Trading Bitcoin using 7 soft skills
* Pattern recognition.
* Discernment.
* Skepticism.
* Adaptability.
* Self-evaluation.
* Compartmentalization.
* Discipline.
Topic: Basic Bitcoin skills - page 4. (Read 970 times)
Many basic skills can be performed on bitcoin or cryptocurrencies.
Basic knowledge of trading as well as technical analysis and fundamentals.
How to create and use a bitcoin wallet and how to secure it and much more.
and also know about common hacks.
Hacking is becoming the most detrimental thing in cryptocurrencies. A few years ago an exchange as big as Binance was hacked. it makes a big loss. but the good news is that binance replaces all the stolen assets.
Nothing is safe. you can only prevent it.
But now big exchange companies like Binance have built better and stronger security.
Basic knowledge of trading as well as technical analysis and fundamentals.
How to create and use a bitcoin wallet and how to secure it and much more.
and also know about common hacks.
Hacking is becoming the most detrimental thing in cryptocurrencies. A few years ago an exchange as big as Binance was hacked. it makes a big loss. but the good news is that binance replaces all the stolen assets.
Nothing is safe. you can only prevent it.
But now big exchange companies like Binance have built better and stronger security.
If you're buying it in bulk for the long term, you shouldn't be in a hurry to look for something bitcoin-related because the step you're taking is already the most important and the best.
buying bitcoin in bulk when the price is low and holding it long term is the best option, leave it for a few years and you will enjoy the payoff and you can learn it whatever you need as long as you hold it and you have plenty of time to do that.
buying bitcoin in bulk when the price is low and holding it long term is the best option, leave it for a few years and you will enjoy the payoff and you can learn it whatever you need as long as you hold it and you have plenty of time to do that.
There's no principle involved, I started knowing nothing about Bitcoin but a new Bitcoin enthusiast need to understand or know is the risk involved in the crypto investment, how to identify phishing site (which is what crypto theft used to steal from newbies) and how to successfully use a crypto wallet without human error.
Simply implies about basic transaction procedure when it comes to transferring funds from one to another and i would say that it doesnt really require technical skills for you to learn but rather even just using your own normal understanding then you could really get it right away. When it comes to risk awareness then you should really be considering this before you do jump
into this market. Some people do hesitate on dealing and have impression that it might be that hard or something but they are wrong on what they've been thinking.
It isnt really that hard as it looks.
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There's no principle involved, I started knowing nothing about Bitcoin but a new Bitcoin enthusiast need to understand or know is the risk involved in the crypto investment, how to identify phishing site (which is what crypto theft used to steal from newbies) and how to successfully use a crypto wallet without human error.
I would also add that it is worth having a measure. If you play too much, then the result can also be disastrous. And this is hardly interesting to anyone.
It should be always like that, because too much is not healthy and ends up as greed and loss.Data Privacy and Security are also vital; you have to know where and how to buy bitcoin securely, don't fall from phishing clone sites and other "too good to be true" offers you see. Keep confidential info safe cause it can be used to bypass your account or your identity to be used for other illicit activities. You could learn this the hard way, so it's better to know this as early as possible.
Also sometimes it's not just about the popularity of the website where to buy BTC, because even it said that it's secured, hacking is common in this space and there are lots hacks incidents happened on "secured" exchange/wallets/stores. Proper using of personal identity/information on this address is still necessary. Like using a temp email, temp mobile numbers, not permanent address and etc. especially when buying online store with crypto and etc. 
Data Privacy and Security are also vital; you have to know where and how to buy bitcoin securely, don't fall from phishing clone sites and other "too good to be true" offers you see. Keep confidential info safe cause it can be used to bypass your account or your identity to be used for other illicit activities. You could learn this the hard way, so it's better to know this as early as possible.
Just know how to use bitcoin wallet, have some common sense and have a really good security habit and lastly patience since you're just hodling your bitcoin. I think that's about what you need to learn for the basics, it's not like you're planning on trading those bitcoins anyway.
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
Hmmmm Technical skills? I don't think that technical skills are needed if you only want to buy Bitcoin and will hold it. It will be a different thing if you will buy Bitcoin and then use it for trading. If you will just buy and hold Bitcoin, there is only one thing that you need. MONEY, MONEY and MORE MONEY
.Just learn the basics of Bitcoin like how to store, how to send, how to transfer, etc. and you are good to go. As for me, I'm not a techy guy and I don't have any technical skills but I know at least the basics and the most important thing for me. Knowing which are scams and which are not
my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
I wouldn't say that you need Technical skills rather than basic knowledge and some composure, the information is probably most essential and you finding this forum is a great way to start on that because you can take a lot from other people's opinions and experiences on how the market is behaving and what to do and what not to do as well, and you need to have composure because panicking when you see the price falls and making wrong decisions is not what you want. I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
Welcome to the forum mate at first
You have reached at the right destination to start your crypto journey as this forum has abundant of learning resources and you can have full fledged knowledge of topics you are not aware of from high rank and senior members on the forum.Even you can see newbies making guides and sharing useful information and that's why it is called discussion forum.Just exchange knowledge here on the forum.
Don't need to possess any core technical knowledge to participate in development board as there are many other sections on which you can write your posts and feel free to share your thoughts.
But also comply with the forum rules which are priority for every member on forum:
Unofficial list of (official) Bitcointalk.org rules, guidelines, FAQ
Ratimov's Forum Guides, Tutorials & Lists
Merit & new rank requirements
Best of luck for your journey on forum.
You have reached at the right destination to start your crypto journey as this forum has abundant of learning resources and you can have full fledged knowledge of topics you are not aware of from high rank and senior members on the forum.Even you can see newbies making guides and sharing useful information and that's why it is called discussion forum.Just exchange knowledge here on the forum.
Don't need to possess any core technical knowledge to participate in development board as there are many other sections on which you can write your posts and feel free to share your thoughts.
But also comply with the forum rules which are priority for every member on forum:
Unofficial list of (official) Bitcointalk.org rules, guidelines, FAQ
Ratimov's Forum Guides, Tutorials & Lists
Merit & new rank requirements
Best of luck for your journey on forum.
it would have been better if you start your first post in the member introduction section or in the beginners and help but thats fine since you already started .
anyway thanks for finding us informative and yes that is this forum all about ,
we are happy of supplying useful information for those that are ineed but for your last question you will be needing a patience to make your long term plan more succesful . goodluck
anyway thanks for finding us informative and yes that is this forum all about ,
we are happy of supplying useful information for those that are ineed but for your last question you will be needing a patience to make your long term plan more succesful . goodluck
my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
First thing is welcome to the forum mate , you are here to stay long and are you willing to risk ? because that would be your best move if does.I have a very simple question on Bitcoin:
Quote
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
there is no technicalities but at least the attitude mate.Never become Greedy , never to become cheater and also learn to know not to expect too much .
I am not an expert but if I may give you a suggestion, first thing that you have to understand about bitcoin investment is the price movement. Just accept the reality that bitcoin is volatile. For now don't expect bitcoin price rise forever or fall forever. Look at the chart from the start until now. The chart show us the unique patern, the price is tend to rise but it's keep going up and down. So in my opinion you only need to know when is the correct time to buy and sell bitcoin. I think it is just a basic, for next step you should understand about traders behavior since most of bitcoin users are trader so you meed to know what traders expect. Then you can adjust your strategy.
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
We have different techniques we can as well follow it's step, as a bitcoin lover you can develop a personal techniques by engaging in trading of bitcoin, and as well adventure into buying and selling of bitcoin or long term holding of cryptocurrency investment, lastly i think another method is to make research of blockchain and also read up of bitcoin for better understanding.I guess he doesn't necessarily have to create any techniques or any technical skills to hold Bitcoin for long term. Unless he's starting to engage into daily and short trading.
The only hard things to do when you're holding Btc for long term is being patient and know when to sell and when to accumulate more.
And, I agree the OP should have deeper understanding how blockchain works, but I am more concerned about his asset security since he mentioned about investing a large amount of Bitcoin. So, I guess his asset security might be the first thing to learn.
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
We have different techniques we can as well follow it's step, as a bitcoin lover you can develop a personal techniques by engaging in trading of bitcoin, and as well adventure into buying and selling of bitcoin or long term holding of cryptocurrency investment, lastly i think another method is to make research of blockchain and also read up of bitcoin for better understanding. my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
Technical skills you say?I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
If you do aim on buying out large amount of bitcoin then transfer it to cold storage like Trezor or Ledger.
You should at least know on how to make use of these HW which i can say that its a noob friendly thing and watch out lots of TUT's in youtube and that would solve out
your problem.
Basic knowledge on the sense of purchasing coins through exchangers or p2p, varies with your interest.
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
To hold BTC for the long-term you actually don't need any technical analysis. This is, as long as you're confident in the market based on your vast amount of reading (and not because your friend said so) then what you need to decide is which exchange you're going to buy from and where you're going to hold that bought BTC.The choice for an exchange would mean that you understand different exchanges charge different fees, and what earning in for of APY rewards these exchanges give you for storing your crypto in their online wallet. You could also consider holding your BTC on a hardware wallet like ledger but just you won't be earning if you was to hold it on an exchange.
for day traders, technical skills may be a very important capital so as not to avoid losses.
but talking about bitcoin, which most of its holders are long-term or long-term adoptions, actually this is not very significant because if it is on a path like this the most important thing is not daily analysis but patience in holding on and not being one of the people who panic when it declines.
this is the most important thing when you are on the btc line, especially with investment intentions which of course will definitely take a little longer.
because even if the analysis is carried out repeatedly, it will not have an impact in the long term, it will even lead to us becoming impatient and wanting to quickly sell the assets we have.
so it's better to know properly when in btc assets and perform analytical techniques only for trading and for short-term scalping this will only be more competitive and can at least increase profits.
but talking about bitcoin, which most of its holders are long-term or long-term adoptions, actually this is not very significant because if it is on a path like this the most important thing is not daily analysis but patience in holding on and not being one of the people who panic when it declines.
this is the most important thing when you are on the btc line, especially with investment intentions which of course will definitely take a little longer.
because even if the analysis is carried out repeatedly, it will not have an impact in the long term, it will even lead to us becoming impatient and wanting to quickly sell the assets we have.
so it's better to know properly when in btc assets and perform analytical techniques only for trading and for short-term scalping this will only be more competitive and can at least increase profits.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
first you should make technical analysis mate because that's the most important to determine if its has a chance to keep climbing or not, nevertheless if you just invest your money without doing such way it will become skeptical and very risky decision. So bear it on your mind mate to assure everything will gonna be alright afterwards.. and of course don't forget to follow the rules when it comes investing wherein "buy low and sell high", so never ever put your money because someone is saying to buy now, must check the status of bitcoin very often and make technical analysis instead so that you know when is the right time to invest. What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?
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