Post
Topic
Board Beginners & Help
Re: Good to know for newbies
by
EluguHcman
on 08/07/2025, 12:09:29 UTC
Some useful and easy tricks for those who are new to crypto/Bitcoin!!


# Learn about bitcoin before you buy
Learn how Bitcoin works, especially mining, address verification, and halving.
Mining has nothing to do with buying of Bitcoin or crypto. You just have to understand that it is a volatile currency and while Bitcoin is 100%  trust worth, it is your responsibility to do research if you have to diversify your digital assets to other coins hence identifying potential alt coins are very difficult.

You also need to understand that investing in the digital assets is not a get rich quick so, your ability to exercise patient in the long term should be considered including your inflow of source of income so that you can actualize some good investment portfolio.


# Start small (DCA = use dollar cost averaging)
Buy small amounts regularly (e.g. weekly/monthly).
Yeah but not for those who have the enough funds to buy their expected value of Bitcoin once and for all without undermining the current price
DCAing are accumulating strategy which provides investors the opportunities to buy their Bitcoins on the regular prioritizing either when they have money to buy or are looking out to the market price such as those targeting to buy at the DIP so they can buy cheaper.


# Use a reputable wallet that is well verified.
Use a hardware wallet like Ledger Neno or Trezor to store large amounts of Bitcoin with offline.
This is a very important keynote because the reputation of the wallet you uses to store your funds tells how secured your funds are.
In that course, it is recommended that funds should be stored in the self custodian wallets whereas, you alone own access to your wallet with regards to your Privacies being secured.

Some are not aware about the risk of storing their funds in the custodian wallets and are even negligence to  figure recommendable and reliable wallets. Keynote to this is that... Not all the portraying decentralized or non custodian networks are reliable. So there is an essence need to research and verify before using any of the wallet to store your funds.


# Back up your seed phrase properly.
Write down your 12- or 24-word recovery phrase carefully and store it in a safe place offline.
Warning: Never take screenshots or store it digitally where it can be hacked.
It is not doubted, you can still operate with a reputable platform to store your funds but the template that assures the safety of your funds is the mode of your seed phrase or private keys.
Of course they are your private keys which is meant to be stored secretively without anyone disclosure. Not even entrusting it to families nor friends because anyone is liable to betray you once it has to do with money.

It is also important to understand that there are threats to permanently loose access to your wallet and that is when you have misplaced those keys.
So there is a high need to store them at any form reachable to you in about few places allocated.
Also be are of online scams and natural disasters are also threats to attack them.


# Avoid keeping BTC on exchanges
Exchanges are targets for hacks. Bring it to your own wallet after buying your Bitcoin.
Remember, it's not your keys, not your coins.
Not until there is an immediate term to use the funds otherwise, the exchange security terms States... Not your Key Not Your Coin. Which means you are not holding any privacy with the exchange and your security measures are limited in the exchange. Unlike the self custodian platforms.


# Avoid Altcoin Hype (Scamming Traps)
Many coins and projects are high risk or scams so focus hard on learning Bitcoin before touching anything else. Also stay away from projects that promise guaranteed returns and high profits.
Assume that this has been treated in the first paragraph where we talked about learn about Bitcoin and crypto before buying. But there is still essence to note that most alt Coins are full of hyped and can been deceptive to the loose of your funds.


# Check addresses carefully
Always copy/paste Bitcoin addresses and double check the first and last few characters. (Sending BTC to the wrong address is irreversible)
Also important to draw our attention here that crypto transactions are a point of sending funds to other Wallets wrongfully (mistake) are not retrievable like that of the commercial banks.

So it is important to crosscheck adequately the wallet tended to send the funds to in other to avoid dead and gone lost funds out of mistake.