Bonus Bitcoin Video- Cryptocurrency Best Practices- Stay Focused- Be Safe!


Well hello everyone this is adam meister
the bitcoinmeister the disrupt meister and i want to talk about best practices
in cryptocurrency and some do’s and don’ts of cryptocurrency yes this is a
very special show you want to be a confident crypto currency holder and
this video is here to reassure you and pump you up and make sure that you don’t
make some common mistakes so I want to prepare your mind for cryptocurrency
efficiency you have to be able to tune out all the crypto noise and
distractions that are out there you have to know how to stay focused on holding
on to your cryptocurrency and what to pay attention to be aware of fancy
buzzwords that are floating around out there
it may sound cool and futuristic but if you don’t fully understand it avoid it
cloud mining people it’s a scam don’t get caught up in all the ico
hype keep it simple you want to be able to hold on to your cryptocurrency
if you complicate matters you’re going to lose your cryptocurrency be
disciplined learn how to be a more disciplined individual because
discipline wins in the long run if you aren’t tempted to do anything with your
Bitcoin with your cryptocurrency you are going to be in great shape in the long
run because you’re going to have it to do nothing with your coins is a great
thing because no matter how many years pass you’re going to have them in the
end if you do things you can lose your coins
immediately listen to people with experience and six months
that’s not experience gain experience the more experience you get the more
time the more learning you do in the cryptocurrency field the better shape
you’re going to be in the better of a long-term holder you are going to be and
again there are great voices out there and I’m sure you’re familiar with many
of them now that have been around for a while
and you can tell who these people are but they’re not telling you to do wild
things with your cryptocurrency they’re taking long-term patients patient people
look for patient people with discipline and if you’re watching YouTube ignore
the ads beforehand those may seem flashy and tempting but they’re going to lead
you down a path to do silly things with your cryptocurrency to invest them into
silly scams or pseudo scams when you’re better off doing nothing with your
cryptocurrency with your Bitcoin if you were United States citizen when you’re
going when you’re trading Bitcoin when you’re trading all coins these are
taxable events you need to remember this this is a reason why you need to be very
conservative if you are even tempted to be a traitor at all because every time
you make a trade it is a taxable event you’re going to have to pay the IRS
money on your profits deal with your losses follow all of their rules again
just buying your Bitcoin buying your cryptocurrency and doing nothing with it
that’s simple you don’t have to worry about tax cop
vacations from trading back and forth back and forth friends of yours
associates of yours friends of friends are going to tell you about all these
fancy projects to invest in no you’re not if you’re buying Bitcoin that’s your
investment you don’t need to take it to another level and give someone else your
Bitcoin you just gave away your Bitcoin you don’t know if you’re going to get it
back who cares if it’s your best friends best friends best friend again
investments seem flashy there are great buzzwords around them ok don’t be
tempted by that stay focused people are gonna say hey you should give
in to this lending program you’ll get one percent interest
eight percent interest again you’re giving away your cryptocurrency you
don’t know if you’re really gonna get that interest don’t be tempted by
interest think long-term how much is your Bitcoin going to be
worth in five years in terms of Fiat I think do you think if you are you a
believer that it’s going to do better than 1% interest 10% interest think
about it think about it that way and then you won’t be tempted remember don’t
give out your private key or your passphrase
when you’re trying to get crypto dividends when you’re trying to get
Forks it be very careful you just don’t this I mean it’s like giving away your
biggest secrets you never ever want to give away your private key or your
passphrase you’re probably about to be scammed and robbed that is how you lose
everything and that’s when the attempting to gain to make a 1% gain and
you lose everything that’s horrible but that can happen in cryptocurrency you
have to remember that’s that’s one of the dangers of cryptocurrency you can
lose it all just like that by giving up your private storing your coins anywhere where you
don’t control your private key is a risk you never want to keep your your coins
for a long period of time for any period of time on the exchange if you can avoid
it sometimes you can’t avoid it for various reasons but control your private
key learn that phrase learn what it means live it learn it live it love it
control your private key do not depend on storing your coins somewhere on the
internet anyway there are all sorts of fear uncertainty and doubt rumors out
there don’t read too much Twitter and don’t listen to the trolls in the troll
boxes on the exchanges you have to be able to tune out that stuff because
rumors and fear uncertainty and doubt that can scare you that can make you
want to sell your coins and you end up losing them you end up never being able
to buy them back because they went up in price or because you had to pay taxes on
them or whatever again those are ways to scare you out of
your coins you want to be able to tune out those type of things price drops there are huge price drops
all the time in cryptocurrency they’re people you have to get used to that you
have to be able to weather those storms and not freak out and sell because
you’re going to end up regretting it there are people out there that talk a
big game and say well you just have to buy low sell high go back and forth
between the two and those are big talkers everyone is a genius in
hindsight be familiar with that okay everyone claims they were able to do X Y
& Z they’re lying to you most likely be four again everyone is a genius in
hindsight they’re going to tell you all the things that you should have done
know there those are cup dates it’s easier said than done people stick with
a long term plan and remember we all make mistakes don’t
rely on others for anything personal responsibility is the new counterculture
and don’t blame others from for your mistakes that you make learn from your
mistakes so you don’t make them again if you if you find the scapegoat if you
find someone to blame for your mistakes then you’re just gonna end up doing the
same thing over and over again so again try to minimize your mistakes learn from
your mistakes and just realize that in cryptocurrency there is no one to bail
you out so you try to not make big mistakes and impersonal and it’s all
about personal responsibility here if you’re not able to take personal
responsibility then you probably shouldn’t be in cryptocurrency it’s a
new counterculture it’s exciting welcome to the cryptocurrency people if you must
use an exchange if you must be involved in an exchange make sure it’s a big
exchange not some fly-by-night operation and then it uses two-factor
authentication and get your coins off of that exchange as soon as possible again
I said that before it cannot be you want to control your own private keys and
once you do once you get them off that exchange send them to a device like a
tresor or a ledger nano where you do control your own private key and have
more than one device have more than one hardware device and use more than one
address at the at those hardware devices it it doesn’t hurt to diversify and when
you’re using the best when you’re controlling your own private key try to
have multiple private keys multiple addresses multiple storage devices that
you use if you have a paper wallet make a few copies of that private key and
just be very careful be very careful and make it fireproof as you can and again if you want to avoid buying
cryptocurrencies from an exchange and you want to do it peer-to-peer then meet
a person in a very public place like a bank where you won’t be robbed okay and
fully understand how to send and receive a Bitcoin before you make this
transaction one-on-one with a person in person at a bank or a safe space in a
public space somewhere okay know what you’re doing and you can practice
sending Bitcoin by setting up free Bitcoin addresses free while it’s at
blockchain dot info it’s free it doesn’t hurt to practice sending and
understanding what receiving and something Bitcoin is all about
finally cryptocurrency is uncompensated wealth only if you go about things in
the right way and you are careful so good luck and pound that like button

7 thoughts on “Bonus Bitcoin Video- Cryptocurrency Best Practices- Stay Focused- Be Safe!”

  1. Thank you for everything you do for the people! Great job! Watching all your videos! Find them very useful, great source of information! Thank you very much, Mr. Meister!

  2. Epic Meister giving great advice to the newbs. Lot a scumbags out there all too willing to steal your crypto. Also don't click on and delete any emails solitcitating anything to do with crypto or bitcoin as they might have key loggers attached to them to snatch your passwords. Cant be reminded enough. Thanks for the good advice Adam.

  3. Dont trade if you are in USA. Buy and treat it as a retirement account that you cannot touch untio you are 65. In 10 years, Btc will be standing tall while most Crytpocurrency will be dead like the Us dollar

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