Hello y’all,
I’ve been poor all my life but always been hustling. This Christmas, one of my family friend sent me 5k worth of BTC.
I have a lil baby and wanted to invest the money for him. I am also un debit about 30k.
I have no clue how Crypto works.
I wanted to ask what would be your top 3 advice for a guy who has no idea how crypto works?
I wanted to make it clear that I am not looking for specific coun suggestions. I would appreciate if you give me advice on how to learn and what would be the best strategy on my investment journey.
Thank you!
3 top-notch advise for a new guy
byu/AndyB05 inCryptoCurrency
Posted by AndyB05
8 Comments
Just keep the bitcoin as it is and check the price in 10 years
Keeping that BTC as BTC without doing anything for a few years is probably your best bet.
1 answer no DMs regarding this post, or at all tbh. If they have anything helpful they should be comfortable posting it here for everyone to see.
2 start learning about the tech. The block chain, the mining process, how the network works, wallets and addresses. Learn as much as you can. And learn about why BTC matters. Read Broken Money by Lyn Alden and The Bitcoin Standard, or whatever books you want on the topic.
3 get a COLD wallet asap. Many different products out there, once you understand what this is and the difference between a cold and hot wallet, do research on which product will work best for your needs, which imo in your case should be holding it long term. Not going to recommend any product but the one I have seen people caution against is ledger.
Hope this helps. Sit on the bitcoin and try as best as you can to attack that debt aggressively. But with your baby if you won’t be able to start working on that debt, sitting on the BTC for 5-10 years will guarantee you can pay it off with the BTC some point down the line IMO
#1 Self custody
#2 insiders always win
#3 learn the difference between traders and holders. Because their advice/perspectives matters, if and when you listen to them.
Learn how to operate a cold wallet, secure your seed phrase buy bitcoin and move on with your life.
What do you have the bitcoin in?
-Should look into self custody with a cold wallet (look up on YouTube)
-Keep in bitcoin 100%, no trading, nothing. Forget you even have it.
-Try to work on that 30k of debt.
Bonus tip!
don’t tell anymore people how much bitcoin you own. Also, do not reply to dm’s.
Keep all conversations on sub, so the community can help filter out the scammers.
He must be a good friend; they call him the family’s goofy uncle.
Honestly, I’d recommend only getting into crypto if you have disposable income that you can afford to lose without it affecting your family or financial stability.
If you’re set on diving in, start by waiting for market pullbacks and thoroughly researching projects and their fundamentals. Avoid getting swept up in hype, fancy tech jargon, or buzzwords. If you catch yourself feeling FOMO, pause and think it through … it’s a common trap. Above all, don’t chase highs or buy at market tops.
Overall, I’d suggest sticking with Bitcoin (BTC) as your entry point. Even established options like Ethereum (ETH) and Solana (SOL) carry significant risks, especially as we’re heading into what looks like a bear market; prices can drop further than anyone expects.
Finally, explore custody options that match your comfort level, such as self-custody, ETFs, or even treasuries for a more secure approach. Look into DCA methods.