Bitcoin Forum

Just make a basic how to get start in cryptocurrency for Trading, Wallet, Exchanges, Airdrops for newbies who always ask what to do, although its better to look and read them one by one on some most detail site, you can also look or read this if you want, I'm gonna give those who are most used if you are just getting started:

To get started in Trading
We have pancakeswap and Uniswap these are Decentralized exchange
What wallet do you need for these?
You will need metamask wallet these are set to your google chrome, or mozilla firefox browser dont forget to backup your Recovery Phrase, just in case then you can now connect to those decentralized exchange, note: for Pancakeswap(pancakeswap you should setup binance network in your metamask(https://metamask.io/)
For bitcoin there are lots of wallet like:
Hardware wallets like trezor, which i use, it also has wallet for altcoins so don't worry but its a bit expensive.
Electrum wallet, Exodus wallet
For Exchanges here are some most used exchanges:
Binance, MEXC, Poloniex, Coinbase,Houbi, Kucoin, and more you'll need to register and require KYC mostly of the exchanges, once completed you can now do trades and add funds for trading.
Airdrops most people do this to earn money without spending, but you need to be careful also you need separate wallet(https://metamask.io) for this to avoid, losing all your funds , because sometimes, wallets get hack by these. note: remember airdrop is not 100% sure that you will gain or get anything from it, sometimes its luck, some airdrops will need to spend money for examples running nodes , trading to their network, this are some of the task required.
in crypto How to setup the Wallet, Trading , Exchanges are some of the important things, also knowledge how to identify scam is also important to be learn because it will save you from losing assets.

Those who are brand new to this world must never start with any of the altcoins otherwise they will expose themselves to a whole lot of high risk situations that will result it lots of losses too. Just stick to bitcoin, learn how it works and how you should store bitcoin safely and how you should use it for transfer money.
Then if you liked this world you have to first study pump and dumps before getting started on altcoins!

My own 2023 advise comes in this way, I will first advise every newbies to take their time to learn cryptocurrency and get used to the whole thing before they can begin to start investing whereas they can begin with the learning through faucets and creation of demo accounts, i acceot this but know that some rewards you may get can be very little while some only teach and don't give at all, if you're done learning the basics then it's more safer to start your journey with investing on bitcoin for the beginning and avoid other altcoins till you're right and fully prepared for taking their risk considering how shitcoins and projects existed in cryptocurrency aside bitcoin.

Starting with decentralized exchange is not good idea in my opinion because the fees are high and not really user friendly so either they can start small amount with centralized exchanges and move funds to their wallet immediately when they have no intention of trading in near future.

Poloniex is not really recommended for trading which have many accusations against them and also faced hacks in past and I don't know they really gave any refunds for people who lost their funds so just go with Binance which is better compared to poloniex but keep in mind KYC is mandatory now on almost every centralized exchange.

Maybe Op wanted to lure potential traders into a more decentralized approach first. At least they are gonna be more safe than trusting centralized first. But you got a point, cause the fees on dex are eating a lot than cex. But of course this will depend on how the trader like which either he can prefer to use a lot of helpful indicators.

For beginners in trading, I never recommend using decentralized platforms because they require technical knowledge and the possibility of making mistakes is very likely, and of course he alone will bear the result of those mistakes.
Central platforms can be useful at this stage, especially platforms that give new registrants demo accounts to learn the basics of trading without the need to use real money. It is true that the central platforms require verification procedures, but they are good for beginners, as they provide the necessary support.
At an advanced stage, advise them to use trusted decentralized platforms and only use their own wallets for storage.

If you are just getting started with crypto this new year, know you should have started late but it is good you started still.

-Take your security seriously, It will hurt you a lot if your investments gets stolen.

-Learn to do your own research and follow less of what you hear people say.

-Don't let the bear market discourage you from continuing, it will pass.

-DCA-ing (dollar cost averaging) will do you a lot of good.

-Bitcoins remain the best to invest in.

It's one of the biggest mistakes newbies make. They come into the space, see all those projects listed by market cap and price and get confused. Like why is one project valued at billions but its price is in thousands of dollars and there's another almost as valuable project but its price is 10% of the other ones?
Also why is Tether so high on the list and it's priced so low. Why would I buy Bitcoin if it's so expensive compared to other projects? Maybe I'll invest in Tether?
Coinbase is paying me to make an account, so maybe it's the best exchange?
CZ from Binance says I'll lose money if I hold it on my computer so maybe I should let him keep it?

These are just a few of the questions I see newbies ask and I can tell you that it must feel like a death trap at first.

Long story short, buy bitcoin and hold it yourself!

Thank you for providing this information, OP. What I've learned so far about centralized and decentralized exchanges is that your funds are more secure in a decentralized exchange because you hold your private keys and have access to your money at any time, whereas a centralized exchange is more likely to be breached and your funds stolen or lost, as happened recently with FTX. As newcomers to the crypto world, different approaches can be used to determine which will be suitable for their investment.

Your coins are not very secure when dealing with a decentralized exchange. Your tokens or coins are stored in your wallet, but in order to carry out a trade (swapping from one token to another), you have to connect your wallet to a DEX, which exposes your assets to a DNS attack.

The use of DEX has its own disadvantages. wallet-to-DEX interaction -------> DNS attack -------> resulting in fund losses.

CEX also has its risks, like bridging security, which is why it's always advised to keep your funds off a CEX, unless you have something specific you want to use the funds for. 

Although, when carrying out a trade on a DEX, it is wise to use a hardware wallet because hardware wallets have some additional security and are often offline, which makes them hard to easily bridge.

So when dealing with DEX, you also have to trade with caution because wallets like Metamask, Trustewallet, and their likes can cause you to lose your funds when interacting with a DEX and being faced with DNS attack. 

Starting with altcoins is bad but using decentralized exchanges like Uniswap, Pancakeswap as a start with altcoins is more terrible idea.

Because on such decentralized exchanges, every one can list their tokens and add liquidity then make a rug pull. I agree that newbies shouldn't begin with altcoins but if they want to try with altcoins. They must choose altcoins which are listed on big centralized exchanges.

Check Score and Trust score of exchanges on Coinmarketcap and Coingecko.

https://coinmarketcap.com/rankings/exchanges
https://www.coingecko.com/en/exchanges

I genuinely think that the risk involved in Crypto trading should also be considered.

Furthermore, as a beginner and a brand new person to cryptocurrency trading, Altcoins are not a good place to begin.

It is important to understand the effects of altcoins, as well as try and view the effects altcoins caused to the crypto market in 2022.

A beginner should start by investing in Bitcoin, especially now that the price is low, then do some research and decide which altcoin to invest in, but always invest in Bitcoin to be on the safe side.

Those who are newbies are strongly discouraged from starting with Altcoins, if they do so they are pushing themselves into too many bad situations, this is a bad first step by entering into high risk spaces. if they were rookies at this point, Actually they were among the late ones in joining this world, But we are missing things about it.

There are many things that they have to learn and one of them is about strategies in Bitcoin or Altcoins, but it would be better for these beginners to turn their backs on Altcoins and put Bitcoin first when studying it, if it is well mastered, please implement it in the Cryptocurrency market.
It is likely that the impact they will get will remain positive with sufficient knowledge that they actually learn.

Well, I will say that for those who are joining crypto in this year 2023 my advice and opinion to you is that you should first of all know more about the crypto that you have investment inside, that means you have to read more of people discussion and post on here, so you will be 100% sure of the forum you're in and invest thousands of your time, and this should be the greatest forum that you will or always pay attention to, because bitcointalk has brought light into my master life and I am confirming the changed too in my own life too, they're a lot of people that are here since 2001 and they are the legendary with thousands of merits, this are the up leaders that we most go through there pages and read more about them in other to be more successful on here.

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Crypto has been a popular life changing qualified forum that everyone is expected to make money and leave a good life, I suggest the first thing you do as newbie is for you to always keep to bitcointalk rules and regulations everyday, and do not make mistakes in your post or posting things that we results to your account damage, 2023 is a year of new beginning, and how the year will end is also in your hand too, what really matters is your hard work and time, and this is for your own benefits, and attract your own strategies, to enable you to be a winner with a difference, there are no lost in bitcointalk but a permanent wisdom forever.

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My own opinion for those who are just starting in crypto this 2023 the effort you apply everyday in the crypto determine the results you earn and get each day, I have been here and being active is the number one rules in life and your coins are also safe and secured in this bitcointalk forum, there were one of my friend that joined this forum last year which was 2022 he took this bitcointalk very serious and now his thanking me for introducing him into this bitcointalk, as a newbie beginner you have to be a smart and reliable person that has patient in all that he do.

A newbie should not start bitcoin trading or crypto trading at all. First observe the crypto market for a while, learn, and then plan to start at the perfect time. A bearish market is always a time to buy bitcoin or other altcoins if anyone wants to trade crypto.
Start with a decent amount of bitcoin and then scale up the amount step by step, otherwise anyone can lose their motivation after losing their entire investment.

A newbie should not jump into the Ocean of Crypto world at first. I suggest he should learn first. He should gain knowledge as much as hen can get. And if he is thinking to invest so he shouldn't invest all money first time. He should start with small amount and should take knowledge how to trade or stake or others things which is better for earning.

As a newbie you can't just jump into crypto currency just like that without knowing more about cryptocurrency you've to know more about crypto currency you've to know more because you're investing big funds so you if you don't calm down and read and learn more about it you may lose your funds which will affect your business

I think newbies in crypto can start with a biggest crypto, Bitcoin.

Start with test net coins
Start with testnet of altcoins
Practice to create, recover wallets with testnet networks
Practice to make transactions on testnets. Claim testnet coins from Bitcoin, altcoin faucets and use them for transaction practice.

On mainnet, mistakes are expensive and you lost real money on main net.

If you are just starting to dive into Cryptocurrency for trading, the first thing you need to do is maintain the security of the assets in your wallet. Regardless of which exchange you use, never store assets there. You must always remember the message of the seniors here, without a private key it is not your asset. It is also necessary to pay attention to choosing a wallet to store Bitcoin, the case that happened to julerz12 here (https://bitcointalk.org/index.php?topic=5433643.0) can be used as a lesson for anyone.

Giving advice is perfectly acceptable, but try not to scare people who want to try something new in their life. Because basically those who have jumped into cryptocurrencies are sure to find out about things that they don't know at this point even though they haven't fully gotten them. But by continuing to learn and trying through the application of what he has read is very good, because learning without doing your own practice will not yield any results at all.

I don't think with bad advice for beginner start trading in your topic discussing, but have one thing miss about risk notice for all people make Cryptocurrency become their passive income. You have explained all details about decentralized exchange and how to use or connecting wallet for trading, swap and sent to CEX exchange like Binance, Huobi or OKX.

I think MEXC and Kucoin not required with KYC but have limited withdrawing in daily day, you can checked again about both exchange possibility for deposit, withdrawing and trading there without require with KYC, but get limited withdrawing under 2 BTC for Kucoin and MEXC seems have the same amount limited.

Exactly, altcoin is for the later, there are so many things to learn when it comes to altcoin compare to Bitcoin, too many things to be careful about but Bitcoin is more straight forward for newbies, I wished someone told me this years back, because I started with altcoins and I went through hell to understand how to play the game safe.

As someone who started with cryptocurrency in 2017, I see that the times hard changed a lot.

In the back old days, you'd need to have a Bittrex account, a Poloniex one and probably a Binance one.

But now? Things are a bit more complicated for a beginner - so I'll try to share some of the things that I think it's mandatory for a beginner to know:

1. understand the definition of a non custodial wallet - Within my years working in the crypto industry I've seen hundreds of people losing their wallet to a scammer because they don't know that their wallet was basically those xx words. Anyone that invites their friend should tell them that in order to protect them.
2. don't keep your funds on a CEX - at least not all of them. Unless it's a really really small amount. We've all seen how easy can a CEX fail and the 'not your keys not your coins' saying needs to be remembered any time.
3. learn how metamask works - MM is already a standard in the non custodial wallets industry. It's a wallet that proved its worth, doesn't have a cryptocurrency (yet) and it's widely used by everyone in the industry.
4. Learn what defi is - Learn, don't test yet. Read about all of the protocols, what is a farm, what is impermanent loss,etc. This is something that will be useful in the future - no matter if DeFi will be a big part of the next bull or not.
5. Dont listen to shillers, DYOR - I don't understand people that are buying whatever twitter influencer said and they believe it will moon. It won't. You're their exit liquidity.
6. Don't ape big - Do NOT ape bigger that you can afford. When buying cryptocurrency, there are a lot of things that can go wrong. Don't go big, DCA weekly or monthly into something that you believe it will do well. Any top 100 crypto has a 2-3x potential, for a bigger one - you need to have a bigger risk appetite.
7. Don't go for paid groups - In 99% of the times, a paid groud is a scam where you are the one that is paying to lose money. In 1% of the time, it's a group that has results and will probably turn into a scam at a later stage.
8. anyone that message you first on telegram is a scammer - don't trust no one on telegram or discord.
9. earn crypto - best way to get cryptocurrency is to earn it. This article has some great tips for earning cryptocurrency  (https://coindoo.com/earn-crypto/).
10. dont panic sell - If you've bought something, and you see it down more than 50% over x weeks/months - don't panic sell it. The product might be good, but the market period might be shitty. Ethereum was under $150 in the last bear market and did a 30x in the bull market. Have patience.
11. set targets - Set a target when buying a cryptocurrency. I'll sell x amount of it if the price reach y. It will help you be disciplined and make a good profit.  

for beginners like me I really need all of that, basic knowledge is very important in everything. That also includes investing in bitcoin or crypto.
I've done what you wrote fi above, it's just that I never bought altcoins, I only bought bitcoins.
so I don't really know about altcoins, and maybe from now on I will learn everything too.

risk notification for those who make cryptocurrency as passive income is certainly a must. Because crypto has a high risk compared to other types of investment. OP will be responsible for what will happen to the reader if he does not provide early warning about the risks that could occur.

2BTC withdrawal limit is quite a lot, instead of having to do KYC it is better to make the most of this limit. the average centralized exchange that doesn't implement KYC is limited to just 2BTC, there may be more for some exchanges. I have almost all centralized exchange accounts, and haven't done KYC, except for Binance as I am a P2P merchant.

As a newbie totally avoid anything like Airdrop they're basically shit or scam because this will cause you to start liking your wallet to various platforms and hence will expose your wallet for a possible hack and your funds will be stolen. Start with learning everything you need to know about Bitcoin and make Bitcoin your number 1 Crypto as a newbie and you will thank me later, also don't get distracted with all those shit coin out there.

I would suggest to newcomers, don't trade without learning the basics. This may look same as stock exchanges but actually it's very different. First, learn about Bitcoin and how to use, store and backup them. There are thousands of altcoins which are here for different purposes, don't jump into them directly. Learn top ones, take your time. There's no need to FOMO about anything. If I learned cryptocurrencies today I wouldn't buy anything before I feel confident, which should take at least a couple of months.

I will advise you not to dive into any altcoin, for now, that's if you want to play safe because the altcoin market is highly manipulated and 97% of all altcoins are hype based. Besides, we're also in the season where the market's next trend is determined by the price momentum that Bitcoin presented. Aside from that, Bitcoin is the only safe haven investment in the crypto market.

A maximum of the Users suggested that do not dive into the altcoins, I am not sure why as in view their basic motive is to show that altcoins are risky and I do agree with them. Bitcoin is also violent in nature for new users as you know anyone who is new cant be more patient. Luna is an example of a new user who faced a lot of losses on the recommendation of Youtube influencers. Anyway losses in the LUNA or Altcoins might be permanent in sense of recovery from the capital point of view but Losses on investment in Bitcoin are cyclical and recoverable. (Loses here doesn't mean lost funds in hacks or Wallet compromise).

Using metamask wallet in chrome browser and Mozilla firefox browser as a crypto newbie is not a good idea, this makes things easier for newbies to click on links or connect the wallet to the wrong platforms, most times, all in the name of Airdrop campaigns, I have more disappointing outcomes from Metamask wallet getting compromised than every other crypto wallet, this is why I don't like any Wallet that works with internet browsers.

the initial story of someone interested in cryptocurrencies will vary widely. maybe someone started with an Airdrop or did some tasks to get altcoins for free. my friend told me like that. I want to try this but haven't got free time for it and I don't know how Airdrop is good and what is bad. I don't have enough experience in this matter.
I myself started from hearing the stories of my friends who are active traders. I am interested and see good potential in Bitcoin. even though it took me a long time to get started back then. but at that time the first thing I found out was basic knowledge like what the OP shared.

but I prefer to use Trust wallet. and if in the past the trust wallet could not add a new network manually. but this time even on trustwallet we can add a new network just like in metamask. and I think it's more flexible and practical to use. because each wallet always has a separate backup phrase. different from metamask which only has one spare phrase.

and for beginners this knowledge is very important. but my advice for beginners is better to start from bitcoin before jumping into altcoins. because I did it like that too. although it seems like many started out with altcoins and only later learned about bitcoin after experiencing many disappointments from altcoins.

There's actually nothing wrong in participating in airdrops if the project behind it is not asking for suspicious information but only the wallet address. Someone can easily generate and use a new wallet address for an airdrop just to avoid exposing their wallets and funds to an entity or any scammer.

Keep bitcoin as the first priority while regularly surfing and reading about altcoins as well. I believe it's best to diversify your portfolio and for that one needs to have enough knowledge about every token and coin they have under the radar.

For exchanges, both DEX or CEX, you may see Coin Market Cap or CoinGecko as the consideration to decide which exchange you will use. This includes any information about the rank of the exchange, trading volume, and also other information provided in the platform.
But indeed, it is very important to use only top exchanges both DEX and CEX to decrease the risks. because, although it is a top exchange, there is still always any risk. that is why we choose the one that has a lower risk at least.

Indeed, what newbies commonly do is that they start their investment journey on the hype altcoins which commonly often ended as shit coins. And they will feel that crypto investment is very bad because they lose money. Crypto investment is risky which is why newbies should not put their money as they like without any learning process at first and moreover prefer to choose hype coins. The risks of losing money will be much higher. That is as @pooya87 said.