Some little advice of Bitcoin and cryptocurrency

khiholangkang

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Quote from: Huppercase on August 12, 2024, 12:46:01 PM

Quote from: Plan well on July 22, 2024, 02:19:08 PM

Remember, investing in cryptocurrencies carries risks, and you could lose some or all of your investment. Always prioritize caution and careful consideration.

The summary of this advice is you should buy Bitcoin and and altcoins and the forget about it. When you buy something and you forget about it, all you have listed as advice wouldn't necessary, you wouldn't be bothered to look at your wallet, you wouldn't be emotional about it and anything sentimental about it wouldn't move no matter the condition of the market.

Don't forget to use the funds you can afford to lose, this will help you very well on holding your coins otherwise you will be feeling as if there is a big load on your head. There is nothing that is going to be sentimental about Bitcoin that will ever move you. Even if there is a crash, you wouldn't be move about it unless your target is reach before you attempt to sell your coin and this is not only to Bitcoin but all other coins.

I think the sentence using money that you are ready to lose is a sentence for people who gamble, but investing is different in my opinion, the sentence is not right when talking about investment, where compounding value becomes something very valuable, of course you can't not think of all the risks.

Yes, it should be using cold money, or indeed the funds have been provided for long-term investment, then from that you will not panic and know the clear direction where you will run even though the trend in the market fluctuates, if your sentence is used it is the same as playing gambling on an asset that we invest in and hope to become a dragon one day.

Huppercase

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Quote from: Plan well on July 22, 2024, 02:19:08 PM

Remember, investing in cryptocurrencies carries risks, and you could lose some or all of your investment. Always prioritize caution and careful consideration.

The summary of this advice is you should buy Bitcoin and and altcoins and the forget about it. When you buy something and you forget about it, all you have listed as advice wouldn't necessary, you wouldn't be bothered to look at your wallet, you wouldn't be emotional about it and anything sentimental about it wouldn't move no matter the condition of the market.

Don't forget to use the funds you can afford to lose, this will help you very well on holding your coins otherwise you will be feeling as if there is a big load on your head. There is nothing that is going to be sentimental about Bitcoin that will ever move you. Even if there is a crash, you wouldn't be move about it unless your target is reach before you attempt to sell your coin and this is not only to Bitcoin but all other coins.

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Quote from: $weetne$$ on July 31, 2024, 07:16:14 AM

This is the reason Bitcoin is regarded as the king of cryptocurrency and the best coin to buy because when you hodl Bitcoin, you have a guarantee that you are going to make profits when the market recovers and begins to become bullish again. Altcoins are just too many and there are many of them that it is difficult to keep track on all of them to know which one is going to be the best decision to pick for investment. The buzz around them also shifts often therefore it is harder to be capable of determining which altcoins will give you better gains. The choice of investing in many is not good too because it can cancel all your profits that you were supposed to get when some of your investments gives you profits, therefore it is just better you choose Bitcoin to invest into.

Bitcoin will continue to be the king of all cryptocurrency having a bitcoin is actually a very big achievement and that is why you see everybody trying to do everything possible to hold the Moments you are able to hold for a very long time. Definitely you will be profitable, That is Something I can actually guarantee when it comes to investing in bitcoin not just investing. Do you actually have the patience to hold for your very long time? Because Only those that can hold for a very long time we will be profit. The population of altcoins It's too much and it very competitive in the market when something becomes too competitive it becomes very dangerous business to trading in. Look at bitcoin for example everybody knows that when the price goes down it would definitely come up That is one that that bitcoin will always do and with the level of trust people have for bitcoin they know it's value that bitcoin will always be bitcoin. And if eventually you are going for altcoin go for a better and the once's that have a very good market record before the whole thing will just crash because that is like a normal thing for altcoin when ever the market is down.

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Quote from: doomloop on August 08, 2024, 08:49:21 AM

Quote from: Dunamisx on July 22, 2024, 04:00:03 PM

Thanks for all these advice in their numbers, but i think the best top do for now is to focus more on the best advise which can be useful for traders alone, since we are on the trading discussion board, if we are to consider the general advise on what is expected of us to do as a whole in cryptocurrency, we may not be able to finish them because there will be a lot to say and warned of.

All the advice the OP listed are all great and it's hard for me to choose if which those are the top ones but that's also great if it's already included there. Taking note of it is only easy anyway. If we can learn more, then why only limit ourselves? And having a lot of learnings is actually better because this can increase our chance of becoming successful on this field.

@OP,
Practically, I have come across lots of such suggestions and advices but nothing pushed me when I am into trading. Because, the trading pressure led me to be mad like and then I do forget all my learning. But, pro traders also share like they also faced similar scenario in their initial days and on gaining experiences, they are making use of advices. Overall, I am also on expectation of good days in my trading.

It is up to the person how he will react when he is infront of his computer when he is in the mood of trading. It would take patience and experience before you can say, you already contain yourself emotionally when you are executing your trades.
It would take time before you can say, you are already comfortable doing your trades. As there are quite a number of factors to consider, patience and perseverance are needed attributes to keep yourself interested in trading. It is by no means one day work to learn the strategies, tips or tricks to get out alive on this tedious activity.

doomloop

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Quote from: Dunamisx on July 22, 2024, 04:00:03 PM

Thanks for all these advice in their numbers, but i think the best top do for now is to focus more on the best advise which can be useful for traders alone, since we are on the trading discussion board, if we are to consider the general advise on what is expected of us to do as a whole in cryptocurrency, we may not be able to finish them because there will be a lot to say and warned of.

All the advice the OP listed are all great and it's hard for me to choose if which those are the top ones but that's also great if it's already included there. Taking note of it is only easy anyway. If we can learn more, then why only limit ourselves? And having a lot of learnings is actually better because this can increase our chance of becoming successful on this field.

@OP,
Practically, I have come across lots of such suggestions and advices but nothing pushed me when I am into trading. Because, the trading pressure led me to be mad like and then I do forget all my learning. But, pro traders also share like they also faced similar scenario in their initial days and on gaining experiences, they are making use of advices. Overall, I am also on expectation of good days in my trading.

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Quote from: Kelward on July 26, 2024, 09:38:14 AM

As far as cryptocurrency is concerned, Bitcoin is the only asset that you can invest in and go to sleep with your two eyes closed. Despite the recent price dip that we're experiencing now, the experienced Bitcoin hodlers are not bothered about it, they know that it's price has the capacity to correct itself and skyrocket. But you cannot say the same thing about altcoins, most of them will dip and never recover, meaning that the project is dead and the investors will hold worthless bags. Although there are top altcoins that have gained reputations in the crypto market, but none can be compered to Bitcoin that has gained a reputation as a store of value.

This is the reason Bitcoin is regarded as the king of cryptocurrency and the best coin to buy because when you hodl Bitcoin, you have a guarantee that you are going to make profits when the market recovers and begins to become bullish again. Altcoins are just too many and there are many of them that it is difficult to keep track on all of them to know which one is going to be the best decision to pick for investment. The buzz around them also shifts often therefore it is harder to be capable of determining which altcoins will give you better gains. The choice of investing in many is not good too because it can cancel all your profits that you were supposed to get when some of your investments gives you profits, therefore it is just better you choose Bitcoin to invest into.

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Those are the basic needed by a trader with your journey you will learn all of those things seems like its a prerequisite. If you want join in trading having a background what you will do is a must so you need to understand the market price movement with the help of the indicators, news because its affect the market every country or huge name acts with the Bitcoin. Next is what platform youw should use like the exchange and wallets and as a trader it's your highest priority to secure your money and make it safe. As possible secure your funds with the security feature they given or even your device use a strong layer of security to prevent possible attacks.

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Quote from: GreatArkansas on July 25, 2024, 07:23:56 PM

Quote from: Plan well on July 22, 2024, 02:19:08 PM

2. Don't put all your eggs in one basket (diversify your investments).

I disagree with this. Not all the time this will work or not for all people.
My personal experienced here is Bitcoin versus altcoins, before, I only had Bitcoin but later on, I was lured to altcoins, and converted some of my Bitcoins to some altcoins.
And after that, I realized, if I just hold Bitcoin, I am more profitable and not lost some.

Bitcoin is way more profitable than altcoins, so there’s no wrong if you’ll just stick to bitcoin and maximize your bitcoin accumulation. While potential altcoins may also be capable to give you future profits, but as much as possible learn to avoid the new altcoins in the market, they have not yet proven their high utility in the market and worst is, they could only be a trap to get us scammed. This is the reason why I don’t encourage investing in altcoins, except for highly potential altcoins, but stick with bitcoin even through DCA.

slaman29

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Quote from: stadus on July 26, 2024, 02:38:27 AM

When it comes to crypto, it’s no doubt that there is no diversification needed as long as you focused more on bitcoin and accumulate more through DCAing regularly. However, if you wish to invest out of crypto so you can secure more profits in the future, that could also be a very wise option. Diversifying your investments does not only mean limiting in crypto, but you can also start dealing with non-crypto potential investments

That's my whole discussion since the beginning

I think it's usually other way around however. Crypto (Bitcoin actually) is the diversification of investors who naturally first had non-crypto investments.

Maybe Gen Z are the first ones who first invest in Bitcoin, then traditional, but I don't think there are many. Most Gen Z start with Robinhood stocks.

Quote from: Kelward on July 26, 2024, 09:38:14 AM

As far as cryptocurrency is concerned, Bitcoin is the only asset that you can invest in and go to sleep with your two eyes closed.

Only if the sleep is multi years though

Daily sleeping and checking is a nightmare for firstimers Wink

jcojci

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All of the thing is important to be understand so people doesn't make a mistake and prevent it before it happens. But number 10 and 12 could be lost if they are panic and can not maintain their emotion. We see many traders or investors fail with that number but they still have a chance to fix their mistake by checking what they already done.

If they can track what they did, they will see where is the mistake so they can be careful for more and will learn and practice more better. Investing in cryptocurrencies have risks so they must know how to manage the risks not to become big. By always learning and practicing what they learn, they will see their skills will improves and that will helps them to make a profit.

Kelward

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Quote from: slaman29 on July 23, 2024, 12:57:35 AM

Quote from: Plan well on July 22, 2024, 02:19:08 PM

2. Don't put all your eggs in one basket (diversify your investments).

Worst advice ever for crypto.

Do NOT diversify your crypto investments. Only Bitcoin should be considered for investment. Even if you "diversify" it should only be to hold coins you use a lot (ETH for gas on Dapps, for example).

It's highly irresponsible to teach people to diversify.

100x or 1000x altcoins what? That's not investment, that's gambling/speculation Wink

As far as cryptocurrency is concerned, Bitcoin is the only asset that you can invest in and go to sleep with your two eyes closed. Despite the recent price dip that we're experiencing now, the experienced Bitcoin hodlers are not bothered about it, they know that it's price has the capacity to correct itself and skyrocket. But you cannot say the same thing about altcoins, most of them will dip and never recover, meaning that the project is dead and the investors will hold worthless bags. Although there are top altcoins that have gained reputations in the crypto market, but none can be compered to Bitcoin that has gained a reputation as a store of value.

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Quote from: GreatArkansas on July 25, 2024, 07:23:56 PM

Quote from: Plan well on July 22, 2024, 02:19:08 PM

2. Don't put all your eggs in one basket (diversify your investments).

I disagree with this. Not all the time this will work or not for all people.
My personal experienced here is Bitcoin versus altcoins, before, I only had Bitcoin but later on, I was lured to altcoins, and converted some of my Bitcoins to some altcoins.
And after that, I realized, if I just hold Bitcoin, I am more profitable and not lost some.

You can't blame diversification when it's your fault, if you can choose the right project you won't lose money and will even get better returns. I think this has to do with each person's knowledge and experience because if investing in altcoins only causes losses then why do some people still make huge profits from it and some don't?

Also, is investing in altcoins really considered diversification? I think diversification is when we talk about assets outside the crypto industry and diversification helps us reduce risk. Putting all our eggs in one basket is never a wise idea because it can cause us to lose everything if the cryptocurrency market experiences problems. For me, diversification is about investing in cryptocurrency and outside assets like stocks, real estate...not altcoins.

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Quote from: slaman29 on July 23, 2024, 12:57:35 AM

Quote from: Plan well on July 22, 2024, 02:19:08 PM

2. Don't put all your eggs in one basket (diversify your investments).

Worst advice ever for crypto.

Do NOT diversify your crypto investments. Only Bitcoin should be considered for investment. Even if you "diversify" it should only be to hold coins you use a lot (ETH for gas on Dapps, for example).

It's highly irresponsible to teach people to diversify.

100x or 1000x altcoins what? That's not investment, that's gambling/speculation Wink

When it comes to crypto, it’s no doubt that there is no diversification needed as long as you focused more on bitcoin and accumulate more through DCAing regularly. However, if you wish to invest out of crypto so you can secure more profits in the future, that could also be a very wise option. Diversifying your investments does not only mean limiting in crypto, but you can also start dealing with non-crypto potential investments as long as you only invest on the amount you can afford to lose, not through taking a loan or borrowing money from friends or relatives as that could only mean increasing its risks.

GreatArkansas

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Quote from: Plan well on July 22, 2024, 02:19:08 PM

2. Don't put all your eggs in one basket (diversify your investments).

I disagree with this. Not all the time this will work or not for all people.
My personal experienced here is Bitcoin versus altcoins, before, I only had Bitcoin but later on, I was lured to altcoins, and converted some of my Bitcoins to some altcoins.
And after that, I realized, if I just hold Bitcoin, I am more profitable and not lost some.

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Quote from: Dr.Bitcoin_Strange on July 25, 2024, 08:04:34 AM

Another reminder is that every bitcoiner or crypto enthusiast should remember the rule of "not your key, not your coin." Some investors feel deceived by some offers on staking rewards, and therefore they put their assets at risk by depositing them on a third-party platform that they cannot control as they would if they had them in a self-custodial wallet. Also, the advice of diversifying in crypto investments has actually led some people to heavy losses. I think it's better to stick with the only few coins or tokens that the investor is aware of. If you must diversify, then it should be on other non-crypto assets.

Once you own bitcoin or even altcoin, then you should be responsible of your own keys. Do not let other people know that you have bitcoin because that will also put your own keys into danger. Remember, not your keys, not you coins, so you should do everything to protect your keys by not sharing it to others, or keep it in a private place where it’s very impossible for one to think that you are hiding your keys there.

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Quote from: Plan well on July 22, 2024, 02:19:08 PM

Here are some little pieces of advice about Bitcoin and cryptocurrencies:

2. Don't put all your eggs in one basket (diversify your investments).

3. Do your own research_ (DYOR) before investing.

11. Use reputable exchanges and wallets.

There are so many hidden explanations you didn't make in your posts and I will brief some of them for clarification especially those who are learning and majorly the newbies and I will only do that for the ones that are not self explanatory.

(2) putting eggs in different places doesn't guarantee anything in investment unless you invest into the right project, buy coins that will worth something tomorrow and not some shitcoins.
(3) 2Fa are majorly for exchanges at most, I don't see there used aside from that and make sure you are using the open source one, not closed source.
(11) there is nothing like reputable exchange, most if not all exchange all acted like they are the good guys that are loyal to there customers but when you check inside, you will be awe on how they cheat their customers and seized funds from people.

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Quote from: Finestream on July 24, 2024, 07:42:05 AM

Be it in trading or investing alone, one should never dare to share that he has bitcoin in his wallet. Bitcoin is an expensive and profitable asset so you need to be more cautious about your words and actions so you can secured your coins 24/7. Don’t flex whatever achievement or successful investments you have most especially in social media, those people will never be happy for you but instead will try to attack you indirectly. And as much as possible, live a very simple life despite of having successful bitcoin investment so that people will never make an eye of you, and think that you are only making a minimal amount of income enough for daily survival.

Well, I can share it because I have nearly nothing lol. What people need to be careful about is if they have any, because at that moment it would be subjected to attacking, both physical one if they know who you are, and also to hacking attempts as well, doesn't make sense, should be something we need to be careful about.

I believe that if we can do something nice, like something we can actually care about, we can make that work, and shouldn't be an issue at all. We are seeing growing pains in crypto these days, and if you can wait for it then we could all get rich, at that point we need to be silent about it.

Living a simple life when you get rich is hard, a lot of people want to fix things that are wrong in their life, that doesn't mean that they are going to go out and buy a lambo, or even latest iphone, it just means paying off their debt, that alone could be something that could peak interest from others about where you found that money, so you need to hide what you spend as well. If you spend anything on anything, do not let others know, because while you hide your income, you may fail hiding your expenditure and that could give you away, which is usually what people see at first sight.

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Quote from: Plan well on July 22, 2024, 02:19:08 PM

10. Keep your emotions in check (avoid impulsive decisions).

11. Use reputable exchanges and wallets.

12. Stay calm and patient (avoid impulsive decisions).

Remember, investing in cryptocurrencies carries risks, and you could lose some or all of your investment. Always prioritize caution and careful consideration.

This are all very good advice that all newbies should follow but the advice is also good for older investors as alot of us haven't been investing in the right way and this is making us to not make profits while others are having successful investments. Investing in either Bitcoin or altcoins can make you to have a good profits if you don't invest above your limits and don't get involved in fomo that leads to you buying at the top. Always wait until the market is settle before you start investing in any cryptocurrency. All the tokens that gets newly listed should be avoided and monitored to see how they are performing before you invest.

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Another reminder is that every bitcoiner or crypto enthusiast should remember the rule of "not your key, not your coin." Some investors feel deceived by some offers on staking rewards, and therefore they put their assets at risk by depositing them on a third-party platform that they cannot control as they would if they had them in a self-custodial wallet. Also, the advice of diversifying in crypto investments has actually led some people to heavy losses. I think it's better to stick with the only few coins or tokens that the investor is aware of. If you must diversify, then it should be on other non-crypto assets.

batang_bitcoin

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Quote from: Finestream on July 24, 2024, 07:42:05 AM

Quote from: batang_bitcoin on July 23, 2024, 04:00:19 PM

Be low profile. Not everyone needs to hear the story of your life and your crypto journey. There's a reason for this so that people won't be assumed to be friggin' rich in crypto. But if you're too loud and boasting, you will never know what may come. One of it is something like a $5 wrench attack[1]. So, if you love your life, keep your mouth shut and choose who to talk with for something that matters a lot and sensitive topics in real life. Life is tougher nowadays and people can do crazy things for their own sake.

[1] https://www.financemagnates.com/terms/5/5-wrench-attack/

Exactly. Be it in trading or investing alone, one should never dare to share that he has bitcoin in his wallet. Bitcoin is an expensive and profitable asset so you need to be more cautious about your words and actions so you can secured your coins 24/7. Don’t flex whatever achievement or successful investments you have most especially in social media, those people will never be happy for you but instead will try to attack you indirectly. And as much as possible, live a very simple life despite of having successful bitcoin investment so that people will never make an eye of you, and think that you are only making a minimal amount of income enough for daily survival.

There will be friends and relatives that will want to speak to you about this and they will make you feel that you are obliged to tell everything to them. But don't do that, you are on your own and you have to protect yourself from them and that's why remaining lowkey and avoiding talks in real life about your assets and Bitcoin is a must. If you are not comfortable of talking to the person in front of you then don't but it's also your decision if you're going to be talkative to them if you just want to be nice but still, pick your topics and words.

Topic: Some little advice of Bitcoin and cryptocurrency (Read 406 times)