The Seven Rules of Bitcoin Investing

I am a long term hodler from 2013. Here is my personal advice for new investors, I hope it will help someone.

1.) Don't invest more than you can afford to lose. Bitcoin may go to $1M and it may go to $1. I give either one about an equal chance at this point. Bitcoin has been good to me but it is very volatile and high risk so invest according to your risk profile.

2.) Keep your coins safe, ideally in a hardware wallet . If you want to use an exchange Coinbase is at least a public company registered with the SEC.

3.) Stay away from shitcoins.

4.) Don't trade bitcoin. No one can make sense of the swings, buy and hold for 5 years and see how much you make.

5.) Don't get too caught up in in the swings. Over the years I have seen my coins go up 1000% and then down 80%. Don't get caught up in the fud or fomo, think long term.

6.) Plan your personal moon. Have an exist strategy to pay off your mortgage, college loans etc. when you hit certain amounts.

7.) Always keep some. You never know how high it will go in the future so always keep some BTC long term.

Good luck friends

Submitted August 24, 2021 at 09:32AM by StepheninVancouver https://ift.tt/2Wo8GHA