What should new cryptocurrency users do first?🙏🙏🙏

m2017

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Quote from: SPARE on December 08, 2023, 04:15:44 AM

I want to know to all you big cryptocurrency users if someone who is new to cryptocurrency wants to learn about cryptocurrency then what should he know first, the reason for saying this is because many new crypto currency users come to cryptocurrency and don't know anything. By investing in cryptocurrency without understanding, they are losing all their property,

Maybe it's "invest what you're willing to lose"?

Quote from: SPARE on December 08, 2023, 04:15:44 AM

so if you who are experts would say that before investing in cryptocurrency, you should know what things you should invest ?

Oh, if only these expert investors knew what to invest in.

Quote from: SPARE on December 08, 2023, 04:15:44 AM

Then the new crypto currency users would have benefited a lot, they would not have faced any losses as newcomers

Newcomers must lose. It's unavoidable.

One way or another, they will make a mistake. Therefore, I declare ~~as an expert~~ that beginners should make their first investments in very small amounts and then mistakes will bring minor losses. Having gained experience, it will be possible to invest larger amounts.

Fuso.hp

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Every new member after joining Cryptocurrency must plan why they are joining Cryptocurrency. Since they already have ideas, each new member should try to move forward by focusing on his own ideas. If a new member thinks that his intention is to trade then he should try to learn enough about trading and if the new member thinks he will invest then he should try to get enough knowledge about investing. On the other hand, if the new member thinks that he will earn money without investing money, then he has to be skilled in various development tasks. If new member wants to earn through this forum then he can start bounty campaign first and if he can increase his account rank then he can also earn by joining some signature campaign. Earning from cryptocurrencies is entirely up to the member.

I_Anime

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I'm no expert though because I'm also learning but still have some knowledge about cryptocurrencies. See at first losses are inevitable even if you are new traders or old just know that but doesn't mean you can't manage it. Yeah there's pretty much some ways you can manage your losses to not experience it that much. At this moment focus more on learning things about cryptocurrencies, this forum is a nice place to start that and also do your own personal research to make that knowledge solid. Because is not everything they will tell you they will only explain to you the way they understand that why you have to do your own personal research to add to theirs.

Outhue

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Learning about how to keep their assets safe, I think this is the first thing to spend your time on, many people have lost access to fortunes in crypto because they thought its as easy as storing funds in their bank account, there is hacks and theft in crypto than the banking sectors, crypto is like the hackers playing field, they can steal and get away with it easily.

When I was new to crypto, this cost me a lot, I used the wrong crypto wallet to store my assets and I lost them, enough to set me up for life, with Doge coin mostly, something I can never forget till the end of time, I was so focused on how to get the assets, how to get them through airdrops and other ways, how to buy them on exchanges, but I never did research on how to safely keep them from hackers and Custodial wallets.

When you want to log into your bank account you need your mail account and your password, this was what I had in mind, towards crypto, and I stumbled on crypto wallets that requests the same, username and password, not knowing that if its not your key its not your assets.

Issa56

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Quote from: SPARE on December 08, 2023, 04:15:44 AM

I want to know to all you big cryptocurrency users if someone who is new to cryptocurrency wants to learn about cryptocurrency then what should he know first, the reason for saying this is because many new crypto currency users come to cryptocurrency and don't know anything. By investing in cryptocurrency without understanding, they are losing all their property, so if you who are experts would say that before investing in cryptocurrency, you should know what things you should invest ? Then the new crypto currency users would have benefited a lot, they would not have faced any losses as newcomers

Firstly, you should learn what cryptocurrency is all about. You shouldn't just jump into something you don't really know much about, if you jump in, then you are going to jump out. You have to know the appropriate exchange that you will be using, the appropriate wallet that you will be using for storing your bitcoin, and make sure you learn how to properly secure your private key. If you don't properly secure your private key, you are risking losing your bitcoin. Also, you should learn that your asset shouldn't be on exchange. If you buy your bitcoin from an exchange, make sure you send it to a non-custodial wallet immediately. It's not safe to leave your asset on exchange. If you need a maximum profit from bitcoin investment, then holding for the long term is the best.

traderethereum

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Most people invest in crypto because they see their social media pages showing invitations from their friends to invest in new coins. They don't ask more questions or look for more information about the project.
They immediately followed the invitation and they didn't even know how they could make a profit from the coins. And when the price starts to increase a little, they are tempted to invest even more money.
And once again, they don't look for more information because they trust their friend's invitation. If they would take the time to look for more information, they would see that it is a new, untested coin that could cost them their money.
That is why people must find out first before deciding to invest and this is each person's responsibility.

Franctoshi

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Quote from: SPARE on December 08, 2023, 04:15:44 AM

I want to know to all you big cryptocurrency users if someone who is new to cryptocurrency wants to learn about cryptocurrency then what should he know first, the reason for saying this is because many new crypto currency users come to cryptocurrency and don't know anything. By investing in cryptocurrency without understanding, they are losing all their property, so if you who are experts would say that before investing in cryptocurrency, you should know what things you should invest ?

Take a bold step and focus on learning the basics things about Bitcoin and cryptocurrency first before thinking of any investment, problems with most newbies is that they forget about learning and are carried away by the gains or profits they are hoping to make and in the end everything balls down to loss and they will run back to do what they should have done in the first place.

Quote from: SPARE on December 08, 2023, 04:15:44 AM

Then the new crypto currency users would have benefited a lot, they would not have faced any losses as newcomers

There is no Business you would do without a loss ,So facing loses is part of the business but it depends on the rate at which you are incurring loses and which lies on the level of your knowledge in the industry, Even the experts in the space, they still face losses let alone newcomers ,what you need is Bitcoin/cryptocurrency education and the experience to navigate the space and in order to minimize the rate of losses you would face.

sunsilk

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That's actually right @OP. Before investing and venturing into cryptocurrencies, you have to know what you are up to. You need to know the answer to yourself, why are you buying and why you are investing or holding.

Because if you're just like buying because your friend, your mom, your brother or whoever inspires you to do so without explanation, you're not understanding what you're buying. You're going to lose money easily my friend.

That's why the basic in all investing techniques and tips that you're hear not just from the forum members but also in other platforms is to start with basic understanding of what you're investing like in Bitcoin. Even it's known to be the best cryptocurrency, you have to understand why it has become one.

lovesmayfamilis

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People are subject to the information they receive. Even now, I see videos on YouTube where incorrect information is being spread about how to make quick money in cryptocurrency. This creates a rush for beginners when a person with no experience invests their money in coins that are of no value. How many similar stories have we seen?
But haste has always been the enemy of making the right choice. In order not to make mistakes, it is necessary to carefully check any information, and of course, the first step is to gain knowledge of the first steps of owning crypto. Otherwise, you can very quickly lose not only interest in cryptocurrencies but also all your hard-earned money.

Z390

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Do not invest in something you don't know much about, and if you want to invest always be ready to lose the money, because it's possible to lose money in crypto, here are advises that can help.

1. Do not rush to make money in crypto.

2. Have a good source of income before you start risking some money on crypto.

3. Always do strong research on projects, I prefer projects with audited team members, the chance of rugpulling is lower than projects with anonymous team member.

4. If you can afford two hundred dollars on a single project you can afford to buy a hardware wallet.

The best advice is to always take your time learning about what you want to invest money on, make sure you understand it in and out before investing a penny and do not risk more than you can afford to lose.

Distinctin

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Quote from: SPARE on December 08, 2023, 04:15:44 AM

I want to know to all you big cryptocurrency users if someone who is new to cryptocurrency wants to learn about cryptocurrency then what should he know first, the reason for saying this is because many new crypto currency users come to cryptocurrency and don't know anything. By investing in cryptocurrency without understanding, they are losing all their property, so if you who are experts would say that before investing in cryptocurrency, you should know what things you should invest ? Then the new crypto currency users would have benefited a lot, they would not have faced any losses as newcomers

Before you jump into investing, have your own initiative first to study what you are investing, its pros and cons, its benefits whether its for long term or short term investment. And since you are in the forum, feel free to ask the reputable members what are those coins that are highly profitable to invest. Their experiences will tell it all. Two heads are better than one, so always be open for their suggestions and explanations, but at the end of the day, it's only you who can decide what coin to invest and how to maximize your investment.

However, using cryptocurrency without knowing its risk, will add more to its risk of losing. This is why DYOR is always encouraged, so that one will not end up losing and regretting.

MegameSama

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I suggest fellow newbies like me read more and ask questions. Read on this forum, and ask people you know who are familiar with the crypto world. Read a lot about what is your first interest here, maybe you like altcoins, then read more and ask questions about altcoins. interested in airdrops and bounties, look at the thread, mining, trading, gambling, there are lots of subs on bitcointalk that hone reasoning and information for you. I probably won't read it all in a year lol, cheers.

Huppercase

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Quote from: SPARE on December 08, 2023, 04:15:44 AM

I want to know to all you big cryptocurrency users if someone who is new to cryptocurrency wants to learn about cryptocurrency then what should he know first, the reason for saying this is because many new crypto currency users come to cryptocurrency and don't know anything. By investing in cryptocurrency without understanding, they are losing all their property, so if you who are experts would say that before investing in cryptocurrency, you should know what things you should invest ? Then the new crypto currency users would have benefited a lot, they would not have faced any losses as newcomers

I'm interested in that part of losing your coins. If you are new to a new place, you need to first understand how the place work and how to avoid problems, crypto is not different from that as well. Security is paramount in crypto because the transactions are not reversible once they are sent, so how do you avoid security threat and possible hack of your crypto is all upto you and the first thing you need to do is to make sure that your coins are kept in a hardware wallet.

A wallet is where you store your crypto because it helps you manage your coins and also help you sign transactions and also protect your private keys. The best and recommended wallet is the hardware wallet, they are pretty safe to some degree and they are vulnerable like the software wallet. Anytime you want to buy a coin, make sure that you store your coin in the hardware wallet.

Secondly, please make sure your coins are not kept in a centralized exchanges, there has been theft of coins and tokens by centralized exchanges and to date, they have not recover from that loss, its better to avoid this kind of exchange and if you must use them, always withdraw your coins from the exchange once you are done buying or selling your crypto,

icalical

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They should learn the most basic thing about crypto, like how crypto wallet works, how the transaction works, and how to safe their funds securely. I would recommend anyone who new to crypto to create their own non-custodial wallet, I know a lot of people who already have hundreds of dollars worth of crypto and all they use is exchange wallet, I don't think thats very secure. I didn't mean that using exchange is completely prohibited, but if they want to build up their portfolio and it's gonna have huge fund, getting non-custodial wallet instead of exchange wallet is essential.

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Quote from: SPARE on December 08, 2023, 04:15:44 AM

I want to know to all you big cryptocurrency users if someone who is new to cryptocurrency wants to learn about cryptocurrency then what should he know first, the reason for saying this is because many new crypto currency users come to cryptocurrency and don't know anything. By investing in cryptocurrency without understanding, they are losing all their property, so if you who are experts would say that before investing in cryptocurrency, you should know what things you should invest ? Then the new crypto currency users would have benefited a lot, they would not have faced any losses as newcomers

first focus on popular cryptocurrencies such as bitcoin, ethereum and now maybe xrp. Start with a small amount money and learn step to understand market. so, if a loss occurs, it is unlikely to be significant also understand basics of trading, such as reading charts, using technical analysis, and managing risk. Don't put all money into one cryptocurrency and get used to splitting other altcoins.

terizla

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As the new user in cryptocurrency, i never spend my money to invest in any coins. I'm just learn about cryptocurrency and my first do is create crypto wallet. I'm not buy and just earn in faucet, airdrop and others what i want to earn free coins.

Dunamisx

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Every newbie should learn to unde this first, if you're interested in something and they never talked to you about the risk aspect of it, instead all you've been told was the advantage and benefits on doing such thing, then it's a call to be more careful beca there's likely a deceptive intention behind all you've been told by them, this life is full of risk, there's nothing that we do which doesn't have its own risk, so we shouldn't let some decieved us of no risk.

Asiska02

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Quote from: SPARE on December 08, 2023, 04:15:44 AM

I want to know to all you big cryptocurrency users if someone who is new to cryptocurrency wants to learn about cryptocurrency then what should he know first, the reason for saying this is because many new crypto currency users come to cryptocurrency and don't know anything. By investing in cryptocurrency without understanding, they are losing all their property, so if you who are experts would say that before investing in cryptocurrency, you should know what things you should invest ? Then the new crypto currency users would have benefited a lot, they would not have faced any losses as newcomers

- They should learn the basics of cryptocurrency technology in general. Without the basic understanding of what the cryptocurrency market entails, they will get lost easily while finding a way to join the market. The market is full of tribulations which if not noticed can lead to regrets.
- A newcomer should also learn about their privacy in the crypto space, how to secure their funds and know which or where to keep their money to avoid been expose to scam or public domains that can infiltrate the wallet.
- It will also be nice if they don’t stop learning more about the crypto space, scammers are always on the watch out to scam their victims, so you’ve to be updated with latest scams in order to avoid them when you see one.
- As a newbie, you should not take trading as your first priority in the crypto space, learn about your privacy, security, investment after research and other things before you can delve into trading.

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Quote from: SPARE on December 08, 2023, 04:15:44 AM

By investing in cryptocurrency without understanding, they are losing all their property, so if you who are experts would say that before investing in cryptocurrency, you should know what things you should invest ? Then the new crypto currency users would have benefited a lot, they would not have faced any losses as newcomers

Yes definitely. All people have a lot of chance to earn from crypto by investing and nevertheless youll find somw frustrations along the way. Its not that easy but with your perfect timing and deep knowledge research skills youll gain a lot. Of course you must also give something to security of your assets. Not just keep grinding and grinding.

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Quote from: Velemir Sava on December 08, 2023, 11:11:25 PM

Quote from: Jegileman on December 08, 2023, 02:38:51 PM

There are a lot of things to learn as a newbie when you come new into the crypto space but when you don’t ask any questions or guide, you’ll always be lost. One important things is to know how the crypto space works, know the advantages and disadvantages. What I see most important to first learn as a new comer is the part of security and privacy of your money, they can them learn more about coins that are worthy of investment into, not all of them are valuable or worth spending a penny on. If you made a very wrong step, it can affect all of your investments and love for crypto.

and immediately practice it otherwise it's just theory. If there are new problems, look for posts that discuss your problem and if you can't find them, create and ask your question here. I'm sure there will be lots of constructive and helpful suggestions and opinions so that you can reach a common ground.

Learning is paramount so we must try and adhere to it. For us to be in the crypto space, there should be a reason for that so we must go for what we want and how we want to go about it to have a better lifestyle. Cryptocurrency has a lot of things we can learn and become a better investors and trader and we can achieve that when we learn go for what we really want to Learn and benefits from. We can learn how to stake, trade the market, invest in cryptocurrency etc. All these could help us to be strong and become a better person that is ready to understand the market.

Topic: What should new cryptocurrency users do first?🙏🙏🙏 (Read 404 times)