Advice for newbies to Bitcoin

[aoluain]

Saw this on the "Pomp" Anthony Pomliano twitter feed
This is something experienced Bitcoiners have practiced to date.


If you’re new to Bitcoin, heed this warning:

- Bitcoin going up is fun
- There will be price crashes
- They can be nasty crashes
- Sometimes 30% in days
- Buy what you’re ok losing
- Hold through the volatility
- Don’t try day trading
- Be patient & breathe

https://twitter.com/APompliano/status/1342970723892129795?s=19

[BIT-BENDER]

-Newbie- investors in the forum will hardly miss many advice at this time, but would day bargain on it and ignore them? Nevertheless good advice although I think number 2 and 3 and in close relationship, It should be known if you excited about price rise you shouldn't fear/not-expect price drop, 2021 may excite us with Bitcoin price but if there is no excitement early on, No-panic.
Number 4 will not sink into -Newbie- the are too excited and if needs be borrow capital if they don't have.

[tranthidung]

The advice is great but I believe not all newbies understand it and use it for their investment or trading. They only want to get experience and lessons only are lessons if they learn from their experience, of course with loses.
Don't gamble is my advice. Remember bull run does not mean profit for all participants in the market.

[GeorgeJohn]

It's obvious that no advice is wast irrespective the positivity  and negativities of the advice, and when we acknowledged advice render to someone is when it will yield a positive meaning to us, in null shall if newbies can acknowledge certain advice's here I think it will lead them to better height, because it's very clear that everyone was once a newbie before getting to these measure, so I think adopting advice from the community and personal research will take us to next level, all newbies should take correction render to senior colleagues as major priority and also observe cryptocurrency before any transactions, so loss does not permit us to learn a lesson alone but profit movitiate or encourage us to know our stands, we should stand on observation as a beginner in order to overcome blame.

[The Cryptovator]

Great advice, but who follows? Even there is much advice on the forum that had been creating by good contributors, but very rarely newbies following that. And that's the reason why they regret it later. Newbies just think that if they enter in crypto space means they could earn a lot from there. But the reality will understand when they lose. In the beginning, newbies just ignore losses. They don't have enough patience to wait. But they don't know shortcut way like day trading is high risk. It's really not fit for newbies. Anyway, hope newbies would get some point from here to save their crypto assets.

[Bitcoin_Arena]

I would also emphasize on the security of one's bitcoin assets especially for newbies  who have no idea where to store the assets or what kind of wallets to use;

Not you keys, not your coins
1. Avoid keeping bitcoin in exchanges long term.
2. Choose the best type of wallet to store your bitcoins. It must be open source and non custodial.

[Darker45]

And always keep in mind that more often than not winning or losing is in your hands, even though Bitcoin's price rising and falling are beyond your control. With Bitcoin, your loss is but a mere paper loss until your hands shake and sell. In times of nasty crashes, when a decrease in price reaches 30% in a few days, it is always within your control to either seal your loss and sell or absorb all the paper loss' blows and wait for the better days. They will always come.

2018 was a really bad year for Bitcoin. In a couple of year's waiting time, the reward came. But it was only for those who absorbed the paper loss, waited for the better days, and continued to HODL. The wait was really worth it.

[mk4]

Is that the tweet that he pretty much repeatedly posts every time there's a significant price rise with bitcoin? lmao. Historically it was quite a decent indicator for a price top.

With that said, I do agree with everything though. Such advice have been pretty much said a thousand times already but yet people fall for these traps due to greed.

[Maxstl007]

Bullrun means profit for some and loss for some, just because bullrun is ongoing doesn't mean it will be here forever, some that are too greedy will be caught in dump and they wi have to hold for long time to get their invested money back, know what you are doing and be smarter

[crwth]

Even though many people have been exploring this, there are still people who will experience negative stuff because they don't understand the experience yet. It's about time they do if ever it happens. We don't want that, but that's just the reality that we have right now. Everything is really worth agreeing upon, but sometimes it's just the matter of being there to experience.

Personally, I have some bad moments in crypto. When I'm starting to get into the cryptocurrency world, I have tried day trading, and I was impatient and emotional. Feeling like the market is within my fingers, but that's just the sad part. You really need to be rekt to learn. I think no matter what people do, they will sooner or later experience that loss that we all have probably experienced in any matter, shape, or form.

It's never assured to continue going up, but it's not assured to continue going down as well. The market still dictates it.

[sapnu]

Knowledge and decent understanding of what bitcoin is should be considered as a very essential part of your journey here. If you are going to be careless with those, you might be misled or instead of earning, you might end up experiencing massive loss. Always mind the price changes in the market and keep in your head that bitcoin has a very volatile value, you need to make sure that you know what's happening, if there's a crash or a rise in bitcoin's price. Be wise and smart with your decision making if you want to get rich in here.

[Eureka_07]

Before jumping to a bitcoin investment, be sure that you atleast understand the basics and fundamentals that you need to know. Don't enter if you don't know anything and didn't understand how it works. A little studies will do a lot. It will help you to be familiar on this kind of investment.

[Stedsm]

Your advice is true and I believe newbie investors should seek some advice and consult an experienced trader in their circle before jumping into this because we're used to see many such crashes as you've mentioned here but if they are investing for the first time, they may not feel the same way and some investors may also sell it if it shows such a move without having the ability to hold it for longer which may not be suitable for their capital.

[jossiel]

Patience. That's it!

Just imagine how long we've been waiting for this bull run. And all of those crashes that we stomped and we've been stomped by those too, it's all fun and rewarding. This is the reason why investing in bitcoin is one of the funnest thing that we've did in our lives.

Others missed out the fun that we've had. And just enjoy the ride, whether it goes up or down, do your thing such as holding or buying up for some more to add more bitcoins before it finally skyrockets to $100k and up.

[harizen]

That advice won't be truly absorbed by newbies.

Maybe a bit but once they are now in the real situation, that's where the challenge begins for them.

For me, I will just let them ride the trend whatever the circumstances or results. The only advice they will get from me at first is not to go all-in until they understand what they're doing (of course, that includes basics). If they got wrecked, then up to them if they will continue.

[mk4]

That advice won't be truly absorbed by newbies.

Maybe a bit but once they are now in the real situation, that's where the challenge begins for them.

For me, I will just let them ride the trend whatever the circumstances or results. The only advice they will get from me at first is not to go all-in until they understand what they're doing (of course, that includes basics). If they got wrecked, then up to them if they will continue.

I mostly agree. It's pretty easy to take in advice, but the difficulty comes when the problem is placed in front of you. Especially for the newbies, it's going to be pretty hard to think logically and stick to your plan when your emotions are overpowering everything.

Perfect example being bitcoin. "I will hold for 10 years" says the newbie, but then panic sells when a FUD article comes lmao.

[Alucard1]

Beginners need more knowledge first in the world of crypto before doing some crypto activities. When the first time I explore cryptocurrency, I got scammed by a fake investment website, it offers 100% interest for your investment so as a beginner I got hooked up by this kind of interest not knowing that it is a full scam. So better for the beginner to do research first or ask some expert the things they are going to try to avoid being scammed. The investment would be better than trading for beginners because trading is such a complicated way of earning money, this is riskier than investing.

[CryptopreneurBrainboss]

I think day trading is one of the reasons many newbie get burnt in the industry. I'm speaking about those fully into bitcoin and not those chasing after different alt to multiply their capital. The alts inventors have other reason but for the so called bitcoin holders their impatient is what caused them future profits.

The volatility in the bitcoin market will make you feel you can come out successful if you try outsmarting the market and usually this ends badly due to lack of experience. Day trading is a very risky investment strategy and can cause you your capital, only those that have acquired the skills and have done several demo practice and come out with an impressive result are advice to engage in it.

The advice by 'Pomp' is very simple and direct, having it at the back of mind  of all those stages of the market is key to enjoying your stay in the industry.

[Claudio99]

The only way to lose in bull season is buying at the highest price (ATH) and once the bull is done your money will be trapped because the value will go down fast and you will have no choice but to hold for probably years to come or accept your losses and exit crypto market

[mrob82]

I think there needs to be one added to the list, maybe a subset of don't day trade - stay away from margin or you will get wrecked.