New to Bitcoin/Crypto? As a Newbie, when I first got into Bitcoin I thought it was about outsmarting the market and getting rich quick on ''promising'' crypto projects. After properly get rekt I quickly learned my lesson and realized that this was never the way to go and that Bitcoin is the only thing that matters. Unfortunately I am not the only one who is going to get stuck with this interesting story to tell, so I am writing this article to minimize the pain for future newcomers who want to avoid these expensive mistakes and learn from them. At the end of this article I plan on revealing the most effective strategy to accumulate bitcoin. So it’s probably a good idea to read till the end.
First we are going to look at the fantastic ways you can get rekt
1. Investing in crypto projects known as altcoins
to get more Bitcoin
Bitcoin is the only time chain technology worth paying attention to out there because it is the only one
Bitcoin solved the “double spend” problem a computer science problem that
made it impossible to have an uncopiable digital object. Bitcoin did that by using proof
of work, which removes the need for trust third party over money.
This cannot be done twice, so anything else out there that dress like
Bitcoin or pretend to be better than Bitcoin will require trust over your
money therefore they are the same scams mimiking the current banking system.
Furthermore, have you seen those crypto traders/ crypto influencers on
youtube? I am sure you have, and some of those people are perfect
examples of how fiat excrement looks like. I am sorry for the term
but these people are causing too much damage to newbies, I had to say it.
They will sell their innocent subscribers' souls to evil crypto exchanges that
are selling them highly leveraged trades in which they are guaranteed to
get liquidated. And these same influencers will take massive amounts of
money from crypto projects leaders to come up on their show and sell their
scams to innocent retailers who have limited knowledge on how these
scams blockchain projects work.
The bottom line is, these crypto projects will get hyped up by paid crypto
influencers and or VC funds with way more influence and money than any
small retailer who will get dumped on after buying the top. What is the
probability that you win? The probability is zero because you won’t know
when it will happen and also these things get hacked very frequently.
2. Get more yield on your bitcoin or borrow against itso you don’t have to sell.
This is another donkey thinking way to give away your keys. Bitcoin is not a debt based system, any debt based business model built on top will
collapse fantastically and if you refuse to learn this then you are up for a
big surprise-Ask Celsians. But still, these crypto platforms will keep offering
you more yield on your bitcoin and they will never truly tell you where the
yield comes from, but I am here to tell you that you are probably the yield
they are giving away because in other for that thing to work they always
need new depositors to pay for the yield of the old depositors therefore once
the music stop the system will collapse, and you will be so glad you were out.
And also, borrowing against your bitcoin is a good way to have sleepless
nights in an extremely volatile market so yeah, perfect way to get rekt.
3. Running automating trading bots
When most cryptocurrency investors first begin trading bitcoin, they typically do so by manually placing buy/sell orders on one of the myriad bitcoin trading
platforms available. By doing this, traders are able to feel out the market,
identifying trading opportunities by looking at various trading indicators and
market metrics. However, this type of activity comes with its own risk
potentials such as: flash crashes in a black swan event, exchanges get hacked
and you lose all your funds, and also nothing says if those bots are honest
bots they may be built to your disadvantage as a user.
Now, let's see how to invest in bitcoin safely to avoid
getting rekt
Have you ever heard the term "Stack sats stay humble" before? That's right,
Bitcoin will eventually humble you and the cure to that will be DCA.
DCA means accumulate satoshis with an average amount of fiat money in a
set period of time, for example: buying bitcoin for $10 a day, or buy $100 of
bitcoin every week. This investment strategy aims to reduce the stress of
market volatility and market turbulence. There is a specific website called
dcabtc.com exclusively built to help you model things like, how much sats you
would own by purchasing $10 of bitcoin every week?
Because Bitcoin is so volatile it is extremely difficult to know when bitcoin is
cheap or expensive. This is why building your Bitcoin education for more
confidence to gradually stack sats is a safer alternative and a way more
satisfactory strategy.
But most importantly, while you DCA it is important to remember to take out
your coins out of exchanges otherwise you are playing with fire.
Conclusion
I understand how humans love learning from their own mistakes, but some
mistakes are so expensive it worthwhile learning them from somebody else
and avoid making them. Bitcoin is a hard concept to understand. It requires
a lot of time and motivations but it is obtainable with the right mindset.
I hope I made a good case for the best strategy which is DCA, the simplest
and provably the most successful one. But you may find a strategy that works
best for you, in that case you should keep using it and tell us about it in the
comment section below. But no matter what strategy you are using make sure
you have control over your keys.
