Here are some key lessons learned from holding Bitcoin since early 2017:
1. Donât trust price predictions: No one can accurately predict Bitcoin's price, so take forecasts with caution.
2. Avoid diversifying into altcoins: Almost none of them are decentralized like Bitcoin, and theyâre mostly speculative. Bitcoinâs purpose is far beyond gambling â itâs about disrupting fiat currency and modern financial systems.
3. Bull market signs: When everyone around you is talking about Bitcoin, itâs likely the top of a bull market, though this is often clear only in hindsight.
4. Donât trade altcoins to "increase" your Bitcoin holdings: Youâre probably not skilled enough to pull it off, and itâs more likely youâll lose money.
5. DCA (Dollar-Cost Average): Invest in Bitcoin regularly regardless of market conditions. Donât try to time the market; stay consistent and ignore emotional swings.
6. Be cautious in how you share your enthusiasm: If youâre too excited about Bitcoin, people might think youâre trying to scam them, even if your intentions are pure.
7. Attend Bitcoin meetups and conferences: Donât isolate yourself; the Bitcoin community is filled with great people.
8. Recommend Bitcoin-only services: Direct new users to Bitcoin-only platforms to avoid risky diversions into altcoins. For example, many new investors lose money by trading other coins, like what happened to a cousin who sold Bitcoin for Shiba Inu on Coinbase and lost almost everything.
9. Join #Bitcoin Twitter and Nostr: Engaging with others in the Bitcoin community makes holding Bitcoin feel less isolating and provides valuable insights.
10. Be wary of influencers: Some provide good advice, while others may be influenced by bad incentives. Always approach their guidance with caution, even if their intentions seem good.
11. Donât push Bitcoin on everyone: Instead of convincing everyone itâs the solution, be a resource for those who seek you out when they're ready. Become known as the "Bitcoin person" and be prepared with useful content when people come to you for advice.
