I am feeling generous today: some info and advice to very beginners

[Bossian]

Hi guys,
hi girls (not many here though),

Feeling generous today! Quite a rare sight  below some info and advice aimed at very beginners.

You are new to cryptos and think bitcoin is anonymous?

Well, it is not!  all transactions are visible on the blockchain. Your address(es) (which is in some way the equivalent of an account number) will show all kinds of information: amount of transactions, recipient of funds, etc...

Bitcoin price is different from one platform to another! Why?! 

Well each trading platform sets its price and sometimes there are big differences, mainly explained by differences in liquidity from one to the other. Price is I believe calculated on an average of the transactions executed. And we know that for now no institution is yet the reference in this field. There is no equivalent of Nasdaq!

Is it possible to cancel a transaction?
Obviously no, not possible!  Hence it's crucial to double check the bitcoin address of the person you want to send funds.

What is the best time to buy? 

IMO it is not reasonable to invest during a peak. A pump is often followed by a correction and that's when you can consider an investment. But keep in mind that you can lose everything.


What to do when the price keeps going down?

The least stressful way is IMO to do nothing. Price analysis often shows that the market sooner or later bounces back. If deep inside you truly believe in bitcoin and the technology behind it, a drop of the price should not worry you.
I know this advice is difficult to apply though, I myself made the mistake to sell during a correction, so it's always easier said than done 

And my last advice would be to avoid trading at all costs if you are a beginner. It takes skills and experience.

That's it for today folks. Have a wonderful Saturday, it's raining here so I'll just get some alcohol and read this forum for an hour or two even though it's unreadable at times 

Best of luck everyone.

[BlueHeadLizard]

I'm a beginner so useful advise. Thanks. I add some practical points for beginners:

1. Choose your cryptocurrency: Being on this forum I assume you have already chosen Bitcoin (BTC).    

2. In your country, find out your currency to BTC gateway. to move from your currency to BTC and back. Your currency to BTC gateway must work for you , be trustworthy, fast and not too expensive. You should have to go through a cryptocurrency exchange so find out their registration requirements and you get money to them and back out. Or you may be able to pay country currency into a cryptocurrency cash machine that will credit your Bitcoin Key. there are quite hefty fees as there are the machines and complex programs to ensure security. Or someone else who you give cash to who is on Bitcoin and so can credit your Bitcoin Key. This step 2. is extremely important so that you maintain control over your BTCs and can access them to make payments and move your BTCs back into your currency for local payments.

3. Take a look a bitcoin.org. and the internet to choose a  wallet that suits you. You can even have a mobile phone or paper wallet too, for small amounts!
https://bitcoin.org/en/bitcoin-for-individuals

[rosezionjohn]

IMO it is not reasonable to invest during a peak. A pump is often followed by a correction and that's when you can consider an investment. But keep in mind that you can lose everything.

This is often what people say but can you put more details for beginners to better understand when is peak?

And my last advice would be to avoid trading at all costs if you are a beginner. It takes skills and experience.

How can someone gain experience and get out of the "beginner" status if he/she is going to avoid trading at all cost? reading alone won't help you become an experienced trader.

[Bossian]

How can someone gain experience and get out of the "beginner" status if he/she is going to avoid trading at all cost? reading alone won't help you become an experienced trader.

You either trade with air, or trade with a bankroll of 0.001 BTC just to learn.

But adrenaline is much bigger with higher stakes, and emotions are much more likely to get the better of you if you buy like 0.1 BTC or 0.5 BTC especially if you never traded before.

My point was that most traders have learnt how to trade efficiently in the stock market before getting into cryptocurrencies.

[Btczhageh]

How can someone gain experience and get out of the "beginner" status if he/she is going to avoid trading at all cost? reading alone won't help you become an experienced trader.

You either trade with air, or trade with a bankroll of 0.001 BTC just to learn.

But adrenaline is much bigger with higher stakes, and emotions are much more likely to get the better of you if you buy like 0.1 BTC or 0.5 BTC especially if you never traded before.

My point was that most traders have learnt how to trade efficiently in the stock market before getting into cryptocurrencies.

This has remembered my days in forex, these trades are all very close to each other and, when you know one, you know the other. Since I trade forex for years ago, joining the cryptocurrency community was for me to gain from trading cryptocurrency. This has been my awesome trade ever as I have made a good reasonable amount of profits just by trade. There's no much money in investment than trade unless the investment is on a long-term.

[rosezionjohn]

You either trade with air, or trade with a bankroll of 0.001 BTC just to learn.

Since you are advising beginners, it may be better to include that in the OP instead of saying "avoid trading at all cost".
Maybe "simulation trading" is the more appropriate term also for "trade with air".