Topic: Lessons of my experience and knowledge about Bitcoin - page 4. (Read 775 times)

True, just for security measures, people will assume that you have huge bitcoin investment and plan negative against you so the best solution is to make them lost by not going straight into your home. Instead, stay in public places first where police officers are nearby so that if ever they will harm you, you can easily call the attention of the police and start targeting them. Be cautious and wise at all times.

The gambler can’t inverse and spend some time for the analysis before the investment.If you are the gambler,don’t come to the trading.Because the trading is totally different one,gambling is easy to you.So you can easily use the gambling and earn the money from the winning of the gambling.The experienced people will look into the altcoin and the new people use to inverse in the bitcoin for most of the time.Because the investing in the altcoin need more knowledge as compared to the bitcoin investment.

Conferences and meetups are a great way to interact and communicate with other like-minded Bitcoin enthusiasts so I highly recommending trying some and take questions with you. Also, it's an opportunity to stay abreast with what's happening in the industry and also a way to build network in order to grow.
 


Bitcoin twitter might be too noisy for any new users whether they're a beginner or not. It almost leads to analysis paralysis because you get some many "alphas" from the so called "experts."

Most of the points made are more of a moral deficiency because a real trader must trade altcoins at some point in their lives to be able to have the full first hand experience of trading.
Bitcoin is rhe top and boss of all other cryptos and to that fact I can attest.
I also agree that DCA strategy of investment is more valid with BTC than altcoins and what's most standard about BTC is that it is durable and whatever amount invested can be assuredly gotten out of it.

This is what I often experience when I want to invite someone or that person who wants to be convinced of a cryptocurrency.
Explaining Bitcoin as clearly as possible so that newcomers do not think Bitcoin is a fraud scheme,
because if at the beginning they think Bitcoin is a fraud it will spread to other coins.

Guiding others to enter the crypto industry needs a struggle, especially if they really don't understand what crypto and Bitcoin are.
But instill confidence and basic knowledge about Bitcoin in them, then it will stick to their memory.

Then it will be our responsibility when someone comes and we become the main source of knowledge about Bitcoin.
To further alleviate this responsibility, we must provide good references for them so that they can quickly understand.

I personally am used to trading in the crypto market. Daily trading in altcoins and long term investment with the DCA method only on Bitcoin. But I agree that if you don't have high insight and mentality in trading then don't enter it. In fact, not only in altcoins but also in bitcoin. Investing in bitcoin is only for those who already know what bitcoin is and believe in the future of bitcoin. Not for those who only enter because they want a quick profit and enter based on other people's words without finding out and digging deeper into Bitcoin themselves.

Even those who talk about DCA but they put hot money into their DCA are certainly people who don't realize what they are doing. They don't know what risks they are facing. And they don't know how to invest properly because they don't understand what high risk investment is. Even for DCA, we will be good if we understand what investment is, what high risk investment is and we know the type of investment we are going to enter. Those who try DCA just because they hear from people without doing good financial management, they will only end up complaining when prices drop. In fact, for those who understand, actually going down is an opportunity to enter.

I agree that we should never force other people to get involved in things we like and are good at, for example Bitcoin. Let them be interested by themselves and if they come to ask questions and look for insight about bitcoin then we can explain it with the insight we have. Don't push others but let them choose what they are interested in by themselves. And it's better to be humble and not show off our bitcoin holdings.

Bitcoin is proven to be highly liquid, despite its liquidity it is still considered as highly volatile what more with altcoins.  Most of these (altcoin) projects are made to make money out of their investors money.


I would say, not entirely all the altcoins out there, there are also some good altcoin to trade since they also have a good liquidity but better to choose carefully and consider the fundamentals.


True that, even seasoned analyst often made a mistake on their prediction.


This is the best, IMO, strategy to accumulate Bitcoin without being pressured in terms of financial capability.


Or they might develop ill-intention thinking a person is filthy rich and might make a plan to rob or extort his Bitcoin holdings.


This would be great for connection but if we are just for the information, I would agree with the earlier reply that better to just watch it on YT.


New comers will be missing out on information if we only direct them to Bitcoin, it is best to let them know about altcoins too and the difference between the two.


I also dislike twitter, and i think this forum is enough to feel that we are not alone in our Bitcoin venture.

This is now clear to everyone that without bitcoin there is no other coin to make you wealthy and profitable while those who are putting money in other coins are same like gambling because you don't have any idea about the future but look towards your destiny that this coin will shine your future if fate help you in such matter.

There is also lots of altcoins investors but do you know that it will be profitable like that of bitcoin? You can easily trust bitcoin as it is one and you can also ask for the experience of its holders but when you select some new coins then you cannot estimate about it success because there will be no one who become profitable while holding it.

share your views and opinions with others and accept their ideas so you will make accurate Knowledge and will not depends on faulty predictions.

I have tried attending one before, it did not go as I expected. Almost everyone where acting like they are satoshi, like they know everything about bitcoins and had the most bitcoins in the way to carried themselves and answered when spoken to. The other set of people in the meet up where interested in promoting their business that they trade bitcoin and other cryptocurrency for fiat.

This forum for me remains the best place for you to feel among like a member of a community about something as serious as bitcoins. If you are a serious member here, there is no need to attend any local meet-up.

But also tell them about altcoins and why they should be avoided possibly. If you avoid talking about altcoins like a plague, it can make the inquisitive newcomers want to know why you did not talk about altcoins, and then become interested enough to invest in it.

You have gained a lot of experience and your analysis about Bitcoin is quite good. Of course trading or investing in Bitcoin is the safest idea and trading in altcoins can be risky for capital, but in my opinion, there are good and strong altcoins in the crypto market. Along with investing in Bitcoin, some money can be invested in altcoins, as the rate of return on altcoins can be much higher than Bitcoin.

It is not necessary that our prediction is correct every time, but people analyze and estimate based on their experience and expertise, and all this is done by using various graphic charts and indicators, Which sometimes gives a very good result. Bitcoin is the only crypto currency that we can easily share with anyone. People may not know about other crypto currencies in the market but most people are familiar with Bitcoin. Just need to convince people well about Bitcoin. Why would people suspect that we are scamming them when Bitcoin has been around for so long, and is still giving people great profits.

For other points I don't really have a problem and tend to agree but for this point I still disagree a little because even though trading is the right of everyone but I recommend investing rather than trading regardless of whether it's bitcoin or altcoin trading everything will have a big risk without you realizing it. Especially if you are new to bitcoin then trading is not a good suggestion even if it is in bitcoin.
But indeed no one forbids trading if you are able to bear all the greater risks but if you are not able to do that then it is better to try investing well by doing DCA as you say it will be more worth it than focusing on trading.

For some views on bitcoin on social media it will also not be a mistake, it's just that we need to filter more information that is presented because sometimes there is a lot of news that is actually not too makesanse, especially for X which seems like today many people complain about this social media because it is not the same as before.
I am more able to accept discussion forums like bitcointalk as a means of social media for bitcoin for now.

I think it's a lovely list the op made, I'm not surprised it got merits from 4 different people.
I think some people can trade altcoins if they are good at trading in general and confident that it's a good idea for them, but it will be a disappointment and devastation for many if not most.
The cautious sharing part is something many people seem to not get when they focus on spreading the information about Bitcoin everywhere they can. It does make it look suspicious, and people have to be open to it for it to have a positive impact.
I'm not sure about Twitter, I personally barely use it and never check Bitcoin info there. To me, this forum is a good place for that stuff. But the rest of tips are good.

In our community, I'm always open to whatever questions they have regarding bitcoins and it's not that hard because they frequently ask some basic questions that are easy to answer most importantly I always tell them about the volatility and the risk they are taking when they want to invest, they need to consider the consequences before they decide to put their money in. I'm so happy because, in this kind of light work, I can help them and also prevent them from getting scammed by huge numbers of Ponzi scams that are hiding in Bitcoin's name. I'm fine with this role in the crypto community and also encourage others to do the same when they are approached by people who want to know more.

You might want to also include how they should keep it safe ^{[e.g. Passport Batch 2 hardware wallet]}.

Some users have already voiced their concerns over attending such events but with regard to the latter part ^{[specifically referring to those that are present in events]}, I have mixed feelings... There are always some freebies at such events and if you're someone who doesn't even have basic knowledge of Bitcoin, then you might fall for their traps ^{[e.g. in previous events, there was a certain brand that gave away a bunch of their so-called hardware wallet for free and if you decide to use them as your main wallet, it could go wrong in so many ways]}!

I have an affinity for the "buy and forget" concept, which essentially encapsulates our readiness to reap long-term benefits. The other points mentioned tend to lean more towards our interactions with the community, which can be deemed necessary at times and perhaps unnecessary at others. As long as emotions don't interfere with Bitcoin purchases, everything will be just fine when you have the patience to hold onto your BTC for an extended period.

However, I must apologize, but when it comes to altcoins, I prefer to acquire them in smaller quantities to keep an eye on alternative opportunities alongside Bitcoin.

Trading is a lot of pain, you will be exposed to a lot of stress, following the market movement, that's why I don't recommend trading your gems in a bear market, it's better to just hold, but I don't accept the point where you said not to gamble on other altcoins, many already did 10x in this bear market, taking profit from such coins and reinvesting into Bitcoin will bring you high numbers of satoshis in a under few months.

Price predictions are predictions unless you don't know the meaning of prediction, which is a future event, and that's is unknown presently, so accept price predictions as what they are and don't take them very seriously.

People will only think you want to scam them if you are forcing them to invest in Bitcoin, they should be the ones wanting to learn because they want to make money, but if it's the other way around then you will raise some suspicions.

DCA in Bitcoin won't get you rich, it can only make you some good profit, I believe that at this point rich people or people who have a lot of money to invest on Bitcoin will make the best money from Bitcoin, having 5 Bitcoin in this bear market is different from someone who have  0.008 Bitcoin, one will get richer and the other will make profit.

Investing in altcoins is very risky. No matter how strong an altcoin is, it can crash at any moment. We all saw different altcoins that crashed last year. Some people will not be able to recover their losses forever, and some people commit suicide just because of the amount they lost in the crash, so don't trust any altcoin. When it comes to bitcoin, it can only dump, and if you have patience and hold, then with time it's going to bounce back, but if some altcoins dump, then that's all, they will never recover. That's why it's just better to invest in bitcoin and hold.

Bitcoin price is always difficult to predict, don't trust anyone predicting bitcoin price. That's why signals groups should also be avoided because most of them are just scams. Some people are making predictions just to make money, they are just looking for people from whom they will take their money,

I don't see anything bad in sharing bitcoin, but the only thing I will say is don't force people to invest in bitcoin. Immediately you start forcing people, they will start thinking you are planning to scam them. Just tell them about bitcoin and encourage them to invest, but never force them to invest in bitcoin. If you force anyone to invest, if anything happens to their investment, they will blame you for that, and you will be spoiling your reputation and bitcoin reputation.

If it's on YouTube or Zoom, I see most of it as a waste of time, but if it's organized in your neighborhood and it's free, then you can attend. You might end up learning something new or even impacting your knowledge on others. It's not all about you learning alone, you can share your own knowledge as well.

You can't be in the crypto space and you will only know about bitcoin, it's not really making sense to me. Tell them everything they need to know, tell them about altcoins also, but warn them about the risks involved in altcoins. I will encourage them to invest only in bitcoin. If you can't tell newbies about altcoins, then you are not being open to them.

I very agree with you mate. At first im a bounty hunter and thought altcoins were a valuable asset because ICOs were booming. But after that era ended I realized that altcoins were just shitcoins because they no longer had any value.

Now I just realized that Bitcoin is the king of every coin and has the lowest risk. I regret not buying and holding bitcoins sooner

I also invested a small amount in altcoins and realized that I was gambling rather than investing, there wasn't anything to learn in gambling. There is only win or lose and it depends entirely on luck.

You are not wrong in saying that people should try altcoins to see the superiority of bitcoin over shitcoins but many people have tried it and got addicted. Because they are blinded by advertisements about altcoins that can bring tons of profits, and until they lose everything, they suddenly wake up. So it's better not to try.

Not just altcoins but if possible everything about trading including bitcoin when you don't have the knowledge of trading.

This is not necessary at all for privacy sake, I will prefer to stick here in the forum because there is a lot to learn here, because you don't know who is watching you.

Need less, the forum and Google has everything that you will like to know crypto latest updates, just DYOR.

This is what I hate the most because it will be a waste of time when you are trying to force someone to accept bitcoin, and the person might end up thinking it is a scam.