Topic: Basic Bitcoin skills - page 5. (Read 954 times)

First, may I appreciate your action for asking first before you invest in Bitcoin which you know it is volatile. As what our seniors recommendation, store your Bitcoin in the safe wallet, avoid emotional point of view, do not panic. All of these are important to deal your crypto investment life daily. Maturity is necessary mate. Good action. Keep it up

In terms of learning how to hold your bitcoin, there are no technical skills needed for you to be good at it. You just need to learn how to read the price change happening in the market and always make sure that you hit the right timing always so that when you sell, it is still profitable. It is usually a risk whenever you invest large amount of bitcoin but those who take risks will be the only one who can get the chance on gaining huge profits since it required large risks to gain large benefits. Make sure that your decision making with regards to your holding is not affected by your emotions.

As majority of here said, there are no technical skills or any kind of skills needed if you want to hold a large amount of bitcoin. And you as a investor, all you need to have is the courage to believe that bitcoin worth much more in the future. Investing doesn't require any technical skills in my opinion, either it is crypto or non crypto related stuffs, only proper research and patience is what a certain individual needs.

There is no technical skill for holding coins. all you need is faith and trust in bitcoin. no other way. You are the one who judges for yourself whether you are able and sure to hold coins for the long term. Becoming a long term holding only requires strong faith and determination in bitcoin and keep positive with what you believe in. and believing in bitcoin is not a bad thing.

It's true that we don't need skills to invest in Bitcoin in the long term, we just need to believe in the future of Bitcoin. And also our emotions must
be controlled, so as not to panic when the Bitcoin price falls. Vice versa, if the Bitcoin pump we can still be patient to keep holding until it reaches
the target that we have previously set. Because Bitcoin is one of the safe investments for long-term, so we don't need to monitor the market too often.
We can see the market once a week, to know the development of Bitcoin. Unless we want to day trade using Bitcoin, it really requires skills and
abilities to analyze the market.

If you want to buy a large amount of bitcoin and hold it for the long term, you do not need skills but you only need to manage your emotion because, in your journey, you will see the price will go up higher and lower many times and that can make you panic. Maybe you can set yourself to buy and forget it for a long time, depending on how long you will hold bitcoin. Let say you want to hold for 5 years from now. You do not have to check the market too often because bitcoin price volatility will make you unsecured holding your bitcoin and that can attract you become panic. Once you panic, your plan to hold bitcoin for the long-term will not work because you will think that you get lost at that time.

By basic knowledge, I assume you main you don't even know what is bitcoin. So, I would suggest you first do some own research about 'What is bitcoin' and learn the very basic stuff about the pros of this technology, and then you can start with understanding transactions and wallets to start and do your first trades on the bitcoin network. then you can chose to start learning advaned technical skills about the project in order to do that you can easily check the technical secsion of the forum and ask your questions there. But first you need to do research about the basic stuff and here google can be best friend.

In order to work on bitcoin you first need to know about the crypto market and gain skills by analyzing its various sites. With crypto market you have to do basic things with your own intellect it is better to consider the past aspects of technology to know where and how to work and the updated information of the market do not share personal information with anyone to keep bitcoin's wallet secure. With the possibility of doing anything decentralized blockchain offers a huge potential has acquired deep skills to work on latest technologies like blockchain iot artificial intelligence etc.

Welcome to the forum!
If you want to invest in bitcoin one of the best tools is patience, it is what usually happens to us when we decide to Hold bitcoin. I am glad that you think of bitcoin as a long-term investment, if you want to invest a large amount of money in bitcoin you could follow Michael Saylor and learn about his strategy and investigate how he does it.
Every time the price of bitcoin goes down, Saylor buys a lot of bitcoin.
As I am a Binance user and I have a good experience on the site, I would recommend that you buy bitcoin there as well.

https://www.binance.com/en/blog/318034612921425920/How-to-Buy-Bitcoin-A-Quick-Guide-from-Binance

Good luck, it's an incredible journey! BTC

Your journey just started and I wish to commend your efforts to locate this forum, I will say you should get an offline wallet and get your wallet keys save on paper and stored in a secured place as you wish to hold for long time. You don’t need any technical skill to hold and you need to care for is the security of your wallet.

In my opinion the basic bitcoin skill first ,you learn more and more about bitcoin because if you don't know anything about bitcoin you will not understand any thing about bitcoin,and second you need to join bitcoin  signal groups because its basic way,and by bitcoin signal groups you can learn so many things about bitcoin, because its my experience,I personally taught so many skills by bitcoin signal telegram groups.and instead of there are so many skills which you can learn and increase your bitcoin portfolio.

I don't know about you, what's your interest, if it's the inner workings of bitcoin then the technical skill that you want to have should be coding and networking skills. They can help you understand the movements of the network and you can understand how the code of bitcoin works. Probably some willingness to learn could help too because there's a lot to learn in this platform and bitcoin and cryptocurrency itself.

You don't need much technical skills to use and hold bitcoins. You don't need to know how the technical stuffs of bitcoin or the blockchain network at all. But it is going to be better if you try to learn about it. I mean not learn, but read about it and know how it works internally. I am sure you will find it interesting and it will give you a purpose and a reason to invest more. After all unlike other people who just invest because they heard it gives you profit, you will know how good bitcoin is and why it is actually valuable, Right?
Like I said, you don't need in depth knowledge. You just need to know the basics and most importantly how to keep your coins safe. Good luck!

In my opinion, some important skills would be to know how to safely access your keys to your coins/assets from the Blockchain wallet on a secured device, and safely store the keys.    I actually prefer not to have single key for all of my coins/money just incase it's found by a thief or something and the whole coins is stolen using the single keys. You could split the money into multiple parts and have different keys for them which you can engraved on a multiple object like metals and buried/stored them somewhere you can easily remember and access when you need to.

Bitcoins are made for trading and holding years so you just need to know how to send, receive or store your Bitcoins securely.
If you want to trade Bitcoin learn about the history of Bitcoin's value chart and how to trade Bitcoin for profit. This is an advanced form of knowledge so you will need a lot of time to master them.

Emotional control is very important for you to master. It's useless the capital you spend is big but emotional problems can't be restrained, it's useless. So it's good to control your emotions when dealing with the market. Strategy in trading is also important so that you are not confused and swayed by the market. The strategy must also be applied consistently in order to minimize changing strategies that can make you sway.

I think what you mean is that you're looking for some basic info about the best practices to holding bitcoin.  To start off I would suggest buying your bitcoin from whatever the most trustworthy exchange that charges the least, and that often tends to be the Kraken exchange.  Then proper storage is key.  Being new to bitcoin it would probably make the most sense to hold your bitcoin on a hardware wallet such as Coinkite or Trezor. Make sure you buy a hardware wallet directly from the manufacturer ONLY!

If your going to become your own bank, and will be responsible for your money, without any third party stepping in to save you if you make a mistake. Your probably going to want to learn about securing your Bitcoin, but also having good security practices in general. Depending on your usage, you might want to learn general computer security if you intend on running a hot wallet or just learning about common Bitcoin security if you intend on running your wallet offline.

If you are running a hot wallet, then I suggest securing your system from the bottom right to the top. Think securing your browser, changing your browsing habits so that you aren't putting your system at increased risk. For example, don't download software which you don't trust the vendor that is distributing it. Physically isolate or virtually compartmentalise your system if possible. There's no real one place for learning this sort of stuff so you'll have to be prepared to search it up on your own. Ubuntu, or Linux tutorials are generally pretty good at teaching you how a computer functions, and the things that you can do to enhance the security of your computer.

For example, Linux teaches you about chmod; basically access, and writing permissions which many Windows users don't even think about. Then, you could potentially take some courses in Cisco, and CompTia if you really want to brush up on your skills. Though, most of these skills can be learned from free resources.

Welcome to bitcointalk! Whichever technical question you have for the Bitcoin network in general, you may ask it in the Development & Technical discussion board or if it's specifically for Bitcoin Core in the Bitcoin Technical Support board.

They don't have to learn the technical background, but just how it works theoretically. Learnmeabitcoin.com gives a great brief of how it works in theory and I'd surely recommend it if you're a newbie for an even deeper source of how it works practically. (technical stuff etc)

If you hurry on buying Bitcoin, don't trust your technical skills and believe that you may make a mistake during the creation of your own wallet, you can just buy a hardware wallet instead. Otherwise, there are solutions (softwares) that will make you feel more comfortable with Bitcoin. I suggest you downloading Electrum which is a non-custodial wallet and trying understand by yourself how things work in Bitcoin!

If you can not buy hardware wallets, you can use Electrum or Wasabi wallet
Recommended wallets

Exchanges won't support to recover your coins if you send it to address of altcoin, not Bitcoin. If they give you support to recover it, they charge you expensive support fee.

Save them off line