5 Things every Bitcoin Beginner should know

Bitcoin Tips for Beginners: What one Should Do (Not) and What One Must Know (As Beginner). FUD, FOMO, Hodl and the art of informing themselves.

No idea about cryptocurrencies? No problem. Here are some key concepts when it comes to Bitcoin and other cryptocurrencies.

FOMO - The fear of missing out

Just when the prices explode - as they did at the end of 2017 - people are getting nervous: "If I had bought yesterday, I would have made a profit instead". In the worst case, you then buy any tokens without informing yourself about it. The concept behind it is called FOMO and stands for the fear of missing something (Fear of Missing Out).

DUD - fear, uncertainty and doubt

As unhealthy as FOMO. Fear, uncertainty and doubt arise when prices suddenly collapse. Then you think: Quick, I have to sell before it gets worse. And when it comes to negative headlines, it is over for many very quickly.

HODL, HODL, HODL

The way out of FUD and FOMO: simply by HODL. The idea behind it: just keep his Bitcoin in your digital wallet instead of frantically selling it.

My tip: better than FUD and FOMO, worse than to look at analyzes, to read into the topic and to make rational decisions. In case of doubt: do.

Take care with the Shitcoins!

Currently, Coinmarketcap lists a total of 2,072 cryptocurrencies, the dark figure is uncertain. Partly one recognizes already by the name, that it is not exactly reputable projects. Or would you invest in HollyWoodCoin, TrollCoin or PonziCoin? Hopefully not.

Pump & Dump: In case of doubt it can happen very fast

What is banned in regulated finance is not a problem in the Bitcoin ecosystem. The principle: Some people arrange a specific time and date on which they put a lot of money in a short time in a project (Pump). They drive up the price. Then they wait until others notice and sell their tokens again, the price drops (dump). They rely mainly on FUD, FOMO and Shitcoins. There are only a few who have been able to enrich themselves, and many more who are glorified. Appointments take place in Messengern, especially Telegram.