Topic: Lessons of my experience and knowledge about Bitcoin (Read 832 times)

The above mentioned points can definitely guide an investor in the right direction. Among the things mentioned are some of the mistakes that many of us, new or old, make. They begin to believe in price prediction. There are many investors who decide to invest only after looking at the previous ath price. But we should avoid such a view. Many people are leaving Bitcoin and moving to altcoins just to get quick rich. In such a scenario, an entrepreneur can suffer the most. There were many altcoins in the market that had it better than some of the other good top level altcoins but that is no longer after a period of time. Also, we cannot rule out the possibility of a scam. However, by investing in Bitcoin, an investor can protect himself from such problems.

Sticking with Bitcoin is not a bad thing instead it is good, but it doesn't mean there is no risk, of course there is still risk. That's why Bitcoin is called volatile. So let's not always say that investing in other altcoins or cryptocurrencies we can lose a lot of money, why in Bitcoin you can't lose a lot of money?

What is my point, since they both have risk involvement, let's just be careful with what we invest in the crypto space. Because can anyone here tell us that all cryptos are not profitable?

This is one of the most common problems for other crypto traders or holders. They tend to risk new coins just to hope to ride the bull run, but it can be the opposite because some of the altcoins are scams or, let's say, don't have the potential to earn. One thing is that many people on social media promote altcoin just for their own benefits. I personally trade or do stuff in altcoins, and it didn't go well. That's why I only rely on bitcoin, as I can see a lot of things related to bitcoin, get some tips in this forum about bitcoin, and because bitcoin is more popular, there will be a lot of potential profit, especially in trading, as many people trade on it, and because of that, the price could change. In short, it creates a potential profit. So from now on I don't get involved in altcoins.

Your experience with Bitcoin is accurate, but others may have different experiences. While Bitcoin is the best cryptocurrency for investing, altcoins can be used for trading, requiring analytical skills to choose the right coin. It's important to note that not all gatherings or conferences will discuss bitcoin, as they may focus on upcoming initiatives not related to Bitcoin.

That could happened only when the Bitcoin price is not very volatile and the Invesor losing interest because they can't speculate anymore on Bitcoin. And when it actually happened it also mean that Bitcoin has fulfill it's purpose as currency, less volatile means more reliable currency. So, investors or I would prefer to say it speculators leaving Bitcoin is not all bad. All that being said, I think it's still a long time to finally get into those situation.

Bitcoin has almost zero utility besides Store of Value and for most basic Bitcoin investors, that's good enough. At some point, a subset of those investors will get bored of Bitcoin and start venturing into altcoins.

Most will invest in altcoins but never actually use it for utility. But for those who actually care about technology and focus on utility will realize that Bitcoin really doesn't do anything unlike many altcoins.

I suspect investors who only care about profit will mainly stick with Bitcoin because it's a Store of Value and doesn't need to have any other utility. But those who use technology will migrate to altcoins.

Great, read them carefully they remind me of the golden rules of Bitcoin. These are the ones that should be followed as soon as someone enters the Bitcoin economy. I love the fact that I am following most of them except (attending conferences, because there are none here). I entered the market and soon I learned that I needed a Hardware wallet. Now I am too lazy to open it so there is no question of spending my coins immediately. Even since last year, I have started to segregate my earnings into Bitcoin and emergency funds so that I won't spend my Bitcoin when I need money quickly and urgently. This may not seem to be a helpful note just now but it is when you are in Bitcoin for a long and you end up spending Bitcoin without any reason. If someone is blessed with two jobs then it's far better to increase the share of Bitcoin purchases and perform complete DCA with it. One can increase the frequency of purchases if prices are going up and down quickly. This helps more during the halving period which is the most weak period for bitcoin stability.

They are all good tips, but let's not forget that oftentimes you need to make mistakes in order to understand how something works, I wish it was that easy. It's like cooking in a certain way, you have the recipe but maybe you get distracted or maybe you want to change a little the dish and it could turn out better or worse, you don't know if you don't try, cryptos are the same at the end. If you don't lose some money you will never learn, I know it may sound weird but it's the only way sometimes.

As someone else pointed out, I would avoid the meetings with people I don't know.

Exactly. With the advent of blockchain conventions and web3 events people have become a little too lenient about their security as if no one's just out there to get them every second of every day. Not to instill unnecessary fear among everyone but it's almost always better to just be paranoid and be safe than be overconfident and find yourself with all your cryptos stolen, or even worse in the hospital. Seen quite the commotion in some of the conventions from where I live (none are crypto-related for that matter) with most of them being health hazards and all that shit. Anywho I'm getting off a tangent here, main point is that just be safe, you don't have to be a security freak really with all that cap and face-mask stuff cause if you're in these events to create connections with people in the industry it's not going to work so well for you if they can't see your face. Just don't follow any crowd after the event, and perhaps take a detour to a mall or whatnot.

I'm not fond of altcoin trading, or trading in general. For this reason, there's no easy way to determine when's the right time to sell. However, there could be some indications to look for. Not long ago, CyberConnect was launched through Binance's launchpad platform and was soon open for trading. For two or three days, it was climbing like crazy, but one night in particular, it skyrocketed within minutes. I was watching very closely and decided to sell right at its ATH. It proceeded to crash shortly after. What did I observe? The hype cannot keep going forever, as it has already seen massive increases in price. Certainly, it could have climbed more, but my gut told me that it was the right time to sell.

Altcoins, and especially these hyped tokens, offer great opportunities but are a pure gamble, one that I'm not willing to take. However, I stand with the OP's statements regarding Bitcoin, as in my opinion it's proven to be a great investment if you're managing it correctly, along with being patient during the whole process.

Is literally true that most price prediction are not to be trusted. Altcoins are not good in been held for a long time. You buy altcoins to gain benefits from a particular news that affected the market. Biggest mistake most people make Is buying a coin while in ATH. Most altcoins always experience more than 90% fall from their ATH.That why is very risky some times to trade altcoins, most of my losses comes from altcoins mostly when newly listed, There's this altcoin I traded back then so I was really sure that the coin will skyrocket,  so I bought for holding. But guess what The coin dip and the painful part that its beat  its ATL with my money In it.
   That why you also need to be cautious before jumping  into any trade, even when the trade was signaled. Because not all signals are sure, Trade wisely to avoid more losses. And focus more on main coin than Altcoin.
 

Selling an altcoin at the right time is something that is easy for everyone to understand, but how can you determine what is the right time and more importantly when it will be? This is probably the most important question that traders need to answer and there are as many answers as there are traders.

So the majority of those that try to multiply their money in this way will fail to realize their goal, and in that case even if the possibilities of making so much money at such a fast speed are not zero, the odds are so low that you may as well think of them in that way.
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The answer to "when" depends on one's understanding of market dynamics, global sentiments, and human behavior's unpredictability. Doesnt it amaze you that most people fail to crack the code?

A problem, right? Rapid gains tempt traders, but these markets' quickness and instability are their demise. Many jump into these waters assuming they have the approach and answer. As you noted, the odds are so against them that big profits are mostly a mirage. Trading is about moderating expectations with the market's unpredictable behaviour, not just information.

Bitcoin gives peace of mind, if you are investing in Bitcoin their is nothing to be scared of because it is very sure that bitcoin investment is safe and very profitable compare to altcoins,  it is very risks and no peace of mind while investing it because anything can happen to altcoins unexpected.  People who invest in altcoins knows the risks involve in it but all they want is to make quick money which many people have lose their money in taking risk like this. Investing in Bitcoin might take time but it is good to be sure ones investment is safe, than to invest in shitcoins that can be easily lose value in the market.

Selling an altcoin at the right time is something that is easy for everyone to understand, but how can you determine what is the right time and more importantly when it will be? This is probably the most important question that traders need to answer and there are as many answers as there are traders.

So the majority of those that try to multiply their money in this way will fail to realize their goal, and in that case even if the possibilities of making so much money at such a fast speed are not zero, the odds are so low that you may as well think of them in that way.

Also earn and do other stuffs. Scammers and hackers are anywhere but they can mostly be seen in those popular spots. Who wouldn't want to be a genius anyway? When it can improve your life. I wouldn't say that our world now is obsessed with Bitcoin because the adoption is still not in a very high level. The issue or the risk is normal. We can experience it along the way when trying new things that we have an interest on. They can harm us but we can be able to stand up again and dodge them the next time or reduce their effect. So we shouldn't be afraid. If you do and stay on your comfort zone, nothing will happen to you. You will get left behind which will only make you annoy and regret later on.

One thing about life is that the more we learn the more we know. We need to make sure that we get familiar to Bitcoin and cryptocurrency at large so that we can have huge experience and knowledge about the network and how it works. This is one of the ways many of us learnt how things go in the Crypto sphere. There is need to keep making research and talking about Bitcoin with friends so that everyone can share there experience they have had so far. This is one of the quickest way to learn about Bitcoin and how things works. We don't need to relax and wait for when people will start telling us about what we need to do to understand how things works in the market.

The more you stick with Bitcoin, the more your experience and knowledge of the crypto market will grow. Moreover, if you stay with Bitcoin for a long time, you can learn a lot and benefit from Bitcoin in the future. Altcoin should never be ventured into for investment, Altcoin is always risky and there is a fear of losing money. We can clearly say that shitcoins always turn out to be scams and we have seen many scams in the past. Be prepared to lose a lot of money if you want to trade in altcoins. That's why you keep these things in mind never go to shitcoin rather you trade bitcoin it's better for you. After reading everything about Bitcoin, you will gradually get a better understanding of everything, later you can make a profit by investing in Bitcoin and nothing in crypto is worth trusting except Bitcoin.

Turning 1k to 120k is possible in early years of Bitcoin but is quite hard in Bitcoin market today, while in the altcoin boom, this 1k to 120k is pretty normal.  Especially during the time of NFT craze and memecoin craze, although many got burned, there are also many people who got 1000x+.  Like for example Shib, there are lots of people who manage to make their investment more than 120k, it is not near impossible but an often occurrence in altcoin investment now a days.  We just need to time our entry and exit point perfectly because most of altcoins are pump and dump coins, if we happen to enter before the pump and sell before the dump, 120x profit is not near to impossible.  The term here is to be an early investors and don;t marry your altcoins, cash out when profit is seen so that one won't be burned and hold worthless tokens/coins.

Gotcha, mate. You got to the point. The pursuit of the big gain is a widespread Bitcoin and investment misunderstanding. The large swing from 1k to 100k generally captivates people. Seductive, right? Your point is well-made: consistency important. Long-term rewards might come from steady earnings and holding on.

With all the hoopla about rapid improvements, arent we sometimes overlooking little, steady successes? A calm walk is preferable to a violent rollercoaster ride. In different ways, both are thrilling. I hope we can see the beauty in all routes and choose what suits us.

I disagree. I support Bitcoin, but that doesn't mean that you need to disregards other cryptos as well. I'm not a fan of those low market cap coins, shitcoins, meme coins etc., but I still believe that there are still good altcoins out there who can do things that you can't see on Bitcoin. Can we include Ethereum on the list?

Whether it's altcoins, or Bitcoins, if you aren't that good in trading, avoid trading in general. Don't specify altcoins only because you can still get burned even you trade Bitcoins.

I want to say "F*CK THEM ALL" to them, but I realize I'm also making price predictions as well. Well, I agree with on this one. Price prediction is just a speculation, and there's a 50/50 chance that it will happen.

Like I said, I know that you're a big fan of Bitcoin, but include some altcoins as well. DCA into Bitcoin is always a good choice, and it's the top priority, but don't exclude altcoins in your list. Never, ever ever.

This is the reason why you need to be knowledgeable first in what you're sharing before sharing it to others. The problem right now is that, people are acting like they're geniuses, sharing false information to newbies, and in the end they'll just scam people.

If there's any conference near my place, I will try to attend. I've been in the crypto for around 6 years already (still a newbie though), but I didn't ever try to attend any conference. Of course there might be some who will be saying "You can attend online conferences", but I'd rather go in person because I want the feeling of sitting next to other newbies out there who are like me - wanting to learn more about Bitcoin.

Agree with this one. Just to add, guide them using true information, and don't misinform them.

Not a Twitter user so... it's a no-no for me. It's just only me though.

It's not only in Bitcoin, but in our everyday lives. Don't force somebody to do something, or don't force somebody to learn something especially if they aren't interested into it. Introduce it to them, and let them think if they really want to learn it or not. If they are interested then guide them. If not then "THANK YOU, NEXT".