Topic: My personal point of view as a beginner .... (Read 1786 times)

We all come to the realization of cryptocurrency by a means, yours was your guy, others might be through some other guy or maybe a broadcast or some form of advert to get your first contact but how far you go always depends on you. The Bitcoin forum is that which surely welcomes all without any form of discrimination and once your in the community, every user is ready to see you scale through. That's an added advantage for every user in the forum.
Being at the bottom of the food chain like a newbie doesn't could be so disturbing but then, it tells your start point and if you are a cryptocurrency enthusiast, it sets your base right.

Thank you for the bump to lift your thread out of mud. I received my very first merit here and there. Around one year and I have made some contributions that are reflected on my rank and my total merit.

Bump...

A read from once a beginner as well and atm a eeeeuhm still beginner but with very wide and good perspective and long term HODL intentions

https://bitcointalksearch.org/topic/m.52609289
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Q3 has finished, the winner been rewarded on to the next one ....


https://bitcointalksearch.org/topic/m.52609651
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Q4= life for those who wanna join (please read the OP)


Congrats to the winner in here as well

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You absolutely don’t need to be an IT guy..... its always easy to have Some computer skills or knowledge (which I didn’t ..... absolutely didn’t had.... people can vouch for that i’m sure of)

The main point is to understand the fundamentals of BTC and what its for in the world we are living in.....

Understand this and just be able to buy and hold Will already get you on the main road of the BTC story.

Further I would suggest to buy Some BTC with a use to experiment in the real world by using it to pay for things and usecasses etc

The most important is the first step of knowledge and understand why you are buying and believing in BTC, the rest Will follow true learning cause I bet when you get the virus.... you can’t stop learning more and more

The main point of many that you are trying to introduce crypto is that you need to be some kind of IT guy to know how to deal with crypto. You proved and i am trying to prove others and introduce crypto as easy as it is possible. There is no need you know everything. The only important thing is not to get in rush and catch yourself into FOMO effect.

Crypto sphere is in early stage still so enter now even if there is another 50% drop it will fade away and you will sure not notice that drop in a few years.

I love that many serious crypto project out there are also doing some video presentation of crypto basics. Crypto seems to me like internet at early stage or online banking/online shopping  in a way. Majority was afraid of using it just few years ago and now it is spread world wide and i believe 70 of those that has access using both online banking and online shopping.

I believe crypto will develop same way.

I have a valuable lesson for beginners in crypto, that I unfortunately learned it myself from my losses.

In 2017, when crypto market exploded, especially altcoins, I traded profitable with altcoins, and with margin tradings, of course.
But the lesson is in uptrend market, your can get terrible losses if you do margin tradings, and you don't have enough skills and eperience to manage your orders. Don't cut-loss at the right time, don't set cut-loss orders.

As a result of my bad margin orders, I lost my fund along the way. Not only lost my profits, but also my capital too.

In a word, I would like to advice crypto newbies: "Don't use margin tradings, if you don't have enough skills and experience * in crypto market"

* Enough exprerience means at least two or three years in crypto market.

You can ignore that lesson, but you will learn your own lesson if you ignore it.

How to use cut-loss orders, please read: One of the Best Weapons in Trading

As newbie they shouldn't be trading, probably they never should

Respect to btc that you HODL and keep stacking them by buying

I don't completely feel the same way, I can understand that when you believe and did ton's of research you prefer to have your wealth in Bitcoin and no where else.... for me I believe it isn't to bad to have some property or land etc together with BTC and some spare cash or cash flow to cover bearmarket times.... but I wouldn't say its to aggressive if you are very aware of the bearmarket periods and risks, so if there is some cash flow or spare cash to live from, then I wouldn't think its the worst to be all in on BTC

I had read Lambie's post earlier, and I had not responded to it because I consider some of what he says to be over the top, in some ways.

Personally, I don't mind a newbie strategy that might begin investing by focusing on one investment and then later branching out as the investment matures.

In other words, I don't believe that it is good to keep your eggs in one basket, and so Lambie's assertion that he only owns bitcoin and has no other assets, seems a bit extreme to me.

Don't get me wrong, I think that diversification should be attempted in other asset classes, but I don't really that diversification is necessary in crypto.. meaning that almost every single other crypto is already hinged upon the performance of bitcoin, so diversification into other cryptos is not likely necessary, but diversification into other asset classes could be a prudent move, once you build a bit of a decent stake into bitcoin... whether that is 10% of your net worth or some other number that you believe to be reasonable.  Again, some people will take fairly aggressive strategies towards bitcoin, and it seems to me that 70% or higher is way too fucking high... but of course, that is a personal choice regarding how much you believe that gambling is a prudent strategy.

On the other hand, if you invest 10% or 20% or 30% of your investment funds into bitcoin, but those funds become 70% or 90% in bitcoin due to BTC appreciation, then I don't feel so compelled that any kind of reallocation back down to your original amounts is actually necessary, so long as the rest of your bases of diversification is covered.

Regarding Lambie's other assertion regarding making sure that you have your expenses covered for a decent number of months (including a decently-sized enough emergency fund), I think that remains important, especially in bitcoin when bear markets might drag on for a few years before you are really able to see a profit, depending on when you begin to invest and the uncertainties of the actual price movement.  So the higher that your investment into bitcoin, in terms of percentage that you decide to allocate to it, then likely the longer your time horizon needs to cover for your regular expected expenses plus emergency fund.  The reason for maintaining such a fund is that you really don't want to be having to dip into your BTC fund at a time that is not convenient for you including BTC price tanking (which sometimes happens), and the best time to dip into your BTC fund would be when it has appreciated considerably... but having the expenses covered and the  emergency fund is to be able to get you through the worst of BTC price performance periods without you having to desperately dip into your BTC funds... at a time when you should be buying BTC rather than selling BTC.

Thank you for giving us this kind vision for us novices. So many problems at first Hatta understood everything We can say that this forum has become a reference or key to all things and knowledge related to Bitcoin and cryptocurrencies in general Because I was a designer I gained everything I needed about Bitcoin within months by reading the topics and discussing them with others. All beginners can earn whatever knowledge they want in a short loft if they are determined to do so

Again best advice stay away from the Altcoins, Focus on BTC or on saving those lives.... But Altcoins probably will destroy yours ....

As a newbie, they should learn how to use Stop loss: One of the Best Weapons in Trading
Before making buy orders, people always should identify prices at which they will take profits and cut-loss. After their buy orders filled, set cut-loss orders to control emotions, just in worse cases.

My friend Mr. Goose asked me to post here to help out beginners. Here is the comment he was interested in  https://bitcointalksearch.org/topic/m.52175836

Newbs here is my simple advice. Invest in King Bitcoin and nothing else except your own skills and or education. Make sure your income can sustain your lifestyle so you never have need to sell your investments in till you are good and ready.

The time to diversify into stocks, bonds, land, etc will come, but for now King Bitcoin will be crushing them all in the coming years.

Shitcoins are to be shunned like an STD.

By now, my balance increased considerably with Bitcoin runs last few days, and I am very happy with the King's performance. Today I saw an article on history of Bitcoin halving, that is interesting. I will upload that image in the post next hours.

Source of image: https://ihodl.com/infographics/2018-04-09/chart-day-bitcoin-reward-halving-and-price-history/

I don't understand how stupid people can be. What do they expect when they invest in altcoins when they have an understanding of what they are doing. Then they call the coin shit. It is their own fault for pissing their own money away. Clearly, their money has little value to them or they would have held on to it for longer. As long as stupid people keep buying and doing bounty for terrible projects and altcoins the longer they will be around.
The feeding scams nice and fat and then doing it some more.

Then you get people who seem to be having their wallets hacked every second week? How??? For god sakes how?? It is easy to understand. You have a wallet and a key to the wallet. Like a key to a safe. IT is literally that easy. All you need to do is backup a small amount of numbers and make a few backups and keep them in your safe or other places as well. I say the more backups the better. DO people not think when they visit funny sites asking for weird permissions?? I understand when people who are careful might get hacked but some people are just plain thick.

People work so hard for their money then they lose it in seconds....

@JJG, pity you have had to experience that....and indeed people have to secure their accesses to there BTC very well.... First of all as much as possible on cold storage device etc and for other stuff strong PW's (use key pass tools), 2FA  and so on ....

Even good to use a computer only used for your crypto

 

It can take a decently long time to build up wealth.. including having enough invested into bitcoin in order to make a difference

I don't want to go into too many details, but the hack that I experienced was similar to the same kind of hack that quite a few bitcoiners have been experiencing related to transferring of sim port.  So if the hacker is able to get into one of your e-mail accounts and is able to port your sim to another phone (meaning your phone number), then they can reset passwords on a large number of accounts.  Of course, once they get into your accounts, then they can withdraw the bitcoin very quickly, and that withdrawal is non-reversible.   

Taking extra measures to secure your phone numbers, emails, and exchange accounts, including using various forms of two factor authentication can be helpful. 

These kinds of hackers tend to have a team, and they are likely able to do more and more and quickly access many accounts including if they get into your apple account to shut off some of your apple devices, and surely could be more problematic too, if you had backed up certain information in the cloud....

Form your stories, I thought you all already been rich, because you invested in Bitcoin so early, before 2015. Everyone has different chances, but taking chances or not, it will make different destinations. I just knew about Bitcoin recent months. I heard about Bitcoin when it hits it's ATH nearly $20,000, but hesitated to start to invest when Bitcoin dumped to below $3200. Now, I thought I eventually bravely enough to enter at price $9500 days ago. Hope that it will help me to exponentially increase my balance next 6 years.