Topic: Buy the DIP, and HODL! - page 21. (Read 121624 times)

Not many take Bitcoin security serious unless they lose Bitcoin by becoming victim of hacking or through other scams. There are many security measures available but it largely depends on how serious your are in securing your Bitcoin. If someone is serious in Bitcoin security then he will defiantly learn ways on how to secure his Bitcoins whether it's 100$ or 100k$. We don't know when our 100$ will become 1000$ because of Bitcoin volatility. One must keep this in mind that we constantly need to upgrade our security measures all the time. Hackers are defiantly more interested in 1000$ but that doesn't mean that they will spare 100$. Think from that perspective.     

You don't need to be an expert before going into Bitcoin investment when it comes to Bitcoin investment I don't think anybody is an expert because as an expert you must know when Bitcoin will dip and when the price will go higher too it is important to have some basic knowledge about Bitcoin investment but not trying to figure out everything about Bitcoin before starting your Bitcoin investment journey for you can get started and figure out more about Bitcoin when you are already into it.
Bitcoin investment doesn't require you to be an expert before starting Bitcoin investment.

The initial step is all you need to get going with your bitcoin investment. Starting an investment in bitcoin is not that difficult or complicated, you just need to start up immediately. Someone can make an initial purchase without deep knowledge as they invest they will likely be motivated to learn.  The important thing is that their investment can make them  seek out for information they need to make better decisions, once that first step is taken there will be motivation to learn and make better investment decisions along the way.

Most people that are into Bitcoin might not have much knowledge at first but as they engage in Bitcoin investment, It’s like the more you invest, the more you want to learn about what you’re investing in. Just know how to buy and  begin your investment process.

One of the principal things that needs to be understood is to have the understanding of exchanges are not reliable and if one must buy it must be exchange that is well recognised, and bitcoin must be sent to self custodial wallet immediately. And one needs to also have the understanding that the market is volatile and can't be predicted, so that when investing bitcoin you don't need to have expectation from the market. There is also need to understand investing in Bitcoin must be long-term because it is not possible for one expect good profit in a short time, profit can only be made if one hodl bitcoin.

Another thing that needs to understand their is no perfect time to invest bitcoin, the more you wait to invest the opportunity to miss and yo don't need to wait to save huge sum of money but can start with DCA method of investing.

I disagree with you that a brand new investor that want to start his bitcoin investment shouldn't have the basic knowledge of bitcoin before investing. This is strange because how will you invest on something that you have zero knowledge on. To  have the basic knowledge of bitcoin i very important for anyone that wants to start his bitcoin investment because it is simple, and this is why it is encouraged that you need the basic knowledge for you to invest, because you can learn as you are investing since it is a long term investment, rather than waiting to have the concrete knowledge before investing.

Bitcoin investment is not like a traditional investment that takes time before you can understand the business before setting it up. Bitcoin investment is learn as you buy, and keeping on learning and buying. Whoever does not learn the basic of bitcoin before investing is not serious and dumb because you can learn the basics on the internet.

Even if they don't know these initial steps or can't do the initial steps themselves, they can enter the investment through a trusted friend/reliable person. Basically when you plan or decide to invest you should not delay at all. But you must be an expert and learn the basics very soon. Because you should not depend on others for a long time.

Later when you are able to acquire basic knowledge and can make your own purchases then you should continue to try to gain knowledge about Bitcoin, because in order to manage investment you need to know what Bitcoin is and how to invest in Bitcoin and when to take action. I consider it essential to gain knowledge on the subject.

Perhaps the ideas that are attached to those shitties (shitcoins) are merely the so called Flaws of bitcoin which are obviously not true but some how and for some reason they succeeded with ideas of solving a none existing problem of bitcoin by coping it's protocol and creating a useless coin out of it just to satisfy the curiousity of some folks who do not believe in themselves so they couldn't believe in an original coin/cryptocurrency (Bitcoin). Most of the shitcoins claim to solve one or more issues but in reality they are more or less scams intended to rob the some folks who are probably ignorant of this intentions.

Hence anyone who knows the truth behind this coins and proceeds to buy them are either risking the lowest risk (fiat) into a higher risk that is probably not going to profit them anything but for belonging sake they would want to feel among by going into risk lossing the lower risk the had (fiat). Perhaps I consider fiat a risk for the fact that it depreciates over a long term while the higher risk is the shitcoins which could depreciate 99% in less than 24/hrs.

Perhaps bitcoin has not just become the top #1 cryptocurrency for the mere sake of reaching all this ATH but it has become the top #1 because it's a paradigm and every other coins came into existence because bitcoin existed. it has become the highest cryptocurrency for all of its characteristics even though some folks seems to create propose problems that are none existing into it for a mere purpose of taking chances from other individuals who are not knowledgeable of reality. Perhaps it's also true that there is nothing perfect but bitcoin in its original form has its purpose served and still serving and will always serve it's purpose.

Yes, that's very right, Investing in bitcoin without in-depth knowledge will not be a big problem because every new investor must know bitcoin from their friends or from social media, when the first purchase is made that is the initial stage for them to approach bitcoin. As you said, early investors do not understand bitcoin, but they buy and hold and their knowledge will increase throughout the journey day by day.

That also applies to new investors, they want to invest in bitcoin, even though they do not understand much about bitcoin but they have a lot of time to learn about bitcoin.
The investor's journey in investing in bitcoin only needs to know about the initial steps, namely buying on a trusted exchange and withdrawing it to a personal wallet, that's enough for the initial stage before they learn along with the accumulation they do.

Having the basic knowledge of anything that we're going into is very important, you can not jump blindly into any investment because you think that it's profitable, this is the major reason why many people get scammed because they lack basic knowledge. A simple understanding of reputable wallets can save a newbie from using scam wallets, even when they know and want to download a reputable wallet, they might get the fake one from a phishing site. Scammers can clone reputable exchanges and people who wants to rush into Bitcoin investment without any knowledge will become their victims. They wouldn't know the importance of verifying URL careful if they don't have the right knowledge or bein guided by experienced people that are trustworthy.

Knowing about the technical aspects of cryptocurrency, specifically Bitcoin is where it's not necessary for a new investor, the knowledge can be aquired with time. It can be discouraging for an investor who is not a technical person to be learning about Bitcoin technicalities, it's really not necessary for every hodler. What is most important is to understand that if you're holding your Bitcoin in a none custodial wallet, that you're fully in control of your coins, also that if by any chance you lose your seed phrase, either by theft, disasters or carelessness, you'll lose your Bitcoin forever. I believe that this is the most important basic knowledge that every Bitcoin holder must always remember whether they're new or older investors.

Nobody is saying that investors shouldn't have understanding or be ignorant of anything here. When it comes to bitcoin investment, investors can make their initial purchase of bitcoin without having any understanding of it. But they should gradually increased their knowledge down the line. What i see as is bad is for someone to be investing in bitcoin for a long time without trying to increase his knowledge along with his bitcoin holding.

It is that bitcoin that they have invested in, and are still investing that will propel  them to learn everything that they need to figure out. But what I'm only opposing is the idea that someone must be knowledgeable and have proper understanding of bitcoin first before investing in it. People are always more committed to learning something that is benefiting them directly.



You have to understand that bitcoin is not like most of the conventional investments people do out there. Back in 2009 and early 2010, how many people invested in understanding bitcoin first before investing in bitcoin itself? I can tell you for a fact that majority of those early investors came into bitcoin investment with little or zero understanding of bitcoin. Many just bought bitcoin blindly but as time goes on they started increase their knowledge and their understanding developed. This is still applicable today.

The information you presented is the beginning strategy of the bitcoin investment DCA method, but I generally say that people who invest in bitcoin have some work in advance that is planning. Because planning and risk-taking is the most important way to hold onto your bitcoins, adopting these strategies will help you keep your bitcoins for a long time. The main reason why you should invest DCA method in Bitcoin is to hold the investment for a long time, not all are rich but there are many poor people who are basically reluctant to save money or have money shortage.
This DCA method is most important for them, because if he deposits a small amount of bitcoins every week and saves it for a long time, it is possible to save the most money in a lump sum or portfolio. Or you should note that this DCA method is not only limited to new and poor investors, it is all people who are rich and both investors can be successful using this method. And the wallet of the person depositing bitcoins must be strong and the key is most important to keep safe.


This is how an investor can start his investment and he will be successful, but to hold for a long time definitely requires patience. You cannot succeed in any work or investment without patience, so here are the activities that you can succeed in investing in Bitcoin.

It is not clear which investment strategy you are referring to in the post, everyone may use different strategies for investing. But if you regularly buy bitcoins through DCA to grow your investment, you may not need to have much investment experience. Buy bitcoins regularly by confirming the source of income and ensure the security of the wallet in which the invested bitcoins are kept. Remember Not your keys not your Bitcoins. No matter how much Bitcoin you purchase and deposit for investment, if you do not provide proper security to the wallet, the wallet can be hacked by hackers.

To start investing in DCA method you need this little knowledge. This is why it is said that dollar cost averaging techniques can be used to start investing with little knowledge, and over time you will gain experience with regular bitcoin purchases. This has been discussed many times in many posts in this thread.

By being regularly active in this thread you can gain a lot of experience about investing, as I did. In the initial stage I didn't understand anything about investing so I searched a lot on google and YouTube to understand about investing. But even when I tried there, I failed again and again and in the early stages I had no idea where to start. I have greatly enhanced my investment experience by regularly monitoring these Buy the DIP, and HODL!, Buy Buy Buy or Sell Sell Sell?, Road to 100k? three threads in the Speculation Section of the Economics Board.

The first investment in any investment is to invest in learning to have a better understanding. When there is no knowledge about a particular investment it means you are investing in nothing, it doesn't even matter if what you are using to invest is much. When their is no knowledge in an investment it is possible to be at last which the investment won't be even productive. Knowledge carries the information one is suppose to know concerning an investment and if the knowledge is not there it means one knows nothing.

Sticking with investing in Bitcoin will surely improve in the future, because it is a very good time to be where we are in terms of Bitcoin price. This is the best time to invest in Bitcoin, because in the month of October, the price of Bitcoin has only been dumped and dipped twice, but never down to a small dip.
 So those who have been waiting to buy a dip in bitcoin, their biggest opportunity is gone because the probability of bitcoin price retracement is very low (the probability of bitcoin price reversal or dip is very low). So there is still enough time to invest so it is best to wait long time before investing in bitcoins.

Nice point sir jayjuangee, i usually like to speak with experience, like when I newly started my bitcoin accumulation I careless about my securing my bitcoin Stashes because then my bitcoin Stashes have not gotten anywhere, but as time goes on, and my bitcoin Stashes began to increase due to my weekly accumulation, and also with effect of price movement, which has made me to be cautious with my bitcoin Stashes,  finding means I can use to double the safe keeping of my bitcoin, because prevention is better than cure .

Due to careless keeping of their bitcoin alot of folks have lost thousands and millions, either by been victim of scammers, or losing of seed phrases, these are things we should put in check whenever we are investing or accumulating bitcoin, so that ones hardwork won't be in vain .

You are actually correct, Bitcoin is a very volatile asset that is to say that it's variation is unimaginable or let me say unpredictable but however, it has sequence it moves and Alt can not or should not be compared with Bitcoin because most or if not all of them depend on Bitcoin. Lastly, I believe Bitcoin being risk free have been discussed about, the fact that Bitcoin has a great potential doesn't mean it is risk free or it's certain, the fact that I'm investing doesn't mean everything is certain or guarantee but one thing I know for sure is that Bitcoin is wey better than any other coin as speak and i believe I will make out something big in years coming.

That is why whenever I see someone that they don't need to understand and it's just simply buying Bitcoin and holding it, that's not the point.

I mean, yeah someone can do that but it's not the whole context. As an investor, we need to have at least the understanding of what we're buying.

Many have failed with that thinking because they're only following the crowd and relied on someone's knowledge and not by themselves.

Sure people should try not to be stupid, since no one should want to lose any money, even if it is ONLY $10.. yet if they start with a small amount, then their security should be in line with the amount invested, and realizing that if they hold coin with a third party then there are various kinds of risk but also that if the bitcoin gets stolen (like through a hacked account), then it is likely that the transaction is irreversible if the hacker takes the bitcoin, even if the bitcoin is with a third party..  At the same time, holding private wallets can also be complicated, including if the bitcoin are held on a hot wallet versus a cold wallet.

These matters of the various kinds of wallets need not be learned prior to getting started, since getting started is one of the most important things. and yeah, there is a difference between the incomes of people in regards to how much security that they might feel that they need based on their income and/or their other resources, so there is a difference between investing $10, versus $100, versus $10k versus $500k or some other amounts...and yeah, sometimes there needs to be extra security to account for potential changes in value.. since for example, even in 2020/2021, there might have been some guys who might have been somewhat lax in their security if they had $8k invested or in a wallet, but then after the BTC price went from $7k to more than $60k their $8k might have all of a sudden turned into $70k-ish.. and similarly in 2017 (although that is further back in history, when $5k to $8k might have been in some wallets and the BTC price was around $250-ish in mid to late 2015 - yet by late 2017, the BTC price went up nearly 78x, so that $5k to $8k would have turned into $390k to $624k, and so that would have been an even more extreme example how the security should have been more important, since maybe a person might have been o.k. to keep $5k to $8k on their phone.. even though that seemed a bit much, but then if the amount turned into $390k to $624k.. then they might have become quite nervous since maybe their whole networth might have been less than $50k and then all of a sudden their whole networth goes up 8x to 10x or more and much of their value is on their phone, which would not have had been a very good and/or secure place to be. .even though I think some folks did find themselves in those kinds of situations in 2017.. and their security did not keep up with the size/value appreciation of their BTC holdings.


Personally, I believe it is not easy to be your own bank.  Sure there are some aspects that are easy and user-friendly, but it still can be complicated to manage keys and perhaps keep the backup keys separate from the wallet, which is not always easy.. just think about if a person has an apartment or a house and then if the apartment/house burns down.. the person could be fucked out of all of his wealth, and there are risks to leave in a safety deposit box since sometimes 3rd parties can get ahold of that information.. . and sure maybe sometimes if a person is moving from one location to another there can be vulnerabilities too.. so I am not claiming to know all of the solutions or how to figure out ways to make sure seeds and/or back ups are both secure but also not overly complicated since sometimes normies will overly complicate their set up (retrieval process), so when it comes time to recover, either they are not able to remember exactly or it is even worse if they are expecting an heir or some other intended recipient to figure out the puzzle (the set up). ..

or even for an intended recipient (heir) to recognize the value that is there or for an intended heir or recipient to NOT get access prior to the intended time... and not all people are honest, trustworthy or even able to resist the temptation of getting access to something prior to it rightfully getting transferred over to them.. and maybe even some bitcoiners might have no or few persons that he might consider to be worthy of receiving his bitcoin.. so there can be dilemmas regarding both management and also figuring out whether and/or how to transfer.. including that death and/or incapacitation could come at unexpected times and even there could be questions about whether incapacitation might end up being temporary or permanent.  I doubt we can call these easy questions, even though surely maybe easier for some folks as compared with other folks... I know some folks that I somewhat trust when I am around and helping to guide them, but if left to their own devices, who knows?

Learning the basic knowledge of bitcoin is very important for a new investor, so that he can know how to buy bitcoin and plan on a long-term investment. I don't consider knowing the best wallet to use and how to transfer your bitcoin to your noncustodial wallet as a most for a new investor before he can start his bitcoin investment. This is because in the beginning of his bitcoin journey, he can buy his bitcoin and leave it in an exchange for the main time, while he continues to learn along side with investing weekly.

As he keeps his investment ongoing, he can learn about the best wallet of his choice and later he can transfer his bitcoin to his self custody wallet when his bitcoin has reached a reasonable size, because there is an amount that your bitcoin will get up to, how to safely secure your bitcoin will be the only thing in your head. One thing a new investor needs to know that is very important, good UTXO practices, so that he will not be  piling up small UTXO in his self custody wallet, but allow it to accumulate to $500 and above before transferring it to his self custody wallet to avoid using too much high fee on transaction fees in future when transaction fees are very high. If not all your profit might be eaten up from transaction fee making all your bitcoin investment a waste of time.

It is easy to secure your bitcoin wallet and that's why you should go for a hardware wallet that is open source, so that keeping your seed phrase safe from third party and knowing your pin will only be the challenge since it is air gapped.

You are right when it comes to bitcoin investment one needs to know the basics of investment which is how to buy and store in your Bitcoin on your wallet.
However newbies should understand that after knowing this and have started investing it is very important to know about this thing very fast so as to avoid lost which is.
1. Securing your Bitcoin wallet.
After you most have started investing you need to know how to protect your wallet because if you don't protect your wallet you may lose all your Bitcoin to scammers.
I have a friend when he knew about Bitcoin I taught him how to create wallet and buy Bitcoin at first and he started investing I told him things he needs to do to protect his wallet but he didn't take it serious and that was how he lost all his Bitcoin to a scammer who hacked into his wallet.
A lot of newbies about leaning how to create a wallet and buy Bitcoin they don't bother to secure there Bitcoin wallet or even read about protecting there wallet they feel everything is all good so please after starting your accumulation journey learn how to protect your Bitcoin wallet immediately don't waste time in that.