BITCOIN 10 COMMANDMENTS
1. Never invest more than you are able to lose.
2. Store your coins across different wallets/exchanges. (store your coins through hardware wallets for better security)
3. Buy low, sell high.
4. Understand and respect the idea of bitcoin and the intended direction set out by the creator and developers.
5. Take time to read news in full and assess if it is accurate and what it means, do not believe everything you read or hear.
6. Never allow your emotions to dictate your decisions, always take time to consider decisions and remove panic/fear from them.
7. Hold a diverse portfolio of cryptocurrencies to reduce risk.
8. Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances. Give your cryptocurrency addresses instead.
9. Always put secondary securities if available.
10. HODL!
So i was thinking of a good idea to help beginners to start their journey in bitcoin and other cryptocurrencies. Then i came into this.
Would appreciate if you can contribute some suggestions that are better than mine so I can replace other commandments to make it look more better and helpful to freshers.
These are very good commandment and helpful points to understand how we can go with the Bitcoin in perfect way. Many mistakes are done when we use bitcoin or invest into bitcoin and this is nothing but the life saver I think. I have made many mistakes such as not understanding the whole thing and just investing into it without much knowledge. Lost money many time during the process. That's why I find these very important.
10. HODL!
Yes off course I can never forget this one and already got bad experience in the last year, so I'm as good as not selling it for whole year this time.
Nice read and thanks for your contribution. For point 2, I guess storing coins in exchanges are not that safe. It is better to keep in a wallet you control the private keys.
Indeed. In number 2, my point is that we shouldn't store or hold our coins and tokens all in one place(wallet/exchange) for if that wallet or exchange causes an issue or problem then it is the easiest way to lose everything.
For 2.) I would add "always backup you wallet/private key and store it on multiple locations"
Thanks for your contribution, i think i would add this in number 8 instead.