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.

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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.

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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.

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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.

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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.

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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.

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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.

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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".

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Quote from: Husires on March 06, 2023, 08:59:10 AM

Knowing what you want to invest in, the disadvantages and disadvantages, and how to develop your investment plan is the basis for success. Therefore, without it, the possibility of loss is possible, but do not let fear discourage you too much. I know people who have heard about Bitcoin and have not invested in it since 2013, for nothing but their fear, while some of them bought Rolex watches and bought Boats for unnecessary reasons.

because indeed in the media we can read and hear how negative news is being spread. it gives the effect of doubt and fear to invest in Bitcoin, even though you have known it for a long time.
some that I know, they are brave enough to follow to invest in Bitcoin. but they are not too strong to hold and make a strong investment planning.
when there is a small pump and make a small profit, immediately they panic and sell Bitcoins and hope to wait for the dump to come soon so they can buy more at a cheaper price.

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Knowing what you want to invest in, the disadvantages and disadvantages, and how to develop your investment plan is the basis for success. Therefore, without it, the possibility of loss is possible, but do not let fear discourage you too much. I know people who have heard about Bitcoin and have not invested in it since 2013, for nothing but their fear, while some of them bought Rolex watches and bought Boats for unnecessary reasons.

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Quote from: bounceback on March 05, 2023, 08:20:55 PM

Knowledge and understanding is of course a very important foundation when we want to do something new like when we want to invest in bitcoin because if we do it without having knowledge then there is no guarantee we will succeed in investing with bitcoin moreover basically bitcoin is a high risk asset even the security is vulnerable against hacking if we cannot protect the wallet in the right way, so far we often encounter many beginners who rush to buy bitcoin or other coins but in the end have to accept losses caused by their own negligence.

Generally beginners are constrained by many things about bitcoin including how to use it ^{[buy, sell, send, receive and secure it]} when they don't have much knowledge. Of course they have to know many things before investing, even before they buy bitcoin - IMO the best advice is to choose a secure wallet.

Some other suggestions that are worthy of being a beginner's guide are as follows: Getting started with Bitcoin

Beginners should not buy bitcoin without knowing what bitcoin are, how they are used, know how the market for bitcoin works and so on. So yes, they have to learn.

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

(....)
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.

This is the most common mistake by people who intent to buy their first bitcoin, they bought Bitcoin because they are being told by other people or they saw someone buying also without doing their own research, like without even knowing how Bitcoin works or what bitcoin really is.

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Knowledge and understanding is of course a very important foundation when we want to do something new like when we want to invest in bitcoin because if we do it without having knowledge then there is no guarantee we will succeed in investing with bitcoin moreover basically bitcoin is a high risk asset even the security is vulnerable against hacking if we cannot protect the wallet in the right way, so far we often encounter many beginners who rush to buy bitcoin or other coins but in the end have to accept losses caused by their own negligence.

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

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's true and part of this is investing what you can afford to lose, 9 out of 10 newbies I encountered who invested in Bitcoin, invested because of the promised profit, and the future price of Bitcoin, they did not consider that they can have their money locked for many months or even years.
Investing in Bitcoin is because you understand the concept and you are really using it as intended not just to HODL it, use it to buy stuff and pay for services, send gifts, and receive gifts through the use of Bitcoin.

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Have you think or know about those people who venture into bitcoin when people were cashing out making all sort of noise all over the internet?
Yes, There were sometimes when people were serious buying bitcoin thinking it would get $100k so that they could become millionaire overnight without them doing some proper analysis are still those people that came on air to say they lost their investment, calling bitcoin all such of names because they couldn't study the market very well.
Although many invested because they want to hold for long and some of having little knowledge becus, they don't have all time to come reading and being active just like you and I, to tell you the truth what makes most of us are being this active on bitcoin are the connection that connects people around this forum, lest say this forum weren't here do you think you could be this dedicated to bitcoin?

The answer is simply No, because you have the access and free time accessing through this forum is what mostly giving passion on bitcoin.

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

HAVE KNOWLEDGE FIRST BEFORE YOU BUY BITCOIN

It is perfectly correct. Never think to buy or invest in Bitcoin if you have no sufficient knowledge. Investing in Bitcoin is a high risk, we only waste money if we invest without a good understanding of it and know well crypto market. Nowadays, I assume most newbies are aware of the importance of learning first about Bitcoin and crypto market. There are already many cases of losing huge money because of investing in Bitcoin carelessly. As long as the newbies want to learn carefully about Bitcoin and they don't invest in a hurry, I think they will prioritize having knowledge first before buying Bitcoin.

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

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.

It is essential to have sufficient knowledge before embarking on any investment. It provides a detailed blueprint for achieving large returns on investment. With proper knowledge, you will be aware of the do's and don'ts in the entire investment. This isn't limited to bitcoin or the world of cryptography. This also applies to any investment or business venture that you intend to profit from outside cryptocurrency.

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.

Most altcoins are already dubbed "shitcoins," and they will cease to exist in the long run. A newbie with no knowledge of cryptocurrency could easily fall victim to this, but not the cryptocurrency world's masters. They say that waiting is dangerous, and that being patient is also beneficial, but I believe your favor will not pass you by; it is simply up to you to buy or not buy based on your instincts.

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

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.

Indeed, whatever the other factors, having enough knowledge about Bitcoin at first before investing is a very important thing to have. Knowledge, this is always very influencing in any cases. No matter how big and sure our desire is to invest in Bitcoin, if we still don't have enough knowledge, this will not be good. Because we really need an understanding of what Bitcoin is, what we invest in, what are the conditions, what are the risks, what are the right ways to be safe and accurate, and how can we really be able to get the results we expect. And there are many more benefits of understanding or knowledge needed before deciding to invest.

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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.

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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.

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 risk saving it on an exchange so get a trusted personal wallet.

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Unfortunately, at the present time, most of those who buy bitcoin are buying it for trade or investment only. Most of them do not know the features of bitcoin and do not believe in it as a decentralized peer-to-peer payment method. All they know about the history of bitcoin is that it has risen from cents to thousands of dollars.

They actually don't care to know much about Bitcoin, they only care when the price will go up.

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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.

If you don't have any knowledge, how can you buy bitcoin and know about non-custodial wallets to store your bitcoin? If you have no knowledge of bitcoin, do not read the history, and learn about the volatility of bitcoin, how can you have enough confidence to hold bitcoin for a long? You don't need to be a professional investor before investing, but at least a novice should have the basic knowledge.

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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.

Maus0728

legendary

Activity: 1904

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

HAVE KNOWLEDGE FIRST BEFORE YOU BUY BITCOIN

Yeah, because if you don't take precautions, there's a chance that you could experience something similar to what this guy^[1] went through, LOL. Imagine putting your hard-earned bitcoin into a wallet you don't own and ending up getting robbed by your friend because you have no idea about what private keys are.

That may be a made-up story, but the lesson is quite similar when people choose to store their assets on an exchange for long-term storage.

[1] https://bitcointalksearch.org/topic/education-is-the-key-but-knowledge-is-padlock-5442510

wajik-tempe

sr. member

Activity: 1022

Merit: 252

owning Bitcoin can be a lucrative investment, but it is not without risks. Therefore, it is vital to invest the time and effort required to gain knowledge and understanding before making any decisions. By doing so, you can enjoy the potential benefits of Bitcoin while minimizing your risks.
It is also important to note that Bitcoin and other cryptocurrencies are still relatively new and are subject to volatility and regulatory changes.

dansus021

copper member

Activity: 2156

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Part of AOBT - English Translator to Indonesia

Im gonna add more "There is no Instant Rich" from crypto especially but you can learn a lot and make yourself rich in the end. Bitcoin is just like other investments has a lot of pros and cons and of course, there is always "RISK". Invest with cold money meaning only invest that you can afford to lose, so when something goes wrong you are not at least broke hahaha.

Oneandpure

sr. member

Activity: 2100

Merit: 309

This necessary on anything when investing assets have more knowledge about investment worth or not, I think the same when investing in Bitcoin should have knowledge and important to know what is the best moment for investing. Many people nowadays seems hype and looking forward other signal when investing in Bitcoin.

Less research and not update about what news outside and will bad impact happening in Bitcoin or not? there are not worth with research and analyze with chart only without checking outside information update exactly with several economic world announcement will give positive or negative impact for Bitcoin when investing.

HajiBagi

sr. member

Activity: 714

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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

hero member

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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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Top-tier crypto casino and sportsbook

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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Activity: 686

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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

full member

Activity: 756

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- hello doctor who box

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

sr. member

Activity: 1400

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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

sr. member

Activity: 1148

Merit: 346

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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Activity: 728

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The Alliance Of Bitcointalk Translators - ENG>PID

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

hero member

Activity: 2520

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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

hero member

Activity: 812

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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

legendary

Activity: 1820

Merit: 1207

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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Activity: 246

Merit: 93

Humble Bitcoin Stacktivist

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

hero member

Activity: 840

Merit: 570

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

hero member

Activity: 826

Merit: 641

Leading Crypto Sports Betting & Casino Platform

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

legendary

Activity: 2268

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Fully Regulated Crypto Casino

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

hero member

Activity: 910

Merit: 507

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 (Read 411 times)