The mania of a bull market is already starting. You may have just bought your first Bitcoin from Coinbase, been sent some Bitcoin from a friend via DropBit or are on the verge of taking the plunge. Before you go any further, here are several key things you should know that will help you navigate your journey into this revolutionary cryptocurrency.
1). Watch out for Fakes
Because Bitcoin is so dominant, there is a slew of seemingly credible people and accounts that are actually trying redirect the intent for newbies into their scam coins (forks of Bitcoin that aren't the real thing).
- Bitcoin.com actually bashes Bitcoin (BTC) constantly in an attempt to convince people that Bitcoin Cash (BCH) is better. And yes, they would stand a much better chance of relevance if they just tried to promote their coin on its merits instead of through a slight-of-hand parlor tricks like this. Do not buy BCH thinking it's Bitcoin, or get your info from this con job site.
INSTEAD: If you want genuine and valid Bitcoin information go to Bitcoin.org.
- Similarly, the same group of con artists who own Bitcoin.com have procured the @bitcoin Twitter handle and use that medium to run the same misdirection.
INSTEAD: You can follow @btc on Twitter to get real updates about real Bitcoin.
- There is only one Bitcoin and it's BTC. Any other derivation of Bitcoin, including Bitcoin Cash (BCH), Bitcoin SV (BSV) or any other knock-off is a fork and an imitation of the real thing. These other coins will even use logos for their coins that are very similar with the intent to confuse people.
2). Bitcoin, not Crypto
Many headlines will emerge in this bull market claiming that a new or existing cryptocurrency (alt coin) will soon emerge as the new king of the market because of it's utility, privacy, scalability, etc. The source will insist it is the 'Facebook, and Bitcoin is MySpace'. This has been happening for years and all that's really come of it is a lot of novice investors have been left holding the bag on valueless 'shit coins'.
INSTEAD: Just buy Bitcoin. Save yourself the headache and future regret.
3). The FUD is coming. FUD stands for [Fear Uncertainty Doubt]. When Bitcoin starts to dominate the headlines, you'll hear the same tired objections from the same sources who have been bashing Bitcoin since it's inception. For over a decade, they have all predicted it would be worthless. They have been calling it everything from a scam, to rat poison, to a bubble and tulip-mania. You'll even hear this from seemingly credible news outlets or investors.
Just know that in almost every case, this smear campaign comes from people closely tied to banks either directly or through investment, and Bitcoin represents a significant threat to the manipulative currency control that banks have over consumers.
INSTEAD: Do your own research and always question the agenda of someone bashing Bitcoin. Here are some great resources to start your learning journey.
- A Case for Bitcoin
- How Bitcoin is Changing the World (Video)
- Bitcoin 101 Series (Video)
- Honest Product/Bitcoin Wallet Reviews