Is Good Bitcoin Advice Always Good Advice for Everyone?

[HajiBagi]

If the advice is about what to buy with, where to buy from and where to keep your bitcoin then it's generally a good advice that works for everyone, if the advice is about how much to buy with then that's a completely different story, different people have their different buying capacity, if I can spend 50k naira every week to buy bitcoin that doesn't mean I will just advise anyone who wants to invest in bitcoin to do the same, maybe what you can afford is 10k naira a week or maybe less so instead of trying to invest with the same amount that I invest with, you should invest only with what you can afford.

What some people don’t understand about investing in bitcoin is that you can not be like someone, and when you try to copy any other investors you may end up selling your bitcoin when it is not the right, you will have different ideas from many investors but that doesn’t mean that you should do the same thing they are doing, if you the person you are following is buying bitcoin with a big amount, it doesn’t mean that you should do the same thing, because you don’t know his plan.

It is not every advise you must follow as a new investor, as far as you understand bitcoin and you know how to invest in without having any problem, you can do what is best for you without not listening to anyone, but there are some advise that is also very important, most especially the one that is being repeated any time you come across a post, but you need to be yourself when you are buying or holding bitcoin.

[Gozie51]

Truly, good advise for one is suppose to be good advise for everyone and likewise bad advise too. So regards to good advise, no be today wey we don dey hear say e better make we dey use non custodial wallet to keep our coin because of the security wey we get as owner and the use of our passphrase to the wallet but some people still do otherwise because of reasons known to dem. No be today wey we don dey hear say make we invest as we can bear, we still see people that go contrary because they are chasing higher profit. We dey hear so many other things concerning how to make good use of but na choice for different people. So everyone know what a good advise is and likewise bad one but because of greed and emotional imbalance, they do otherwise.

[Sonia_123]

It all depends on the individual whom you are advicing because some persons does not listen and takes people's advice on the aspect of bitcoin, they feel they can have their way anyhow until they are stocked, then they realized they have being making a very big mistake.

If you see that the persons advice is good for you, then go with it if not pick the useful one .

 Giving someone a good Bitcoin advice which you see as good might not really be a good advice to the other person, you just have to try your best and not forcing the person to accept your advice, let the person make some research on his own to clear his doubt, not all information about Bitcoin you can provide to everyone around you.

[Cgrexp]

It all depends on the individual whom you are advicing because some persons does not listen and takes people's advice on the aspect of bitcoin, they feel they can have their way anyhow until they are stocked, then they realized they have being making a very big mistake.

If you see that the persons advice is good for you, then go with it if not pick the useful one .

 Giving someone a good Bitcoin advice which you see as good might not really be a good advice to the other person, you just have to try your best and not forcing the person to accept your advice, let the person make some research on his own to clear his doubt, not all information about Bitcoin you can provide to everyone around you.

Everyone's financial situation, risk-taking ability, knowledge and goals are different, so advice that is realistic and beneficial for one person may not be equally suitable for another. Some have the mentality of holding Bitcoin for the long term. Others expect short-term profits. Some have regular surplus money, while others are more important to meet urgent needs before investing. It is not reasonable to give everyone the same advice without considering these differences. In the case of a volatile asset like Bitcoin, market fluctuations, taking excessive risks or investing beyond one's financial capacity can cause big problems. A good approach is to clearly outline the risks and limitations along with the potential benefits and then give the person the opportunity to research and verify for themselves. Because investing in Bitcoin just by listening to others does not form the basis for your decision. The investor must consider where your money is coming from, how much surplus you have, how long you can hold it, and whether you can mentally sustain your decision even if the market falls.

[Female King]

If the advice is about what to buy with, where to buy from and where to keep your bitcoin then it's generally a good advice that works for everyone, if the advice is about how much to buy with then that's a completely different story, different people have their different buying capacity, if I can spend 50k naira every week to buy bitcoin that doesn't mean I will just advise anyone who wants to invest in bitcoin to do the same, maybe what you can afford is 10k naira a week or maybe less so instead of trying to invest with the same amount that I invest with, you should invest only with what you can afford.

What some people don’t understand about investing in bitcoin is that you can not be like someone, and when you try to copy any other investors you may end up selling your bitcoin when it is not the right, you will have different ideas from many investors but that doesn’t mean that you should do the same thing they are doing, if you the person you are following is buying bitcoin with a big amount, it doesn’t mean that you should do the same thing, because you don’t know his plan.

It is not every advise you must follow as a new investor, as far as you understand bitcoin and you know how to invest in without having any problem, you can do what is best for you without not listening to anyone, but there are some advise that is also very important, most especially the one that is being repeated any time you come across a post, but you need to be yourself when you are buying or holding bitcoin.

Bitcoin investment should be something personal you don't just invest because you see others doing it without knowing what is involved, if you get advised by some one to invest in bitcoin it's not a bad advise but you also need to do some research to know about this investment and how it works, the strategy to use and the right investment plan, you don't also see people investing with huge amount and you want to do the same no you must invest in bitcoin according to your financial capability and it must be some funds you can easily let go because bitcoin investment doesn't guarantee investors profit that's why it's important to still know more about bitcoin before getting started.

[Byebyebtc]

Giving advices could always be for good intent. But for the receivers you don't just hear of something that can be helpful to you and start making use of it right away. It is wise to make further research of..

- Will this strategy or advice fit into my situation?
- Will I be able to fit in personally with my emotions, Availability etc..?
- Will this fit in for my already set goals? ETC

Going for researchs like this will make you know if that advice is suitable for you or not. Once you hear and advice don't just go directly to make use of it also find out if it's the best advice for your condition.

[MisFoxie]

Sometimes people are so security minded that they want to add very advanced levels of security when their funds are very low. One person has 100 dollars but after learning from a senior members advice that funds can be kept very secure through HW he thought that in order to keep his funds secure he would also have to buy a hardware wallet otherwise he would not be able to keep his funds secure. Because of this way of thinking he would think about buying a hardware wallet even before buying Bitcoin.

Yet there are many easily available and secure options one such as downloading electrum wallet, generating a seed phrase then adding a passphrase and keeping that seed phrase saved in a good place. Through this the wallet can be kept secure.

[Sunshine1525]

The good advice for Bitcoiners suits everyone in the industry irrespective of what your portfolio holda in volume. As far the advice is good for the whales, it's also good for the retail investors like you and I that our capital can't be compares to those investing in millions. What are the advice?, making use of Non custodial wallets, DCA and Hodl, not buying because of FOMO or selling because of FUD, backup your seed phrase and keep them offline?

All this are good advice that suits everyone. If there are specific advices being given to you alone don't follow them untill you crosscheck to make sure you aren't being targeted or misled. Any advice you get always confirm with expeimce users on the forum to make sure you're moving in the right track.

I see some newbies getting advice like they should go for altcoins instead of Bitcoin and they think they're getting good advice but they aren't so always verify the advice you're getting.

Failing to verify certain advice could mislead people into doing the wrong thing, newbie investors for instance cause they don't fully understand the crypto space so they could easily trust any coin recommended to them for investment, but if they take their time to verify they'll understand that Bitcoin is far better than other cryptos for investment purpose.

Well some og's who understand the market still get good advise but still decide to risk on doing the wrong things, but I've understand that life is a choice, you can take a donkey to drink water but can't force it, likewise a good advise given to some people but can't force them to take it seriously, it's left for them to verify and make their choice.

[Rhow]

The best advice in Bitcoin is one that the user can understand and apply correctly. Overly complex security measures may be good for experienced users, but for beginners, it can sometimes be dangerous. However, copying others directly is not the right decision. There are some things that are important to understand before copying others.

Here, someone opened a thread and claimed that I invested $10,000 in the last 2 months and later I made a profit. After reading the discussion in that thread, if someone wants to follow the same strategy without considering their own financial situation, then it can be risky.

There are many suggestions that may be realistic for others, but may not be right for us.

[7juju]

Your size of bitcoin holdings doesn’t matter. If you can’t secure your small bitcoin well, you won’t still do it when you have gathered bigger amounts of bitcoins. If a newbie can set up the same wallet that the experienced people advised to be used, I don’t see any problem there. Besides when handling bitcoins and wallets, your wallet will first be set up completely before you can send bitcoins to it. If you don’t set it well you won’t have the full features of the wallet. Even when you have set up the wallet, you first send a smaller amount to the wallet to see if everything is working perfectly, before sending bulk amount to it.

[ejikeme24]

To the house, if you are being given Bitcoin advice what should you consider before you say it suit you ?

The good advice for Bitcoiners suits everyone in the industry irrespective of what your portfolio holda in volume. As far the advice is good for the whales, it's also good for the retail investors like you and I that our capital can't be compares to those investing in millions. What are the advice?, making use of Non custodial wallets, DCA and Hodl, not buying because of FOMO or selling because of FUD, backup your seed phrase and keep them offline?

In addition to what you have said, it is good for a Bitcoin investor to have some level of backup funds such as emergency funds or  reserve funds because there might be some impending emergencies and you wouldn't know when it will happen. That is why I frequently advice newbies or those old investors that seem to have forgotten the importance of having a backup funds while accumulating bitcoin to always make sure that they create backup funds for their bitcoin investment. so this issue about backup funds should not be disregarded even though some investors are lucky to see their investment journey going smoothly even when they had zero backup funds, but that doesn't mean it will work the same for other investors. So it is important for a Bitcoin investor to have a backup funds for the safety of their investment.

[Dareo]

Agreed, because people lose more funds through their own mistakes than hackers in self custody. An expert may be using multisig or a complex passphrase to protect his huge portfolio but if a new user tries to copy it without understanding it, he will not be able to enter his wallet himself, before taking any security advice, everyone should first look at their technical knowledge and the amount of funds. There is no need for such a complicated setup like the experts to protect a small amount of funds but as a general rule, writing the seed phrase on paper and keeping it in a safe place works best for a new user.

[Sammye3]

Bitcoin investment should be something personal you don't just invest because you see others doing it without knowing what is involved, if you get advised by some one to invest in bitcoin it's not a bad advise but you also need to do some research to know about this investment and how it works, the strategy to use and the right investment plan, you don't also see people investing with huge amount and you want to do the same no you must invest in bitcoin according to your financial capability and it must be some funds you can easily let go because bitcoin investment doesn't guarantee investors profit that's why it's important to still know more about bitcoin before getting started.

Well said. Bitcoin is not something you rush into like its a must get-rich-quick scheme. I remember the first deposit I made on bitcoin, back then I had no knowledge about it but a friend introduced it to me. Tracing back to how he explained bitcoin, it seems funny to me because bitcoin is no where close to his explanation. Now this is the importance and value of knowledge from research, the past few years has being years of constant education and understanding of bitcoin, now I don't need anyone to convince me to take a long term investment action.

[Halifat]

Bitcoin investment should be something personal you don't just invest because you see others doing it without knowing what is involved, if you get advised by some one to invest in bitcoin it's not a bad advise but you also need to do some research to know about this investment and how it works, the strategy to use and the right investment plan, you don't also see people investing with huge amount and you want to do the same no you must invest in bitcoin according to your financial capability and it must be some funds you can easily let go because bitcoin investment doesn't guarantee investors profit that's why it's important to still know more about bitcoin before getting started.

Well said. Bitcoin is not something you rush into like its a must get-rich-quick scheme. I remember the first deposit I made on bitcoin, back then I had no knowledge about it but a friend introduced it to me. Tracing back to how he explained bitcoin, it seems funny to me because bitcoin is no where close to his explanation. Now this is the importance and value of knowledge from research, the past few years has being years of constant education and understanding of bitcoin, now I don't need anyone to convince me to take a long term investment action.

That is why they say knowledge is power, assuming you decided to stick to what your friend said, definitely you will not be anywhere close to Bitcoin, that is why it is always very important for us to be active in self education, most especially in Nigeria, most of the youth don't want to learn, they are just busy looking for a shortcut to achieve what they want and that is usually the reason why some of them could not be able to develop themselves. Depending on someone for every information can also lead to destruction, because the person you are getting information from, he is not perfect and he will not know everything that you needed, and believing on that person, it will bring your close to the end of not making it.

[9ja Amaka]

Experienced investors can provide solutions to other upcoming investors who are facing the same financial challenge and investment lane. The experience shared comes from a place of personal observation and conviction. It doesn't mean that the advice is the best for everyone. An investor has to pick from the available advice in a discussion to see if anyone aligns with the challenges they are facing in the meantime. In addition, he who wears the shoe knows where he is feeling the pain. If, after cross-checking the advice, it doesn't help. It means the solution has to come from the decision you make. In turn, it will serve as advice to others who will find it helpful.

[Localhostspeed]

That is why they say knowledge is power, assuming you decided to stick to what your friend said, definitely you will not be anywhere close to Bitcoin, that is why it is always very important for us to be active in self education, most especially in Nigeria, most of the youth don't want to learn, they are just busy looking for a shortcut to achieve what they want and that is usually the reason why some of them could not be able to develop themselves. Depending on someone for every information can also lead to destruction, because the person you are getting information from, he is not perfect and he will not know everything that you needed, and believing on that person, it will bring your close to the end of not making it.

I like that your response where you said knowledge is power. One thing about Bitcoin is if you are looking for something, the truth is on the internet for you to find out and even if somebody lie to you about Bitcoin, you can use the internet to validate what the person said to you. If the person is lying, you will see it right on the internet and if they are saying the true, you will see it as well. Only lazy people don't know about informations when they have smart phones on their hands.

Some people that are hunting alt projects flooding X are mostly in this situations. They get info crypto because one of their friends were lucky to make money on a project, instead of doing research more about how and why, they join them in search for ways to make money on the internet. They stay their like that until they noticed they wasted all their time chasing nothing.

[Sobz]

This why we shouldn’t just accept all the good advices but rather ask is this advice sweet or fit in my own situation? Experiences and needs.
Yes this user that give this advice is literally trying to help out, and this works for him well but this doesn’t automatically mean we should do same or will fit in our own situation. What will be his favor might not be of Favour to u.

To the house, if you are being given Bitcoin advice what should you consider before you say it suit you ?

People will learn bitcoin from their own experience and from the experience of others and also from their own research. It is important to listen to others advice and experiences in bitcoin but this should be backed by personal research. Some advice from people might be correct and some might be incorrect.  The mistake of some beginners they take every advice and they see everyone who has been in bitcoin for long as people thry can accept every knowledge from and without doing their own findings. Advice can be given from anyone because knowledge is one that can be shared with others but their must findings to be sure if the information that has been given is accurate or not.

[Mate2237]

Before giving advice to someone about Bitcoin there are things that must be put into consideration, you can give someone good advice about how they can start their Bitcoin investment and at the end of the day it would become a waste of time if they don't understand simple things like long term investments. To get the most out of Bitcoin you must be able to invest for a long term but some people can't really do this because of this urgency they have to make money, advising them to invest wouldn't work.


Good Bitcoin advice is not a good advice for someone that is struggling financially and by that I mean being in debt and not having a source of income. So instead of giving advice the best thing to do is to Make sure that the person has a certain level of knowledge, teach them about the benefits of DCA and the advantage of investing using management.

[PremiumcryptoHub]

It is true that the advice for investing in Bitcoin is applicable to everyone on this local board because if a whale advises inexperienced investors such as investing through discretionary income, that is, doing DCA for investment, holding with a long-term mindset patiently, using non-custodial wallets, avoiding FOMO, securely storing seed phrases, refraining from entering phishing and fake link, enabling 2FA, fundamentally I think these are the best advice for Bitcoin investment.

But we have noticed that many inexperienced investors receive advice to invest in altcoins at the initial stage; they think that investing in altcoins is good advice, but any investment advice should be considered, for which one should acquire a little knowledge about their own Bitcoin investment.

[Creeper0]

Weekly DCA may be good for me, but it is not for everyone. Using $100 in weekly DCA may be good for me, but it is not for everyone. The same can be seen with the amount of backup fund.

There is very little universal advice in investing, most of the time it is individual advice. Since Bitcoin investment depends on the ability and overall situation of the person, so advice that is beneficial for me may be harmful for someone else. We can gain experience and increase our knowledge from the advice of others, but we must determine what kind of action we should take, not from advice prescribed for others.