Topic: Bitcoin tips: the 10 Commandments (Read 571 times)

You have not written this advice, but I will support the commentators written above here - never keep all your coins on the exchange. I suffered very badly from this, because the exchange on which most of my funds were located blocked me because of the place of my residence. And I still can not deal with this situation. Be careful with your money!

Thanks for sharing. Every new comer to cryptocurrencies world needs to know these advises to avoid bad experiences.

Good advice, thank you. Now I see how merits are inspiring to write good quality posts like this 

Perhaps this post is worth it to print it out and keep it in the most prominent place of my desktop, since even though I'm already a little experienced trader, I still make mistakes.

I think you should also include a lil bit explanation in #5 the reason why they should read news. Because the bitcoin valuation are affected by numerous factors such as laws and local news. With that they will be motivated to read for they know their goal.

I would say for #7 that it is good to have cryptocurrencies that have different purpouse.

For example Litecoin's purpouse is fast transactions.
Ripple's purpouse is bank applications.
Ethereum's purpouse is smart contracts. And so on.

Also have some tokens that have real life applications.

For example when you buy EOS token you will get one part of EOS networks stake, which you can use to host website on it, or to rent it.

I don't think there are 10 of them, you actually repeating most of the points in the other number.
For example, number 2, 8, and 9 supposed to be in the same place.
And 5 & 6 also supposed to be in the same place.
And 3 & 10 too.

A very important advice that you forgot which can be relevant to many people is:
#11 unless you trade very often, always withdraw your funds from exchanges and store them on offline wallets.
It's not just the security issue (which is a big deal by itself with so many exchanges got hacked recently) but it simply gives you more flexibility on your coins. Every other day there are bad news on exchanges that raise they fees suddenly/take very long time to approve withdrawals and other things that can get you stuck with your money on the exchanges.

#1 Never invest more than you are able to lose.
#2 Store your coins across different wallets. (For larger amount of bitcoin, HARDWARE WALLET is highly recommended) - Note: If you don’t have ownership of your private keys, you don’t own Bitcoin.
#3 Buy low, sell high. (Just buy on the dips and hold)
#4 Understand and respect the idea of bitcoin and the intended direction set out by the creator and developers.
#5 Take time to read news in full and assess if it is accurate and what it means, do not believe everything you read or hear.
#6 Never allow your emotions to dictate your decisions, always take time to consider decisions and remove panic/fear from them.
#7 Hold a diverse portfolio of cryptocurrencies to reduce risk. (need better suggestions: to be replace)
#8 Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances. Give your cryptocurrency addresses instead. Always backup you wallet/private key and store it on multiple locations. (better if it is hand written)
#9 Always put secondary securities if available.
#10 HODL!

#7 Hold a diverse portfolio of cryptocurrencies to reduce risk. (need better suggestions: to be replace)

So i was thinking of a good idea to help beginners to start their journey in bitcoin and other cryptocurrencies. Then i came into this.
Would appreciate if you can contribute some suggestions that are better than mine so I can replace other commandments to make it look more better and helpful to freshers.

#1 Never invest more than you are able to lose.
#2 Store your coins across different wallets. (For larger amount of bitcoin, HARDWARE WALLET is highly recommended) - Note: If you don’t have ownership of your private keys, you don’t own Bitcoin.
#3 Buy low, sell high. (Just buy on the dips and hold)
#4 Understand and respect the idea of bitcoin and the intended direction set out by the creator and developers.
#5 Take time to read news in full and assess if it is accurate and what it means, do not believe everything you read or hear.
#6 Never allow your emotions to dictate your decisions, always take time to consider decisions and remove panic/fear from them.
#7 Hold a diverse portfolio of cryptocurrencies to reduce risk. (need better suggestions: to be replace)
#8 Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances. Give your cryptocurrency addresses instead. Always backup you wallet/private key and store it on multiple locations. (better if it is hand written)
#9 Always put secondary securities if available.
#10 HODL!


So i was thinking of a good idea to help beginners to start their journey in bitcoin and other cryptocurrencies. Then i came into this.
Would appreciate if you can contribute some suggestions that are better than mine so I can replace other commandments to make it look more better and helpful to freshers.

Thanks for adding my suggestion its a pleasure that you considered what I've said.

That's how merits are used for so I'm not that selfish enough not to give 1 merit for it. You deserve it and I hope you'll keep on creating informative and helpful threads like this.

Thanks for contribution. Will be adding this.

I would be glad if my posts deserves your merits   This would also encourage us to create more constructive and unique posts.