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Thursday, June 20, 2024

From crypto noob to bitcoin professional hodler in 5 steps

Fancy Bitcoin, but no idea? never mind Here you can find out how to swallow the orange pill. Bon appetit!

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Step 1: Learn (more) about Bitcoin
We’ll make it as short as possible. Bitcoin is a decentralized cryptocurrency. If you have no idea why this is great: find out. You will learn the most important thing in the crypto space: Do your own research (DYOR)! If you already have your toes stuck in the rabbit hole, so much the better.

Step 2: Set up a wallet
Ideally, you know what a private key is after the first step. If not, go back to Go. If so, you know you need to keep the keys safe. You need a wallet for that – and a good one at that. A little tip: Hardware wallets are particularly secure. In an emergency, however, a hot wallet is also possible. The main thing is that you don’t lose your private keys.

Step 3: The right strategy
Now let’s just assume that if you want to become a pro hodler, you want to buy Bitcoin. The only question is: What is your strategy? Do you want to throw a large amount into the system at once or do you want to approach it slowly?

Do you perhaps want to set up a savings plan and thus benefit from the dollar cost average effect? Or do you buy “by feel”? (Pro tip: Better not!)

What is the maximum loss you can take and what profit do you want to get out with? Or are you about to become the hodler of last resort and wait for bitcoin to become the world currency?

Step 4: Learn About Market Cycles (And More About Bitcoin)
In order to master step 3 as successfully as possible, you should deal with topics such as market cycles, Bitcoin Halving and the general economic background behind Bitcoin. This is the only way you can keep a cool head even in hot market phases.

Step 5: Stack the Sats!
By now you should be as prepared as possible to become a Bitcoin professional hodler. What you are still missing are satoshis. How you get them is up to you. But you probably already know by now that buying bitcoin via broker and exchange is the easiest. (Keep in mind that you will not get real bitcoin with a CFD broker). Then when you have your first satoshis, just stack them. On your wallet.

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