Hello World of Bitcoin and Cryptocurrency!
To all NEW investors this quick guide is dedicated to helping out anyone and everyone.
If you already know what you are doing that is totally fine as well.
However!
Not reading what I have carefully put together here could cost us in the long run.
Or worse, you could forget some of the most important basics of investing that will determine who you become later on in life.
Plus after all, we are all in this for the long haul. Right?
Of course we are!
I would be very highly offended if someone here were not and I might pick on you in the comments section.
Continuing on though I must ask; have any of us asked ourselves this next question?
"What kind of investor am I?"
Maybe some of us have asked this question, answered this question, or pondered what it means to say the least.
When was the last time we asked our self this?
Who am I? Can I narrow it down enough to explain in just a few words?
Can I narrow myself down to only 3 different groups?
How hard is it for me to actually do all of this?
Once I do all of this work, how will that benefit me?
What do I do with my damn self?!?!?
All of these things are overwhelming or stressful to think about for long periods of time.
It is even more difficult to lay it all out on paper and write it out!
Which I highly recommend doing by the way.
Sure there are some people might get the bug and continue investing despite forgetting who these things.
So as a new investor or even a seasoned investor I built this guide to help answer these questions for all!
Including my damn self 😅
So be sure to bookmark this one for future reference as it will come handy.
Intro
"Who am I?"
Well I, the author here, am Trevor but forget about that for now.
Trevor can always be explained later. Anyways!
This is really not that easy of a question to answer even when outside the world of investing Bitcoin.
So before I continued on to the full subject I wanted to help answer that question for you first before we dive in.
If you are having trouble figuring out this question of, "Who am I?" then the answer to that is as simple as this.
Stop worrying about it!
You already know who you are because look at you.
You're already right here reading this guide.
Which already puts you in this small boat of people who are truly trying to be wise with their money.
Call yourself an investor, hodler, or whatever you want the fact is already are who YOU are because YOU are already right here.
You are already ahead of the game and that game is being smart with your money.
Now that YOU know who you are again. What defines you?
What kind of Investor am I?
1.
The Trader
This is easily what most people imagine when they think of investing into something like Stocks or Bitcoin.
People misunderstand this still very largely to this day!
To make money using Bitcoin, Stocks, or even Gold no one has to understand how to trade on an exchange.
Does it help?
Sure, of course it does!
The problem is though, everyone new to investing or new to Bitcoin thinks they must become a trader.
They think they have to do it all the time and pay attention to it sleeplessly.
I'm telling you right now as someone who has been here for a long time.
It is not true!
If you want learn how to trade then yes! That's awesome!
If you don't want to learn then seriously don't sweat it.
Focus on doing what any smart investor does and buy a set amount every so often no matter what the price is.
In other words, if you hate trading, don't think you're good at it, or just want to take a break from trading for awhile.
Without missing out on those sweet gains.
You will learn how to consistently save money while also letting it grow.
Also called Dollar Cost Averaging which we may have heard before.
Dollar Cost Averaging is so simple that we could teach it to math students in middle-school.
In fact, there are actually middle-school students out there right now doing DCA already.
So while you may or may not be a trader understandably!
It is still extremely important you think and act long term like one.
Which leads us to our next type of Bitcoin investor.
2.
The Hodler
No that's not spelled wrong and it might even be offensive to some who hate the word.
Facts are facts though, there isn't anything stronger in the culture of Bitcoin than the classic Hodler staple.
To briefly catch anyone up to speed on the whole hodl craze I will quickly go explain that here in one sentence.
Hodl is a misspelling of the word "Hold" which was made famous thanks to a wholesome woman online who typo'd while talking about Bitcoin.
It was adorable, it was hilarious, and now it won't be forgotten thanks to hodl gangs everywhere!
This funny little typo burned itself into Bitcoin as sort of a cultured way of saying,
"Keep those Bitcoins forever!"
Accumulate, buy, mine, and secure yourself as many Bitcoins as possible.
Then hodl onto them for your life!
This is going to seem like some sort of advertisement for DCA'ing but again it cannot go unnoticed.
When you hold onto or "hodl" onto anything that you want to get more of.
How do you do that with anything?
How do you do that with money? You save it.
How do you do that with Bitcoin? You save it.
How do you do that with your old binder of Pokemon cards? You save it.
You find out how to get it.
You find out how to keep it.
You get more again later if you can.
You keep it with your stash.
Then you repeat!
That is literally Dollar Cost Averaging just minus the math.
See what I did there? 😂
Conclusion
If you are having trouble deciding what to do right now in these exciting times or during any time in the future.
If you are having trouble figuring out what kind of investor you are.
If you are stressing yourself out with all of this.
Or if you're just stopping by to smell the Bitcoin roses.
Don't forget to go back to your roots!
Ask yourself,
"Am I a Trader?"
or
"Am I a Hodler"
Nothing beats the basics but also not doing anything at all will always beat nothing.
Bonus Tip
Be both.
Thank you for reading!
https://www.trevorbalthrop.com
Use my referral link to sign up for Crypto.com and we both get $50 USD 🙂
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Follow on Twitter if you dare!
@TrevorBalthrop
https://www.twitter.com/trevorbalthrop
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