I follow these three things for Bitcoin investment, which is a revolutionary step in Bitcoin investment.
Knowledge, patience and courage play a very important role in investing in any cryptocurrency, not just Bitcoin.
Bitcoin is a volatile market, so I guess if we review it with a little importance, we can be successful through these three steps.
Knowledge: In the cryptocurrency world or crypto market, Bitcoin is a topic that is creating a stir in the world. Recently, it is being considered as the center of discussion at all political, economic, and social levels. Therefore, we need to expand our knowledge in such a way that we know about the Bitcoin market type and its technology and invest by understanding the market fluctuations and (volatility) i.e. instability.
Patience: Bitcoin is volatile and the market can fluctuate, investors need to review these issues patiently and prudently. Short-term investments can cause loss of money, so you may have to be patient and make long-term savings decisions. This long-term savings can bring you the right results.
Courage: Investors should move forward with courage without fear of market decline or crisis and make decisions based on accurate information and invest in that light. If you invest wisely without taking excessive risks, you will achievement success with success.
I think that if you follow these steps, there will be no obstacle in preparing yourself for Bitcoin investment. Above all, it is desirable to prepare yourself completely for Bitcoin investment and have a long-term mindset.
Everything you wrote above applies to only bitcoin and not altcoins, because there's no amount of knowledge that you will have to know tge right shitcoin to buy that will give your profit. Also it's impossibe to know the next price movement, so why wasting time to learn about the market, when you are only buying and hodli overtime. Newbies shouldn't invest in any coin aprt from bitcoin.
Shitcoins are for trading, smart contracts creation and other things apart from holding, reason being that their foundations doesn't indicate them being a store of value unlike Bitcoin which is a store of value and a hedge against inflation and Fiat depreciation.
If all these steps are applied to any altcoin or shitcoin, I would call it misplaced priority to some extent since it's crystal clear Bitcoin dominates all of them and have provided everyone an equal opportunity at investment.