And on the 8th day God looked down on his Crypto paradise and said, "I need a caretaker!"
Unfortunately God did not provide a manual.....no he provided the whole internet.
Which I noticed is a bit much to read up on in one lifetime.
Even reading my previous 7 Bitcoin Beginner blogs might be to much work, so on Day 8 I created my hard learned Crypto lessons.
What I learned on Day 1
Not Your Keys, Not Your Coins.
There are two steps to this lesson.
First the crypto in an Exchange is not your Crypto. It´s only yours when it´s in a wallet of which you and only you have the Private Keys. Until then it can be hacked, shutdown by a government or ......
There are probably many more things that can happen if you don´t own your keys.
Second, Once you store your coins in your wallet make sure to not loose your private keys and Seed Phrase.
Store them somewhere safe and make at least 2 backups. I use Keepass and made a backup of it on my phone (again using Keepass) and copied my seed phrase on a piece of paper.
Day 2 No Panic Sells
Fear of Screwing up has an official name Decidophobia. But even if you think you screwed up and your coins are dropping... keep in mind what Newton forgot to say " What goes down must come up Again". I´ve seen many dips already, but waiting a day or a month almost always turned the negative into a positive.
Day 3 Crypto is fun!
Crypto is a whole new universe and there is so much to learn. If you think learning is fun get in to crypto.
Personally trading is the most fun, there is adrenaline, dips and peaks and it´s never boring.
Especially if you make a good deal:
A good deal is not buy at the dip and sell before the next one.
The Art of the Deal is that any deal is a good deal, if you can walk away from it alive with more BTC in your pockets.
Don´t worry about how much it could have been, No hindsight, No FOMO, there will be new highs and lows around the next corner.
Day 4 "To Trade or Not To Trade?"
Trading seems so simple, as my friend said look at the 24hrs High & Low. Put in a bid just above the Low and once you have them sell them a bit below the High.
Well I already found there is much more to it than that, but indeed if you are just starting look at those 24hr facts closely. And do not buy on a whim, if you can wait for a dip.
But also check the graphs for a longer period of time, coins that seem up can be pumped and ready to drop back to 0 at any time. Check at least if the coin has been stablish for a longer period than 24hrs.
Day 5 Check the coins before you wreck your coins
This is a follow up on day 4. Don´t invest if you did not check the coin.
People promote their crypto all thinking they found the next gem that will go 1000X. They might be right, but mostly their wrong or you are too late to the party.
Do your own research:
E.G: I love DOGE coins, they are just so cute I need to have them and everybody is talking about them even Elon. So I guess their the Bomb, the next big thing, right?
Did you check what the use case for DOGE is? As that will mostly determine if a Coin will succeed or fail.
I did not and guess what, DOGE does not have any use case....it started as a joke and it still is.
But also keep in mind as long as people talk about DOGE it will bought and it will rise...just sell before the fall.
And don´t get emotionally attached to cute Cryptos.
Day 6 "OOPS I did it again"
Be patient. If you buy on an exchange the fees of using VISA are much higher than using bank transfers or PayPal. So read up on the fees, wait a little longer and earn your first $10 trading.
Also take your time to ILLL:
Invest Little Learn Lots
One more lesson learned (the hard-way) is invest a little to learn a lot. Don´t jump from coin to coin, but study the coin.
Coins have a different behavioral patterns. Like children each coin is different. If you know how they behave...they can´t manipulate you and you can manipulate them.
Day 7 "The Rise & Fall"
Learn how to keep your BTC value growing while trading. Dollars don´t mean SHit.
When BTC is on a surge, most ALT´s seem not able to keep up and will drop in BTC value, while growing in $ value.
Keep a good eye out for those BTC surges and how that impacts your ALTS. You might wanna swap to BTC (not to dollars) and buy back afterwards.
Based on the fact that BTC has gone form 0 to hero and the dollar is worth less every second....your dollar value is unimportant as long as your BTC value keeps growing.
But most of ALL Crypto is fun. But do not invest what you can not afford to loose and always keep smiling.
