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Author Topic: Advice for someone brand spankin' new to bitcoin shenanigans?  (Read 159 times)
topdoggo
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May 29, 2017, 10:28:49 PM
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Hello!

(not sure if this is the correct thread to post in, but)

Long story short: someone I'm casually acquainted with has made something like thirty-thousand usd in the past week through minor crypto currency exchanges and I've been keeping up to date on their blog. It's still kinda surreal for me to think about but I've been researching how bitcoin functions and am very interested in getting involved with the market. My computer is kinda garbage so mining isn't really an option for me, so I was curious if anyone had any buying/selling advice for a college student who's literally never touched a digital crypto wallet before haha. Like any particular coins that are worth investing in, what wallet software do you recommend, etc.
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OROBTC
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May 30, 2017, 04:11:53 AM
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Hello!

(not sure if this is the correct thread to post in, but)

Long story short: someone I'm casually acquainted with has made something like thirty-thousand usd in the past week through minor crypto currency exchanges and I've been keeping up to date on their blog. It's still kinda surreal for me to think about but I've been researching how bitcoin functions and am very interested in getting involved with the market. My computer is kinda garbage so mining isn't really an option for me, so I was curious if anyone had any buying/selling advice for a college student who's literally never touched a digital crypto wallet before haha. Like any particular coins that are worth investing in, what wallet software do you recommend, etc.


1.  Take your time, research it as much as possible, read around this site.  People here helped me A LOT when I was a beginner.
2.  Be very slow and careful with your first 10 or so transactions.  Follow instructions carefully...  Have paper and pencil handy.
3.  Do all of this with NO ONE else around and you phone (etc.) OFF!  Concentrate.  It's not that hard, but not that easy either.
4.  Do not try to be ambitious, start with very small transactions.
5.  Write down (and keep very safe) your password(s) and the 12 or 24 word list.
6.  I started my experience with blockchain.info.  They seemed to have gotten better...
7.  Stick with Bitcoin for now.
8.  Finding a friend who knows it would be good too.  Alas, I have NONE, but I got help from Zero Hedge members (!) as well as here.
9.  Forget mining, you need a WAREHOUSE and cheap electricity.  It's also complicated and maybe not worth it (too costly).

Welcome!   Smiley
audaciousbeing
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May 30, 2017, 08:57:38 AM
 #3

Hello!

(not sure if this is the correct thread to post in, but)

Long story short: someone I'm casually acquainted with has made something like thirty-thousand usd in the past week through minor crypto currency exchanges and I've been keeping up to date on their blog. It's still kinda surreal for me to think about but I've been researching how bitcoin functions and am very interested in getting involved with the market. My computer is kinda garbage so mining isn't really an option for me, so I was curious if anyone had any buying/selling advice for a college student who's literally never touched a digital crypto wallet before haha. Like any particular coins that are worth investing in, what wallet software do you recommend, etc.
It might be true that your friend made that huge amount of money in just few days but my advise is that don't be carried away because in the real sense, it is not always rosy and you don't know the number of days your friend have to wait to make such money. Aside that you preparation psychologically and financially is important for everything that comes your way if you have decided to join in this world of crypto with quite an amount of uncertainty which is the order of the day. Above all, be very careful.

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May 30, 2017, 10:18:05 AM
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For alt trading:  the main reason that it's profitable for some people is because most people who take part in it are idiots.  Don't be that idiot - research, have a clear strategy and start small, then it'll be more profitable than most other markets in the long term.

For wallets:  don't pick an online wallet like blockchain.info, most of them are either terrible/buggy (blockchain.info), an exchange which is a wallet by name only (Coinbase) or just plain insecure in some cases.  For your convenience you should try getting a hardware wallet like a TREZOR, or get a software wallet like Electrum.  If you use Electrum, your main threat is viruses, while you could also use a TREZOR with Electrum to remove that threat.  If you're particularly passionate and you want to learn more, you should try running a full node, but these are resource intensive.

For mining:  yeah, only participate if you can afford a reasonable investment into ASICs and/or GPUs.  Otherwise it's not worth the damage it could cause to your computer in the long term.

For Bitcoin trading:  Either buy and HODL or just buy the dip each time.  Don't be that guy who buys in panic whenever there's a rise and sells in panic whenever there's a fall.  And don't wait too long for a dip - if you think Bitcoin is "too expensive" to buy in to, you're not grasping the concept of Bitcoin being divisible and how the exchange of value works.

Good luck.




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