My quick advice to my fellow newbies

[SOKO-DEKE]

Hello everyone! I'm a newbie in this forum, but I've done some research and would like to offer some advice to my fellow newbies. I am aware that I am open to correction and that I am not in the position to offer advice, but I believe that the following points will be of assistance to my fellow Newbies.

1. As newbies, Never respond to unsolicited messages from people offering you financial advice or any other form of offer; they are virtually always frauds, and if you respond, the con artists will find a way to convince you. Please make every effort to avoid strange messages..

2. Newbie avoid day trading and mining Unless they have a thorough understanding of bitcoin, because Most people who engage in day trading, which are very professional also lose money and you cannot mine effectively with your PC and must get specialized ASIC rigs which very expensive, so as newbie stop thinking about mining.

3. Make sure you have an emergency savings account for fiat currency in case any emergency demands arise before investing in bitcoin by conducting some basic research.

4. When you first start investing in bitcoin, do not anticipate becoming wealthy within one to two months. Rather, you should wait one to two years before you even think of taking profit from it.

5. Purchase Bitcoin and withdraw it to a personal wallet so that you may genuinely own it; never keep it on an exchange or web wallet. This is because exchanges are vulnerable to hacking and are not secure.

6. Pay close attention to backing up your wallet (the software that contains the key to your Bitcoins) and, preferably, keeping it offline in a secure area. Typically, you write phrases words, on metals, on a piece of paper and hide it in private places likey two places.

7. Due to the fact that these tokens are scams, beginners should stay away from altcoins, tokens, and ICOs, at least initially until they understand more about Bitcoin basics.

8. Don't put too much pressure on oneself to know everything about the world of cryptocurrencies right immediately; it will take time to completely understand it. It takes time, effort, and continual learning to develop the full potential of your virtual money, whether you want to utilize them for trading or regular transactions.

Thia post is open for corrections from everyone in this forum, I will be glad if I have more corrections and guide.

[1714005460]

1714005460

[_act_]

2. I will also advice newbies to stay away from trading but to learn it very well first and they should only use the money they can afford to lose. But about mining, newbies can be rich enough to afford ASICs, lucky to have a good environment and government that would favour bitcoin mining. But he has to research more to be able to know if it would be profitable. Cloud mining and other types that someone will want to mine for you is what newbies should avoid.

3. Some people are from underdeveloped and developing countries, their fiat devalues significantly and they do not like to save in fiat, example are some countries in Africa, Asia and South America. People in many countries in the continents I mentioned do not prefer fiat at all, or better prefer the fiat of the developed countries like US or UK. Some people from developed countries like Europe, UK and US may still think about fiat. But fiat is always fiat, they always devalued by the government.

5. What do you mean by personal wallet? Custodial wallets can be personal wallets too. It would be good to refer to the wallet you are talking about as noncustodial wallet or private key wallet.

6. What should be backup is the seed phrase, which can produce the keys. The keys can also be used as backup, but in this time of HD wallet, seed phrase can be the backup. More than one backup is advisable.

[Pmalek]

1. As newbies, Never respond to unsolicited messages from people offering you financial advice or any other form of offer; they are virtually always frauds, and if you respond, the con artists will find a way to convince you. Please make every effort to avoid strange messages..

That's not exclusive to newbies, and everyone should stay on their toes when they are PMed from someone they don't know. Especially if it involves matters of money.

2. ...Most people who engage in day trading, which are very professional also lose money...

And they don't show you those segments or put enough emphasize on it. Traders mostly talk about the good sides, when they generate profits, and shill certain trading platforms.

3. Make sure you have an emergency savings account for fiat currency in case any emergency demands arise before investing in bitcoin by conducting some basic research.

You should only invest the money you don't need for more important expenses. Don't put money into bitcoin or any other traditional/non-traditional assets expecting to make profits if your bills aren't paid, your family isn't taken care of, your bank loans haven't been returned.   

6. Pay close attention to backing up your wallet (the software that contains the key to your Bitcoins) and, preferably, keeping it offline in a secure area. Typically, you write phrases words, on metals, on a piece of paper and hide it in private places likey two places.

At least 2 or 3 geographically different locations. If location #1 floods, burns up, explodes, gets destroyed in an earthquake, tsunami, etc., you can still get your seeds from locations #2, #3, etc. 

[Hyphen(-)]

These tips are not only for newbies, but also for some current forum users; while there are a number of threads that have written more about them, we take these as a reminder.

2. Newbie avoid day trading and mining Unless they have a thorough understanding of bitcoin, because Most people who engage in day trading, which are very professional also lose money and you cannot mine effectively with your PC and must get specialized ASIC rigs which very expensive, so as newbie stop thinking about mining.

Crypto trading carries a high level of risk, which is why it is recommended that you have a detailed understanding of Bitcoin and cryptocurrency before beginning to trade.
Most traders will encourage us to participate in trading without fully showing or explaining the good and bad sides of it; they will only tell you the benefits and hide the downsides. All that is required is a basic understanding of trading, Bitcoin, and the cryptocurrency market in general.

5. Purchase Bitcoin and withdraw it to a personal wallet so that you may genuinely own it; never keep it on an exchange or web wallet. This is because exchanges are vulnerable to hacking and are not secure.

Because privacy is crucial, it is always best to use personal wallets so that you have complete control over your funds by safeguarding your private key and seed phrase.
Make duplicate copies of your private keys and store them offline in more than one location; avoid disclosing your private keys and seed phrases to others.

[_act_]

Most traders will encourage us to participate in trading without fully showing or explaining the good and bad sides of it; they will only tell you the benefits and hide the downsides. All that is required is a basic understanding of trading, Bitcoin, and the cryptocurrency market in general.

What I noticed was that most traders will tell you the bad side of trading, they will let you know that it is risky, but also letting you know that making profit is very possible which is not a lie from professionals. This is what newbies will have in mind and start to trade and loss more and more.

But some people just want to provide signals, these kind of people should just be avoided because they speak more about the profit in a way new traders will pay them money, giving the new traders some signals that may let them start to fail in trading.

[traderethereum]

The advice is not just for beginners but for everyone who wants to invest or trade from crypto.
Don't expect too much from what other people have suggested because suggestions from others do not guarantee that we can benefit.
In investing or trading in crypto, we must be able to find as much information as possible, especially finding the right information from out there because many people will give the wrong news.
I think we can have more opportunities to profit from crypto by having information or learning more from others.

[Dunamisx]

8. Don't put too much pressure on oneself to know everything about the world of cryptocurrencies right immediately

This point interest me alot because growth is a gradual process and patience is the key to attaining that, enough of being hasty to making profit because in doing so, it get one into more exposure to danger and risk of loosing to the hands of the wicked scammers, you can know it all but the very important and needful ones can get your awareness, lesson is a gradual and continuous process but we must also be conscious of the sources of things we learn in other to remain safe.

[Crypt0Gore]

I am never going to accept the advice of not mining as a newbie, who told you that you need to be a crypto professional to start crypto mining? The tastes thing a newbie can learn about crypto is mining, I bought BTC miner before knowing anything about crypto investment and trading and I've never regretted that decision.

1. Is the miner profitable?
2. Do you have cheap electricity bills?

These are two things anyone should understand before buying a miner and the answer can be found online using google search engine.

[SFR10]

5. Purchase Bitcoin and withdraw it to a personal wallet so that you may genuinely own it; never keep it on an exchange or web wallet. This is because exchanges are vulnerable to hacking and are not secure.

Just because your Bitcoins are sitting in your personal wallet, that doesn't guarantee that the latter part is not going to happen to you as well ^{[it heavily depends on how secure your personal wallet is]}!

Typically, you write phrases words, on metals, on a piece of paper and hide it in private places likey two places.

From time to time, you should go over those places to see if you can still find them ^{[add more copies when you lose one]}.

[cryptoaddictchie]

I am never going to accept the advice of not mining as a newbie, who told you that you need to be a crypto professional to start crypto mining? The tastes thing a newbie can learn about crypto is mining, I bought BTC miner before knowing anything about crypto investment and trading and I've never regretted that decision.

1. Is the miner profitable?
2. Do you have cheap electricity bills?

These are two things anyone should understand before buying a miner and the answer can be found online using google search engine.

I think he doesnt mean to offend or lecture others with such boasting message. He just reiterate that mining should be done properly and mind that he is also a newbie who probably not have much knowledge or tried mining. I think what he is saying is isnt simple to set up on a pc without any useful or efficient accesory for mining. But what you said is right. Its about factors like you mentioned.

[isaac_clarke22]

~

I would appreciate if you would address this to "fellow Bitcointalk users". Even the users with high "forum ranks" are still vulnerable to these kinds of scenario that you're describing.

#1, regardless if it is a DM or even an email, never respond since they would likely verify that you are indeed the user behind the email/username that they're contacting through a "blaster". Not related to the forum, but I receive an email back then that warrants my response. Never ever attempt to respond to those messages.

#2, I don't think that "newbie" forum rank users should be prohibited in going for mining. Encourage them instead to research really really really thorough before going through mining.
Is it going to be profitable despite the electricity cost in their country or not?

#3, I am pretty sure this applies even outside crypto. In short, just do not rely too much in crypto for your source of income.

#6, they also have the option to engrave it in a metal plate though it would be preferable if they engrave it by themselves for obvious reasons. Nobody likes that "$5 dollar wrench attack".

[Techkoy407]

and for beginners,
if you invest in crypto, don't go big right away, especially if you have little knowledge, at least invest first while learning everything little by little.

don't rush into investing, especially in crypto,
Don't be tempted by the lure of getting rich quick.

because investment is basically an investment in valuable assets, to get a profit.

invest carefully, carefully and must continue to explore the knowledge.

[Shamm]

and for beginners,
if you invest in crypto, don't go big right away, especially if you have little knowledge, at least invest first while learning everything little by little.

don't rush into investing, especially in crypto,
Don't be tempted by the lure of getting rich quick.

because investment is basically an investment in valuable assets, to get a profit.

invest carefully, carefully and must continue to explore the knowledge.

Like what Op said in this

4. When you first start investing in bitcoin, do not anticipate becoming wealthy within one to two months. Rather, you should wait one to two years before you even think of taking profit from it.

Investing is good but we need to have further knowledge about that especially in the coin and site we want to invest with, because if you fall to the trap from scammers then your money will gone forever also you see right mate if you are a newbie in the crypto world then it's a good mindset that investing in such amount not just big and not just small but if you think that amount is enough then Go for it.

[uchegod-21]

Very good advice from the OP. Everything is sounds well and educating but one thing I know is that newbies overlook these advice. They don't put it into consideration until they fall victim of one or two of the things you listed, they will now learn from experience.
Every newbie is expected to make some mistakes but the one who learn before trying to gain will make small amount of mistakes compared to the ones who came without learning.
Another important thing is to have a genuine mentor or guidance who will teach you the real and basics things as a newbie before you will begin to make your own decisions.

[Sanitough]

The advice is not just for beginners but for everyone who wants to invest or trade from crypto.
Don't expect too much from what other people have suggested because suggestions from others do not guarantee that we can benefit.
In investing or trading in crypto, we must be able to find as much information as possible, especially finding the right information from out there because many people will give the wrong news.
I think we can have more opportunities to profit from crypto by having information or learning more from others.

It’s not wrong to ask suggestions and opinions from other people especially if they have been here in the market for long, but never reach to the point that you will follow and just rely whatever their last say. It’s always your final decision that will count the most. Also, if you decide to invest or trade, then prepare for it and gain sufficient knowledge and skills first before jumping into risky decisions that you may only regret later on.

[Issa56]

1. As newbies, Never respond to unsolicited messages from people offering you financial advice or any other form of offer; they are virtually always frauds, and if you respond, the con artists will find a way to convince you. Please make every effort to avoid strange messages..

Social media is just full of scammers now that's why we have to be careful, most of them claim to offer help in trading or invement, most of them are scammers just trying to take from you, I think we should try our possible best to protect our self from falling victim.

3. Make sure you have an emergency savings account for fiat currency in case any emergency demands arise before investing in bitcoin by conducting some basic research.

I believe this is one of the reason most people can't HOLD when it comes to crypto investment, most of them don't always have back up funds, they always use all their funds to purchase coins. Which at the end whenever their is emergency, they always end up selling their coins gradually just to solve problems even if they are at lost, i believe we should always have emergency funds.

4. When you first start investing in bitcoin, do not anticipate becoming wealthy within one to two months. Rather, you should wait one to two years before you even think of taking profit from it.

Newbies always have wrong perspective before joining the crypto space, most of them have been brainwashed buy lot's of people, they always hear positive things about bitcoin so they believe bitcoin is a get rich quick scheme, they believe immediately they start bitcoin they are already rich which is wrong, that's why whenever most of them see ponzi scheme they always jumping into it which at the end they will lose money and they will endup blaming bitcoin for their lost.

5. Purchase Bitcoin and withdraw it to a personal wallet so that you may genuinely own it; never keep it on an exchange or web wallet. This is because exchanges are vulnerable to hacking and are not secure.

Since buying and selling of coins take place on exchange, most people will just buy coin on exchange and they will ignore it their because it's easy accessible their, but we have to think about the effect, exchange can be easily hacked, we have seen lot's of exchanges that have been hacked in history or crypto which lot's of people lost their money their, I think the best thing is after purchasing your coin from exchange, then you should move it to your wallet which we are in control of the private key, because not your key not your money, if you are not in control of your money then it those not belong to you completely because you can lose it at any moment.

6. Pay close attention to backing up your wallet (the software that contains the key to your Bitcoins) and, preferably, keeping it offline in a secure area. Typically, you write phrases words, on metals, on a piece of paper and hide it in private places likey two places.

Your private key should be secured properly, if anybody have access to your wallet private key, then all your funds are gone already, the user can easily import the private key on his mobile device and will send all your coins out without you knowing, so your private key should be properly secured. I think it's better you carve your private key on a metal plate than a paper, because paper can be washed away and incase if their is fire incidence, the paper can be easily burnt, but if you get a multiple metal steal and carve your private key on the metal plates and hide them in different places incase if you lose one their will always be a backup. Also everyone should avoid securing private key on application, your private key should be secure in a place that their is not access to internet service to avoid being hacked.

7. Due to the fact that these tokens are scams, beginners should stay away from altcoins, tokens, and ICOs, at least initially until they understand more about Bitcoin basics.

I don't always advise beginners to participate in ICO or IEO, I dont advise then to invest in new projects, if you don't want to invest in bitcoin, then I always advise then to invest in coins that have been long in crypto market.

[Sandra_hakeem]

Yunno what? Your work is appreciable.
I'm not on the motion cus your points are new ideas though; we've seen 'em alot lately but, I like the way a newbie , who thinks he doesn't know much , is Sharing the little he knows to other so they won't fall victims evenly, that's mind-blowing.
I'll still wanna add to that;
Newbies, 90% (my rating) of people on the web are up to make some bucks for themselves. In these case, if you're a nomad and you're gullible enough to be deceived, you'll end up being defrauded many times(not once).
'Everything you see, wants to harm you'. Better still, you could checkout the trust ratings from real people not some fucking bots. Then, finally, follow your instincts.

Sandra 👩‍🦱

[nurilham]

These are actually simple pieces of advice, but, not all newbies concerned about them and are avoid to learn about it.

1. As newbies, Never respond to unsolicited messages from people offering you financial advice or any other form of offer; they are virtually always frauds, and if you respond, the con artists will find a way to convince you. Please make every effort to avoid strange messages..

This is crucial enough, even though the contact is from influencers, CEO (fake or not), moreover strangers, by PM in this forum, social media moreover, and also other media, just ignore it. Many scammers now approach their victims by giving some advice and then attracting the newbies to join in the project, with high promises to be richer soon and instantly. Never trust anyone.

3. Make sure you have an emergency savings account for fiat currency in case any emergency demands arise before investing in bitcoin by conducting some basic research.

This also relates to the amount that you can afford to lose when investing. ALways use only free money in which you will not use them for your needs, especially daily needs or certain urgent needs.

[Finestream]

Very good advice from the OP. Everything is sounds well and educating but one thing I know is that newbies overlook these advice. They don't put it into consideration until they fall victim of one or two of the things you listed, they will now learn from experience.
Every newbie is expected to make some mistakes but the one who learn before trying to gain will make small amount of mistakes compared to the ones who came without learning.
Another important thing is to have a genuine mentor or guidance who will teach you the real and basics things as a newbie before you will begin to make your own decisions.

I guess that’s mostly how we learned in crypto, making mistakes and losses at first and only by then we acquire learning. Only few of us here started with more knowledge and experience which end up less mistakes and losses. However, what matters the most is we never resort into quitting just because of few losses, instead we strive hard and work hard to be more successful and profitable in the future. Also, it’s an advantage if we can find good mentors around, but based on my experience, it’s okay not to find one too so we will learn on our own and become more independent in crypto.

[Eureka_07]

<snip>

It is typical of newbies to get caught on various frauds through different platform (Telegram, Twitter, websites, etc.).
To newbies, if you ever see anything being offered to you which is/are "too good to be true" do some background checking first. You can search it on google and for sure there are some articles/reviews regarding those (unless they're very new).

One example fraud is a website which will ask you to do easy task for quick bucks, however for you to be able to withdraw those cash (you can't) you need to invite people and deposit certain amount to their address. This is a kind of fraud, do not fall into that.