Following seven years of watching the crypto market, and early Bitcoin adopter mentioned by the Daily Hodl has important advice for his followers.
WhalePanda is the host of Magical Crypto Friends – this is a monthly podcast on YouTube.
After Bitcoin managed to complete its third halving successfully, WhalePanda told his followers on Twitter, and the king coin is about to enter the next phase.
He says that this path is flooded in risk, and people who want to get rich fast will not be successful because they lack the understanding of the fundamentals of trading and the volatile nature of Bitcoin.
Is it too late to buy Bitcoin?
“With the start of the 4th Bitcoin epoch we’ll soon see another big influx of new people into this space. Here are some of my thoughts and observations after 7 years in this space,” he posted.
He also addressed whether it’s too late to buy BTC or not: “Is it too late to buy Bitcoin? No, also: you don’t have to buy a full Bitcoin. Don’t invest money you can’t afford to lose or might need soon. This is a risky investment. Even if you decide to buy Bitcoin now, in a couple of years people will tell you that you just got lucky.”
Trading and exchanges
He tells people what they need to know about the trading of crypto as well:
Should I trade? On twitter I see all these people who are claiming to make huge amounts of money
If you’re already not 100% convinced if you should trade or not: don’t. Even if you’re 100% sure that you should trade I would still advice you not to. The majority of the people lose— WhalePanda (@WhalePanda) May 15, 2020
He addresses the subject involving crypto exchanges as well:
Should I leave my coins on exchanges?
The obvious answer is “no”. Some would say that if you can’t take care of your own private key management you shouldn’t own Bitcoin. I’d suggest to buy a hardware wallet. But if it’s a small amount, it’s fine, as long as it’s a good exchange.— WhalePanda (@WhalePanda) May 15, 2020
We strongly recommend that you check out the complete thread on Twitter because it’s filled with precious info for new traders.
