Bitcoin offers a new and improved way of transaction and before getting into it, you should keep your self highly informed
Most Newbies join cryptocurrency without really knowing much about it thinking it is something they can venture into without actually learning about it and make quick money from it, and that is the mistake they make which is why most of them lose a lot of money at that time. Because people make money from cryptocurrency doesn’t mean it is that easy, ask them how much knowledge they acquired before making money from it and you will understand it requires lots of time and effort. My advice for newbies is to not skip the learning process as it will come in handy for them and will help them in their journey.
1. You have to secure your wallet: it is very important you protect your funds and transactions. Bitcoin provides you with strong security measures when used correctly.
This is also an important step in the crypto world because scammers are everywhere looking around for victims who fail to secure their wallets properly. Wallet security is very important because they hold your crypto assets and without securing it properly you risk losing your assets and when lost you are not an investor anymore and your goal of profiting from your investment will end. Your crypto assets is the most valuable thing so securing where they are stored should be your first priority to keep it out of reach for scammers.
2. You should know that bitcoin transactions are irreversible once confirmed unless the receiver decides to send it back.
All these are things you know as you are learning about bitcoin and that’s why it is important to always double check the receiver’s address before making transactions. A single mistake will make you lose your coin and there is no way to recover them unless the recipient decides to send back as Op has stated.
3. The Price of bitcoin is unpredictable though certain conditions, news and information when utilized well can help u make proper predictions
To achieve this one needs to study alot about bitcoin to understand its behavior properly and the market movement and how the market gets manipulated at times. Bitcoin’s volatility makes it difficult to predict it movements but with a lot of studying you can actually get better at predicting it next movement.
In General one cannot escape learning and studying bitcoin if they truly want to succeed in cryptocurrency because alot need to be learned to increase the chances of success in crypto.