Tips


Sean asked 11 months ago

my question is 1 what are some tips for a beginning bitcoin user and 2 how do I know when to buy to maximize profit I am currently using coinbase to buy sell and hold my bitcoin

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1 Answers
Steven Hay answered 11 months ago

Hi Sean,
 
Well the classic trading advice is to buy low and sell high. In other words, buy the dip when people are scared and sell the peak when they’re euphoric. This is a lot harder than it sounds, of course. Sometimes the fear is justified and price keeps falling, similar to euphoric cases when price keeps rising… It takes time following the markets to get a feel for it… In most cases, buy and hold over the long term is a much easier and more reliable strategy than trading.
 
I’d say the best possible Bitcoin tip is to get a hardware wallet and make an accurate seed backup and keep that very secure. This will save you from all kinds of potential losses due to theft, malware, equipment failure and the like.

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