Can a newbie make investment before learning? - page 4.

Woodie

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Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

Sounds like you answered this already OP Wink

Aanuoluwatofunmi

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stead.builders

Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

What are you investing when you have no idea on what to do, you're just going to make waste of your time, efforts and money on such investment because you're likely not to make it the right and expected way, we often advice that everyone interested to make investment in crypto as a newbie should first seek for the knowledge at all cost because that will be the first guide against any form of losses they may encounter and in other for them to be able to withstand them.

m2017

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Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers

But in my opinion, they fell into the hands of scammers because of their excessive gullibility and lack of foresight.

Quote from: Plan well on May 08, 2024, 06:41:11 PM

because of their insufficient knowledge about Bitcoin

What stopped them from figuring out the basics of buying and storing bitcoin? Google / this forum not working for them?

Quote from: Plan well on May 08, 2024, 06:41:11 PM

so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment

There is nothing complicated about investing in bitcoin that you need to understand: buy low - sell high, remember bear and bull markets, 4-year halving cycles, and otherwise bitcoin shows constant growth in the long term (if briefly describe).

Beginners may have difficulties at first with securely creating a wallet, completing transactions taking into account the favorable fee and the necessary time to process the transaction. That is, those nuances, knowledge about which is gained very quickly with experience, you just have to try and start.

Quote from: Plan well on May 08, 2024, 06:41:11 PM

to avoid been scammed of your hard earnings

To avoid this, remember a simple rule: don't tell / show anyone the seed phrase of your wallets and do not send cryptocurrencies.

Quote from: Plan well on May 08, 2024, 06:41:11 PM

Take your time learn and implement before you inter market or make any investment as a newbie

In any action, before you start anything, you should understand and figure out how to do it. It’s the same with investments in crypto. Once you have studied the guides on what and how to do (creating a wallet, buying crypt, making a transaction) then you entered the crypto market. It’s just the first step that seems difficult.

Pmalek

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First of all, you should know what you are investing in before putting your money into it. If you don't know anything about Bitcoin, its history, or even the volatility, you will probably be heading towards many surprises in the future. Sure, you can just speculate, and many people do it. But at that time it's more of a gamble. Serious people with serious investments carry out research before they let go of their money.

Skfox

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Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

From what I have read this few days I located the forum I don't think it is proper to initiate any investment without following the due process which is having a proper knowledge for what ever you want to invest in, bitcoin investment and any other investment requires adequate knowledge before choosing to think of investment otherwise the investor will have him self or her self to be blamed because there's no way the person won't lose everything either in the hands of scammers or getting involved in wrong investment.

Op you just answered the question correctly by knowing that it is good to get good knowledge before thinking about purchasing bitcoins so yes for newbies like us, we should learn to get knowledge first before thinking of investing in anything not just bitcoin alone.

Kristiyana

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Making investment before learning? Is totally wrong is only someone who don't know the value of money that will take such risk, well most people will not consider it been risk. is always advisable to learn before making any move you don't have to invest on something you don't even have any idea about, actually I think it happens most time a newbie can decide to invest maybe after experiencing lose that's when he will seek for help from high ranked members.

Adams0001

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Quote from: Yaunfitda on May 09, 2024, 04:29:41 AM

Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

Hmm, from the title itself? like investing on Bitcoin, you can do that in the beginning with little amount and buy to let's say in a exchange. And then try to study and learn it later and see how it goes for you. I mean like buy worth of $50 as your entry level and watch the market and at the same time educating from it. And obviously, the best community is where you are right now. You can either ask questions or just go search as there are a large of knowledge base here in this forum. The problem though with some beginners is that they didn't do the research first, as their questions might have been answered a thousand times already.

but in my on opinion, It is preferable that you understand anything before risking your finances on any investment, because some investments, even if you invest, will not provide a profit if they lack value, and if you do not have a thorough understanding, you will not be able to determine which investments are worthwhile to do. Bitcoin is a good investment for individuals who know about it. If someone invests in it and doesn't know anything about it, I will say he is doing the right thing since I believe in bitcoin and will most likely be lucrative. However, it is better for him to grasp anything about it before he engages in it, so that any problems that come you will not surprise any challenges that comes you can handle that he won't surprise you because you knew is volatile the price is not stable. in investment if you don't have knowledge on the investment you want to start you can't succeed on it and you will lose enough funds that is why you should get better knowledge on something first not to invest before looking for the ides about it.

Russlenat

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Quote from: boyptc on May 08, 2024, 06:55:44 PM

Quote from: Plan well on May 08, 2024, 06:41:11 PM

Take your time learn and implement before you inter market or make any investment as a newbie

Don't take any shortcuts.

Give importance to your hard earned money without having some time in learning what you are about to invest. It won't hurt you a lot and won't cost you that much if you're going to learn first where you'll invest your money.

Don't be the same with those people that are relying to the flock of the crowd where they're putting their money without thinking and knowing what they are investing with their money.

Take one step at a time and don't rush so that you won't get fooled by anybody and you'll understand what you are investing.

Don’t be greedy as well, that will only force you to take shortcuts believing that you could end up with quick and huge profits. Instead, follow the process. Make an in-depth research and study. Know your investment well, before you take such risk to invest your hard-earned money. That could be the best way possible in order to avoid too much losses and increase your chances to stay in profits.

Kelward

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Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

You asked a question in the subject and you answered it in the content, I think that you should've either concentrated on a question topic or an advisory topic.

Anyways, going into any investments without first learning atleast the basics of the business will be a very big mistake, whether it's crypto or not, because you can make avoidable mistakes that will cost you so many loses. Many newbies come into the crypto space seeking to make quick money, and they're introduced to shitcoins by either hypes on social media or by ignorant friends, in the end they'll lose all their investment funds, then they'll say that the crypto space is a total scam. Even investment in Bitcoin that is the most reputable cryptocurrency, you still need to understand basic things like the volatile market and know how to protect your wallet seed phrase.

Uhwuchukwu53

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Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

At first place investing on what you have no knowledge apart from BTC or crypto is very dangerous risk I may not only called it risk but foolishness. Making haste is not what give good results but attention to detail, even on skill acquisition you must first learn before establishment of your own, investing can be liken to such is like one going into establishing unknown skill and expect success.

Learning first before investment is a great way of making an outstanding results as result because allot is on any investment without knowing the rudiments you may remain static and incurred numerous losses in the system. Typical example is the scammer issue and market changes.

Yaunfitda

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Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

Hmm, from the title itself? like investing on Bitcoin, you can do that in the beginning with little amount and buy to let's say in a exchange. And then try to study and learn it later and see how it goes for you. I mean like buy worth of $50 as your entry level and watch the market and at the same time educating from it. And obviously, the best community is where you are right now. You can either ask questions or just go search as there are a large of knowledge base here in this forum. The problem though with some beginners is that they didn't do the research first, as their questions might have been answered a thousand times already.

Catenaccio

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Doing research, better due diligent research, before investing. Researching is more serious than learning.

You can do research for learning fundamentals which are enough for your investment. Where to buy bitcoins, where and how to store your bitcoins, needs to make a wallet backups. It is enough for your investment.

More, learn about market cycles, history, and find good strategy like Dollar Cost Averaging.

https://dcabtc.com/
How to backup a seed phrase?

avp2306

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Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

Yes you can if you can afford to do it since actual learning from your experiences is more good to you since you can learn a lot of lessons from those investment activities you made. But make sure you do proper precaution on everything you do so that you will not learn from expensive mistakes but can able to earn from what you do. To achieve this status you should always do a research on each decisions you do since this could help you to verify if the investment you are looking for is really good and not those blatant scam.

But in your case for sure you already know about those scam and that is good since it seems you are good on research so be resourceful since this is important as investor to avoid committing mistakes.

armanda90

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Actually investing required with knowledge but when getting experienced teach us more than knowledge, I don't think problem for the beginner or newbie make investment in cryptocurrency before learning more and during make investment will get more experienced has higher intention from knowledge. But make investing with cryptocurrency assets have good fundamental such as bitcoin, Ethereum and BNB coin during investment of three potential coins above still not reach most higher price.

After investing the beginner will get more lesson and knowledge about cryptocurrency, I doubt too much learning and having knowledge make us doubt and scare for investing behind some potential coins have reach most higher price and loss opportunity with lower price to buy back before raising to more higher price.

Bd officer

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Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

Investing in Bitcoin is not very difficult, you don't need to acquire a lot of knowledge. Many have given good advice here, which you can follow. You can invest in Bitcoin with basic knowledge about Bitcoin. You can invest if you have knowledge of below mentioned basics.
* How to buy Bitcoin.
* Where to buy bitcoins from.
* How to transfer bitcoins from exchanges to secure wallets like Electrum.
* Gain knowledge about different wallets, but you can use Electrum wallet to hold bitcoins.

As a newbie don't invest big amount first, invest small amount first. But if you invest in Bitcoin, you must hold for a long time, you will not rush to make a profit. Everyone can invest but not everyone can hold for long.

arjunmujay

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Quote from: Plan well on May 08, 2024, 06:41:11 PM

As on my own opinion alot of newbies have fallen in to hand of scammers because of their insufficient knowledge about Bitcoin so therefore it take a high risk to make an investment when you yet to understand the Bitcoin investment to avoid been scammed of your hard earnings
Take your time learn and implement before you inter market or make any investment as a newbie

At the very least, you must choose an exchange that has been regulated by the local government. Apart from guaranteed security, you will not feel anxious if the exchange takes away the money you invested. and my advice is still to choose bitcoin, not altcoin even though you can get more profit in a short time.
as long as it lasts, you continue to learn about investing in the crypto world and learn a lot about it. What's more, you are already in this extraordinary forum. You can learn anything about crypto without having to pay money to study in a class.

Ruttoshi

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Investing in bitcoin is very easy and all you need to get started is the basic knowledge of bitcoin. Since you are a long-term hodler, you can get started and learn along side which is investing and learning. As a newbie investor, one of the basic knowledge is to invest with an amount that you can afford to lose and also let it be a long term goal.

The next thing is for you to use a create a self custody wallet and after that, you buy your bitcoin from an exchange and transfer it to your self custody wallet where you have already backed up your seed phrase. Investing in bitcoin and hodli is more of practical than theory because you need to have the experience as a hodler based on the price fluctuation.

The other knowledge on bitcoin can be learnt as you are hodling and investing. We should know that bitcoin is complex and whoever wants to have a major knowledge before investing will end up not investing early, and will not be able to buy bitcoin when the price is low. The only thing that investor needs to understand is how much of his income can he use to DCA regularly to increase his portfolio as he continue learning.

There are some aspect in bitcoin that experience is the best way to learn and investing is one of it.

Cosette

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DAMN SON!

If you buy a book or a course that make you learn about something that you want to invest, then its considered as investment before learning.

lovesmayfamilis

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To be an investor in Bitcoin, you do not need to know higher mathematics. Learn to use a wallet. The Electrum wallet is very convenient for beginners. There are many tutorials on the forum. Learn to save your seed phrase. Use a clean system for transactions. Do not copy and paste when you are about to make a transaction, and carefully check the addresses of the wallets to which you are sending funds. The less often you check Bitcoin prices and make DCA more often, your investment will become meaningful in quantity. Are there any difficulties here? These are the first steps of practice that should go in parallel with theory. Next, of course, you need to ensure better security for your investments, but at the initial stage, it is very convenient to practice.

albon

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Investing requires dedicating enough time and effort to learn, gain experience, and become familiar with the basics and terminology circulating in this field; learn about wallet security, types of wallets, how to use them, and the various scams used by scammers to drain the wallets of their victims. I can liken it to driving a car; if the driver lacks experience and sufficient knowledge about driving and the car's components, he will inevitably collide and may face a traffic accident that could endanger his life.

Most of what falls into the hands of scammers are beginners who do not give themselves enough time to do research, follow market developments, acquire knowledge, and read articles, educational materials, forum topics, books, and other reliable sources of information. The category of inexperienced investors is easily targeted by villains, and they are among the reasons for the continuation and success of their malicious schemes. Also, investment contains risks so that these risks can be identified and managed, the appropriate capital can be determined, and a strategy can be developed.

Topic: Can a newbie make investment before learning? - page 4. (Read 626 times)