Yo folks, listen up.
I’m gonna share some real useful tips for investing in Bitcoin. These are what I actually do to grow my BTC stash. Pay attention and you’ll be stacking sats in no time!
First of all, never leave your coins on an exchange. I don’t care how secure they say they are. Get a cold wallet and store your keys offline. Seriously, possession is 9/10ths of the law with crypto. If you don’t have the keys, you don’t own the coins.
Second, HODL! Don’t sell no matter how high the price goes for at least 3-5 years from when you first buy in. Time in the market beats timing the market. Those short term capital gains taxes are no joke either, so lock in them long term rates!
Third, buy the dips, but only use money you can afford to lose. When Bitcoin drops to a price you like, buy as much as you comfortably can. But never invest the rent money or cash you need for bills. Only invest what you can hodl long term.
Fourth, don’t listen to price predictions. Nobody knows what Bitcoin will do short term, so don’t make buys or sells based on what some “expert” says. Do your own research and invest based on fundamentals.
Fifth, ignore most TA. Those fancy lines and patterns don’t mean much. Bitcoin doesn’t trade like stocks, so technical analysis is mostly useless. Don’t get scammed following some trader’s signals. You’ll lose money 9 times out of 10.
Sixth, don’t measure your wealth in dollars. If you’re constantly checking the USD value of your BTC, you’re doing it wrong. Bitcoin is money, so measure your wealth in BTC. Think long term – where will the price be in 4-5 years, not 4-5 days.
Seventh, the easiest way to get Bitcoin is to just buy it. Don’t fall for “free Bitcoin” or “1000x your money” scams. If it sounds too good to be true, it is. Just buy from a reputable exchange and get to hodling.
Eighth, the best way to make money in crypto is to buy and forget. Seriously, I’ve made the most by just leaving coins on old wallets and forgetting about them for years. Check in once in a while, but avoid staring at the charts every day.
Ninth, don’t make big life changes right after getting rich in Bitcoin. Keep living modestly for at least a couple years. New money can be fleeting, so make sure your gains are sustainable before upgrading your lifestyle.
Tenth, you can’t rely on experts or gurus. Do your own research and trust yourself. If someone was really an “expert,” they wouldn’t need to sell courses or make price predictions to make money. Think for yourself.
Eleventh, focus on living a good life, not checking Bitcoin prices. While investing in Bitcoin is important, don’t become obsessed. Go outside, spend time with loved ones, and practice self care. Your health and relationships are more important than money.
Twelfth, learn the tech behind Bitcoin. Don’t just buy it without understanding why it’s valuable. Read the whitepaper, learn about digital scarcity, censorship resistance, and decentralization. The more you understand Bitcoin, the more conviction you’ll have to hodl long term.
Thirteenth, stay up to date with Bitcoin news and upgrades. Follow reputable Bitcoiners on Twitter, read Bitcoin blogs and podcasts, and keep an eye on network upgrades like the halving cycles. Knowledge is power, so keep learning!
Fourteenth, consider dollar cost averaging. Instead of trying to time the market, buy a little Bitcoin each week or month. DCA is a proven strategy for sustainable long term growth of your investment. Keep stacking sats and hodl.
Fifteenth, be willing to lose money. Despite the potential upside, Bitcoin is very high risk. Volatility is huge, scams abound, and governments could regulate it into oblivion. Only invest money that you’re fully willing to lose without it changing your life.
Sixteenth, stay humble if you get rich. Don’t become a toxic “bitcoin billionaire.” Use your wealth to help others and make a positive impact. While enjoying some luxuries is fine, don’t be a douche about it.
Seventeenth, encourage mainstream adoption. The more people using Bitcoin, the more valuable it becomes. Teach friends and family about Bitcoin, ask stores if they accept it, use it when possible for payments. Adoption will drive price growth.
Eighteenth, consider diversifying into other crypto assets. While Bitcoin should be the majority of your portfolio, consider putting 10-20% into promising altcoins and tokens. A diverse portfolio reduces risk, and other assets could outperform Bitcoin. DYOR and invest carefully.
Nineteenth, only buy and withdraw crypto on reputable exchanges. Avoid tiny exchanges with little volume and stick to major exchanges that have operated for years. Not your keys, not your coins – withdraw to your private wallet whenever possible.
Twentieth, enjoy the ride! Bitcoin is an exciting new technology, so have fun with it. While hodling for the long run, also spend and replace to see how Bitcoin works. Try out the Lightning Network, earn interest, vote on proposals. Bitcoin isabout more than just the price – it’s digital money for the modern world.
Have fun, learn lots, and prosper! If you follow all these tips, you’ll maximize your success with Bitcoin investment. But as always, only invest what you can afford to lose. Now get out there and spread the word of Bitcoin! The future is decentralized.
Bitcoin can make you wealthy, but it is just money after all. Keep it in perspective and base your happiness on more than just digits on a screen. If you follow these tips, stay humble and hungry, keep learning and improving yourself, you’ll do well in Bitcoin and in life. Now go out there and stack some sats! The future is bright.