Bitcoin is rallying. Angels fear to tread…
New to Bitcoin? Read on. This is not one for Bitcoin Maximalists :) You already know what I’m about to say here. However it would mean the world to me if you could share it with newcomers to Bitcoin.
Hello New Bitcoiner! So you heard that Bitcoin is rallying. You missed the bus last time but want to make sure you get on this time right? I know the feeling. So let me dive right in and hopefully create some value for you.
First thing: There’s a lot of noise out there. So please be careful of the “news” and information you are consuming. Let me point you to Bitcoin magazine and the Block Crypto. These are good resources for information. Look at the content put out by Matt Odell. Tales from the Crypt is a great podcast for everything Bitcoin.
So that’s generally about resources on everything Bitcoin. However if you are planning to invest in Bitcoin. Here’s some advice:
1) Do not invest what you cannot afford to lose: Invest in Bitcoin instead of partying it up. The money you might burn could potentially bring you a lot of value. Do NOT mortgage your house to invest in Bitcoin right now. Things are volatile. Caution is advised.
2) Follow Bitcoiners on Twitter: NOT people who talk about cryptocurrency. NOT people who talk about multiple currencies. People who are completely invested into Bitcoin at a philosophical level. These are the people whose content would be of value to you.
3) Do your own research: Let it take time. There’s no hurry. Bitcoin is still very much in its nascency. So when you do purchase Sats, even if its next year, you’ll still be early. What you don’t want is to burn your life up. Research. Read up. Reach out, should be the mantra. Observe the content Bitcoin Maximalists are putting out. What are the Exchanges being suggested by them? What are the wallets being suggested by them. Explore. Then collate information. Then verify. Only then move.
4) Stack Sats: You’ll hear this a lot. Every Bitcoiner worth his salt will tell you this. Slowly and steadily, accumulate Sats (Sats is to Bitcoin what Cents is to the Dollar). A full Bitcoin is expensive. Build towards it. Relish the journey. Only invest your spare money. And one fine day, we’ll celebrate you acquiring your first Bitcoin :)
5) Avoid using a Credit Card to purchase Bitcoins: One of the core tenets of Bitcoin is privacy and sovereignty. Checkout www.hodlhodl.com to know how to go about purchasing Bitcoin while maintaining your privacy.
6) Don’t simply trade Bitcoin: Yes Bitcoin can be traded like any other commodity. But a short term play is not the best bet in this ecosystem. Bitcoin has some deep and fascinating ethos to it. Look that up. Spend time understanding the ethos. And then choose whether Bitcoin makes sense to you as a medium of radical change or not. And if it does. Slowly accumulate Sats. And wait. And if you can, contribute to the ecosystem.
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A Request For Bitcoin Enthusiasts and Maximalists: