest using bitcoin than other altcoins when we talk about the long term because it has a higher possibility to earn more.

I never tried day trading because it is so hard for me to earn money from that and I think it requires too much knowledge before you become successful from that. Investment is also capable of any beginners in cryptocurrency if they want to earn but before that make sure that they know even small little things about cryptocurrency and when to earn from the investment.

That's why newbie should not over joyed for the first profit they get in trading or any platforms they put their capital since in the next phase provably we will got an issue and lose a huge money since we don't try to learn more about the platforms or the other options we wish to go and try to earn some profits.



Holding is good but believe me it's not easy as you think and I experience to lose huge amount when bear market strikes and it's really painful to see the heavy reds on the market so best to educate yourself about the consequences and learn when to exit.


I go with this since this is much sustainable way for trader to do and this is quite profitable if the trader is aware and knowledgeable on the market.

Ive done this before and I am not so satisfied with the return of investment. I am more kind of a player on future contract and shitcoins. Yeah you heard me right, I am playing a risky play on shitcoin on defi hype. What can I say, these are totally shit projects but can gained 2x to 5x of your capital. The only thing that I dont like here is the rugged part where you can be robbed instantly and got dumped by fucktard token creators. Anyway thats how defi hype works. I have my losses but I assure you it is overwhelmed by gains. For beginners dont try that out, its really 100% risk. Just sharing my ways on how to profits.

Many new people who know crypto trading will think that crypto trading can give them a chance to earn a lot of money. They feel like that because they watched from Youtube that someone tells them to join with them and start earning money. But if they just follow that person without the want to learn what is all about trading, they will not get the chance to make money.

But I don't think that investing in crypto in the long term will be the easiest way of making money because not many people who can calm down if they see the price drops. Many of them become panic and sell it fast before they lose too big. If you can hold your feeling from that, you might have a chance to get a big profit in the long term.

Day trading is not recommended for new people because they will confuse to analyze one by one the coin, and even if they use one coin to trade, they can feel difficult to know when to enter the market.

But all in all, I agree that crypto trading can be a new way for people to make money, but they need to learn more before they can succeed in being a pro trader.

In my opinion, all endeavors in crypto involves certain level of risks (and possibly, rewards). So it's totally fine if and only the person know what they're actually doing and not just doing so blindly. So whether you plan to be a day trader, swing trader, medium-long term trader or you just prefer the good old investing and holding for an extended period of time,  it's fine if you know what you are doing. That said, you will also need to get the skills required if it's trade or be able to do adequate researches and due diligence if it's about investing.

One thing a lot of beginners try to do is to skip the who learning process and move right ahead to the good stuffs. But that's not how things works as they tend to meet challenges along the way and are unable to tackle these challenges due to their knowledge gaps.

I would not recommend a beginner to go into day trading. There is a huge risk involved, any you have to pay transactions fees every time you trade, plus taxes (depending on your country) on top. Your recommendations about just buying and holding is probably the best strategy in my opinion for new people.

Investment in cryptocurrency is too risky you have different ways of earning.

1. Easy way - right now you don't have any knowledge of cryptocurrency but you really want to make an investment. IMO you can make an investment with the bitcoin without too much prior knowledge just follow the basic investment of us "buy low and sell high" this commonly happens for a long-term investment of course day by day you are learning knowledge too.

2. Hardest way - this requires a medium to extreme knowledge in cryptocurrency such as.
Investment - Knowledge of the coin you want to invest
Trading - knowledge in the market graph, technical indicators, market movement, dumps, and pumps.
Gambling (Optional) - This is optional because you can earn with this but full of risk in playing gambling games, not too much related to investment and trading but requires skills and critical thinking.

Of course, this is just IMHO. It depends on you if you will follow some of them just a piece of information it's better to become an independent person.

Training using a demo account is the same as using a rubber woman for lovemaking. In a real situation, and especially if you will trade using large amounts of money, everything will not be quite the same as when you train with a demo account. For this reason, I would advise you to train with small amounts rather than using a demo account. Train in reality, but limit yourself to, for example, the size of the deposit - no more than $ 20-50.

Invest is indeed for long term, it doesn't make any sense if you invest in very short time,it's rather called by trade.

Take a look and watch this video, this is the proof if bitcoin is the best choice to pick as best investment,

Source : Youtube

You can calculate by yourself how big your investment if you keep holding your bitcoin from year to year, and it would be better if you can keep accumulating the coins you hold.
You can be richer by invested in altcoin, but you can also lose more too if that altcoin dumped or have small volume trade in the future aka shitcoin.

The real question is, how long you can hold your bitcoin?

Personally I think day trading (especially when altcoins are involved) is a total waste of time and mainly has to be do with less fundamentals and more of gambling, guest works and wishful thinking which is one of the reasons I decided to stay away from it as I am not that good in any of those. I still give my maximum respect to day traders though as it's not an easy profession. I strongly advise against engaging in it but if you're quite knowledgeable and have the required skills and information to outsmart the market then you can go ahead. Day traders keep the market active and make it less boring.

Investing long term isn't always advisable for altcoins as some coins are seasonal like the recent DeFi hype. When long term are mentioned it should mostly/only be used for just bitcoin to avoid confusion for noobs. Many have bought into the long term mentality that it cost them heavily when they adventure into others coins order than bitcoin.

While the industry provides avenue for huge and quick profit, you should be very cautious of those offers and if possible abstain from chasing after them as they're likely to cost you your investment capital instead of giving you profit. There are many pump and dump scheme in the space, that a coins is been hyped doesn't necessary means it's worth your investment.

Cryptocurrencies are significantly more volatile than a couple of other tradable assets, it is also largely unregulated so there's no legal process that goes into listing of coins. It is however not much different from regular trading and cryptocurrencies like Bitcoin can be traded against other currency pairs like USD quite easily.

If you are taking the entire crypto market into consideration this becomes very difficult and with the high number of scam and fake projects it is very easy to loose out on your investment. Only a small number of cryptocurrencies are worth investing long term, notable among them is Bitcoin.

Any type of trading takes time to learn and build experience in, so a demo account is always advisable for new traders, they should also prioritize knowledge over profit early on.

With crypto you can get huge returns.  However, it doesn't come easy, in a split second you could get or loose a large amount of money. This means crypto trading is exciting, and it can be very difficult to keep peace in mind under heavy pressure.

The easiest way of making money in crypto is investing longterm. Rather than trading you can buy coins, hold them in your wallets untill the price appreciates and you sell and make your profit. Of course you have to make some research about the coin, and be convinced it has potentials before investing in them.

Another way you can invest is day trading, which is a trading strategy where investors buy and sell orders for multiple times in one day. This requires more knowledge and skills. I suggest you use a demo account.