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1  Other / Beginners & Help / Buying your first Bitcoin or accumulating towards a goal? on: January 31, 2019, 03:31:10 PM
Hi All

I recently started a new thread in the main section on how I achieved my first Bitcoin goal. "Owning my first full Bitcoin"

https://bitcointalk.org/index.php?topic=5104126.0

After receiving some great feedback and a few questions, I posted a response. (the thread is worth a read as there is some good advice from other members)

This response was aimed at any newbies getting into this space. I think my response might just have got lost in the thread and not reach the individuals it was intended for. So I have posted it here again, with a different subject. Hopefully it makes it easier for them to find. Also, I hope other forum members will reply with there own advise/suggestions/experience.

Apologies for those of you who have already seen it.

Hi All

I have enjoyed reading your comments and appreciate your good wishes.

Whatever your approach to crypto and investments, I hope you all achieve your goals and achieve the financial freedom we all desire.

After getting so much from this forum and its members I felt I should give something back. So if you would indulge me, Iím going to put down some of my thoughts in regards to my outlook and strategies in this crypto/financial world. For you more experienced members, you probably know all of this already and it has probably been posted many times. But, this is aimed at any noobs who may stumble across this thread.

Just to be clear this is not financial or investment advice, just my thoughts and opinions.

So where should you begin? To me this is obvious now, but it wasnít when I FOMOíd into crypto in Dec 17.

Education

If you are just getting into crypto now, please do your research first. Spend at least a month reading and learning before you put any money into the eco system. Yes, itís not sexy, but I must of lost .2 BTC just by messing around not knowing what I was doing.

You need to understand what bitcoin and fiat (money) actually are. Bitcoin is so much more than just a get rich quick scheme and fiat has its own issues. Iím not going to spell it out here, but you will have a lightbulb moment.

Yes, In doing this research you may miss a pump, but in the long term you will gain so much more than what you missed out on. And it could go the other way, you could get in at a lower price.

Where can I get this crypto education you ask? (there are so many places, but this is where I got some of mine)

1.   Right here Ė read, read, read then ask.

2.   Books: The Bitcoin Standard, The Internet of Money, Bitcoin for Dummies, Cryptoassets.

3.   Podcast channels: Crypto 101, Letís talk Bitcoin, The Bad Crypto Podcast, The Crypto street Podcast, Off the Chain, Rekt Podcast. (Made
      my work commute a learning experience)

4.   YouTube: I never really have time to sit down and watch YouTube, day job and all that. But I did watch CrytoDad on how to set up
      an Ledger Nano. I'm sure there are some great channels out there.

5.   Twitter: @Apomliano, @aantonop, @cz_binance, @TheCryptoDog, @Tradermayne, @crypTobanger, @Satoshilite and of course
      @officialmcafee (love him).

6.   Places like Coinmarketcap.com

7.   Google

The list is endless, but that would be a good start.

2nd

Security

Learn what OPSEC and PERSEC is and apply it!!!!!!

Donít keep anything on exchanges. They will all, in my opinion, eventually get hacked. If you donít hold your keys, you donít hold your crypto. (Google this statement)

If you can, buy a hardware wallet before buying your first crypto. If you donít, you may never get around to buying a wallet and one day you may wake up and your exchange is gone, with your crypto. Wouldnít that be sad after doing all this work. At the time of writing, a Ledger Nano S is around £54/$65. I know to some, this is a lot of money. And I know you would rather buy your first Bitcoin with that money. But trust me on this, get one!

There are other wallets out there Ė again educate yourself. (And always buy direct from the manufacturer, forget eBay and amazon).

Seed words, Seed words, Seed words Ė find out what they are and how to keep them safe! Did I mention Seed words.

Use 2 factor authentication wherever you can.

I even use a different email account with 2FA for my crypto activity.

Ok, so know that you have a basic understanding of Crypto (and believe in the tech) and know how to be safe, itís time to pull the trigger.

Strategy (only my thoughts, more experienced people here will have their own ideas, so donít take this as gospel)

This is where it gets difficult!

You want to be a trader? DONíT Ė if trading is going to be your main strategy Ė you WILL lose! Maybe in a few months you can give it a go for fun. But in my opinion, never trade with more than 10% of your stack and only 3% to 5% of that on each trade. And definitely donít trade on Arthurís exchange for at least another 6 months. (Iím not even going to name the exchange here, as I donít even want you to go looking for it). And only trade the higher timeframes 4hours and above and understand all the different order types (if you donít know what this means you are definitely not ready)

So what was my strategy to achieve my goal.

Accumulation and averaging.

Start with a target. Letís say you would like a quarter of a bitcoin Ė i.e 0.25 BTC.

Divide that over say 6 to 12 months. (for this example Iím going to use 6 months)

That means you need to buy around 0.045 BTC a month. ($150 a month at current prices)

Some months your 0.045 BTC will cost you a little less and the next month possibly a little more. But after 6 months you will have achieved your goal of 0.25 BTC with the lowest possible risk. Yes, there still is risk. It can go both ways. Itís about managing that risk.

Now put it on a ledger and forget about it.

You can adjust the figures above to meet your own goals, but the principle stays the same.

Only use extra cash that you can afford to lose. This is very important, this could all go to $0, but who knows how high it could go. You donít want to have to sell your crypto after all this hard work and dedication, because you have to pay back a loan etc. and miss out on your end goal. In 10 yearsí time you donít want to be kicking yourself saying, I wish I still had that 0.25 BTC.

Only after you have achieved your goal, would I say it is time to start looking at alts and trading. But this should always be with new cash.

Lock that first Bitcoin away and come back to it in 5 to 10 years.

Charlie Lee (Litecoin creator) wrote:

ďThere will be at most 21 million bitcoins in existence. There isnít even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first,Ē.

ďOnce you have 1 BTC, buy all the shitcoins you want!Ē

And I agree with him.

Now an added caveat, I donít think you should be putting all your disposable income into crypto. I have also been buying stocks, gold and paying into a pension.

Donít put all your eggs into one basket.

The barriers of entry to these other types of investments has come down over the last few years and there are cheap apps that can help you (do your own research).

I have followed the same strategy for these types of investments.

Now please donít think that I assume everyone can afford all of this, but it can all be scaled down. Take your disposable income and invest a certain % in stocks, certain% in bank deposits, certain % in crypto etc. etc.

Itís all about planning and risk management. In a few years, I hope you will have your reward.

Where to buy

This has changed so much over the last year, but again do your own research. But wherever you buy, get it off the exchange and onto you hardware wallet.

A few final thoughts

ē   Ignore the noise, you have chosen to by Bitcoin. So just do it. If the price goes up - great, you are making money. If the price goes
     down Ė great, next monthís purchase with be cheaper. Keep accumulating till you have achieved your goal. And then in 5 years who
     knows what itís worth.

ē   When you transfer your first bitcoin to your hard wallet, check, check and check again. If you make a mistake its gone. Only send Bitcoin
     to a Bitcoin wallet.

ē   Know the difference between BTC and BCH Ė itís not the same thing! Other individuals will try tell you different.

ē   Donít watch the charts all day, you will lose your mind. You have a life, live it.

ē   Write down everything you do and learn from your mistakes.

ē   Be kind to others and share your knowledge.

ē   Itís not all doom and gloom Ė itís an opportunity!

Thanks for taking the time to read this. Itís not a sure fire way of getting rich, its just how I am trying to navigate my way through financial life. It could work or it could all come crumbling down around me. Iím just trying to give myself the best chance. Itís your choice and its on you.

Iím sure I have missed so much, but my brain is fried and I'm not a writer. I hope the more experienced members on this forum will add value to this and I hope they do, either positive or negative, I donít care. As long as it gets the noobs thinking.

Good luck to you all and God Bless
2  Bitcoin / Bitcoin Discussion / I own 1 full Bitcoin!! on: January 30, 2019, 01:41:35 PM
Hi All

I have been following this forum for a long time now.  And have learnt so much, so Thank you.

As of today I own 1 full bitcoin!

This has been a long term accumulation project for me (bought 0.1 a month for the last 10 months). The bear market has helped me achieve my goal of owning 1 full BTC.

In December 2017, I could have never imagined owning a full bitcoin.

Itís now locked on my ledger for the next few years, letís see where we go.

Thanks again to this forum and its members.
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