Topic: Bitcoin kwoledge is not complete without bitcoin investment - page 2. (Read 3424 times)

Of course you are right @JJG there are investors whom there main strategy is to Lump  sum whenever they see the Bitcoin price dip, so most of them that has good portfolio make sure to accumulate with a huge amount of money with the objective that after buying it and the Bitcoin price refuses to come back to there targeted dip they would be on a safer side because they have already invested a huge amount of money that could cover them for years.

And if perhaps sometimes in the future they feel the need to add more to there accumulation portfolio they could as well initiate the use of DCA until they feel is right for them to accumulate on lump sum again.

with such an upside asymmetric bet like bitcoin, it likely is not necessary to be in a mindset that attempts to maximize profits because bitcoin is going to end up giving options.. which surely is similar to the idea of profits, but not really the same as maximizing profits, but instead being directionally correct.. so if we are continuously accumulating bitcoin up until a point that we feel that we have enough, then we merely go into a kind of maintenance mode, and with each of those steps, it may or may not end up being maximum profits, but instead enough profits and enough options that your life has improved significantly by choosing and acting upon investing into bitcoin as compared to what it would have had been if you had not chosen to include bitcoin into your investment portfolio.


I doubt that those principles fit as well with the concept of crypto currency, because if you think about what is crypto currency, I have hardly any fucking clue about what it is.. but I know what bitcoin is and I don't really need to screw around with a bunch of shitcoins in order to create, follow and tweak from time to time my investment strategy with bitcoin.


Sure it is likely that bitcoin is going to continue to bring greater profits, but 1) there is no guarantee and 2) probably the best that you can do with someone who already has decided to invest in those other assets, which your list should have had included property too, probably amongst the best that you could do is to attempt to get them to add bitcoin into the mix of their assets rather than getting them to completely abandon those other assets, and sure then one of the questions would be how much to put into bitcoin and from which categories to take the investment.. not easy decisions. .but likely the best that you might be able to do is to get them to allocate a certain portion of their investment portfolio to bitcoin, and surely my own recommendation to newbies and even as a default starting point is to consider bitcoin to be 1% to 25% of the total portfolio, and they can adjust that later, but the starting point is pretty wide and also includes the idea that each of us is responsible for figuring out our own bitcoin allocation and most people are likely going to end up being better off by getting off of zero.. and figuring out something that they believe to be reasonable for them and their situation.


I agree that it can be quite involved to get someone started in bitcoin because in the beginning it might seem that they need a lot of hand-holding because frequently people do not necessarily know how to start an investment in a way that is not just lump summing in and then watching for the price to go up, which might work for some folks who get lucky, but it is not necessarily the correct approach, so their are a lot of people who don't really know how to invest and/or to manage their money in investment ways, and sure it might be good if they learn some things about bitcoin in particular too.. so it might take some people some time to either allocate their already existing investments into bitcoin or if they are new to investing to figure out a way to get started that makes sense and works on a kind of longer term time horizon.. even if there could also be some front loading (or lump summing) in the earlier stages.. it could still take  many years to build up a position and the earliest years are likely the most challenging to make sure that they figure out a comfortable path, and some of us who are already in bitcoin might be hesitant to involve ourselves in helping anyone into bitcoin who are outside of our more immediate family.


Just think about the various kinds of investors too.. There could be the kind of investor who lump sums and then just leaves the investment alone for 4 years or longer and then maybe reassesses after 4 years and at various points thereafter.  I do think that investor would be better to DCA after having had lump summed.. but it can cause a different dynamic if there might be ongoing investments for 4 years after having had lump summed in, and sure at various points there might be needs to reassess in terms of the size of the DCA and or whether to stop the DCA and just to let the investment ride or maybe stop the DCA and then just keep some sums for buying on dips from time to time. .. and surely those funds can come from ongoing cashflows since many folks may well be getting into BTC with an already existing cashflow, but they still might have some questions about whether to continue to DCA or to convert into something that might be buying on dips.


If you started buying bitcoin 2 years ago, right around the ATH, and if you bought around $100 per week, you would have invested right around $10,500, and you would have had accumulated right around 0.4181 BTC (which would be worth about $14,600 with current BTC prices).  So that would surely not be a bad place to be.. something like 39% in profits and not a bad amount of holdings.. but sure sometimes some of us might not be able to be consistent in how we are buying our BTC, but still somewhat consistency.. maybe not perfect consistency. but instead ongoing persistency could still have had put us into a pretty decent place right now, even if we started buying BTC at or around the most recent ATH from November 2021.

For the last point I actually don't really agree with what you said even though caution is important but who cares when we already run the strategy that is done then we have to run until the end no matter whether the price of bitcoin is high or at its lowest point because however some probability can occur in this case,
I once bought bitcoin at a high price of $60k 2 years ago but I have no regrets about that and with the decline that occurred because I still carry out my strategy by buying periodically even though it is in this case I need a few years to return in terms of value especially when bitcoin hits the price of $15k this year but it is actually a blessing when I buy periodically starting from when 2 years ago where it was the highest point I bought until now bitcoin at $15k which is also the lowest point of what I bought while in bitcoin.
I think for this it might be a lot of people who will definitely think my plan is crazy or something like that but when in the end there is a high confidence when I get a profit in the previous ath and as long as my bitcoin does not decrease (although it shrinks in fiat value) but I don't really care for now because the target is clearly a future that I believe will be brighter for bitcoin.

You can help someone very close to you to invest in bitcoin if he persist he must invest or after when you have introduced bitcoin to that person he accepts to invest. You don't need to deprive him from investing in bitcoin as long as you have told him that it should be a long term investment. For example, if your dad or mom has a reasonable amount of funds and they are interested to invest in asset like gold, bond and stock, if they accepts then why wouldn't you help them to invest when you know that bitcoin will bring better profit for them in the long run than other assets. After all, parents leave their businesses for their children to manage when they see that he is capable of running it to ease them from much stress. Apart from these set of people, it is not cool to help someone invest in bitcoin, to avoid their worries from the urge of profit.

JJG has already said it all that one only need the basic knowledge to get started, which is to know to buy bitcoin and prepare the amount that you will use for regular DCA that will not jeopardise with our other expenses. Lastly, is to make sure that you are investing for a long term so that you will be faced with less risk and all beginners who have plans to accumulate for more that four years and above don't need to worry about the market, so that he doesn't get distracted since he is new in the game.

if you have no proper knowledge about bitcoin or the market in general you might panic and pull out your holdings once the value decreases not knowing that that’s just how the market works you need to be patient to generate the maximum profit possible

everyone says to only invest what you can afford to lose and i agree but still it’ll be nice to learn the basics first regarding cryptocurrency and lessen the risks in investing

An overwhelming majority of early investors (those who just start) in bitcoin are  not going to learn how to send and receive prior to getting into bitcoin, and they are likely going to get price exposure through some third parties of some sort, so even though I personally believe that self-custody is important, it is not a prerequisite in terms of getting the fuck started..   Probably the most important thing to get started is just to make sure that you have enough cash, such as $10.. and then the second thing is to learn how to buy it and then store it, whether it is on exchange or otherwise, and then as you are perhaps figuring out your budget, such as if you can continue to buy $10 per week and/or to increase to higher amounts such as $100 per week, you can learn about some of the various nitty gritties, and even if someone gets started and starts to fairly aggressively DCA into bitcoin, such as $100 per week or higher or even 10% of his/her income or higher, then maybe it still might take several months before building up a sizable enough of an amount that it might be necessary to go into self-storage.. ..

 and sure those who decide to lump sum invest into bitcoin, such as 10% or more of their annual salary, then maybe those people might need to figure out self-storage at a much earlier stage.. and surely one of the things to learn is the differences between bitcoin and all the rest, but even that can take a long time to figure out, so I doubt that knowing that bitcoin is the best or figuring out why bitcoin is the best is any kind of prerequisite, either, even though surely if someone is distracted into diluting their bitcoin investment by fucking around with bitcoin, then they may well take themselves down various distraction paths, and it is on them to figure out those kinds of matters sooner rather than later, rather than becoming shitcoiners who are gambling, distracted, mislead and perhaps dumb in several ways.... so getting some kind of a focus on bitcoin is good.. but probably getting started is better.. and hopefully don't be buying too many shitcoins in the beginning.. no more than 10% at most, and at the same time, hopefully mostly focusing on figuring out bitcoin in order to realize that there is little to no need to continue to stay involved in shitcoins, if such people might have been inclined towards shitcoins.. and surely some people start out with more of a gambling mentality and perhaps more gullible towards the false and misleading shitcoin talking points, but still I doubt that those are reasons to suggest that they should not get started in bitcoin sooner rather than later...and I am not even suggesting to get started in shitcoins, even if some newbie normies are going to have more of those kinds of tendencies.

Investing in Bitcoin and gaining knowledge about Bitcoin are complementary to each other. If someone goes to invest in Bitcoin without gaining knowledge about Bitcoin then he will definitely face losses in one way or another. Again if one is going to gain knowledge about Bitcoin then he must invest in Bitcoin. No one can gain complete knowledge on Bitcoin without investing in Bitcoin. You on BitcoinYou can gain knowledge in different ways but you must invest to gain knowledge about complete risk, investment type, long term short term investment, and various analysis on Bitcoin market etc. on Bitcoin. If you haven't invested in Bitcoin, you can't understand the importance of investment risk. If you do not gain knowledge about Ricks Management, youOne can never master complete knowledge on Bitcoin.

You are obviously missing the point because I did not mean that someone should start with Bitcoin to fail before he learn. That is not the picture I was painting. You cannot start something like Bitcoin without getting the BASIC knowledge. Investing in Bitcoin requires that you know how to send/receive, how to setup  and protect your wallet and other sensitive information. With this you can start accumulating Bitcoin and managing your portfolio. You don't need to know the deep things like codes and the rest of them before you become an investors. While such knowledge is good, it is not  all that is required to be able to hold Bitcoin, deal with FOMO and greed and become successful as a Bitcoin investor.

There is actually no end to know, meaning you can always go for the deep knowledge even after being invested in Bitcoin.

I experienced as you said, so if anyone wants to learn from me then I always answer do it first, then you will get an initial lesson and it will continue, but not many people believe, many people want a lot of theory before starting, and I think that was a big mistake.

Actually now it is very easy to learn the basics of Bitcoin before we start, there is no need for special learning that is too deep for extensive knowledge before investing in Bitcoin, in fact mistakes and regrets in investing will be valuable lessons and emotional regulation when investing will never be we encounter theory apart from experience of what has happened to be a very valuable lesson for us in the future.

Yes, exactly, there are risks everywhere, both in business or investment, but the important thing is that people should overlook the risk in them and invest or start a business for themselves. Money can not come if one doesn't take a risk on anything, just like if someone did not create an opportunity for more money to come, he/she will spend the little he/she has saved. It is good to create an opportunity for funds to come in. One thing is that people should create an opportunity for themselves with the little money that they have, they should not think about the risk or even the profits as well.
You are absolutely correct, Bitcoin investment does not need high knowledge before investment and if anyone just wants to depend on the things he/she has read, then the person will have nothing but no good experience about Bitcoin investment, as we already know that no amount of knowledge will give us the right answers to something without practicing it.
Bitcoin newbies need Bitcoin practice more than knowledge. Although both are good and useful but still, practical is more important than knowledge. If an investor applies Bitcoin investment practice and the knowledge all together, it will help the investor understand more than what he/she has read from anywhere.

I can assure you that those newbies will learn more about Bitcoin from mistakes such as selling too quick, waiting for the dips to buy only to miss out, jumping on the market because of hype and many others. The knowledge they will gain from those experiences cannot be gotten from any book or article... it is call personal experience. Many of us in this forum learnt through that way, we made those mistakes until we realized them and start making effort to develop the heart of a HODLER.

It has been emphasized severally that you don't need to be an expert to be invested in Bitcoin. You just need the basic knowledge of Bitcoin to get started on the journey of building your Bitcoin portfolio. If you want to be a dev, that is a discussion for another day. 

You are correct on that one because irrespective of how we may feel is important for people to start investing on Bitcoin but it doesn't mean that we should allow people to invest under us, although it all depends on individual because there are people who helps those that has know knowledge about investment to invest under them.

To me is very risky allowing someone to invest under you especially a bigginer who has know much knowledge about investment because considering how volatile Bitcoin market will be sometimes, perhaps it could happen that when he would need his investment money perhaps the price would have gone against him as such that the possibility of realizing his investment amount after selling it will not be there, however making him feel that he was duped.

So just like you said is more better teaching someone who is interested on Bitcoin investment on how to invest instead of allowing him to invest under you, because we may not like what the outcome will be.

It seems to me that I had been saying something different from what you seem to be suggesting that I am saying, and I personally give few shits if the BTC price is at the top, bottom or wherever it is at, and my ongoing suggestion is for no coiners to get started asap, and sure anyone can look at charts and try to figure out if they should modify any strategy that they choose to take, but still a person who might have started to invest in BTC at the top of the market (at around $69k) in November 2021 would still likely be getting into profits right now with an ongoing buying of bitcoin strategy for the past two years.  Of course, the longer that they have been in bitcoin the better, but there is nothing wrong with someone who started buying $100 per week in BTC in the beginning of November 2021, and by now they would have had invested $10,500 and would have right around 0.4181 BTC (worth around $14,843 at current prices), which surely is not bad to have that amount of BTC after 2 years of buying $100 per week... and the only knowledge that such a person may have had needed to have was that they were in a position in which $100 per week was a reasonable amount for them to invest into bitcoin, and surely if the person needed to invest less, such a $10 per week, then that person would have a lot less bitcoin (1/10th the amount in each of the categories - which would be right about 0.04181 BTC (worth around $1,484.26 at current prices) with $1,050 invested) but still be in a decently good position based on the amount invested and the amount of bitcoin that had been accumulated over the past two years.

If we lack finances, of course we won't be able to make any investments because if we want to invest, we certainly need money to be able to do it. Investing from an early age is indeed a good thing to prepare us for financial matters in the future, if we don't make any investments it will certainly cause us financial difficulties in the future. If we invest in Bitcoin then this is a very good choice for now because we can collect it with whatever amount we are able to invest and if we do it consistently we will of course be able to enjoy profits in the future.

Money should be risked without risking life. I have read many news stories where people from different countries are risking their lives to come to Europe by sea. It is much better to risk a person's money than to come to Europe risking life. Fools risk life, if there is no life then what is the use of thinking about money. If we have a lot of weakness towards money then it will be a difficult thing for us to invest. Whenever we want to invest, our mind will stop us from investing. Investing is easy for those who are brave from an early age and don't think too much about making decisions and for whom money is not an area of major weakness. Investing in Bitcoin can be the best investment medium for everyone as it gives financial freedom to everyone.

@Sim_card, Nothing I have said is too difficult not to get. As a matter of fact, what I am really pointing at is what you have just written down.

Some people like to play around alt coins because of the fals benefits they think it offer. Alt coins can pump and dump in a short period of time, and since the majority of those altcoins are too cheap to buy, some investors think it's better to buy in quantity. Lol. So what I am saying is that it is an absolute gamble to invest in alt coins when you are not even sure which of them will be pumped, when it will be pumped, or if at all it will get pumped. Altcoins are an investment of luck, and since I have been investing in altcoins (when I was new in the space), I have not really been so lucky to buy an altcoin that blows me, like some people would always imagine that if they buy large quantities of some shitcoins, they could blow any time the token gets just a small pump. Bitcoin is an investment for patients because the bull season will definitely come and you will make a profit.

Helping people on bitcoin investment I think it's optional, people always ask for help when they are not really ready for what dey need. You can only help someone when you know the zeal or passion he/she has on a particular discipline. Bitcoin Investment is not for everyone, when you choose to help the wrong person  you  end up repeating yourself always. Some people are not ready to learn no matter how hard you try to teach them. but always want to make money. That is why some always find who to invest for them.

I think there is need to invest for them, rather teach them how to invest for themselves. Because dey might end up screwing you up. Thinking you have swindle there money without knowing that crypto is not for the week. It's a self deceplinary kind of thing which is more like a gambling. If you win you win if you loose you loose.
Investing for someone should be on purpose or matured minded set of people who really do understand what crypto is all about.

This is a true statement. Anytime is a good time to buy bitcoin especially when you're investing. And it is of great value to consider that investment is a risk and there are risking investing in Bitcoin. While it has potential, it's important to be cautious. This is why people use a well-structured strategy that will help them harness the situation of falling for the risk involved in buying Bitcoin. And one strategy mostly implement is DCA because this has helped a lot of investors to buy Bitcoin safely not minding the current price of Bitcoin at the moment. Any amount is a good start to accumulate Bitcoin. But ill recommend at least 20% of an income for at least 2 to 3 years. It may seem little but can still be of great value in the future. Endeavour to know how to store it properly that is what matters.

I so much love what you said in this last paragraph. There is a need for you to be an investor before teaching someone about investment. Let's take for example you are a mechanical engineer who studied in school and have all the theoretical knowledge of coupling machine and has not yet practically done it, I think you can't be able to teach someone in the practical aspect.

Having knowledge of Bitcoin is not enough but also putting it in practice, to avoid misplacement of fund. And to also know the security measures needed in operation wallet. Also knowing the best wallet to use for Bitcoin investment. Failure to know this tips might amount to a fuck up.

They won't lose money, but they might feel disappointed because they didn't earn the profits they expected. Negative ideas about Bitcoin often come from certain social influencers or online scammers who take advantage of people with little knowledge about the technology and end up taking their money. Anyone smart enough would research any investment opportunity they're introduced to. There's no quick way to making profits and it all requires proper knowledge. Without knowledge, one might feel like they wasted their money in the investment.

In order to invest in Bitcoin safely, it's important to understand how it works, especially the Blockchain and the market. Without this understanding, one might worry unnecessarily due to a lack of necessary knowledge. For instance, someone making a transaction without knowing how to choose the right fee might become concerned if the transaction isn't confirmed quickly. However, with proper knowledge, they'd realize that a slow transaction might be due to using a low fee and could find a way to increase it for a faster transaction. Having knowledge allows one to handle various situations and seek help if needed. Therefore, it's crucial to prioritize gaining knowledge before practicing in the realm of Bitcoin investment.