Tips4Noobs
From my research, the last month and a half of experience (haha). My suggestion to all Noobs! … (In No Specific Order)
- Do your own research
- Learn the difference between a Privacy Coin & ICO’s
- Don't invest off of someone's else opinion unless they are a trusted financial advisor.
- Don't invest to get rich quick. Everything will grow in time. (Some ICO's won't)
- If you find a good position to buy in, "HODL" through the ups and downs of the market. This is if you BELIEVE in the coin and its use in the future.
- Never invest what you can’t comfortably lose.
- Learn some Technical Analysis Skills
- If you find it on twitter it's already too late, but then again…
- I don’t suggest you invest when its the beginning of a downtrend or ATH (All Time High).
- PATIENCE
THESE ARE OPINIONS AND NOT FINANCIAL ADVICE
Dear Newb,
Blindly investing in the crypto world around this time can have your emotions on a turbulent roller coaster. The ups and downs of this market on certain days can have you feeling confident that your investment will be to the "moon" soon. Other days it makes you a warrior to "hodl"(hold) your "buy-in" position if you don't know what you've truly invested in or, know anything about the market. Now a days it can have you question if this is even worth your time, hard earned money, or energy? For the past month and a half I've been feeling every bit of this.
"I plan to grow my currency by investing in what I believe in."
The quote above was not my first mindset coming into the cryptocurrency space. Honestly, I never knew altcoins existed before December 10, 2017. I wasn't introduced to bitcoin until January 24, 2015, after seeing a film called "DOPE". The movie was directed by Rick Famuyiwa and produced by Forest Whittaker. In my opinion "DOPE" was a great film that illustrated a concept that could happen to the average minority kid growing up in the sanctioned ghettos of America; in this movie it was South Central LA. The main character was a smart student with good grades, a great group of friends and was potentially on his way to the most prestigious college today, Harvard I believe. He was presented with a scholarship opportunity by one of the college Alumni, but to obtain the scholarship he had a difficult task. His task involved making many undisclosed transactions. To execute this tremendous task, he and his friends decided to do their transactions for a physical substance on a website that only accepted Bitcoin cryptocurrency as payment. The profit they made was exchanged for fiat. (Fiat = Tangible $$$)
I do no justice summarizing this film, but it is a must see. The whole point is, my introduction to bitcoin was subliminal like many others out there and I paid no attention to it! I'm writing this on my phone at the moment but I know investing in bitcoin at that time would of been DOPE ($$$). At that time I was close to finishing college and had other business ventures in my horizon. From 2015 to 2017 I’d heard whispers of bitcoin but not too much. Me being such a optimist, I figured it was still alive but I didn't know what the f*** it truly was! In the beginning of 2017, I had another subliminal interaction with bitcoin but I never followed through with the person who was trying to put me on to something that could potentially change my life.
In December, I got the text!
My best friend texted the group chat with hella excitement saying we need to invest in bitcoin right now! You should never judge someone's emotions through text but you can tell with the back to back messages and quick responses to our questions that he was excited. It excited me too so I invested. That was the worst decision ever!!! Lol.
It was as the worst decision AT THAT TIME TO INVEST. It was the worst decision AT THAT TIME, because I invested blindly. I knew nothing about the market, exchanges, forking, consolidation, dips, just nothing!! All I knew was Coinbase. That was the way to exchange money for bitcoin.
After impatiently buying my bitcoin on Coinbase, I noticed that bitcoin held two other coins. When seeing these other coins I had to actually do my research, and that's where the obsession came. I didn’t want to invest much but after researching I knew I had to invest something. This was an opportunity I couldn't miss so I began to research with the goal to comprehend everything I could about the crypto ecosystem and trading. I invested with basically a dollar and a dream, investing with less than $600 periodically through December.
My concern and curiosity to learn and want more also came from the sight of every coin on Coinbase being too high in price for me to just buy a full one, especially being a Newbie. I could have bought a couple of LTC (Litecoin) but i didn’t want to put all my eggs into one basket. My gut told me these coins would grow but I wanted more bitcoin and I didn't want to put more money into it. This is where I found Binance.
There were so many coins I became overwhelmed and began to blindly invest AGAIN! Lucky enough, I did some research on some of the coins I felt would be beneficial to the physical world right now and took notice to how far along they were on their roadmap. I also blindly invested in coins that were starting to raise in value, believing it would go up “to the moon!” and then it just drops. Most of the coins I’ve done research on are fighting through the turmoil we are experiencing right now. The other coins i have blindly invested in are falling but I caught them early enough to where I’ve locked in profit and I’m still in a great "buy in" position to hold. Some were sold just to reinvest in the coins I truly believe will grow exponentially this year.
Research has been my biggest help and I never listen to anyone's opinion about what coin to invest in unless they’ve been in the game for a few years. I don’t buy coins off hype but definitely keep a close watch on them. I happened to catch "Bitcoin Cash" at like 800 or 900 sats before the Coinbase explosion. That is what gave me hope about cryptocurrency as well as the in depth research I did about the cryptocurrencies uses, how early of a stage they are in and it's politics.