The Bitcoin industry is an industry unlike any other. There are numerous reasons why one might want to invest in this market. A few of these reasons could be about technology, freedom, cheaper money transfers, earning money and many more. As with most things in life, you will often find that the strongest motivator is caused by making money, and this is the case with Bitcoin. A lot of people in this industry are hoping to make profits that can eventually change their lives and the great thing is that this is very much possible with Bitcoin. Not only is it very possible, but I would say very likely. While this may sound like a perfect scenario, there are still negatives that come along with this situation. A shocking amount of people want instant gratification, and by that I mean they want the money as fast as they can get it; without caring about the process required to obtain those profits. After you've been investing in Bitcoin for quite some time, you'll start to see many of the same patterns. History doesn't repeat itself, but it seems to rhyme quite often. The most dangerous or perhaps the riskiest part of investing in Bitcoin is the investors themselves. They are their biggest weakness and hinder their own success. Not realizing that it takes literally hundreds of hours of research or study before you can even attempt to say you know what Bitcoin is. History doesn't repeat itself, but it seems to rhyme quite often. The most dangerous or perhaps the riskiest part of investing in Bitcoin is the investors themselves. They are their own greatest weakness and hinder their own success. Not realizing that it takes literally hundreds of hours of research or study before you can even attempt to say you know what Bitcoin is. History doesn't repeat itself, but it seems to rhyme quite often. The most dangerous or perhaps the most risky part of investing in Bitcoin is the investors themselves. They are their biggest weakness and hinder their own success. Not realizing that it takes literally hundreds of hours of research or study before you can even try to say you know what Bitcoin is.
Today I'm going to review the things I've done in the past and continue to do so far to stay afloat in the Bitcoin world. All of this helps give me the best chance for success.
But before we talk about the things I would recommend you do, I think it's perhaps even more important to talk about the things you shouldn't do. As I mentioned above, most of the damage is played by someone taking the wrong action. If you're able to stop yourself from doing these things, you've just earned half the dough.
The most important advice I can give is to never take all of your information and form opinions from just one source. This is for all sources, but I would emphasize this fact even more than YouTube influencers. You should always be aware that sources most likely have their own motives. They may be paid by coin founders to shill them. It is possible that they already have a large portfolio of said coin and are hoping to do a pump and dump. They may have biased opinions about their sponsors. Or it could be that they are willing to say almost anything to get you to sign up for their paid group. There are some good cryptocurrency YouTubers out there, but far fewer than you might think. The shocking thing is how little some of the most popular channels actually know about cryptocurrency. Just because they have a big channel doesn't mean they actually know what they're talking about. Be careful out there.
Getting all your information from one source can make you quite biased and miss out on opportunities. I always refer to myself as somewhat "max open bitcoin". While most bitcoin maxes can be shut down and swear off anything that isn't bitcoin. I choose to be open and always looking for new opportunities. While 99% of time I have come to the conclusion that Bitcoin is better and I would rather just invest in that. If you only watch DeFi YouTubers, all you will know is DeFi. The same goes for Bitcoin-only content; you will only know bitcoin and nothing else. While I'll be honest that most of the content I watch is Bitcoin only, I do watch/take in other information as well. It is important to know the entire market to ensure your success.
Okay, so now we've covered what not to do. Now let's talk about what things you can do to become familiar and prevent mistakes. These are things I do or have done that have helped me tremendously. This is by no means a perfect list and will be missing things that could be of great help to you. But I believe this is a good starting list.
Read the Bitcoin White Paper. This may seem like a boring or basic choice to some, but it is essential to begin to understand Bitcoin, its purpose and what it hopes to achieve. We've come a long way since then, but it's still the most mature place I'd recommend to start.
Then there are a variety of books that I would recommend reading. Some of these books deal only with Bitcoin and others deal with finance. For me personally, learning Bitcoin is extremely important. But it's also very important to change your thinking about how finance and the world work to understand why it's so important. You need to start having a bitcoin mindset. The books I read and found extremely important not only in my Bitcoin journey but also in my financial journey were the following; The Bitcoin Standard, Rich Dad, Poor Dad, The Price of Tomorrow, The Sovereign Individual and many more. I would say this is a great starter guide not only for anyone in bitcoin, but for anyone looking to change their life financially as well. I highly recommend them.
Next, podcasts. I am an avid podcast listener. I'd much rather learn and listen to something I'm passionate about than listen to music. Just like I mentioned before, be careful not to get all your information from just one source. Remember, these podcasts can be just as biased as you'll find some YouTubers, and they can be just as much. I will listen to as many podcasts as possible, but at the end of the day I make my own decisions. Here are a few I would recommend and why. What has bitcoin done, although the host is not technically familiar with BTC, he is doing it from a beginner's mindset and therefore a good point for new people. Tales from the Bitcoin Crypt Podcast. This podcast goes more into the technical and confidential side of things. Although this show is quite biased towards the bitcoin maxi side of things, it is a good option if you want to go more into the deeper side of bitcoin. We study podcast of billionaires. Although this is a general investment podcast, this one, you guessed it, studies billionaires. They have episodes featuring Bitcoin once a week. I enjoy this podcast quite a bit. To keep things balanced I listen to an ethereum podcast also called Bankless. Which, you guessed it, covers all things ethereum. Although I enjoy learning about Bitcoin the most, I also enjoy learning about the entire market. They have featured bitcoin episodes once a week. I enjoy this podcast quite a bit. To keep things balanced I listen to an ethereum podcast also called Bankless. Which, you guessed it, covers all things ethereum. Although I enjoy learning about Bitcoin the most, I also enjoy learning about the entire market. They have episodes featuring Bitcoin once a week. I enjoy this podcast quite a bit. To keep things balanced I listen to an ethereum podcast also called Bankless. Which, you guessed it, covers all things ethereum. Although I enjoy learning about Bitcoin the most, I also enjoy learning about the entire market.
Then we have YouTube. I watch very little TV, but instead I find myself watching Youtube and it's almost always about investing, bitcoin, and cryptocurrency. I tend to think that people who have their own channels are either very biased, paid, or sometimes not aware of what they are talking about. That's why I stay away from YouTubers like Bit Boy Crypto, or Chico Crypto, JRNY Crypto, or anyone else. I prefer channels than daily news channel, interview channel or educational channel. For daily news, I like The Modern Investor. While he can be quite biased or overly bullish; I find it fun to watch. We all need our entertainment now and then. For interviews, I go around all the channels, but I often like the Pomp Podcast channel and its new show The Best Business Show. While the host is addicted to Bitcoin and you have to be careful that he is also extremely addicted to his advertisers and wants to make money, I find him quite knowledgeable and has good interviews. As I mentioned above, taking information from many sources and making your own decisions.
Finally, using the Internet. This is probably my favorite of all the things I have to do. Surfing the internet, reading forums and message boards, reading the latest information, learning about what's coming in the future. There is no end to the power that is at your fingertips. But again, always be careful out there. One of my favorite news sources is actually Twitter, following the right users can be an extremely powerful tool. Of course, I also visit a large amount of crypto news sites and am also a frequent user of Reddit. If you look long enough, you will find the place that works for you.
As for me, I do everything listed above. There is no right answer that is the perfect way to learn or become successful. But more often than not, you'll find that the people who put in the most time and hours are often the ones who become successful. In the beginning, I did these things because I wanted to become more familiar with what I was investing in. But since then it has become my biggest passion and I look forward to making them every day. My journey in learning Bitcoin is a never ending journey that I am excited to see where it takes me. We are on the brink of the greatest transfer of wealth we have ever seen, I hope you are taking the steps to participate in this transfer.
What about you? What are your favorite ways to learn and explore Bitcoin? What things would you recommend people avoid?