What newbies first crypto step should be

Hypnosis00

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Quote from: JangoUnchained on March 11, 2022, 02:37:55 AM

Every newbies first investment plan is buying coins and tokens but imagine how better things will be if they can change that to buying hardware wallet first, Ledger nano s is 40$ while nano X is 149$, I know some will say it's too pricey, how pricey can it be when you lose all your BTC or other coins? Consider hardware wallet as your first crypto investment step.

Hardware wallet as a first investment? No, that is absolutely wrong and this is only the least priority. What we should have to do first is all about learning, to fully understand how the market works and its uses, these gonna our ticket to survive.

- Learning ( reading, watching tutorials)
- Investment plan (short-term, long-term)
- Preferred coins
- capital
- wallet [ offline(hardware wallet), on-line wallet]

Darker45

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Well, not really. Every newbie's plan is to own Bitcoin. Of course, it means they already know about the basics of Bitcoin. But depending on their amount of investment, they could do away with a hardware wallet at the start. After all, there are open-source non-custodial wallets out there that could give them enough security. Not all newbies have more than $100 to buy their first Bitcoin. If that's the starting amount, I don't think it is worth keeping in a $40-wallet.

Marvelman

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Quote from: Issa56 on March 14, 2022, 11:03:14 AM

I want you to understand that cryptocurrency trading is not for everybody, not everybody can trade cryptocurrency, so If am teaching any newbie how to trade I always make sure they invest just little money just to see if they can do it, so I won't advise newbie that those not know anything about trading to go and buy hardware wallet first, most of them are always having mindset of making and they don't believe they can lose money, so whenever their money reduce after buying coin they always lose interest and some might endup not trading again.

Let me ask you a question after buying a hardware wallet and the person lose interest what do you expect the person to do with the wallet?

You seem to be discussing a very specific case here. I did not refer exclusively to traders. And to my knowledge, most coiners are not regular traders.

Cookdata

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Quote from: romeitaly on March 13, 2022, 06:33:39 PM

Newbies first step should be enhance their knowledge in crypto. Learn how the blockchain works, learn what are the technical and fundamental analysis, explore their trading plan, risk management and many more. I highly suggest that they should have their own mentor in trading. This will surely help them a lot because someone will guide their crypto journey. If they can't afford having a mentor, they will take a lot of time to enhance and sharpen their skills because they will hone their own skills without copying other techniques.

Technical analysis is referred to the technicalities of trading, I think you are trying to say that technical part of Bitcoin which of course is a mandatory part everyone may want to learn.
Hardware wallet used hasn't been long as compared to the wallet on PC and mobile, so if you don't have the power to purchase hardware, you can download Electrum wallet on your PC, it's not that hard to setup but the security is at your own palm. Make sure it's signature verified version of Electrum you are using to avoid stories that are heavy for the heart.

Issa56

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Quote from: Marvelman on March 13, 2022, 05:53:32 PM

Quote from: Issa56 on March 13, 2022, 05:19:44 PM

The first thing a newbie should do is not necessarily to buy a hardware wallet address, a newbie that don't know anything about cryptocurrency, how do you expect someone like that to understand how to use a hardware wallet, seriously not everybody really knows how to use a hardware wallet, but it's better everybody learn how to use it because is more secure. The first things a newbie should do is understand what wallet security is all about, how you can secure your coin after buying and they should also understand what custial wallet and non custodial wallet is all about and the most secure one.

I disagree. Learning to use a hardware wallet isn't that challenging. You could say it's much simpler than using today's average smartphone, yet we all use them. So that can't be an excuse.

With that said, it may not be the first thing you'd want to learn as a crypto beginner, but if you have a serious bitcoin investment, that's where you need to start. Some sort of secure storage is critical in order to safeguard the majority of your portfolio.

I want you to understand that cryptocurrency trading is not for everybody, not everybody can trade cryptocurrency, so If am teaching any newbie how to trade I always make sure they invest just little money just to see if they can do it, so I won't advise newbie that those not know anything about trading to go and buy hardware wallet first, most of them are always having mindset of making and they don't believe they can lose money, so whenever their money reduce after buying coin they always lose interest and some might endup not trading again.

Let me ask you a question after buying a hardware wallet and the person lose interest what do you expect the person to do with the wallet?

Erumo

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Newbie starts his crypto journey with buying a hardware wallet? That is ridicilous. Why not start with a mining rig then? I bet you did not get protractor and dividers for your first day at school. Or did not start first studying periodic table instead of multiplication table lol. There are even people, who are quite experienced in crypto and been in it for ages, but did not have a hardware wallet. Newbies first step in crypto should be a desire to learn and discover.

romeitaly

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Newbies first step should be enhance their knowledge in crypto. Learn how the blockchain works, learn what are the technical and fundamental analysis, explore their trading plan, risk management and many more. I highly suggest that they should have their own mentor in trading. This will surely help them a lot because someone will guide their crypto journey. If they can't afford having a mentor, they will take a lot of time to enhance and sharpen their skills because they will hone their own skills without copying other techniques.

Marvelman

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Quote from: Issa56 on March 13, 2022, 05:19:44 PM

The first thing a newbie should do is not necessarily to buy a hardware wallet address, a newbie that don't know anything about cryptocurrency, how do you expect someone like that to understand how to use a hardware wallet, seriously not everybody really knows how to use a hardware wallet, but it's better everybody learn how to use it because is more secure. The first things a newbie should do is understand what wallet security is all about, how you can secure your coin after buying and they should also understand what custial wallet and non custodial wallet is all about and the most secure one.

I disagree. Learning to use a hardware wallet isn't that challenging. You could say it's much simpler than using today's average smartphone, yet we all use them. So that can't be an excuse.

With that said, it may not be the first thing you'd want to learn as a crypto beginner, but if you have a serious bitcoin investment, that's where you need to start. Some sort of secure storage is critical in order to safeguard the majority of your portfolio.

Issa56

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The first thing a newbie should do is not necessarily to buy a hardware wallet address, a newbie that don't know anything about cryptocurrency, how do you expect someone like that to understand how to use a hardware wallet, seriously not everybody really knows how to use a hardware wallet, but it's better everybody learn how to use it because is more secure. The first things a newbie should do is understand what wallet security is all about, how you can secure your coin after buying and they should also understand what custial wallet and non custodial wallet is all about and the most secure one.

Spacebar96

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For a newcomer, getting a hardware wallet is not a possibility. The first step is to understand how the system operates. You can't get a deeper knowledge of something until you've learned about it and given it some thought. There is no purpose in having a hardware wallet if you don't know how to safeguard your wallet using a wallet that is connected to the internet. A newbie's goal should be to learn the fundamentals of cryptocurrencies and blockchain.

cryptoaddictchie

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Quote from: JangoUnchained on March 11, 2022, 02:37:55 AM

Every newbies first investment plan is buying coins and tokens but imagine how better things will be if they can change that to buying hardware wallet first, Ledger nano s is 40$ while nano X is 149$, I know some will say it's too pricey, how pricey can it be when you lose all your BTC or other coins? Consider hardware wallet as your first crypto investment step.

Bought a hardware wallet but barely storing major of my coins. It just proves that you can be safe without it. Just completely avoid such malicious links online and always be careful when dealing with website. You might fall on some fake ones if you didnt checked carefully. Hardware wallets are good but of course it much safer if you would understand the safety rules on handling crypto.

bakasabo

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What is the point of buying a hardware wallet, if you dont have cryptocurrency yet or dont know what it is? Buying hard wallet is definitely not the first thing to do when you enter cryptocurrency world. Learning basics, gaining knowledge, playing with demo account are the first things to be done. Newbie should not rush to spend money on cryptocurrency, devices, subscriptions. They have plenty of time to spend or lose money.

tranthidung

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Hard ware wallet is not a must or a first step to do when you join crypto.

A must step is knowing what are custodial, non-custodial wallets, differences between them and what is sort of wallet should be used. Non-custodial wallet is a wallet type to go.

Next must step is knowing how to back up a wallet (in private key, mnemonic seed, JSON, etc. - depends on each wallet) and practice to recover that wallet from a backup.
It is an important step because if you back up a wallet and don't know how to recover it, don't test your backup usability, you might get trouble later.

Next should step is don't tell anyone that you have cryptocurrency. If you tell them or reveal that on social media, you will self-expose your device, accounts, cryptocurrency and wallets to more greedy eyes.

KingsDen

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Every newbie should first learn how cryptocurrency works, after learning how it works, you can then learn how to invest, after you must have invested will you have the urge to learn how to secure your investment.
Hardware Wallets aren't as straightforward as possible, so a newbie going to buy it first may end up wanting people help to configure it and in the process will release sensitive information about the wallet and might be compromised in the future.
It is good to have sufficient knowledge about it to be sure you can handle it yourself before you buy.

Marvelman

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Quote from: YellowSwap on March 11, 2022, 05:37:04 AM

Not very important unless you have up to 2BTC available, my mentor that introduced this forum to me have been into crypto investment for years and he has never get a hardware wallet till today, he always use trust wallet and electrum wallet.

I don't think it's good advice. The value of 2 BTC is roughly $ 80,000 at the moment. Would you keep this much money in your home without any security? Especially since you can be well protected for only about $ 40.

Although there are various ways to protect your cold storage wallet, but it is quite likely that many beginners are not technically proficient in this area. For beginners, it is important to make sure that you take the necessary precautions, as it is very easy to accidentally lose your assets. It's always better to be safe than sorry.

YellowSwap

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Not very important unless you have up to 2BTC available, my mentor that introduced this forum to me have been into crypto investment for years and he has never get a hardware wallet till today, he always use trust wallet and electrum wallet.

Rockstarguy

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Of course the first cryptocurrency step for newbies is to learn first then what follows next is practise what of has been learnt to start with a small amount to get a personal experience how cryptocurrency works. Trading is not what comes first , a newbie can have a money to start cryptocurrency and still not be successful, so learning comes first before any other thing.

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Quote from: JangoUnchained on March 11, 2022, 02:37:55 AM

Every newbies first investment plan is buying coins and tokens but imagine how better things will be if they can change that to buying hardware wallet first, Ledger nano s is 40$ while nano X is 149$, I know some will say it's too pricey, how pricey can it be when you lose all your BTC or other coins? Consider hardware wallet as your first crypto investment step.

You don't need to buy a ledger wallet since you are newbie just use the legit wallet providers around and safekeep your funds by not clicking any unknown links also avoid phising attempts.

Instead of buying a hardware wallet use it on other investment and once you grow your capital and increase your portfolio then by that you are ready to buy and store your asset safely, we know safety is main priority but you don't need this if you are starter since for sure you will spend a small amount just for your test investments.

RapTarX

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While I can't disagree hardware wallet is very much important to secure your crypto assets, you must not forget that it's more important to know how you can secure your crypto asset. Having a hardware wallet doesn’t mean you are safe if you don't know how to keep it safe. From that perspective, I believe every newbie should learn the crypto basic & the basic technical stuff; you don't need to be a pro. If you are skipping that, you are likely that you will be in trap in someday later.

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Quote from: JangoUnchained on March 11, 2022, 02:37:55 AM

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After Reading around quite a bit on the forum when I started here, that is actually the first thing I did, without having much of an idea about the amount of crypto I would buy at the time. It seemed wiser to start with a sound storage system than anything else (especially after reading some spooky stories back then).

Of course the price is something to consider, and even more so in countries where the price is steep in relation to people’s income, but it did seem like something to do to me before making my first purchases (obviously I had in mind the idea to move it off Exchanges, after also reading quite a bit on matter).

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