Here are some key lessons learned from holding Bitcoin since early 2017, restructured into a more technical and concise format:
1. Never trust price predictions.
They're unreliable, no matter who makes them.
2. Stick to Bitcoin.
Avoid diversifying into altcoinsâthey're not decentralized, and most are speculative "shitcoins." Bitcoin is about challenging the fiat system, not gambling.
3. Watch for market sentiment.
When everyone is talking about Bitcoin, you're probably at the peak of a bull market, even if you donât realize it at the time.
4. Don't trade altcoins to increase your Bitcoin holdings.
Most people who try end up losing money. It's riskier than it seems.
5. DCA is your friend.
Dollar Cost Average into Bitcoinâregularly buy regardless of price. Trying to time the market is often a losing game.
6. Keep your enthusiasm in check.
Be careful about being too vocalâpeople may get the wrong impression and think you're pushing a scam.
7. Join the Bitcoin community.
Attend meetups and conferences to stay connected. Bitcoiners are typically great to be around, and youâll learn a lot.
8. Recommend Bitcoin-only platforms.
When helping newcomers, steer them towards Bitcoin-only companies to prevent them from making rookie mistakes like investing in altcoins.
9. Be active on Bitcoin Twitter and Nostr. Engaging with the community helps you stay informed and connected during your journey.
10. Be cautious of influencers.
Even well-meaning ones can be influenced by bad incentives. Always do your own research.
11. Let people come to you.
Don't force Bitcoin onto others. Instead, be a trusted resource when theyâre ready. Have content prepared to share when they ask for advice.
These principles will help you navigate the Bitcoin journey more smoothly and with fewer mistakes.
