Topic: I hope I'm doing the right thing. (Read 478 times)

As you said, it's important to have many ideas about what your money is going into.

In Bitcoin, the little knowledge I have is that everyone can actually invest in it, old or young. All you need is the fund to invest, and when that's available, you can register an exchange your country allows to deposit and buy bitcoins.
You also need to know that Bitcoin is just like virtual money, not your regular cash money. 


How you can also earn more so you can invest is maybe by starting up a channel on either Facebook, TikTok, or other social media and letting your clients pay in Bitcoin.
While investing in Bitcoin, you also have to acknowledge "patience" because it's an investment. 
You can get a lot of knowledge about coins that are low in price, buy them, and save up for growth. 

Reading threads about bitcoins can help you invest without fear. It's always better to give it a try.
Lastly, you can apply for half-time jobs online and let them pay you in Bitcoin. If you are afraid to put your savings into Bitcoin, at least this money is coming in already, so you wouldn't really feel bad. 

As a beginner, you don't need so much risk to invest; invest what you can actually let go of for a period of time, not your life savings. 

just take your time to learn how the bitcoin market works, no need to rush, because learning it slowly is also good. because whenever you enter the market it is the same, the point is how you can study it first and understand what you are doing. don't be fomo, where they don't understand what they are doing and just enter the market by following other people.

invest when you are ready. and you did the right thing when you weren't sure and you didn't know much about Bitcoin and you found out first.
although many have provided you with evidence regarding the success of investing in Bitcoin. but if you still have doubts, then solve your problem first. only when you are sure, start your plan. Investing is not an action that can be done like buying necessities. Investments must be planned well. Please continue in the right steps.

As long as you have the knowledge of investing and you think that you can handle it already start buying Bitcoin already, In my opinion, it is not great to delay buying since you're not really just going to buy a huge amount of Bitcoin in just one buy, most of the time we are going to buy small portion and start to accumulate Bitcoin. I mean its the most efficient way to do it is dollar Cost Averaging if you're familiar with it, start buying Bitcoin probably weekly or monthly consistently so that you can accumulate Bitcoin, it doesn't matter what is the price right now because as long as you are going to hold long term, and only sell on the top of the market you could always make a profit out of it. So for me start buying Bitcoin right now, Right now is the best time to start.

Make sure as well that your going to put it on a non-custodial wallet, the easiest wallet that is probably going to be suitable for newbies, is Electrum in my opinion as a newbie it is going to be a good start since it's easy to install and convenient for newbies, secure as well, open source etc. I mean just avoid putting your investment on a centralized platform like an exchanger, because you just don't have control over your investment on that platform at any moment they could freeze your account and there was nothing you could do about it, it already happened to me back in 2018 I think it was a local crypto wallet which is quite famous here in my country, I mean there was only a few choices and that time its the best wallet and exchange for convenient but they lock my account because I have transaction came from suspicious wallet which is mostly came from casino that time.

I believe also OP is just in the right track. You don’t need to rush investing in bitcoin because of FOMO or hype, but always follow your own instinct, that is when you’re capable and ready enough to risk your funds and overcome those risks. So don’t be distracted with other people worried too much about not investing at this time yet, bitcoin opportunities are always coming in, so you just have to wait for the perfect timing to invest. And when you’re investing already, build a lot of patience so you won’t see yourself struggling while trying to manage your emotions everytime price fluctuations happen.

Trust me, it is always good to delay yourself if you are learning more about it. This applies to almost everything.
Knowledge is the key to success. You should have the right knowledge to make wise decisions.
So never regrest if you are late because the time you spent on learning/planning is already a reward for yourself.

Just like the comment I made recently. You have know the basic elements of Bitcoin first before going into the investment business. You can call them components of Bitcoin and they are.
1. Wallet. It is the component to store your coins
2. Receive. In the wallet you will see receive. Which is to you.
3. Send. In the wallet you will see send. Which is to another person
4. Blockchain. The transaction process
5. Public key. Your address to receive coin
6. Private Key. 12 seed phrase that you have to keep away from people, just you ATM pin.
7. Nodes. It makes up the Blockchain
8. Bitcoin price. You have to know the price of Bitcoin before investing. It will help you to know the dip, Bear market and the Bull market with the all time high.

I think when you have known these things then you can invest in Bitcoin without fear and tremble. The number 8 is very much important foe all investors. Make sure you when when Bitcoin is in the bear market and you buy more and you have to know when it is in the Bull run and the All Time High.

Bitcoin investment is one of the best investment an investor should add to his/her portfolio.And it is also important to acquire knowledge on bitcoin investment before investing so that it won't look new or sound strange to your hearing when you see the price decreasing.Bitcoin is volatile in nature and not a get quick rich scheme investment that's what every newly investors should know before investing.Bitcoin investment is more profitable when you hold your asset for the long term.So with this knowledge you've acquired on the forum about Bitcoin investment you can start accumulating and also benefit from the new ATH.

Just like millions of other newbies.

Follow the simplest strategy:
- select a goal;
- create a plan;
- get your ass off your chair buy bitcoin.

About zero. When investing for the long term, volatility can be neglected.

There are risks in any investment, but for almost a decade and a half it can be seen that investing in bitcoin turns out to be a fairly reliable step.

Do you want the BTC-community here to give you confidence?

It's up to you to decide. Don't wait for outside advice. Your investment / wallet are your risks.

So remove this obstacle of lack of knowledge and then you will realize what exactly you want.

The later you join the game, the later you will start playing.

Knowledge and awareness add confidence, but delaying too much to start can ruin the right time to invest. Everything needs to be done on time.

At first, I was quite disappointed, especially in a time that after buying, the price dropped. And you can feel worries thinking what it drops more and lose more. These things certainly appear in our minds when we are new and don't understand the volatility yet. But as we gained some experience and deeply understood the market situation, our views, and market approaches also changed, and we even became certain of our plan.

That's right, we don't need to rush or think about earning too quickly. Instead of getting too fast, we better take time to learning more and acquiring more ideas because this will help us a lot as we continue our crypto journey.

Actually I think you're doing the right thing, jumping into something you don't even understand might lead you to something very bad, is always good to take your time to understand the market very well before making investment. for the fact that you haven't invested in bitcoin does not mean that you're sluggish, rather you want to acquire the knowledge first before looking out to invest. is just you been sure of what you're about to do so as to avoid losing your money, I think you make the right decision either.

I think the high price now compared to the next 2-3 years is a reasonable price to buy. Indeed, we cannot predict for sure what the price of Bitcoin will be in that year. but if you look at the Year-to-Year chart, bitcoin always shows positive movements.
What's more, we have just passed the halving phase where many miners are taking advantage of their mining, what's more, there is some negative news that could affect the price of Bitcoin even further down. This is actually a good opportunity to accumulate bitcoins. just buy whatever the price is and hold on for a few more years.

Its a really good question, and there are lots of answers it really depends on your perspective as to the one that fits what you are trying to do.

One way(and not the only way) would be to not really consider it an investment, instead consider saving in Bitcoin vs saving in FIAT. hThe reasoning behind this is that in the fiat world when you save your money you have some experience in things changing that effect your fiat savings stack. You may not realise it but that experience is extensible into saving(stacking) in bitcoin. Alot of the fiat experience is very subtle, and its alot more pronounced with Bitcoin

Here are some examples and parallels to think about, not all of them but ones to me that stick out

Savings Frequency(FIAT)

Each day, week, month you regularly set aside some of your disposable income  into a savings account.

(BTC) Your going to save(stack) in BTC in the same way. Do a forum search for Dollar Cost Averaging.

Savings Goals(FIAT)

There's always a reason why your saving, be it to buy something like a tv, car, house deposit etc etc. You have experience setting a financial goal, working towards it and reaching it.

(BTC) Its exactly the same, you set an achievable goal and try to reach it. When you get there you set another incremental goal and reach it, etc etc

Reduction in Buying Power(FIAT)
Your fiat buying power decreases during a period of inflation, if you want to maintain the buying power you have to increase your savings, but this may not always be possible. You have to operate within your budget, so you modify your goals usually time to reach it.

This skill/experience is the more subtle one, for example you saving 30k to buy a car, when you set the goal the car you wanted to buy cost 30k but now that you have reached your savings goal the car price is now 33k. You got to save bit longer than you initially planned

(BTC) Exactly the same in BTC, most people refer to this a BTC price volatility. You reach your BTC amount goal, but if at that time the price of BTC is lower then your value is lower. You need to stack more to reach your goal. This also works on the flip side, sometimes you hit your amount goal and the opposite has happened. The BTC price has increased, and your in the positive.

Where you save(FIAT)

You look at the different savings products from different companies, you have to park your savings somewhere and you want to get the most out of it for the least amount of risk.

(BTC) Exactly the same with BTC, your going to have to buy it somewhere. There are lots of BTC exchanges, your gonna have to pick one and do the same cost/risk analysis to suit your situation. Your also going to need to consider where and how you store your BTC, and what suits your risk profile. You will need to learn about "not your keys, not your coins" and how to self custody.

There are lots more parallels, but those ones are the ones that stick out and if you already save in FIAT u got the skillz to save in BTC. Maybe sometime in the future when you have hit many BTC savings goals you will then start to think your BTC is an investment when you decide to not sell your BTC to acquire an asset but instead continue to stack it.

Perhaps, you did it right mate. And what you hear is true as Bitcoin investment is risky due to the volatility and unpredictable market direction. That is why before you make the final decision to buy, you must be sure that you are mentally aware of it and fully understand how it works. Understanding the market situation helps you stay strong despite unexpected dumps and remain trusting. There are a lot of BTC left so therefore we don't need to rush and think we are too late as we still have a lot to buy with.

Knowledge, interest, and faith are things we need in order to succeed.

You're on the right track, making market research before investing. It's a good way to start your journeys so you can get an idea how the market is around here. When I bought my first Bitcoin, the market wasn't as stable as it's today. I believe the more years goes by the more the market is getting more matured and becoming less volatile. You have to understand what you're getting into before you invest in Bitcoin but while you're waiting also know that you might miss the opportunity to buy Bitcoin at discount price so increase the speed for your research so you can get to investing very fast. You shouldn't call it a  delay since you're not procrastinating but you're following the due process.

If you rush into investing when you don't understand what you're doing, you might get disappointed with how the market welcomes you unless you're in for the long term and all you want to do is to accumulate Bitcoin through dollar cost average and hodl. If this is your plan then you need to start buying Bitcoin right away, you should first learn how to secure your Bitcoin safety then start investing and also learn more along the journey.

This is a very good topic that will help many new investors in gathering the required knowledge to avoid making mistake in their Bitcoin investment. From my experience, DCA method remains the best way of investing in Bitcoin especially for beginners because it eliminates most of the troubles people have in regards to investing in Bitcoin such as fomo, selling too quick, eager to see profits and so on.

In addition to using the DCA method, I will suggest that beginners must know few things that will help them in their investing as well as managing the investment and those include but not limited to:

• Invest what you can afford to hold for long, I mean money you can live your life without
• Before investing,  make sure your basic needs are first met, then after investing, ensure you set some funds aside for emergencies which were not planned for but can happen, this way you will not have to sell your Bitcoin to solve them

I'm sure that with these steps, a beginning can invest even like a profession provided he has also acquired the basic knowledge of storage and security.

It would be reasonable to make purchases of Bitcoin when its price is at minimum values, and not when the price exceeded ATH and, accordingly, it should have been done in December 2022. If you buy BTC at the current price, then there is a high risk that you buy at high, after which the price may decrease significantly.

First, I suggest you save a little bit of your money to invest in Bitcoin regularly every week or month for 2-3 years and then see the progress.

secondly, when you are accumulating bitcoin within that time period, don't pay attention to market volatility, just save and hold it for the time period you want.

Once you are mature enough and understand how Bitcoin works, then you can increase your investment to a bigger one.

By researching, a person can learn more about that type of investment, especially if he chooses Bitcoin as his investment. He will not be an investor who panics easily because he already knows how to handle it if the market situation is not good. He could even increase the amount of his investment under those conditions.

Maybe by doing research, he feels like he is delaying his investment but those are all things he has to go through to invest in Bitcoin well. He can decide when he is ready to start by having more information about investing in Bitcoin. He will not be shaken by bad news that comes out before he starts investing.

He can manage and overcome risks well. He can also keep his Bitcoins until his target is reached. That is why beginners must really study the investment first before deciding.

Be absolutely sure you have gained the right knowledge of how to use an exchange to buy and sell or should I say trade your BTC or cryptocurrency in general, should you decide to Invest in altcoins after feeling confident with enough knowledge.
Also, try to know the best kind of wallet to use inorder to keep/save your crypto currency and how to safe guard it from hackers and scammers and from theft or loss of key phrases and passwords.

 After gaining this knowledge then you can be sure you would have done the right thing after you invest and can safeguard it as much as trade it or with it and can try out other investment strategies.