From the all-time high of just under $ 20,000 is the price of Bitcoin still a bit away. That we are at the beginning of a new bull market, at this point, however, hardly deny. Before the course put in front of its travel in the direction of the moon more, however, it is advisable that the Hodler of the world, certain behaviors observed pattern, otherwise painful missteps threaten.
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10. August 2019BTC$11.424,00 -2.83%part Facebook Twitter LinkedIn xing mail
Especially for newcomers to the Bitcoin Space can famous Fear, Uncertainty and Doubt (FUD) in connection with Bitcoins, lead to notorious volatility of real uncertainty, in the worst case, fatal Trading decisions can be made.
Here is the BTC-ECHO beginners-Guide-for-New’s-Bitcoiners.
1. Trade only when you know what you are doing
If there is a sure-fire variant of the Bitcoin-market participation, the almost guarantee to BTC-loss results, then it is Day Trading. Who has already over a period of time with the crypto-market, knows how difficult highs and lows are time to. With other words: The Bitcoin market is so volatile and unpredictable that a consistent yield of “Dips” and bubbles is hardly guaranteed.
What, in theory, easily with buy low, sell high to paraphrase, in the reality all too often to be emotional, wrong decisions – even if to be charged to below-the-line Fiat profits. The empirical evidence has too often proved, that Hodler stand over the long term much better as a Trader. Finally, the Hodler goal is to name as many units of a 21 million piece of the limited Assets of his Own. Who cares about there vile Fiat profits?
2. Created an investment plan
We all know that The favorite influencer on crypto-Twitter is a Chart at the upper right end of a number, the only the moon to see you post once again. Usually the speed of the Laptop is not far and a new set of more-or-less fresh pressure BTC is in the Mempool on the way into the Depths of your Hardware Wallet.
But the opposite is also possible. China has announced to ban Bitcoin? Or even Donald Trump? In a follow-up to this kind of message some of the UTXO (Unspent Transaction Output; German: accumulated Bitcoin) on the way to the Bitcoin exchange of the trust with the stated aim of the owner, this back against Fiat trade-ins. Also a step that many has already repented. to get
in order To affect actions under control (to act emotionally is simply not human), it is recommended to create an investment plan. What I want to achieve? How much money must I invest? The way in which I cashe? What are the tax provisions?
All of these are questions that you should have in advance for answered.
3. Operates Dollar Cost Averaging
The safest way for long term oriented Investors, in order to reach a veritable Win, is the so-called Dollar Cost Averaging (DCA). Behind the unwieldy concept of a simple principle, which lies In a certain interval you invest a fixed amount in a recurring rhythm, about every month 50 Euro. So Satoshi in the long term accumulate and the extreme volatility rashes not fall so heavily to the weight. Because anyone who’s read point 1, the white: The market cannot be timed.
An example: Who would have accumulated would have started in December of 2017, to buy a monthly BTC for 100 US dollars, at the present day, with 2,000 to invest US $ 0,3163 BTC battery. This corresponds to a value of 3.066,US $ 16. In other words: Even those who started during all-time highs, so at the worst time, with DCA, writes today in the black. Questions?
by the Way: Here you can Have a very personal “I-but-earlier-begun-experience” is to be calculated.
4. Shitcoins
ignored The list of Altcoins is a long one. On Coinmarketcap alone, closing more than 2,300 alternative Coins to Bitcoin are to be found at editorial. The idea is close, that one or the other, Bitcoin is a short – to outperform medium term.
A click on the Top-Performer of the last seven days reveals that this is indeed the case. Not in all time Bitcoin Performance-the king’s rooms. However, this calculation is deceptive. The search for the “next big thing” is the proverbial search for the needle in the haystack. It is difficult to predict which of the Altcoins will go next to the ceiling. Moreover, the Pumps are usually of short duration, since they often result from a coordinated Pump-and-Dump schemes. Whoever comes too late, and it burns the Finger.
A rising Bitcoin dominance clearly shows that those Who invest for the long term, has driven in the past with BTC so far.
5. Not your Keys, not your Coins
One of Bitcoins ultimate Features is the right to make the assignment of property rights. Who controls the Private Key controls the relevant UTXOs. As simple as that.
What does that mean? Who is buying Bitcoin, I the mostly a Exchange – and lets you out of convenience, mostly, are. That Bitcoin exchanges are not always the best place to store his crypto-assets, show security gaps in Binance and QuadrigaCX.
In short: those Who want to retain full control over their own BTC, sends his UTXOs in a Wallet, controls of the Private Key.
Disclaimer: A part of the following article contains suggestions to the crypto market and Bitcoin course. For any losses, the crypto may not be stuck-the market is unpredictable and highly volatile.
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