Topic: Considerations Before Investing in Bitcoin - For Beginner - page 3. (Read 375 times)

OP you have actually stated the fact that most must be put in consideration before investing as a beginner, so in addition is always advisable not to put everything you have on investment, is always good as a beginners to have someone that would mentor them show to show them how investment works, and also doing more research on there own as such making them more knowledgeable.

As a beginner I believe is unwise to have numerous mentor to avoid information overload, were as you could get confused different mentor,

OP, this is a good information that you have given to those who rush into bitcoin investment without knowing what it takes to invest. Newbies should have all these in their mind that you stated above.

Prayer is good but not in bitcoin investment,because your prayer cannot change anything about the price or will it influence the price. That is why you should only invest with money that you can avoid to lose,this will enable you not bother if the market goes down. You should also study about the technical analysis and fundamental analysis so that you wouldn't panic and sell off,when bitcoin price is dumping. You don't need a bitcoin mentor as long as you are in this forum,you can know whatever that is needful here.

Do we have to and do we need to, I wonder who did this just to learn how to invest in Cryptocurrency, all the available materials are here, the internet is the information highway you just need to be patient and persevere to learn if you don't have these two traits no financial advisor and investment professional can help you learn how to invest properly.
Security and the many scam schemes are two of the things that these so-called financial advisors cannot teach you, you have to learn from your co-investors and from your experience, so instead of investing money for consultants invest in your time and yourself.

Yeah it is bitcoin oriented but this are basically just tips for beginners and there are most of them that limit their selfs to just that board. Also for orderliness it is best they are there

Good write up OP!!! I am happy when I see members that put in effort to come up with a post. These posts might not be perfect but somebody might learn something new. At least they are better than people that use artificial intelligence tools because they don't want to put in any hard work.

This point might relate to only Bitcoin traders and short-time hodlers because longtime hodlers don't consider government policies or regulations because they are core Bitcoin believers. There is some set of persons that believe in Bitcoin that they have decided to go up or down with Bitcoin. I am sorry to differ on this point because I have no plan of selling until I get to my long-term targets.



It is now becoming a problem in the Bitcoin space. The recent hack of Atomic Wallet a well-known non-custodian wallet changed my perception of security. Now we have to consider if the wallet is a decentralized, open-sourced, and air-gapped wallet.



Don't be greedy, avoid shitcoin, and protect your wallet. People are easily attracted to the profit margin of investing in shitcoin and they suddenly become prey to scams.


I always believe that a supernatural being controls the universe. People might differ in this fact but that's my belief. We pray to Him and do our best.

I got your point, Yeah I agree with you that this forum is really helpful by helping us in the open, even get some point of views.


Yeah, but someone who has belief should be believe that pray will be helpful for their journey ( in spiritual way ). 



I understand your point, however, the ordered list is not as reference, because, everything is one in unity.


Yeah, @Z-tight also Said about this, and I do agree with him/her, here is :

Number 10 though, Lol,  . Not sure if prayers are going to help with our investment. As a beginner, you don't have to complicated things in my opinion. As for my experience, I initially started to learn different kinds of wallet and how to protect and secure then. After that few sats on my wallet and that's it. As time goes by, you will learn the intricate "beauty" of being a Bitcoin investor. But for beginners, you can't simply swallow everything, the information might overload you so you just have to take time to understand and just learn the basics, like wallet, bitcoin addresses, private keys and others just to get you started.

If I was you, I will move point #5 to either the 2nd or 3rd position. Because safety of your bitcoin is most important, if it is safe, you will at least won't lose your coins and your capital. Safety and Security should come together.

• How is the 21 Million Bitcoin Cap Defined and Enforced?
• How many Bitcoin confirmations is enough?
• Security checklist
• Choosing your wallet
• Securing your wallet

Overall, this is the most crucial part as I see and I won't even suggest to the beginner to have it.

Why?
Because this might lead to a scam if you don't know or you found a mentor over the internet, we shouldn't trust strange people offering a service like this.  Because IMO, we should trust no one ourselves in protecting our valuable asset.  So if ever you'll choose a mentor, ensure they have a reputable track record in the cryptocurrency space.  Research their background, experience, and credentials before making a decision because as I said, it's crucial to work with someone who has a strong understanding of Bitcoin and can offer reliable advice, it's prone to be a scam.

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.

I was think to give this topic to Beginners, But I think again that the beginners often to visit the Bitcoin Discussion (Maybe) because I think it's also interested to visit Bitcoin Discussion and people often to give their topics. Yes, Scammers are so annoying, especially for the beginners, Once I was scammed by a project ( Their token is CEX or Catena X ) in the beginning they offer best roadmap and usecases, I believe it and try to Invest by buying the tokens and because of they also reveal their team faces, but Finally their faces were known generated by Artificial Intelligence ( Correct Me If I Wrong ).



Basically someone who wants to invest in bitcoin, of course, already has a source of income, and I suggest not using hot money (not cold money) which means hot money is money that is important in the near future, while cold money is money that is not important in the near future.


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.


Yes that is the point of Number 8. Stay Be Patient

As a beginner in bitcoin, you have to put in many factors i to consideration knowing well that bitcoin has it own risk, task and demands, so when you have done well in keeping all the aforementioned cautions in mind, do endeavors to know how you can avoid possible attempts to scam you, know the kind of wallet you will be using as a bitcoiner, decides not to remain being relax but rather always be at alert against anything that may cost you lost, always get updated, stay online and keep to learning each day to know more about bitcoin network.

OP, it is nice you took out time to write this little article to help newbies here. This would guide them a bit about the system and how it evolves but I think this is not the right place for such post. You can move it to beginners and help board here so that newbies can see it and ask questions if the need be.

OP I believe this write up was culled out from somewhere. Why not put the source for us willing to do further research and findings as regards this topic matter so we can widen our intellectual horizons further.

Haha, it seems more likely a bitcoin trading guide-based market analysis and the stuff is referring to the trading view. Volatility is not a big deal for those who know Bitcoin's potential and are interested in using Bitcoin as a store of value or medium of exchange. Op you are guiding the new ones from the view of bitcoin as a trading pair not as an asset and store of value.

People should prefer learning and educating themself about Bitcoin fundamentals, Scalability, Decentralization, and other basic features, after that, they need to plan their investment strategy according to the market cycle. That's it and believe me if a person made a wrong time entry in Bitcoin there is nothing to worry just be patient, the market will make a recovery and bring some profits with it for you.

I don't think that prayer will work for Bitcoin because faith in Bitcoin and faith in any religious beliefs are far apart from each other. Even if a person performs his/her payers regularly there is still no chance that anything will change in the world of Bitcoin. Although faith is important in life you should have faith in Bitcoin that it will grow very high in value, and I'm sorry but worship can prayers doesn't affect the price of Bitcoin.


That's a very important thing to consider when you are investing in Bitcoin because if you don't manage your money then you can be in risk of devaluing your investment. Everyone knows that Bitcoin and crypto-market is highly volatile, and if someone invests a lot of money into Bitcoin without accepting the fact that it can go down in value sometimes then the user is at a huge risk of devaluing his/her capital for many months. However, I still believe that anyone who invests in Bitcoin will be on safe side if he/she is holding the investment for a long term.

I guess this your topic belong to beginners platform OP, well, you make a good points that will help beginners to grow in every area of their digital investment, so that they will have reason to make a good choice in their investment. Scammers are everywhere, they can be your father, mother, brothers, sisters, relative and friends which they will not show up their identity so that you will not recognize them when they are operating in that evil way. Try your best to avoid free offer in the community which is the easiest way scammers use to attract beginners in their investment, and they will fall victims by the things they received without carry out their personal research. Any investment required patient, which beginners need to apply that mood so that they will be able to succeed and maintain good result in cryptocurrency investment.

One important piece of advice for all crypto investors is still missing here, I have seen this to be one of the major mistakes that most crypto beginners do.

Do not embark on this crypto investment journey unless you have good source of income, some investors called themselves investors but they are not behaving like one, they can't afford to invest, yet they go into investment with all they have, and along the way, they face some problems and the only solution left for them is the money they invested before.

Such people shouldn't even think about investing at all, because they are not fit for the investment.

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.
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.

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.

Not a few beginners in the world of Bitcoin or Crypto just jump right in by investing in Bitcoin without learning or finding out in advance what needs to be learned for consideration before investing in Bitcoin, so because of that, Before investing in Bitcoin, it is important to know some considerations :

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.

2. Consider Bitcoin Volatility
   - Bitcoin is well known by people with its price volatility, which means that its value can experience a significant increase or decrease in price in a relatively short period of time. From that, you should be prepared for rapid price changes and potential losses, and of course we expect profits.

3. Managing Risk
   - You need to assess your risk tolerance and financial situation before investing in Bitcoin. Consider how much you are willing to invest and how deep the losses will be, as well as the impact on your overall investment portfolio.

4. Analyzing the Market
   - Keeping track of market trends and the latest news regarding Bitcoin, what you need to analyze are factors such as market sentiment, regulatory changes, and technological advances that can affect the price of Bitcoin.

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.

6. Beware of Scam or Fraud
   - Be wary of fraudulent schemes, phishing attempts which are usually fake or imitation sites, and sweet promises that promise quick profits which make no sense. Do due diligence and verify the credibility and legitimacy of any investment platform or offer before participating.

7. Understand Your Country Rules
    - Understand the regulations governing Bitcoin in your jurisdiction. Regulations vary from country to country, and can affect the legality, taxation, and use of Bitcoin or Cryptocurrencies.

8. Stay Be Patient
   - Bitcoin is a long term investment and should be approached with a patient mindset and heart. The rapid ups and downs of Bitcoin's price should not encourage hasty decision making. From that you need to consider the potential for growth and adoption in the long term.

9. Find a Mentor or Consultant
    - Consider consulting a financial advisor or investment professional with expertise in cryptocurrencies. They can provide personalized guidance based on your personal circumstances and goals. Of course for this, you need to consider spending more money for consultations.

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.




- Beginners should take the time to learn about Bitcoin, its underlying technology, and how to store and manage cryptocurrencies securely.
- You should also be aware of Bitcoin's volatility and be prepared for potential price fluctuations and risks.
- It is crucial to assess one's risk tolerance and financial situation before investing and to stay updated on market trends and news that may impact Bitcoin's price.
- Implementing strong security measures is essential to protect one's investments from scams and fraud.
- Understanding the regulations governing Bitcoin in one's country is important.
- Bitcoin should be approached as a long-term investment, and it may be beneficial to seek guidance from a financial advisor or consultant with expertise in cryptocurrencies.
- Individuals who have faith or belief, prayer can be an important aspect of any business endeavor.



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.