Bitcoin Forum

After all the gold rush now I've made up my mind to start learning from scratch, I've come to realize that you can't take risk on everything without fully understanding what you are taking risk on, I made some mistakes that I want to share and I need some guidance, pls help me.

1. I have the money but not the knowledge of picking the right coins to invest money on.

2. I bought a lot of altcoins because they are new, thinking I will make better money from those projects but almost all turned to exit scam right in front of me.

3. Doge coin bringing huge profits to holders got into me and I thought every meme coins will do the same thing.

Most of my money are gone through fake meme coins and now after a few search online I came to know that meme coins aren't even important at all, dogecoin just receive a favour from Elon musk is all, please I need help.

It's not a great situation, but this forum is a great place to start your learning experience before further investments. Also, don't dwell on your past mistakes, those are all lessons that can only benefit you in the long run (if you are willing to learn from them). And I would second the suggestion of first and foremost investing in BTC or ETH. Then from there, you will see what works and what doesn't.

This learnings from what you experience is good to mirror already for your next action you made upon investing. For now since you are picking up yourself and trying to learn things I think what most better to do right now is to study how top coins flow then research more information what you can possibly see that can contribute for its possible pump so that you will be on your best position if you want to buy something. Also learn to read the chart trader should know this and this is one of our best indicator for our possible next action.

Understand that this isn't investing, but simply gambling. And to be honest, almost all the altcoins have no purpose other than to create a problem that does not exist so few devs can profit out of it. Ethereum, with their tendency to switch to Proof-of-Stake with over 70% of the coins being ICO-ed, is a perfect example. But, that opens a big discussion.

If I were you, I'd just begin reading this: https://www.lopp.net/bitcoin-information/getting-started.html

I’d say (out of the blue, with no data to back it) that there are likely more people that went into crypto in a manner similar to what you mention, than doing the necessary homework beforehand, and trying to narrow down the scope and broadness of the investment/gamble they make.

The latter is certainly not easy to do, as it requires time, dedication and criteria, whilst lacking the experience to separate the wheat from the chaff, and be more sensible than passionate driven by fomo. Sure some people have made a pretty penny by placing money on a bunch of unnecessary coins/tokens, and selling before they became worthless, but that’s not likely the norm.

Note: My backgroud is actually similar in a sense, but with an ICO scamalot scent ...

Many people were crazy about hoarding gold coins, bonds and other items few years back as many people have the same old school mindset that it's the best and safest option to invest in with returns but didn't bother to check how much returns it has given to the holders in recent years.When you checked it's the same inflationary measure giving downtrend returns to the holders.As per investigation $1000 of gold investment would have given you $996 while bitcoin has managed to grow 68000% compared to it's ATH in past.So you manage yo to know the difference

If you have knowledge or not BTC is the best option for all of us due to it's technical working, complete decentralisation and long term utility if you understand it at core level.

But the only thing is you keep them on hardware wallets or non custodial wallets like Electrcum with proper backup of your seeds instead of securing them on any centralised exchange that can deny you of your funds anytime or get hacked.

You got that right all the shitcoins at first seems to be very promising but has nothing in them to offer to the holders and will soon turn out to be scam.Many people have the this mentality that it's cheap and giving huge profits so invest in it without even understanding the project.That's their worst mistake because you can't make money from them and whales will make out of your pockets.

Doge and Shiba Inu won't go the moon and Musk influence was at peak one time but now his manipulation tricks are not working anymore.How could you invest in the projects under someone's influence without even doing your research once? But you might be the same group who was under his influence and lost their money.I clearly remember when the shiba inu surge was there the Binance servers got crashed and not any orders were completed so the normal people get nothing out of it but become victims of these shitcoins pump dump scheme.

Well, the best help anyone can give to you will still depend solely on you, and that is you must do your own research before doing anything on the network, newcomers tend to invest/trade before learning/researching, you could prolly be lucky and it works for you that way with one or two projects, but what are the chances? Pretty low if i must be honest with you.

Thus, forget about the losses, it is more or less very common these days that people always learn the hard way, what i mean is, they learn a lot of what they should have known before investing/trading only after they have made a mistake and lost some of their funds, take it to be a process, and going forward do your research, focus on long term projects (Bitcoin), invest only what you can affford to lose, remember that whatever is too good to be true, is prolly not true, etc, etc...

Failure, losses, then comes blessings.
It's a good thing you know all of this now, at times you have to fail, but it's up to you to rise up with a proud head.
Freedom is for all and Doge coin is mostly flattered by Elon, most YouTubers as well.
I think you have followed a good route to the bank of knowledge if you're ready to observe read and learning, a curious mind will never stop learning....Self development is great,but climb the stairs on step at a time.
Good too see you here, OP.
Thanks.

You took the right step to come and ask here in the forum btw have you considered investing in other less risky stuff ? like stocks and gold


Because this can change very quickly if you insist on continuing on this path

If you're inspired from the dogecoin then first thing you should have done is to check its history even the creator of Dogecoin sold all his holding which means its a coin with no real utility but with the help of Elon Musk and whales it brought a huge space for useless coins so called meme coin and some are doing good but in the long run they will fade away.

I don't know what help you are seeking through this thread but if you still have any money left for investment then just buy Bitcoin and wait till next ATH.

I have some money invested in gold but we all know how sluggish gold investment is compare to crypto and also crypto profit is better than that of gold.

I've heard you and thanks for all advice but is this a good time to buy Bitcoin? I'm much more interested in learning and stop buying for now, not diving in again until I fully understand what crypto is all about and how to get the best out of them. The internet said there is timing for buying even the best coin BTC, my research reveals that buying in a bear market gives better results in quantities and buying dips through Dollar Cost Average is also good too. ... Am I getting something right here?.

Buying Bitcoin at any time is profitable in my opinion when you are planning to hold it for atleast few years, because that is what the history showed to us, Bitcoin recovered after every dump and reached new all time high. And you are right it will be profitable if you buy at the bear market but the fact is no one can tell whether we are in bull market or bear market due to its volatile nature so just start accumulating bitcoins and expect the high returns in next 4 or 5 years.

I think you got all the help that you need- given that you realized the mistake from your previous investments, this knowledge and experience you gained would help you on your next investments. Unfortunately, almost all meme coins may soon follow with an exit scam- that is why it is highly recommended that you invest on the top 10 altcoins in the market.

Do no worry, however, as almost all investors have experienced your situation. The key here is to absorb the knowledge you gained from your failures and transform it into a successful investment in the future.

I'm glad you don't end up walking away from crypto blaming the technology, it's what many newbies are doing, once they lose to scam projects all cryptos are scams too but you learnt your lesson, blamed yourself and you are willing to put in more work, this is it mate, the beginning of a journey you will be proud of when you look back in future, don't give up and keep learning.

Three things that you just need to remember when investing in a coin, and these are usability, whitepaper, and the people behind the project, a project cannot stand without a platform behind it, and without a paper that will clearly explain what the project is all goal is all about, and of course, who are the people behind the project and are they capable to complete and realized the project, the worse investment is investing in projects that have no motive or something to solve, meme coins are not created for this they are pump and dump and only the developers are likely to make money.

Thats normal mate. You dont need to get shame or regret what you did hence learn from it. Mistakes are meant to teach us what we did wrong. I did some of those what you did too, so I know what you are feeling. Its not easy to grasp what choice to do when it comes to doing such things. Ive really invested some good money too on wrong choices like meme shitcoins but thats fine. There were good experience for me too.

That is certainly the case why many investors fail to reach their goals. We can underestimate the market, it needs for us to have the knowledge, or else, we are just making ourselves a fool. The volatile nature of the market makes things difficult to predict nor we are able to be in perfect buying and selling.

That is why we have to do these thing;
 * Invest more time learning
 * Must appreciate all the learnings we get and applied it to real life
 * Must know our capabilities and limitations - we'd rather stick to it

When it comes to investment and this doenst applies to just crypto alone but all round investment and even going into some filed for which, your not familiar with, the principle has always been; seeking professional advice! It's always that simple. I've done this in the paste, seeking the advice of a friend that was the more better than myself a for sure, it still ended me in buying some shit coin. I call it shit coin because as it is now, I lost although, the coin is still in the market but, its below half my investment capital already.

Professional advice doesn't mean you won't encounter some loses but it limits them. So far, the only coin that could be very much trusted not to fail is bitcoin but to profit more out of it, you've got to invest and hodl for a long time.

Meanwhile, give yourself time to learn other aspects of cryptos and benefit more. On that, I'll say, be very much involved in the activities that goes on in the forum and do your best to read and research more. Build an interest for anything that concerns the field you wish to be involved with.

According to me, picking the right coins is relatively easy when compared to holding them.
Just pick the top 20 or top 10 coins and select a few from it and invest in it.
But the holding them is a tough thing to do. Fortunately I am good at holding.
But I am bad at entry and exit points. I have noticed many times that I enter and exit at wrong times.
Holding for long term has been the most profitable investment for me.

Living in a place that we know we are good at is really the best choice ever. Some people are good at holding (just like you), they have the patience that most people don't have, you're actually a gifted person.

In my opinion, we don't need to become an expert on something, that is even hard in the crypto world but at least we are helping ourselves to be good in some areas, and we are able exceel. And having KNOWLEDGE is to be our advantage in every investment we made. Choosing the best coins and applying all the learning will help to see positive results despite the risk and market difficulties.

Enough is enough and you've already admitted that you're wrong.

Well, the best start is to buy bitcoin while it's dropping and be patient with it. At least by doing that, you won't see it just like the other altcoins that you've bought having an exit scam.

Don't be too emotional with the altcoins and meme coins, they're really going to put you through hype but eventually will leave you and will be stuck in the midst of it leaving you at great loss.

Investing comes after thorough researching. Otherwise, you will mess up everything you have because you came to invest in those coins that have no high potentials to give you returns, just like the situation you have right now. However, your situation is very common particularly for most of the newbies. And once you lose, that's the time you learn your lesson. I suggest focus more on acquiring bitcoin, its quite more expensive but rest assured there are future profits guaranteed.

The most common happened in all newbies out there, they actually lure on the hyped coin knowing that those coins actually exist because of the hype not the utility of the project.  Newbies should know this, don't dive into it easily without proper research, or much better stick to the top cryptocurrencies which give the potential of gaining profit.

New investors should not think only about profit in the short term because it's very risky for them, just go for the long-term investment which is considered safe for them.  But at least OP learned from those mistakes and it might this will not happen again, experience is the best teacher as they said.

Most coins don't survive, market shake ups destroy everything weak, even if coin itself were supposed to be legit in start.

1) hold the money, don't invest for sake of investing. Opportunities will come.

2) Regarding finding genuine projects:

- Search for team profiles, search Twitter, LinkedIn and other socials. Check history.

- Check communication channels. How do they behave, how do they reply to community questions.

- What project is trying to accomplish? Most are not original they just pick up concepts from other projects, if there is already prominent project and this new one is not trying to improve anything. There is no point in bothering with it.

- ignore projects who don't have anything concrete

3) Can't change past but learn from mistakes, that's the only positive choice you have left when things go wrong.

The first step of improvement is to figure out where your mistake was, the highlighted part is your mistake! Doge (and by extension other altcoins) didn't give profit to "holders" it gave the biggest profit to traders. Lets take a look at the charts.

https://i.imgur.com/zDA5by9.jpg

It should already be obvious from above picture that bag holding altcoins is never a good idea since they are always dumping except the handful of days when they get pumped. If you want profit and are willing to take that risk just jump on board during those short pumping windows and get your profit.
Lets zoom in a little more:

https://i.imgur.com/KWKvyXH.jpg

As you can see the pump clearly started around 14th and you could have jumped on board and bought this shitcoin at around 100 satoshi and dumped it between 24 to 48 hours for a 7x profit. Note that we are ignoring the peak at 1190 satoshi (11x profit) and we should be satisfied with the already massive profit and not risk it any further.

So if I wanted to give you one advice I'd say never "invest" in altcoins. Only trade them to get your profit quickly and run out of that market so that you don't get dumped on.
Every single top altcoin you see is a pump and dump scheme very similar to this.

I sympathize with you on your loss. We all learn but sometimes some lessons are that harsh they throw us off balance. There isn't any investor or trader here who will beat their chests and say they've had a 100% win rate. None! Except they're hodling, and hodling just Bitcoin. So, take that as a lesson learnt and move on.

I don't think Doge is as useless as you want it to sound. It might've started as a memecoin but it has utility. If you've made any transaction with dogecoin you would surely fall in love with its speed and ease of transaction time. It confirms easily, far ahead of what Bitcoin does. Those who use it know this.

The trick is to hold the coins in a non-custodial wallet or a cold wallet rather than an exchange from where it becomes difficult buy/sell.
I am just too lazy to transfer the funds to the exchange which makes me hold them for a long term.
And then there's also the price gains in long term which makes me think it's better to hold than trade to make good profits.

Sometimes those people who promote some coins on social media groups is one of the main reason why there are newbies got scam by those devs who doesn't do anything good to anyone here. And this is one of many reason why those newbies got affected by many scams. We know there are so many stories posted about this issues but the unfortunate thing there is mostly those newbies who get scam are lazy to do some research to find out the legitimacy of the project they are looking on.

Yes.

They've been attracted to the hype and not to the actual which made them too excited and both it while it's on hype. That has made them blind investors.

This is expected.

They are also investors and they're aiming for the profit that they have to make and that's why they're rushing with the potential profit they'll make.

But that's always wrong when someone is in rush for the profit, he's likely to fall.

That's why it's very important you get a little knowledge about any crypto project or investment you wanna dive into ,
not all round knowledge, but the necessary information you need know regarding that particular asset so don't blindly dive into a project that may burn your hard earned money.

before venturing into crypto sphere you have the primary knowledge as you portrayed, the problem is that some people don't bother to know the rudiments of cryptocurrency before adventuring into it, so when they join project investment without carrying out proper research of the project they will became blindfolded because of lacks of information or not knowing the rudiments of the project before venturing into it, this has became many people challenges into crypto sphere, and will be nice to carry out some elementary functions and research before we merge into market.

It's good that you've learnt your lessons, now you need to take your eyes off any crypto investment and spend your time reading about crypto and also try to know more about the differences of crypto wallets too this is very important.

lol.. cryptocurrency investment is good to someone to enroll itself there, but before you do so, you have to investigate properly as i portray from the first comment..is not bad to invest but the issues is that knowing the good one to be venture into. Do you know that before you invest in cryptocurrency platform, you have already have the passion in cryptocurrency especially bitcoin, learning is gradual process, i think with time you will get acquainted with all the necessary cryptocurrency scenario's

That's right. Sadly, some people don't believe that such apply to trading but they dare not do it when it comes to flying an aeroplane or moving a ship/boat. They learn first. Well, now that you've got your baptismal of failure and have come to a realization that knowledge is key to development I guess I should confidently say you're at the place now.

I also made that mistake in the past (I guess many old timers here did too) of buying new tokens and hoping they would perform like Bitcoin and ETH did. Now I know better. Always look at the use case or utility of any token before investing into it. If a token doesn't have it, steer clear of it even if has hype.

On a side note, I think you should also consider tokens that have staking value. Where you can stake and earn passive income.

Almost all newbies did this mistake as well, they always run after the gold rush until they made big mistakes, I did the same thing twice until I start learning more about top crypto projects vs new crypto projects, there is a lot to learn in this area, new coins are higher risk than top altcoins, to invest safely start with ETH, BNB BTC.

Educate yourself through a deep study on investing in crypto.

It's easy to invest but finding the right investment requires due diligence.
Don't consider what you are investing as an asset that will give return to you overnight, as for sure you'll easily loss money.

If you invest in a project, consider checking their ANN thread here so you can find some feedback that would give you an idea of whether the project has potential and is a legit one. Don't get into FOMO as that's usually the weakness of the newbies, but it's never too late to learn, just learn.

It’s quite a petty that you lost your money, all you would have done is consult a professional or someone who has a better understanding thank you are, it’s quite annoying when people don’t ask questions before venturing into businesses. Well I’m sure you must have learnt your lesson and please you need to be properly guided and very careful now.

Investment without the knowledge is gambling, the same goes to investment without analysis. Even with the heavy analysis there is still no guarantee of a sure profit how much more when the investment is done outside having a good research and analysis. It's good you now understand how the crypto investment market works. Welcome on board

I fell victim to this and i learnt it the hard way. i follow the trend and knowledge of the common man without studying and understanding the market and project. now i am reading up on project and understanding how this things work. one could join an online community, read the white paper and also know about the project of that coin. it is good to invest but one should make findings about ones investment.

Commonly this really happens to the new people who want to invest in cryptocurrency moreover because of any hype, other person's success, and other reasons.
If you have the money but you don't have enough knowledge, I suggest you start by learning at first, not signing to invest directly without any knowledge.
It is risky because you want to ut your money but you don't know in what thing you will invest, this is holy risky.
No need to hurry up to invest, moreover no need to only follow the hype and FOMO for investing.Think about the future investment that you are going to do, and seek more about the knowledge, once again

What you're lacking is the knowledge that you forget to prioritize doing to help yourself understand crypto investment.

But because you didnt follow the basic rule before investing your hard-earned money, you end up committing wrong decisions that cause you losses. Anyway you're aware of the mistakes you did, that experience will make you realize the importance of having knowledge because its your stepping stone to be in the right direction when investing.

I’ll say I have similar experience mostly during the shiba inu era. I was so pumped and dived into the project without making quality research  and right now it’s not really a good story to write home about.. Not just shib but other alt coins as well.. But now I know better. I only invest on my own research that if I’m considering alt coins.

I have lost up to 700$ to junk and scam projects before I decided to learn from scratch, I thought to myself that I knew nothing about this stuff, imagine seeing your friends getting better results from their investments and only you a total failure, the thing is you cant come out with a flying colour if you push aside learning first, it will also cost you loss of money.

Good Morning. How are you? I'm new here, looking to understand a little more about this BTC market.  https://bezelinvestments.com/pt/gestao-de-bitcoin/ I met through this site, and now I'm looking for other channels to improve myself, after all there is always the fear of taking risks. Do you use a broker to make this investment, or do you risk it individually? How do you know if it's a good time to buy? Thank you for any information that can shed more light on this matter. Eduardo Musskopf

It very wrong to take risk blindly for investing and not getting to know if the coin that is to be invested if it is real. Some people would say life is all about taking risk, taking risks blindly is beyond taking risk. A good risk one  need to be 70% sure it may sure work out to be real.

I accidentally stumbled upon your topic and remembered myself. I also previously thought that whatever is new could become successful in the future. Therefore, there were a lot of mistakes with new coins, which, of course, were subsequently turned into dust.

In cryptocurrency, in fact, according to my feelings, everything has long been invented. And any project that seems new to us is actually a repetition of someone else's idea earlier.

The most reliable is, and will be, bitcoin. Maybe this is turning into a religion for many, but today there are very few coins that you can really trust with your money.