If you know nothing at all
You should read and watch as much as you can. Start with newbie videos about why something works, then maybe look for a few presensation videos. Once you’re comfortable, from there you should start reading around at different places (I presume you’re now here). Trust no one unquestionably always err on the side of caution with any action or activity in crypto as it is truly digital (read: irreversible) cash.
Bitconnect is a scam
If you’re being referred to by people in real life they need to be set straight. If they’re unwilling to listen or change (and at least exit the thing), you should not consider them friends. Bitconnect makes money by pocketing all the delicous bitcoin and giving you some diddly sqat bitconnect tokens – then they send hella referral fees for your friend getting you to send them real bitcoin. Stupid bad scammy right???
Stop looking for all the answers online
you need to find them in yourself. Do not ask for outside advice. People often confuse their ‘world’ experience with reliable advice. Instead, follow what you would have wanted to do and don’t regret the decision you’ve made. I’ve bought bitcoin hardware when in fact I should not have. Hell for managing a website with the word money in it, I’ve set terrible examples in life where I spent far more than I should have and yeild nothing better as a result.
You can often find the answers using Google. If you’re not driven to the correct answer right away, pause, and rephrase the question – chances are you’ll always find a link that directs you to your precise answer within the first page, so long as you know the correct way to ask.
Don’t baghold too long
…or do it with the intention of total loss. You get all idealistic-al because you spent a whole bitcoin on something right? Turns out that thing you bought is now worth maybe .00001 bitcoin and you wish on everything you just never bought them. What do you do? You call that a loss and chalk it to the game an get the money you can out of it. Turns out I bought 5 mastercoin (now ‘rebranded’ as omni) back in 2013 for a whole bitcoin (worth a hundred bucks) Here we are, Those 5 mastercoin are still worth 100 bucks but now worth .002 bitcoin now. Thanks Omni – I’d rather have my 11K bitcoin back pls!
For all your wins, you may have SEVERAL losses
All the mining gear: LOSS (lack of strategy [buying mining selling (minimization of downtime) repeat], choosing to mine an alt for a day instead of XBT {21 coin}, having my power out for SEVERAL days during a critical period with a ton of gear so it wasn’t making WHOLE coins worth of profit when it should have been. Paying for a preorder that didn’t get fully developed, thank you Alpha-T, (being refused a refund) aka SCAMMED [never pay for pre-orders in xbt]. Signing up for cryptostocks which held .3 XBT back in the day and suddenly go offline without any recourse to get it back – That’s my story mixed with a few undisclosed wins which I may or may not choose to write about in the future.
Mining sucks
Unless you’re already rich, and bored, and have excess solar panels installed that need to offset excess electricity. Thank you to everyone who does it and don’t get me wrong I may still go back into doing hobby mining myself with old gear I’ve got lying around but I don’t appreciate the sport of doing it for profit because it was a loss game for me dealing with the $800+ monthly power bill and constant 95 degrees of excessive dry heat management that comes with home mining on the semi-professional (mostly hobby) circuit.
If you just want to invest and don’t know what to buy and hold then you should use the market cap to make your strategy – larger stuff takes larger share of your basket and the slightly smaller one takes a slightly smaller portion and so on. This way it’s sort of martingale and you’re kind of following along what’s trending and expected for growth – this IS you building a mutual fund with cryptocurrency.
That’s all I’ve got for you for now. This should cover most things for anyone who is a newbie. If you’re lost with what you’d like to do then you can consider reading through my flowchart diagram. If your goal is to get bitcoin but you don’t have much money you can use that to utilize your talent or lack thereof to secure some coin. Actually I do have one more thing:
Begging sucks!
Don’t ask for bitcoin on the internet unless you’ve provided some value beyond a few sentances. Asking for Bitcoin for the contributions of an article or a song or something else that takes more than a few minutes is fair game. Otherwise, just asking for the sake of asking is just a way to enable you to leach from others who worked hard to secure theirs. I tend to use this rule to also extend to ICOs because they’re typically used for fundraising with scammy pumping techniques that yield almost no value to most. Maybe it is too early to tell but I feel a VAST MAJORITY are duds. Likewise, this mantra will also cause you to lose access to many potential investments when they’re dirt cheap – I may change my mind on this one day if I figure out a reliable system for picking strong ICOs.
Alright, that’s all I’ve got for real this time. Not spending much time writing these days because my superpowers are needed elsewhere (and honestly I can’t really tell if anyone ever even reads my bitcoin digital rag, If you do, thank you fam, I appreciate it greatly, take care).
Hodling fund: 19d8b6rZBgec3sZPqFJVKxV9CgwpG3gZHY
