Topic: golden rules a newbie getting into crypto currencies must know and adhere to? (Read 218 times)

Thanks so much legendary dothebeats! most times the challenge is actually being able to to have the big picture. It can be quite challenging to know when to buy or sell, merely looking at the chats sometimes would not cut it.

Some projects today are so well disguised it is difficult to know if they are scams or not. So many experts out there with investing guides and what coins to buy or sell. or what projects to invest in. And the crypto world seems already saturated, ti looks like like its about to burst.

Certainly, one must be careful. But the lure is real!

In my opinion the only rule to follow is do not trust anyone and anything. You cannot rely on any given thing to stay the same tomorrow, all the decisions need to be made with that in mind imo. 

Honestly, you don't need to know even the tiniest technical bit in order to get involved with crypto. If you're in here for the money (which most of us do), you only need to know the basic who, what, when, where, why and how of bitcoin. Other than that would be your choice if you'd pursue learning them. Next is to think first before throwing some cash on a certain coin. I know it's easy to see crazy gains from other people but believe me, most of them only lures you in their trap to take your money. It's also vital to not blindly trust anyone on any 'investing tips' as most of them already have a great position in the market and, at times are just waiting for someone to dump their bags to.

Thank you. But the biggest challenge is identifying these scams. Scammers are ever so ingenious. Some scams are really difficult to spot. While others are easy to pick out.

I know there are full-on guides out there, but I feel like this advice is the biggest of them all: Watch. Out. For. Scams.

Another legend comes with more words of crypto wisdom. I seriously didnt expect that my post would elicit such repsonses.

When I first registered here on the forum, everything felt like an ocean. Coupled with the amount of information and disinformation out there about crypto, I felt I needed to take baby steps.

Thanks to the enormous support on this thread, I have been able to calm myself down somewhat, understand some little bits of the basics about the technology. It is indeed exciting.

But, like you said, I dont want to be that guy that comes in late. I dont want to be that guy that 'saw' it and ignored it.

Your blog is much appreciated. I am diving right in. Do you have any suggestions on blockchain liability, law, smart contracts, etc?

Hi frankincences, and welcome to Bitcointalk.

"Man I am overwhelmed with information on how to start my crypto journey."

You have every right to feel overwhelmed! There is so much mis-information floating around, how is anyone new supposed to know what is important and who they can trust? Threads like this that are genuinely trying to help people with good advice get drowned out by a flood of "merit" or "ranking" posts, investment speculation (which belongs elsewhere), etc. If someone new to cryptocurrency showed up at the Beginner's section trying to learn more, they may assume merit, ranking, and gambling are really important - and they continue the useless post tradition.

"I am really trying to take everything  one step at a time. For e.g., I wanna crawl before I can walk."  

It is so refreshing to hear that type of common sense!! Education is key to success in cryptocurrency, but it doesn't have to be tech-heavy. I am living proof that you can get into cryptocurrency without a tech background. After all, bitcoin was created to act as a financial product and knowing more about that side may get you further ahead than trying to play catch up learning years of tech. The industry is so enamored by the tech features of a shiny new cryptocurrency or token, they lose sight of the big picture. Tech can be copied and there is a very good chance whatever they are working on will be obsolete by the time the elusive mainstream public climbs onboard. If the team doesn't have real world business experience, the chances of long term success are slim.

You are exactly the type of person I was hoping would benefit from the beginner level material I wrote for DNotesEDU!

"We were all new once, and anyone that tells you it wasn’t at least somewhat confusing at first, is probably lying. Contrary to what you may have heard, you do not need a background in technology to get involved. You also don’t need any money to get started collecting a few coins. In fact, you can get started with nothing more than an email account, making cryptocurrency the lowest entry barrier financial product ever.

Only a non-tech newbie has the right to label anything in cryptocurrency “user friendly”
 
In cryptocurrency, the term “user friendly” gets thrown around a lot and usually means you can master it with some previous experience in cryptocurrency, and at least some degree of technology knowhow. What about the other 80 or 90% of the people that have neither? We need to take a few steps back and and make sure the introduction to cryptocurrency is available for everyone to understand."

It is set up in a module / sub-module format so you can learn about a particular subject that interests you, as well as move between categories freely. There is an index at the bottom of every page that will take you to the section dealing with that term. A great deal of time was spent finding the most beginner-friendly and easy to understand videos, how-to guides, and other learning material.

The site is open and free. I have started a thread here if you want to ask any questions -  https://bitcointalksearch.org/topic/if-cryptocurrency-confuses-you-start-here-3170396

https://dnotesedu.com/digital-currency/cryptocurrency/

Good luck! 

Thank you very much for you kind words. I will surely try to keep to these rules. I think your tips apply as much to trading and as much to crypto investments in general

First of all, Thank you so much for your kind words and reception, I was sceptical about posting. When I grow up in the crypto world, I would like to be like you. A legend!

Secondly, I am really trying to take everything  one step at a time. For e.g., I wanna crawl before I can walk. This means, reading gradually about the history of the technology. But his itself feels so techy. I am learning new terms, etc. So, that neflix movie would be a great resource. The books you recommended would help me get into a little bit of the technical aspects.  

Thirdly, trading and investing at the moment is a little way out of my league. Although, I am looking at how the coin offerings, etc and reading about projects. I learn for e.g., a whitepaper is where to start. But of course, I know this does not answer all issues about scams, etc.

Finally, the forum does feel like a big world. So much information to navigate. I guess I will stick with your advice and pick interesting topics.

Once more, thanks for the warm reception, Mr Legendary

Thanks. Gonna check this out

Read through the forum. There is tons of useful information here. Do your research on cryptocurrencies that strike your interest and research any exchanges that you will potentially use to be sure they are safe. If you cannot find answers to specific questions you have then post and ask.   

Most importantly, if nothing to say better to be silent on the forum a lot of useful information, often what you ask is already answered. If you can bring something new and useful, then feel free to write.

Yes it is a necessity, a mind control that is easily tempted by high crypto value. All can turn around even in just 1 hour

Yes this is one of the best golden rule for people who plans to invest on crypto.
Though for me you must learn first before you invest, I suggest you to read all pinned post in this forum and you must know all the rule's. Then read many topics about what you want/need to know, you can learn how to invest on the right coin's to lessen the chance of loss in the future, this community will help you a lot in term's of cryptocurrency.

There is really only one golden rule, and I assume most people would agree with me that it's:

"Never put in more money than you can afford to lose."

Apart from the usual common sense stuff about security and privacy, etc., everything else is secondary.

The books seoincorporation mentioned are great sources, but as you mentioned being overwhelmed, I think you may need something "easier to digest".

Here is a very nice video which explains how a blockchain works and how the bitcoin blockchain works in non-geek language but still technically correct.
https://www.youtube.com/watch?v=bBC-nXj3Ng4&t=1s

As you asked for "golden rules", so I'll look back into my journey and try to give you some advice:

First and foremost NEVER, never ever, invest more than you can afford to lose.
Crypto is very volatile and a coin can first go -80% and still bring you 200% gains afterwards.
So never invest more than you can lose so you can sleep well at night

2) When buying/investing first do your research and then decide if and how much to buy.
This will help you greatly resisting FUD (Fear Uncertainty and Doubt).

3) Never go all in on that promising coin. Always keep some BTC back.
Maybe BTC decides to jump to 14k tomorrow and suddenly you have big losses and no BTC at all left. Better avoid this.

4) The valuation of many projects is based more on marketing and market sentiment, than actual fundamentals.
Try to find these projects with great fundamentals but bad marketing and low hype.
Having read the books seoincorporation mentioned might come in handy here

So these are my 50 sats on this topic.
Pretty trading centered, but after all that's what most of us here do (at least sometimes) and your question was pretty general.

I wish you luck, have fun and success in this space!

Maybe you should start by don't feel overwhelmed!!
In Netflix you have a documentary about bitcoin. Is not bad, and also really interesting, for in there you will see how bicoin was developed and meet some of the mean names involved in its creation. This is not going to teach you how to trade or invest, but at least you will have a good panorama about the history and the issues the cryptoworld had and have to resolve (legal terms, tech discussion and so).
There are books related to Bitcoin where you can learn how the blockchain works:
- Blockchain Revolution: How the Technology behind Bitcoin Is Changing Money, Business and the World by Don and AlexTapscott
-  Mastering Bitcoin: Unlocking Digital Cryptocurrencies by Andreas M. Antonopoulos
- Blockchain: practical implications of a revolutionary technology for financial markets and beyond by DLA Piper (Global Law Firm)
- https://www.ecb.europa.eu/paym/pdf/infocus/20160422_infocus_dlt.pdf
Also besides the forum, you have the "Bitcoinwiki", where you can learn a lot about how this works: https://en.bitcoin.it/wiki/Category:Educational
I recommend to you the educational section, and if you pick the "Mastering bitcoin" one you will be lead to some great content:
Bitcoin.org Developer Documentation

Mastering Bitcoin from O'Reilly (DRM-free book; May 2015 edition)
EPUB format
PDF format
Mastering Bitcoin: Programming the Open Blockchain from O'Reilly (DRM-free EPUB; June 2017, 2nd edition)
GitHub page
author's book page

Mastering Bitcoin is one of the best books about bitcoin, it is easy to understand and has good contents for begginers.

As you will see, there are many sections in there where you can find useful information. Just be curious and check out this page in order to get information.

Also, here in the forum you have a lot of threads related to how it works, but I understand it can feel "messy" for beginners, because each day there are a lot of new threads and it is easy to feel lost. So, maybe the first step is always to read those threads you consider to be interesting or useful for you, even before opening new ones or writing in here.
Welcome to the cryptoworld my friend!

Man I am overwhelmed with information on how to start my crypto journey. If you have any golden tips/rules to live up to, please share