Topic: Bitcoin kwoledge is not complete without bitcoin investment - page 5. (Read 3346 times)

I agree with you that one will not understand anything about bitcoin or fully master bitcoin technology without buying bitcoins and only learning. So I think to gain full idea about Bitcoin or to gain knowledge you need to invest in Bitcoin otherwise it is not possible to gain full knowledge about Bitcoin.And finally, I think you must ensure your own security before you can be considered a bitcoin bitcoinist.

I intend to hold by bitcoin for long, because I just started my bitcoin journey and, I know that it isn't going to be an easy one for a newbie like me. I will use 10% of my income to DCA every month, because I also noticed that fiat currency is depreciating due to inflation and that it is better that I save in bitcoin than to keep it in fiat. The moment my bitcoin reaches $1000, I will look on how to transfer my coins to a cold storage wallet for safety. I couldn't keep this to myself and I said let me bring this to the forum for advise from experienced members on precautions I need to take for me to achieve my bitcoin goal target.

If you haven't invested in bitcoin yet, you should try and do so, if you have the resources so that you can feel the vibes that am feeling right now.

Let's discuss.

Last week Monday, I recieved my rent, but guess what I was scared of investing it on bitcoin because I was having so many thoughts in my head telling me to invest and not to invest. I continued with my forum activities and kept on reading, at a point, I got to realize that what will I gain, if I have the knowledge of bitcoin and I don't invest in it to have the experience on using bitcoin and to also have the experience of holding in long term, so that i can talk about bitcoin from experience. This means that it is important for me to buy bitcoin to acquire more knowledge,and this will be an advantage for me to buy bitcoin now that the price is dip, before it pumps back. Yesterday, I used 60% of the money my tenant paid me to buy bitcoin and I was relieved and happy. I have also created an electrum wallet which I have transfered my coins into, the reason why I chose electrum wallet because it is noncustodial with RBF and Ligthening Network features, which can allow you to double spend,incase the network is congested and your transaction fee is low,since sometimes bitcoin blockchain used to be congested with dust transactions.

Life is all about risk and that is how every investment comes with her own risk. Most times when we put the risk associated with an investment in our minds when venturing into it, this will make us careful with the investment and learn about the risk management in that investment so that one can be successful in it.

This is the same thing with bitcoin, you don't need to know everything on bitcoin before you invest. Rather you should know the basics and then buy bitcoin and Hodli. This is where anyone that want to be successful in his bitcoin journey will ask about the risk management, which is invest in a long term. I believe that is the only way to manage risk in bitcoin investment, because when you are in a long term investment, you can accumulate frequently, and also learn more on any angle of bitcoin that is of your interest or better still majority knowledge on bitcoin.

It is simple as this, know the basics and how to less the risk in your bitcoin investment, which boils down to invest in a long term, and have emergency funds and on reserve, so that you don't sell your bitcoin when it is not of your will. In bitcoin journey, experience plays a major role on accumulating and hodli to be successful.

Altcoins will be a big mistake for anyone that wants to  invest and continue learning about it, because it can't be a long term investment, and it will also be a waste of time and resources to do that. Only bitcoin can be used for such because it has come to stay.

OP you are right that knowledge in bitcoin is not complete without investing in bitcoin. If we want to do any work, first of all we need to gain knowledge about that work. Now I have acquired the knowledge to do business. For example, how to purchase goods? How to sell goods? I cannot do business easily if I am not shown practically in that regard. On the other hand, if we look at Bitcoin, we see the same phenomenon. On the other hand what is the use of gaining knowledge in Bitcoin if you don't invest in Bitcoin. Now if I have gained knowledge about Bitcoin in all aspects. For example, how to invest, how to save in wallet, etc. now how do I know that my knowledge about Bitcoin is complete? So I need to invest in Bitcoin to gain complete knowledge in Bitcoin. But beginners should invest small amounts. Of course everyone stay away from altcoins, choose Bitcoin.

You are correct, life is a risk just like how we sleep at night hoping to wake up the next morning without any assurance. The same thing is applicable to investments. We can't conclude how the investment will go (if it will benefit us or not) but we just do it hoping for positive returns. Although every investment is not the same, all of them still have risk. That's why we must learn how to manage risk so that we can also control our emotions when we might run lose from investments.

Apparently correct, we don't need all the knowledge before we can invest in Bitcoin, we need just a little knowledge to carry out the investment plans. It depends on them. I do believe that the profits that we are hoping to get from Bitcoin investment depend on the amount of time and how frequently an investor keeps accumulating.

The long-term investment gives us the opportunity to accumulate more Bitcoin. Those that invest for a short period do not accumulate Bitcoin compared to long-term investors.
Keeping emergency funds separate from Bitcoin is a very good idea, but some people fail to understand that idea.

Using emergency funds to invest in Bitcoin is not an investment. I don't call it an investment, because one can easily sell his/her coins just because he/she might not have money to sort out some issues at hand. That's why the DCA method is one of the best in terms of accumulating bitcoin. With the DCA method, an investor can constantly buy the little he/she can afford without any entanglement (like being stuck in the middle of nowhere). With the DCA method, an investor who's ready to own some good amount of Bitcoin will try to reduce the amount of expenses he/she makes in a month or week so that he/she can get the money to buy some Bitcoin without any complications.

This is a good point. Altcoins are not to be trusted, no matter how they pump. I believe that altcoins have one life spam, that if the time comes they will all fail their investors. The altcoins investor proffer altcoins is a total waste. As you said, bitcoin is a good store of value and it comes to stay as you already said. One other thing I like about Bitcoin is that it doesn't require enough energy and knowledge to invest in it.

I'd ask if you needed to be knowledgeable to be successful. Isn't it possible you'd be capable of investing in Bitcoin successfully if you didn't know everything about how it work. What you know about blockchains, forks & fees shouldn't stop you on how to make max profits but risks will remain.

Choosing the right investment, and the right coins seems very important which is why we should be knowledgeable enough and know what is crypto before investing. It was not too risky as we thought unless we didn't know what we were doing.

Well, the smart investors win. Investing in crypto is not all about money, it is not all about having a huge investment but in order to make a profit, we should be smart enough to deal with the volatility of the market and of course, be strategic. Choosing the right investment, and the right coins seems very important which is why we should be knowledgeable enough and know what is crypto before investing. It was not too risky as we thought unless we didn't know what we were doing.

It is actually true that every person can have different strategy or investment to achieve profit. But to achieve that profit, that person must be capable, it may be his personal investment strategy or trading analysis skills. Moreover, if you see that everyone has a different way to invest, but not everyone is successful in this field, very few people are successful, especially those who invest in altcoins or shitcoins in more case they face loss. Although there is a saying that no risk no gain, the brave are the wise who use their heads to take these risks. What I really mean is that if you want to take a risk, you have to take a risk in the right place, which means it could be Bitcoin.

The matter of consistency is indeed very important in investment, if you don't pay attention to this, our investment will be more perforated in the sense that you invest less because you don't think about it anymore.
No matter how little we put in bitcoin if it is done consistently every week even if it is only $5 it will still be great if in a period of 5 years, we invest do not bear the matter of time even if it is long you will produce better than short term so it is very important to invest more than 5 years in bitcoin.

Must have a strategy in investing, if not then of course there will be obstacles, if it is suitable for the DCA strategy as the right investment then do it as long as you are consistent.

Fraud in bitcoin? You should not be influenced if someone offers an investment of so many BTC and then gets double in a few days it is clearly a ponzi scheme and must be far away, if the beginner does not know then he must be informed of this awareness so as not to get trapped.
Regarding other problems such as hacking, losing seed phrases, it must be self-awareness, for example if you store btc in a hotwallet, (electrum) then you must be able to protect your computer from virus attacks to prevent hacking, as much as possible must be able to anticipate and always be vigilant.

Of course I believe about that, every risk we take will be directly proportional to the level of profit we will get, but I say that if we do manage to get the benefits, because obviously with a fairly high level of risk it will not be easy for us to get through it. Well that's absolutely right friend, therefore as in general that every time you enter into any field then at least you must have knowledge or a little skill, if indeed you don't have all of that then you can learn slowly and if you are ready and feel enough then you can start your investment. None other than because it is knowledge and knowledge that will lead you to real profits and also do not forget self-control and planning along with good management because only that will be able to minimize your risk of loss.

True, everyone has a different way of investing and their way of making profits and I think it depends on the individual's personality and character. I hope that if you are still a beginner in investing then just allocate a budget that you can be fully responsible for, don't be too greedy, it doesn't matter if the profit is small as long as it is consistent, and if you are able to get through it then you can increase your profit target.

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So studying Bitcoin by including some of these things is indeed very good and also very comprehensive, but financial benefits are also important to learn because this will make everything else worth learning for everyone. If there is no financial benefit in it, why do we learn all these things by using more time that could also be used for other more useful things?

Every risk we will face will certainly be proportional to the benefits we will get, so it is very important that we understand it well in order to reduce risks or avoid risks that we may not want. Every person has different ways of getting profits from the investments they make and of course they have a good understanding of the risks they get which will be proportional to the profits they get so if they are brave enough to face the risk of loss they will face, of course they understand how to do it to be able to face the risks they will get.

Every risk we will face will certainly be proportional to the benefits we will get, so it is very important that we understand it well in order to reduce risks or avoid risks that we may not want. Every person has different ways of getting profits from the investments they make and of course they have a good understanding of the risks they get which will be proportional to the profits they get so if they are brave enough to face the risk of loss they will face, of course they understand how to do it to be able to face the risks they will get.

Practical knowledge of each subject is very necessary. If you don't have practical knowledge then your verbal knowledge will not be of much use. If everything was based on verbal knowledge or concepts, people would not be so focused on practical work.  

As an investor invests and researches more about the investment he will gradually learn new things about the investment.

Isn't it better to invest in where the risk is minimal or no risk? I care about profit, but that does not really mean I will take risks for my hard-earned money. It's easy to create a token, or coin by spending a couple of hundred dollars and running some promotions. If you check coinmarketcap, there are 1.8 Million cryptos (Shitcoins). How many of them were listed on exchanges and how many tokens/coins name you can remember? Those are centralized pump and dump coins. Most of the developers run away with investors money while Bitcoin is safe if you compare it. It's better to have little profit than losing your entire investment.

This kind of thing depends on how you go about it because I think at the end of the day it's also about consistency.
If we make an investment with a small nominal, for example $5, it will definitely be small if in the end you only do it once but when this is accompanied by consistency where doing $5 repeatedly maybe every 1 or 2 weeks the results will still be more than expected.
Therefore, we must know what we should do with the investment made and what strategy we will take when investing.
For the problem of being deceived in bitcoin, this depends on the thoroughness carried out because if you look at the current conditions sometimes the problems that occur in bitcoin are complex and if we are not observant and careful then you could be exposed to fraud or even get problems from hackers or others, therefore we must be careful to keep what we have, especially with the security problems of the wallets we have.

Isn't it better to invest in where the risk is minimal or no risk? I care about profit, but that does not really mean I will take risks for my hard-earned money. It's easy to create a token, or coin by spending a couple of hundred dollars and running some promotions. If you check coinmarketcap, there are 1.8 Million cryptos (Shitcoins). How many of them were listed on exchanges and how many tokens/coins name you can remember? Those are centralized pump and dump coins. Most of the developers run away with investors money while Bitcoin is safe if you compare it. It's better to have little profit than losing your entire investment.