Four Mistakes to Avoid if You are New to Bitcoin - And How to Build Real Long Term Wealth
Learn from the people who have walked the path before you
Mistakes. Errors. Blunders.
They are part of life, no matter how hard we may try to avoid them. Part of being human is making mistakes, but why suffer when others have already felt the pain? Following the path forged by hardened Bitcoin advocates can spare you some grief if you listen carefully and take their advice to heart.
Where do folks go wrong when it comes to Bitcoin investing?
Mistake #1 - Not Getting Started, Begin the Journey
Maybe you’ve thought about getting into Bitcoin for a while, but failed to take that oh-so-important first step.
It can be confusing and there is a learning curve. But jumping in with both feet and putting some skin in the game is an incredible motivator. After all, once you have some actual cold hard cash on the line, you are going to pay far more attention.
Get in the game. Purchase some Bitcoin, continue to educate yourself, and see what happens!
Mistake #2 - Trying to Trade or Time the Market
Bitcoin is a rapidly emerging, high volatility asset.
Thus, you need a simple, straightforward strategy to accumulate the asset over time and smooth out those bumps in the road. The best way to do this is by accumulating some on a regular basis. Once a month or once a week is a good starting place. Multiple platforms even have daily dollar cost averaging, letting you stack Satoshis day-in and day-out. By averaging in slowly, you won’t have to stress about trying to enter or exit at the highs and lows.
Remember, Bitcoin is a marathon not a sprint - those who have endurance will reap the greatest reward.
Mistake #3 - Investing in Alternative Coins, Also Known As “Shitcoins”
Shitcoins emerged shortly after Bitcoin was created, as scumbags and scammers found an easy way to separate people from their hard earned money.
Every other “cryptocurrency” is under the control of an individual, or group of people. This makes it subject to the same clown world rules as the dollar, you can never really know what the managers of any particular coin may do when confronted with a problem. They can (and will) manipulate the coin, making it unstable and unreliable if you are looking to save and build wealth over the long term.
There is One and only One decentralized currency that isn’t under the control of any single entity: Bitcoin.
Mistake #4 - Leaving Your Bitcoin On an Exchange and Not Taking Full Custody
A major advantage of Bitcoin is the ability to custody it outside of a bank or financial institution.
If buying some Bitcoin is the first step, learning self-custody is the second. Nobody will ever care more about your money than you!
Nobody!
So invest in yourself. Don’t be a loser. Carve out a few hours and learn how to custody your Bitcoin outside of the financial system.
You’ll be amazed at how well you sleep at night once you’ve taken this step.
Once the Journey Has Begun - You’re Now Building Long Term Wealth!
While the destination is great, you’ve gotta have fun along the way!
Seek out a Bitcoiner in your area if you’ve got any questions. They’ve walked the path, dealt with the volatility, and successfully stored their Bitcoins offline, safe from the crumbling financial system. More importantly, start getting a tenth of your earnings into Bitcoin over the next decade.
This simple insurance policy will safeguard your finances and help you sleep well at night.