Best advice about cryptocurrency.

[Shadiq]

Recently @1miau opened two threads on our Naija board and Beginners & Help board asking for the best advice on cryptocurrency. I have read almost all the advice in those two threads and have summarized the important advice for everyone's benefit. I don't know how useful it is for everyone. But for me the advice is very important, I have summarized the two threads to save it and for the benefit of newcomers.

Here are the tips.

• Always try, buy deep and hold.
• Never rush to send funds to an address without proper confirmation.
• Do your research before you start investing in any cryptocurrency.
• Verify any wallet before downloading and installing it. Don't trust any link.
• If it's too good to be true, it probably isn't.
• Not "yesterday", not "tomorrow", not "when the price drops", not "when will Satoshi come", but right when you first heard about it. Don't put it off "for later", start working right then and there.
• Don't trust, verify.
• Don't put all your eggs in one basket.
• Only invest money you can afford to lose..
• There is no free money on the internet..
• Know what is important and what is not and focus on what is important..
• If you plan to make a profit, be prepared to lose too..
• Start slowly but consistently..
• Say no to FOMO..
• Now is the best time to get into the market..
• New investors should complete their own access with a few steps, such as email verification and fingerprint..
• Cryptocurrency is not a get-rich-quick scheme..
• If you can afford it, use a good hardware wallet to store your coins..
• Don’t invest in cryptocurrencies using borrowed funds..
• Don’t take out loans or borrow money to invest in Bitcoin..
• Understand the difference between Bitcoin, shitcoins, and altcoins..
• Securing your seed phrase is the most important thing to do for both new and experienced crypto users..

[1miau]

@Shadiq, great to have you here to make such a detailed summary about advice for Newbies in crypto. It's great to have such a list and I can agree to all points on your list.

I would still add:

- Don't give investment advice to anyone because if it Turnschuhe out to be a loss, people will be mad about you.
- Don't do KYC because securing your personal data from Darknet scammers and criminals is very important

[Jaycoinz]

@Shadiq, great to have you here to make such a detailed summary about advice for Newbies in crypto. It's great to have such a list and I can agree to all points on your list.

I would still add:

- Don't give investment advice to anyone because if it Turnschuhe out to be a loss, people will be mad about you.
- Don't do KYC because securing your personal data from Darknet scammers and criminals is very important

Op really tried in coordinating the list and he got some core advice and some mistakes that new and even veterans commit during their journey in the crypto space.

There are lots of advice there that newbies need to be aware off and take note because it's better to learn from advice and avoid mistake than to commit it yourself.

[CryptoHeadlineNews]

That's indeed a perfect summary you just gave above, which are actually straight to the point and easy to comprehend by both newbies and an existing Bitcoin/crypto enthusiast. And as such, I have got a few other tips that I think you and Sir @1miau did skipped and yet are important for a user who is just getting new with Bitcoin investment, and these tips are as follows;

1. Always double-check website URLs of whichever crypto services you want to use to avoid falling victim to phishing attacks.
2. Always avoid using public Wi-Fi for transactions to avoid being hack. Use a VPN and secure connection whenever dealing with crypto.
3. Always enable two-factor authentication (2FA) for all your exchange accounts for maximum security of your asset and account.
4. Always keep multiple backups of your Bitcoin wallet seed phrase, and store them offline, in secure and separate locations.
5. Always avoid emotional trading. Don’t buy or sell based on hype or panic—stick to your strategy.
6. Always know that Dollar-cost averaging (DCA) is powerful. Invest a fixed amount regularly instead of trying to time the market.  

[Josefjix]

- Don't give investment advice to anyone because if it Turnschuhe out to be a loss, people will be mad about you.

Similar to this advice too, dont receive money from someone to invest for him, it will not end up well but fight and quarrelling. You can only advice the person to set up his wallet and purchase his money for himself while watching his investment reducing and increasing by himself. Failure to comply by this rule will end yourself in jail if care is not taken.

Don’t invest in cryptocurrencies using borrowed funds..
Don’t take out loans or borrow money to invest in Bitcoin..

But you can only sell your property to invest in bitcoin, not another ones property bikonu

[Perfectbaby]

I would still add:

- Don't give investment advice to anyone because if it Turnschuhe out to be a loss, people will be mad about you.
- Don't do KYC because securing your personal data from Darknet scammers and criminals is very important

Neither do we compel people to invest in any digital assets, let it be a self volunteering to make investment than convincing them to make in Bitcoin or altcoin.

Having two devices for Investments is also safer and better than one device except they wouldn't go out with their primary device.

[Hyphen(-)]

Above all these advices, try and be mentally prepared for the consequences you are about to start because if the high risk involved in Bitcoin and crypto investment.

Crypto looks easy when people hear about it, they are always eager to join, and when they join they always wants to earn from it as quick as possible not knowing that it is a game that is risky even though if you learn it you can get it as quick as possible, but despite your knowledge, it is still risky because of its volatility.

Nevertheless, all the advice from the OP are valid and will give a good guide, but be mentally prepared for it so as not blame anyone for your lost because if you win no one will take the credit.
Always learn to apply risk management, and also invest what you can afford to lose.

[Africolo]

Op really tried in coordinating the list and he got some core advice and some mistakes that new and even veterans commit during their journey in the crypto space.

There are lots of advice there that newbies need to be aware off and take note because it's better to learn from advice and avoid mistake than to commit it yourself.

Mistakes are made, learnt and corrected, that's the simple surface of making good standards for ourselves. We accept advises that would benefits us, we know what to do with our precious time and making bold steps to win. Cryptocurrency is very risky, we should always thoroughly make good step to boost our chances of making profits. Mistakes are made on a regular basis and we should be extremely careful with the things we involved with.

[laijsica]

Op you have described a great learning path for beginners. Every recommendation you make is very important. When it comes to buying cryptocurrency, we should take the recommendation to practice buying at any price point. One of the main problems for new investors is that they are confused about where to start. You should not wait for tomorrow to buy crypto, you should value every moment and keep buying.

Another main concern for beginners is FOMO or fear of missing out. This can be a natural concern for them, in which situation my recommendation is that you enter the market slowly while still a beginner. Use discretionary income to save crypto and become a long term and regular investor.

[Doan9269]

To add up on all that had been said over the thread and here, I will also make my little contribution that we should always keep to updates, this may have to include the way we use our wallet, information about the latest scam and the entry routes, how to avoid hacks, security and privacy measures needed to be followed and many more updates on the crypto circle, which we need more information from time to time to get used to them as new upgrades are coming in from time to time, because we can't be done in learning cryptocurrencies.

[PremiumcryptoHub]

This can really be a great way for beginners to learn because the OP was able to create this post by combining all the qualities together. There is a lot to learn about cryptocurrency, of which here are some of the most important. It is better to be experienced before investing, but you should not encourage others to invest at all. It would never be reasonable for us to invest beyond our means.

• Understand the difference between Bitcoin, shitcoins, and altcoins..

This is usually where the initial dilemma arises, and those with zero experience often stumble because they cannot easily understand the difference between Bitcoin and other coins.

• Securing your seed phrase is the most important thing to do for both new and experienced crypto users..

It is practically true that keeping seed phrases secure is of utmost importance to all crypto users like us. To my knowledge those who have secure wallets can be safe from all sides because hackers cannot easily gain access to that wallet.

[Futurexxx]

A lot has already been said by the op of this thread to mitigate the risk when investing in cryptocurrency, and to be frank Sadiq has really said a lot, but the only few I can add up to what he has already said is that never store your asset in an  exchange, because if anything happens to the exchange in question, all your asset is gone.

Finally, never disclose your holdings to friends or strangers, because your safety will be at risk if you do so.

[AYOBA]

This is a wonderful summary and great thread. In fact, this thread can over round useful information and help a lot of people here, not only the newbies. Especially those that dedicated their learning to the cryptocurrencies only, because you’ve listed a bunch of things that the investors should suppose know before they can introduce themselves to the investments or trading.

This is the kind of orientation that most of the investors lack, and that’s why most of them easily lose whenever they invest, but with this types of advice, they can correct their mistakes by taking advantage of the advice and preparing ahead.

[Shadiq]

@Shadiq, great to have you here to make such a detailed summary about advice for Newbies in crypto. It's great to have such a list and I can agree to all points on your list.

I would still add:

- Don't give investment advice to anyone because if it Turnschuhe out to be a loss, people will be mad about you.
- Don't do KYC because securing your personal data from Darknet scammers and criminals is very important

I am also very happy to contribute to the Naija board. I always try to do something good for our community. Appreciation for good work is definitely motivating and makes me want to do something good for others.After a certain period of time, I will re-monitor the threads and add a summary of new suggestions to the OP post. Even the suggestions given here by each of you will be evaluated and added to the OP post so that a newbie can easily read the best suggestions and study about crypto as soon as he opens this thread.

I am worried that the thread will not be difficult for newbies to find and the thread will not get lost.

[CryptSafe]

It is true not to put all your eggs in one basket. As a crypto investor, it is wise that you have other investments outside crypto because crypto is highly volatile, and as such, wisdom demands that you do what is right and that means having alternative source of income so that if anything happens to your crypto portfolio, you have something to hold onto till the market recovers depending on the change of events.
I can say that the majority of what OP has stated is worth adhering to, as they are measures put in place to stay safe as a crypto enthusiast, so what is there to do is just to abide by the rules or principles, and you will be far from trouble.

[kanftka]

SECURITY
If there is one thing you really need to take seriously in crypto, it is how you handle your private keys and seed phrases. These aren’t just random words they are literally the keys to your wallet. Anyone who gets hold of them can take everything you own, and once that happens, it is gone. There is no reset button, no recovery, no one to call. That is why you can’t afford to be careless. Don’t save your seed phrase on your phone, don’t screenshot it, don’t send it to your email, and definitely don’t share it with anyone not even someone you trust. The safest way is to write it down and store it somewhere only you can access. Some people even go as far as using metal backups to protect against fire or water damage. Whatever you do, just keep it offline and private…

[CryptopreneurBrainboss]

• Don't trust, verify.
• Don't put all your eggs in one basket.
• Only invest money you can afford to lose..
• There is no free money on the internet..

There's free money on the net but just that to get the free money, you'll have to exchange something for it. There's free money in giveaways, airdrop and the rest of the free means to get some small bucks but that shouldn't be your focus because that's not the best way to make money in the industry. The advice of not putting all your eggs in one basket should be taken serious. Investing all your money in Bitcoin only isn't a good advice, you have to diversify and this should be done in various financial markets. We have Forex, Crypto, stocks and various other market that can be taken advantage of.

[asarfiar]

• Don't trust, verify.
• Don't put all your eggs in one basket.
• Only invest money you can afford to lose..
• There is no free money on the internet..

There's free money on the net but just that to get the free money, you'll have to exchange something for it. There's free money in giveaways, airdrop and the rest of the free means to get some small bucks but that shouldn't be your focus because that's not the best way to make money in the industry. The advice of not putting all your eggs in one basket should be taken serious. Investing all your money in Bitcoin only isn't a good advice, you have to diversify and this should be done in various financial markets. We have Forex, Crypto, stocks and various other market that can be taken advantage of.

I agree with you. Although we will give the most importance to Bitcoin, it is our moral responsibility to consider all aspects. As investors, we all need to follow some things seriously in our lives along with Bitcoin investment. I think you can divide your wealth into several parts, that is, you should not keep your money only in your wallet. It turned out that the money in your wallet was stolen. So you can invest your wealth in any other cryptocurrency besides Bitcoin. You can also invest in any stock exchange. This three-step investment will not only meet your family and emergency needs, but by doing this, you can always invest in Bitcoin safely.

Control yourself and learn to absorb the volatility of the market and you will see that your investment will establish you as a lucky person in front of everyone. Cryptocurrencies are changing over time and are always being updated. Therefore, we must learn to adapt to the times and give utmost importance to Bitcoin in the cryptocurrency world and continue the regular investment process.

[EL MOHA]

I agree with you. Although we will give the most importance to Bitcoin, it is our moral responsibility to consider all aspects. As investors, we all need to follow some things seriously in our lives along with Bitcoin investment. I think you can divide your wealth into several parts, that is, you should not keep your money only in your wallet. It turned out that the money in your wallet was stolen. So you can invest your wealth in any other cryptocurrency besides Bitcoin. You can also invest in any stock exchange. This three-step investment will not only meet your family and emergency needs, but by doing this, you can always invest in Bitcoin safely.

As a cryptocurrency enthusiast my advice is always to actually treat bitcoin as the only investment asset in the crypto space because to me Altcoins aren’t asset because of their risk and volatility, there is no altcoin that boost of been a store of value even if they are top market cap coins. Therefore when people say they are buying other altcoins as means of diversification I actually go against it because altcoins are gamble, so to diversify one should look at assets like Gold, Real estate and other areas outside cryptocurrency because that’s the real diversification.

As for security I agree with you that your holdings can be stored in different wallets most especially if they are huge, but the best form of security is actually having a good cold wallet with passphrase and then backed up at various or different locations.

[Marykeller]

OP, you did well for having all the advice that should be given to newbies summarize easily and understandably, for newbies to take note of before starting their crypto investment journey. And all the mentioned advices feels necessary for every investor in crypto space to have it in mind that the crypto space is not friendly for everyone, every advice stated here should be taken serious, not to be neglected as not necessary because any of the advice that you go contrary to, can hurt you in the long run.

However, OP, I would like you to add to the list: stay anonymous. Don't tell people the amount of Bitcoin held in your portfolio.

This advice above is essential cause those who let out to their friends or on social media, the amount of crypto coins they hold in their custody, don't end up telling the stories well without being attacked or killed because of that