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Topic: Bitcoin tips: the 10 Commandments (Read 619 times)

reck1ess (OP)

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Bitcoin tips: the 10 Commandments

January 31, 2018, 04:11:03 PM
Last edit: February 08, 2018, 03:40:52 AM by reck1ess

Merited by jossiel (1), Dart18 (1), drwhobox (1), Xenrise (1), Chikitita2004 (1), erzascarlet_30 (1)

#1

BITCOIN 10 COMMANDMENTS

#1 Never invest more than you are able to lose.
#2 Store your coins across different wallets. (For larger amount of bitcoin, HARDWARE WALLET is highly recommended) - Note: If you dont have ownership of your private keys, you dont own Bitcoin.
#3 Unless you trade very often, always withdraw your funds from exchanges and store them on offline wallets.
#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. (need better suggestions: to be replace)
#8 Practice safe practices with passwords and private keys, do not ever share these with anyone under any circumstances. Give your cryptocurrency addresses instead. Always backup you wallet/private key and store it on multiple locations. (better if it is hand written)
#9 Always put secondary securities if available.
#10 Buy low, ~~sell high~~. (Just buy on the dips and hold) 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.

-------------------------------------------------------------------------------------------------------------
Here are some of my threads that might be also helpful to you
Bitcoin Tips
Bitcoin Starter pack: https://bt.irlbtc.com/view/2861680
The 10 Commandments: https://bt.irlbtc.com/view/2856970.0
Bullish & Bearish Flag: https://bt.irlbtc.com/view/2843383
Factors that affect bitcoin price: https://bt.irlbtc.com/view/2867326
Avoiding Scams: https://bt.irlbtc.com/view/2874379

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trobin

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 04:24:11 PM

Merited by reck1ess (1)

#2

Quote from: reck1ess on January 31, 2018, 04:11:03 PM

BITCOIN 10 COMMANDMENTS

1. Do not buy more bitcoin if you can't afford to lose them.
2. Do not store everything in one wallet/exchange.
3. Buy on the dips, sell on the peaks.
4. Honor the creator and the developers.
5. Do not believe on everything you see on the news.
6. Do not buy/sell panic.
7. You should have other cryptocurrencies beside me(bitcoin).
8. Do not give you private keys.
9. Give your cryptocurrency addresses instead.
10. Always put secondary securities if available.

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.

Not really changing them but just writing them a little differently:

1. Never invest more than you are able to lose.
2. Store your coins across different wallets/exchanges.
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.

9 and 10 I didn't really like so maybe they can be the ones you change, overall though it's really great advice for anyone starting out and covers the real basics.

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bigmaster23

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 04:30:33 PM

#3

Such a good insight on crypto, I give you a big THUMBS UP for giving such informative context on Whats, Shocked

Shocked

You giving us an ease following these commandments,.

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reck1ess (OP)

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 04:31:38 PM

#4

Quote from: trobin on January 31, 2018, 04:24:11 PM

Quote from: reck1ess on January 31, 2018, 04:11:03 PM

BITCOIN 10 COMMANDMENTS

1. Do not buy more bitcoin if you can't afford to lose them.
2. Do not store everything in one wallet/exchange.
3. Buy on the dips, sell on the peaks.
4. Honor the creator and the developers.
5. Do not believe on everything you see on the news.
6. Do not buy/sell panic.
7. You should have other cryptocurrencies beside me(bitcoin).
8. Do not give you private keys.
9. Give your cryptocurrency addresses instead.
10. Always put secondary securities if available.

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.

Not really changing them but just writing them a little differently:

1. Never invest more than you are able to lose.
2. Store your coins across different wallets/exchanges.
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.

9 and 10 I didn't really like so maybe they can be the ones you change, overall though it's really great advice for anyone starting out and covers the real basics.

Thanks for your cooperation. I will be applying this if you wouldn't mind.

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 04:34:32 PM

#5

Do not use bitcoin for betting? "Double the price in just an hour of playing". We all know betting is all about chances and the chances is really low. Also, don't use bitcoin if you're buying low amount or low value prices because the transaction fees might be higher than your original payment right? In the 7th commandment, we must be really careful in choosing an alternate cryptocurrency because there are many ponzi scheme platform today and I suggest go to ETH or LTC Cheesy

Cheesy

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 04:50:49 PM

#6

Nice commandment, you did really a great job for summarizing it for newbies.

With #2 you can also add this, store your coins through hardware wallets for better security.

Quote from: bigmaster23 on January 31, 2018, 04:30:33 PM

I give you a big THUMBS UP

You can merit him instead for appreciation. Grin

Grin

reck1ess (OP)

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:03:18 PM

#7

Quote from: jossiel on January 31, 2018, 04:50:49 PM

Nice commandment, you did really a great job for summarizing it for newbies.

With #2 you can also add this, store your coins through hardware wallets for better security.

Thanks for contribution. Will be adding this.

Quote from: jossiel on January 31, 2018, 04:50:49 PM

Quote from: bigmaster23 on January 31, 2018, 04:30:33 PM

I give you a big THUMBS UP

You can merit him instead for appreciation. Grin

Grin

I would be glad if my posts deserves your merits Cheesy

Cheesy

This would also encourage us to create more constructive and unique posts.

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drwhobox

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:10:14 PM
Last edit: January 31, 2018, 06:34:06 PM by Mahirap

#8

You have really did a nice job by explaning what is Bitcoin to newbies here! You do deserve a merit for this contructive and creative thread!
I personally agree with what you said for most of the part. But for hodl? I think it's a bad move to hodl the best way to earn is from making your money go and trade it into other currencies rather than just saving it. Be a risk taker!

You're making things for them really easy. Big thumbs up!

Bitcoin Inheritance Services are bogus. Don't keep any of your keys on the cloud.

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:14:57 PM

#9

For 2.) I would add "always backup you wallet/private key and store it on multiple locations"

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:17:30 PM

#10

Wao excellent commandments Grin

Grin

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:19:24 PM

#11

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.

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:26:51 PM

#12

Quote from: reck1ess on January 31, 2018, 04:11:03 PM

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. Wink

Wink

reck1ess (OP)

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:38:52 PM

#13

Quote from: Flexystar on January 31, 2018, 05:26:51 PM

Quote from: reck1ess on January 31, 2018, 04:11:03 PM

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. Wink

Wink

Thanks for sharing your thoughts, i also experience the same thing as you before. Where I lost a decent amount due to wrong investment and panic selling and buying because of FUDs. And this thing lead me to this idea so that it may help beginners to start the right track.

Quote from: Caesar-Giulius on January 31, 2018, 05:19:24 PM

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.

Quote from: ovcijisir on January 31, 2018, 05:14:57 PM

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.

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:39:37 PM

#14

Don't fall for the trolls on troll boxes on exhanges
Don't get involved in pump and dump groups.

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:45:20 PM

#15

I don't agree with some, would add:

a - NEVER leave any bitcoin crypto on exchanges. Store them only in wallets where you control your private keys. If you hold large amounts, it is wise to invest in a hard wallet.

b - ALWAYS backup your passphrase security phrase passwords private keys, and have them offline or encrypted.

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:52:08 PM

#16

Quote from: reck1ess on January 31, 2018, 04:11:03 PM

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. Always backup you wallet/private key and store it on multiple locations. (better if it is hand written)
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.

2. ONLY store in hardware wallets.
3. DONT SELL (CHECK COMMANDMENT NUMBER 10)
7. Buying different crypto currencies DOES NOT diversify your portfolio. They are the same class of assets.

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 05:56:41 PM

#17

Quote from: reck1ess on January 31, 2018, 04:11:03 PM

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. Always backup you wallet/private key and store it on multiple locations. (better if it is hand written)
#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.

This is the shortest explanation on how to trade as a newbie. I really agree on your points. Those points were the things I know in trading. And in trading, I bet that newbies can win trades not much of a high profit but at least a win because of this commandment. I commend you for this.

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 07:39:57 PM

#18

#2 should really be replaced with something along the lines of, If you dont have ownership of your private keys, you dont own Bitcoin.

Storing coins on exchanges should never be advised.

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DannyHamilton

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Re: Bitcoin tips: the 10 Commandments

January 31, 2018, 07:43:53 PM

#19

Quote from: OgNasty on January 31, 2018, 07:39:57 PM

#2 should really be replaced with something along the lines of, If you dont have ownership of your private keys, you dont own Bitcoin.

Storing coins on exchanges should never be advised.

Also, it is impossible to keep all these commandments.

If I follow #3 (sell high), then I break and #10 (HODL), and vice versa.

And #7 has nothing to do with Bitcoin! Why would you recommend that someone diversify into scams? If they are going to diversify, then they should think about precious metals or other commodities, or securities (stocks), or bonds. Moving form Bitcoin to other cryptocurrencies is NOT diversification.

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Re: Bitcoin tips: the 10 Commandments

February 01, 2018, 05:31:43 AM

#20

Quote from: jlanzago on January 31, 2018, 05:45:20 PM

I don't agree with some, would add:

a - NEVER leave any bitcoin crypto on exchanges. Store them only in wallets where you control your private keys. If you hold large amounts, it is wise to invest in a hard wallet.

b - ALWAYS backup your passphrase security phrase passwords private keys, and have them offline or encrypted.

Copy that, I would be re editing my post to improve its effectiveness and to help the newbies avoid losing profit.

Quote from: OgNasty on January 31, 2018, 07:39:57 PM

#2 should really be replaced with something along the lines of, If you dont have ownership of your private keys, you dont own Bitcoin.

Storing coins on exchanges should never be advised.

Okay, i will be just adding those as a note in number 2.

Quote from: TheySeeMeHodlingTheyHatin on January 31, 2018, 05:52:08 PM

2. ONLY store in hardware wallets.

2. Storing in hardware wallet is the best option we have although for us who have only small amount of bitcoin in hand, storing in hardware wallet would just cause us to spend much. But i will put it as a note to #2 to store on hardware wallet if you are dealing with large amount of bitcoin.

Quote from: TheySeeMeHodlingTheyHatin on January 31, 2018, 05:52:08 PM

3. DONT SELL (CHECK COMMANDMENT NUMBER 10)

Right now, bitcoin is fluctuating too much that is why for now it is the most effective way, to buy and sell. But on other hand holding would be a better idea for long terms.

Quote from: TheySeeMeHodlingTheyHatin on January 31, 2018, 05:52:08 PM

7. Buying different crypto currencies DOES NOT diversify your portfolio. They are the same class of assets.

I was planning to change this also once i get some suggestion of better replacement for this.

Quote from: DannyHamilton on January 31, 2018, 07:43:53 PM

Quote from: OgNasty on January 31, 2018, 07:39:57 PM

#2 should really be replaced with something along the lines of, If you dont have ownership of your private keys, you dont own Bitcoin.

Storing coins on exchanges should never be advised.

Also, it is impossible to keep all these commandments.

If I follow #3 (sell high), then I break and #10 (HODL), and vice versa.

And #7 has nothing to do with Bitcoin! Why would you recommend that someone diversify into scams? If they are going to diversify, then they should think about precious metals or other commodities, or securities (stocks), or bonds. Moving form Bitcoin to other cryptocurrencies is NOT diversification.

I remove the idea of storing on exchange, The reason of adding the sell on high is because of too much fluctuation lately, I can just remove this later if it is not effective. And the #10 is for long term.
If you can give a better suggestions and contribution, we can change or replace the #7.

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