Post
Topic
Board Beginners & Help
Re: Advice to a Friend
by
collinscoinz
on 03/06/2023, 18:10:04 UTC
It’s simple keep to a thing and make sure you get better on or even get the basics first before going into another  thing. There’s a saying the ‘Jack of all trade is sometimes master of none’. Concerning cryptocurrencies he should stick to bitcoin only because just like there’s the hype now around BRC-20 there will be  new tokens trying to better off bitcoin in future. This are mostly scammers way of luring people into their Alticoins by promising to go beyond what bitcoin is for. Your should be aware that there are more than 1,000 altcoins currently and none has come close to bitcoin. So he shouldn’t bothe i really don't think there is a need to always be informed about everything and know and understand everything about something, why? After all, technical details aren't for everyone anyway.
In order for someone to benefit from bitcoin, one does not really need to understand all the details, but it is important to understand what is the purpose of bitcoin, what is its potential and to know how we can best use this potential. I really wouldn't worry too much about the rest.
If your friend invested money in bitcoin, then the only important thing is that he knows how to analyze market movements, that he knows the basics of investing, that he has a concrete investment plan and a clear exit strategy.