Topic: Bitcoin kwoledge is not complete without bitcoin investment - page 10. (Read 3427 times)

First off, not everyone can tell relevant from irrelevant information. Its real! An understanding of human nature shows that some people store information without using it. As you noted, knowledge without context is useless. Undiscerning knowledge is like a ship without a compass. While you're right that builders may not gain directly from studying the earth's crust, theres a distinction between superficial and in-depth knowledge. It boils down to knowing your urgent needs. Knowledge and wisdom must be linked. Only then can one efficiently navigate the massive information sea.

Second, you were right about the geologist-engineer distinction. Its about finding the correct knowledge for your needs, not collecting it all. Wisdom is needed to filter and use knowledge at the correct time. This must be understood. Knowledge is powerful, but wisdom? Wisdom is the key to wielding that power appropriately.

Not just knowledge my guy, you also should be able to acquire wisdom and tact so you know what to take in and what not to take in, knowledge is a hit or miss for everyone although they are all knowledge, that doesn't mean that it's going to help you if you have a knowledge on that. For example, if your work focuses mainly on building stuff, you benefit from acquiring knowledge on engineering, masonry, equipment maintenance or mechanisms of machines but the knowledge of how the earth's crust forms or how continents are made doesn't benefit you, but in a geologist standpoint, they will benefit from that but not on the knowledge about engineering so knowledge combined with wisdom is the best thing.
Yes, you are right but experience helps you learn more because without the experience, knowledge will just be entirely theoretical and with no way of feeling and experiencing it for yourself, your knowledge of bitcoin will just be incomplete. Regarding difficulty in finding a way to buy bitcoin, remember that when people are restrained, they will always find a way to get out of that restraint. But if you really don't have the money to buy any bitcoin then that's a different story because it's now all about survival not living.

It isn't necessary to know all about bitcoin before you're buying but some knowledge's essential. You'll have an idea for market upturns by checking recent history to educate yourself. I wouldn't recommend buying unless you know what you're doing or else you could lose your coins if you don't know how to store them or when to sell so education's vital.

We can still learn a lot about Bitcoin and don't need to buy it.
Remember in many poor regions, it is still very difficult to buy Bitcoin because due to lack of regulation and less standards like from gold. At all, we should educate us first.
Bitcoin requires a degree of knowledge, too.

To summarize what both of you have just said about having all the knowledge but not using the knowledge to achieve some security in the nearest future due to not investing, is because the lack faith and believe in bitcoin that it can become a safe haven in the future to come. Having the knowledge of what you don't have faith and trust in, will make that person take some opportunities for granted, because there is no way that you know that bitcoin is a treasure and believe so that you wouldn't start investing to know how the treasure looks like. Being to familiar with something and you don't put it in practice, will make you not to see the benefit that it has. This is the same with bitcoin.

Being a jujtsu black belt doesn't necessarily implies kicking asses to people honking at you at traffic lights : it will help you to manage dangerous situations, avoid or deescalate them; will give you an advantage in identifying a threat moments before it materializes giving you an advantage.
Same applies in my opinion to bitcoin knowledge, you should know the matter you are dealing about and will avoid getting into messing situations.
I'm surrounded by a significant number of people who tell me about their investments in btc but once I ask some detailed questions ( like what Btc wallet do you use, where do you store your Btc or even how many Btc you bought) I discover they think they are invested in Btc whilst they only provided their money to organizations/project/societies who claim to incest their money in Bitcoin for a nice profit return ( in short words they are all victims of Ponzis).

Having proper knowledge will prevent you from losing money, will make you understand the idea behind Satoshi's creation and will let you recognize and seize right opportunity the day it presents itself to you.

I think we all need knowledge till death. Acquiring knowledge is not wrong at all, be it for any job. You continue to acquire knowledge as much as you can and trust that it will come in handy later on. There is no harm in learning exactly what Bitcoin is when you can. But if you want to invest in Bitcoin then you can do it with common knowledge first.Then you will know bitcoin and you can gain knowledge of Bitcoin from your investment. You will never find the right path if you don't make mistakes. So invest small amount first and catch your mistake.

Permit me to also say this that it is better nit to make an investment without having the knowledge first because the lack in knowing what to do and how to do it will eventually make one loose his financial assets anytime, so our first security asset is the level of the understanding we have with bitcoin, when we know what we do in bitcoin, no one will be able to control us or try to deceive us from the truth and use that against us to scam us by stealing our asset from us.

This knowledge is what should be soughted for each day of our lives because there are new discoveries about security practice against new scam techniques, we have to stay informed and also study the market well for our profitable investment.

Man can never complete his knowledge about a particular subject. No matter how much we know about a subject, there will always be some mistakes about it. OP mentioned here that investment knowledge is not complete without investing in Bitcoin ie he did not mention here that investment knowledge is not complete without investing in Bitcoin. There is a substantial difference between complete and complete. If everything was filled with theory knowledge then I don't think there would be any need to do any of the subjects practically. No matter how much theoretical knowledge you have, if you don't have practical knowledge, you will be undervalued in all fields. In technical sites, practical work is given more priority. It's not how you do in exams that matters, it's how you do the work that matters most. There is no rush when it comes to investing in Bitcoin, take your time slowly and try to gain knowledge about Bitcoin investing. As much as theoretical knowledge about investment is gained, an investor has to convert that theoretical knowledge practically only then an investor can gain complete knowledge about investment.

I'd say it's tied to personal circumstances. Some investors find they're comfortable putting a share of their money in cryptos. If they don't want to because they don't want to risk or can't digest losses they shouldn't. I don't have financial knowledge so won't say your plan's good or wrong. I don't know what's a best part of income ppl should invest but if they're investing while saving they'll be able to face off bad days if cash's needed unexpectedly.

Any knowledge that is not used or used in life will remain useless and that person is no different from someone who doesn't know about Bitcoin. What you say is actually quite correct for those who already know about Bitcoin but are still afraid to buy Bitcoin or keep Bitcoin as their own investment.

It will be a big loss for those who already know about Bitcoin but don't want to have Bitcoin as an investment for their own future, because opportunities that are not used properly after having more knowledge will be a waste for anyone. So knowledge will be useful when someone wants to use it for themselves and it will be much better if someone wants to tell other people about Bitcoin even though other people don't necessarily want to accept that knowledge.

That is quite true, because knowledge that is not used will also become very dull over time and will never be useful at all, so the application of knowledge really needs to be done to prove to many people that knowledge about Bitcoin is indeed good for many people to learn. Because the main thing that other people will judge about knowledge is its benefits and also the results that can be obtained from that knowledge so that other people will not think that knowledge about Bitcoin is just useless.

Knowledge, or having a lot of knowledge but not making a profit or not being able to feed us or help us have a better life is also useless. So, knowing about bitcoin will not make us better than anyone else if we do not invest in it and do not get positive results from it.

People won't care how highly educated you are, how talented you are, how hard you try. What people will look to you to judge is the results you achieve. But to get good results, knowledge needs to be used and applied, otherwise a pile of empty knowledge will become useless.

The initial definition of the strategy simplifies many aspects that will concern your investments. If you initially know that you are buying Bitcoin for the long term and will hold it no matter what happens, this makes your plan clear. Next, you just have to determine when you will start buying and how you will do it, and price when you will stop buy.

It seems to me that a clear understanding at the very beginning is already half the battle, then everything will depend on the investor’s discipline. Knowledge is also important, because before you start investing, you must thoroughly study the asset in which you are going to invest money, a strategy without knowledge will not work.

Yeah. It doesn't make a single sense knowing about Bitcoin and not actually holding it. It will only amount to having a head knowledge and not having hand on experience.
Knowledge is power, but knowledge not put to practice is a useless.

Yes, your investment knowledge is profound. Investment is a commitment, not a transaction. The confidence that your capital will expand and your investment will pay off. Your supermarket comparison of understanding accounting and expecting free things is undisputed. Investment requires money, otherwise knowledge is meaningless rhetoric.

Regarding Bitcoin, your point is solid. Waiting for complete knowledge before acting hinders success. Bitcoin's value fluctuates, and no book can prepare you for its emotional impact. Certain human traits only appear when money is at risk. Experience is the key here. True education comes from holding, seeing the price fluctuate, and spending sleepless nights wondering if you made the proper option. Replicating it is impossible. As you said, understanding Bitcoin involves starting small, following the DCA technique, and learning on the go.

I disagree with you on this oprichuckwu that the knowledge you are gaining is an investment. Investment means when you put money (capital) with the hope to get profit OR you put in money so that the money can increase over time. There is no way you can go to the supermarket and say that because you understand accounting, that you will be given whatever that you want for free. Without money one cannot invest.

Bitcoin is an investment that you don't need too much before you can invest into it. You can even start with as low as $5 to invest, and what I know is that you don't need to know so much about bitcoin before investing. There are such knowledge that are better learnt through experience and not theory, because nobody will teach you how to control your emotions on bitcoin price movement.  If you believe in bitcoin and you have the basic knowledge of bitcoin, then I don't see what will deprive you from investing with very small amount in what you believe that has the possibility giving you a retirement funds in future.

It is people that don't have the insight of  what Bitcoin will be in future that wouldn't take the advantage to start investing in bitcoin early and they are waiting till they have so much on them before they can buy bitcoin or till when they have understand everything about bitcoin before investing. It is better to invest right away and learn the rest aspect of bitcoin during your accumulating period. DCA strategy is well known as the most efficient method one can use to increase his bitcoin bit by bit.

When you only know the theorical aspect alone, you wouldn't see the challenges and risk in bitcoin investment as a hodler. It is just like someone that says he can drive a car because he knows the theory but hasn't put it into practice, and says he is a good driver. There are some knowledge that a newbie who bought bitcoin will have, and someone that has all the theory knowledge will never have

To know about Bitcoin is either to have it to trade or as an investment then this is a prove that someone really knows  about bitcoin.  The way we trade bitcoin or invest in bitcoin can also tell if one really understands bitcoin. I so much agree with OP that bitcoin knowledge is incomplete without investment. We all learn from the Market every day, and I think the way the market is going it is quite different from how it has been before now, their is a lot that can be learnt from today's market, this knowledge can be derived from having bitcoin. Experience in investing bitcoin is a way of having knowledge in bitcoin.

If their is no bitcoin to invest I don't think their will be any relationship for someone to do with bitcoin, investing bitcoin is the beginning of having knowledge about bitcoin.

We need to understand the subject we read about. Memorization will not stay in your knowledge for long but when you can understand something you will remember it for the rest of your life. If we learn investing by heart and don't put it into practice, after a few months we'll find that we've forgotten everything we learned about investing by heart. I always follow the principle that I will learn less every day but never forget the amount I learn. There is no point in laboriously memorizing everything about investing in a day if we can't put that knowledge to work. Let's acquire a little idea about investing and invest in Bitcoin with that idea, when the idea matches our investment style, we should know that our knowledge is fully acquired. Even if we acquire little knowledge, we have to use that knowledge. If every day we get a little idea about investment and make that idea into reality, then one day we will see that we have got a complete idea about investment.

Just because some people over do it, does not mean that a lot of people should not be getting started investing into bitcoin, even if they take a real small proportion of their income and/or their investment portfolio.

sometimes people can get confused by all or nothing ideas, and surely there are not too many people who are going to be in a position to go 100% into bitcoin, unless maybe they are earning in bitcoin so they just convert to dollars whenever they need to buy something, but an overwhelming majority of people problably should be keeping most of their money in dollars.. at least the part to cover their expenses, and then the BIGGER questions would end up revolving around allocation size into bitcoin that will depend on personal circumstances, whether they are able to do 1% to 25% of their income might depend on how much are their monthly expenses, so if a person is able to cover all monthly expenses with 75% of their income and even retain some emergency funds that cover 3-6 months of their expenses in cash, then maybe they would then be able to invest up to 25% into bitcoin.. but surely most people even have trouble saving and/or investing 10% of their income, even historically, that was the rate that I always tried to do for myself even during my lowewr income earning years.

@Ruttoshi, I think I agree with you on this, studying about something that involve about you reading about the thing on various places, thread and white paper of that particular thing, those information will enlighten our knowledge about that thing but what will make it more understandable is if we can put those knowledge into practice that’s getting our self involve in how those things works for better understanding which can make us when passing the knowledge to others we can do it base on experience.

Buying bitcoin checking how the transaction works, how the price moves and how secured it appears to be will really make the knowledge compete, I quite agree with you on this OP, there are also more things which we can actually learn from partaking on the investment part of bitcoin which we can’t just get those knowledge by reading through books.