I wonder how you started your adventure with the cryptocurrency market and what tips you have for beginner investors.
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I started in 2017 because i’ve got the assignment at work, to figure out if Blockchain would be a good option for storing medical records.
My tips to you:
- if you are making a decision, always go with the one that is less greedy
- the less changes you do to your portfolio, the better you will be off in the end
- recognition, community size, history of a coin are much more valuable than fancy features, don’t fall for technobabble
If someone is starting in 2021 so just be aware that you are already 13 years late as BTC paper came in 2008 and on 3rd January 2009 Bitcoin Network came into being.
1 - Mining BTC/LTC yourself is almost near to impossible as lot of hash power is needed. Accordingly you need to spend thousands of dollars to setup your own rig which will not be profitable. Always use “WhatToMine” web site to check out what Coin you can mine and be profitable and at what cost.
2 - Now a days, easy way is to trade BTC or LTC through different platforms like BINANCE and BITFINIX.
3 - If you want to trade using Bitcoins, check bitcoin.org web site to check which exchanges are allowed in your country.
In my personal opinion, still lot of world doesn’t know about it. Reason is simple, it is still “under construction” and not used by mainstream institutions, governments, businesses etc. But remember, it will become currency of future. Also remember, foundation of this tech is Blockchain. There will be millions of applications in future.
This is called Internet of money. When Internet came into being we hardly knew anything other than Yahoo.com but now look at what Internet has become. Emails, Gaming, Social Media platforms, Content Sharing, Government Services, Air Tickets booking, Banking and what not and what not.
Similarly, a time will come when Cryptos will be king and their “holders” will shake the world. Early adopters will definitely have benefit. I take BTC as analogous to GOLD. Everythign will be pegged to BTC.
Not your keys, not your litecoin
Run a node, support the network
Be a good human online
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Find reputable news sources.
HODLing is always good advice
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Trading crypto can be quite similar to Forex trading. You need the same discipline if you’re going to make it work. Never risk more than 3% of your account on any one trade and always use a stop loss. Especially with the likes of BTC, it can move so rapidly a small loss can turn to a large one in no time.
I started with Forex trading but slowly started messing around with Bitcoin, then became interested in Litcoin and others.
Also started off with forex, then saw the potential in crypto. Started off on my major exchanges with the main coins, before slowly creeping down the rabbit hole of a million altcoins, Dapps, DEXs and all sorts of madness. Thoroughly enjoying it though!
I’m not professional in trading. But I can DCA in both Bitcoin and Litecoin. They’re the hope for Financial Freedom.
Invest what you can afford to lose. Don’t go all in like so many do.
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