I (20M) am a computer science student. And I want to get into crypto because it's so interesting and also because of it's potential to turn into a profitable side hustle. I took a blockchain course in uni so I know how it works technically but what I want guidance on is the actual practical things I need to know to get started in the crypto market and maybe make it profitable one day. Also do you think it's a good or bad idea to even try making profit from crypto? Some people say it's just gambling with extra steps so is that true? Will I be better off just learning about normal stocks? Thank you!
What would you do differently if you started you crypto journey all over again?
byu/developreneur_ inCryptoCurrency
Posted by developreneur_
8 Comments
Stick to bitcoin and standard stock markets. So many people, myself included, waste so much money gambling on small coins.
What you need to get started is a cold wallet. I’ve personally experienced ledger, trezor and now I am on tangem myself. The best part of a noncustodial/cold wallet is, you have full control. Don’t like the platform you have your wallet with? Just take your seed phrase and move on.
Edit: A great rule of thumb. Don’t invest money you are aren’t prepared to lose.
What I would do differently if I could go back in time is don’t by pizza with my BTC… Hold my BTC and ride it out. Crypto in general is just finance without petty ass rules. With crypto, you are essentially the bank, there is no FDIC or any other alternative, you can only ever blame yourself for losing coins/tokens.
I say it’s a great idea to gain profit. The main way I do it myself is proof of stake. Trying to time the market is not a good strategy at all, that is both for crypto and any other traditional means of investing.
Buy BTC only and not mess with staking. What a tax pain
Just focus on stacking bitcoin only! Learn everything about bitcoin before you dabble into altcoins/crypto!
[Bitcoin Bear Market DCA Playbook](https://youtu.be/JXvr49ECTuo)
I would only buy Bitcoin, all other coins are pointless.
Treat it more like a store of value then a digital currency. As a currency crypto is pretty suspect, as a store of value its held pretty well. At least, btc has lol
I’m not the guy from the pizza meme, but I’m basically one of the guys from the pizza meme lol
Just bought and held and not tried to mess with timing the market. I discovered bitcoin in 2010 and ignored it for a few years. And every few years I rediscover it, get excited, buy, and then at least partially sell. I certainly have a lot less than I would have if I had just bought and held forever.
Bitcoin only… newbies should be nowhere close to any altcoins… Learnt my lesson hard…