Topic: 3 things to know before investing in Bitcoin - page 2. (Read 578 times)

Sometimes people wey dey give this newcomers orientation dey make am look so certain that immediately them put their money for crypto (Bitcoin) e go guarantee them better profit when obviously everything about investment is so far from that. Bitcoin investment takes time to yield profits time don pass wey the thing be dey blow all of a sudden most at the time people dey relate am to the case of those early adopters that bought Bitcoin when the price was as low as  a dollar.

As at early 2018 when I heard about cryptocurrency following the 2018 cryptocurrency crash most especially the Bitcoin so I was eager to know more about how the system works so I go online and do more of research which YouTube and other channels have been of help then so this seriously helped me to sharpen and reshaped my mindset and how I look at the crypto world in general. In a couple of months of thorough research and dedications I make my first investment on Bitcoin, dogecoin, Ethereum and Litecoin fast-forward I held the asset for about 3 years & few months and the ROI really worth it, all the investment did very well I could still recall vividly dogecoin price hit 0.682/$ as at May 2021 following the remarks made by Tesla CEO Elon Musk by January 28, dogecoin increases by 339% is among my best investment that year.

I was able to make all decisions because I took my time to make a proper research about how the system works and understand the risk involved and readily to take the outcome of it. Having proper knowledge how things work can't be over-emphasized.

Below are some of the things I think you should put in place before investing in Bitcoin or any crypto in general;

1. Get educated about the investment

2. Know the Risk involved (crypto market is highly volatile)

3. Be security wise because a lot of crypto wallet as been compromised. Know how to safely store and protect your asset. I will advice you to store your asset in a private digital wallet e.g Trust wallet, Blockchain, Ton wallet, Meta mask etc and make sure to revoke any third party site connected to your wallet after use to avoid loss of asset. And you can also use physical cold wallet eg Tangem, Ledger Nano S plus they are highly secured just make sure you keep your phrase words for your private digital wallet secured let no third party gain access to it or else you you may lose your asset and protect your physical cold wallet by all means to avoid lost.
4. Beware of some taxes that come with buy and transacting a cryptocurrency in some region eg Japan.
5. Be updated about things happening around(fundamentals news): this may prevent you from lost because some exchange may delist some instrument and if you are not conversant with the news you may hold for years and have no where to sell.

There are several things one need to know before investing in Bitcoin.

1. Most persons thought that Bitcoin investment is a get rich quick scheme where you invest today and become a billionaire tomorrow, you must not see Bitcoin investment in such perspective for you must be patient to hodl for Bitcoin investment for a longer period of time.

2. To be successful in Bitcoin investment you must make your discretionary income readily available for it help you not sell out your Bitcoin hodling when basic needs may arise for it can easily be settled with your discretionary income.

3. Also try and have a Non constodial wallets.

4. As a newbie or new investors you can adopt the DCA strategy which will help you to accumulate more Bitcoin in different price level either weekly or monthly as the case may be and hodl for longer periods of time like 4-10 years and above.

5. Also having a basic knowledge about Bitcoin or crypto how it works before investing can be of a great advantage because going into what you don't have basic knowledge about can be too risky because Bitcoin investment is risky as well due to it volatile nature.

Well said mate as long as Bitcoin investment is concerned is not something to conclude that when you just enter am say you don become millionaire no, na him dey make most people's to panic when dey enter in Bitcoin Investment because Dem no want to do research first and no the risk them wey dey am before them enter, normally we supposed know say Bitcoin investment dey bring profits for us. and also no say e get risk too so e go better say we know the risk them wey dey am so that we no go do mistake as we dey invest in Bitcoin.

For me, I for say before person go join bitcoin make e really go study and know more about crypto because investing in Bitcoin no be come chop o, because of the risks wey they inside am, no be as e dey sweet say e no dey bitter too but Bitcoin na if ur mind no strong no join, as e be say if anything come happen as we no plan am, e go really affect our mental health. So before we go into investing in Bitcoin, mk we really go do research about am.

A very good article, but you should have made extra effort to share some information you get in the article because it is not everyone that like clicking links they don’t know about. Nevertheless, you have tried so well to bring this up because so many people tends to jump into Bitcoin investment without doing any research, most of them follow a pig in their social media handle that will end up scamming them because they lack basic knowledge.
Always do research and make sure you know what you are about to start because crypto market is very volatile.

I agree with you here. Investment should be done based on personal conviction and not an emotional reaction based on people's success or testimonies that may or may not be true. Neglecting personal conviction has made so many people fail in their investment so if you know anyone who has in any way rushed to start investing in Bitcoin because he was convinced by someone then you should give him this advice as it is will be helpful to such person.

Ask him if he has done his own research and most importantly if he understands the risk that comes in investment or has, he studied security in Bitcoin investment. No one should go into Bitcoin investment without knowing how to secure his investment since it is a self-investment.

You are absolutely correct you can't just jump into a business that you don't even know the risk(strategy and analysis) all about I think this is the most important thing to know before going into a business, some people involved themselves just because others are using it to make profit and they only think is so easy to know.

Before you invest in bitcoin your have to get at least the small knowledge about bitcoin and Cryptocurrency, also k ow how to monitor the price of bitcoin in the market. And also don't force anyone to invest in bitcoin though they might not lost all their funds but they might lost some percentage and also they might not have that patient to wait for a long term investment of bitcoin. Therefore whenever your dey invest in bitcoin be yourself.

As I don said many things, before your go invest for bitcoin, you go first plan how you won do am. If you have enough money then I go fit invest at once but if you no get then you go do DCA to invest every month.

The article you referenced and the caption of your post are not saying the same thing. While the article is talking about investing in Bitcoin mining, you seem to be talking about investing in Bitcoin itself. These are two different areas of investment that requires two different approach, knowledge and finance.

I don't know much about Bitcoin mining neither do I plan to venture into such area. My focus in investing in Bitcoin and like many people have already said, investing in Bitcoin requires the basic know of Bitcoin, having a stable source of income, and ensuring there is provision for emergency funds incase of personal needs that may arise, with planned and unplanned,  during the period of investment. This way the investment will be protected and held for a long time which is the best way to enjoy the benefits of investing in Bitcoin.

Op you might actually be heading to good points but the State by which your thread is constructed doesn't help to understand the context in a summary.
I don't know much but I think it's better if you had made some visible points in cordial reference to what you're talking about.
While I've gone through the link, it was stated that these 3 should be noted before Investing on bitcoin which are
1)Plan to grow production.
3)Efficiency is key
3)Find an X factor.
But right before me I think this strategy or law as it maybe would be too extravagant for a beginner to catch up with while considering to venture in the bitcoin investment. So I hope you should try to convince others next time when referring to tips or give clearer explanations with your thread.

On a simple note to me as we strives to grow, before investing in bitcoin, we must be understood that:
1) Bitcoin is not a quick enrichments platform.
2) Bitcoin is a reputable Crypto currency with high volatile liquidations so you must prepare your emotions to be at a normal state of mind definitely to stay unpanick when it's not going according to your wills.
3) Make an investment goal or decisions onto how long you could hold your bitcoin assets whether a long time or a short term because it'd determine your activeness in the market cap depending on your emotions.

Just a tip of advice, don't forget to invest with what can be affordable to loose and do not rely on the reputability that bitcoin is under control of your assets, you does because you've your private keys with you and how careful you handles your seed phrases and your Crypto wallets defines your bitcoin assets security. A lot of inexperienced investors has lost their bitcoins by taking their private keys for granted believing bitcoin blockchain would take responsibilities for that on the note that bitcoin is a reputable Crypto coin.
So, be aware of the flexible lost of your assets to scammers or inaccessibility of your wallet if seed phrases are lost.

Without clicking on any link I go also drop my own three things wey you need to consider before investing into Bitcoin, everybody fit get their own things to consider based on the knowledge wey dem get so there's no technically three things but it's based on who is giving you the information. Make we dey also know say some of this website dey find click bait wey dey go use bring you to their site and some of their advice no be anything technical but just general knowledge wey everybody supposed know so without going any further, here's my own three things to consider before investing into Bitcoin.

• Bitcoin no be ponzi scheme wey you go dey expect to get rich quick or expect a specific return of investment after you dun invest inside am finish. Some ponzi business and high risk investments website dey use Bitcoin as their payment option but e no mean say na so Bitcoin be so make you no dey confuse the two of them.
• Investing in Bitcoin for long term (instead of the narrative of short term investment or trading) go benefit you pass. Buy Bitcoin and hodl better pass anything else wey anybody dey tell you. If you try am you go see say e dey stress free and highly profitable. Ask any OG for the Industry and dem go tell you this truth.
• Non constodial wallets are better wallets than constodial ones wey be centralized wallets. The ideology dey say centralized wallets better pass since you no go dey incharge of keeping your coins safe but that one na lie, this industry revolves around putting the security of your finances into your hands so if you go dey commot that power from your hands to another third party, e go backfire one day and you go lose your Bitcoin

Things plenty to talk wey a first time Bitcoin buyer supposed know but since we dey limit am to three things for this thread, this na the three wey me I dey see say we support dey aware of before we buy our first Bitcoin so we no go dey expect another thing come dey feel disappointed.

There's something we always failed to understand, we have the winning days and also losing days, but in whatever activities we engaged, always keep your heads up and focused on the energy and target. Investment is very necessary in the system, we just have to do what's best for us and grabbed our golden opportunities to explore in the system. Before investing in bitcoin, we're supposed to acknowledge the usefulness of the project in crypto and also having passive information that would saved us interms of challenges we're facing.

You're right. You must grasp the market before beginning your bitcoin investing adventure, since if you do not understand the market process, you will never win because you will make several mistakes in crypto investment, causing you to lose a significant amount of money.

The second thing you need to know is a stable wallet where you can invest your bitcoin without being scammed because there are different times when fraudsters will lead you to lose all of your funds, which is why you need to be aware of the better wallets you will spend your bitcoin on.

And the third thing you need to know about bitcoin is volatile and you need to be patient because anything you are doing if you can't be patient you can never achieve your goal, because anytime you invest in bitcoin and the price decrease you will started thinking you will lose all your funds and you can probably quit and decide to sell your coin at lose. Even if you understand everything about bitcoin, if you are not patient, you will not be able to profit because while you may win every time, you will most likely lose one day. And if you lose and are unable to be patient, you cannot continue to invest in bitcoin since you will believe you can’t profit from investment.

In terms of investment is very wrong for someone to venture into Bitcoin based on the fact that he saw people profiting from it because what works for someone may not actually work for another and besides is only through trading we could possibly see someone easily profiting or losing, so perhaps in terms of investment one of the things that most be considered as a beginners is to truly know if you have a passion for Bitcoin or your intentions is to get rich overnight because in terms of Bitcoin investment is not good to force someone onto it because the only way to see a good profit in your investment on Bitcoin is for a long term holding so perhaps that's why investment should be out of willingness and passion instead of forcing someone.

I agree with you mate but I will like to add small thing,
 most people just enter into investment in bitcoin regardless and it's not good. One of the thing to note before investing in bitcoin is that:
1. Bitcoin is a long term investment: most people invest and start hoping for profit immediately after investment though it can actually be short term investment depending on the behavior of it but normally, Bitcoin is a long term investment.

Everyone have the mindset of generating profits for themselves but are they actually ready to make sacrifices for them to skyrocket to such high levels? Most of them based on lucky odds, they're even fortunate to have access to the market and key knowledge, and this will only help them when they are lucky. Cryptocurrency is not for the weak and we just always be cautious of our time because every time counts for us in the space. This is precisely not the time for us to relent because there's enough tasks to be completed, principles and basis ought to be set in place if we're striving for greatness and substantial profits.

First things first, understand the market before hooping on any crypto project because the ends always keep the investors and traders in shock. We're already acquainted with the market and understand how the system operates, we just have to be careful and apply what we think is best for the market.

In addition also ,when investing in bitcoin , you should know that you are at your own risk , nobody or firm will be held for your wrong actions or doings.
Make an affordable investment,to avoid crashing along the way, which you must have a steady inflow of cash
that is income and set aside your investment fund.
 Obey and follow the rules and regulations of the investment .
Be patience and don't rush for the outcome ,for i know that bitcoin will not fail you at the end.
Be consistent with whatever strategy you are using ,it makes you focus and serious towards your investment.
Always protect your Seedphrase.

If I would say the three things to know before investing in Bitcoin are;
1.Bitcoin is volatile,the price isn't stable.A volatile market is unpredictable so as Bitcoin we can predict the future price,we can only speculate the price in the future.
2.Bitcoin is not a quick rich scheme investment,so whoever wants to invest in Bitcoin should get this at the tip of his/her fingers.
3.Investment strategy other investors are using that made them successful investors should be followed,like one of the pronounced investing strategy[DCA].
4.Bitcoin should be stored in a non-custodial wallet not in any exchange platform.And also your seed phrase should be known by you and you only and kept in safe place.

OP, you have done well by bringing up this topic here for discussion. I believe many newbies still lack information on the basics for Bitcoin investment. Many people here I believe learnt about Bitcoin the hard way because they had no guide and much information when they ventured into it.
Having the basic knowledge of Bitcoin investment is very important because that would guide you through in making the right decision so as not to run into loss.

There are lots of things to know about Bitcoin investment but it would be nice looking into the security aspect of it because this would guarantee the safety of your investment and assets.

Do well to avoid clicking of links you have no on about be it pm from unknown persons through social media handles, telegram account, email etc avoid clicking as they might likely be phishing link sent to you to steal your assets.

Do not save your private keys in google cloud. Avoid that and store your assets manually either on a sheet of paper or book which you alone have access to.

Always cross check wallet address before sending of Bitcoin to another wallet address because any coin sent to wallet you have no control over can not be reversed.

Op I see you might likely have gotten your post from some good source why not reference or cite them here so that members would see for themselves.