Topic: I hope I'm doing the right thing. - page 3. (Read 478 times)

Bitcoin is one of the best investments that anybody can go into, and you're in the right place to learn and gain knowledge about it, you just need to understand some basics to start the investment. Bitcoin is not a short cut to riches, meaning that you need to hold it on the long term for you to get a desirable ROI, also you can adopt the DCA method to continuously accumulate it. Keep your seed phrase in a very secured location, because if you misplace it or it's stolen, that means that your Bitcoin can be lost forever. We're entering bull run, that means that if you start accumulating now, in about one year's time, there's high chances that you'll get more than x2  of your investment capital.

I didn't invest immediately when I was a beginner.
What I did when I was a beginner is that I watched documentaries with regards to Bitcoin multiple times, and I often read some posts here just to increase my knowledge.

By the time that at least I know the basics of Bitcoin including how volatile it is, that's the time when I bought my first Bitcoins. If I remember correctly, I bought 10$ worth of Bitcoin at that time, and I used that in trading because I'm a bit curious about it, but I already knew that I would lose that Bitcoins and I really did. Investing in Bitcoin is really good and risky as well, but the amount of risk lessens as you learn more and more about cryptocurrency.

You said that you don't know much about it. Right now, we are lucky because everything that we need in order to learn at least the basics of cryptocurrency can be seen online already, and you can access it for free. Delaying for the betterment of your investing journey sometimes is a better decision. Delaying investing in Bitcoin for the sake of learning more would be a better option. Like the famous quote states. "Learn before you earn".

Right now, many users here already shared some links to you where you can learn Bitcoin. It's now up to you if you will give some time to learn it or you will just jump and buy Bitcoin without any knowledge whatsoever.

Take your time. In our opinion bitcoin is a good investment, but it's pretty dumb to invest in something you don't understand.


* If you like reading articles: https://coindesk.com/learn
* If you like reading books: https://theinternetofmoney.info/
* If you like watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://chainsec.io
* https://www.lopp.net/bitcoin-information/security.html

If you want to get more technical
* https://github.com/bitcoinbook/bitcoinbook#chapters

You should take your time and not rush things. You have expressed in genuine concern about your lack of knowledge in Bitcoin and that is very brilliant of you. There are different resources out doing that you can take advantage of to learn more about Bitcoin. There are books, there are podcasts, there are YouTube videos and communities on the internet around Bitcoin. One Chinese philosopher wrote, when the student is ready, the teacher appears; and when the student is truly ready, the teacher disappears".

It is better to delay and understand the process than to rush and regret afterwards. The bitcoin is not difficult to understand, just read the whitepaper, read the bitcoin history and compare it to what is happening in the industry currently, from there you will have a clue of what to do and you will not regret it afterwards.

That's make sense.

You got it wrong. Tradingview has crypto news section which is they collected from trust news website about crypto. It isn't just drawing and that's why i recommend to op to watch the news instead doing technical analysis.

For someone totally new to this cryptocurrency space, I will say it is very bad idea or advice as you say to look into Altcoins. OP is looking at getting into bitcoin for investment purposes there is currently no altcoin that stands out as an investment asset. My advice is for OP to stick around bitcoin and bitcoin only. Altcoins are gambles no matter how they paint it. I am not disputing the putting money into it but not for newbie like OP.

As for resources to read, OP doesn’t need TradingView which is a tool or platform for drawing Charts, it is mostly used by traders which OP currently isn’t and shouldn’t consider going into (at least at the moment)

I think that's a nice decision, bitcoin investment requires enough knowledge, there are a lot of things you need to know in bitcoin investment, However there is risk in bitcoin investment, but the risk is never to be compared with the one in altcoins and as well meme. the risk in bitcoin investment is low, moreover don't give attention to those side talks just do whatever thing you know is best for you, because if you keep listening to those side talk probably you can suddenly change your mind from embarking on this crypto journey either.

in cryptocurrency investment especially Bitcoin you need to be careful and also observe the rudiment of Bitcoin before you invest I know quite well that when Bitcoin was been introduced many people disagree to embrace Bitcoin because they feel that bitcoin is a scam but today they are awareness of people who tested the Investment before is what is projecting the adoption of Bitcoin today so they fear of investing in Bitcoin has gone away from people due to many testimony from people who has already invested on it, at this present time anyone who is coming to invest in Bitcoin I don't think that the person will it be that much afraid compared to people who wanted to invest in Bitcoin in 2011 and in 2013 so they compare reason will not be the same as this present time because there is a lot of speculation and a lot of informations that comes positively about Bitcoin.

When I invested in Bitcoin it is not that I was not being convinced already that bitcoin is a decentralized currency and it is different from a Fiat currency so after I've had all of that I proceed if I'm making my own research towards a Bitcoin so that I will have more datas that has to do with Bitcoin so it is when I invested in Bitcoin and since then till today I've not been ungrateful to Bitcoin I have not seen any remorse about Bitcoin, so it depends on what you believe on bitcoin will make you to invest in bitcoin.

My friend told me about bitcoin and ask me if i'm interested. My first experience is bad, back then. Lost some money, and just this year because of bullrun, i can finally get profit from it.

Its actually good decision imo. If you don't know anything, don't go blindly. The price is easy to move and hard to predict for beginner. I suggest you do some research first about bitcoin or crypto in general and learn about it.

My advice, try to watch some explanation about crypto in general, not only bitcoin. Bitcoin of course is good, but there's also plenty altcoin that pretty good too. If you want to invest, make sure you already prepare to lose. Also, read some article or news about crypto. I usually use Tradingview, but you can use anything that you want as long as it trusted.

At first, it was scary because I get to see how my portfolio goes down for sometime and goes up eventually. You'd overcome that fear soon when you get used to its volatility.

That's okay, remember that all investments are risky and you'll not gain anything if you don't invest to any of it. But what's good in investing in Bitcoin, out of the many crypto there, the risk that you're about to take is definitely worthwhile.

It's a good delay for you because you're making sure if you're doing it right. Don't be in a hurry and don't be like the others that they invest to something they don't know and never take their time studying it.

You should never invest if you're not certain of what you're putting your money into. What you shouldn't do is to get into a phase of wanting to learn everything about it or not learning anything cause you think there is too much to learn.

Focus on learning about what's important, why you want to get into Bitcoin, why is it a valuable investment, how much risk can you take on and how can you best secure your bitcoins.

- Jay -

I'm Sure you already know that there's no investment without any risk, but Bitcoin is a really nice investment expecially one going into it with the mindset of long-term holding. Though doing the process or journey they may be alot of up and down movement in market due to volatility . But still Investing in Bitcoin is still the best , and we are still in the early stage . So you can definitely start accumulating now using one of the common method of accumulating which is by DCAing, purching at any given price interval with a fixed amount of money either weekly or monthly.

I'm pretty sure that you are also going to see the beauty of investing in Bitcoin as time goes, so just try and focus on stashing more quantities.

I don't invest when i have no idea on what am investing on, so i focus on learning at first, acquire the knowledge, know the risk and also start with little amount i can afford to loose as my first investment.


The crypto market has always been volatile, you learn to read the chart and know how you can make use of the same opportunity for your own advantage to buy when its dip.


I like the fact that understand you shouldn't go into something you lack idea about, when you have the required knowledge, it will be more clearer to you.

If you do not want to risk, you do not need to invest in bitcoin. Know that bitcoin price can rise or fall. But know that bitcoin price has more chances to increase, I am expecting $100000 next but before this can happen might take time. It is good not to invest than the price to fall and sell and later see the price higher than the price that you bought it. But if you want to hold for a long time, why not just buy than to be afraid.

You really have done well to ask questions about what you want to invest in, rather than rushing into what you do not understand. 
 
It's very true that bitcoin is a good investment choice, but it's also very risky, just like your friend has told you. What makes it risky is the volatile part of it, which is also the same thing that makes it a good investment option. If it's not volatile, you can't see the price moving upwards and downwards. 
 
But you need to have it in the back of your mind that bitcoin is not a get-rich-quick scheme, so if you finally want to invest in it, you need to use funds that you can afford to risk, and you won't need them anytime soon because you might invest in bitcoin today and tomorrow the price will go down. In short, bitcoin is an investment asset that investors enjoy the benefit of if they can hold it for the long term.

How did you guys invest in bitcoin as beginners. What was your experience with the market volatility? A lot of people talk how investing in Bitcoin is good but risky, i don't want to rush to invest  bitcoin. I need to be very sure of what I'm planning to go into. I don't know if I am making the right decision or I'm too sluggish to invest. I'm not really convinced maybe because I don't know much. Do you think this delay is good for me? I believe it is good for one to be  sure and understand anything that involves money.