Topic: Bitcoin tips: the 10 Commandments - page 2. (Read 527 times)

#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.
#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.

I don't agree with some, would add:

a - NEVER leave any bitcoin / crypto on exchanges. Store them only in wallets where you control your private keys. If you hold large amounts, it is wise to invest in a hard wallet.

b - ALWAYS backup your passphrase / security phrase / passwords / private keys, and have them offline or encrypted.

#2 should really be replaced with something along the lines of, “If you don’t have ownership of your private keys, you don’t own Bitcoin.”

Storing coins on exchanges should never be advised.

2. ONLY store in hardware wallets.

3. DONT SELL (CHECK COMMANDMENT NUMBER 10)

7. Buying different crypto currencies DOES NOT diversify your portfolio. They are the same class of assets.

Also, it is impossible to keep all these commandments.

If I follow #3 (sell high), then I break and #10 (HODL), and vice versa.

And #7 has nothing to do with Bitcoin!  Why would you recommend that someone diversify into scams?  If they are going to diversify, then they should think about precious metals or other commodities, or securities (stocks), or bonds.  Moving form Bitcoin to other cryptocurrencies is NOT diversification.

#2 should really be replaced with something along the lines of, “If you don’t have ownership of your private keys, you don’t own Bitcoin.”

Storing coins on exchanges should never be advised.

#1 Never invest more than you are able to lose.
#2 Store your coins across different wallets/exchanges. (store your coins through hardware wallets for better security)
#3 Buy low, sell high.
#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.
#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.

1. Never invest more than you are able to lose.
2. Store your coins across different wallets/exchanges. (store your coins through hardware wallets for better security)
3. Buy low, sell high.
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.
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.

These are very good commandment and helpful points to understand how we can go with the Bitcoin in perfect way. Many mistakes are done when we use bitcoin or invest into bitcoin and this is nothing but the life saver I think. I have made many mistakes such as not understanding the whole thing and just investing into it without much knowledge. Lost money many time during the process. That's why I find these very important.

10. HODL!

Yes off course I can never forget this one and already got bad experience in the last year, so I'm as good as not selling it for whole year this time.  

Nice read and thanks for your contribution. For point 2, I guess storing coins in exchanges are not that safe. It is better to keep in a wallet you control the private keys.

For 2.) I would add "always backup you wallet/private key and store it on multiple locations"

1. Never invest more than you are able to lose.
2. Store your coins across different wallets/exchanges. (store your coins through hardware wallets for better security)
3. Buy low, sell high.
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.
8. Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances. Give your cryptocurrency addresses instead.
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.

Nice commandment, you did really a great job for summarizing it for newbies.

With #2 you can also add this, store your coins through hardware wallets for better security.

You can merit him instead for appreciation.  

I give you a big THUMBS UP

Not really changing them but just writing them a little differently:

1. Never invest more than you are able to lose.
2. Store your coins across different wallets/exchanges.
3. Buy low, sell high.
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.
8. Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances.

9 and 10 I didn't really like so maybe they can be the ones you change, overall though it's really great advice for anyone starting out and covers the real basics.

1. Do not buy more bitcoin if you can't afford to lose them.
2. Do not store everything in one wallet/exchange.
3. Buy on the dips, sell on the peaks.
4. Honor the creator and the developers.
5. Do not believe on everything you see on the news.
6. Do not buy/sell panic.
7. You should have other cryptocurrencies beside me(bitcoin).
8. Do not give you private keys.
9. Give your cryptocurrency addresses instead.
10. Always put secondary securities if available.

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.