Bitcoin tips: the 10 Commandments

[ChickenDuck]

Agreed with you all. Especially for the #10. HODL is the key.

BITCOIN 10 COMMANDMENTS

#1 Never invest more than you are able to lose.
#2 Store your coins across different wallets. (For larger amount of bitcoin, HARDWARE WALLET is highly recommended) - Note: If you don’t have ownership of your private keys, you don’t own Bitcoin.
#3 Buy low, sell high. (Just buy on the dips and hold)
#4 Understand and respect the idea of bitcoin and the intended direction set out by the creator and developers.
#5 Take time to read news in full and assess if it is accurate and what it means, do not believe everything you read or hear.
#6 Never allow your emotions to dictate your decisions, always take time to consider decisions and remove panic/fear from them.
#7 Hold a diverse portfolio of cryptocurrencies to reduce risk.
#8 Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances. Give your cryptocurrency addresses instead. Always backup you wallet/private key and store it on multiple locations. (better if it is hand written)
#9 Always put secondary securities if available.
#10 HODL!


So i was thinking of a good idea to help beginners to start their journey in bitcoin and other cryptocurrencies. Then i came into this.
Would appreciate if you can contribute some suggestions that are better than mine so I can replace other commandments to make it look more better and helpful to freshers.

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[jossiel]

Nice commandment, you did really a great job for summarizing it for newbies.

With #2 you can also add this, store your coins through hardware wallets for better security.

Thanks for contribution. Will be adding this.

Thanks for adding my suggestion its a pleasure that you considered what I've said.

I give you a big THUMBS UP

You can merit him instead for appreciation.  

I would be glad if my posts deserves your merits   This would also encourage us to create more constructive and unique posts.

That's how merits are used for so I'm not that selfish enough not to give 1 merit for it. You deserve it and I hope you'll keep on creating informative and helpful threads like this.

[reck1ess]

Nice commandment, you did really a great job for summarizing it for newbies.

With #2 you can also add this, store your coins through hardware wallets for better security.

Thanks for contribution. Will be adding this.

Thanks for adding my suggestion its a pleasure that you considered what I've said.

I give you a big THUMBS UP

You can merit him instead for appreciation.  

I would be glad if my posts deserves your merits   This would also encourage us to create more constructive and unique posts.

That's how merits are used for so I'm not that selfish enough not to give 1 merit for it. You deserve it and I hope you'll keep on creating informative and helpful threads like this.

Suggestions and corrections are important to improve something, and your suggestion is indeed helpful.
Please also review my new created thread today and check if it is helpful    
https://bitcointalk.org/index.php?topic=2861680.msg29366080#msg29366080

[frenkelebre]

I think you should also include a lil bit explanation in #5 the reason why they should read news. Because the bitcoin valuation are affected by numerous factors such as laws and local news. With that they will be motivated to read for they know their goal.

[richelle87]

1. Learn more about cyptocurrencies (specifically bitcoin)
2. Engage only to cryptocurrencies if you're knowledgeable about it.
3. Don't do panic selling/buying bitcoins.
4. Don't share the password of your wallet.
5. Only invest money that you can afford to lose.
6. Take time to read bitcoin related news so that you'll be updated on what's happening in the crypto world.
7. Don't believe on what other people say about buying bitcoin, always take an advice from the expert on bitcoin and look up on the successful people who believe on bitcoin.
8. Use bitcoin as what it should be used.
9. Buy low and hold.
10. Go back to #1. and always remind yourself this quote "learn before you earn".

This is my top 10 bitcoin tips, I hope it may help. 

[Goiyax001]

BITCOIN 10 COMMANDMENTS

#1 Never invest more than you are able to lose.
#2 Store your coins across different wallets. (For larger amount of bitcoin, HARDWARE WALLET is highly recommended) - Note: If you don’t have ownership of your private keys, you don’t own Bitcoin.
#3 Buy low, sell high. (Just buy on the dips and hold)
#4 Understand and respect the idea of bitcoin and the intended direction set out by the creator and developers.
#5 Take time to read news in full and assess if it is accurate and what it means, do not believe everything you read or hear.
#6 Never allow your emotions to dictate your decisions, always take time to consider decisions and remove panic/fear from them.
#7 Hold a diverse portfolio of cryptocurrencies to reduce risk. (need better suggestions: to be replace)
#8 Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances. Give your cryptocurrency addresses instead. Always backup you wallet/private key and store it on multiple locations. (better if it is hand written)
#9 Always put secondary securities if available.
#10 HODL!


So i was thinking of a good idea to help beginners to start their journey in bitcoin and other cryptocurrencies. Then i came into this.
Would appreciate if you can contribute some suggestions that are better than mine so I can replace other commandments to make it look more better and helpful to freshers.

Thanks for this reminders because lots of my Investment go to Crypto. right now I will think over and over again if I will invest. Thanks to my Friend who invited me in this community Bitcointalk.org to gain and airdrop and step by step on how to me a bounty hunter right know I'm still noob how to start a bounty hunter campaign. But I believe I can do this nothing is Impossible.

[codered000]

This is a very helpful thread for beginners and for those who's just starting in bitcoin community about storing their bitcoin. I hope you will create more thread about earning bitcoin or alt, like choosing on what signature campaign to join, trading, and other bounty campaigns. Nevertheless, your effort in this thread is much appreciated.

[ovcijisir]

BITCOIN 10 COMMANDMENTS

#7 Hold a diverse portfolio of cryptocurrencies to reduce risk. (need better suggestions: to be replace)

So i was thinking of a good idea to help beginners to start their journey in bitcoin and other cryptocurrencies. Then i came into this.
Would appreciate if you can contribute some suggestions that are better than mine so I can replace other commandments to make it look more better and helpful to freshers.

I would say for #7 that it is good to have cryptocurrencies that have different purpouse.

For example Litecoin's purpouse is fast transactions.
Ripple's purpouse is bank applications.
Ethereum's purpouse is smart contracts. And so on.

Also have some tokens that have real life applications.

For example when you buy EOS token you will get one part of EOS networks stake, which you can use to host website on it, or to rent it.

[Jeremycoin]

I don't think there are 10 of them, you actually repeating most of the points in the other number.
For example, number 2, 8, and 9 supposed to be in the same place.
And 5 & 6 also supposed to be in the same place.
And 3 & 10 too.

#1 Never invest more than you are able to lose.
#2 Store your coins across different wallets. (For larger amount of bitcoin, HARDWARE WALLET is highly recommended) - Note: If you don’t have ownership of your private keys, you don’t own Bitcoin.
#3 Buy low, sell high. (Just buy on the dips and hold)
#4 Understand and respect the idea of bitcoin and the intended direction set out by the creator and developers.
#5 Take time to read news in full and assess if it is accurate and what it means, do not believe everything you read or hear.
#6 Never allow your emotions to dictate your decisions, always take time to consider decisions and remove panic/fear from them.
#7 Hold a diverse portfolio of cryptocurrencies to reduce risk. (need better suggestions: to be replace)
#8 Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances. Give your cryptocurrency addresses instead. Always backup you wallet/private key and store it on multiple locations. (better if it is hand written)
#9 Always put secondary securities if available.
#10 HODL!

[zoloq33]

A very important advice that you forgot which can be relevant to many people is:
#11 unless you trade very often, always withdraw your funds from exchanges and store them on offline wallets.
It's not just the security issue (which is a big deal by itself with so many exchanges got hacked recently) but it simply gives you more flexibility on your coins. Every other day there are bad news on exchanges that raise they fees suddenly/take very long time to approve withdrawals and other things that can get you stuck with your money on the exchanges.

[reck1ess]

I think you should also include a lil bit explanation in #5 the reason why they should read news. Because the bitcoin valuation are affected by numerous factors such as laws and local news. With that they will be motivated to read for they know their goal.

Thanks for your suggestion, I think i will be creating a new thread explaining about this later.

BITCOIN 10 COMMANDMENTS

#7 Hold a diverse portfolio of cryptocurrencies to reduce risk. (need better suggestions: to be replace)

So i was thinking of a good idea to help beginners to start their journey in bitcoin and other cryptocurrencies. Then i came into this.
Would appreciate if you can contribute some suggestions that are better than mine so I can replace other commandments to make it look more better and helpful to freshers.

I would say for #7 that it is good to have cryptocurrencies that have different purpouse.

For example Litecoin's purpouse is fast transactions.
Ripple's purpouse is bank applications.
Ethereum's purpouse is smart contracts. And so on.

Also have some tokens that have real life applications.

For example when you buy EOS token you will get one part of EOS networks stake, which you can use to host website on it, or to rent it.

That might be a good idea, I will be re editing this post later so that it will be updated and more helpful.

I don't think there are 10 of them, you actually repeating most of the points in the other number.
For example, number 2, 8, and 9 supposed to be in the same place.
And 5 & 6 also supposed to be in the same place.
And 3 & 10 too.

#1 Never invest more than you are able to lose.
#2 Store your coins across different wallets. (For larger amount of bitcoin, HARDWARE WALLET is highly recommended) - Note: If you don’t have ownership of your private keys, you don’t own Bitcoin.
#3 Buy low, sell high. (Just buy on the dips and hold)
#4 Understand and respect the idea of bitcoin and the intended direction set out by the creator and developers.
#5 Take time to read news in full and assess if it is accurate and what it means, do not believe everything you read or hear.
#6 Never allow your emotions to dictate your decisions, always take time to consider decisions and remove panic/fear from them.
#7 Hold a diverse portfolio of cryptocurrencies to reduce risk. (need better suggestions: to be replace)
#8 Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances. Give your cryptocurrency addresses instead. Always backup you wallet/private key and store it on multiple locations. (better if it is hand written)
#9 Always put secondary securities if available.
#10 HODL!

Thanks for the correction sir/ma'am, I will be combining these once we get more suggestions and contributions to add in this topic. If you might have any idea to add, it would be great.

A very important advice that you forgot which can be relevant to many people is:
#11 unless you trade very often, always withdraw your funds from exchanges and store them on offline wallets.
It's not just the security issue (which is a big deal by itself with so many exchanges got hacked recently) but it simply gives you more flexibility on your coins. Every other day there are bad news on exchanges that raise they fees suddenly/take very long time to approve withdrawals and other things that can get you stuck with your money on the exchanges.

Thanks for this bud, i will be adding this suggestion to my post.

[rampage101]

You made a very useful case by making this list. And it will be useful not only to a beginner in cryptography, but also to experienced traders.

[Urbinklin]

It is unfortunate that I didn't know about these councils before, at the very beginning of my activity, when there was a lot of information, but really important and necessary - very little.

[dragoz11]

the sixth one applies to me that instead of fear I had greed and even though I planned to withdraw my portion of money for my studies before Xmas when btc was 20k I wanted to earn more and more and greed affected my decision.

[hoodi]

Good advice, thank you. Now I see how merits are inspiring to write good quality posts like this 

[bitvelk]

You have not written this advice, but I will support the commentators written above here - never keep all your coins on the exchange. I suffered very badly from this, because the exchange on which most of my funds were located blocked me because of the place of my residence. And I still can not deal with this situation. Be careful with your money!

[Zarbout]

Thanks for sharing. Every new comer to cryptocurrencies world needs to know these advises to avoid bad experiences.

[reck1ess]

You have not written this advice, but I will support the commentators written above here - never keep all your coins on the exchange. I suffered very badly from this, because the exchange on which most of my funds were located blocked me because of the place of my residence. And I still can not deal with this situation. Be careful with your money!

I did, but in order to improve the effectiveness and the quality of the post to make it more helpful, i decided to follow the suggestions and corrections of these people for the benefit of the many. For I know that i also isn't that good trader so advice should be taken. You can see the qouted message at the first reply which were my topic started.

Thanks for sharing. Every new comer to cryptocurrencies world needs to know these advises to avoid bad experiences.

Thanks for the appreciation, if you have suggestions and corrections, feel free to post it here.

Good advice, thank you. Now I see how merits are inspiring to write good quality posts like this 

it is indeed inspiring and worth the hardworks and effort.

Perhaps this post is worth it to print it out and keep it in the most prominent place of my desktop, since even though I'm already a little experienced trader, I still make mistakes.

We cant avoid getting mistakes especially that we can't predict the value of cryptocurrencies, but we can at least minimize the risks.

[mattmct]

The first line about not investing more than you are willing to lose is pretty much the norm for like ANY invest you’ll make in life IMO

[guxu219]

“Always put secondary securities if available.” Good point, it’s a really really bad idea to go allin in cryptocurrency or BITCOIN