Your best advice regarding Cryptocurrencies

[1miau]

We have always a lot to consider when it comes to cryptocurrencies, and sometimes you don't even know where to start to give newbies important advice. So: what is your best advice for cryptocurrencies?

My best advice is:

Not your Keys - not your Coins

Because storing your coins when you have your own access is always very important if you want to keep control of your coins.



So feel free to let us know what your best cryptocurrency advice is.

[Doan9269]

After Bitcoin are shitcoins.

Always DYOR.

Buy the Dip and Hold.

[Franctoshi]

Never be in a rush to send out funds to any address without proper confirmation, wether it's an old address you've been using before or it's a new address which you have never used, always double-check and not assume it's correct, because any funds which mistakenly enters into a wrong address is gone and no one is responsible or are to be hold accountable for it, even if you're using any centralized exchange out there, they also always warns about it.

[cryptoaddictchie]

Same as you 1miau

This is one of the major advice to newbies. It simoly means that lear first about the security aspect of wallets. Priority learning to keep your porfolio safe before even starting to engage or try to invest with anything in the crypto. Protecting your wallet is the most important one and having access to it.

Cex is good for trading but remember that ia still at risk no matter safe the platform is.

[Proty]

My best advice to newbies, that are  new into crypto currency is to make research before they start investing into any cryptocurrency since we have numerous of crypto currency and also they should get themselves some basic knowledge about crypto currency and finally they should always learn to start small.

[notocactus]

My best advice is:

Not your Keys - not your Coins

KYC is useless and extremely dangerous.  
It's your saying and it seems you forgot it or just consider it lower than "Not your keys, not your coins"

Don't trust, verify.

I'd like to add two above points that are necessary for starting in blockchain and cryptocurrency space. Own our own private keys, we actually own our coins and also maintain good privacy as well.

Before download and install any wallet, verify it. Don't trust any link.
https://walletscrutiny.com/

[Zaguru12]

Not your Keys - not your Coins

Because storing your coins when you have your own access is always very important if you want to keep control of your coins.

So feel free to let us know what your best cryptocurrency advice is.

I think you took the best quote already in terms of security, instead of using your phrase I usually say; exchanges are market place treat them as one, as no one leaves his goods at the market after purchase.

Another very important advice I give for intending investor or newbie is the best time to buy bitcoin was yesterday, the second best time is today, while tomorrow might be too late, don’t let inflation eat up your funds in fiat, protect them by investing in bitcoin

[xLays]

This has been posted several times here on bitcointalk about the "Not your keys, not your coins." But it's actually good that it's been posted multiple times as a reminder or heads-up for those who are not aware of it.
And yes that very important advice for newbies in cryptocurrency because once an exchange got hack you don;t have any control of that coins you hold from that exchange.

Let me just add this thread here. It's a list of exchanges that have been hacked since 2011.

List of Hacked Exchanges, since 2011:

I would like to share this list of hacked exchanges, after viewing the data, consider how and where you store your Bitcoins.
Several types of scams appear in different sources of news, theft or loss of BTC at the individual level.
I prefer to focus on the hacking of exchanges which is what affects us all, but due to the importance of some Bitcoin thefts outside the exchanges, I will include the most important.
If someone wants to publish their personal experience with any of these unpleasant situations, feel free to do so.

Since 2011 have stolen millions of dollars from exchanges, account theft, security breaches, phishing, some recovered others filed for bankruptcy. The solution adopted by governments to improve security is to implement more stringent and regulatory policies.

- This is a list exchanges hacked 2011/2018, I hope I do not have to update this year.
- 2019 has been worse than the previous year.

2020 I have updated some data and renewed the presentation of the incidents of the exchanges, I have more references obtained from several sources, once contrasted with mine they give a wider result of exchanges that have suffered some type of attack, so the presentation is annual to have a more specific vision of each year.

The sources are basically online portals and social networks that warn about hacked exchange, once verified it is included in the corresponding list of the year.

"Not your keys, Not your Bitcoin"

My best advice for anyone getting into cryptocurrency: don’t be like me. I tend to gamble what I earn in crypto so don’t do the same. Don’t gamble your crypto.

[justinlamode]

We have always a lot to consider when it comes to cryptocurrencies, and sometimes you don't even know where to start to give newbies important advice. So: what is your best advice for cryptocurrencies?

My best advice is:

Not your Keys - not your Coins

Because storing your coins when you have your own access is always very important if you want to keep control of your coins.

So feel free to let us know what your best cryptocurrency advice is.

One of the best advice I can give to a newbie is that "If it is too good to be true, it probably isn't".

There was a time I was chasing trending tokens and those that are pumping. I visited coinmarketcap and started checking those that have gained the most and I was seeing x5 and some making x10 and so on, in 24hrs. I decided to divide my funds into five parts and bought five highly hyped shitcoins thinking I was about to cash out. Funny thing was that from the moment I bough till when I sold some that there were still market to sell, I never saw any profits. I never knew they were new shitcoins created by some individuals who will pump them, attract nobs like me and them dump on us. I lost over 70% of my capital and from then, if it looks too good, I'm not getting involved.

[Callido]

We have always a lot to consider when it comes to cryptocurrencies, and sometimes you don't even know where to start to give newbies important advice. So: what is your best advice for cryptocurrencies?

So feel free to let us know what your best cryptocurrency advice is.

Every advice is worth it, my advice to new investors is to maintain anonymity, don't brag about your investment in public, there are more physical attacks than before, bringing your investment online is a way of making oneself a target.

Bitcoin investment is by choice based on available resources, don't do your investment aggressively as the only process to eradicate poverty.

[Mastercon]

You cannot, cannot treat Bitcoin like a traditional asset and pretend it is safe.

You can't scale world money on an append only global state, but you need global state to establish that money exists.

Dollar cost averaging:

(DCA) is a strategy where you spend a set amount of money buying bitcoin at a set interval, such as once a week or once a month. Buying bitcoin this way allows you to average in to the market, isolating the average price your bitcoin is bought at from short-term volatility in the price. When DCAing, you should choose an amount that you're capable of sustaining for however long you plan to DCA. It's always okay to adjust later if you find you're putting too much in, or if would like to put in more. The most important thing is never investing more than you can afford to lose. You should not risk financial ruin if bitcoin were to go to 0.

Decentralization
There is no BTC CEO, you dont get any control over the network if you own the most, the network can be secured and authenticated by anyone, and it is censorship resistant meaning I can send BTC to anyone anywhere and it is (nearly) impossible to stop the transaction. If I am fleeing an oppressive regime, no one can stop me from taking my money with me. 90-99% of all other crypto are have no use case or are outright scams.

Fixed Supply
This is a corollary to the above point. There will only be 21 million BTC mined, ever. Many coins can change their supply issuance. Like the US dollar.

Network Effect
It was first so it had some advantages in gaining users. There are 22,000 nodes worldwide securing the network (by folks like myself!), and the investments and infrastructure put into BTC development and secondary effects outcompete all other coins. There are over 25,000 (!!!!) shitcoins out there and Bitcoin has captured over 63% of the crypto market. There’s Bitcoin, and then there’s crypto.

There are caveats to all of this and alot more could be talked about for each of these point. Some coins have some of these qualities, but only BTC has all of them.

Blackrock is dangerous. They take absolutely zero legal or Bitcoin related measures to protect users from the bearer and consensus related risks of Bitcoin.

[Zanab247]

Having the knowledge of cryptocurrencies before investing money is a nice decision, It will make newbies to enjoy suitable profits from cryptocurrencies, because the knowledge is the major key that will be driving you to positive results in the industry. Choose wisely when looking for cryptocurrencies to hodl for long years, because there are some cryptocurrencies that will not allow you to achieve what you want base on their weak developers.

Not your key not your coins, reason is that you don't have control over coins you don't have the keys that will give you access to the coins on the time. Newbies, don't expose your seeds phrase to anybody, because the moment someone gain access to your seeds phrase, your coins is at risk and the person can withdraw your coins without your approval.

[ethex]

Always DYOR.

Do not trust easily!

Do not install software or anything if you are not sure.

[m2017]

The best time to buy bitcoin \ cryptocurrencies is when you first learned about it. Not "yesterday", not "tomorrow", not "when the price drops", not "when Satoshi comes", but exactly when you first learned about it. Start acting right at that moment, without putting it off "for later". In the long run, this step of yours will pay off.

[Helena Yu]

Don't trust, verify.

I think it's really underrated.

With Bitcoin we can verify everything, if people doubt whether Bitcoin maximum supply is 21 Million, they can find out on the source and calculate it.

The same way if we're using wallet, we need to verify the PGP signatures.

As long as people verify everything, I'm sure they will be safe.

[BABY SHOES]

theymos said: Reminder: do not keep your money in online accounts

Not your keys - not your coins ----- is the best advice.

Now there are many types of scams, the most important thing is to be vigilant... verify with details and don't believe in instant profits for beginners.

[Questat]

Cryptocurrencies are so much volatile, so make sure if you want to invest in crypto particularly bitcoin, be an investor with a high risk tolerance. Profits aren’t guaranteed but losses are, however if you know how to apply proper risk management, you can avoid those losses while attracting maximum gains.

Another thing is, trust no one but only yourself. A lot of scams have been linked to crypto, don’t fall for it and be their next victim. And everything that you’ve seen too good to be true, no doubt they’re scams.

[JoyMarsha]

The advice I can give to newbies is to treat crypto investment as gambling. Don't put all hope in one basket; instead, have a diversified investment that if one or two investments made don't click, the rest can give the desirable profits. But let the investment to be made be made up of more Bitcoin than altcoins. Finally avoid FOMO and telegram groups where coins are hype and they promise of high a return investment.

[aylabadia05]

My best advice is:

Not your Keys - not your Coins

Because storing your coins when you have your own access is always very important if you want to keep control of your coins.

So feel free to let us know what your best cryptocurrency advice is.

Nothing but not your keys, not your coins. Because for me this is the most important and all the efforts made by Bitcoin owners to keep the coins from being lost by various guards.

Not your keys, not your coins is the conclusion of all the various interpretations. Starting from choosing a wallet, keeping a seed phrase, avoiding public disclosure to using the internet.

[adultcrypto]

My advice to every beginner is to avoid get-rich-quick syndrome, focus more on bitcoin and think long term.

Most people who join new come with the mindset that they are going to be rich overnight, and when they realize that Bitcoin cannot give then that, they deviate into buying other token to catch the next bitcoin very early. Most of them end up losing their money to scams and bad projects that die very fast.