Topic: [Bitcoin] Tips for investment (Read 231 times)

I know the tip that I would add is to not use a public Wi-Fi for any of your crypto related activity. Whether it is a free Wi-Fi that is opened and you think that you want to save data or one of those Wi-Fi you can download on the internet. Don't use it. It is not free and the cost of it is the loss of your bitcoins. Even Wi-Fi from your friend that you trust do not use it. Your internet access should come from your mobile device or from a mobile Wi-Fi or MiFi that you have installed in your own apartment and you trust.

This number 9 rule should have been a strict warning for newbies not to even invest in altcoins or shitcoins since there are a lot of altcoins and shitcoins built on hype. If newbies start investing in altcoins or shitcoins, they will easily lose their money because they lack the experience and knowledge to detect the altcoins or shitcoins that will yield a profit. For me, newbies should also be concerned with their finances to know if they will have discretionary funds that will allow them to invest in bitcoin. And since most newbies in bitcoin investment have a shitty income source, they should invest in bitcoin with a small amount of money so that they can take care of their living expenses without selling their bitcoin investment to survive. Newbies shouldn't connect their phones to public WiFi so that they will not be exposed to threats.

Actually op your tips is very important for newbies and junior members not to even discard any because it will broaden their knowledge, though the aspect of studying the past halving may appear rigorous to go through but for me it's important to check and balance how hie progressive one the system is running through as it's if more motivational factor to invest more .

Some may the aspect of seed phrase nit important but is very necessary basically for newbies who hunt for airdrop which scammer introduce such demand are always their ways of getting their victim as they are too eager to make it huge through the airdrop.

OP you have given some useful tips which I think would be useful to both old and new members. However I would just give a little security tips added to what you have already said.

Avoid clicking of links online or sent to your DM from unknown identities. If you are not expecting any mail from anybody, immediately delete them from your inbox and do well to mark as spam or you block or blacklist that email address so that they don't you do not receive any further mail from them.

I will place emphasis on the " not your keys, not your coin" slogan. It is imperative to note that exchanges are third parties which makes it unsafe to keep your coins or assets under their custody. You have no say and control over them once they have possession of your assets. If they suffer hack, your assets are gone because you have no access to the private keys. So in that case, if you purchase any token or coin, do well to transfer them to your self custodial wallet for your own safety unless in the case of you wanting to trade but after trading for the day do well to withdraw your profit or investment either way to protect your assets.

Do well to constantly update your wallet apps when ever there is an update. The more  the updates the more the security of your app and assets are guaranteed. One thing you should know about app updating is that whenever there is an upgrade, it means that the old version is below standard and possibly the security checks on it is no more strong so therefore every user of the application would need to upgrade to the new version for their own safety. I think this is another aspect people do not understand which should be taken serious.

Mind the type of application you store on your phone. If someone recommends application for you, do not just be in a haste to download and install it, do your own research properly before installing it on your device. Most apps are not what you think they are. Some, you could see them functioning but they are actually designed to steal information from your device or you. I have had this experience in the past so I know what I am talking about.

I think these few tips could also be of a great help and I will update it whenever I have more findings on more tips to safely protect assets.

In addition, one can also take this into consideration before going into Bitcoin investment.
Having a fixed source of income to sustain your investment, always read and make research of the investment you are into, that is knowing the type of wallet to be used and other necessary information needed and how secured it is.
Knowing how long you want your investment to last before selling off.
In order to be a successful investor you must always reach your target .
Know the exchange that has a strong reputation and good security , your seed phrase must be kept away from people,in other to avoid theft or scammers to intrude your wallet, most of all the risk aspect involved during the investment .

We don't know each identity in the forum unless we knew ourselves in physical and I don't think she is your madam and if the op happens to be a woman or girl you don't know if has gotten married so stay clear from girls in the forum before the husband come and collect all your merits  . The instances the op listed there are very nice to kick start bitcoin and other cryptocurrencies. And the one I will like to add is whenever someone is planning to invest in bitcoin or other altcoins he should do some finding about the time wey him go invest and time wey him go harvest so day God go butter him bread.

You try for us for sharing this here thou I believe they are something that we are already familiar with in the industry. I go like add my own cent to your points. E for make more sense if you arrange them according to their priorities. That your number five point suppose comes first because many people dey loose guard with the money they are investing in bitcoin hoping to cash out big in a short time and it mostly end in tears. Na why some people still believe BTC na scam because they invest with the money they will need soon and end up selling at low price without realizing their capital talk more of profit. The wallet and security of funds comes after you have gotten the money to invest and then follow by the subsequent points.


Boss, this one sound strange to me and I don't think it's the belief of common man or majority of people in the industry. I think if na just normal saving, we would have chose to save in our traditional currency because there's no chance of losing them due to market circumstances. I know inflation will come after your savings in local currency but it is more better than losing your funds entirely. Perhaps, we have switch from the actual reason we are holding BTC to profit making aspect.

No matter the circumstances, no site will ask you for your wallet seed phrase except they have the intention to scam you. You do not need to ask anyone question. It's a common sense

Yes, you are right about the seed phrase and the effect it does have when we lost it to the wrong hands is not a funny thing, and it can even make us to lose our account in the process, so we should let go of ignorance and careless and know the importance of the seed phrase, also if we are asked to release the seed phrase of our to any site or anyone, we should do a research or ask questions about it before releasing it, to enable us not to be a victim of scammers or to lose our account because of our ignorance.

Without going against the advice, I'd want to point out that Bitcoin is not an investment; Bitcoin is money, and money is for saving, and the reason most individuals save a large portion of their income in Bitcoin is to preserve purchasing power not to actually make profit

One essential piece of advice is omitted from the main post: before you start saving in Bitcoin, you should set aside emergency funds else you will keep buying high to sell Low for emergencies

I quoted this four points because I think they were actually used to maybe calculate how the profit might be using past historical data. I will say it is not that good to use data like this to calculate future profits because the future could change and history might not repeat it self. Take a look at when we got our new or current ATH of $73000 it was before halving which has never happened in the past so this means that even periods we expect the market to be bullish could be bearish due to the change event. So my advice is just invest for as long as possible and take profit when you reach your profit target, a time frame to take profit wouldn’t be possibly with the volatility rate of bitcoin.

 
This issue to me isn’t something that needs to be discussed here. We all Know how difficult the country is getting and as such looking for income is just two way thing; get a job which is hard this days or market your skill or talent. These are non forum related to me though

I was just having similar thoughts while reading the op, quite well it explained some relevance a bitcoin newbie investor need to get abreast with but the first 4 tips ain't within the investor's power to control it's outcome. Considering the unprecedented event of a new ATH before the halving in this particular circle it's therefore something to note that market occurrences has every tendency to take a different course because it's a prediction market and will not always be continuously be constant.

This may be helpful for new users but it's too basic for tenured users and to be honest most of the post tell them about do's and don'ts hence I think we need to figure out a way how people can earn additional income to help them save the money in order to invest into Bitcoin as not everyone will not have financial stability to invest into Bitcoin.

It can be very wrong approaching Bitcoin investment in terms completely relying on the past history, historical events is not a guarantee for the future but rather it only gives a guide for the future events, for instance Bitcoin made it's current all time high even before the halving event which wasn't so before, below are my tips before any one could consider Bitcoint investment:

1. There must be a source of income

2. Understand how much of your disposable income after taken care of what might be considered to be a basic needs

3. Understand your risk tolerance level

4. Provisional emergency funds

5 .  Must have an investment goals and objectives

6. Must think long term plan for a substantial overall return

Many more but few to mention.

If you are not good in researching, ask people and ask in this forum, because there are people here who know more than you do and we'll be happy to try and help you in this your research to know if what you're trying to invest in is good or not good. If you know you do not know how to do research and you want to force yourself to make a research for what you want to invest in, you will not know exactly what you should be looking for and because of your ignorance you missed the end up being scammed by investing in a bad project, you have to trust people who you know know better to help you with some kind of problems like this.

I divided your tips into two, the first part I'll call not important because to become a Bitcoin investor you don't need to stress yourself that much to study the past history of Bitcoin. You're supposed to be a hodler that buys and hodl for what the future has to offer because you believe in the dream Bitcoin is presenting.  All you need to know here is where to buy Bitcoin, how to store it safely away for the reach of scammers/hackers and just be a hodler. Before buying Bitcoin you need to understand that you need patience and won't be bothered by the volatility of the market. If you never know how Bitcoin dey move no invest yet unless you go panic when the market start him wahala.


This other parts I go consider then important but I only quoted this two since na wetin I go like talk on. You can't always prevent people from having access to your smartphone so it isn't the best place to store your crypto and if you're using a mobile wallet which isn't recommended for long term storage, you need an extra protection  on your device in a way wey be say if person get access to your phones, they'll need a second authorisation to get access to where your wallet are stored. Same thing for your laptop because you might get careless one day so always have prevention measurements to ensure nobody gets access to the account your wallets are stored on to prevent them from the reach of hackers or people's with evil intentions.

Lastly, keep your crypto investment a secret, everyone no need to know how much you get or which coin dey your wallet or you'll be attracting envious people to do you bad.

Even though most beginners always have this mindset of making huge profits in the start of their investments but I don't see anything bad in thinking big or having that positivity of making huge profits because it will make your mind to be more open and prepared to accept the risk involved even if it doesn't work the way you thought. And I want to correct something you said that investment should not be seen as the only means of becoming successful, what is the reason for making investment in the first place? is it not to become successful. There are people that depends only on their investments and they are successful what you should advise is that we should not enter into an investment that have not gone through some background checks to know if such investments can be reliable.

Na true you talk OP and In addition to all you have said, for those beginners or a starter in as much as your motive is to make money or have a good return doesn't necessarily mean that you will see your investment as the only means of becoming successful because those are the factors that can easily hinder your interest on Bitcoin investment if you are not actually seeing those profits you had intend to see because the reason is that so many starters because of their interest of making huge money within a short interval got cute of from there investment before they could even realized themselves because of looking for a short cut of making profits.

And also venturing into trading may not actually be the best idea for a newbie who doesn't really understand what trading is all about and the risk associated with it, so the best way is mostly for holding because the good thing about holding is that is mostly exempted from any possible risk because all you need is just keep accumulating and holding because it is believe that long term investment is the best way to have a good return especially when it comes to Bitcoin investment.

Nice one my madam but I believe most of the point no dey all that actively relevant as I feel say na something wey most person for don get for their head as normal things of life but some of things you really hit am for head. One of the most important one of which I grabbed there was the part which you said about the seed phrase issue, that part I feel is very important because most newbie's don't even know the importance of their seed phrase as they treat it with so much ignorance and some of them actually get to experience the negative effect that comes with actually lose guarding your seed phrase to the wrong hands .

Apart from tip 1 - 4, I think the rest is perfect and should be observed. Perhaps, your tip 1-4 is more like trading Bitcoin cause if you really want to invest in Bitcoin you don't have to go through those things cause it's somehow not necessary unless you want to trade or invest for a short term. We all know Bitcoin is volatile so definitely it will fall and will still rise again, so there won't be any need to be checking the gap, halving etc, anyone who wants to invest shouldn't be looking at those things instead know your target, invest what you can afford to let go and allow the coin to be.