While Bitc0in investing can be intimidating for those just getting their feet wet, there are several tips that newcomers can use to maximize their chances of success.
By following the top five tips listed below, investors can boost their chances of meeting their goals.
1. Do Your Homework
if you mean diligence then yes, but for bitcoin that is simply being aware of events, the current state of the protocol and the current price level. bitcoin has been around long enough that people dont question the essential nature of it, like gold. you might do research on the market history of gold, but not the actual history of it.
2. Proceed With Caution
fuck that. balls out over the cliff.
3. Diversify Effectively
indeed, and this means given the volatility you should try cryptos OTHER than bitcoin. the alts are great for this; while the market does generally tend to slump as one, there are times when the alts break out, as bitcoin stagnate. also look at assets pegged to a static usd value (nubits, tether, and digital gold that you can buy with crypto)
4. Keep Your Coins In Wallets
where else would you propose keeping them?
but yes, keep your coins in your OWN wallet is sound advice. dont trust exchanges, its not them, its their security. even if they mean well, if they get hacked your coins are still gone. and use hardware wallets if you can.
5. Prepare For Volatility
if you arent ready for volatility with bitcoin, i suggest you close your laptop and toss it out of the window.
duh its volatile. but more importantly, one should be prepared for prolonged movements in one direction. a bear or a bull run can hurt you, if you werent positioned right for it.