Topic: My quick advice to my fellow newbies - page 2. (Read 628 times)

I am never going to accept the advice of not mining as a newbie, who told you that you need to be a crypto professional to start crypto mining? The tastes thing a newbie can learn about crypto is mining, I bought BTC miner before knowing anything about crypto investment and trading and I've never regretted that decision.

1. Is the miner profitable?
2. Do you have cheap electricity bills?

These are two things anyone should understand before buying a miner and the answer can be found online using google search engine.

This point interest me alot because growth is a gradual process and patience is the key to attaining that, enough of being hasty to making profit because in doing so, it get one into more exposure to danger and risk of loosing to the hands of the wicked scammers, you can know it all but the very important and needful ones can get your awareness, lesson is a gradual and continuous process but we must also be conscious of the sources of things we learn in other to remain safe.

The advice is not just for beginners but for everyone who wants to invest or trade from crypto.
Don't expect too much from what other people have suggested because suggestions from others do not guarantee that we can benefit.
In investing or trading in crypto, we must be able to find as much information as possible, especially finding the right information from out there because many people will give the wrong news.
I think we can have more opportunities to profit from crypto by having information or learning more from others.

What I noticed was that most traders will tell you the bad side of trading, they will let you know that it is risky, but also letting you know that making profit is very possible which is not a lie from professionals. This is what newbies will have in mind and start to trade and loss more and more.

But some people just want to provide signals, these kind of people should just be avoided because they speak more about the profit in a way new traders will pay them money, giving the new traders some signals that may let them start to fail in trading.

These tips are not only for newbies, but also for some current forum users; while there are a number of threads that have written more about them, we take these as a reminder.
Crypto trading carries a high level of risk, which is why it is recommended that you have a detailed understanding of Bitcoin and cryptocurrency before beginning to trade.
Most traders will encourage us to participate in trading without fully showing or explaining the good and bad sides of it; they will only tell you the benefits and hide the downsides. All that is required is a basic understanding of trading, Bitcoin, and the cryptocurrency market in general.

Because privacy is crucial, it is always best to use personal wallets so that you have complete control over your funds by safeguarding your private key and seed phrase.
Make duplicate copies of your private keys and store them offline in more than one location; avoid disclosing your private keys and seed phrases to others.

That's not exclusive to newbies, and everyone should stay on their toes when they are PMed from someone they don't know. Especially if it involves matters of money.

And they don't show you those segments or put enough emphasize on it. Traders mostly talk about the good sides, when they generate profits, and shill certain trading platforms.

You should only invest the money you don't need for more important expenses. Don't put money into bitcoin or any other traditional/non-traditional assets expecting to make profits if your bills aren't paid, your family isn't taken care of, your bank loans haven't been returned.   

At least 2 or 3 geographically different locations. If location #1 floods, burns up, explodes, gets destroyed in an earthquake, tsunami, etc., you can still get your seeds from locations #2, #3, etc. 

2. I will also advice newbies to stay away from trading but to learn it very well first and they should only use the money they can afford to lose. But about mining, newbies can be rich enough to afford ASICs, lucky to have a good environment and government that would favour bitcoin mining. But he has to research more to be able to know if it would be profitable. Cloud mining and other types that someone will want to mine for you is what newbies should avoid.

3. Some people are from underdeveloped and developing countries, their fiat devalues significantly and they do not like to save in fiat, example are some countries in Africa, Asia and South America. People in many countries in the continents I mentioned do not prefer fiat at all, or better prefer the fiat of the developed countries like US or UK. Some people from developed countries like Europe, UK and US may still think about fiat. But fiat is always fiat, they always devalued by the government.

5. What do you mean by personal wallet? Custodial wallets can be personal wallets too. It would be good to refer to the wallet you are talking about as noncustodial wallet or private key wallet.

6. What should be backup is the seed phrase, which can produce the keys. The keys can also be used as backup, but in this time of HD wallet, seed phrase can be the backup. More than one backup is advisable.

Hello everyone! I'm a newbie in this forum, but I've done some research and would like to offer some advice to my fellow newbies. I am aware that I am open to correction and that I am not in the position to offer advice, but I believe that the following points will be of assistance to my fellow Newbies.

1. As newbies, Never respond to unsolicited messages from people offering you financial advice or any other form of offer; they are virtually always frauds, and if you respond, the con artists will find a way to convince you. Please make every effort to avoid strange messages..

2. Newbie avoid day trading and mining Unless they have a thorough understanding of bitcoin, because Most people who engage in day trading, which are very professional also lose money and you cannot mine effectively with your PC and must get specialized ASIC rigs which very expensive, so as newbie stop thinking about mining.

3. Make sure you have an emergency savings account for fiat currency in case any emergency demands arise before investing in bitcoin by conducting some basic research.

4. When you first start investing in bitcoin, do not anticipate becoming wealthy within one to two months. Rather, you should wait one to two years before you even think of taking profit from it.

5. Purchase Bitcoin and withdraw it to a personal wallet so that you may genuinely own it; never keep it on an exchange or web wallet. This is because exchanges are vulnerable to hacking and are not secure.

6. Pay close attention to backing up your wallet (the software that contains the key to your Bitcoins) and, preferably, keeping it offline in a secure area. Typically, you write phrases words, on metals, on a piece of paper and hide it in private places likey two places.

7. Due to the fact that these tokens are scams, beginners should stay away from altcoins, tokens, and ICOs, at least initially until they understand more about Bitcoin basics.

8. Don't put too much pressure on oneself to know everything about the world of cryptocurrencies right immediately; it will take time to completely understand it. It takes time, effort, and continual learning to develop the full potential of your virtual money, whether you want to utilize them for trading or regular transactions.

Thia post is open for corrections from everyone in this forum, I will be glad if I have more corrections and guide.