CZ’s actually advice for beginners into crypto worth reading

[hd49728]

As much as the statement makes sense, it is still wrong to advise people to give up non-custodial wallets, because that is the only thing that makes sense, at least when it comes to Bitcoin. Having Bitcoin (private key) on CEX and in a custodial wallet are two completely different things, because no matter how secure the first method may seem to someone, one should not forget the risk of phishing and hacking.

Users can not control centralized exchanges so they can not control how exchanges store and secure user funds including theirs. They don't control these things, don't have private keys, and they only can pray that centralized exchanges will do the right things.

While in fact historically many centralized exchanges did not do right things. They either died, closed services, did scam exit, or got hacked and consequently bankrupted.

Cryptocurrency exchange graveyard.

I think those who don't want to put in the effort and learn to be their own bank should consider investing in other things.

Bitcoin gives them opportunities to have their own banks, specifically Bitcoin banks but only achievable with Bitcoin non custodial wallets. Learning and practicing with non custodial wallets is not too difficult and remember with Bitcoin, there is a testnet and Bitcoin testnet tBTC for practice without money loss.

[BlackHatCoiner]

Funny that Step 1 is "go read Binance Academy". This is like McDonald's telling you to learn nutrition from the Happy Meal box.

The one advice every beginner needs to apply is to learn what "not your keys, not your coins" means before they learn what yield farming means. There are hardly any people who applied the former and not the latter and still lost money. There are a hundred times more who applied the latter and did not know about the former who lost money.

[Nathrixxx]

Funny that Step 1 is "go read Binance Academy". This is like McDonald's telling you to learn nutrition from the Happy Meal box.

I also laughed when I saw it, this is more of persuading the newbies to go for their articles rather than what they seem to project as an advise, we have to be more careful with some of this public figures as they tend to use their reputation to attract users to a specific target the hard in mind using strategy like this.

[EL MOHA]

I also laughed when I saw it, this is more of persuading the newbies to go for their articles rather than what they seem to project as an advise, we have to be more careful with some of this public figures as they tend to use their reputation to attract users to a specific target the hard in mind using strategy like this.

I continue to say this that a every opportunity that CZ has is obviously an opportunity to shill his platform or even any of his coin so I would have been more surprised if he didn’t even add anything about binance into the discussion. Seriously agree that any one taking advices from people like CZ should try so much enough to filter some things.

Have you ever seen CZ advice anywhere centering around “not your keys, not your coins”? Never because that reduces the use of his exchange

[Franklyn-wood]

What I can see from the summary he made is to warns newbies about taking risks in cryptocurrency and ensures that they have enough ability to withstand any decision they make. The way some people approach cryptocurrency is not expected because they have the wrong narratives right from the start. Unless there is a proper reorientation that will direct their expectations on the right path, many will just be coming into cryptocurrency to make mistakes and keep losing, with the hope of making a profit when they are getting things done the wrong way.

Without no telling you as beginner, you have to know that when it comes to cryptocurrency you have to be careful and do things in a normal that will help you get better, you don’t need to rush to invest in bitcoin with all your funds because you know some key information about bitcoin, bitcoin is a risky investment but it is the best investment in the world that if you know how to invest in it you will appreciate it in rest of your life, investing with 50 percent of your income is not bad but not for the beginner, not for those who start to invest in bitcoin, you have to start with a little amount of fund and know that if you are capable of investing with the 50 percent or a big amount of funds, a beginner should not look at the profit he will make and decide to invest with big amounts, there is time for everything.

It's normal for a beginner to be over excited while trying to invest in bit coin, therefore investing huge amount of there total earnings which is a high risk for them. It is very important to have a mentor while investing in Bitcoin, someone who have been in the system and know everything about it well to explain to a beginner what and what not to do.
Investing 50% of the total Capital as a beginner is very risky and not advisable, because he or she can loss it and become frustrated in the process. 10% or less can be considered ok depending on his income and expenditure.

[Jubilee58]

In the world of cryptocurrency investing, I can boldly say that CZ is a genius, and his advice shouldn't be underated or ignored . He has built reputation in cryptocurrency investing more especially in Bitcoin, BNB, and he is also the inventor of one of the most prominent cryptocurrency exchanges Binance, and shouldn't been seen as just a cryptocurrency investor, but also a mentor.
Many people today feel it is too late for them to invest into cryptocurrency, particular Bitcoin, but it is worth knowing that one actually has to start from somewhere. When you start small today, you will definitely grow big tomorrow. Bitcoin or cryptocurrency investing is not a journey of one day, you have to begin it with a step, and grow with time. Some persons see Bitcoin to be very expensive now, but you must not have the money for a whole Bitcoin before you buy, but with steady, and regular purchase possibly with the use of DCA you can boost your Bitcoin portfolio on the long, and possibly you can reach the mile stone of even owning one Bitcoin. If you want to own one Bitcoin at once, you will not venture into it because as a beginner accumulating such amount of money at once will be difficult, and you will end up not buying at all.

Every field of investing need to be learned including cryptocurrency investing. When you are fully equipped with the knowledge, you will invest with ease, and fully informed about cryptocurrency investing. Many investors, more especially the beginners make plenty of mistakes because they fail to learn before going into cryptocurrency investing. It is clear that knowledge is power, and when you are devoid of the knowledge behind successful cryptocurrency investing, success becomes extremely difficult.

[Renampun]

Regardless of whether he suggests people study at Binance Academy as their main reference, I think the advice he gives is pretty good.. for example, when it comes to starting out, he recommends starting with a small amount first, which is better because starting with less allows beginners to gain experience while learning.. also regarding risk control, someone who's just starting out shouldn't be too greedy or too fearful because being too greedy can make a person invest more money and increase risk, while being too fearful can prevent them from investing or selling at the wrong times.. although at some points it would be better if he didn't say it because it's not that relevant, but most of what he said is still good for beginners.

[AVE5]

What I can see from the summary he made is to warns newbies about taking risks in cryptocurrency and ensures that they have enough ability to withstand any decision they make. The way some people approach cryptocurrency is not expected because they have the wrong narratives right from the start. Unless there is a proper reorientation that will direct their expectations on the right path, many will just be coming into cryptocurrency to make mistakes and keep losing, with the hope of making a profit when they are getting things done the wrong way.

Some even come into crypto when others are celebrating bull run, without any deal of how long they have waited for the bull run, and when they invest without knowledge they go on Social media to call cryptocurrency  a scam,  who ignore knowledge will face the consequences,  people just want to enjoy they don't want to sacrifice. When I see them complaining on media or giving negative opinions about crypto,  I just skip, because they have failed to understand the basic of cryptocurrency and how it works. No one make it over night in crypto it's a long journey and if you're not ready to hold for long don't invest,  find another investment that you will not sacrifice to invest. Here in cryptocurrency you have to learn,  re-learn and understand it before you invest,  not all cryptocurrencies are good to invest in, that's why we keep rooting for bitcoin as the only reliable cryptocurrency you can invest and you're assure to get benefits in a long term. As a beginner try to learn before you invest,  never you your capital to invest in cryptocurrency,  there is a dip market and a bullish market,  knowing these market price will help you in your journey in cryptocurrency investment.

All being said are very good lessons and sound warnings for beginner investor's.
The funny part of this crypto currency investment journey is that your ignorant will HIT you hard that you'll begin to say crypto currency is a scam literally because you did not at the least understand the basic parts of the market and its risks.
For the fact that crypto currencies is a speculation digital assets and decentralized, it's really advised to invest with caution and be careful with news about the market you pays attentions to before it pushes you to make wrong decisions.
While investing in bitcoin, its keep your investment safe with a healthy mind rest if you also look up to long term holding.

[Freeveto]

Regardless of whether he suggests people study at Binance Academy as their main reference, I think the advice he gives is pretty good.. for example, when it comes to starting out, he recommends starting with a small amount first, which is better because starting with less allows beginners to gain experience while learning.. also regarding risk control, someone who's just starting out shouldn't be too greedy or too fearful because being too greedy can make a person invest more money and increase risk, while being too fearful can prevent them from investing or selling at the wrong times.. although at some points it would be better if he didn't say it because it's not that relevant, but most of what he said is still good for beginners.

Yes, I also see this as a good advice, if influencers will be given good advices like this, we will have their followers doing the right thing and the rate at which they lose money to crypto due to careless activities will reduce. The Binance academy he made reference to is a good learning environment I must say as well, but it is still ok to avoid the use of centralized exchanges if we are going to be holding crypto for long.

Beginners should know the difference between centralized exchanges and DEX, they should also try to learn about non-custodial wallets so that they can rely on the knowledge they have to have successful bitcoin investment.

[Cookdata]

It's normal for a beginner to be over excited while trying to invest in bit coin, therefore investing huge amount of there total earnings which is a high risk for them. It is very important to have a mentor while investing in Bitcoin, someone who have been in the system and know everything about it well to explain to a beginner what and what not to do.
Investing 50% of the total Capital as a beginner is very risky and not advisable, because he or she can loss it and become frustrated in the process. 10% or less can be considered ok depending on his income and expenditure.

Newbie excited to buy Bitcoin? I'm not really sure about that. Most often, newbies loves to buy useless coins, I'm not sure what motivates them but they love to buy coins that does not make sense especially the meme coins, always looking for the next coin that will make them rich.
Other reason why they don't look a Bitcoin is because they see the price as expensive, they love to chase coins that are price that are in many decimals, like $0.00001 and expect the price to reach $10 in the future, delusional mindsets.

Regardless of whether he suggests people study at Binance Academy as their main reference, I think the advice he gives is pretty good.. for example, when it comes to starting out, he recommends starting with a small amount first, which is better because starting with less allows beginners to gain experience while learning.. also regarding risk control, someone who's just starting out shouldn't be too greedy or too fearful because being too greedy can make a person invest more money and increase risk, while being too fearful can prevent them from investing or selling at the wrong times.. although at some points it would be better if he didn't say it because it's not that relevant, but most of what he said is still good for beginners.

If you are regular user of X, you will know better when CZ talk, he make sure his advices make reference to Binance and Binance ecosystem. He has been doing this for long, but since last year October when he predicted that he expected the month to be a Uptober. He anticipated Bitcoin price to return to bull run and the reverse was what happened. Heavy liquidation across multiple exchanges and people believe he coordinated the attack and now nobody value his opinion.

He always find a way to make him and Binance as center of attention otherwise what's there in "not your keys not your Bitcoin" but he says they should go to his Academy. Bullshit!

[Mr Reporter]

I continue to say this that a every opportunity that CZ has is obviously an opportunity to shill his platform or even any of his coin so I would have been more surprised if he didn’t even add anything about binance into the discussion. Seriously agree that any one taking advices from people like CZ should try so much enough to filter some things.

Have you ever seen CZ advice anywhere centering around “not your keys, not your coins”? Never because that reduces the use of his exchange

I would not lie he is a good businessman with lot of experience, which the bigger lessons that should be followed is that we should separate the person character from the advices he is willing to share, the truth still stand about CZ obviously we all can tell he has years of experience in the crypto space and others he is part of the crypto mini gods in the industry, well there some helpful information he passed out there that might’ve helped lot of people out there..

He still remains one of the greatest exchange executives we have, he has different perspective towards this things…Personally I would  say that I think people should learn both sides for perfect understanding..

[Sammysmart001]

10% or less can be considered ok depending on his income and expenditure.

I do think that this 10% part shouldn’t be treated as an general rule for every beginner, what seems safe for Mr A may turn out to be much or even little for Mr B. This because we all have different income, different experience abd also different responsibilities.

Personally for me oh, the most important thing to do as a beginner is that you should start in with the money you can comfortably afford that you will still be having enough funds for your normal needs or expenses. Learning on how to react to market, start from you starting small this will help you to learn without putting too much pressure for yourself.

[2Pizza410000BTC]

He gave very good advice. I think this advice is very important for both new and old people. He said that one should start investing with very little money, especially the amount that one can afford to lose and keep oneself mentally strong. He also said not to be overly greedy and gave various suggestions, but I took his words seriously. In my opinion, if everyone takes his words seriously and moves forward, they will never make any mistakes. Thank you very much, you have brought a beautiful post here which is very necessary and will play an important role for both old and new.

[Awaklara]

He gave very good advice. I think this advice is very important for both new and old people. He said that one should start investing with very little money, especially the amount that one can afford to lose and keep oneself mentally strong. He also said not to be overly greedy and gave various suggestions, but I took his words seriously. In my opinion, if everyone takes his words seriously and moves forward, they will never make any mistakes. Thank you very much, you have brought a beautiful post here which is very necessary and will play an important role for both old and new.

Suggestions and general knowledge like that have actually been widely shared in forums for beginners. It's just that out there, there will still be many beginners who are interested in investing or trading for the purpose of short-term profits. They see the success of others as motivation, but do not want to understand that the actual process is not short. What actually needs to be corrected from the start is the mindset of beginners.

[Peanutswar]

Common misconception if the newbies wanted to join in crypto space is they need to buy immediately 1 BTC or even at least 1 amount value of the token but the reality is having a portion is enough to start, not all investors start with a large amount, like with us because we are just having a partial to start, by this it gives a lot of lesson in crypto space, how to become patient, risk taker, and a loser crypto is aint for the weak only risk takers who knows what they are doing have the guts in this market.

Dream big, start small, learn more, and wait for the profit to show off the result. Still another lesson I dont recommend store your funds in exchange.

[ultrloa]

Meanwhile, I got it wrong with CZ statement last year, as he said that the 4 years bitcoin cycle has been defeated, that we were heading to a super cycle. That was why I didn't exit the market at the $100k - $120k range.

I never make my decisions based on the statements of him and similar people, because don't forget that such people say everything they need to protect their business while pretending that they care about their clients. Many people have listened to the wrong advice for a long time, and even on this forum you have members who have been there for ten years and have not reached the point where they can say that they own at least 1 BTC.

Agree, since if you read those statements CZ made. He still points out that its good for people to learn on his platform. Which is somehow not actually good, because if people 100% believe them. They will became a blind supporter and easy machinery for their manipulative acts in future.

Many listen, because majority of them think that famous guy will not fool them. This is where the problem starts and they need to correct this while its early. There are so many source of information online and they must know how to verify anything they see.

[New Judgement]

Good advice, but it is just another means to market for Binance.

It may not be true if it is bitcoin, bitcoin is not like those altcoins and it is not like trading. If it is bitcoin, the best is that you can invest part of your discretionary income on it like 30%. But if it is altcoins, it is good to use very small amount to begin it.

the advice is equally applicable to bitcoin not just Altcoins. Even in bitcoin beginners need to know and understand what they are doing before going big with any amount. At that early stage when they are still trying to figure things out, there shouldn’t be a percentage cap of their discretionary income that should be invested. They should start with whatever amount that they are comfortable with, the amount that won’t give them sleepless nights.

He also talked about position size which I think it is about derivatives trading. Beginners traders should see trading llike gambling, although it is not gambling but it is as risky as gambling for beginners and traders that are not making money from it but losing.

Left for me alone, beginners should avoid derivatives trading, till they are able to figure things out. If they must trade, it has to be under the supervision of a pro trader who is always present to watch what the beginner what to do. A beginner can practice with demo account that they don’t have to trade with real money. That way they will improve their experience without losing real money.

[Davidloki]

Funny that Step 1 is "go read Binance Academy". This is like McDonald's telling you to learn nutrition from the Happy Meal box.

Quite a ridiculous way to sell out Binance to newbies. Binance should be one of the oldest Centralized Exchange and has remained a target for most scam schemes, though security measures are being implemented to that effect. But its totally off that CZ would refer people to Binance Academy because he is the founder, as it could be an easier means to bring more newbies into the system for whatever small scheme they could be orchestrating.

[Lucius]

Funny that Step 1 is "go read Binance Academy". This is like McDonald's telling you to learn nutrition from the Happy Meal box.

The one advice every beginner needs to apply is to learn what "not your keys, not your coins" means before they learn what yield farming means. There are hardly any people who applied the former and not the latter and still lost money. There are a hundred times more who applied the latter and did not know about the former who lost money.

CZ and his "friends" who collect billions on "crypto" are doing everything in their power to catch as many "fish" as possible in the network, which they will later manipulate and charge them expensive fees for their services. The very fact that so many people believe them speaks best of the state of the human mind, which is deeply caught in a centralist network that does not allow them to try anything else at all.

CZ would still be in prison today, and his CEX would probably be banned in the US if it weren't for the man who turned politics into a lucrative business.