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Author Topic: My own way of advising crypto newbies  (Read 216 times)
AakZaki
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January 25, 2023, 03:32:08 AM
 #21

It's a good way if you're suggesting a 5+ year timeframe in the future for the investment. Because if you don't explain how long the beginner will only hold in the short term. But this also depends on how much the target price will be achieved. If you have enough money to invest in crypto, then choose the right time frame and price. The main focus is long-term investment in bitcoin which provides better returns and is worth the waiting time. Waiting for the latest ATH might be the main target.
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January 25, 2023, 03:41:42 AM
 #22

By telling them to invest only the money they won't need in the next five years, you are implicitly promising that they will get the invested money or more after that period. I wouldn't do that to be honest. No one knows what will happen in or after five years and you don't want to be held responsible if something wrong happens and they lose their money.
By telling them to invest only what they can afford to lose, you are preparing them mentally for the worst case scenarios.
Exactly,and also,before investing,please make sure you do proper research on the particular coin you want to invest in,because if you just invest in any coin,there is every tendency that you might end up losing your money,therefore in order to avoid such scenario,always make sure you read more about the coin that is doing well at the period of time,or the coin that has the potential of doing well in the nearest future,so that you can always benefit or gain.And secondly,invest  a little,do not use all you capital to invest in a particular coin.
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January 25, 2023, 07:45:30 AM
 #23

Many people advise newbies to invest only what they can afford to lose but I have done this a few times before and as time goes on they get tired, if I ask them why they reply, 'I don't know it's going to take this long, I have come to realize that telling newbies to invest only what they can afford to lose is incomplete because they don't know how long it will take anyway and most aren't prepared for that.

Instead, I tell them to invest the amount they won't be needing for the next 5+ years, this prepares them mentally and physically, and those that are weak will give an answer instantly saying no way.


It is better to advise them to invest only what they can afford to lose to do risks the Bitcoin investment involves especially security purpose, when you don't have much knowledge as newbie how will you provide your Bitcoin investment with strong security against scammers, so all this risk is not just about the price alone. So advising newbies that they can invest the money they don't need from now to 5years in bitcoin maybe so risk because nobody know what the future will come up with so don't assure anybody.

I don't think it is necessary to in invest in Bitcoin when you have not gather good knowledge about it. Don't be too greed to invest in Bitcoin because you think others are making profits from it by investing what you can afford to lose. Always know when you have good knowledge about something it will always be easy to handle. Crypto is not a rush investment many have failed in crypto industry due to that they want use the Bitcoin price opportunity but now they can't access their wallets again because scammers have take it over from them.

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January 25, 2023, 08:04:51 AM
 #24

If one invests in Bitcoin he is not going to lose money anyways, the worst case scenario is holding longer than they prepared for, I am sure that everyone knows that the risk of losing money invested in Bitcoin has gone down a lot, keep buying with FIAT or Stable coin you don't need for the next 5+ years and you will be 🆗.
Thats for people who have extra money to use for that purpose. But if you dont have money or at least uses your personal money to gamble on investment then you have a problem with that. Yes the fact that bitcoin and crypto can boost our financial freedom but still werent sure of what could be the movement on the market. Long term is always better when we fit to see it.
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January 25, 2023, 10:32:55 AM
 #25

Both statements are true: it's okay to invest money you can afford to lose. However, investing in bitcoin carries risks of its own, and when you lose money, you learn valuable lessons. Additionally, the best course of action is to invest money you won't need any time soon because the majority of people who invest in bitcoin these days don't want to hold it for very long, which is a very bad mentality when it comes to investing in bitcoin.

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January 25, 2023, 10:53:00 AM
 #26

Many people advise newbies to invest only what they can afford to lose but I have done this a few times before and as time goes on they get tired, if I ask them why they reply, 'I don't know it's going to take this long, I have come to realize that telling newbies to invest only what they can afford to lose is incomplete because they don't know how long it will take anyway and most aren't prepared for that.


You don't need to just tell newbies to invest what they can afford to lose. First of all you need to make them understand bitcoin first and the market,  how the market is unpredictable.  Make them understand no one can predict when is the bear and the bull market,  and how long it will last. You need to make then understand the market first. If newbies understand the market they won't be expecting to make profit in a short time, they will exercise some patience because they have know how the market is like.  Understanding the market will help one to decide to invest or not.

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January 25, 2023, 11:08:57 AM
 #27

I would start with the opposite. Tell the stories of those who have lost their bitcoins and how, including incorrect storage of passwords and seed phrases, the great volatility of bitcoin that no one can predict in advance, as well as all the probabilities of life problems that can arise within five years, The last one, especially. Who can be sure that investments in bitcoin will remain intact for five years? It is impossible to predict the future.
And only after these "horror stories" can a person soberly assess his capabilities so as not to blame the agitator later.
Telling all the advantages of Bitcoin is very cool, but as they say, only a friend can tell you the whole truth because he cares, so that will be the surest act.

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January 25, 2023, 04:16:15 PM
 #28

These two sentences have the same meaning, but I think it might be easier to understand if we say what investment can lose, because when beginners hear that sentence, they will be able to accept if one day there is a loss in their portfolio, but if we say to the beginners with the phrase investing money that is not needed for the next 5 years, they might misinterpret this sentence so that some of them might decide to use their savings to make an investment because they hope to get a definite return when they have invested 5 years.

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