A word of advices about cryptocurrencies

[Dillonhebist]

please share your advice about cryptocurrencies so that individuals especially the beginners will learn and have a guide to follow.

many of us have learnt and experience alot about cryptocurrencies in many different ways and our understanding are also different, that is why I decided to write this topic so that those who are new into crypto will learn and also have a guide to follow.

my advice about crypto currency is that, always trade with the right platform, never allow greed to control your mind set, trade what you can afford to lose, be patient (their is no shortcut in making money) and above all stay  away from social medias and YouTube crypto influencers.

Share your advices.

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[Maus0728]

These thread pretty much sums up the majority of the crypto/financial/forum related advice that every newbie should be aware of.

What's the best advice you received here?
Your guidance is needed

And if there's any advice I can provide, it's to stack as much bitcoin as possible -- of course not to the point that you are not eating.

[Charles-Tim]

please share your advice about cryptocurrencies so that individuals especially the beginners will learn and have a guide to follow.

The safest and the most decentralized coin is bitcoin
Newbies should avoid ICO and IDO scam
Newbies should know they will lose while trading, they should use the amount they can afford to lose or they should just hold in long term.
Never hold cryptocurrencies on exchanges, they are often hacked
You do not also have full control on custodial wallet also as on centralized exchanges, use reputed noncustododial wallet.
Be careful of malware on your device, completely avoid malware, they do more than harm.
Your 2FA app should be on different device other than the device you have your wallet and exchange account
Be careful of scammers
Avoid high yield investment program (HYIP) scam
Avoid pump and dump scam
Avoid clicking on ads
Avoid ad links, which are displayed on google when searching for something online that you can click on, make sure you check very well and be certain that the link you want to click on is not an ad. Visit the right sites directly.

You can start to find these topics interesting: Good topics on security and privacy

[King0]

I think if the middle cryptocurrency of a country is used then that country will develop very fast and the people of that country will be able to do something very fast very soon.  If people can use cryptocurrency and the country can be improved by using cryptocurrency, much more development is better.

[pooya87]

especially the beginners

Stay away from cryptocurrencies and only stick to bitcoin. When you hear them tell you "buy this and it will moon" you should run the other way because they are trying to dump a shitcoin on you.
Forget about trading and making money, and start learning how bitcoin works. Buy a small amount and store it in a wallet while learning how wallets work and how you should secure them.

[Lucius]

if everyone sticks to just Bitcoin, what happens to other altcoins in the market??

Most of them will disappear anyway because they have no purpose, and they will be replaced by hundreds and thousands of new projects that will be used for short-term earnings. It all comes down to knowing when to buy and when to sell to get the maximum profit, but most are not able to cope with all this and only make losses.

Bitcoin is the primary and most popular coin in the market no doubt, but it's basically not the only coin with which one can make money from, I think everyone should have the opportunity of studying the crypto space in general, the decision of which coin to invest in should be left to them basing that on their analysis.

The question is do you want to consciously participate in crypto projects that will in most cases fail and leave an army of deceived people just so that few can make a profit? Bitcoin has something that no other cryptocurrency has, and that is decentralization and absolute transparency - all other crypto projects have one or more central figures, and they all have their own personal interests.

I'm not going to claim that you can't make a lot of money on altcoins, but we have to separate two key things - one is profit, and the other is trust. In the long run, I believe that Bitcoin will survive and become part of everyday life, everything else will be subject to the constant change in which someone will always try to do something better than Bitcoin.

[examplens]

I saw here ^{in B&H board} many actions like this. Best advices, a lot of suggestions on what to do and what not to do... if we ignore the likelihood that such discussions will be initiated due to the gathering of merits, does this really help anyone?
Reposting already discussed topics, will it really help someone who is so lazy to use a search engine and little is educated about the possible risks in the crypto world (and not only in the crypto)?

[sunsilk]

One tip.

If you've earned from bitcoin, it's better to keep it private. It's okay to join discussions in online forums where your privacy is kept, not personally. Because if you boast personally on how much you've made.

You don't know who you are talking to and they might get an interest about you that can put yourself in danger. The known wrench attack can happen to anyone who's too vocal with their bitcoin journey to strangers and even to the people they know.

[pooya87]

if everyone sticks to just Bitcoin, what happens to other altcoins in the market??

The best thing that can ever happen to cryptocurrency scene: The altcoin will be forced to get off their fannies and innovate. Before you know it we start seeing cryptocurrencies that are worthy of the name and are not just created for pump and dumping.

Bitcoin is the primary and most popular coin in the market no doubt, but it's basically not the only coin with which one can make money from, I think everyone should have the opportunity of studying the crypto space in general, the decision of which coin to invest in should be left to them basing that on their analysis.

You are not supposed to make money from bitcoin. Bitcoin is money.
In fact your way of thinking (that is sadly shared by many others) is why we are in this mess. When people stopped caring about utility and only focused on the profit they can make, obviously scammers and lazy devs started filling the market with garbage such as ethereum and the mess we know as token market.

[mk4]

Do some actual reading, and a lot of it. A lot of people thought watching YouTube of some pump and dumper would suffice. And no, I don't mean read Reddit shill threads and such; go read actual articles.

[Yamifoud]

In addition to the above replies...

1. Have self-confidence
2. Think first before deciding
3. Keep learning (stop relying on others)

It is all about building your knowledge and skills in order for us to have the advantage. We can't simply underestimate the market volatility and so preparing ourselves for it is very important. Many had to take it for granted and no wonder why they lose.

[qwertyup23]

Do some actual reading, and a lot of it. A lot of people thought watching YouTube of some pump and dumper would suffice. And no, I don't mean read Reddit shill threads and such; go read actual articles.

I think most newbies ask for advice on cryptocurrencies but they fail to realize that the internet is their friend. Everything can be searched due to the influx of search engine nowadays and everything is accessible. There are also lots of free courses on YouTube in which traders share their personal experiences in trading.

Ted Talks also do some of their episodes primarily on cryptocurrencies as they frequently discuss the complexity of the blockchain technology. There are also some articles about BTC. Compared before, there are tons of materials available online and the internet will be your best friend!

[Lucius]

I saw here ^{in B&H board} many actions like this. Best advices, a lot of suggestions on what to do and what not to do... if we ignore the likelihood that such discussions will be initiated due to the gathering of merits, does this really help anyone?
Reposting already discussed topics, will it really help someone who is so lazy to use a search engine and little is educated about the possible risks in the crypto world (and not only in the crypto)?

If we set ourselves up like that, then at least 70% of all threads open in B&H are unnecessary and should be deleted because there are answers to similar questions. But still, this is a board for beginners, so we have to have a little more tolerance towards them. If the OP has learned something from this discussion, maybe one day we will get a valuable member of this forum.

[Smartvirus]

And if there's any advice I can provide, it's to stack as much bitcoin as possible -- of course not to the point that you are not eating.

Lol, what a funny funny to state the obvious.
Some users tend to be about this when it comes to hodling coins. They don't know when it's best to withdraw and enjoy the profits that have come off there invested funds. In my own way, hodlibg is good but you could also be doing it wrong. When it seems to course you great discomfort.

You shouldn't have an investment that would bring you discomfort. If you really want to be about hodling coins, you might never get to withdraw a sat to satisfy wants and needs as, every sat has still got a potential of increase.

You just have to figure out when your making profit and that of course is, when your balance is some worth above your capital. Then you could consider yourself to have made profit and could withdraw the net difference should you have need of it otherwise, you could still stick to hodling but, never hodl to a point that it brings uou discomfort. Like my friend would put it, 'unable to eat'.

[Natalim]

please share your advice about cryptocurrencies so that individuals especially the beginners will learn and have a guide to follow.

If ever we try investing in the stock market, that is just the same.
But if we are just new to this, we better have to understand the market first how it works and stop being rushed. Noobs must have to know what will be the consequences that may happen to them and their money once commits mistakes, not just on knowing how to make a profit.
Yeah, we need the experience to help clearly understand how this be going to happen.

And the last thing is that "never blame others for every mistake we do" that is because other people don't make decisions for us but we did it by ourselves.

[uchegod-21]

Cryptocurrency is volatile.
You have to know when to keep your assets and when to convert them to stable coins especially for alt coins that can over dump. Bitcoin has strong support more than altcoins.

Do not trust every project, first test before you trust and when you trust don't trust for long except for bitcoin.
Find something that works for you in crypto and stick to it, don't base on other people's opinions always.
Be vigilant about scam.

[pakhitheboss]

One single rule is never to underestimate Bitcoin and never compare it with other cryptocurrencies in the market. Stay away from quick rich schemes they will eat your money and make you poor. If you have any doubt ask your question here. Nothing is free and if it is free then it is a scam. Always do your own research before investing

[Pmalek]

if everyone sticks to just Bitcoin, what happens to other altcoins in the market??

99% of all altcoins follow the movements of Bitcoin. When the value of Bitcoin increases, the same happens with alts. When the price depreciates, altcoins lose their value as well. The only difference are the percentages. Alts can rise more percentage-wise than Bitcoin in some cases. But when Bitcoin loses value, alts tend to lose even more.

People often talk about diversification, but with altcoins it rarely pays out. If they just follow Bitcoin, you are safer if you don't invest money in dubious projects intended to make a small group of developers rich.     

[Rockstarguy]

Do not invest what you can't afford to lose,  do not depend on trading or your investment as beginner in trading,  have a source of income to develop you investment scheme better. Learn about cryptocurrency first before you begin your crypto journey to trade or invest, and be satisfied with your little profit, don't be too greedy to go after more, in all try to be consistent to get update about cryptocurrency news.

[Issa56]

Cryptocurrency is not really easy the way newbies always think it is, most newbies always have wrong orientation, they believe immediately they join cryptocurrency they start making money instantly, they don't really know they can lose money in Cryptocurrency thats why I always advise any newbie that want to learn about cryptocurrency to always invest what they can afford to lose incase if anything happens and also they should never borrow money to invest in any coin.