Topic: Lessons of my experience and knowledge about Bitcoin - page 2. (Read 805 times)

That is what gets people in trouble, accumulating wealth is a very slow process which will take you at least a decade if not several decades, but this requires a discipline most people do not have and they know it, so they try to look for methods that will increase the speed at which they can generate that wealth.

But those methods not only increase the speed at which you could make that money, but it also increases the risks that you are taking, which explains why the majority of those which try those methods fail so miserably.

When you are sharing the knowledge or existence of bitcoin, you should be very careful. Don't try to be persuasive, but just tell them that they need to know about bitcoin, because if you are being persuasive, they will think that you are just persuading them to join. By doing that, you can be seen as a scammer because someone, especially those living in places that are not yet developed, doesn't know about bitcoin. So when you are trying to explain bitcoin to them, make sure you tell them the position and negative parts of bitcoin to avoid them suspecting you or seeing you as a scammer.

Yes, you have a point, but what you forgot to add is that you should engage in research in bitcoin and other cryptocurrency classes and courses. When you do all this, it’s like you have stepped up and are ready for anything that might come up. Don't say I have already engaged in class; there is no need for me to continue. Continuously knowing helps a lot because you will know more and have a point when it comes to defending bitcoin.

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_ Don't Force Bitcoin on others, but be a resource to those who seek knowledge

Instead of commenting on others experience, if I were to explain what I survived during this period; I could say that you could make a living out of this but also it is very hard to get rich. I think that's the difference people end up having trouble with, making a living and becoming rich are different things.

If you make 1k per month every month for 10 years that seems like a good deal, and everyone would love that, but if you want to turn 1k into 100k that's not going to be that easy. They are both basically the same thing, for 10 years if you make 1k a month then you get 120k, but turning 1k into 120k seems near impossible because people want to make it quickly and not in 10 years. If you could see that and make sure that you end up with something different, then you are going to end up with something that could mean a good return one way or another. I hope that we could make it change a bit, and the result s would be a good return for everyone.

I was actually curious about this. Although there is completely nothing wrong with socializing with a community online, specially through social media (as that is basically one of the main purpose of these platforms) I was worried about the risk it might bring. Scammers and hackers are everywhere, in fact one of their most well-known style is to pretend like they are a member of the community and earn information and trust of the actual members, once they are able to do that they strike. With such events always occuring, I am skeptical about joining threads and social media communities like groups or forums that are just open for everyone to see and be a part of. At least here it isn't as loud and as open as Twitter or Facebook.

Never trust Altcoin. This is advice from my personal experience and from the experiences of many others. After a long experience and many losses due to Altcoin, I was finally completely convinced that only Bitcoin can be trusted. Although in the beginning I made good profits from Altcoin, I cannot trust it at all.

It is true that Altcoin gives you greater profits than Bitcoin, but do not trust it because it can change in the blink of an eye and turn your profits into losses. If you want to venture with a small capital, that is okay, but I do not advise you to enter with a large capital at all.

Bitcoin twitter has been awful lately. Sorry to admit it but it got worse after Elon took over. Basically you got nothing but bots posting phishing websites and scams.

Doesn’t matter what you are trying to search for? Whether bitcoin, Ethereum, alts, defi you will get nothing but massive replies about scams which try and steal your bitcoins.

In the current cryptocurrency market, some altcoins even outperform Bitcoin in terms of giving ROI.  People just need proper and right information about altcoins.  Though it is risky, there are altcoins that give their investor a very good amount of profit.  Just like SHIB, many say that it is a shitcoin, I do not refute that, but I cannot deny that I profited 42x+ when I invested in this, altcoin just need the right timing for entry and exit in order to get profit because if the investor missed the timing, he might end up bagholding worthless coins.

Yes, this is it. Some of the Altcoins that I invested in collapsed after witnessing significant growth, and some of them I made the mistake of not taking profits when they reached the top because I expected them to rise more than that.

Other times, I made big profits from the rise of the coin, but after its price fell, I bought large quantities in the hope that it would rise again, but it continued to fall and I had to exit with a loss in the end.

Of course, you can say that this is because of my personal mistake and that Bitcoin is the same thing, but at least if the price of Bitcoin falls significantly, you can hold in the long run and you will emerge profitable in the end.

Investing in altcoins is very risky although there can be a lot of profits there if we know how for look for reliable and strong projects. Since there are plenty of scam projects in the crypto industry, there had made lot of people to have lost funds that could be use for something else and make profits. We need to be very be careful when we invest in altcoins because we can lost funds when we out our money in a project that ended up becoming a rug pull. There investors that keep many huge profits from the market because they know how to look for strong projects in the market and invest in them.

Do you mind being specific, as you have said, you made good profit at the beginning, does it crash the altcoin you have bought or you have made a mistake of not taking a profit? If it does, then it is a personal judgement that becomes the reason for your losses.

I don't say that I do not trust bitcoin, but what you have said can also happen to Bitcoin. It can crash in a blink of an eye, many have experience that, the price suddenly drop at an unexpected price, though Bitcoin will surely be able to recover and the its price still grow over time. Bitcoin is indeed strong compared to altcoins, we just have to put our trust on it.

Never trust Altcoin. This is advice from my personal experience and from the experiences of many others. After a long experience and many losses due to Altcoin, I was finally completely convinced that only Bitcoin can be trusted. Although in the beginning I made good profits from Altcoin, I cannot trust it at all.

It is true that Altcoin gives you greater profits than Bitcoin, but do not trust it because it can change in the blink of an eye and turn your profits into losses. If you want to venture with a small capital, that is okay, but I do not advise you to enter with a large capital at all.

Never trust Altcoin. This is advice from my personal experience and from the experiences of many others. After a long experience and many losses due to Altcoin, I was finally completely convinced that only Bitcoin can be trusted. Although in the beginning I made good profits from Altcoin, I cannot trust it at all.

It is true that Altcoin gives you greater profits than Bitcoin, but do not trust it because it can change in the blink of an eye and turn your profits into losses. If you want to venture with a small capital, that is okay, but I do not advise you to enter with a large capital at all.

In the current cryptocurrency market, some altcoins even outperform Bitcoin in terms of giving ROI.  People just need proper and right information about altcoins.  Though it is risky, there are altcoins that give their investor a very good amount of profit.  Just like SHIB, many say that it is a shitcoin, I do not refute that, but I cannot deny that I profited 42x+ when I invested in this, altcoin just need the right timing for entry and exit in order to get profit because if the investor missed the timing, he might end up bagholding worthless coins.

Even though I agree that Bitcoin is the real deal and it's the most powerful and important cryptocurrency out there, but what's the fun if you are just sticking to Bitcoin and not experimenting at all? And by experiment I don't mean that one should start buying every single altcoin blindly, there should be a proper way to do that, some research, a bit of analysis, and if a project or a coin seems good, there is nothing wrong in throwing a few bucks at it.

Or trade with caution, isn't it is better to simply be careful with your purchases than to totally avoid the whole group? I mean, some altcoins got great potential, and we all agree that diversification has always got great things to offer.

This is the thing...we don't need to look for someone and even a friend or relative and encourage them to invest but rather wait for them to ask us and be their guide. It is a big mistake to give them a promise to earn money because there is no assurance of it. Giving them the idea will be enough for them to decide if they are going to invest or not, it depends on their risk appetite and their mindset. What we did was just spread the information and educate people about crypto but not for the seek of making them invest, that was an option.

_ Stick to Bitcoin: it's the real deal. Don't gamble on other cryptos

_ Avoid trading altcoin: you are not a genius trader, you will eventually get burned.

I disagree, lack of knowledge is why people lose money in altcoins, I don't believe that altcoin is just like gambling, they are too different, I can bet on a alt project because of it's utility or team and that can net me good return of investment, what about gambling? You can only bet on getting lucky.

In 2020 there are many altcoins that did great and I knew they would at the time, because they are on my radar, no one needs to tell you that Vulcan Forged, Cartesi, Ferrum will do very well, they are new and have never seen a bull market yet, that's one thing about new altcoins, they might fail later but profit is your goal and you will be fine taking profits in a bull market, unless you hold through the bull market.

In 2020 Ferrum was under 0.005$ and it made it to 0.80$ or more, I had this token but not too many because I lacked good funds for investment at that time, this is one of the alts that people didn't even know much about, another one Hex, so many hates on this token because it's from someone people don't like, with few zeros, this alt killed all this zeros and many made life changing money, the problem is they aren't Bitcoin, so yes they might not survive later.

Altcoins aren't as bad as people say if you are trying to take profits during a bull market. I'll post my result on this forum in 2025, as I now have the ability to perform the second magic again. I've saved screenshots of some portfolios at today's value, let's see what happens.

Maybe this time I will finally be able to accept that all altcoins are trash and can't get you rich or make you better money than Bitcoin could.

I don't think it's necessary to attend conferences just to have an idea or knowledge about Bitcoin. It's just a second option, in my opinion. There are many ways we can learn to understand Bitcoin. I have been in this field for several years, and I have never once attended any bitcoin conferences.

Because this is not practical in my opinion, for those who just want to attend, there is no problem. We can learn self-study, and most people here in the forum know that. But I agree with DCA because it is a really effective way to save Bitcoin or crypto.