Before you buy your first bitcoin take note

Ojima-ojo

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Quote from: BIT-BENDER on March 05, 2023, 03:39:23 PM

Don’t waste to much time when you have made up your mind to buy some bitcoin delay may favor you and also not favor you. I believe the risk is much on the Altcoin side of things.

Delay can only favour you in an extremely high bull market because buying at that time could lead to loses since the price of Bitcoin could possibly correct back to a low price and could stay in that price for a long time and if care is not taken the investors may lose the patient to wait.

Quote from: BIT-BENDER on March 05, 2023, 03:39:23 PM

Although the simple steps you need to follow before buying bitcoin. First you should know is where you buying your bitcoin form, you either buy it from an exchange or you can get it via peer to peer either ways you must always try to be safe. Also where you save your bitcoin matter, basically you are at of risk saving it on an exchange so get a trusted personal wallet.

Safety is a critical thing to note when venturing into Bitcoin most especially for the long term getting your Bitcoin off-exchange to you personal wallet with keys is the first and most important step to securing your Bitcoin from third-party control.

Also, I prefer to buy my bitcoin from an exchange since it offers me some level of privacy and security compared to face-to-face p2p transactions, so to this point having the right knowledge to navigate my way through is an important tool for any investor even if it is for short-term bases.

Ryker1

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Quote from: Botnake on March 10, 2023, 04:31:03 PM

Quote from: cryptoaddictchie on March 04, 2023, 07:13:43 AM

Thats a necessary thing to do before buy anything on the market. There are some who just bought without even thinking whats it use and the project about. Bitcoin is an exciting project and learning it before purchasing is a wise move for everyone who wanted to purchase theit very first coin. Read the bitcoin whitepaper and they will knew the whole system it encompasses. Knowledge is a power that we can use to gain profits if we analyze it well.

You can’t just buy something without knowing how it will work and how it will be beneficial for us, that’s why you should invest into your knowledge first before you invest into a real market investment. That way, you will be guided on the do’s and don’ts when buying bitcoin, and that you will only invest at your own risk. Bitcoin is a great investment, but it will never be great and profitable if you invest on it the wrong way.

That is the point that I agreed with.
When it comes to investment in crypto -- it requires a certain level of knowledge and understanding, it is necessary to educate yourself about the risks and benefits associated with the investment. Investing in bitcoin or let us say in the crypto market, surely has the potential to generate significant profits, but it also carries certain risks. Without proper knowledge and guidance, investing in bitcoin can be risky and result in significant losses. For me, to become a successful investor the key to a successful one is a combination of knowledge, patience, and discipline.

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Quote from: erep on March 10, 2023, 04:54:11 PM

Smart investors already understand the knowledge of investing and already know the risks of investing in crypto because not always the negative points found can have an impact on the price of bitcoin, but when the current price is many wise investors see opportunities to increase investment due to market panic factors have reached the target purchase to increase assets in the portfolio, I don't think we'll ever see the $19k price again after the previous recovery but the factor of the recent news has broken the price support area to hold the price above the previous $22k.

The news factor is still a big influence at this time, especially for a panic among some people who may also have investors in it, although there are also some investors who take advantage of this moment of decline as an opportunity to increase their investment portfolio. I still don't understand why bad news can still affect some people and panic so that they don't feel comfortable holding Bitcoin anymore in conditions like now.

erep

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Quote from: Russlenat on March 10, 2023, 04:43:58 PM

While others chose to invest first and learn their lesson afterwards, smart and wise investors start with a thorough research first and check the feedbacks about their planned investment so that if they see some negative points about it, then they will hesitate to push through the investment. However, when it comes to buying bitcoin, we already know it’s a profitable and reliable investment, but it does not guarantee success unless if you start doing your part prior to investing.

Smart investors already understand the knowledge of investing and already know the risks of investing in crypto because not always the negative points found can have an impact on the price of bitcoin, but when the current price is many wise investors see opportunities to increase investment due to market panic factors have reached the target purchase to increase assets in the portfolio, I don't think we'll ever see the $19k price again after the previous recovery but the factor of the recent news has broken the price support area to hold the price above the previous $22k.

Distinctin

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Quote from: Rruchi man on March 04, 2023, 02:09:25 PM

Quote from: Ojima-ojo on March 04, 2023, 06:57:44 AM

HAVE KNOWLEDGE FIRST BEFORE YOU BUY BITCOIN

You do not necessarily need to have all the knowledge about bitcoin before buying your first bitcoin, Knowing what is it you are about to buy and how to keep it especially safe from loss and theft is enough knowledge to have before buying bitcoin. Waiting to know it all is dangerous and a wrong approach because the more you wait, the slimmer your chances of buying at a good price. You can commit to learning more after buying, but do not wait to know it all before you choose to buy bitcoin.

Success still do not guarantee the success of one’s investment, but it will hinder you from committing multiple mistakes that will end up an investment failure. But I also agree on your idea of taking the application first without gaining all the sufficient knowledge at first. After all, you will know eventually what is bitcoin used for and how it can be useful if you are already hodling it as a long term investment. Of course, you would not want to invest in it in the first place if you don’t have a bit knowledge about it.

Russlenat

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Quote from: Taskford on March 04, 2023, 09:53:43 AM

Research will depends on the people since they carry out base on the scenario on how they are dragged on investing with crypto.

Some other has been hype and think the people pulling them is legitimate. Researching and learning will come after they experience bad on what they are doing which is common thing happens, if newbie could spend sometimes browsing some information for sure they will not come up investing on scams because for sure they became wise investors and go only on legitimate programs.

While others chose to invest first and learn their lesson afterwards, smart and wise investors start with a thorough research first and check the feedbacks about their planned investment so that if they see some negative points about it, then they will hesitate to push through the investment. However, when it comes to buying bitcoin, we already know it’s a profitable and reliable investment, but it does not guarantee success unless if you start doing your part prior to investing.

Botnake

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Quote from: cryptoaddictchie on March 04, 2023, 07:13:43 AM

Thats a necessary thing to do before buy anything on the market. There are some who just bought without even thinking whats it use and the project about. Bitcoin is an exciting project and learning it before purchasing is a wise move for everyone who wanted to purchase theit very first coin. Read the bitcoin whitepaper and they will knew the whole system it encompasses. Knowledge is a power that we can use to gain profits if we analyze it well.

You can’t just buy something without knowing how it will work and how it will be beneficial for us, that’s why you should invest into your knowledge first before you invest into a real market investment. That way, you will be guided on the do’s and don’ts when buying bitcoin, and that you will only invest at your own risk. Bitcoin is a great investment, but it will never be great and profitable if you invest on it the wrong way.

ololajulo

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I few questions on the implications of the outcome of this cycle for bitcoin in particular
There are predictions that this cycle will be pivotal to the existence of bitcoin beyond 2025 especially because of the scam. So what are the chances of getting more holder if bitxoin fails to perform beyond expectations especially making 6x from the present price
2. We have more news of regulations and inside war against exchanges in the Market, which I believe do major work in the space. Elon make it public that is more in bitcoin (which don't believe). Jack Zuckerberg silence on continuation with metaverse, cz binance strong law and fight. Will the space be able to hold on to influencers'

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Quote from: Ojima-ojo on March 04, 2023, 06:57:44 AM

It is important to take note of the following key factors to owning Bitcoin and what you stand to get from that action, first I will like to build in you the background mindset of the important of knowledge/Education and it resultant impact on your bitcoin journey.

Before you make up your mind to buy your first bitcoin as a newbie who does not have a basic knowledge and understanding of Bitcoin, you should know that, no matter the amount of money in your possession without knowledge and proper understanding you will end up in frustration because you will lack that control over you ability to analyze the current condition and even getting yourself exposed to some criminals e.g hackers due to the inability to protect your wallet and what's have you.

HAVE KNOWLEDGE FIRST BEFORE YOU BUY BITCOIN
The afar bolded term capture the entire message and essence of this thread, and any contribution or suggestion is welcome.

That is the most proven and effective way not to end up regretting why you bought bitcoin in the first place. Knowledge is essential, so you should have an adequate amount of knowledge before taking such investments, most especially if it’s a risky investment like buying bitcoin. Because even if you have all the means to acquire a lot of bitcoin and store them in your portfolio, the fact that you don’t know how to run and manage your investment, then you will always prone to failure in the end. The reason why knowledge should be necessarily obtained prior to investing.

Obari

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Most times people buy Bitcoin just for the sake of not being left out of the thread even without having the basic and necessary knowledge required.
Most times people should more on getting the knowledge before acquiring or accumulating any coin as this is one of the best way to stay out of market frustrations.
Newbies wanting to own Bitcoin should have the necessary knowledge as to the right wallet and people should always use decentralized exchanges over the centralized ones as nothing is assured with the private exchanges and wallets.
Also have it at the back of their mind that safety is one major aspect that shouldn't be compromised and hence the private key or seed phrase should be kept safely as there is a saying that " NOT YOUR KEY, NOT YOUR COIN".

juhobtc

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Quote from: Rockstarguy on March 10, 2023, 01:40:02 AM

It is just important for people to understand the market, if one buys and doesn't have knowledge about the market gets to experience serious volatility(decrease) it might lead one to serious state of pressure. What just matters in hodling bitcoin is understanding the market, if can be able to do this their is nothing to learn more about buying Bitcoin to invest, the main thing to put in practice is to be discipline and to have patience to wait till the investment becomes well profitable.

Good patience is needed here, because there are a lot of falls in the cryptocurrency market. And what about those who bought at a much higher price than now, who bought for 40k, or even higher, I wonder if there are any holders among them now? This is probably the most difficult thing when the price rises and you have to wait for the price to make x2 just to break even.

Patrol69

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No matter what we do, if we do not have prior knowledge or understanding about the work, we may be in danger while doing that work. Every action must be thought through. And we should consider how much I know about the work we are trying to do. I have seen many people who don't understand investment very well but only through their own spiritual ideas they invest huge amount of money which is very dangerous for them. So before investing you must have a good idea about investment and then invest in it your money will be safe.

Peanutswar

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One of the best is to secured their asset which is buying with the hardware wallet so at the first place they already have their own keys and not getting dependently on the exchange as you want to.hold Bitcoin and another asset must need to.secured them and a other thing is you don't need.to buy bitcoin asap just buy Satoshi as you can afford and continuously until you reach having a bitcoin.

collinscoinz

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The truth about this is that,i think some one most have an understanding or knowledge of this bitcoin first,as a newbei or any body rather that want to invest,and one thing i will say is this that before investing in bitcoin,have a good comprehened or rather know what bitcoin is all about first,secondly the bitcoin is not a quick or fast money making platform as they hath thought of,with this understanding they will know that bitcoin being a currency can also provide a better advantage to invest in other digital currency,but not on a rush it's violatile.they should know and understand this will help them to know their asset and how it can be free from being hacked.

Rockstarguy

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Quote from: Queentoshi on March 05, 2023, 03:58:15 PM

Quote from: Beparanf on March 05, 2023, 03:03:41 AM

This is somehow exaggerated. Buying and holding Bitcoin doesn’t need that much critical knowledge about the market because the user just need to store his asset on a non custodial wallet and take care of his private key properly. The only time newbie will risk on different things such as ponzi and hacker is when they are exposed on deeper knowledge on crypto.
But buying and holding will make newbie safer. Having less knowledge with a simple goal and understanding on the basic is enough to become a Bitcoin investor.

Buying and holding doesn't need much knowledge what matters here is knowing the available of what you are buying, many people think when they buy bitcoin they will become rich over, and some other people think all coin is bitcoin, and they invest their money on it and later when the value depreciate they start regretting. So the most important thing is get the knowledge about bitcoin knowing that not all coin is bitcoin. Before investing in anything is better to have full knowledge about what you are about to invest on to avoid had I know.

It is just important for people to understand the market, if one buys and doesn't have knowledge about the market gets to experience serious volatility(decrease) it might lead one to serious state of pressure. What just matters in hodling bitcoin is understanding the market, if can be able to do this their is nothing to learn more about buying Bitcoin to invest, the main thing to put in practice is to be discipline and to have patience to wait till the investment becomes well profitable.

Ojima-ojo

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Quote from: Sandra_hakeem on March 08, 2023, 05:52:50 PM

Well well then,....
Some peeps normally think Thier moneys could preserve themselves or atleast buy them time to learn different ideas, in the midst of this whole systematic protocols, no it doesn't.... you're simply gonna lose them to some crazily- oriented hooddudes out there...cus why? That's what any cladpoll deserves... lol
C'monnnn, you need to learn to earnnn... How else could that be said coloquially ?? Huh? The problems that we've been having everyday in here -- when someone is up to explain that he's lost his cold wallet, or that she wasn't able to Access them wallet so she posted them seed phrases over the web if they could be any help? ...and she could eventually have had like say -- $10,000 worth of init?? .... LEARN YOUR ASSES UP FIRST!!

Sandra 🧑‍🦰

Yeah, it's way better to get grounded with the OT first before putting your foot on the moody surfaces of the bitcoin arena, most pips as you have said think they can buy time. With their money and become so lazy to follow up on everything based on knowledge and skills acquisitions.

Building knowledge will save you when a lot of stress and what have you, and I hope newbies will understand that it is your knowledge that equals your result I'm investment and business line.

Sandra_hakeem

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Well well then,....
Some peeps normally think Thier moneys could preserve themselves or atleast buy them time to learn different ideas, in the midst of this whole systematic protocols, no it doesn't.... you're simply gonna lose them to some crazily- oriented hooddudes out there...cus why? That's what any cladpoll deserves... lol
C'monnnn, you need to learn to earnnn... How else could that be said coloquially ?? Huh? The problems that we've been having everyday in here -- when someone is up to explain that he's lost his cold wallet, or that she wasn't able to Access them wallet so she posted them seed phrase over the web if they could be any help? ...and she could eventually have had like say -- $10,000 worth init?? .... LEARN YOUR ASSES UP FIRST!!

Sandra 🧑‍🦰

Woodie

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It's just fair enough to ourselves that we don't jump on the Bitcoin train blind just because everyone is talking about it and don't want to FOMO, let's try to be smart about this by getting the right knowledge to navigate our way around these hurdles and know how to protect our coins from mistakes of sending to the wrong person, failing to have a wallet backup and possibly prevent hackers from gaining unauthorised access to our crypto coins.

Quote from: Issa56 on March 06, 2023, 10:22:10 AM

I see no reason why you should invest in bitcoin when you don't have basic knowledge about it

Agree, without the right knowledge if you lose coins all you will do is blame others which should have been your responsibility and everyone owes themselves this opportunity to learn before actual usage.

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Quote from: Issa56 on March 06, 2023, 10:22:10 AM

I see no reason why you should invest in bitcoin when you don't have basic knowledge about it, if you don't have any knowledge about bitcoin, I will advice you not to invest in it, and if you really want to invest, then you should go and learn about it, anybody that's a professional today started as a beginner. If you just hear people talking about bitcoin and you think you can just jump into it, don't be suprise you are going to jump out of it because you might endup losing all your money.

Making bitcoin investments without any knowledge will be very dangerous. The intention is to have more profit than bitcoin, but not knowing how to do it and only having courage, it will not be good. As a layman, you need to know what you need to learn to start investing in bitcoin. Usually people who want to invest in bitcoin will have a good reason and they start learning it gradually. Entering without knowledge is like seeing in the dark. Bitcoin or crypto has no insurance and no one will be responsible for the loss of money experienced, all at your own risk.

salad daging

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I think it's important before we get into any investment, we have to have knowledge first, don't just rely on it because we want to see other people succeed, while we ourselves don't understand how bitcoin works and its decline.

I always say when a novice comes to me about investing in bitcoin, he must understand the basics when everyone understands then he can make whatever investment he wants even though it's easy just buying bitcoin and holding but I think that's not enough we have to have fundamentals first so that when the bitcoin market price is uncertain at least he doesn't panic and just sell it, so the term knowledge at the beginning is very important.

Topic: Before you buy your first bitcoin take note (Read 425 times)