🏆 If You're New to Crypto Here's Some Stuff I Wish Someone Told Me Early On

[breske]

Been in crypto for a bit now not a pro, not rich, just someone who’s been around long enough to make some gains, lose some coins, and facepalm at my own mistakes
If you’re just getting started here are some real advice from someone who’s been through it

Bitcoin has always 8 Decimal and the smallest fractions is 1 Satoshi = 0.00000001 BTC
Since bitcoin was born most of people have lost their access to their bitcoin by not saving and securing their secret seed don't be one of them!
Pay attention to  Security > Everything
Use 2FA don't click weird links NEVER give out your seed phrase no one legit will ask for it not support not admins not even your dog

- Don’t leave coins sitting on exchanges
Not Your Keys, Not Your Coins If your crypto is sitting on an exchange and you don’t control the private keys you don’t really own it !!!!!!
Dont get fooled from Earn Daily Rewards or Airdrops that are worth cents
Seriously if the exchange goes down gets hacked, or decides to “freeze withdrawals” your coins are toast
THIS HAS HAPPEN MANY TIMES ON THE PAST IT CAN HAPPEN TOMORROW TOO
 
Get yourself a wallet write down your seed phrase store it somewhere safe You’ll thank yourself later
You can use Bitcoin Core or Electrum  https://bitcoin.org/en/choose-your-wallet?step=5&platform=windows

- Learn the basics
You don’t need to become a developer, but it helps to know:
What is a wallet?
What’s the blockchain actually doing?
What is mempool?
Trust me it makes everything less intimidating
https://mempool.space/

- You can buy a tiny bit of BTC
Most of people say now days that bitcoin is only for rich which is a big mistake
You don’t need to buy a whole Bitcoin you can throw in $10 and just learn how sending/receiving works don’t let the price scare you off

- Ignore any Email related to update your Wallet
 most of people lost their bitcoin by clicking malware links or phishing

- Be careful from Drainers
there are website that ask you to connect your wallet to get an Airdrop (free coins of an project) 99% them are scam
once u connect your wallet your Coins will be gone ( even if you have 0$  but you add balance to that wallet after few months they will be gone )
Read more about Drainers here https://usa.kaspersky.com/blog/what-is-a-crypto-wallet-drainer/29713/

Use 2 wallets  1 Main for Long term which you only store your Bitcoin as an invesment and dont touch till you are a millionaire
and the 2nd wallet for any payments or thing u need daily

That’s all I got just wanted to throw this out there in case it helps someone dodge a few mistakes I made early on
Anyone else got tips for the newer folks? Drop ‘em below

[I_Anime]

You can buy a tiny bit of BTC
Most of people say now days that bitcoin is only for rich which is a big mistake
You don’t need to buy a whole Bitcoin you can throw in $10 and just learn how sending/receiving works don’t let the price scare you off

This one of the thing hindering folk from investing in bitcoin . Most people think that to for them to start their journey they need 1 BTC or more thinking 1BTC is the minimum amount to purchase while investing bringing the idea that bitcoin only for the rich .

Which is quite wrong because bitcoin is for everyone and is not necessary to start with one BTC or more you can start with what you can budget for , even as low as $10 you can even choose to start employing dca method in your buying .

[fredericktaylor]

Been in crypto for a bit now not a pro, not rich, just someone who’s been around long enough to make some gains, lose some coins, and facepalm at my own mistakes
If you’re just getting started here are some real advice from someone who’s been through it

- You can buy a tiny bit of BTC
Most of people say now days that bitcoin is only for rich which is a big mistake
You don’t need to buy a whole Bitcoin you can throw in $10 and just learn how sending/receiving works don’t let the price scare you off

Many people think that to start investing in Bitcoin, you need additional knowledge or a lot of money, but this idea is completely wrong. Basically, to start investing in Bitcoin, it is very important to have some basic perspectives as well as a prudent income. Over time, a person can gain complete knowledge about Bitcoin and become more aware of his confidence and cash. By patiently following the right rules, long-term investment plans can be expected to have good things in the future.

We can easily buy Bitcoin through the DCA (dollar-cost averaging) method, for this you do not need additional money, some specific amount of money and regular investment is very important. To manage long-term investments properly, an emergency fund for three months is required, because we do not know anything specific about the unknown dangers of the future, so it is better to have a special fund to manage long-term investments.

You should always protect yourself from fraudsters, for this it is very important to gain knowledge. People face various financial risks due to greed. By investing too quickly due to greed without knowing or understanding, you end up losing all your money.

[Publictalk792]

Many people think that to start investing in Bitcoin, you need additional knowledge or a lot of money, but this idea is completely wrong. Basically, to start investing in Bitcoin, it is very important to have some basic perspectives as well as a prudent income. Over time, a person can gain complete knowledge about Bitcoin and become more aware of his confidence and cash. By patiently following the right rules, long-term investment plans can be expected to have good things in the future.

We can easily buy Bitcoin through the DCA (dollar-cost averaging) method, for this you do not need additional money, some specific amount of money and regular investment is very important. To manage long-term investments properly, an emergency fund for three months is required, because we do not know anything specific about the unknown dangers of the future, so it is better to have a special fund to manage long-term investments.

You should always protect yourself from fraudsters, for this it is very important to gain knowledge. People face various financial risks due to greed. By investing too quickly due to greed without knowing or understanding, you end up losing all your money.

Your points which you explained about investing in Bitcoin are really on target. You do not need to have good amount of money or expertise to get started. Strategies like DCA in which you invest small regular amounts and reduce risk. Most important thing is to be patient and disciplined sticking to long term plan except trying to predict market ups and downs. Learning about how to keep your investments safe and having emergency fund are crucial for successful long term strategy. And investing well in Bitcoin is less about insider information and more about having good financial habits long term view and willingness to learn.

[Hewlet]

Use 2 wallets  1 Main for Long term which you only store your Bitcoin as an investment and don't touch till you are a millionaire
and the 2nd wallet for any payments or thing u need daily

If you are new to crypto, just get started first and be ready to learn, relearn, and unlearn some false information you probably have gotten from sources that are not legit. i have found out that the most difficult part of the journey has always been on how to get started. so many people that would have been strong bitcoin holders are not invested yet because they have not crossed that resistance that stops them from getting started because of the false information they have hard from sources that are probably anti crypto which always paints a wrong narrative about bitcoin and crypto in general.

As long as you are just a newbie, all you need to know is the basics about crypto and to be more specific, it is better to get started with bitcoin and maybe when you have stayed long enough and has gained enough knowledge you can try out some good altcoins. get started with bitcoin, work on getting a good portfolio, ensure the security of your asset, avoid anything that looks too good to be true, aim for the long term and not the short term, make proper provision for your emergency fund and keep yourself updated with recent security information that will help you and you asset stay protected from any form of hacks and theft, with that, you will have a smooth transit from being an ordinary newbie to a strong investor that has things well figured out.

[Obari]

You can buy a tiny bit of BTC
Most of people say now days that bitcoin is only for rich which is a big mistake
You don’t need to buy a whole Bitcoin you can throw in $10 and just learn how sending/receiving works don’t let the price scare you off

This one of the thing hindering folk from investing in bitcoin . Most people think that to for them to start their journey they need 1 BTC or more thinking 1BTC is the minimum amount to purchase while investing bringing the idea that bitcoin only for the rich .

Which is quite wrong because bitcoin is for everyone and is not necessary to start with one BTC or more you can start with what you can budget for , even as low as $10 you can even choose to start employing dca method in your buying .

Anyone who thinks, they need to be able to afford 1 bitcoin before they can invest isn’t ready yet to invest because with the help of the DCA technique, people are already advised to invest any amount consistently without paying attention to the market contains and price fluctuations but rather focus on buying at every little opportunity that they get.

Op you’ve done a great job with your writing and sincerely I must appreciate your great work and also say rhag, everything you’ve written so far are correct and it shows that you’ve learnt some things in course of your crypto journey .

[Satofan44]

Let me append a rather simple one. Almost all altcoins are a scam, and just because something can be profitable that does not mean that it is not a scam.

This one of the thing hindering folk from investing in bitcoin . Most people think that to for them to start their journey they need 1 BTC or more thinking 1BTC is the minimum amount to purchase while investing bringing the idea that bitcoin only for the rich .

Rightfully disagreed. I've seen this argument many more times than the number of people I have seen who believe this. Over half a decade of reddit I have seen a few users believe that they can't buy fractions of a Bitcoin. It is quite a basic concept.

[Catenaccio]

- Don’t leave coins sitting on exchanges
Not Your Keys, Not Your Coins If your crypto is sitting on an exchange and you don’t control the private keys you don’t really own it !!!!!!
Dont get fooled from Earn Daily Rewards or Airdrops that are worth cents
Seriously if the exchange goes down gets hacked, or decides to “freeze withdrawals” your coins are toast
THIS HAS HAPPEN MANY TIMES ON THE PAST IT CAN HAPPEN TOMORROW TOO

Centralized exchanges are similar to centralized online platforms which are not good to store your bitcoin. You must store your bitcoin in non custodial (self custodial) wallets as with them, you will have private keys that means you have control of your bitcoins. In addition, if possible, choose open source wallets to use as it is safer than close source wallets because you and community including technical guys can not reproduce that wallet and test it from source code.

More warnings on centralized exchanges.
Reminder: do not keep your money in online accounts.
Events made you scare about custodial wallets, centralized exchanges.
Exchange graveyard (Rest in Peace). They can rest in peace but you as centralized exchange user can not rest in peace after losing big fund on their exchange.

Get yourself a wallet write down your seed phrase store it somewhere safe

A good guide on backing up a wallet.
How to backup a seed phrase?

[348Judah]

- Don’t leave coins sitting on exchanges
Not Your Keys, Not Your Coins If your crypto is sitting on an exchange and you don’t control the private keys you don’t really own it !!!!!!

If many would have been well informed earlier before now and things could have been more better for them, because the earlier we got informed, the better it is for us to prevent ourselves from any harm now or later.

Make use of a non custodial wallet for your security sake, because doing this will render you access to the required keys to where your asset was kept on the blockchain, exchanges are custodial storage and can't give you the necessary keys to your asset, some newbies don't know about all these until they are affected, we can use an exchange to buy bitcoin, after which we are expected to move them to a non custodial wallet, which we can have control over it.

[albon]

- Learn the basics
You don’t need to become a developer, but it helps to know:
What is a wallet?
What’s the blockchain actually doing?
What is mempool?
Trust me it makes everything less intimidating
https://mempool.space/

This is the first thing any beginner should start with, which is the basics that he should be familiar with and the common terms that he will read a lot in this field. Indeed, this will make him more open-minded and more flexible in understanding.

- Ignore any Email related to update your Wallet
 most of people lost their bitcoin by clicking malware links or phishing

We should be cautious with emails and never click on any links or download any attachments without conducting the necessary research and verification. No open source wallet will require you to update it by sending you a message, as most of them do not have customer support. Also, you should never enter your secret phrases into any of these email-linked pages.

- Be careful from Drainers
there are website that ask you to connect your wallet to get an Airdrop (free coins of an project) 99% them are scam
once u connect your wallet your Coins will be gone ( even if you have 0$  but you add balance to that wallet after few months they will be gone )

This is absolutely true. Therefore, if someone is interested in airdrops, they should use a new alternative wallet instead of their primary wallet. They should always make sure to interact only with the original and official links. Once a wallet is connected and a transaction is signed, it may be drained by scammers, and many people have lost their funds through this type of scam.

[I_Anime]

Let me append a rather simple one. Almost all altcoins are a scam, and just because something can be profitable that does not mean that it is not a scam.

This one of the thing hindering folk from investing in bitcoin . Most people think that to for them to start their journey they need 1 BTC or more thinking 1BTC is the minimum amount to purchase while investing bringing the idea that bitcoin only for the rich .

Rightfully disagreed. I've seen this argument many more times than the number of people I have seen who believe this. Over half a decade of reddit I have seen a few users believe that they can't buy fractions of a Bitcoin. It is quite a basic concept.

I’m quite confuse what are you disagreeing on . Is like we saying same thing here , that most folk see bitcoin as sometimes that’s too expensive for them base on its value . That they can’t afford it knowing they can focus on buying fraction of it or rather making use dca method to keep buying some fraction of it in a fixed time either monthly or weekly . And also they are good altcoins but are not easy to find so instead of wasting time finding a good altcoin with potential just focus on trust worthy project like BTC .

[Satofan44]

Let me append a rather simple one. Almost all altcoins are a scam, and just because something can be profitable that does not mean that it is not a scam.

This one of the thing hindering folk from investing in bitcoin . Most people think that to for them to start their journey they need 1 BTC or more thinking 1BTC is the minimum amount to purchase while investing bringing the idea that bitcoin only for the rich .

Rightfully disagreed. I've seen this argument many more times than the number of people I have seen who believe this. Over half a decade of reddit I have seen a few users believe that they can't buy fractions of a Bitcoin. It is quite a basic concept.

I’m quite confuse what are you disagreeing on . Is like we saying same thing here , that most folk see bitcoin as sometimes that’s too expensive for them base on its value . That they can’t afford it knowing they can focus on buying fraction of it or rather making use dca method to keep buying some fraction of it in a fixed time either monthly or weekly .

I am saying that you are wrong. Very few people don't understand that you can buy a fraction of Bitcoin. You must really have a low IQ or low level of education to be confused by something like this, fractions. Especially when every currency in the world has fractions. You are saying that most people don't know this, I am saying that only very few people don't. Is it clear now?

If you have intended to convey something alternative such as that people know they can buy small amounts of Bitcoin but that they still believe they shouldn't start their journey without at least buying 1 Bitcoin, then that is something else entirely. The language that you used does not convey this idea as I have indicated in the first part of my post.

[IceLincoln]

It’s good you’ve known most of the important things you need to know now as a newbie it goes to prove  you’ve done a proper research and is ready to learn and know more.
All you’ve listed are really important and essential. I’ll like to point out that the  most important thing in bitcoin investment is getting started, you must not wait till you have all the knowledge, once you’re able to understand the basics and know how to buy and secure your wallet provided you have discretionary income available you can start your investment journey. Discretionary income is the money you can afford to lose, the money after you’ve accounted for all your basic expenses, that money you would want to use to have fun, that’s what is needed to invest you don’t have to use money meant for important stuff to invest cos if you do so you’re gambling and in the long run you’ll be forced to sell when you’re not supposed to.

[Questat]

- Don’t leave coins sitting on exchanges
Not Your Keys, Not Your Coins If your crypto is sitting on an exchange and you don’t control the private keys you don’t really own it !!!!!!

If many would have been well informed earlier before now and things could have been more better for them, because the earlier we got informed, the better it is for us to prevent ourselves from any harm now or later.

Make use of a non custodial wallet for your security sake, because doing this will render you access to the required keys to where your asset was kept on the blockchain, exchanges are custodial storage and can't give you the necessary keys to your asset, some newbies don't know about all these until they are affected, we can use an exchange to buy bitcoin, after which we are expected to move them to a non custodial wallet, which we can have control over it.

Well, let’s just say that a lot have been informed already, but newbies kept coming in, therefore there are still chances getting the same mistake all over again, and unless they won’t experience losing their hard-earned bitcoin, they will never get the whole point about it.

Newbies should be educated about this prior to entering bitcoin accumulation or investment. Let’s not normalize learning after losing, at least they should be responsible already before taking the risk investing in bitcoin.

[Doan9269]

Any well informed newbie will only be quick to learning and slow in actions, this has a lot of meaning in determining for what we choose to go for, having the opportunity of discovering this forum is an added advantage, whereby some have taken it serious to learn and develop some knowledge from the opportunity they had, to an extent, we all have started being a newbie, this forum is welcoming enough in giving information to everyone that seek to have it, because you will know more about cryptocurrency and be able to stand independent.

[Ruttoshi]

Well, let’s just say that a lot have been informed already, but newbies kept coming in, therefore there are still chances getting the same mistake all over again, and unless they won’t experience losing their hard-earned bitcoin, they will never get the whole point about it.

Newbies should be educated about this prior to entering bitcoin accumulation or investment. Let’s not normalize learning after losing, at least they should be responsible already before taking the risk investing in bitcoin.

Of course, any newbie that wants to start his bitcoin investment needs to know that he should only buy and continue buying without selling for one circle or more. When you plan to be a long-term hodler, you will have the flexibility to be investing and learning at the same time. Whatever area of bitcoin that you feel is important for you, you learn it as you are investing in order not to put your bitcoin investment at risk.

I could remember when I just came to this forum, I was a noob but with gradual learning, I started understanding more about bitcoin and that has given me a little knowledge on how to go about my bitcoin investment. I am still learning because bitcoin is broad and cannot be learned in a month or two. It's traders are prune to losses because they are following the market waves.

[dzungmobile]

Of course, any newbie that wants to start his bitcoin investment needs to know that he should only buy and continue buying without selling for one circle or more. When you plan to be a long-term hodler, you will have the flexibility to be investing and learning at the same time. Whatever area of bitcoin that you feel is important for you, you learn it as you are investing in order not to put your bitcoin investment at risk.

Available time for investment position and holding your bitcoin depend on your own conditions which can be different than the other investors. No investors are the same as the other investors so what you said can be wrong with some investors. They only can afford to invest money in bitcoin for 1, 2 or 3 years and it does not make their investment practice is bad.

They only have to know that by investing in Bitcoin in 1, 2 or 3 years, they might have higher risk of getting loss than getting profit. If they can hold their bitcoins for four to five years and longer, risk of loss would be very small or almost eliminated. This means they will almost have profit by holding their bitcoin for four, five years and longer.

This map shows this
https://hodl.camp/

[Zlantann]

Any well informed newbie will only be quick to learning and slow in actions, this has a lot of meaning in determining for what we choose to go for, having the opportunity of discovering this forum is an added advantage, whereby some have taken it serious to learn and develop some knowledge from the opportunity they had, to an extent, we all have started being a newbie, this forum is welcoming enough in giving information to everyone that seek to have it, because you will know more about cryptocurrency and be able to stand independent.

My biggest regret as a newbie was failure to learn. I was depending on some people who called themselves professionals for information about the crypto space. When I later found out that they were scammers, I just concluded that the crypto industry had nothing to offer. My failure to read about Bitcoin made me join the industry late. My advice for Newbies is for them to verify all information before believing or implementing it.

Any project that promises a get-rich-quick coin or an airdrop should be avoided because many of them could be scams. Scammers are devising new ways to exploit the vulnerability of newbies; there is a need to be cautious and alert at all times.

[DubemIfedigbo001]

Use 2FA don't click weird links NEVER give out your seed phrase no one legit will ask for it not support not admins not even your dog 

This is best that you do not click emails you do not recognize on the mail connected to your financial dealings, better if you have a dedicated email account for your exchanges and co and never use it for anything else, so whenever a new mail, even recognized ones pops up, you don't click anything from the email, you go to the account of interest, log into it and check if the mail exists in it's notifications and attend to such from the relevant app and not from email notifications. It would help you only attend to verified information. Additionally, use a separate device for your bitcoin and other crypto activities.

 

- Don’t leave coins sitting on exchanges
Not Your Keys, Not Your Coins If your crypto is sitting on an exchange and you don’t control the private keys you don’t really own it
!!!!!!   

Yeah, actually although most times you wouldn't want to pay Tx fees on every UTXO that hits your exchange account, so possibly the exchange account can serve as a consolidation point for your coins until it reaches a definite amount and you send it to your non-custodial wallet. I set a limit of coins existing in my exchange to not more than $3k, as soon as that sum is achieved, off it goes to my decentralized wallet.

[ndutndut]

Point 3 is interesting. Many beginners assume Bitcoin is only for the rich, but that's not the case. Bitcoin is for anyone willing to take risks, as anyone can buy Bitcoin for a small amount. That's why it's important to have knowledge before diving into the crypto world, broadening our perspective on Bitcoin and enriching our understanding.

All of the points you've mentioned are fundamental points that beginners must know. Once you've mastered or understood these, you'll be able to manage the risks involved. This is especially true if you've mastered proper wallet management and understand the risks of storing assets on exchanges. Many beginners don't prioritize this knowledge, even though wallet security is paramount for owning Bitcoin, especially if you're looking for long-term goals.

I must admit, even though you're a beginner, your understanding is quite good. This is certainly thanks to your diligent learning, which has enabled you to quickly grasp the most important aspects of the crypto world. This thread can also help other beginners to be more aware of the things that must be learned in the world of crypto so they can optimize the risks when holding bitcoin for the long term.