Bitcoin for newbies like me - page 3.

Ojima-ojo

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Quote from: GeorgeJohn on April 29, 2024, 01:19:26 PM

Actually you are making a point from your article but the thing is that sometimes majority of people who is into cryptocurrency investment or bitcoin investment is not supposed to obtain or adhere to any information that she online it is better and Wise for anyone who come him into cryptocurrency investment to make it on research without depending on research of anyone before investment, I'm not talking to you as a beginner but I am talking to you based on my observations towards investment because there is every tendency that you are already existing in this platform before now because your point you made is not actually want of beginners because you have the experience.

Good advice, doing your own research and depending on your knowledge and not the advice of others most especially random online forks is a risk, that is why we have to accept the fact that before investing in bitcoin both for long term or short term base is best to invest more of that time in research and gaining knowledge about how the market works and what are the way to reduce the risk that come along with bitcoin investment.

Bitcoin as an investment and asset need to be studied by the investors so that they can make informed decisions along the lines.

Alphakilo

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Quote from: GiftedMAN on April 29, 2024, 09:00:19 AM

Op, don't forget to get knowledge first before embarking on Bitcoin investments or any other investment else you will end up gambling with your funds, remember to always invest with your spare money because Bitcoin investment is not like Ponzi scheme where you invest today and expect to make ×5 of your investment capital.

Knowledge of bitcoin or any other investments fortifies the individual to be confident about their investments. In the hierarchy of things knowledge comes first then, investments and then diversification. And getting knowledge is so easy in today's world that we have no excuse for making a bad investment decision.

Quote

Always do your own research and don't believe every information you see on the Internet because the media has always been against the progress of Bitcoin, remember to keep your seed phrase as a secret there should be no room for a third party to your seed phrase.

Absolutely right. The internet is full of lies and very deceptive people who want you to invest in their projects or whatever. And as soon as the individual does, their whole investments are wiped out. Anyone who does their own research will easily spot the lies and see a patter thereby avoiding a costly mistake.

kentrolla

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I do see you have covered some points and other forum members have added further like El Salvador's legalization of Bitcoin. But the most important thing which is basic of Bitcoin is people should know why it was created ? It was created for decentralized P2P transfer without any third party's involvement be it bank or financial institutes but not it has been used as a mere investment scheme hence educating newbies on basics will be important.

GeorgeJohn

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Actually you are making a point from your article but the thing is that sometimes majority of people who is into cryptocurrency investment or bitcoin investment is not supposed to obtain or adhere to any information that she online it is better and Wise for anyone who come him into cryptocurrency investment to make it on research without depending on research of anyone before investment, I'm not talking to you as a beginner but I am talking to you based on my observations towards investment because there is every tendency that you are already existing in this platform before now because your point you made is not actually want of beginners because you have the experience.

Asuspawer09

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Quote from: IceLincoln on April 29, 2024, 08:33:01 AM

For those of us who are new to the world of Bitcoin and cryptocurrency ;

Bitcoin offers a new and improved way of transaction and before getting into it, you should keep your self highly informed

Before going into bitcoin what you should know:
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.
2. You should know that bitcoin transactions are irreversible once confirmed unless the receiver decides to send it back.
3. The Price of bitcoin is unpredictable though certain conditions, news and information when utilized well can help u make proper predictions
4. You should know that despite bitcoin not been any countries currency, some countries might still attach tax and other commissions.
5. Bitcoin transactions are recorded in a ledger known as Blockchain and its made public to users, as such lies can’t be told Concerning a transactions.

The more experienced members should share or add more informations concerning bitcoin on this.

I mean this was really necessary for a lot of new traders for sure to have some knowledge before even starting doing invest in cryptocurrency, you don't really want to put money on something that you don't really have any idea right, it would actually going to be a huge disaster for sure if your going to do that and your end up losing a huge amount of money in the end. Knowing what is Bitcoin is probably going to be the basics, then learn about the wallet, and the whole cryptocurrency space if possible, then you could proceed probably on how you are going to trade, or profit on your trading, like analysis, prediction, etc.

Your lucky actually you are here in the forum, there you go you anything that you don't have any idea just ask it here in the forum, a lot of experience members are here in the forum that could easily help you with your problem and issue about cryptocurrency, your not going to have any issues for sure, learn form other mistakes.

Marykeller

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Quote from: GiftedMAN on April 29, 2024, 09:00:19 AM

Op, don't forget to get knowledge first before embarking on Bitcoin investments or any other investment else you will end up gambling with your funds, remember to always invest with your spare money because Bitcoin investment is not like Ponzi scheme where you invest today and expect to make ×5 of your investment capital. Always do your own research and don't believe every information you see on the Internet because the media has always been against the progress of Bitcoin, remember to keep your seed phrase as a secret there should be no room for a third party to your seed phrase.

In addition, bitcoin can be used as a store of value and as an investment tool. Don't Invest in bitcoin with the belief that it will make you rich in the short term. Invest because you believe in the future of digital currency that it is better to have your assets or money stored in bitcoin than have it kept in the bank, that it will lose value over time.

Lida93

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Quote from: IceLincoln on April 29, 2024, 08:33:01 AM

The more experienced members should share or add more informations concerning bitcoin on this.

1. Bitcoin is not a get rich quick financial investment. In other words, it's not a ponzi scheme that newbie investors should be expecting to make profit so short.

2. As a newbie try to eliminate greed if you will want to stay long and profitable in this industry. Scammer prey easily on greedy investors as they are easily caught up in the net of scammers when out of greed they jump into an offer that is too good to be true. Example: (offers that promises a 100% ROI).

3. Avoid free money. There's no free money anywhere in this crypto space, it's either you render a service for money you earn or you execute a task or in anyway worked for it. A lot of persons has lost the little sum they had in pursuit for free money online, don't add to the number as a newbie. Etc.

Stay safe

Lucius

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Quote from: hd49728 on April 29, 2024, 09:00:59 AM

There are two nations where Bitcoin is legal tender and El Salvador is one of them. Another country is Central African Republic.
~snip~

It seems that a lot of people think that Bitcoin is legal tender in the CAR, but that idea has long ceased to be a reality, which is not surprising considering the economic/financial state of that country.

Quote from: GiftedMAN on April 29, 2024, 09:00:19 AM

Op, don't forget to get knowledge first before embarking on Bitcoin investments or any other investment else you will end up gambling with your funds...

This is certainly one of the best pieces of advice that can be given to any beginner. First, you need to familiarize yourself with what you are going to invest in, only then start with small amounts, and of course never invest more than you can afford to lose.

IceLincoln

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Quote from: Upgrade00 on April 29, 2024, 08:40:56 AM

One small correction is that Bitcoin is the currency of El Salvador at the moment, so at least one country uses it as a legal tender.

This doesn't however matter much cause Bitcoin does not need legal approval from governments to function and those taxing it see it as an asset or a commodity.

Ohh thank you Sir, I probably didn’t know about it, that’s why we get to learn everyday.
Now I’ve read about it, there’s also Central African Republic. Thanks for your input.

Upgrade00

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Quote from: hd49728 on April 29, 2024, 09:00:59 AM

Not all citizens in a country where Bitcoin legal tender, feel happy if other citizens use Bitcoin as a payment method. They have to accept it because of legal tender status but they can feel unhappy if they are not ready to hold bitcoin for a while, can not bear on chain transaction fee and some other things.

Businesses want to maximize profits however the cash flow is coming in. They can set up a payment processor, converting Bitcoin to fiat immediately the payment is made. This is what most businesses, which do not want to hold Bitcoin but still want to give a option to those who use it, do.

My reservation with El Salvador is the citizens being forced to use a particular service to use Bitcoin. That's not the freedom Bitcoin is about.

hd49728

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Quote from: Upgrade00 on April 29, 2024, 08:40:56 AM

One small correction is that Bitcoin is the currency of El Salvador at the moment, so at least one country uses it as a legal tender.

There are two nations where Bitcoin is legal tender and El Salvador is one of them. Another country is Central African Republic.

https://coinmarketcap.com/legal-tender-countries/

Not all citizens in a country where Bitcoin legal tender, feel happy if other citizens use Bitcoin as a payment method. They have to accept it because of legal tender status but they can feel unhappy if they are not ready to hold bitcoin for a while, can not bear on chain transaction fee and some other things.

Only citizens who are Bitcoin investors can feel more comfortable and happy with Bitcoin legal tender status in their country.

GiftedMAN

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Op, don't forget to get knowledge first before embarking on Bitcoin investments or any other investment else you will end up gambling with your funds, remember to always invest with your spare money because Bitcoin investment is not like Ponzi scheme where you invest today and expect to make ×5 of your investment capital. Always do your own research and don't believe every information you see on the Internet because the media has always been against the progress of Bitcoin, remember to keep your seed phrase as a secret there should be no room for a third party to your seed phrase.

Upgrade00

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One small correction is that Bitcoin is the currency of El Salvador at the moment, so at least one country uses it as a legal tender.

This doesn't however matter much cause Bitcoin does not need legal approval from governments to function and those taxing it see it as an asset or a commodity.

IceLincoln

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Activity: 98

Merit: 8

For those of us who are new to the world of Bitcoin and cryptocurrency ;

Bitcoin offers a new and improved way of transaction and before getting into it, you should keep your self highly informed

Before going into bitcoin what you should know:
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.
2. You should know that bitcoin transactions are irreversible once confirmed unless the receiver decides to send it back.
3. The Price of bitcoin is unpredictable though certain conditions, news and information when utilized well can help u make proper predictions
4. You should know that despite bitcoin not been any countries currency, some countries might still attach tax and other commissions.
5. Bitcoin transactions are recorded in a ledger known as Blockchain and its made public to users, as such lies can’t be told Concerning a transactions.

The more experienced members should share or add more informations concerning bitcoin on this.

Topic: Bitcoin for newbies like me - page 3. (Read 517 times)