I got into BTC in pure FOMO in 2021. Since then It's been a real ride and I fell deep into this wonderful RABBIT HOLE.
Today I thought about ten basic things I have learned in this time and want to share with this community that has helped me with a lot of info.
With no revision and in a foreign language for the, this are the thoughts right out of my hat... here we go.
Education: Faith based on principles.
- Do your HOMEWORK. Get to know BTC. It is NOT neccesary to be a programmer and understand code. Learn about the idea, principles and fundaments. Avoid influencers.
- You HAVE TO READ The Bitcoin standard. What is money? Why is something valuable? Why is bitcoin neccesary for humanity? This will OPEN YOUR EYES (like matrix style)
2) Self-custody: Take control of what is yours.
- Not your keys, not your coins. This CAN'T BE SAID ENOUGH. Recent case of Celcius halting withdrawals is a new clear example. Big exchanges closing WILL happen again.
- Get a HARDWARE WALLET and NEVER type your seed phrase into ANY other device than a hardware wallet. Stamp your seed on titanium or stainless steel and secure it.
3) FIAT management: Working is minning for FIAT.
- DO NOT INVEST MONEY THAT YOU CAN'T AFFORD TO LOSE (or that you are willing to lose). In other words: Do not invest money that you might need in the short term.
- Do not let SENTIMENTS or media guide you. Investing is generally a long-term game. Avoid driving your decitions by FUD or FOMO. DCA is a good aproach for most ppl.
4) Mining: Not as your primary job.
- If you want to get into minning BTC or altcoins, take in consideration that the ROI that you estimate is just WRONG. Do not depend on this money in any way.
- Take neccessary electrical precautions. Low gauge wires, bad boards, faulty risers or PSUs are a FIRE HAZARD and you can lose your house, family, etc. Be safe!
5) Discretion: Satoshi set the example.
- Do not spread the word about you owning bitcoin. You can talk about it with friends that have interest in BTC, but NEVER DISCLOSE publicly or privately your stack.
- Remember BTC is pseudonimous, but not anonimous. Take this into account when making transactions, because others will be able to look at an adress balance.
6) Trading: Playing lottery, losing gold.
- There is no CRYPTO, just BITCOIN. There are no ALTCOINS, just SHITCOINS. Don't trade the most valuable asset for shiny shitcoins. Also avoid leverage, futures, etc.
- Consider trading as GAMBLING. If you are ok with going to the casino and losing, you can trade your BTC. You do can win, but the odds are you going down hard.
7) Preaching: Bitcoin doesn't needs you; you need it.
- Do not try to CONVINCE family, friends or others about getting into bitcoin. It can be harmful and lead to jealousy (for your stack), fear, greed, anger, etc.
- If you are in a serious relationship, talk to your partnet about BTC investing. Be both ok with it, the risks, the benefits, the patience. Be both at peace.
8) Bears and bulls: A rollercoaster ride.
- DO NOT open many times a day price charts. Forget the candles too. Zoom out into the past, and into the future with faith. BTC value is still innimaginable.
- Buy when there's BLOOD IN THE STREETS, even if the blood is YOUR OWN. You can look at the FEAR AND GREED. As said before, don't let emotions guide your moves.
9) Acumulation: Stack those sats!
- It is good to have GOALS. But also enjoy the small steps in the way. A thousand miles journey begins with a single step. Just keep stacking what you can!
- GREED might be a powerfull tool for incentivation, or can be a strong demise. Having 0,001 BTC or 1 BTC have both a lot of value if it reflects your effort.
10) To the moon: A different destination to all
- Some people have the intention to stack and HODL for their children to inherit the coins. HODLing is a different time frame for everyone. Just forget about time if possible.
- Set YOUR OWN MOON. Every moon is valid. It might be a new car (Lambo!), an overseas family vacation, a new guitar, etc. To me, my family house will be my moon.
And for the last but maybe most important thing... HODL !!! Cash out all you need for an emergency health or life or death situation, but otherwise, FFS HODL !!!
PS: I sadly lost ALL my stack in a tragic boating accident :'(
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