Topic: Newbie here, bought bitcoin, what next? - page 2. (Read 456 times)

Now that you have bought BTC, I would recommend you to exchange it for DeepOnion. It's one of the best project out there. Check out https://DeepOnion.org
We have airdrop too. Checkout the link and know how it participate in the airdrops.

I think you need a strategy and plan. Short or long term investment. In my opinion, BTC is suitable for long term investment.

you will need time, patience, and money which you already have. now you can wait for bitcoin goes high or you can buy altcoin which has a potential to increase someday. im not really doing this but my friend does so as i observe they were just waiting on thier satisfaction of the price of thier altcoin and they will sell it soon if it reach their satisfaction. thats what i can share for you.

this helps

1. Search the alts you're interested in buying using CoinMarketCap and check the "Markets" tab on each of them to see where they're being traded.
2. Sign up on those exchanges.
3. Find out what trading pairs are available to buy the alt (BTC/alt, ETH/alt, LTC/alt for example).
You're hoping for LTC pairings which are the cheapest and fastest. Eth is 2nd, BTC is 3rd. There are other trading pair coins on some exchanges, but these 3 are the usual suspects.
4. Deposit coins from the cbase wallet to the other exchange(s), and look up a video on youtube to learn how to trade on whatever exchange(s) you signed up for.

Bitcoin is on the rise

Hold your bitcoin until the price rises. Then it's your choice whether you are contented with the profit then you can convert back to USD or your local currency.

well, once you bought it - kepp it (read: hodl).
once you see it's fluctuating and your profit is floating constantly - then you can think about purchasing more coins.
definitely I would recommend you to check some aggregators like coinmonkey.io for exchanging BTC to other coins and vice versa. they aggregate rates from major exchanges and you always see best rates.

Thank you so much guys, a lot useful information here! I'll get onto educating myself on bitcoin trading! I have made myself a paper wallet for now, looking at buying Ledger or Trezor.

Indeed, crypto isn't an easy 'get rich, fast' investment. learn how to interpret graphics on babypips.com and then try your luck to anticipate trends. Prepare to lose a lot before being a good trader. Never invest more than you can afford to lose.

here's what you should not do - do not put it in lending platforms

It depends on your plans, what is your plan. What the purpose of buying bitcoin. Do you want to be a trader or just investing?
1. If you prefer to be an investors, keep safe your newly bought btc and keep it for years. When you have another money and btc price is low, its your chance to buy more btc.
2. If you want to be a trader, you can choose do you want to trade only at bitcoin or you able to split your btc to buy alt coins, try to forecasting and pick coins that have a good prospect and have a cheap price. Do not put all your money in one coins, buy different coins and the amount depend on your behalf.
Wait until the price rises, and when to sell is on your choice.

Here is a list of free Bitcoin and Cryptocurrency Courses on Udemy https://www.freecoursedaily.com/top-free-bitcoin-cryptocurrency-courses-udemy/

trade it using Paxful.com

From my point of view, I can see that putting half in a safe place for later growth of BTC, if you have patience and wait for the growth of BTC. And another part invest in verified currency on the market.
And either to ETH XMR, LTC and XRP. I see this step for long-term profit. The second option is to buy the new currency and wait for it to grow. But think twice before you choose and please consult about it as much as possible.

Crypto isnt easy to understand and isnt a easy and fast investment. You need to read and research to learn more about it to understand it very well. Everyone has their own coins and altcoins that they prefer over others or think will be a good investment. Everyone has a different opinion so if you ask people which coins to invest in everyone will tell you something different since their plans are different. When investing in a coin make sure to read their white paper and understand the point of their project, that will help you decide if you should invest or not!

There are several free courses on the internet:

https://www.coursera.org/learn/cryptocurrency - an 11-week online course by Princeton. I haven't tried this myself yet, but I've heard great things about it. You'll probably learn everything you need to know about Bitcoin and its underlying technology if you finish this.

https://www.edx.org/course/industry-4-0-how-revolutionize-business-hkpolyux-i4-0x - discusses how Bitcoin and other emerging technologies can help you revolutionize your business. If you want to learn how to earn with Bitcoin, this might be beneficial to you.

I'm sure there are others, but those would be excellent places to start if you want to learn. Try not to get into crypto investment classes as a large majority of those are scams. You're much better of gaining knowledge on your own and applying it to your portfolio.

Diversification is important so that you are not reliant on one coin or market. You will need a strong stomach if you only hold bitcoin unless you do as some stated here, download the cold wallet, encrypt(don't lose your private key), and hold. Close the wallet and don't look at the price for a couple years to save the stress from volatility.

By diversification I mean finding the best altcoins, or what you view as the best. Do not trust hype or pumps, find technology and invest in what you think the world would use. Stick with only reputable exchanges like Bittrex or Binance, I definitely recommend against stocks.exchange.

A brief overview of the tech and the coins that brought them about that might get you started, newer alts are beginning to combine the tech and keep your eyes out for new improved ideas:

Bitcoin - Father of Crypro, first one and the largest market cap. Tech is simple and outdated.
Ethereum - Implemented Smart Contracts
Monero - First true privacy coin
Dash - Implemented Masternodes which speed up transaction times and pay dividends

Most altcoins are either a fork or clone of one of the above. Things to look for are mobile implementation(completed mobile wallets not "future implementations"), stable methods of minting, and actual real teams that are completing what they say they will. Small pre-mines are also very important. A good example is PIVX.

Most of all try to control impulses, don't chase and have fun. Remember Crypto is going to be the future of the monetary system and all forms of transactions, and 99% of it is built and driven by the community. So what we want to see and what we decide to invest in is what will become.

Andreas Antonopoulos supposedly has some very educative YouTube videos and books. I personally never read or watched any of his material, but he's fairly well respected within the community.

However your highest priority in the beginning should be learning how to secure your coins using cold storage, paper wallets or a hardware wallet -- alongside with why it is important to have access to your private keys and to securely store them.

I'd also recommend trying to understand Bitcoin first before looking into alts, otherwise you might miss some of the context on what challenges those alts try to solve that Bitcoin is facing as well. Also try to understand the tradeoffs of each respective approach.

You can used them to donate on ICOs to get some tokens in return, if you want some new tokens in your wallet, you can hold them and wait if the price will increase, after some months.... , if you think the price of token will double your capital when you bought them then sell it....