There are a lot of mistakes being made by crypto beginners. I think they made mistakes like choosing an inappropriate crypto exchange platform, thinking only about pricing instead of ROIS, lack of research and planning, and underestimating cyber security. If they were aware of such things, it will be more beneficial for them.
well, it is a starter. then with it all, they will learn how important it is. I don't think any rookie will notice that in such a short time. even when they learn though, there will still be things they have to learn from mistakes, even people who have been trading for a long time. However, the most important thing is not to give up easily, and keep learning from failure. In addition, what needs to be considered is that a beginner needs to use as little money as possible in trading, and needs to choose a trusted exchange, and a popular coin or token. many beginners start their first trade in the wrong place, and because they see a lot of profit from someone, sometimes they dare to take risks by choosing the wrong coin, and use quite a lot of money to trade. |
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Someone already said adaptation so I'm just going to add anticipation to that. I think CZ and his legal team has been one step ahead of competitors and maybe of regulators. They may have anticipated that they will be getting a lot of regulatory pressure so they've kind of prepared for that. Putting up Binance US was probably one of their brilliant moves to limit potential damage by US Government agencies.
while realizing that binance was one of the best exchanges available today, CZ realized that there would be a lot of pressure from the government, as well as other parties as well as some popular cryptos that are getting some pressure from the government and regulations. so I also think that CZ really thought about the steps and anticipated when that happened. This even has a positive impact that causes trust in its users to increase. besides that, we also often see how CZ solves problems from binance and solves FUD in a professional way. |
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I'm wondering how long we'll need to do the savings? Who has already reached any significant level, are you still saving, or you can afford to live without any financial restrictions?
By saving you can be rich in many ways, not only the amount of money you can collect, there are many important things that you can get when you set aside some money for savings. One of the benefits of saving is that it will make your finances more stable, at least you have savings to finance expenses that you never thought of before. If you save consistently, you can guarantee your old age. The best way that can be done is to set aside your monthly salary by up to 20% each month, imagine if you continue to do this consistently for the next 10 years, how much money have you collected. well, saving can indeed make someone rich, and guarantees for old age if they consistently do it. it's just that, I think that saving will not be optimal if the salary we have is small. therefore, maybe building a business slowly will also become an asset that can make us rich. almost all the rich people who exist today are rich because they have a qualified business. they achieve financial freedom because of their business. so, I think focusing on doing business, and saving money will slowly make someone rich, and maybe be able to get economic security in their old age. Besides that, it will be great when you start saving above 30% of your income when your business is really running smoothly. |
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Beginner traders need a lot of experience in trading. profit and loss is a very common thing. because of this, many people suggest not using a lot of money, and using minimal money in trading. However, the purpose of trading is to make a profit, if they get an advantage in the lesson, then it can be enjoyed. just don't get caught up with those advantages, because they can use the advantages to learn even more, until they are ready to trade a sizable amount. Trading for beginners will not be guaranteed to make a profit, but getting profit is the goal of trading. this applies to newbies too.
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Spending money on things that we want, not that we really need, is indeed a common problem. As our income increases, they are always some temptation awaiting us such as buying a new and luxury car. I have been there and even to this day, I think of these things sometimes. The more we experience, the more rational we get, generally speaking. Good advice here is that we can spare some time reviewing our expenses every two or three months to monitor our habit. If there is anything that should be considereed "unnecessary" items, avoid to buy them from now on. This helps a lot especially when you have a family to provide for.
Ah, the age-old dilemma of wants versus needs. It's easy to get caught up in the allure of shiny new things, but at what cost? Taking the time to regularly assess our spending habits and distinguishing between wants and needs can save us a lot of financial stress in the long run. Plus, think of all the peace of mind that comes with being able to provide for our loved ones without constantly worrying about unnecessary expenses. being trapped between wants and needs is indeed one of the exact reasons why it is so difficult to achieve financial freedom. many people have accumulated assets or saved up to build the business of their dreams, or expand the business they have. however, sometimes they get caught up in needs and wants that are piecemeal, but that really gets in the way. buying cars, watches, and other luxury items is a challenge when your business is growing, or when you have money. However, if you are in that position, all you need to do is change your habits, and write down the needs that you have. focusing on the targets we have is what needs to be prioritized. and recognizing the needs we really need, and the wants we have. maybe with that, then the obstacle will slowly disappear. |
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for now, binance is very trusted. FUD won't make it fall as easily as other coins. we know that this isn't the biggest problem binance has ever had, and to this day the price of binance still holds up. that's why binance still gets the title of one of the best exchanges available today. It's just that companies that have a centralized system will still get attacks from outsiders, or even from within. we don't know when binance will crash just like FTX, so it's always a precaution for the worst.
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It is premature to consider Bitcoin as a global currency, as it lacks a regulatory body to facilitate its adoption. Its success currently hinges on the support of the community and institutional investors, without the backing of a centralized government. Such entities are inclined to promote their own currency and are unlikely to endorse Bitcoin as a world currency. Nevertheless, it would be a significant development if governments worldwide were to recognize Bitcoin as a legal currency, enabling its use for global transactions, even if it does not become the dominant currency.
yes, it will probably be the support that makes the bitcoin price even higher. however, even without that, currently, bitcoin is quite successful in its development. Bitcoin does not need to be a world currency because basically, bitcoin is not made for that. Besides that, I think if the government supports bitcoin, then it's possible that the price of bitcoin won't be natural anymore. bitcoin has a purely decentralized system, if the government also starts to use bitcoin, and makes bitcoin a world currency, then there will be positive and negative impacts. yeah, but it looks like it's still a very long way to go until the government accepts bitcoin and replaces USD. |
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yes, those who have invested from the beginning of this year can already feel the benefits of investing from bitcoin. if you have a lot of bitcoins then it's fine to sell some bitcoins to reward yourself. however, it would be better if you endured it in the long term. in fact, in just a few months, bitcoin price developments have been very profitable for now. there is still a big possibility that from now on bitcoin will recover in price and close to its ATH, maybe the current target is $30k. However, the halving is very close, it would be great if we don't sell the assets we have now, and hold them until the halving comes.
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the only way to overcome it is to pay off the debt. I know several people who are stuck in that circle. it's like digging a hole to plug another hole. sometimes, the people who do this are people who make a business with a loan, but the business is not doing well, then he looks for a bigger loan to pay off their old debt and tries to start a new business. However, it is highly not recommended because it can be fatal if the plans we have fail.
However, if you are in that position, I suggest trying to pay off the smallest debt first. maybe we need extra work to make our income able to pay off all those debts. but that's the only way if you don't have a rich family or a very trusted friend to lend you money to pay off all those debts and you can repay the money without interest.
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depending on the situation. If you are looking for a loan but you can repay the loan with your salary, and want to invest large amounts of Bitcoin, that's fine. it might be called a risky investment, but the benefits can also be very large. it might be a good investment.
However, looking for a loan that you can't pay off your monthly salary, and investing in bitcoin which is highly volatile may be a bad decision. that's because when the development of the bitcoin price doesn't match your expectations, then you won't be able to pay the loan you have. it will only hurt you. it is a very big risk.
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Recently bank like Credit Suisse and Silicon Valley bank are collapsing. People are switching their money to bitcoin. Is it the sign that more people are no longer trusting the bank and are moving toward to decentralized world?
I think if the banks fall, not everyone will switch to bitcoin, because there are still very many people who don't know how to access bitcoin, or maybe there are also many who still don't believe in bitcoin. I think the article you read only votes for crypto users. Also, if the banks do crash, I think people will probably be inclined to go for gold, silver, or some other thing that might be really valuable and can be resold later. However, the public's trust in banks is currently very large. I think people will still be waiting for an alternative to that, and the government is unlikely to just see this happen. they will definitely look for alternatives to remedy this situation. |
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The mistake for people who have one job is that they are so comfortable with their job that they forget to set up a business that can provide them with reassurance when they leave their main job. what you did was right. help your friends as best you can. however, you also need to save and think about a business to build. so that when that happens to you, you still have other sources of income. we never know what will happen to our work in the future. Besides, I've heard the saying, if we only have one source of income, then we only need one step to fall. So, try to think of business ideas that can provide you with sufficient additional income.
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if you can only spend $ 1 for investment then that's enough. if it's consistent, then in a few years' time, it's going to be really a lot. In fact, it's safe to say that not everyone can afford to invest $28-$31 per month, which means you can invest as much as $360+- per year. we don't know which bitcoin or altcoin potential you will invest in. however, consider if it's a pump, then you might be able to get a pretty good return. The point of investing like that is to be consistent. make sure you choose a trusted crypto investment.
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The habit of renting money is a bad thing that must be abandoned immediately, renting money is a waste of time and wasteful because we have to pay interest, this is what makes us have to think and immediately take productive actions, for example looking for other income alternatives.
actually, it's okay to rent if it's an emergency. like we really don't have a place to live or anything important. however, there needs to be an alternative to that, to get us out of that situation. for example, we need to save a few percent of our salary to buy these necessities so we don't have to rent them again. renting may not be called a waste of money because it is our primary need. we really need that. however, it does need a change. sooner or later. |
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what you said is not wrong, but everyone has their own way of using crypto. it is very reasonable that they sell some of their investment when the price is rising. it is also recommended in trading, to take profits when you have earned them. however, many people don't sell all their assets, sometimes they just take profits, or return the capital they used. after that they will return to take advantage of the price ups and downs to make more of their assets.
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always follow airdrops if it's coming from legit project with legit devs optimism, arbitrum, and aptos good example of airdrop that could turn ones life around so if you've got nothing to do and you can finish their given task you better finish them because they could be turning your life around usually if you're lucky enough, though many airdrops are just giving away shitcoin but some are giving golds.
The examples mentioned are some examples of airdrops that are still worth fighting for. because of that, until now there are still quite a lot of people hunting for airdrops. it's just that, it applies to well-known and trusted projects. Many people are stopped from hunting for airdrops because it seems that so many airdrop hunters are not getting paid what they deserve. the example mentioned is an example of a 1 in 10 airdrops that might pay out. |
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yes, converting half your assets into bitcoin, as well as choosing a popular altcoin to hold would be a good decision.
no one knows when the altcoin season will occur, but some have suggested that it could happen in 2024/25 after the bitcoin halving. if we trace the historical development of crypto, we will see that the price development will increase in the year after the halving occurred. However, this is only speculation, no one really knows about it. Besides that, so you don't miss the bull market later, choose a trusted altcoin like ethereum, or bnb.
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If bitcoin crash today, what will be your fate?
This is something I haven't thought of but, i supposedly nothing. What else could I have done other than move on to the next phase of life. Definitely, poverty is far from it as I've got my own thing going but, it wouldn't be very appealing after having all these hopes of a future where cryptocurrency runs the show, haven't invested early and the gradual accumulation turning into a security for a future we not yet know and then, it crashes...! Bad, but not the end of life. Ponzi schemes already took its piece of us and still, here we are with the advent gone. Even with people still falling victims of schemes like this, we already unto the next with cryptos and should we be fated to crash which I don't see how, it's definitely unto the next. yes, we can't possibly be down forever because if something bad happens. as humans, we need to move on with life, and look for alternatives to the failures we have had. Besides that, even though it may give anxiety and stress to many people, we still need to try to improve ourselves and maybe learn from the failures we receive. If bitcoin falls, and you fall too, it means you weren't prepared for it. therefore, right now it's best to create some businesses that can support your life when bad things happen. besides, there are many examples of people who invest in coins that become a scam, but they try to survive, and rise to a better life after that. |
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we expect a very large increase that can occur 24/25. however, no one can say for sure whether this time the price of bitcoin will really go up or not.
However, I also have the same plan. I, will probably keep trying to hold onto my assets until the halving happens, or at least until the end of 2025. Although no one knows what will happen in that year, however, I also think that the bitcoin price could reach a very high price. at least close to ATH, or reach a new ATH.
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My children are at home chase from school, I could not pay fees again. What could be the cause of scarcity of cash?
Do you have a stable job? If yes how many in your household are working? Is your monthly income enough to cover at least your monthly expenses? How do you budget your income in your family? It isn't the cash that is the problem, but it's inflation that's the problem. Inflation causes the price of commodities or things that we need to go up to the point that our salary isn't enough to buy things that we need anymore. Before the huge spike of inflation happens, you can buy many from a 10$ bill, but now, you can buy way lesser now with the same amount of money. As for your children, I don't blame you if your children can't go to school anymore as long as you teach them because you're the parents. However, if you can't pay the fees anymore, your children can't go to school anymore, and at the same time you aren't teaching them, then that's where the problem is because your children might now grow up the way you wanted to. Take responsibility for your children. Find a stable job as much as possible. A job that is enough for your family to cover it's monthly expenses. If one job isn't enough, find a 2nd income source. Budget your money as a family. I also hope that what we are experiencing right now taught you to have some emergency funds.  this is so true. besides Covid, this also happens because of inflation that is happening, that's why we need to create a business or find a side job to increase the income we have. it is the only way to improve the economy we have and get out of that state. If you find it difficult to get a business, then creating a small business to supplement your income is highly recommended. I think a lot of people are in your position right now. |
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