You surely know this situation. You have met someone who has never really had anything to do with cryptocurrency, but who shows a certain interest. After some time this person comes to you with the decision to invest in crypto and asks for advice on which crypto currencies to invest in.
So my question is - What do you recommend to new users?
To answer this question I want to go back three years. At that time the old season was just starting and really every Shitcoin is shot into unimaginable heights. My favorite was the Useless-Ethereum-Token. A project that presents itself in the white paper as "the only honest crypto project". With a single user promise: It offers absolutely no added value and is as pointless as anything can be. I don't remember how much the founder had done with it, but 0.5$ million was probably it.
At that time I had already convinced some of my friends to buy some Bitcoin and most of you had considerable success with it right away. For some it was their first contact with Invest of any kind and the %%% that were shown green every day made many a blood lick. The people pounced on all sorts of Coins & Ico's and I also joined in. Soon the topic became the No.1 in our sometimes smaller, sometimes bigger group and we talked about crypto every day.
Eventually, new people came across this group and were eventually infected by the prevailing gold-rush atmosphere (in retrospect, I guess you have to call it that). But the recommendations were more and more in the direction of taking short profits from mostly new projects and not thinking long term.
But, as we all know today, the gold-digger mood deteriorated. While many of the people I was able to win over to the subject at the beginning have taken proud profits from the market to this day, there are also some who have lost a lot of money through wrong advice and wrong decisions. As of today, not one of these people would have made a loss if they had only invested in Bitcoin. But unfortunately they have not.
I learned my lesson from this experience. If I had previously been more broadly based in terms of recommendations to potential interested parties, I now became very restrictive after all. No ethereum, no ripple, no EOS, no NEO or any other currency within the TOP50 on CMC - just Bitcoin. I developed more or less a standard recommendation for all those who wanted to warm up with the topic.
The recommendation was and is quite simple: Invest a small amount of money (usually up to 500 Euro) in Bitcoin and familiarize yourself with the procedure. Learn how to manage your Bitcoin safely and try it out to get to know this world. Acquire knowledge and don't let yourself be guided by too many foreign opinions, but try to form your own picture.
I would be interested to know what your recommendations are? What do you recommend to friends when it comes to crypto currencies?
No more BAT for you my friend :(
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