Before you buy your first bitcoin take note - page 3.

HajiBagi

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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.

The most crucial thing for a beginner to understand is that, It would be beneficial if someone understood or did more research on bitcoin before purchasing it, As an illustration, one of my friends who was introduced to bitcoin before me was overjoyed when the person who did so mentioned that it would be profitable for him to buy,The person who introduced him was a friend from online (social media), and he chose not to discuss it with me. Along the way, he used his school fees to purchase bitcoin without my knowledge, along the way to buy bitcoin without doing any research into it, and he was ultimately duped, I suggest that as a newbie, you don't try to play the clever card; instead, question and learn about bitcoin before you put yourself through the process.

Ojima-ojo

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Quote from: Outhue on March 04, 2023, 01:14:08 PM

The set of people that don't want to read anything about bitcoin is those that use other people for the investment hassle instead.

They are the type that will beg you to help them buy Bitcoin instead of doing it themselves, trust me, no one buys Bitcoin without knowing what it actually is, at least, some part must be understood.

Buying Bitcoin is taking responsibility, for your hard-earned money.

Not taking responsibility only happens when you want someone else to do it for you, meaning, you will escape from the hassle of doing research and readings yourself, which still puts you in the dark.

Those set of investors are those you should avoid totally since their lack the basic knowledge to understand the popularity of Bitcoin investment and at that, they already build a predetermined mindset and formed an ideology of taking Bitcoin as a get-rich-quick scheme without making any efforts to know how bitcoin will make them rich.

Those are the set of investors this thread is also pointing to because they believe some the have the capital to invest, which is final and as long as they can lay their hands on Bitcoin they become instant millionaires, this has bred frustration I'm the long run when the market doesn't go their way.

Rruchi man

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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.

Outhue

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The set of people that don't want to read anything about bitcoin are those that use other people for the investment hassle instead.

They are the type that will beg you to help them buy Bitcoin instead of doing it themselves, trust me, no one buy Bitcoin without knowing what it actually is, at least, some part must be understood.

Buying Bitcoin is taking responsibility, of your hard-earned money.

Not taking responsibility only happens when you want someone else to do it for you, meaning, you will escape from the hassle of doing research and readings yourself, which still puts you in the dark.

drwhobox

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Quote from: SOKO-DEKE on March 04, 2023, 08:23:45 AM

The truth is that many newbies who want to invest in bitcoin these days are simply desperate to buy bitcoin because of the profits they hear about people are making from it, with proper understanding. As a result, they just want to get their hands on bitcoin without learning anything about it, but I bet those newcomers won't ever feel secure with their Bitcoin investment. Therefore, prior to investing your money, it is always essential to do your research properly because if you don't, you'll likely lose it 95% of the time.let know that knowledge is the key to any successful investment.

They buy bitcoin by hearing the profitable side of bitcoin but they don't know the struggle behind these profits. Newbies or any other person who is relatively new in the crypto industry are unaware of the losses from many mistakes. I think some of these storytellers are just lucky to make huge profits from bitcoin investment or they just made a few trades and got out with a profit and told the story of their success.

Getmon

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Before beginning an investment, it is critical to comprehend what bitcoin is all about. How to store it safely is another crucial issue that must be addressed. We all came to the realization that we do not own our bitcoins if we do not hold the keys after FTX closed down recently. The best way to own bitcoins is by following these methods. However, from what I have observed, many individuals are scammed before understanding the fundamentals of bitcoin. We must acquire the fundamentals, regardless of whether someone is in it solely for profit or for the long term.

Shamm

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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.

These are the reality and yes there are many people who experience bad happenings during thier first-time in crypto and the common issue here is that they don't have enough knowledge ca once you are in crypto world or in investing stage and you don't have enough knowledge then greediness will take over in your mind so the best thing to do is you need to further your knowledge before going to invest in order to have a good results.

Chilwell

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Here are some of the tips

1. Thorough research: Before investing large sums of money, spend more time learning about bitcoin. The amount of time you spend depends on your ability to grap the knowledge; investing is not the issue; knowing where your money is going. Everything moves slowly at first.

2. Resist 'fear of missing out': it is better to miss out than lossing all your money, the resistance I mean is you will heard about a coins, unfortunately the coin is doing well, don't rush for it first, knowing it is most important thing.

3. Put in no more than you can afford to lose: So many investment opportunities are dangerous than cryptocurrency. Except for volatility, nothing is guaranteed. Furthermore, for most instances, it is uncontrolled.

I have to stop here because this is what I can said now for my level. I will like to learn more if anyone can help, and if there is any I have left out please include it.

Taskford

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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.

Doan9269

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It has been something common that we found with people after getting introduced to bitcoin the next thing they do is to find a means of starting thinking the earlier the start the better and quicker the chance of making money fast, the reason we insist on telling people that bitcoin is not a quick or fast money making scheme as they had thought, when they clearly understand this, they will know that bitcoin being a currency can also provide them the advantage to make and earn money but not on a rush because it's volatile, they need to understand how their asset can be free from getting hacked or scammed, they needed to know why they should hodl and when to do that.

Jawhead999

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

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.

I don't think Bitcoin enthusiast either new or experienced need to analyze the current condition if they're only want to invest Bitcoin, because they can just DCA without need to look when the right time to buy Bitcoin. As for inability to protect their own wallet, it's really stupid if they did that mistake because when they want to create a new wallet, there's a warning message where the seeds/private keys shouldn't be shared to anyone else.

Jon_Hodl

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There's got to be an easier way for noobs to get onboard without having to jump through a bunch of hoops.

I think just a mobile wallet with seed phrase written on standard paper (or waterproof paper) is good to get your first $100 of sats and learn how to receive, send, and maybe a few other things while they spend the time to learn how to truly secure their seed phrase and use more technical wallets. Nostr and Stacker news are making it easy to earn tiny amounts of sats via the LN but that comes with a whole different set of challenges.

What do you all think is the best way to get new users onboarded with the least amount of risk but also to get them to control their own private keys?

SOKO-DEKE

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The truth is that many newbies who want to invest in bitcoin these days are simply desperate to buy bitcoin because of the profits they hear about people are making from it, with proper understanding. As a result, they just want to get their hands on bitcoin without learning anything about it, but I bet those newcomers won't ever feel secure with their Bitcoin investment. Therefore, prior to investing your money, it is always essential to do your research properly because if you don't, you'll likely lose it 95% of the time.let know that knowledge is the key to any successful investment.

EarnOnVictor

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Bitcoin is a very good asset to behold, one could invest in it or trade it. Whichever the person would opt for, it's good to have good knowledge about it to avoid losing or time wasting.

I highly recommend the noncustodial and open source wallets for those that would hold it, in which "Electrum" is a very good one.

A good article to read to get acquainted with is also here: Forbes guide and links

cryptoaddictchie

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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.

Ojima-ojo

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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.

Topic: Before you buy your first bitcoin take note - page 3. (Read 414 times)