Best advice about cryptocurrency.

[Gozie51]

This is a good source for newbies to read and study to avoid certain mistakes because in this journey, if you send your coin to a wrong wallet it will be good as gone except it is an exchange or casino and the service provider decides to show mercy. To this effect, I like to add don't disclose your passphrase or password to a third party, even when you trust the third party you still have to be careful.

Another addition is that bitcoin is not a Ponzi scheme.

[Y3shot]

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.

And also, even if people have decided to invest but are still contemplating the amount to invest, it is better to let them be and make their own conclusions because they are the only ones who really know what they can afford and won’t be affected later on. But if you give advice on what one should invest in, it may be very detrimental for the person to meet their investment and other demands. Never give advice to people on how they should invest their money because everyone has their own investment limit that they can bear.

[Mate2237]

There are allot of advice that can be give about crypto currency because the essence of giving these advice is because it has become important for newcomers to understand what crypto currency is all about because there are people who are actually into crypto currency but they lack an indepth knowledge about Bitcoin that is the reason why we have been seeing the rate at which crypto currency related crime has been on the increase this is because people who came into crypto currency where not properly informed about the crypto currency.



I personally believe that these advice will go a long way in making sure that we equip people to and give them the necessary skills in forms of knowledge because knowledge is the best weapon to fight against anything which includes scams

[Dzwaafu11]

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.

The main problem of some beginners is knowledge; many rush to invest without the key knowledge of what they want to do, and that is what is causing many of them to lose their money. However, I will say bitcoin investment precisely because it is the safest one we should advise beginners to invest in; many wait for the price to drop before they can invest, and that is why they always find it difficult to hold.

Instead, they should invest at any given price and hold their bitcoin for a long period of time. They are FOMO, as you said; they always don’t keep their money off the market until it is high time they are supposed to sell or set a target for their investment.

[mid9tclaw02]

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..

this one sharp all advise copied na this kind thing I want to Dy hear for here.

[Sammye3]

[li]Understand the difference between Bitcoin, shitcoins, and altcoins..[/li][/list]

Thank you OP for this educative thread, but my major focus is on the differences between this above listed cryptocurrencies. I believe not every investor has the foundational knowledge of what a shit coin is or an alt coin. Most people invest without proper knowledge and understanding of what they are investing into just because they believe it's something that could possibly give them profits depending on what they see other people do.
Shitcoins are very volatile and can make you rapid profits and also take away your investment quickly but investing in Bitcoin is not as volatile and could make you profits on the long run.

[B-BossMan]

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..

Op, you have done a very great job and a work well done. Well, you have said everything. As a newbie, believe you me, when you follow all these steps and study them and work with them effectively, you will be able to achieve your goals without any stress. I myself would be a testimony here. I knew how I felt when I was introduced to this forum newly as a newbie. I was just thinking maybe the little experience I have is enough, which it is not, not until I started going through self-research, asking questions, studying the necessary things here and acquiring knowledge. Now the knowledge I have acquired here is an adage to me.

However, as a newbie, don't hesitate to give up quickly or give up at all easily; perseverance pays. Consistency, resilience and patience are all what you need to have as a newbie. Be knowledgeable about what the basic aspects of Bitcoin investment are before investing. Don't be decisive about any other altcoins apart from Bitcoin investment. Invest in long-term projects to be able to have a significantly higher potential growth. Don't put in or invest all your wealth, because the price of Bitcoin can fluctuate at any moment due to its volatility in nature. Be careful with some unverified vendors on P2P transactions; know the risks in investment. Lastly, invest what you can afford to lose.

[Out of mind]

This thread is really great. Here are some great summaries from which we can easily learn more about crypto. This will help every user to know and learn and increase their experience and skills, especially those of us who are on the local board, of course, can learn from here. This will not only benefit the beginners but we all should get an idea about this and learn from here about crypto. In fact, this will only increase our understanding of trading, investing, and cryptocurrency and we will be able to gain more knowledge from here. Especially in the current times, beginners make many mistakes, so they should learn from here so that they can learn about crypto later.

[Lolipo]

These are great advices, I have learnt new thing today. Thanks the boss

[Zigabel]

We outlined points for everyone to learn from, this is far more informative from OP and it's well appreciated, most of the points here are very key and important, they can even be considered as the key basics to crypto investment and trading rather than the ambiguous ones we mostly do look forward to, Interesting part has to be that if you are very keen on following with these points carefully outlined here, you may mostly not need further advanced insights if you are looking at a small scale portfolio for trading and investing otherwise then you may want to look ahead.

Most times we see things like this we will want to quickly refer to newbies to take note but I think this time even the experienced investors and traders too should  take time to reconsider all of this like a refresher so I help them check back to see the causes of some of their little mistakes they have been making scaling up. Let me say thank you to OP.