Is bitcoin a good option for a beginner in Cryptocurrency?

GiftedMAN

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Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

OP you don't look like someone who is a total novice to the cryptocurrency world looking at your previous post but I think you are new here looking at your rank. The forum you got registered to is a Bitcoin forum do you expect members here to advise you to invest in altcoins I guess no, Bitcoin will always be the best option for you when it comes to investment because it has future that other altcoins don't have so I encourage you to choose Bitcoin investment bit ensure you have proper knowledge before you begin to invest.

Kelward

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I have had the intention of asking this question as a newbie. Now i am glad that the question has come up here. Before now I used to think that cryptocurrency is another name for bitcoun, now I understand that bitcoin is one of crypto currencies. From the privileged information that I have gotten here in this forum, i am sure to start with Bitcoin, because the confidence that people have in it is assuring.

But first I need to give my self a little more time to understand better before i venture into it. I have learned not to rush into things that a am not fully familiar with..

sunsilk

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Quote from: Kasabus on May 08, 2023, 03:40:41 PM

Quote from: sunsilk on May 08, 2023, 02:24:22 PM

Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

If you want a clearer explanation as why people here mostly tell you to buy bitcoin and that is because while Bitcoin is highly volatile, let's say that altcoins are way more than Bitcoin's being volatile.

There's so much happening in the alts market and a beginner might be overwhelmed with that and while having Bitcoin, it's more of a relaxed way of investing on this market and from there, a newbie can learn a lot by just observing with his very first Bitcoin investment.

They’re both risky actually, but bitcoin is way more profitable and more secured investment compared to altcoins. That’s the reason why even long time crypto investors still chose bitcoin over a lot of altcoins. And for beginner investor like you, if you want to succeed with bitcoin, don’t invest for greed and expect short term profits, but focus more on long term hodling as that will promise huge amount of returns in the future.

And there might be people telling that the fees of bitcoin right now is high so choose altcoins. Well, just so they know that the fees in some alts are expensive as well as of the moment.

But these are just temporarily and won't be like that for most times. Although we're not guaranteeing that someone will make huge profits with bitcoin but it's like the gold standard for the crypto market.

And that's giving the idea why newbies should choose bitcoin as their starting investment upon entering the market.

Z390

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Quote from: reizella28 on May 09, 2023, 12:09:45 AM

Bitcoin is known coin in the crypto industry which there's a lot of benefit that you could get if you invest. Of course there's always a risk when it comes to this industry but as a beginner it would be better to take your time, study and collect knowledge about BTC or crypto. There's also alternative coins that you could try if you think you can't manage BTC. It's good to ask people for their preferences when it comes to coins but it would be better to do your own research where you are comfortable to put your funds.

Stop fine-tuning what Bitcoin can give investors, there is nothing new that Bitcoim can give anybody than profit, it's the same thing with many other alternative cryptocurrencies too, if you hold for long term you will earn better returns and if your goal is short term you will still make something nice, what newbies don't want to hear is holding for a long term, some use money they aren't ready to put aside for a year long and when they notice that Bitcoin price action is not going their ways they lose hope and sell their Bitcoin at loss.

There is no better way to handle Bitcoin investment than risking what you can afford to lose.

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Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

Bitcoin is a good investment not only for beginners, but also for those who have joined the crypto community for a long time. Moreover, such investments will be safer compared to investments in altcoins, despite the fact that altcoins can bring you a big profit.

Dzwaafu11

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Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

Given that you mentioned some additional benefits of bitcoin in your earlier posts, even though your understanding of the currency is limited, I take it that you are at least somewhat familiar with it. However, I'm not sure whether you still find the currency to be incredible or whether you still need to learn more about it. Well, given the current state of the market and my recommendation that you use bitcoin to keep your investment secure Hodling for a long period will be advantageous for you as a newbie because it will allow you to keep your coin while simultaneously learning how the market functions, even if you are still learning about it.

Additionally, everyone wants to invest in bitcoin because it is a well-known cryptocurrency, especially newcomers.

MCUKing

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If you want to play safe like me then you can proceed with it undoubtfully, but if you want to make quick profits and want to take some risks with the funds then I think the hype projects such as PEPE and other meme projects, I would say avoid them but if you want to take risk then carry on, Slow and steady wins the race.

asawale

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The first investment in cryptocurrency any newbie should consider is Bitcoin, followed by other well known altcoins like Ethereum, BNB and others. With those one, you can take time to study the market conditions and what it it's to go into other aspects of investments like DeFi, Presale and IDOs and many more.

Shan85

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Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

Bitcoin is popular choice but Before making any investing decisions as a newcomer to the world of cryptocurrencies it is crucial to take your time to thoroughly investigate and comprehend the various possibilities accessible. Despite being the most well known cryptocurrency Bitcoin may not be the ideal choice for everyone. You should also take into account the market present trends its potential for stability and growth as well as your own financial objectives and risk tolerance. Always seek advice from more senior coworkers or seasoned investors and start modest with your investments as you increase your understanding and trust of the cryptocurrency market.

Trinx01

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Bitcoin is the best option to invest especially for the beginner as it is the safest haven among cryptocurrencies but you should not invest in bitcoin if you do not yet know enough about the risk you are taking when investing in it, so the best thing you can do before investing is to do your research first, or you can also use this forum to gain knowledge just explore yourself here.

ancafe

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Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

Which makes it the best because of the advantages it offers, that's how we recognize one of the best in Cryptocurrency and bitcoin in line with the questions you ask to make a choice. Your own research is very important and combine it with some of the answers people have given, it should be enough for you to learn.

If you are a beginner then the steps that must be understood are how to see buying opportunities even though in general bitcoin can be bought under any circumstances, but most people will wait for a moment of price reduction to buy bitcoin and if you are one with small capital then DCA is a viable option chosen.

reagansimms

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Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

Bitcoin is always the best recommendation for Newbies who want to start investing in Cryptocurrency. Before engaging in any investment you need to consider the risks that might occur. Fluctuating bitcoin prices always surprise every investor. You need to do research before jumping into the market, then need to prepare mentally to face if the worst happens. Don't panic easily with market conditions that are crashing, small corrections always occur as a sign that the next pump will start.
In addition to some of the suggestions above, it is necessary to prepare cold money that is not used for other needs as early anticipation when the market moves in a way that it shouldn't so as not to cause panic selling.

reizella28

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Bitcoin is known coin in the crypto industry which there's a lot of benefit that you could get if you invest. Of course there's always a risk when it comes to this industry but as a beginner it would be better to take your time, study and collect knowledge about BTC or crypto. There's also alternative coins that you could try if you think you can't manage BTC. It's good to ask people for their preferences when it comes to coins but it would be better to do your own research where you are comfortable to put your funds.

dansus021

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Quote from: Zaguru12 on May 08, 2023, 06:03:42 AM

Straight from your own research

Hahaha Good point Grin

I mean I don't usually advise someone to made a investment but you need to Do Your Own Research first but Bitcoin in my opinion is good to go for first time investment in cryptocurrency and wait and if you suitable with this type of high volatility you might looking other option

michellee

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Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

A beginner will have to look up the information on his own because we don't know what you want to know. You can browse many things on this forum to search for your wants. If you want to know the best time to buy, it might be when a correction arrives or when the market is declining.

That's a good time to buy but you should also be prepared for the downside to persist. And that is the time for you to buy bitcoins. Don't forget to specify the funds you want to use as an investment and don't exceed the amount of funds if you don't have a lot of money because it can interfere with your life needs.

The important thing is to prepare everything well, buy it at a low price and save it for a while. And it's better to make bitcoin purchases regularly so you can accumulate more bitcoins.

GreatArkansas

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Quote from: Alisha-k on May 08, 2023, 07:19:07 PM

Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

only you can decide that, do your own research, analyse the market and be at peace with your choice.

This is always a MUST. Most of the beginners in the space are always doing research for sure especially if it's their first time to hear Bitcoin.
For OP, if you're interested in investing in cryptocurrency and decided to put out some money to invest, please please, try a small amount first, like an amount that you are willing to afford because a lot of beginners complain that they lost their hard-earned money, don't be like them.

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Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

only you can decide that, do your own research, analyse the market and be at peace with your choice.

robelneo

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Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

I'm sure the majority of senior members here including me will advise you not to look at other coins but only Bitcoin, if this is your first time investing in Cryptocurrency, concentrate on Bitcoin and know everything about Bitcoin, wallets to use, how to secure your wallet, market performance, and its history.
Everything you will know about Bitcoin you can apply to other coins or tokens if you decide to expand your portfolio.
Coins and tokens come ago but Bitcoin is the one coin that will stay and will remain in the top positions, so don't confuse yourself and start with the right coin.

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Quote from: CryptoHeadlineNews on May 08, 2023, 04:02:28 PM

Quote from: Promocodeudo on May 08, 2023, 05:53:38 AM

Am a newbie I need more detailed clarification and explanation from senior colleagues here on the best Cryptocurrency to invest on whenever i have the funds and how to go about it.

As a newbie, the only coin I will advise you invest in is Bitcoin and no other cryptocurrencies, because due to the high volatility of altcoin, and lot of scam token or coin, I just can't advise anyone to invest in an altcoin that may likely fade away with time, unlike Bitcoin that has proven to be the best coin and best option for long-term investment which is far more better than most of these altcoin that has low volatility compared to altcoin.

Altcoins still offer several advantages over Bitcoin, such as a lower entry price, higher volatility (especially for altcoins with different blockchains), and the potential for higher returns compared to Bitcoin.

Cryptomultiplier

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Bitcoin is a good option for even beginners, unless you know so much about altcoins and is considering trying out Bitcoin for a change.
It's one of the most successful cryptocurrency since its launch, hence why you can easily find someone who knows an aspect of it and can impact you with knowledge.
Simply put, you can easily find someone who's into Bitcoin for pro tips or mentorship, should you as a newbie decide to invest in Bitcoin.

Topic: Is bitcoin a good option for a beginner in Cryptocurrency? (Read 275 times)