Some little advice of Bitcoin and cryptocurrency - page 2.

KingsDen

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Goodnight, o_e_l_e_o 🌹

These are obvious tips, but then they keep resounding because we mostly ignore them. Lemme contribute to everyone of them.

Quote from: Plan well on July 22, 2024, 03:19:08 PM

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

1. Invest only what you can afford to lose

The first rule of investment, especially when it's about volatile assets.

Quote from: Plan well on July 22, 2024, 03:19:08 PM

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

Diversification here doesn't mean to buy several altcoins and shitcoins. It means enter real estate, buy gold etc.

Quote from: Plan well on July 22, 2024, 03:19:08 PM

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

Doesn't necessarily mean you must research, it means you are liable for your investment decisions.

Quote from: Plan well on July 22, 2024, 03:19:08 PM

4. Stay up-to-date with market trends and news.

Necessary for day traders but has nothing much to do with long term investors.

Quote from: Plan well on July 22, 2024, 03:19:08 PM

5. Use strong passwords and 2FA_ to protect your accounts.

Day traders and exchange users.

Quote from: Plan well on July 22, 2024, 03:19:08 PM

6. Never share your private keys or personal information.

Very important, but you can share with an important someone in your life. Who knows you may die next week.

Quote from: Plan well on July 22, 2024, 03:19:08 PM

7. _Be cautious of unsolicited investment advice.

99% of unsolicited investment opportunities are scam.

Quote from: Plan well on July 22, 2024, 03:19:08 PM

8. Don't invest in something you don't understand.

I consider this as the most important of financial advices and since I got this advice 2023, I became wiser.

Quote from: Plan well on July 22, 2024, 03:19:08 PM

9. Have a long-term perspective (avoid quick profits and losses).

Accompany this with DCA
Let me stop here please...

Quote from: SilverCryptoBullet on July 22, 2024, 11:26:54 PM

Plagiarism from
https://www.binance.com/en/square/post/1701036
https://www.linkedin.com/posts/petrovicgeorge_bitcoin-cryptocurrency-crypto-activity-7189015644405714945-f1aq

Looks like one, well formatted...
I checked the first Binance link but it's invalid and the second I don't have account with linkedin.

boyptc

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Quote from: el kaka22 on July 24, 2024, 01:00:43 PM

I agree these are important, but I also think that people are not as stupid as we think, they are smart enough to know these are mistakes, they are just stupid enough to make them anyway. I do not know what makes a person do something wrong even though they know that they are doing the wrong thing, that is a human mystery that will never be figured out, but they still do. The day we realize what makes people do the wrong thing they know they shouldn't do, we can have great traders in the world who avoid all of these and do the right thing and make a lot of profit, but that is not right now.

While that can be true but it's mostly applied to the ones that have actually made a mistake in the past. Experience makes someone smarter and avoid those stupid stuff to get into them.

But not all that trades and invests to the market are experienced and some sort of these tips are going to be helpful to them.

We only realize that we're stupid enough that had done a mistake upon seeing others do differently but in a positive way. As they say, if it works, it ain't stupid but if it doesn't then that's it.

el kaka22

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Too many obvious stuff here that people do not really realize how important they are. I believe that we are going to end up with a lot of people who are thinking about making a mistake, and they fail to do it most of the time.

I think it needs to be something that will be taken care of, and we need to just consider how this could be done some other way. In the end, we need to focus on how to get better, and I am not really seeing how this could make things any better in the end. I believe that people are aware of these, and just ignore them or not even realize that they are making these mistakes.

I agree these are important, but I also think that people are not as stupid as we think, they are smart enough to know these are mistakes, they are just stupid enough to make them anyway. I do not know what makes a person do something wrong even though they know that they are doing the wrong thing, that is a human mystery that will never be figured out, but they still do. The day we realize what makes people do the wrong thing they know they shouldn't do, we can have great traders in the world who avoid all of these and do the right thing and make a lot of profit, but that is not right now.

CageMabok

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Quote from: ancafe on July 22, 2024, 10:26:10 PM

There is no form of investment that does not contain risk and this is not just talking about crypto because all forms of investment have different levels of risk. Talking about fluctuating assets does have a much greater risk if invested without knowledge because the market can change more quickly than expected. But what's interesting about bitcoin is that it has a repeating cycle and if someone can understand its conditions, minimizing risk will be much easier.

This repeating cycle in Bitcoin can only be exploited by people who have high patience and sufficient knowledge of Bitcoin. But traders usually look more at the moments and trends in the market itself because traders always enjoy more profits in a certain period of time, including profits in the short and long term. However, regarding risk, I think this is the main point that everyone must know before starting any work because in this world there is no work that can be avoided from risk.

yudi09

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Quote from: Plan well on July 22, 2024, 03:19:08 PM

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

-snip-

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

Only 12 points or there are still other points that are needed to be included in it again.
Don't be someone whose profession is to advise others if you don't have the practice for yourself.
Nowadays we are sophisticated, including getting answers to questions we don't know quickly, such as using artificial technology.
Trading is not as easy as the theory suggests because in practice trading is not as easy as AI providing answers to the keywords we enter there.

Finestream

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Quote from: batang_bitcoin on July 23, 2024, 05:00:19 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.

slaman29

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Quote from: Rruchi man on July 23, 2024, 11:01:16 AM

Quote from: slaman29 on July 23, 2024, 01:57:35 AM

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).

Diversification is not always advised, but the idea behind it is not bad, provided you do it properly and do not overdo it. If anyone must diversify, I always say to make sure that you have more than 85–90% of your investment in bitcoin.

It is a bad idea. Bitcoin always proves to be the best in gains, and sustainability. I insist diversification means buying Bitcoin in addition to funds, stocks. etc.

Diversifying crypto into others... is going against history of price and utility of all altcoins, which show they have no ability to grow over Bitcoin.

Quote from: Rruchi man on July 23, 2024, 11:01:16 AM

Quote from: slaman29 on July 23, 2024, 01:57:35 AM

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

The difference between investment and gambling is not so significant; the difference is mostly on the timeline for potential profit, for which gambling promises a quicker return or loss.

No man. Investments are based on sound background. Good market potential. Good future userbase. Good prospects of growth and technological development etc.

Buying altcoins have no basis on any of those. People only buy them completely on low cap potential to explode, and community interest, and listing interest, etc. That's gambling and speculation

altcoins don't even bother with whitepaper now. Or new tech. Just ripped coding.

Smartvirus

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Quote from: Plan well on July 22, 2024, 03:19:08 PM

I feel this thread is better suited for the beginners and help board given its content. This is the trading and discussion board and your content don’t highlight much about trading. I think the closest to that is having to invest what you could loss and invest on a long term base.
However, most of the tips and pointers to safe investing remains valid, the thread could do more by being informative to the many newbies that would be more frequent and needy of this kind of advice in the B&H board.

Don’t be too hasty to loss your precious Bitcoin. Always ensure to take security/privacy methods seriously and hodl as much as you’ve invested.

batang_bitcoin

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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/

Rruchi man

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Quote from: slaman29 on July 23, 2024, 01:57:35 AM

Quote from: Plan well on July 22, 2024, 03:19:08 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).

Diversification is not always advised, but the idea behind it is not bad, provided you do it properly and do not overdo it. If anyone must diversify, I always say to make sure that you have more than 85–90% of your investment in bitcoin.

Quote from: slaman29 on July 23, 2024, 01:57:35 AM

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

The difference between investment and gambling is not so significant; the difference is mostly on the timeline for potential profit, for which gambling promises a quicker return or loss. The difference between investments and gambling cannot be about the involvement of research alone because in some gambling, like sports betting, the gambler has to actually do some research before making a decision.

Investments in Bitcoin are significantly advised, but let's be sincere and tell ourselves the truth because we know that it is not only Bitcoin in the cryptocurrency space that has a potential return on investment in the long run; it is just the most reputable of them and the most promising, and not all altcoins are promising 100x or 1000x returns. A little investment in some other coins (diversification) can still be considered an investment.

jaberwock

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Quote from: slaman29 on July 23, 2024, 01:57:35 AM

Quote from: Plan well on July 22, 2024, 03:19:08 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

It can be worse if you picked up the wrong assets but if that was the case, then it's better to just focus only in BTC or in ETH. For someone who already have an experience, they might still need an advice like this because they themselves are already doing this on the top coins. If we are a DeFi user or an airdrop hunter, we can deal with a lot of tokens and they need an extra coin like for example ETH for us to initiate a transaction but I think this is not what you call as diversification.

Diversification can only be for the investors who purchase different assets in bulk and then they don't constantly use those assets but they are only waiting for the best times like the bull run before they liquidate them for profits. Investing is gambling because the value of the assets can sometimes go down and worse may not recover anymore. When investing, our aim is to profit as much as we can, so yeah that 100x or 1kx return is something that we really love the most.

Uruhara

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Everything contains risks. the difference is only in the level of risk itself. In the crypto world, Bitcoin may have a lower risk level than Altcoins. But there are also altcoins that are more risky than other types of altcoins such as memecoins and shitcoins. So the most important thing is that we have to recognize the investment instrument or field we are going to enter. Don't just be a person who makes decisions based on feelings or impulsivity. But understand everything starting from the basics. Likewise in trading and investment. All the suggestions conveyed by the OP are really needed. But in practice, only a few are often used by beginners who have just come to crypto trading or investing. Because most of those who come are because they are carried away by the hype caused by following an influencer. But this is quite common. maybe even I used to be like that too. The most important thing is that we must not be lazy in studying and analyzing everything we are going to enter first.

slaman29

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Quote from: Plan well on July 22, 2024, 03:19:08 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

SilverCryptoBullet

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Quote from: Plan well on July 22, 2024, 03:19:08 PM

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

1. Invest only what you can afford to lose

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

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

4. Stay up-to-date with market trends and news.

5. Use strong passwords and 2FA_ to protect your accounts.

6. Never share your private keys or personal information.

7. _Be cautious of unsolicited investment advice.

8. Don't invest in something you don't understand.

9. Have a long-term perspective (avoid quick profits and losses).

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.

Plagiarism from
https://www.binance.com/en/square/post/1701036
https://www.linkedin.com/posts/petrovicgeorge_bitcoin-cryptocurrency-crypto-activity-7189015644405714945-f1aq

ancafe

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Quote from: Plan well on July 22, 2024, 03:19:08 PM

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

There is no form of investment that does not contain risk and this is not just talking about crypto because all forms of investment have different levels of risk. Talking about fluctuating assets does have a much greater risk if invested without knowledge because the market can change more quickly than expected. But what's interesting about bitcoin is that it has a repeating cycle and if someone can understand its conditions, minimizing risk will be much easier.

Risk management will be formed when someone understands the assets they want to invest in and emotions will be much easier to control. The points you convey will be well formed when someone understands how to make investments correctly because if someone starts with poor knowledge it will make things more complicated.

Dunamisx

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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.

Natalim

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Do risk management most especially that bitcoin is a high-risk asset. Otherwise, if you fail on managing its risk, you will never be successful on your bitcoin investment, or in general, your crypto investment. And if possible, never let others know that you are into bitcoin investment. Never create topics that will give hint to the people that you have bitcoin in your wallet, aside that will put you into danger, your bitcoin asset as well might be prone to stealing or hacking your own wallet so they can make an access to your bitcoin.

SamReomo

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Only one advice, don't use AI to generate spam articles as that won't help you rank on Bitcoin forum. Your thread is detected as AI generated content and I suggest you to stop making such posts. That's the best advice for you.

Plan well

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

1. Invest only what you can afford to lose

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

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

4. Stay up-to-date with market trends and news.

5. Use strong passwords and 2FA_ to protect your accounts.

6. Never share your private keys or personal information.

7. _Be cautious of unsolicited investment advice.

8. Don't invest in something you don't understand.

9. Have a long-term perspective (avoid quick profits and losses).

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.

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