Lessons of my experience and knowledge about Bitcoin

[savetheFORUM]

_ Stick to Bitcoin: it's the real deal. Don't gamble on other cryptos

Even though I agree that Bitcoin is the real deal and it's the most powerful and important cryptocurrency out there, but what's the fun if you are just sticking to Bitcoin and not experimenting at all? And by experiment I don't mean that one should start buying every single altcoin blindly, there should be a proper way to do that, some research, a bit of analysis, and if a project or a coin seems good, there is nothing wrong in throwing a few bucks at it.

_ Avoid trading altcoin: you are not a genius trader, you will eventually get burned.

Or trade with caution, isn't it is better to simply be careful with your purchases than to totally avoid the whole group? I mean, some altcoins got great potential, and we all agree that diversification has always got great things to offer.

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[Agbe]

This is good. The hope in bitcoin for those our senior men also give us hope in general so when those shitcoins were dieing, we were not shaking and having the confidence every day and night. But sticking to one coin is not advisable because we have to experience other coins too and that is why people said, diversification of investment is also good and not only on one sided investment. We have to invest in other coins so we have something to say whenever such topics are presented here.

[Sophokles]

_ Don't Force Bitcoin on others, but be a resource to those who seek knowledge

This is the thing...we don't need to look for someone and even a friend or relative and encourage them to invest but rather wait for them to ask us and be their guide. It is a big mistake to give them a promise to earn money because there is no assurance of it. Giving them the idea will be enough for them to decide if they are going to invest or not, it depends on their risk appetite and their mindset. What we did was just spread the information and educate people about crypto but not for the seek of making them invest, that was an option.

How will they ask us about bitcoin if they don't know about it? It is important to spread awareness about bitcoin and its benefits. No one should give another person financial advice if he isn't an expert in that field and someone asks him about it. Instead told them how inflation is destroying our wealth and how we can fight it through bitcoin. Directly asking them to invest in bitcoin will make them nervous by making them think of any possible Ponzi scheme if they don't know what bitcoin is.

[serjent05]

_ Stick to Bitcoin: it's the real deal. Don't gamble on other cryptos

Even though I agree that Bitcoin is the real deal and it's the most powerful and important cryptocurrency out there, but what's the fun if you are just sticking to Bitcoin and not experimenting at all? And by experiment I don't mean that one should start buying every single altcoin blindly, there should be a proper way to do that, some research, a bit of analysis, and if a project or a coin seems good, there is nothing wrong in throwing a few bucks at it.

_ Avoid trading altcoin: you are not a genius trader, you will eventually get burned.

Or trade with caution, isn't it is better to simply be careful with your purchases than to totally avoid the whole group? I mean, some altcoins got great potential, and we all agree that diversification has always got great things to offer.

In the current cryptocurrency market, some altcoins even outperform Bitcoin in terms of giving ROI.  People just need proper and right information about altcoins.  Though it is risky, there are altcoins that give their investor a very good amount of profit.  Just like SHIB, many say that it is a shitcoin, I do not refute that, but I cannot deny that I profited 42x+ when I invested in this, altcoin just need the right timing for entry and exit in order to get profit because if the investor missed the timing, he might end up bagholding worthless coins.

[yhiaali3]

In the current cryptocurrency market, some altcoins even outperform Bitcoin in terms of giving ROI.  People just need proper and right information about altcoins.  Though it is risky, there are altcoins that give their investor a very good amount of profit.  Just like SHIB, many say that it is a shitcoin, I do not refute that, but I cannot deny that I profited 42x+ when I invested in this, altcoin just need the right timing for entry and exit in order to get profit because if the investor missed the timing, he might end up bagholding worthless coins.

Never trust Altcoin. This is advice from my personal experience and from the experiences of many others. After a long experience and many losses due to Altcoin, I was finally completely convinced that only Bitcoin can be trusted. Although in the beginning I made good profits from Altcoin, I cannot trust it at all.

It is true that Altcoin gives you greater profits than Bitcoin, but do not trust it because it can change in the blink of an eye and turn your profits into losses. If you want to venture with a small capital, that is okay, but I do not advise you to enter with a large capital at all.

[DabsPoorVersion]

In the current cryptocurrency market, some altcoins even outperform Bitcoin in terms of giving ROI.  People just need proper and right information about altcoins.  Though it is risky, there are altcoins that give their investor a very good amount of profit.  Just like SHIB, many say that it is a shitcoin, I do not refute that, but I cannot deny that I profited 42x+ when I invested in this, altcoin just need the right timing for entry and exit in order to get profit because if the investor missed the timing, he might end up bagholding worthless coins.

Never trust Altcoin. This is advice from my personal experience and from the experiences of many others. After a long experience and many losses due to Altcoin, I was finally completely convinced that only Bitcoin can be trusted. Although in the beginning I made good profits from Altcoin, I cannot trust it at all.

It is true that Altcoin gives you greater profits than Bitcoin, but do not trust it because it can change in the blink of an eye and turn your profits into losses. If you want to venture with a small capital, that is okay, but I do not advise you to enter with a large capital at all.

Do you mind being specific, as you have said, you made good profit at the beginning, does it crash the altcoin you have bought or you have made a mistake of not taking a profit? If it does, then it is a personal judgement that becomes the reason for your losses.

I don't say that I do not trust bitcoin, but what you have said can also happen to Bitcoin. It can crash in a blink of an eye, many have experience that, the price suddenly drop at an unexpected price, though Bitcoin will surely be able to recover and the its price still grow over time. Bitcoin is indeed strong compared to altcoins, we just have to put our trust on it.

[Bushdark]

In the current cryptocurrency market, some altcoins even outperform Bitcoin in terms of giving ROI.  People just need proper and right information about altcoins.  Though it is risky, there are altcoins that give their investor a very good amount of profit.  Just like SHIB, many say that it is a shitcoin, I do not refute that, but I cannot deny that I profited 42x+ when I invested in this, altcoin just need the right timing for entry and exit in order to get profit because if the investor missed the timing, he might end up bagholding worthless coins.

Never trust Altcoin. This is advice from my personal experience and from the experiences of many others. After a long experience and many losses due to Altcoin, I was finally completely convinced that only Bitcoin can be trusted. Although in the beginning I made good profits from Altcoin, I cannot trust it at all.

It is true that Altcoin gives you greater profits than Bitcoin, but do not trust it because it can change in the blink of an eye and turn your profits into losses. If you want to venture with a small capital, that is okay, but I do not advise you to enter with a large capital at all.

Investing in altcoins is very risky although there can be a lot of profits there if we know how for look for reliable and strong projects. Since there are plenty of scam projects in the crypto industry, there had made lot of people to have lost funds that could be use for something else and make profits. We need to be very be careful when we invest in altcoins because we can lost funds when we out our money in a project that ended up becoming a rug pull. There investors that keep many huge profits from the market because they know how to look for strong projects in the market and invest in them.

[yhiaali3]

Do you mind being specific, as you have said, you made good profit at the beginning, does it crash the altcoin you have bought or you have made a mistake of not taking a profit? If it does, then it is a personal judgement that becomes the reason for your losses.

I don't say that I do not trust bitcoin, but what you have said can also happen to Bitcoin. It can crash in a blink of an eye, many have experience that, the price suddenly drop at an unexpected price, though Bitcoin will surely be able to recover and the its price still grow over time. Bitcoin is indeed strong compared to altcoins, we just have to put our trust on it.

Yes, this is it. Some of the Altcoins that I invested in collapsed after witnessing significant growth, and some of them I made the mistake of not taking profits when they reached the top because I expected them to rise more than that.

Other times, I made big profits from the rise of the coin, but after its price fell, I bought large quantities in the hope that it would rise again, but it continued to fall and I had to exit with a loss in the end.

Of course, you can say that this is because of my personal mistake and that Bitcoin is the same thing, but at least if the price of Bitcoin falls significantly, you can hold in the long run and you will emerge profitable in the end.

[Smack That Ace]

In the current cryptocurrency market, some altcoins even outperform Bitcoin in terms of giving ROI.  People just need proper and right information about altcoins.  Though it is risky, there are altcoins that give their investor a very good amount of profit.  Just like SHIB, many say that it is a shitcoin, I do not refute that, but I cannot deny that I profited 42x+ when I invested in this, altcoin just need the right timing for entry and exit in order to get profit because if the investor missed the timing, he might end up bagholding worthless coins.

Never trust Altcoin. This is advice from my personal experience and from the experiences of many others. After a long experience and many losses due to Altcoin, I was finally completely convinced that only Bitcoin can be trusted. Although in the beginning I made good profits from Altcoin, I cannot trust it at all.

It is true that Altcoin gives you greater profits than Bitcoin, but do not trust it because it can change in the blink of an eye and turn your profits into losses. If you want to venture with a small capital, that is okay, but I do not advise you to enter with a large capital at all.

Investing in altcoins is very risky although there can be a lot of profits there if we know how for look for reliable and strong projects. Since there are plenty of scam projects in the crypto industry, there had made lot of people to have lost funds that could be use for something else and make profits. We need to be very be careful when we invest in altcoins because we can lost funds when we out our money in a project that ended up becoming a rug pull. There investors that keep many huge profits from the market because they know how to look for strong projects in the market and invest in them.

The higher the risk, the higher the profit, that is the rule when investing in altcoins we need to understand clearly. There will be no project that is both safe and brings us high profits.

Actually investing in altcoins is not bad because the profits are huge but it is only suitable for those who are willing to take risks and are willing to accept big losses for a chance to get a big reward. In general, it is similar to gambling. Meanwhile, bitcoin is safer and suitable for those who do not want to risk too much but still receive significant rewards.
For me, where to invest is up to each of us to decide, I cannot advise everyone not to invest in altcoins just because I cannot profit from it because many people have also profited from it.

[DabsPoorVersion]

Do you mind being specific, as you have said, you made good profit at the beginning, does it crash the altcoin you have bought or you have made a mistake of not taking a profit? If it does, then it is a personal judgement that becomes the reason for your losses.

I don't say that I do not trust bitcoin, but what you have said can also happen to Bitcoin. It can crash in a blink of an eye, many have experience that, the price suddenly drop at an unexpected price, though Bitcoin will surely be able to recover and the its price still grow over time. Bitcoin is indeed strong compared to altcoins, we just have to put our trust on it.

Yes, this is it. Some of the Altcoins that I invested in collapsed after witnessing significant growth, and some of them I made the mistake of not taking profits when they reached the top because I expected them to rise more than that.

Other times, I made big profits from the rise of the coin, but after its price fell, I bought large quantities in the hope that it would rise again, but it continued to fall and I had to exit with a loss in the end.

Of course, you can say that this is because of my personal mistake and that Bitcoin is the same thing, but at least if the price of Bitcoin falls significantly, you can hold in the long run and you will emerge profitable in the end.

Then maybe you have realized the mistake you did. One very important thing to know about altcoin is to not be loyal with any of altcoins. If you made a profit out of one altcoin, anything specific, don't focus on it, don't buy it again for some time. Why? Because we have what we called a cycle that once they reach a new ath, surely reversal will come. Even after of its crash, there will be an accumulation stage with the possibility of going down or up. You should always wait for that opportunity.

It's all about the timing, but then again, if you have difficulty of looking for altcoins, Bitcoin is the best choice and to put your trust with. No more questions with holding it.

[Mr.right85]

In the current cryptocurrency market, some altcoins even outperform Bitcoin in terms of giving ROI.  People just need proper and right information about altcoins.  Though it is risky, there are altcoins that give their investor a very good amount of profit.  Just like SHIB, many say that it is a shitcoin, I do not refute that, but I cannot deny that I profited 42x+ when I invested in this, altcoin just need the right timing for entry and exit in order to get profit because if the investor missed the timing, he might end up bagholding worthless coins.

No doubt that in terms of returns, altcoins often out perform Bitcoin and these are based on a number of factors ranging from the low market cap of the coin, it’s relative low price given that; you can still buy so much of it with just $10 and even less and it's coming at a time where people are seeking opportunities in the cryptospace.

The trick here is always in the fact that, you can never accurately tell which coin would boom in years or not. The risk factor is relatively high than your probability for success. Given the number of altcoins out there, it makes it a risky venture to try and penetrate and for this reason, bitcoin has got the upper hand given it’s reliability.

[dothebeats]

Bitcoin twitter has been awful lately. Sorry to admit it but it got worse after Elon took over. Basically you got nothing but bots posting phishing websites and scams.

Doesn’t matter what you are trying to search for? Whether bitcoin, Ethereum, alts, defi you will get nothing but massive replies about scams which try and steal your bitcoins.

I was actually curious about this. Although there is completely nothing wrong with socializing with a community online, specially through social media (as that is basically one of the main purpose of these platforms) I was worried about the risk it might bring. Scammers and hackers are everywhere, in fact one of their most well-known style is to pretend like they are a member of the community and earn information and trust of the actual members, once they are able to do that they strike. With such events always occuring, I am skeptical about joining threads and social media communities like groups or forums that are just open for everyone to see and be a part of. At least here it isn't as loud and as open as Twitter or Facebook.

[puloweh555]

Never trust Altcoin. This is advice from my personal experience and from the experiences of many others. After a long experience and many losses due to Altcoin, I was finally completely convinced that only Bitcoin can be trusted. Although in the beginning I made good profits from Altcoin, I cannot trust it at all.

It is true that Altcoin gives you greater profits than Bitcoin, but do not trust it because it can change in the blink of an eye and turn your profits into losses. If you want to venture with a small capital, that is okay, but I do not advise you to enter with a large capital at all.

Yes that's right. Don't believe too much in Altcoins, although Atlcoins sometimes give us profits, it can also be the opposite. Prioritize investing in Bitcoin, even if you have extra money, you can only buy altcoins that have potential.

Because in my opinion if you look at history, its aims and objectives. and differences in history, purpose and designation do not necessarily erase the classification of bitcoin itself. Coming to the conclusion that Bitcoin is the center of the crypto solar system, if in human history Bitcoin is likened to Adam, then other alternative coins are his children and grandchildren.

[Blitzboy]

Bitcoin twitter has been awful lately. Sorry to admit it but it got worse after Elon took over. Basically you got nothing but bots posting phishing websites and scams.

Doesn’t matter what you are trying to search for? Whether bitcoin, Ethereum, alts, defi you will get nothing but massive replies about scams which try and steal your bitcoins.

I was actually curious about this. Although there is completely nothing wrong with socializing with a community online, specially through social media (as that is basically one of the main purpose of these platforms) I was worried about the risk it might bring. Scammers and hackers are everywhere, in fact one of their most well-known style is to pretend like they are a member of the community and earn information and trust of the actual members, once they are able to do that they strike. With such events always occuring, I am skeptical about joining threads and social media communities like groups or forums that are just open for everyone to see and be a part of. At least here it isn't as loud and as open as Twitter or Facebook.

Social media lets you connect, share, and learn, but it also has drawbacks. On the other hand, it attracts scammers and hackers. Yes, I understand. Everyone wants to be the next "crypto genius" by lurking in forums and accumulating info. If you're wading into Bitcoin, its time to learn, right?

Online communities can be good. Some people truly provide information that can help you in this Bitcoin-obsessed world. There's always a catch. The issue? Choosing who to trust and "politely" disregard. Too cautious, you'll miss out; too trusting, you may get manipulated. Enter these crypto streets cautiously, educated, and maybe dont wear your heart on your sleeve.

[wiss19]

Instead of commenting on others experience, if I were to explain what I survived during this period; I could say that you could make a living out of this but also it is very hard to get rich. I think that's the difference people end up having trouble with, making a living and becoming rich are different things.

If you make 1k per month every month for 10 years that seems like a good deal, and everyone would love that, but if you want to turn 1k into 100k that's not going to be that easy. They are both basically the same thing, for 10 years if you make 1k a month then you get 120k, but turning 1k into 120k seems near impossible because people want to make it quickly and not in 10 years. If you could see that and make sure that you end up with something different, then you are going to end up with something that could mean a good return one way or another. I hope that we could make it change a bit, and the result s would be a good return for everyone.

[wxa7115]

Instead of commenting on others experience, if I were to explain what I survived during this period; I could say that you could make a living out of this but also it is very hard to get rich. I think that's the difference people end up having trouble with, making a living and becoming rich are different things.

If you make 1k per month every month for 10 years that seems like a good deal, and everyone would love that, but if you want to turn 1k into 100k that's not going to be that easy. They are both basically the same thing, for 10 years if you make 1k a month then you get 120k, but turning 1k into 120k seems near impossible because people want to make it quickly and not in 10 years. If you could see that and make sure that you end up with something different, then you are going to end up with something that could mean a good return one way or another. I hope that we could make it change a bit, and the result s would be a good return for everyone.

That is what gets people in trouble, accumulating wealth is a very slow process which will take you at least a decade if not several decades, but this requires a discipline most people do not have and they know it, so they try to look for methods that will increase the speed at which they can generate that wealth.

But those methods not only increase the speed at which you could make that money, it also increases the risks that you are taking, which explains why the majority of those which try those methods fail so miserably.

[Egii Nna]

When you are sharing the knowledge or existence of bitcoin, you should be very careful. Don't try to be persuasive, but just tell them that they need to know about bitcoin, because if you are being persuasive, they will think that you are just persuading them to join. By doing that, you can be seen as a scammer because someone, especially those living in places that are not yet developed, doesn't know about bitcoin. So when you are trying to explain bitcoin to them, make sure you tell them the position and negative parts of bitcoin to avoid them suspecting you or seeing you as a scammer.

_ Attend meet up and conference, the Bitcoin community is awesome.

Yes, you have a point, but what you forgot to add is that you should engage in research in bitcoin and other cryptocurrency classes and courses. When you do all this, it’s like you have stepped up and are ready for anything that might come up. Don't say I have already engaged in class; there is no need for me to continue. Continuously knowing helps a lot because you will know more and have a point when it comes to defending bitcoin.

[Quote
_ Don't Force Bitcoin on others, but be a resource to those who seek knowledge

This is what I always emphasise, because if you force bitcoin on someone, when that user loses his money, you are going to be blamed, but when you wait for those who need the knowledge and you inform them about bitcoin and they are willing to join, then you can teach them the knowledge you have learned so far and also direct them to where they can learn more, which is by introducing them to cryptocurrency courses and classes, and if possible, you can introduce them to bitcointalk so that they can know more about bitcoin.

[barisbilgili]

Instead of commenting on others experience, if I were to explain what I survived during this period; I could say that you could make a living out of this but also it is very hard to get rich. I think that's the difference people end up having trouble with, making a living and becoming rich are different things.

If you make 1k per month every month for 10 years that seems like a good deal, and everyone would love that, but if you want to turn 1k into 100k that's not going to be that easy. They are both basically the same thing, for 10 years if you make 1k a month then you get 120k, but turning 1k into 120k seems near impossible because people want to make it quickly and not in 10 years. If you could see that and make sure that you end up with something different, then you are going to end up with something that could mean a good return one way or another. I hope that we could make it change a bit, and the result s would be a good return for everyone.

That is what gets people in trouble, accumulating wealth is a very slow process which will take you at least a decade if not several decades, but this requires a discipline most people do not have and they know it, so they try to look for methods that will increase the speed at which they can generate that wealth.

But those methods not only increase the speed at which you could make that money, but it also increases the risks that you are taking, which explains why the majority of those which try those methods fail so miserably.

In the process of accumulating wealth, discipline is really needed to be able to achieve this goal. Without doing it with discipline, the various methods they try will of course not be able to achieve this goal, it is very difficult to be able to accumulate wealth in a fast way and if there is someone who can do it, I the feeling that they have done it with such discipline that they can achieve it quickly.

You are right, the method of increasing wealth quickly certainly has a very high risk and if we fail to do it of course we will experience big losses too and even if someone succeeds in doing it I think they have already experienced failure and they try again by correcting the mistakes they made has been created previously.

[LogitechMouse]

_ Stick to Bitcoin: it's the real deal. Don't gamble on other cryptos

I disagree. I support Bitcoin, but that doesn't mean that you need to disregards other cryptos as well. I'm not a fan of those low market cap coins, shitcoins, meme coins etc., but I still believe that there are still good altcoins out there who can do things that you can't see on Bitcoin. Can we include Ethereum on the list?

_ Avoid trading altcoin: you are not a genius trader, you will eventually get burned.

Whether it's altcoins, or Bitcoins, if you aren't that good in trading, avoid trading in general. Don't specify altcoins only because you can still get burned even you trade Bitcoins.

_ Never trust price prediction: no one has a crystal ball.

I want to say "F*CK THEM ALL" to them, but I realize I'm also making price predictions as well. Well, I agree with on this one. Price prediction is just a speculation, and there's a 50/50 chance that it will happen.

_ DCA into Bitcoin, emotions aside, No need to time this market.

Like I said, I know that you're a big fan of Bitcoin, but include some altcoins as well. DCA into Bitcoin is always a good choice, and it's the top priority, but don't exclude altcoins in your list. Never, ever ever.

_ share Bitcoin cautiously, people might think you want to scam them.

This is the reason why you need to be knowledgeable first in what you're sharing before sharing it to others. The problem right now is that, people are acting like they're geniuses, sharing false information to newbies, and in the end they'll just scam people.

_ Attend meet up and conference, the Bitcoin community is awesome.

If there's any conference near my place, I will try to attend. I've been in the crypto for around 6 years already (still a newbie though), but I didn't ever try to attend any conference. Of course there might be some who will be saying "You can attend online conferences", but I'd rather go in person because I want the feeling of sitting next to other newbies out there who are like me - wanting to learn more about Bitcoin.

_ Guide newcomers to the crypto industry to Bitcoin only.

Agree with this one. Just to add, guide them using true information, and don't misinform them.

_join #bitcoin Twitter: it's less lonely with fellow holders.

Not a Twitter user so... it's a no-no for me. It's just only me though.

_ Don't Force Bitcoin on others, but be a resource to those who seek knowledge

It's not only in Bitcoin, but in our everyday lives. Don't force somebody to do something, or don't force somebody to learn something especially if they aren't interested into it. Introduce it to them, and let them think if they really want to learn it or not. If they are interested then guide them. If not then "THANK YOU, NEXT".

[Blitzboy]

Instead of commenting on others experience, if I were to explain what I survived during this period; I could say that you could make a living out of this but also it is very hard to get rich. I think that's the difference people end up having trouble with, making a living and becoming rich are different things.

If you make 1k per month every month for 10 years that seems like a good deal, and everyone would love that, but if you want to turn 1k into 100k that's not going to be that easy. They are both basically the same thing, for 10 years if you make 1k a month then you get 120k, but turning 1k into 120k seems near impossible because people want to make it quickly and not in 10 years. If you could see that and make sure that you end up with something different, then you are going to end up with something that could mean a good return one way or another. I hope that we could make it change a bit, and the result s would be a good return for everyone.

Gotcha, mate. You got to the point. The pursuit of the big gain is a widespread Bitcoin and investment misunderstanding. The large swing from 1k to 100k generally captivates people. Seductive, right? Your point is well-made: consistency important. Long-term rewards might come from steady earnings and holding on.

With all the hoopla about rapid improvements, arent we sometimes overlooking little, steady successes? A calm walk is preferable to a violent rollercoaster ride. In different ways, both are thrilling. I hope we can see the beauty in all routes and choose what suits us.