You just bought some bitcoin for the first time. What do you do know? Stare at the Bitcoin Price until it’s worth 100x what you paid for it?!? Stop day jobbing and start day trading?!?
There is a lot of excitement that goes into buying Bitcoin for the first time. Followed by the anxiety of not knowing what to do next.
Read the Bitcoin white paper. This isn’t just so you can sound like you know what you’re talking about at parties. If you’re investing in an asset you should know exactly what it is you’re buying. We can all be forgiven for buying Bitcoin without reading the white paper. We can’t be forgiven for holding Bitcoin and not reading it.
Read Cryptoassets by Chris Burniske and Jack Tatar – The process of providing valuations on Bitcoin and other cryptoassets is very nascent. But the author of this book is leading the charge. The book also provides great non-technical descriptions of some of the largest cryptoassets.
Technical (Developers And System Administrators):
Read Mastering Bitcoin by Andreas M. Antonopoulos – If you really want to get in to the nuts and bolts of how Bitcoin and the Bitcoin Blockchain technology work, no book comes more recommended. You’ll learn how to run your own Bitcoin node and dissect Blockchain transactions and manage your own wallet interactions.
Now that you’re relatively well informed about Bitcoin and Cryptoassets what do you do know?
- Learn to develop Bitcoin and/or Blockchain software. (Mastering Bitcoin is a great start)
- Make your own cryptoasset valuations. (Cryptoassets is a great start)
- Talk and read about Bitcoin on Twitter.
- Tell your friends about Bitcoin (the more you talk about it the more you’ll learn)
- Start or join a local Bitcoin meetup
Frequently we are tempted by the lure of day trading. I know I was. Ok I still am. But the truth is it is really hard to beat Bitcoin’s recent growth even in the volatile ‘Alt-Coin’ market. It’s also pretty easy to lose your shirt completely. Before you quit your job to day trade on a beach in Thailand, consider a few other paths. Or at least consider these resources as prerequisites. so you really understand what you’re getting yourself into.