Warnings of Bitcoin - page 2. | Bitcointalksearch.org

dzungmobile

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Quote from: mk4 on July 07, 2024, 01:24:57 AM

I'd argue that one of the best advantages with bitcoin is that you don't need to stay up to date with these things and just comfortably hold and DCA for the long term without caring much. The same can't be said for other cryptocurrencies as you'd need to look up updates and the team's decisions and whatnot.

Newest BIP and addresses are compatible with old BIP and addresses and Bitcoin users, if created their wallets, private keys years ago, can still use their old private keys to sign a transaction anytime.

They can import it to a new wallet or can sign a transaction to move their bitcoin to a new wallet. The matter is private key, if they have private keys, they own their bitcoin.

It's not like banks, if you don't follow bank updates, you can lose your accounts and money.

mk4

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Staying up-to-date with market trends and regulatory changes

I'd argue that one of the best advantages with bitcoin is that you don't need to stay up to date with these things and just comfortably hold and DCA for the long term without caring much. The same can't be said for other cryptocurrencies as you'd need to look up updates and the team's decisions and whatnot.

OcTradism

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Educating yourself on Bitcoin and its risks

Bitcoin information and resources
Bitcoin security and resources
Security checklist

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- Setting clear investment goals and strategies

Safe investment means invest with own money, no leverage, and focus on long term vision.

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- Using reputable and secure exchanges, wallets, and services

Reputable, trustworthy or not, it's not your private key, it's not your bitcoin.

Reminder: do not keep your money in online accounts
Bitcoin Q&A: Not your keys, not your coins
Awesome crypto trading with information on some exchanges.

Alone055

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

Please be specific with what you say so that it isn't confusing for newbies. Investing in Bitcoin is not like staking your money on a gambling bet where you either win something or lose your investment, there are certain patterns, different trading methods, and multiple ways for people to invest in Bitcoin, and not all of them carry the same level of risks.

When someone is investing in Bitcoin in the spot trading market, and doing it at the right time it means they are buying when the price is relatively low than where it usually is or has been, and they don't sell until the market goes above the price where they bought their assets at, they are not going to lose any of their money, and you didn't say anything about this at all. In the spot market, you only lose your money if you buy an asset at a higher price and sell it at a lower price.

Futures trading, however, has more risks to it because there are chances of liquidation or even if you have an active stop-loss, if it gets hit, you lose some money, and this is the reason why futures trading is not recommended for newbies and it is only for experts of the market.

Rruchi man

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Educating yourself on Bitcoin and its risks

There is a danger with self education, because there is a chance that your education may be wrong. You may be reading the wrong resources online and getting fake information.

While self educating, get verification to be sure that you are learning the right thing.

Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Diversifying your investments

You could diversify and still not get the goal you want, diversification is not always the answer to increased profit, when you are very focused on diversification, you could make wrong investment choices in a bid to diversify.

promise444c5

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

You can tell that to shitcoins but as for Bitcoin there will always be ROI for you but it might not come as soon as expected which is why holding BTC is always required to attain that... Buying for just a short period of time might not meet your expectation when the time laps so you might even end up below your entry point.

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Diversifying your investments

I don't really understand what you mean by this because I believe you are actually talking about BTC...

Hazink

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@plan Well, I don't see this as a good one at all. If you want to be safe in the system, avoid using an exchange wallet or even an exchange account as your means of storing your bitcoin.

Make use of decentralised exchanges for your buying of bitcoin for privacy reasons and move your coins to a self-custody open-source bitcoin wallet, like Electrum, Blue Wallet, etc., that are open source and highly recommended here in the forum.

Avoid holding coins in places you don't have a private key; make sure you have your private key or phrase of your wallet intact and backup it in a safe place out of the reach of others.

Plan well

newbie

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Well it's essential to be aware of these warnings and take a necessary precautions, Such as:

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies
- Using reputable and secure exchanges, wallets, and services
- Diversifying your investments
- Staying up-to-date with market trends and regulatory changes

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

Topic: Warnings of Bitcoin - page 2. (Read 308 times)