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

[Stablexcoin]

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.

I'm also of the opinion that strategies are probably not most important but helpful when setting up a good Bitcoin portfolio. Investors with large capital should buy large fractions while investors with small capital can invest with what they have available and accumulate over longer period. Both large scale and small scale investors can DCA, the only difference is in how much fractions can be accumulated over the same period.

OP made helpful points, one thing is understanding Bitcoin, having the capital and securing the investment throughout the process of holding before profit taking. Altcoins are not the best place to spend our capital, especially the new altcoins that lack utility and wouldn't reserve their spot for the long run, instead investors should prioritize Bitcoin investment.

[DiMarxist]

When I saw the topic, the first thing that came to my mind was, this thread is own by newbie. And as I checked it is. Op most of the things you made mentioned are not new in the forum. We have discussed those things in many time.   Real investors of bitcoin would not keep their coins in an exchange for long term but to sell within a short period of time or they can keep it for trading purpose.
Non custodial wallets has no email so there is no way someone will receive email from the wallet. It is only centralized exchanges that have email. And centralized exchanges would not send you email and if they want to discuss with it is through your account in the app. You can see a pop up to update and auto update of the app from the phone.

[Sanitough]

When I saw the topic, the first thing that came to my mind was, this thread is own by newbie. And as I checked it is. Op most of the things you made mentioned are not new in the forum. We have discussed those things in many time.   Real investors of bitcoin would not keep their coins in an exchange for long term but to sell within a short period of time or they can keep it for trading purpose.
Non custodial wallets has no email so there is no way someone will receive email from the wallet. It is only centralized exchanges that have email. And centralized exchanges would not send you email and if they want to discuss with it is through your account in the app. You can see a pop up to update and auto update of the app from the phone.

Well you are right that everything that is listed are not new to us. But let’s just think that this post will be benefited by the newbies that are constantly coming in, and for that this is still helpful for them and for the future bitcoin investors.

There are still topics that no matter how repeatedly it is discussed, there are still good reasons to make it as a constant reminder to be always cautious with our investment, crypto or not.

[knowngunman]

Although, everything you discussed here has already been discussed multiple times but it's very necessary to keep reminding ourselves time to time since we have newbies coming into the space everyday.

The issue is most newbies mistaken exchange for wallet and thereby underrate the importance of securing their private keys. Once they registered on exchange, they'll assume they already have a wallet not realising they aren't in control of the wallet under exchanges.

If we can constantly practice everything being discussed here, we'll definitely have fewer cases of coin lost or falling victim to petty scams that involves link clicking.

[Dhearnielt]

The cryptocurrency is a game of patience!

I sincerely wished I was told earlier. Many would think of investing in cryptocurrency as a means of getting rich quickly.  Often time because of the success of others we’ve seen we often think ours will happen over the night. It doesn’t always work that way. Nonetheless here are some few things that can help:
1. Be patient: every good thing takes time. Be patient with you investment think more of long term than short term investment
2. ⁠consistency: if it doesn’t work today it will tomorrow so keep doing it. It might be slow but it sure. It better slow and sure than to be fast and fall.
3. ⁠Invest more in knowledge before investing in assets: note your knowledge will always give you an edge in life. It also applies to this space don’t just follow others. Do Your Own Research
4. ⁠Trade with caution: be careful with each trade. A good trade might end up in tears if care is not taken
6. ⁠ Avoid Greed: Very important. Greed might send you to your early grave. And finally:
6. ⁠ensure you are safe: keep you account or wallet safe. You might loose good figure if your loose your wallet key. Make sure you are safe.

[Pablo-wood]

- 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

Throwing in $10 is not a bad idea at all, but it only makes sense if it’s done consistently and with intention. You’re right in saying Bitcoin is not just for the rich, but it does take steady accumulation over time to turn it into a truly meaningful investment.

Imagine someone who can only afford to buy $10 worth of Bitcoin once in a very long while they’ll likely end up with gains so small that it hardly makes a difference when the bull run comes.

[Fiasem20]

- 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

The bit of Bitcoin you mentioned is called the fractions of Bitcoin.Many people believe only the wealthy can invest in Bitcoin, but that's a misconception.The smallest unit of Bitcoin is called a 'Satoshi,' and it can be purchased, making Bitcoin divisible. When I last tried to convince my friend that Bitcoin investment isn't exclusive to the rich, he disagreed. I explained that buying fractions of Bitcoin is worthwhile,and even small amounts can add up. I told him, "A little drop of water makes a mighty ocean." You don't need to accumulate a whole Bitcoin; you can start with fractions using a preferred strategy like Dollar-Cost Averaging (DCA).

[Juicyhome]

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 .

Yeah, Bitcoin is for everyone but, not for every body. in the sense that its free for only those that are interested or are ready to risk money into it. Many people have been an observer since from day one of bitcoin, they follow all the bitcoin news but they never use their money to invest. Most people believe bitcoin is for big investors, they can not use $10 to buy, to them the profit will not be much.

I keep saying, any day you fail to buy bitcoin as an investor, you will regret the next day.  I bought Bitcoin with $30 when bitcoin was $48k, i made good profit, when bitcoin hit $1k ATH. start at your level, if you have spare $10 or $20, buy and hold for long. in the future if bitcoin hit $5k, you will make enough profit. Do not wait till you have enough money to buy high quantity, just have the mindset to be among people holding bitcoin for the future.

[Sim_card]

[Yeah, Bitcoin is for everyone but, not for every body. in the sense that its free for only those that are interested or are ready to risk money into it. Many people have been an observer since from day one of bitcoin, they follow all the bitcoin news but they never use their money to invest. Most people believe bitcoin is for big investors, they can not use $10 to buy, to them the profit will not be much.

I keep saying, any day you fail to buy bitcoin as an investor, you will regret the next day.  I bought Bitcoin with $30 when bitcoin was $48k, i made good profit, when bitcoin hit $1k ATH. start at your level, if you have spare $10 or $20, buy and hold for long. in the future if bitcoin hit $5k, you will make enough profit. Do not wait till you have enough money to buy high quantity, just have the mindset to be among people holding bitcoin for the future.

If you can only afford to buy bitcoin once in a while because you don't have frequent discretionary income, it's good that you buy and hodli. It's better than not buying at all. As time passes on, you can look for a means to increase your income so that, you can have a regular discretionary income which will enable you be consistent and persistent with your DCA overtime. What really matter is that you should have a fraction of bitcoin in your possession for a long time.

[Davidvictorson]

Pay attention to  Security > Everything

In a world where the attention span of people are getting shorter by the day, paying attention especially to the security of your is a rare because people think that "it cannot happen or be them" And that's where they get it all wrong. I have seen a Bitcoin OG lose a lot of his Bitcoin to a simple security flaw which he refused to address while it lingered.
 

Get yourself a wallet write down your seed phrase store it somewhere safe You’ll thank yourself later

Don't just write it down, secure it with washers. Here is one of the profound guides on how to do it - Securing Your Seed Phrase with Washers

[ejikeme24]

When I last tried to convince my friend that Bitcoin investment isn't exclusive to the rich, he disagreed. I explained that buying fractions of Bitcoin is worthwhile,and even small amounts can add up.

Yeah, alot of people feel that bitcoin investment is for the Rich only That is why they have decided to get a stable source of income or waiting to get all it takes before getting started. most of this guys were given the opportunity to invest in bitcoin during the early phase but this feeling made them not to take advantage of it during the early stage Without knowing that no matter how small thier discretionary income is that they can still get started, just imagine if they had started the accumulation journey from the early phase and were able to maintain the ongoing buying of bitcoin no matter how small thier discretionary income is I'm sure that they would have been talking about owning 1BTC by now. even if they can't get to this point but they would have cross the middle, so this isn't about being rich or poor so Long as you have a discretionary income you're free to get started, But your consistency is what matters.

[Rustam Meraj]

Yeah, Bitcoin is for everyone but, not for every body. in the sense that its free for only those that are interested or are ready to risk money into it. Many people have been an observer since from day one of bitcoin, they follow all the bitcoin news but they never use their money to invest. Most people believe bitcoin is for big investors, they can not use $10 to buy, to them the profit will not be much.

I keep saying, any day you fail to buy bitcoin as an investor, you will regret the next day.  I bought Bitcoin with $30 when bitcoin was $48k, i made good profit, when bitcoin hit $1k ATH. start at your level, if you have spare $10 or $20, buy and hold for long. in the future if bitcoin hit $5k, you will make enough profit. Do not wait till you have enough money to buy high quantity, just have the mindset to be among people holding bitcoin for the future.

Exactly investing in Bitcoin is for anyone willing to start regardless of how much money they have. Biggest challenge is not price but you have some courage to begin. As your own story shows even small investment can grow much over time as Bitcoin value has increased to over $100000. Your advice is great do not wait start small with strategy Dollar Cost Averaging and plan to hold your investment for long term because Bitcoin has proven it can grow significantly over time.

[tabas]

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

I still receive this in my emails from time to time. And many of the newbies are those whom these scammers are targeting. The links that they give are unknown, and even the email domains that they use are suspicious. A knowledgeable user will avoid them, but sadly, there are new users who are not aware of it. They might give them a heart attack and will panic for them to click on those attached links if it says that they are hacked or there are some giveaways that they need to participate or some updates that needed to be done. Always verify the source, beginners but it's best to ignore and avoid them.

[iBaba]

[Yeah, Bitcoin is for everyone but, not for every body. in the sense that its free for only those that are interested or are ready to risk money into it. Many people have been an observer since from day one of bitcoin, they follow all the bitcoin news but they never use their money to invest. Most people believe bitcoin is for big investors, they can not use $10 to buy, to them the profit will not be much.

I keep saying, any day you fail to buy bitcoin as an investor, you will regret the next day.  I bought Bitcoin with $30 when bitcoin was $48k, i made good profit, when bitcoin hit $1k ATH. start at your level, if you have spare $10 or $20, buy and hold for long. in the future if bitcoin hit $5k, you will make enough profit. Do not wait till you have enough money to buy high quantity, just have the mindset to be among people holding bitcoin for the future.

If you can only afford to buy bitcoin once in a while because you don't have frequent discretionary income, it's good that you buy and hodli. It's better than not buying at all. As time passes on, you can look for a means to increase your income so that, you can have a regular discretionary income which will enable you be consistent and persistent with your DCA overtime. What really matter is that you should have a fraction of bitcoin in your possession for a long time.

I guess you meant $100k and $500k and not $1k or 5k..  Its good for anyone who uses bitcoin to invest in it today. When you invest in bitcoin, you own the platform the more and want to have everything to do with it. Also have the plans of starting little and expanding until it gets bigger by the day. This is what we regard as DCA approach in bitcoin . Another good strategy but requires real serious consistency to be able to sustain your investment plans with the very meagre resources you could afford at that particular time.

[Okuri]

if you're buying Bitcoin, only use spare cash you can afford to lose, and research well before jumping in

[Alvin_talk]

- 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/

Thank you for this thread. I have covered few of these topics you've recommended. I am actually new to this forum, although I have made threads on topics I have learnt so far including mempool. But I must confess, even though I am still learning the platform seems to be difficult for me to cope alone, I wish I could have a professional who could give answers to all my curiosity in this platform.

[pawanjain]

OP has pretty much summarized all the basics a person needs to get started with bitcoin. So good work with that OP.
I liked the part where you mentioned to have two wallets, one as a main wallet and another for other things.
That is how I do it too. It's good to diversify our coins into multiple wallets to minimize the risk of loss of coins.
One hot wallet for all the regular payments and transactions is sufficient to keep things running smoothly.

[Patikno]

- 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

Everything you said is important, especially for beginners, but the part I quoted is the most important I think, because anyone can be a victim of fraud. So let me explain more about it, people should be aware of scammer traps, most people who experience fraud are usually due to negligence or ignorance, therefore it is best to avoid anything that seems "Too shiny" or "Too Good to be True", and avoid anything that gives you extraordinary expectations, such as "Free Crypto" for example, so remember that nothing is free, and there is an important saying that "if something is free, you are the product" ( I found that it was from the words from Richard Serra, in 1973).

Regarding the using of multiple wallet is also important. Just imagine if one day we are careless and fall into a scammer trap, then we will most likely experience a big loss if the wallet we use is a wallet for storing and also for daily use of the cryptocurrency or Bitcoin that we own. Therefore, we should differentiate between wallets for daily use and wallets for storage purposes, for avoiding major losses due to the possibility of something undesirable happening. Personally, I keep my wallet for safekeeping or storage in a careful manner, I try to keep the wallet off the internet as long as possible and store it encrypted on a drive, as for the paper wallet, I also store it very carefully.

[Marvelockg]

Imagine someone who can only afford to buy $10 worth of Bitcoin once in a very long while they’ll likely end up with gains so small that it hardly makes a difference when the bull run comes.

in the current economy, there is literally little to nothing that your $10 can buy for you let alone investing it once in a while in an asset as bitcoin and calling that kind of strategy an investment strategy that you are hoping will work out.

Even though it looks like an hard truth, newbies ought to know and understand that you do not get profit by investing so little. you might assume that you are investing the $10 as something you can afford to loose but the other part of such decision is that with such small amount, you can not earn well from your bitcoin or crypto because the way things works is that the higher the amount you put in the higher the returns you tend to get from it.

[Iroh]

if you're buying Bitcoin, only use spare cash you can afford to lose, and research well before jumping in

Yup, like any other high risk investments, it's extremly advisable to invest with money that you can afford to lose. And with literally every investment you put your money into, you ought to do some good research to be well versed with it less you face the risk of losing out on your money cause you failed to realize it was a ponzi scheme and not a viable investment opportunity.
Some newbies to bitcoin could hurriedly invest with a good chunk of money and then, get jumpy due to its volatility further down the line and would then sell off his coins, likely at a loss.