Advice for beginner HODLers

[kulboi123]

Hi Everyone, hope all is well.

I have just established my HODLing career in crypto currency and wanted to share some steps I took to get started. One thing I quickly learned is that cryptocurrency is a MINEFIELD for newbies. There are so many ways we can get caught out and subject to eye-watering fees, scams and pitfalls.

I joined this game only 2 weeks ago due to FOMO as part of current surge in BTC value, so I'm still very much a newbie myself. Nevertheless, I've learned some valuable lessons. In many ways, ignorance is bliss.... as I will explain below. I think there is a rollercoaster ride ahead of us but I'm a true believer that the endgame is to hold on to Bitcoin for dear life for the next 5-10 years. I believe it will be a valuable asset despite the immediate future being volatile and uncertain.

The first trick is to not overwhelm yourself. You only really need to know the basics; go on YouTube and watch a couple of "summary" videos on Satoshi's White Paper. It will summarise the key points of Bitcoin. The other trick is to only bite off what you can chew. Binance exchange looks fun right? You want to trade crypto right? WRONG - leave it, don't bother, you DO NOT know what you are doing. It's unnecessary anxiety.

So if you want to HODL, here are my suggested steps:

1)You need a hardware wallet. Do not leave crypto in an online wallet, you are subject to theft and scams. Visit https://trezor.io and order your Trezor. It's a self-explanatory process once you're on the website. Trezor offers almost all services now. You can buy crypto direct from wallet at modest rates. I tried to buy crypto on various other platforms and it just overcomplicated things for me.

2) set up your hardware wallet when it arrives. It's dead easy. This isn't a how-to message for how to set up Trezor. Seriously, just follow the instructions when it arrives.

3) Keep your Trezor recovery seeds somewhere safe. The recovery seeds are literally just a series of randomly generated words that you write down on a pice of paper. Key thing to remember is if you loose the recovery seeds, you will never see your crypto ever again. Keep them safe and out of harms way. Never disclose the location of your recovery seed. Never reveal it to anyone ever.

4) Buy crypto direct from Trezor wallet. I suggest using dollar-cost average approach, i.e. once a month, plug in your Trezor and buy as much crypto as you can afford to lose. Repeat this every month. For example, I log in after pay day every month and buy £50 worth of BTC. YouTube "dollar cost average" for more info - it's a cheap and low-risk model for HODLing.

5) Download an app called "CoinGecko" if you want to track the price of BTC and other crypto. It's a nice addition but not essential

6) If someone DMs you on Telegram, Whastapp, or even drops you an email - DO NOT engage with them. Ever.

7) Trezor is currently developing a "sell" feature so we can exchange crypto to Fiat currency and send to bank account. The feature is not available yet. Since the endgame is to HODL for 5-10 years, don't bother trying to send crypto to an exchange and convert to fiat currency. It's honestly not worth it (my option only). I will just wait until Trezor have released this function in the wallet.

Hope this helps.

Happy HODLing x

[Oshosondy]

For tracking price, coinmarketcap is also good. For hardware wallet, ledger nano, cold card and Keepkey are not also bad. Online wallets are not safe like hardware wallets but there should be care to be taken to avoid scammers generally, phishing attacks must be avoided, malacious file downloads must be avoided too because it can have effect on your hardware wallet if performing transactions. Though the wallet will be cold one and will be for holding but holders should still know all these. Your post is useful for people that want to hold bitcoin.

[xiboothrezi]

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5) Download an app called "CoinGecko" if you want to track the price of BTC and other crypto. It's a nice addition but not essential

~

it looks like a blockfolio-like app would be more useful. because we can get notifications directly when there is a change in price, either an increase or a decrease. only need to set the purchase price that we take.

point 6 is also very important to note.
We should also understand the risk factors, learn market analysis, update the latest information, and the most important thing is to train mentally so as not to be easily influenced by Fomo, Fud, etc.

[ReiMomo]

~

5) Download an app called "CoinGecko" if you want to track the price of BTC and other crypto. It's a nice addition but not essential

~

it looks like a blockfolio-like app would be more useful. because we can get notifications directly when there is a change in price, either an increase or a decrease. only need to set the purchase price that we take.

We're just the same, I currently used this app for my portfolio monitoring, it has a straightforward design and easy to use and monitor your crypto holding while the phone is very convenient to use.

Thank you for the advice, for now, it really has a great help if you have a tracking app when the bull run occurs, if you invested around $35 and want to cut your profit ahead on that amount, much better to monitor the market. But if you are long-time holder, there's no need for all of these, forgot your holding for years and come back when your profit was there.

[erikoy]

Crypto exchanges are also good in tracking crypto market movement. Kucoin, Lumen and other wallet will notify you if ever an all time high will be recorded or when the market records good. Holding is the best way to achieve goals or profits. However, it needs patience in order to become successful in bitcoin investment. Bitcoin now slowly showing the world what could it be done when one will get bitcoin.

[dunfida]

When it comes to mobile then i do make use BLockfolio for years now when it comes to tracking off prices and making some alerts and notifications.

When it comes to Hodling then this would really be needing lots of patience and try to be concern when it comes to security from time to time.

Just use your own common sense and having some set up some goals for future targets even though these are subjective to change depending on the situation.

[finn.cole]

Hi Everyone, hope all is well.

I have just established my HODLing career in crypto currency and wanted to share some steps I took to get started. One thing I quickly learned is that cryptocurrency is a MINEFIELD for newbies. There are so many ways we can get caught out and subject to eye-watering fees, scams and pitfalls.

I joined this game only 2 weeks ago due to FOMO as part of current surge in BTC value, so I'm still very much a newbie myself. Nevertheless, I've learned some valuable lessons. In many ways, ignorance is bliss.... as I will explain below. I think there is a rollercoaster ride ahead of us but I'm a true believer that the endgame is to hold on to Bitcoin for dear life for the next 5-10 years. I believe it will be a valuable asset despite the immediate future being volatile and uncertain.

The first trick is to not overwhelm yourself. You only really need to know the basics; go on YouTube and watch a couple of "summary" videos on Satoshi's White Paper. It will summarise the key points of Bitcoin. The other trick is to only bite off what you can chew. Binance exchange looks fun right? You want to trade crypto right? WRONG - leave it, don't bother, you DO NOT know what you are doing. It's unnecessary anxiety.

So if you want to HODL, here are my suggested steps:

1)You need a hardware wallet. Do not leave crypto in an online wallet, you are subject to theft and scams. Visit https://trezor.io and order your Trezor. It's a self-explanatory process once you're on the website. Trezor offers almost all services now. You can buy crypto direct from wallet at modest rates. I tried to buy crypto on various other platforms and it just overcomplicated things for me.

2) set up your hardware wallet when it arrives. It's dead easy. This isn't a how-to message for how to set up Trezor. Seriously, just follow the instructions when it arrives.

3) Keep your Trezor recovery seeds somewhere safe. The recovery seeds are literally just a series of randomly generated words that you write down on a pice of paper. Key thing to remember is if you loose the recovery seeds, you will never see your crypto ever again. Keep them safe and out of harms way. Never disclose the location of your recovery seed. Never reveal it to anyone ever.

4) Buy crypto direct from Trezor wallet. I suggest using dollar-cost average approach, i.e. once a month, plug in your Trezor and buy as much crypto as you can afford to lose. Repeat this every month. For example, I log in after pay day every month and buy £50 worth of BTC. YouTube "dollar cost average" for more info - it's a cheap and low-risk model for HODLing.

5) Download an app called "CoinGecko" if you want to track the price of BTC and other crypto. It's a nice addition but not essential

6) If someone DMs you on Telegram, Whastapp, or even drops you an email - DO NOT engage with them. Ever.

7) Trezor is currently developing a "sell" feature so we can exchange crypto to Fiat currency and send to bank account. The feature is not available yet. Since the endgame is to HODL for 5-10 years, don't bother trying to send crypto to an exchange and convert to fiat currency. It's honestly not worth it (my option only). I will just wait until Trezor have released this function in the wallet.

Hope this helps.

Happy HODLing x

It's such useful information for beginners! You've written everything very clearly and correctly. I'll definitely send your post to my newbie friends because I'm sure that this information will help them! Thank you so much!

[rhodelmabanal]

If you are a holder of a coin or token you need to always monitor the price and the easiest way to monitor the price is to search in google or install some apps that can track the price and the trading volume of the coin or token that you are holding, it is important to take a look at the price of the coin that you are holding because the profit is always depend on the percentage of the price that is risng.
The advantage of using some crypto app that can track the price is that you can see what coin or token that is fast moving or has a high in trading volume on exchange.

[jaresmerel001]

I put all my btc in coinbase, is it safe?

[Rikafip]

5) Download an app called "CoinGecko" if you want to track the price of BTC and other crypto. It's a nice addition but not essential

I would advise exact opposite of that if you are starting your hodling career. There is no need to have any sort of app on your phone if you plan to hold for longer period of time as it may only distract you from your goal and you might be tempted to panic sell once BTC starts dumping and these things will happen occasionally during your hodling career.

I joined the hodl club sometime in the late 2018/early 2019 and one of the first things I did was to remove Blockfolio app from my phone. I simply stopped worrying about current BTC price and fluctuations and focused on the long term goal, and that's the biggest advantage of being a hodler.

I put all my btc in coinbase, is it safe?

No. Not your keys, not your bitcoin.

[aoluain]

Good write up OP.

The smart thing is definitely to stay away from trading unless you are experienced,
have the knowledge and the time to spend.

+1 for blockfolio, you can track your pricing on the popular exchanges or choose a global price
based on an average of the exchanges.

You can also set alerts and notifications including "signals" which are news related to your
chosen holdings.

Anyway you have made all the correct steps so far!
take a trip over to the beginners pages of the forum if you havent already.

[Jawhead999]

I put all my btc in coinbase, is it safe?

Coinbase is an exchanges (third parties), if put your funds in third parties it mean you're trusting your funds with them and you don't have full control about your coin. If Coinbase get hacked in the future, you coin will be lost too.

So, it's not safe... move it to non-custodial hardware wallet.

If you are a holder of a coin or token you need to always monitor the price and the easiest way to monitor the price is to search in google or install some apps that can track the price and the trading volume of the coin or token that you are holding, it is important to take a look at the price of the coin that you are holding because the profit is always depend on the percentage of the price that is risng.
The advantage of using some crypto app that can track the price is that you can see what coin or token that is fast moving or has a high in trading volume on exchange.

You're a holder not a trader I don't think you need to keep monitoring the price since you're hold for long time. It doesn't matter if the price drop or raise since your goals is long term.
If you're a trader, monitoring the price is a must since you aim some profit by buy low and sell high.

[johnnathanexo]

I am using Exocrow from last months. It's easy and safe way to access cryptocurrencies.

[gurunanakji777]

If you are planning for long-term holding you must not put your cryptos on an exchange that would be quite risky. One should use a Hardware wallet if He/She can manage to buy one. Apart from the Trezor wallet, one can consider Ledger Nano that is also a good Hardware wallet option. Even I like your strategy of buying BTC that's a good idea and it will not pinch your pocket too.

[browngoodluk]

Very good points, but as a newbie take more time to study remember EDUCATION is the key. Also, Security is necessary so take time to learn how to secure your assets.
CoinMarketCap is also a good place to track crypto currencies.

[Wenbing]

Well, your experience in beginning the holding journey is great. But, i do feel it depends on the interest and the philosophy of individuals or newbie on whether investing or trading is the option they choose.

well, Binannce can be very helpful for learning how to trade crypto , and watch the how the chart is formed and take actions as they learn. Well, i also believe that Holding is the goal of Btc but it can also be used as a speculative vehicle to grow money for immediate needs.

To me, i am very much interested in both holding and trading, i am currently developing my crypto portfolio.

Very good points, but as a newbie take more time to study remember EDUCATION is the key. Also, Security is necessary so take time to learn how to secure your assets.
CoinMarketCap is also a good place to track crypto currencies.

When it comes to security, there are two parties that have roles to play. The company that has the wallet and the wallet holder. The company that has the wallet will protect the accounts of users from the activities of black hat hackers which is a commonplace in this industry. so, they need to invest in cybersecurity technologies and strategies.

Secondly, the holders of the wallet needs to keep their passphrase very safe and be able to locate it whenever they need to access their account. Without passphrase, when your device get missed you may not be able to access your account.

[moderator's note: consecutive posts merged]

[Peanutswar]

Also good not to recommend storing your funds in exchange there are a lot of people doing this kind of activity and we don't want to courage this kind of activity still the best way Is to put it into your wallet.

If you want to make a crypto investment follow the basic rule "buying low and selling high" and "always buy in dip". This is the best thing for beginners.

Also another note. States by OP about having PM through telegram.

If someone messages you that came from the bitcoin talk please always verify and try to contact the person here in bitcoin talk. (Mostly this happens to higher rank) just try to reach them if it's a higher rank.  But if they are newbies do you expect they will help you? Nah just ignore.

[AniviaBtc]

I put all my btc in coinbase, is it safe?

This is an example of too much confident on storing all of his bitcoin in only one exchange. If you are a holder, try to explore those exchanges or wallets which are really safe in storing your assets and you will not have any fear of getting hacked. You always need to have a plan B or other wallets or exchange where you can hold your bitcoin so that you can still secure your assets when something bad happens on your bitcoin.

"Do not put all your eggs in one basket", they said.

But still, Coinbase is good because it has a lot of users, but Binance is really what I'm using for 2 years.

[plvbob0070]

I put all my btc in coinbase, is it safe?

With custodial wallets being vulnerable to hacks, you can never guarantee the safety of your funds. Therefore, you should search for a better alternative wallet in which you have full access to your funds and comprises a good security feature. Read and follow the initial phase indicated in the post to convey the main idea. Nevertheless, I will suggest reading these threads to gain a better insight into the types and differences between cryptocurrency wallets.

[1] [General] Bitcoin Wallets - Which, what, why?
[2] [GUIDE] Bitcoin/Cryptocurrency Wallets and it's risks [UPDATED: 10/8/2018]
[3] Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained.

[dupee419]

Having a reliable source for tracking purposes is a must so you'd know if you are hodling the right way, not only that but patience is a must when you are hodling, don't just go right away panic selling your holdings just because of what the forum says, always look up to those reliable members in this forum that can actually give accurate information, not only in this forum but the whole web itself is filled with information, a website like coinmarketcap is actually a good source for tracking values of almost all of the cryptocurrencies.