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Title: Rules to follow with bitcoin to live a happy life. Post by: cafter on March 30, 2023, 02:49:25 PM Many people/I come to crypto for making so much money, But I am in loss now, I want to share some rules and mistake that beginner or most of the people make that is harmful for there mental and physical health.
1. Keep most of your holding in BTC 2. Swing trade is good 3. never take leverage more then you can afford to hold for a night and sleep with no worry. 4. Just buy and hodl, Keep our coins off the exchanges. 5. Never gamble with money/crypto you cannot afford to lose, Or never ever gamble 6. Do not worry just hodl and do your regular work. just forget about bitcoin after taking coins off the exchanges(do not forget of phrase and keys) 7. if you hold big amount then apply every kind of security available, to keep your keys safe. 7><8. Always read terms and conditions before signing up or depositing on a crypto related platforms. 8. Stay away scammy schemes The recent growth of cryptocurrencies has given rise to numerous opportunities for fraud. It is important to be aware of the risks related to it because scammers are constantly searching for innovative ways to manipulate victims in order to steal their assets or demand money from them. To protect our assets from cryptocurrency scams, we must be vigilant and cautious and have the ability to recognize when we are the target. Scammers frequently use some of this techniques to trick people: -Small investment large gains: Any investment scheme that asks you for money and in exchange for unrealistic profit expectations or massive assured cashouts within little period with little to no risk is probably a fraud. We should always be wary of any information offering high and unrealistic profits with no effort or hard work involved since fraudsters are going to any extent to make absurd promises merely to get naïve individuals in. If anything sounds too appealing to be true, then it's certainly not true and is most likely a scam. -promises of quick money and giveaways: New investors are always greedy, which is why scammers use giveaways to get their attention in order to obtain all of the necessary information from the addresses they provide to aid their work. As a beginner, avoid giveaways because no one has free money to give you; instead, you must work hard. -No trading experience needed: Scammers will tell you that you don’t need any trading experience or any specialized knowledge to participate all you need to do is invest then relax while they update you on how to go about it. Some will tell you that everything occurs without human intervention. Hence, you don’t need to know anything. Avoid falling for the such trick, it's all an effort to manipulate you so they can extort money from you. -High pressure tactics: A key indicator of a potential scam is if you receive repeated messages and calls from the investment firm urging you to act quickly or risk losing the opportunity, Bonuses, or discounts that are being offered at the time. So it's Always important to take your time to research well and fully comprehend what you are getting into. As a new cryptocurrency user we should never forget that there are some people who are always after our assets and they will go to any extent to steal them from us so we should be vigilant and safeguard ourselves and assets from any form of scam. Never feel any advice is insignificant and don’t overlook minor details they can be useful you might never know And always have in mind that there is nothing like free or easy money. some ways to avoid fraud -Never give out your personal information to anyone you meet online. -Research and conduct a proper background check on every investment opportunity thoroughly before you invest. -Double checking on website links to be sure its the right ones and avoid clicking on links from unexpected social media messages or emails. -only invest in things you understand. -Ignore people who come out from nowhere asking you to invest and join a platform you don't know about. -Ask questions before you act. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: CryptSafe on March 30, 2023, 03:26:24 PM Many people/I come to crypto for making so much money, But I am in loss now, I want to share some rules and mistake that beginner or most of the people make that is harmful for there mental and physical health. 1. Keep most of your holding in BTC 2. Swing trade is good 3. never take leverage more then you can afford to hold for a night and sleep with no worry. 4. Just buy and hodl, Keep our coins off the exchanges. 5. Never gamble with money/crypto you cannot afford to lose, Or never ever gamble 6. Do not worry just hodl and do your regular work. just forget about bitcoin after taking coins off the exchanges(do not forget of phrase and keys) 7. if you hold big amount then apply every kind of security available, to keep your keys safe. 8. Stay away scammy schemes The recent growth of cryptocurrencies has given rise to numerous opportunities for fraud. It is important to be aware of the risks related to it because scammers are constantly searching for innovative ways to manipulate victims in order to steal their assets or demand money from them. To protect our assets from cryptocurrency scams, we must be vigilant and cautious and have the ability to recognize when we are the target. Scammers frequently use some of this techniques to trick people: -Small investment large gains: Any investment scheme that asks you for money and in exchange for unrealistic profit expectations or massive assured cashouts within little period with little to no risk is probably a fraud. We should always be wary of any information offering high and unrealistic profits with no effort or hard work involved since fraudsters are going to any extent to make absurd promises merely to get naïve individuals in. If anything sounds too appealing to be true, then it's certainly not true and is most likely a scam. -promises of quick money and giveaways: New investors are always greedy, which is why scammers use giveaways to get their attention in order to obtain all of the necessary information from the addresses they provide to aid their work. As a beginner, avoid giveaways because no one has free money to give you; instead, you must work hard. -No trading experience needed: Scammers will tell you that you don’t need any trading experience or any specialized knowledge to participate all you need to do is invest then relax while they update you on how to go about it. Some will tell you that everything occurs without human intervention. Hence, you don’t need to know anything. Avoid falling for the such trick, it's all an effort to manipulate you so they can extort money from you. -High pressure tactics: A key indicator of a potential scam is if you receive repeated messages and calls from the investment firm urging you to act quickly or risk losing the opportunity, Bonuses, or discounts that are being offered at the time. So it's Always important to take your time to research well and fully comprehend what you are getting into. As a new cryptocurrency user we should never forget that there are some people who are always after our assets and they will go to any extent to steal them from us so we should be vigilant and safeguard ourselves and assets from any form of scam. Never feel any advice is insignificant and don’t overlook minor details they can be useful you might never know And always have in mind that there is nothing like free or easy money. some ways to avoid fraud -Never give out your personal information to anyone you meet online. -Research and conduct a proper background check on every investment opportunity thoroughly before you invest. -Double checking on website links to be sure its the right ones and avoid clicking on links from unexpected social media messages or emails. -only invest in things you understand. -Ignore people who come out from nowhere asking you to invest and join a platform you don't know about. -Ask questions before you act. In as much as you have stated this opinions of yours, there are still more to be added but this few would likely add up to compliment the already existing ones above; 1. Do not compell or force anyone all in the name of convincing them to invest in bitcoin or Crypto. 2. Do not panic selling and buying of bitcoin 3. When transferring of bitcoin or other Crypto currencies do well to cross check the wallets from both ends before transferring. 4. Always confirm from the receiver of every transactions before sending to be sure if the deal, wallet address and transaction is still valid. 4. Do well to also send the receipt of your deal or transaction hash to your end receiver for avoidance of doubt. 5. If doing a transaction with some one close to you and you have a lots of funds in your wallet from which you want to pay from, try your possible best to move out the payment funds from that holding wallet address and mix it up so that they do not know and.see your wallet value. Atleast with this few options of mine, one can be able to play cool in the industry while being safe. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Ojima-ojo on March 30, 2023, 03:39:31 PM What I believe in Bitcoin is just one primary rule which is to hold your Bitcoin and doesn't get distracted with altcoin or any mentality that can stage your Bitcoin accumulation mentality because you need all the motivation you can get as you journey with Bitcoin.
While you are at that, keep in mind that your bitcoin can only gian value in the long term and avoid the frequent exchange of your BTC. To be sincere with you, I have been 100% bullish on bitcoin and since there are fundamental rules guiding us we must create our own Bitcoin part-way based on knowledge and what have you. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Supreemo on March 30, 2023, 03:42:39 PM i can also add a few:
1. buy bitcoin not as a short term plan but as an untouched investment 2. if you have cold keys, store it in a secure place where you can easily find it 3. have an emergency money so you don't have to touch your untouched investment 4. always leave options so you can be flexible most of the time. investing isn't all investing if you don't have any spare cash for emergencies or for savings. you don't know what will happen in the future not only in crypto but in real life, it's better to be safe than sorry. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: CryptoHeadlineNews on March 30, 2023, 03:43:58 PM In addition to the few rules to follow if they want to live a happy life with Bitcoin also include staying away from buying Bitcoin cold wallets such as 'Ledger Nano X" from a third-party website (e.g Amazon.com), as they are likely to be infiltrated with a trojan virus, capable of making any fund deposited into it gets hacked. As there have been a series of complaints about people losing their funds.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Zaguru12 on March 30, 2023, 03:48:12 PM Everyday one just has to scroll through tips of holding bitcoin.
1. Keep most of your holding in BTC In has much has I prefer having investments in bitcoin because of it been a store of value and also its ability to hedge against inflation compared to fiat. It is still too early to have ones major holdings in bitcoin rather it should be diversified into also fiat. A percentage of 20 to 30 in bitcoin will ease the burden of having to sell off coins every time one faced with emergency and needs funds. Quote 8. Stay away scammy schemes This easiest way to stay way from this to believe that there isn’t any way to earn free bitcoin like in the past. Airdrops suggesting to link ones bitcoin to a particular site are just phishing schemes that should be avoided at all cost Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Aikidoka on March 30, 2023, 04:03:29 PM I agree with what the OP stated but in addition to that, you shouldn't focus more about money if you're already making enough, you should focus more in things that makes you happy and makes you feel good in the bitcoin community, also to try to make the right choices when investing and think wiesly before any decisions especially when you're dealing with money because that would effect you after. Personally, I am focusing on my work in real life while also being here to earn bitcoin because I find it really interesting. Bitcoin is a new technology that has the potential to be further developed in the future.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Ucy on March 30, 2023, 04:55:33 PM I wish you are qualified to give this kind of advice considering you made a mistake you are probably regretting. You made important points though especially concerning gambling. I typically advice people never to gamble at all in Crypto or life in general but always learn or experiment with amount of money (or something) they can afford to risk until they are knowledgeable/experience enough to invest higher amount. It's OK to find people who are consistently profitable or right to guide you. If they are consistent and right always without cheating it's a sign they are reputable or of good moral.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: GeorgeJohn on April 03, 2023, 09:23:25 AM 1. Do not compell or force anyone all in the name of convincing them to invest in bitcoin or Crypto. In bitcoin many things have to be consider as the factors, but the major thing we have to know is to our target and also be observant in cryptocurrency kind of transactions especially bitcoin or your preferable coin, reaching to your number one (1) point of view, its obvious that when you introduce someone wrongly concerning cryptocurrency investment when it goes wrong you are to be blame, so that's the reason while someone need to have interest before you can go in details explaining what's obtainable in cryptosphere. The aspect number two (2), you need to microscope the gravity of market before panicking to sell, this are one of the reasons we have to know before investing in bitcoin and secondly investment in bitcoin is not good to use all your capital to invest in bitcoin.2. Do not panic selling and buying of bitcoin 3. When transferring of bitcoin or other Crypto currencies do well to cross check the wallets from both ends before transferring. 4. Always confirm from the receiver of every transactions before sending to be sure if the deal, wallet address and transaction is still valid. 4. Do well to also send the receipt of your deal or transaction hash to your end receiver for avoidance of doubt. 5. If doing a transaction with some one close to you and you have a lots of funds in your wallet from which you want to pay from, try your possible best to move out the payment funds from that holding wallet address and mix it up so that they do not know and.see your wallet value. Atleast with this few options of mine, one can be able to play cool in the industry while being safe. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: ancafe on April 03, 2023, 12:24:43 PM When it comes to investment the main step that must be considered is the opportunity, where every process carried out will generate profits, but to achieve the correct investment standards we are required to choose the best and have evidence for us to hold on to. Bitcoin has provided many reliable sources for investing and that's why many people are choosing it today. Taking risks to support investment steps is not a problem, as long as we understand the investment process that we will run, bitcoin has been tested to be able to maintain investment value and many of us already know this correctly.
If we already have confidence in the investment based on the initial analysis, then asset security is a step to consider and I believe most of us understand the purpose of this security measure, store bitcoins in safer wallets and avoid storing them on exchanges. Thus we are not gambling, but preparing the best investment to improve financially in the future. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Obari on April 03, 2023, 12:36:33 PM All your points are great @OP and It seems you said you are already making loss in crypto and how the do.yoi think your points will help guaranty success and a happy life in Bitcoin? (Just curious).
~I also want to add that no matter how much your hodlings are, please sure you have a very strong security and if possible get the two factor verification for transactions on your wallet. ~ while selling your coins on a p2p platforms, never ask to deal outside of the exchange and never click on any link as some phishing links are capable of bridging your wallet security and making approval for your coin release. ~ rather than jumping into investing immediately, it will be more better you take more time to ready and study what your about getting into. Above all, I want you to understand that nothing is guaranteed in the crypto industry and you're responsible for every action you take, hence be careful while dealing with crypto. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: BTCBroker2016 on April 03, 2023, 03:21:16 PM Even though I strongly believe in BTC but I more believe in diversification value, so I don't invest all my money in BTC
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: coupable on April 03, 2023, 11:34:24 PM i can also add a few: This is an important point and is the most important of all the recommendations the OP made. It is very important for a bitcoin user to learn how to keep his money in a private wallet and to avoid storing it on trading platforms. The best thing to do is get a hardware wallet. One of the biggest mistakes that many users make is lack of sufficient knowledge of some important details in the Bitcoin protocol that explain the correct ways to use it. There are many threads on the forum that explain these details in simple words.1. buy bitcoin not as a short term plan but as an untouched investment 2. if you have cold keys, store it in a secure place where you can easily find it 3. have an emergency money so you don't have to touch your untouched investment 4. always leave options so you can be flexible most of the time. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: sheenshane on April 03, 2023, 11:54:32 PM All stated above was right and I tend to agree, there are too many too of them if we mention them one by one.
The most important thing is that we understand how Bitcoin will work and how to secure it. Know how to manage your risk and investment responsibly, leading to a happier life. Always remember these.
It's very important that connect all mentioned above. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: n0ne on April 03, 2023, 11:59:53 PM Setting rules is not gonna be effective with each and everything. With traditional form of investment this could be effective, where with bitcoin and other cryptocurrencies we need to take decisions according to the market situation. Only then it is possible to book profit. We may follow the rules and hold for five years of time, in between the market reaches the ath price. By the time we know it is the ath yet we don't sell. Further the market crashes, what is the use of following the rules. With cryptocurrency making decisions associated with the market movements were the best.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Sayeds56 on April 04, 2023, 12:34:48 AM Setting rules is not gonna be effective with each and everything. With traditional form of investment this could be effective, where with bitcoin and other cryptocurrencies we need to take decisions according to the market situation. Only then it is possible to book profit. We may follow the rules and hold for five years of time, in between the market reaches the ath price. By the time we know it is the ath yet we don't sell. Further the market crashes, what is the use of following the rules. With cryptocurrency making decisions associated with the market movements were the best. I agree with your viewpoint that we should take advantage of volatility of crypto market, which provides trading opportunities to make profit, if we take right entry and exit decisions, but it is not so easy, as it is very difficult to predict the next move of the market unless you are well skilled to make technical analysis and know how to secure your trade buy using risk and money management tools, in case market goes against your position. For newcomers in crypto market, it is always better to buy Bitcoin during the bear market and wait for bull run to book profit on your investment. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: peter0425 on April 04, 2023, 01:03:35 AM Have something for holding and separate the funds for trading ok? that must be on the list and you must literally learn from that.
sharing the funds for trading and holding will be serve you mistake in decisioning , we must understand that in crypto? nothing is certain but speculation , that is what we need to take and only invest the funds whos in not so important needs. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: drwhobox on April 04, 2023, 01:27:10 AM Have something for holding and separate the funds for trading ok? that must be on the list and you must literally learn from that. I don't think you need a list for investing on cryptocurrency, because you will only invest in some selected coins. Though it is only preferable that you invest only on bitcoin.sharing the funds for trading and holding will be serve you mistake in decisioning , we must understand that in crypto? nothing is certain but speculation , that is what we need to take and only invest the funds whos in not so important needs. I agree on that part that only invest the funds you can afford to lose. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: TravelMug on April 04, 2023, 01:50:08 AM I don't know though, it seems that sometimes we make things complicated with our bitcoin investment. So this rule is so rigid to follow in my opinion. For me just continue to accumulate as much as you can long term, keep it in a secure place and sell it at the right time, in the bull run to make huge profits.
I don't like to muddle and make it hard for me to understand what bitcoin investment is, just saying. Maybe if a newbie saw a lot of rules or what not, they might believed that bitcoin investment is very hard. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: tbct_mt2 on April 04, 2023, 03:16:17 AM 1. Keep most of your holding in BTC It's correct but it's not enough. You must store your BTC in non custodial wallets and must back up that wallets safely too.Quote 2. Swing trade is good It's only good if you know when to trade swing and when you should not. If you trade swing when market is about to change its direction, you will lose your bitcoin by selling low, waiting for lower price to buy back but bitcoin soars and you end that trade with buying back at much higher price. You end it with less amount of BTC than when you started. Quote 3. never take leverage more then you can afford to hold for a night and sleep with no worry. If you use leverage, hold your position over night is terrible idea. Some days, you can wake up and see your account is mostly emptied by margin call and liquidation.Quote 4. Just buy and hodl, Keep our coins off the exchanges. A more detailed Reminder: do not keep your money in online accounts (https://bitcointalk.org/index.php?topic=5421039.0)Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Plaguedeath on April 04, 2023, 05:00:28 AM Don't forget to stay away against all of shitcoins including to get those coins e.g. airdrop, bounties, etc because they will ask you to follow their rules and it's carry a risk that can compromised your coins e.g. submit KYC, installing their application, click random link etc.
In short, just hold your coins on hardware wallet, focus to make more money in your real life jobs, learn about security and privacy matter. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: mvdheuvel1983 on April 04, 2023, 05:09:33 AM Many people/I come to crypto for making so much money, But I am in loss now, I want to share some rules and mistake that beginner or most of the people make that is harmful for there mental and physical health. The psychological stress that comes as a result of being overleveraged cannot be compared with anything in this world. It is so draining emotionally. You can't eat, you can't sleep, every second your heart is racing and can even lead the individual to make rash decisions that could result in a significant loss of assets. Imagine still being required to pay a loan you requested when the market crashes. How do you repay? You request for a loan from someone else to repay the current loan. This is too much for anyone to handle. 3. never take leverage more than you can afford to hold for a night and sleep with no worry. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: josephsonand on April 04, 2023, 05:49:30 AM Swing trading is like a rollercoaster ride, sometimes it's fun, sometimes it makes you sick. But hey, at least you get to ride the ride.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: jrrsparkles on April 04, 2023, 01:08:21 PM The simplified version is just HODL no matter what, so you don't lose the value cause you still hold x amount of Bitcoin which swings in terms of fiat value but in sats the amount will be same so as an investor you're not in a loss unless you sell for lower price than you bought.
Trading is good but it's not really needed for everyone so being investor is different from investor. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: imamusma on April 04, 2023, 01:23:15 PM I don't know though, it seems that sometimes we make things complicated with our bitcoin investment. So this rule is so rigid to follow in my opinion. For me just continue to accumulate as much as you can long term, keep it in a secure place and sell it at the right time, in the bull run to make huge profits. Sometimes your assumptions are correct in some cases, but it really depends on each investor's plans and budget.I don't like to muddle and make it hard for me to understand what bitcoin investment is, just saying. Maybe if a newbie saw a lot of rules or what not, they might believed that bitcoin investment is very hard. I can say that sometimes some people know how to put good security on their assets and they know the tricks, but they don't have that many assets to get that high of security. It doesn't make sense to me because just storing it in an open source online wallet is safe enough with simple security method like Electrum. I think it's still fine and safe to keep $100 worth of bitcoins in Electrum or perhaps another open source wallet, but if it's larger investment like $10k or more then it's appropriate to suggest they store it in a hardware wallet. I agree that hardware wallet provides better level of security, but its use as storage wallet only has to be adjusted according to each individual's budget and investment plan. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Sayeds56 on April 04, 2023, 01:28:47 PM Have something for holding and separate the funds for trading ok? that must be on the list and you must literally learn from that. sharing the funds for trading and holding will be serve you mistake in decisioning , we must understand that in crypto? nothing is certain but speculation , that is what we need to take and only invest the funds whos in not so important needs. It is a good idea to divide portfolio in two parts, one for long term and other one for trading purpose. Bitcoin is the best asset to hold in long term portfolio and 2nd best is Ethereum which has very strong use case. In order to generate profit in trading & increase worth of portfolio, learning technical skills is important to take right buying and selling decisions at the right time. Additionally, good knowledge of risk/money management is equally important to prevent major trading losses. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: cafter on April 04, 2023, 01:38:50 PM Have something for holding and separate the funds for trading ok? that must be on the list and you must literally learn from that. sharing the funds for trading and holding will be serve you mistake in decisioning , we must understand that in crypto? nothing is certain but speculation , that is what we need to take and only invest the funds whos in not so important needs. It is a good idea to divide portfolio in two parts, one for long term and other one for trading purpose. Bitcoin is the best asset to hold in long term portfolio and 2nd best is Ethereum which has very strong use case. In order to generate profit in trading & increase worth of portfolio, learning technical skills is important to take right buying and selling decisions at the right time. Additionally, good knowledge of risk/money management is equally important to prevent major trading losses. yes, if your prediction is wrong in most of the time then this skills, like you told ^ are save you from loses, and most of the time market does opposite or you are wrong about that speculation then bankroll management is important (like in gambling) Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Aanuoluwatofunmi on April 04, 2023, 01:53:32 PM 1. Keep most of your holding in BTC And after this had been done, also ensure that you are having tour bitcoin in your wallet and not with centralized exchanges, this gives you control over it, you can have it on an open source cold storage, this is also very important in making sure you don't risk loosing your entire asset to the hands of excha. 2. Swing trade is good I believe this is only good for you, it may not be for others, therefore consider the best trading pattern for yourself when starting, this could be day trading, swing, position or any other one, we should work by what is good for us and not for others, because at the end, it's your money that is involved and at stake. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: cafter on April 04, 2023, 01:59:49 PM 1. Keep most of your holding in BTC And after this had been done, also ensure that you are having tour bitcoin in your wallet and not with centralized exchanges, this gives you control over it, you can have it on an open source 2. Swing trade is good I believe this is only good for you, it may not be for others, therefore consider the best trading pattern for yourself when starting, this could be day trading, swing, position or any other one, we should work by what is good for us and not for others, because at the end, it's your money that is involved and at stake. just solved some mistakes Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Faisal2202 on April 04, 2023, 02:18:34 PM Many people/I come to crypto for making so much money, But I am in loss now, I want to share some rules and mistake that beginner or most of the people make that is harmful for there mental and physical health. your points are so generic but still most of the time people ignore them and lost there money like a community member in of our local board forgot to save his key phrases in which he had like maybe few hundred dollars but after making few attempts he found a useful way to get that assets back by using some parent and child relations of wallets. Point is no wonder how experienced you are, mistakes are prominent. You mostly focused on saying that we should do only that which involve less tension and attention i think crypto is full of both. Like without tension you will give no attention to market. These are ignorable when you are hodling BTC for like decades but if you are hodling them for shorter period of time like even for 1 year of 2 years then observing market is advisable because in this way you will be familiar with the market trends and sentiments. but avoid to fall into market sentiments traps while observing them. investing isn't all investing if you don't have any spare cash for emergencies or for savings. You are totally right, money is not to just store but to get used, a few days back I read a topic where OP says, he locked his savings of BTC so that in future emergencies he could not use them, in my point of view that was not a good idea. But he also mentioned that he will tend to use his savings from other sources. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: bettercrypto on April 04, 2023, 02:36:22 PM Not bad for putting effort into the matter you made this topic. It is always said to other communities that, if anyone enters the crypto industry, he should know for himself whether he is a long-term or short-term investor?
Because if you know where you are categorized, for sure the direction of what you will do in the future is good at least as long as the coins you choose are right except for Bitcoin which is really proven and tested in the long-term. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Oasisman on April 04, 2023, 02:45:11 PM Rules to follow with bitcoin to live a happy life. That's just too many rules lol. Let's just cut it into two simple rules. 1. Hodl till the most desirable target acheived. 2. Constantly buy while you're hodling. This way you'll get away from the stressful market swings. Just sit back and relax wait for a few years and you'll most probably going to have the best retirement funds. This will for everyone though. Well, not for the impatient ones lol. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: alastantiger on April 04, 2023, 04:23:39 PM All the rules listed in this thread are all nice and right.
Living a happy life with bitcoin is simple to those who understand the pattern of bitcoin investment. Holding in bitcoin gives you a relaxed mind while dealing with bitcoin. Not just investing and holding, u must have another source that generates income for you while you hold your bitcoin for a longer time. Most people don't do research or ask questions about bitcoin investment. With the above listed rules, i believe most of us will learn and also teach others. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Accardo on April 04, 2023, 05:20:28 PM Not just investing and holding, u must have another source that generates income for you while you hold your bitcoin for a longer time. You got it right, that's another angle of successfully holding bitcoin, which alot of people dont practice. It helps hodling Bitcoin and also improves profits for investors and traders. Taking few bucks out of your BTC wallet to solve financial disputes affects the profits rate of the trader, because the market could get bullish the next day. Also, its a sure guarantee for losses. I've read the article Op posted in the past and those are valid instructions for intending holders who wish to perform well in the market. Hence, everyone knows what works best for them, it's a personal experience. The method we see on blogs are generalized. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Flexystar on April 04, 2023, 06:46:52 PM Um, that's a pretty good article but let us not put any rules on Bitcoin space because it is itself an entire universe in which you can learn, adapt and exchange many things over time. Blockchain is the mother of all, bitcoin is a child roaming on the highway of the same. To be happy in your life bitcoin won't do much except give you profits and losses pretty much the same as any other asset/currency would do in the long run.
If you want to be happy with the bitcoin then simply hold one and ride the roller coster with it. There gonna be ups and downs as we pass the bitcoin journey in our lives. You can't control it, you can't change anything in it (technically). Just save up some money in bitcoin now and then, hold "your own keys" and that's enough to ask for happy life in the future. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: StarKay on April 04, 2023, 06:50:34 PM I totally agree with your number one rule but I don't fully understand why you added swing trade is good to your rules. To me swing trade seems like gambling, you can either gain or lose. One major rule should be to invest in Bitcoin, keep a part of your savings in BTC regularly and secure it properly. Do not worry about the price because in the long term BTC is always bullish.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Fivestar4everMVP on April 04, 2023, 07:18:16 PM Have something for holding and separate the funds for trading ok? that must be on the list and you must literally learn from that. I don't think you need a list for investing on cryptocurrency, because you will only invest in some selected coins. Though it is only preferable that you invest only on bitcoin.sharing the funds for trading and holding will be serve you mistake in decisioning , we must understand that in crypto? nothing is certain but speculation , that is what we need to take and only invest the funds whos in not so important needs. I agree on that part that only invest the funds you can afford to lose. And again, sorry to say, but investing only in bitcoin is not wise, it is absolutely more wiser if one diversify their crypto portfolio, it iis alright to have the bigger potion of your portfolio centered in bitcoin, but also see that you invest in other coins too, cus even during a bull run, there are coins that will put perform bitcoin. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: sunsilk on April 04, 2023, 07:25:48 PM I totally agree with your number one rule but I don't fully understand why you added swing trade is good to your rules. To me swing trade seems like gambling, you can either gain or lose. One major rule should be to invest in Bitcoin, keep a part of your savings in BTC regularly and secure it properly. Do not worry about the price because in the long term BTC is always bullish. Maybe he just likes to swing trade. Not everyone do like to trade at all, that's why many of us will just choose to buy and HODL for a long time and that's all set.If we don't want to take the risk of swing trading, we can just simply be happy what we've chosen and that's to just HODl. And keep everything go according to what the market is showing and that's to be patient. Other factors depend on how you're making your life satisfied. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: cafter on April 04, 2023, 07:26:42 PM I totally agree with your number one rule but I don't fully understand why you added swing trade is good to your rules. To me swing trade seems like gambling, you can either gain or lose. One major rule should be to invest in Bitcoin, keep a part of your savings in BTC regularly and secure it properly. Do not worry about the price because in the long term BTC is always bullish. swing trade means holding your trade for about a week or month, and intraday or day trading is like quick trades like holding 30minutes or so, when we trade intra day we need to take quick decision which will result in our psychology and discipline, we will take trade in revenge mode, so in swing trade we can take trade by focus we have time to decide when to enter a trade, swing trade is also good and bad it's everyone's own choice, but i added that point because it is good in ^ a way Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Sayeds56 on April 05, 2023, 11:43:40 AM swing trade is also good and bad it's everyone's own choice, but i added that point because it is good in ^ a way Swing trading can be profitable strategy for those with good technical skills/understand chart patterns and have ability to capture short term profit opportunities, either by taking long or short position. Unlike day traders they hold their position for few days or weeks until they can close their position in profit. However, this strategy is also associated with risk, particularly when you do margin or future trading. It is always better to use risk management tools to avoid sudden and unexpected losses. Using risk management is always important to mitigate potential losses and increase chances of success. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Bitcoin_people on April 05, 2023, 01:12:46 PM I think it is possible to make good profits in the future if you understand the position of Bitcoin and buy it. If you can analyze the current Bitcoin market, then you can definitely get some idea about the future of Bitcoin. and if you understand the concept of Bitcoin then you will definitely invest. Invest your money as much as possible and hold it for long term rather than short term. then surely you can gain reputation as a good investor in future and earn good money by investing in Bitcoin. So investing in bitcoin is the only way I feel to change my life is to take advantage of the opportunity to invest in bitcoin.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: FrozenBit on April 05, 2023, 01:42:31 PM Some of the experience suggestions people have come up with are quite interesting, but I find most of them to be things that need to be experienced. And our investments are not all the same, so no one is the most complete in its own opinion. It seems to me that if we have known bitcoin and the market long enough we can all have our own reasons and suitability to the investment, and in theory happiness occurs when the investment is profitable and beneficial to the self. like everyone else. And with a new environment, along with the small scale, the opportunity or the risk that also comes with it, I find that simply accumulating bitcoin over time is enough to make me satisfied and grateful.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: kryptqnick on April 05, 2023, 02:02:35 PM What the op lists is largely covered by a strategy of long-term holding of Bitcoin and by a rule of not investing what one can't afford to lose. Another is ensuring secure storage of coins and being careful around centralized platforms (not your keys, not your coins). So to me, it's 3 rules, not 8. I believe it's also important to have goals and what-if scenarios planned out. What is the target price/value of Bitcoin when you think you should sell/spend your coins? Or is it based on a duration of holding or other time-specific events? What if Bitcoin loses a lot of value and it starts looking like it's not recovering this time? Like, what if it goes to $15k, then to $10k? Do you cut losses or keep hodling no matter what? What if there's a serious objective change in the world that makes Bitcoin potentially less relevant or even useless (like WW3, a leap in quantum computing etc.)? Having plans to complement the overall strategy can be useful because you'll be prepared if something happens and since currently the situation is alright, you have time to calmly think and make decisions in advance.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Bananington on April 05, 2023, 02:08:49 PM 5. Never gamble with money/crypto you cannot afford to lose, Or never ever gamble This is just theory to many people, in practical sense, many people are gambling with the intention to double the money they have. They see gambling as a way to make money.7. if you hold big amount then apply every kind of security available, to keep your keys safe. 8. Stay away scammy schemes Scammy schemes are the "too good to be true offers".Title: Re: Rules to follow with bitcoin to live a happy life. Post by: FanEagle on April 05, 2023, 04:05:02 PM There are too many people who try to give life advices but I am pretty sure that there is none needed anymore. All the things that is needed to be done is the only thing that we need in the end. I feel like we shouldn't really do a big thing out of trying to make people live a decent life with these words and sentences and so forth. People can look for online and see a billion example of this, there is no need to write it again and again.
The trouble is psychological for most people, me included, we know how to, we just don't do it, not because we don't know how to, but because we fail to have the desire to do it in the end. I can't, I am sick and failing to get better these days, not because I don't know how to get well, but don't have the desire to get better. Same logic. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: cafter on April 05, 2023, 06:46:37 PM There are too many people who try to give life advices but I am pretty sure that there is none needed anymore. All the things that is needed to be done is the only thing that we need in the end. I feel like we shouldn't really do a big thing out of trying to make people live a decent life with these words and sentences and so forth. People can look for online and see a billion example of this, there is no need to write it again and again. The trouble is psychological for most people, me included, we know how to, we just don't do it, not because we don't know how to, but because we fail to have the desire to do it in the end. I can't, I am sick and failing to get better these days, not because I don't know how to get well, but don't have the desire to get better. Same logic. yes, it happened to me also, you said is all correct. i learned so many things but not have desire to do it . Title: Re: Rules to follow with bitcoin to live a happy life. Post by: mendace on April 05, 2023, 09:10:06 PM I think it is possible to make good profits in the future if you understand the position of Bitcoin and buy it. If you can analyze the current Bitcoin market, then you can definitely get some idea about the future of Bitcoin. and if you understand the concept of Bitcoin then you will definitely invest. Invest your money as much as possible and hold it for long term rather than short term. then surely you can gain reputation as a good investor in future and earn good money by investing in Bitcoin. So investing in bitcoin is the only way I feel to change my life is to take advantage of the opportunity to invest in bitcoin. I don't really agree, because I keep repeating it but it's not healthy for Bitcoin to have such an approach. I'll explain why, you say that Bitcoin will have great exponential growth in the future and that you feel confident in the investment you have made. Now let's put this hypothesis and that everyone holds their own Bitcoins, what happens? Absolutely nothing. Because you are using it as an asset, as a store of value and not as the means of payment for which it was born. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: South Park on April 05, 2023, 09:18:41 PM I think it is possible to make good profits in the future if you understand the position of Bitcoin and buy it. If you can analyze the current Bitcoin market, then you can definitely get some idea about the future of Bitcoin. and if you understand the concept of Bitcoin then you will definitely invest. Invest your money as much as possible and hold it for long term rather than short term. then surely you can gain reputation as a good investor in future and earn good money by investing in Bitcoin. So investing in bitcoin is the only way I feel to change my life is to take advantage of the opportunity to invest in bitcoin. I don't really agree, because I keep repeating it but it's not healthy for Bitcoin to have such an approach. I'll explain why, you say that Bitcoin will have great exponential growth in the future and that you feel confident in the investment you have made. Now let's put this hypothesis and that everyone holds their own Bitcoins, what happens? Absolutely nothing. Because you are using it as an asset, as a store of value and not as the means of payment for which it was born. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: TribalBob on April 05, 2023, 09:26:19 PM different people have different rules, but the rules you give are good enough for beginners,
the rule for myself that I have applied until now is "not make a deposit using money from a personal wallet" I don't want to experience excessive losses and be sad if my money is lost in crypto if i can earn free why should i spend money on crypto because my goal to earn money from crypto is not wasting money on crypto Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Lanatsa on April 05, 2023, 09:50:40 PM different people have different rules, but the rules you give are good enough for beginners, If you could able to earn crypto and able to save it up then it would be good but its not bad to buy up coins for future investment but of course it would really be depending on which coins are you really that the rule for myself that I have applied until now is "not make a deposit using money from a personal wallet" I don't want to experience excessive losses and be sad if my money is lost in crypto if i can earn free why should i spend money on crypto because my goal to earn money from crypto is not wasting money on crypto saving up. When it comes to the security of your assets then it would really be that normal that you would really be needing to follow those basic security measures and be aware on what you are doing. Saving up and accumulate is something that we do really need to do but of course its not an assurance that it would really be still existing on the future or on our life time. Just live according into your way of living and this is where happy life would be as long you are really that contented. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: tygeade on April 06, 2023, 08:30:36 PM Swing trading can be profitable strategy for those with good technical skills/understand chart patterns and have ability to capture short term profit opportunities, Swing trading is something that professionals do and not something we should be doing if we do not have any idea at all how to do it. I personally believe that the best thing to do would be making sure that it is going to be something valuable, and in order to do that we should be building something that is as well as hoped for. I am not saying that it is going to be amazing to achieve, of course it is a risk and we shouldn't take that if we are not ready. either by taking long or short position. Unlike day traders they hold their position for few days or weeks until they can close their position in profit. However, this strategy is also associated with risk, particularly when you do margin or future trading. It is always better to use risk management tools to avoid sudden and unexpected losses. Using risk management is always important to mitigate potential losses and increase chances of success. However, only the people who reach to a super high level of technical understanding that would work and that's the part we need to continue doing so. I believe that I am not at that level, so I don't do it. Title: Re: Rules to follow with bitcoin to live a happy life. Post by: serjent05 on April 06, 2023, 10:35:37 PM I think nothing beats the rule of, spending or investing only what you can afford to lose. It is the best rule I ever followed. Spending free money and investing it in Bitcoin will lessen the stress if the Bitcoin price does not go in what we predicted or assumed. Investing the money we can afford to lose has no impact or bearing in our life if the investment goes southward but will greatly boost our happiness if it goes northward and give us huge profit. So whatever tactics and strategy or belief in our investment, to make it worry less, just invest the money that we can afford to lose.
Title: Re: Rules to follow with bitcoin to live a happy life. Post by: borovichok on April 07, 2023, 06:49:39 AM I think nothing beats the rule of, spending or investing only what you can afford to lose. It is the best rule I ever followed. Spending free money and investing it in Bitcoin will lessen the stress if the Bitcoin price does not go in what we predicted or assumed. Investing the money we can afford to lose has no impact or bearing in our life if the investment goes southward but will greatly boost our happiness if it goes northward and give us huge profit. So whatever tactics and strategy or belief in our investment, to make it worry less, just invest the money that we can afford to lose. I completely agree with you that you should only invest money that you can afford to lose. It's also a good idea to understand how the Bitcoin criterion works. Bitcoin is a top project that has survived when everyone believed it was the project's end. It started both the bull and bear markets. Investors who had money invested in a number of altcoins during that time were traumatized by their crashes and worried that Bitcoin would experience a similar fate. Investing in Bitcoin is easy and stress-free, and you may reap the rewards right away. Because I don't want to get greedy with the market and tend to stagnate on just the coin, I always triggered my profits when Bitcoin broke my Take-profit.Title: Re: Rules to follow with bitcoin to live a happy life. Post by: Kakmakr on April 07, 2023, 07:03:55 AM I personally think the biggest mistakes that people are making.. is just to hodl. People must remember one thing.... the Block reward will expire soon.. and the only way for miners to sustainably mine Bitcoin, is if the transactions increase, because the Block reward will be replaced by the Miners fees.
People should spend a little bit of the bitcoins to keep the transactions going, so that Bitcoin evolve into a currency.... then miners will continue mining in the future. :P |