Considerations Before Investing in Bitcoin - For Beginner - page 2.

irhact

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Quote from: fathafraink on June 30, 2023, 06:46:13 AM

Note : Remember, investing in Bitcoin carries risks, and it is very important to make a decision based on thorough research, a clear understanding of the risks involved, and your own financial situation.

You have done excellent with this thread, it'll help many newbies thinking about investing in Bitcoin. I also want to add that there should be no rushing when you want to invest in Bitcoin. If you're not ready don't invest, if you don't have the capital yet don't invest. Don't borrow money to invest in Bitcoin or taking out loans as it could end up badly due to the market been very volatile and causing you to lose your investment due to fear.

Investing in Bitcoin should be something you're ready for and willing to keep holding your Bitcoin in the midst of every fud that'll comes. After investing in Bitcoin, don't trade, trading is the quickest way to lose your Bitcoin. Meanwhile holding is the best way to invest in Bitcoin.

Yatsan

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Quote from: BITCOIN4X on June 30, 2023, 05:24:51 PM

Quote from: The Cryptovator on June 30, 2023, 04:57:52 PM

While these points may not be groundbreaking, they are essential to consider before investing in Bitcoin. It's important to recognize that Bitcoin is not a get-rich-quick scheme. However, with sufficient patience, it is possible to earn money through Bitcoin investments. Newcomers should dedicate time to learning before making investment decisions related to Bitcoin. Otherwise, they may end up regretting their Bitcoin investments.

Newcomers have a tendency to invest in altcoins rather than bitcoins. They might think that to be profitable on bitcoin 2x - 4x it would take billions of dollars to move the market. I got that assumption from several friends, of course sometimes I can't force them to agree with what I believe, so that's a choice. Basically they have to have a high interest in learning in order to discover the fact that altcoins sometimes just become a trap for them. The desire to get rich quick is what many altcoin investors have, but we must not discriminate against their choices.

For newbies? I still think they would be investing more to Bitcoin rather than altcoin especially because Bitcoin has a large popularity and since they are just new, How come they will be aware of altcoins. I'd only agree if the newbie has his/her own knowledge of this industry, they might consider investing to altcoins simply because they'd have aan impression that its market value isn't that big and that it has a high tendency to make a price increase as project develops. To some newbies on the other hand, they think investing to altcoins as whole quantities (50 SHIB perhaps) is somewhat the same with buying 1 Btc however not all coins have the same market price movenent so definitely they're different.

SOKO-DEKE

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Quote from: _act_ on June 30, 2023, 07:08:23 AM

If you want to invest in bitcoin, wait for bear market and invest. Do not check your bitcoin if the price is decreasing, it will only lead to emotion and selling at loss. But if the price fall, leave your bitcoin alone until the price increase and you gain from it.

Yes, purchasing Bitcoin during a bear market is always the greatest time to invest if you want to make good returns on your investment in bitcoin,buy low and sell when the price is high.Although it is possible to invest in Bitcoin and earn a profit at any moment, even when the price is high, the best course of action is to be prepared to hang onto your Bitcoin for an extended period of time in order to benefit from bull runs.

Therefore, in order to avoid experiencing too much dejection as a result of the ongoing decline in the price of bitcoin, beginners should only invest in bear markets. They should avoid trying to do so when the price of bitcoin is high because if a bear market develop, someone may start to panic and may end up selling at a loss if the market turns low.

_BlackStar

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fathafraink - nice effort on this topic. But are you sure your topic can reach more beginners on bitcoin discussion boards?

If you were me - then maybe I would move this topic to the Beginner and Help boards, there you will reach a lot of beginners instead of on this one. Anyway your topic is already very common for many experienced users in bitcoin discussion - so consider my advice.

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Quote from: _act_ on June 30, 2023, 07:08:23 AM

If you invest, do you know that there is no liquidation like trading? If you want to invest in bitcoin, wait for bear market and invest. Do not check your bitcoin if the price is decreasing, it will only lead to emotion and selling at loss. But if the price fall, leave your bitcoin alone until the price increase and you gain from it.

When it comes to bitcoin investing, everyone should still stick to the basic, buy low and sell high. You will never be at a loss if you are patient enough to stick on the rules. However, newbies these days follow their own rules instead. They enter when the market is high and bullish, and even invest at a bigger budget hoping that will be doubled or tripled in an instant. And so they end up losing when the market experiences recession. That’s why if we can just follow what is basic, then no need to make a twist on it.

BITCOIN4X

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Quote from: The Cryptovator on June 30, 2023, 04:57:52 PM

While these points may not be groundbreaking, they are essential to consider before investing in Bitcoin. It's important to recognize that Bitcoin is not a get-rich-quick scheme. However, with sufficient patience, it is possible to earn money through Bitcoin investments. Newcomers should dedicate time to learning before making investment decisions related to Bitcoin. Otherwise, they may end up regretting their Bitcoin investments.

Newcomers have a tendency to invest in altcoins rather than bitcoins. They might think that to be profitable on bitcoin 2x - 4x it would take billions of dollars to move the market. I got that assumption from several friends, of course sometimes I can't force them to agree with what I believe, so that's a choice. Basically they have to have a high interest in learning in order to discover the fact that altcoins sometimes just become a trap for them. The desire to get rich quick is what many altcoin investors have, but we must not discriminate against their choices.

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Quote from: Marvell1 on June 30, 2023, 10:50:48 AM

Quote from: fathafraink on June 30, 2023, 06:46:13 AM

10. Pray
- If you are a person who has faith or belief, prayer is the most important part of doing any business, therefore you need to do worship like praying.

Interestingly, you mention this factor, even though bitcoin is an investment, and to be successful and profit from it, we need to combine many elements as you have provided. But I wonder how many people are believing and doing this? I don't think many people will do this because I don't often see people talking about it, but I believe in it and call it luck. For me, there is no success without luck, even if you prepare well the above 9 factors without luck, you cannot succeed with bitcoin.

People who believe in God must do this. Although they don't discuss it, doesn't mean they don't do it. I believe that praying is a part of the success, so it is also an important thing to do. We can make a plan and choose the best coins, but we can fail to take profits if the God gives no chance. How if we get sick and have no opportunity to manage our coins? It is very possible to fail if the God doesn't allow it. Wink

Luck is a part of the efforts. No luck if we don't do anything. Even God won't give the success if we are lazy people.

The Cryptovator

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While these points may not be groundbreaking, they are essential to consider before investing in Bitcoin. It's important to recognize that Bitcoin is not a get-rich-quick scheme. However, with sufficient patience, it is possible to earn money through Bitcoin investments. Newcomers should dedicate time to learning before making investment decisions related to Bitcoin. Otherwise, they may end up regretting their Bitcoin investments.

imamusma

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Quote

5. Carry out Security
- Protect Your Bitcoins by implementing strong security measures. You can use a well-known wallet like Electrum, and you can also use a wallet from a well-known exchange and need to enable two-factor authentication.

From exchange wallet, wait, what do you mean?
Avoid storing high amounts of your bitcoin on exchanges as you essentially don't have custody of them. If that's what you mean, then it shouldn't be a good guide for beginners. Beginners should be aware that exchange wallets are not safe for storing their assets in the long term, even if you enable 2FA.

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Quote from: fathafraink on June 30, 2023, 06:46:13 AM

1. Learn about Bitcoin
- Take your time to understand how Bitcoin works, its underlying technology (blockchain), and its potential risks and rewards. Also learn about wallets (where Bitcoins are stored), where and how to exchange them, the necessary measures for wallet security and the best way to store and manage cryptocurrencies.

Ideally this is the basis before deciding to invest or not. because by having sufficient knowledge regarding Bitcoin, we will understand more about anything related to Bitcoin specifically and Cryptocurrency business in general and thoroughly. And with this understanding, it is hoped that newbies will really understand about investing in Bitcoin, which is not an instant way to get rich quickly. This is the initial capital of knowledge about Bitcoin. Because so far there are many newbies who expect to get rich quickly through Bitcoin. This is a wrong understanding.

In addition to having good knowledge, this will reduce the possibility of becoming a victim of scammers who always lure lots of money but in fact they are fraudsters or scammers who only want our money. This is also related to other security that needs to be considered very carefully.

Viscore

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Quote from: Z-tight on June 30, 2023, 08:45:29 AM

Quote from: fathafraink on June 30, 2023, 08:36:43 AM

At least, We need a friend who has more knowledge or experiences in Bitcoin or Cryptocurrency, So We can get a point of view. Remember that If We think We are Smart, There will be smarter or smartest people than us, also applies to experience.

If you were introduced to BTC by someone you know, then that person can teach you some of the things you need to know, but if you found out about BTC yourself, you don't have to go in search of a private mentor, it is risky and you can be scammed. You'll find people with more knowledge and experience about BTC in forums like Bitcointalk, so that's why i advice that it is better you join forums like this and talk about BTC in the open with everyone.

You know it’s fine if you have a friend that is knowledgeable about bitcoin and who’s willing to guide you in your bitcoin investment. But if you have none, then that is not a problem. You will gain a lot of friends in the forum and will give you trustworthy advices that you literally need to start investing in bitcoin. With that, you don’t need to go searching for a good mentor, the members in the forum can act as your reputable mentors and give you valuable ideas and insights so you can invest in bitcoin and be successful in the future.

BitcoinPanther

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Quote from: ImThour on June 30, 2023, 12:47:22 PM

The only thing which was funny in the whole post was "Pray". I mean it's your calculation and your luck, no one can do anything for you Cheesy

This might be funny for some but a life saver for many. Although this does not affect the market movement of Bitcoin it does affect the person. Praying gives hope for the believer. With hope the person can exercise patient since they believe that if they waited enough their prayers will be answered.

All the list are pretty much very important when engaging a Bitcoin invest but it will be a breeze if a person investing into Bitcoin have enough source of fund to support himself all through out the investment period so that he won't have to sell his investment prematurely.

hannahB4

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Your point is true and correct but in addition, one needs to ask and answer some questions about the amount you want to invest and the number of years you plan to invest and make sure you yield to it no matter the volatility fear one encounters.

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Quote from: Z-tight on June 30, 2023, 07:13:39 AM

There is nothing new to read or discuss here, BTC is just like other risky assets that you have to do your own research before buying, it has been said and discussed so many times.

Quote from: fathafraink on June 30, 2023, 06:46:13 AM

9. Find a Mentor or Consultant

DIY, every information you need about BTC is on the internet, and if you want to discuss about BTC join a BTC discussion forum like Bitcointalk and talk about it in the open, you may be scammed if you talk to stragers privately about BTC, especially if you are a newcomer and do not know what you are doing.

You don’t need actually to find a mentor and pay for it. The bitcointalk forum is open for everyone and is a perfect avenue to know everything about bitcoin investing. If you want to know how to invest in bitcoin and how to make it work and be profitable, just study and learn from the experiences of the other members who have investing in bitcoin for a long time. No need to hire a mentor or consultant as you would end up trusting a scammer acting like he’s a professional investor when all he’s into is your money and then he’ll vanish like a thin air.

RewFrew

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Bitcoin is best currency for invest either new or experienced people. If anyone buy bitcoin in deep he will must benefited today or tomorrow. If after buy bitcoin price decrease no tension don’t see you account Again and Again. After some times price will back. And bitcoin is best currency for beginner to invest. Beginners don’t know what is good and what is bad coin for investment. Because anyone can invest on bitcoin. I think it is very safe.

ImThour

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Great post, I love those who prefer formatting it a bit with bold and italics, makes the post more detailed. Each and every point you mentioned to consider before investing in Bitcoin can also be applied to any investment asset in the whole world rather it be Tomatoes or Gold or anything. You should never spend your money on something which you don't know nothing about.

The only thing which was funny in the whole post was "Pray". I mean it's your calculation and your luck, no one can do anything for you Cheesy

Marvell1

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Quote from: fathafraink on June 30, 2023, 06:46:13 AM

10. Pray
- If you are a person who has faith or belief, prayer is the most important part of doing any business, therefore you need to do worship like praying.

Interestingly, you mention this factor, even though bitcoin is an investment, and to be successful and profit from it, we need to combine many elements as you have provided. But I wonder how many people are believing and doing this? I don't think many people will do this because I don't often see people talking about it, but I believe in it and call it luck. For me, there is no success without luck, even if you prepare well the above 9 factors without luck, you cannot succeed with bitcoin.

Litzki1990

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Everyone who is new to investing in Bitcoin should do enough study on the above topics. Because the topics discussed are very informative for a new member. Before engaging in investment one should have adequate understanding about investment and then engage in investment. There is risk in investment but we should not invest if we cannot accept that risk. Then there is patience. Patience is very important for beginners especially when it comes to investing. Because if the market goes down a bit after investing the newbies and if they lose a bit of money then they should be patient enough during that time. Because without sufficient patience it is impossible to succeed in investing. So it is very necessary for a new member to know about the above points.

michellee

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Focus more on number 1 because studying Bitcoin more deeply will provide a lot of knowledge to decide when we can buy Bitcoin. Everything depends on number 1, while number 3 reduces the possible risks by setting limits that we can afford.

Market analysis is included in section number 1 because studying Bitcoin more deeply will include studying market analysis so that we can get a good time to enter the market. And then, we can determine how much money we want to use to buy Bitcoin.

Carrying out security are ways that we need to pay attention to after we have successfully bought Bitcoins and don't keep the Bitcoins in exchanges. It's better to immediately move the Bitcoin to a personal wallet we can fully control. I agree with all the steps; everyone should follow them to benefit from Bitcoin.

robattfield

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Quote from: fathafraink on June 30, 2023, 06:46:13 AM

10. Pray
- If you are a person who has faith or belief, prayer is the most important part of doing any business, therefore you need to do worship like praying.

I want to share this with everyone, it may or may not be helpful but I have done it before and it has also brought many changes in my life. Do not want to discuss too deeply the issue of religion, but we must accept the fact that a visible law is the law of attraction, the more you think towards positive issues, the more comfortable your life will be. I once heard a story by a comedian Steve Harvey, the story said that you don't have it because you haven't asked and haven't asked for it from God, just ask and ask for everything from God, just simple so simple. And as my limited understanding, even those who do not believe in religion, always think big and be useful for yourself as well as everyone around (including the life around us).

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