First buy Bitcoin as a newbie, good way to start. - page 4.

OcTradism

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Quote from: SamReomo on November 15, 2023, 08:19:07 PM

No, I don't think that it's going to be helpful for newbies to purchase Bitcoin without properly learning about it and it's wallets. Most of the newbies purchase Bitcoin directly from exchanges and they don't really know much about custodial wallets and save their Bitcoin on those exchanges wallets.

It's unsafe to store bitcoins on exchanges but if they are newbies, pick good centralized exchanges, they can leave their bitcoins on the exchanges. It is temporary storage place for them only, meanwhile they have to learn about non custodial wallets that are better if open source. After they complete their learning about wallets, have some practice of wallet creation, wallet recovery from backups, they have to move their bitcoin from exchange accounts to their own wallets.

Reminder: do not keep your money in online accounts

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No, I don't think that it's going to be helpful for newbies to purchase Bitcoin without properly learning about it and it's wallets. Most of the newbies purchase Bitcoin directly from exchanges and they don't really know much about custodial wallets and save their Bitcoin on those exchanges wallets.

They don't know that they are not truly the owner of the Bitcoin that they hold in those exchanges because not your keys not your coins is something they aren't aware of properly. It's always better for such people to learn about Bitcoin, personal Bitcoin wallets, saving of private keys and seed phrases, system security if they are going to hold their Bitcoin in software wallets, and some other things before purchasing any Bitcoin.

Once they acquire that necessary knowledge about Bitcoin then they can begin with a short amount of investment into Bitcoin like $20-$50 to learn about personal wallets and the safety of their coins, when they learn those wallets software and safety of their coins then they can invest more into Bitcoin and most probably go with a cold wallet instead of hot wallet.

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Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

I know to lot of people, who may have invested money into the wrong investment platforms outside of Bitcoin but pirade themselves as Bitcoin investment may misunderstand the title of this thread, but that is the truth, and the best way to start your Bitcoin journey...

The thing you said is right many people did not even know what is bitcoin and how it works some people consider Bitcoin as a currency just like the fiat which does not have that much power to change someone's life. Bitcoin is a different currency from the rest of currencies and has huge power and efficiency to revolutionize the world. But the problem is newbies didn't know how to buy Bitcoin because they thought the price was so high that we couldn't buy a single Bitcoin but they didn't know that there is a strategy for Bitcoin. DCA is such a good strategy and fits in any individual life. It cannot be a burden on you but provides the opportunity to buy small part of Bitcoin from time to time. This strategy is best for the newbies who have the lowest percentage of loss but always provide a profit.

Franctoshi

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The worst mistake any newbie will make in this space is jumping into buying Bitcoin without any prior knowledge about Bitcoin just like the very mistake I made back in 2017 when I saw my friends cashing out their profits not knowing that this was Bitcoin they bought and hold for few years and I thought it was something you invest today and cash out tomorrow, I tell you I really paid the price of it and I lost almost all the investment I made then. At last, we should know the basic things first before we should think of investing.

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As a newbie --the first investment could really be a mix of emotions and uncertainty about what we gonna do next a reason why many have fallen into the wrong investment platform, scam wallets, and the wrong way of storing them.

A good way to start investing is to invest only a small amount - the amount that we can't feel mad if we lose them. We have to stop thinking about earning fast because this will affect our emotions and decision-making. Instead, we have to think about the rewards in the future because, in this way, we are encouraging ourselves to learn how to hold and how to keep straight on our goal neglecting every day's market dumps and pumps.

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It is good to hear that mate , congratulations to your first Bitcoin investment but this is way
far from newbie , some of them are looking now for instant profit and cannot wait to handle the long term that bitcoin is designed .

also Like me as Newbie , I did not invest right away instead i explore this forum first
and ask others opinion and yes asked also my Wife if we are willing to invest and risk half of our savings in which
she agreed and also yes we are now gathering profit from time of investing and each Bullrun.

Woodie

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Fortunately for me, when I got to know of bitcoin as a newbie to this industry, we were encouraged to try get Bitcoins from faucets to try and familiarise ourselves how the bitcoin ecosystem works without the need to commit to buy the Bitcoins.

Today the landscape has changed, faucets are only available in some gambling platforms and other platforms that aren't as popular as they were back then and should have been the perfect place to start for those new to the world of crypto.

Today because of price,many users opt to buy altcoins and bitcoin variants as they find them cheaper and don't buy BTC as they think they need to buy a whole bitcoin, guess the fear of the unknown puts crypto newcomers on different routes of their bitcoin journey and it's okay to go with what works for you.

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To the newbies invest what you have so you don't worry too much when you make a mistake, this is the part of mistakes of the people too they are afraid to lose money but they want to make an investment, There no 100% success rate in investment the same like doing business so if you want to take a risk go with it to that you are willing to lose, actually you don't need to buy at least 1 BTC just to make an investment in crypto just a portion of it is enough and it's up to you what kind of strategy you will execute right there to earn more BTC could be through trade, or services as a payment method and more. Of course there's no easy money here as possible afraid of having an interaction with other people pretending to help you. Scammers is all around.

Ojima-ojo

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Quote from: Wakate on November 12, 2023, 01:50:42 PM

Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

So if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn, e.g DCA approach, this approachable helped a lot of newbies to be able to have the right mindset and accumulation approach towards bitcoin, and they can accumulate a good amount within a short space of time, and also building a sustainable knowledge that helps you to have a better understanding of the market and to make good analysis.

The information you are trying to pass is for the newbies to buy Bitcoin and hold before the learn about what Bitcoin really entails? I don't think this is a good idea. Like you know that there are different Blockchains and if anyone make the mistake of sending Bitcoin to another Blockchain, do you know that the coin will be lost forever?

If you have read through the entire ops, you would have noticed i mentioned that the beginners should have a personal bitcoin wallet, so if i already mentioned, custodial wallets what then bring the risk of sending or storing their assets onnthe wrong blockchain, this is must likely going to be the least expected risk, because as a beginner you first contact with bitcoin should be about wallets amd wallet securities because those two are your backbone and reason to hold those assets innthe first place.

So sure i already considered that possibility also to becoming the resultant risk for potential newbies, and that was properly covered in the body of the discussions.

Quote

If you know this then why would you advise newbies that do not know about about how Bitcoin works or cryptocurrency to buy Bitcoin and hold when it is obvious that they can make silly mistakes of sending the coin to the wrong wallet. The best approach is to learn about cryptocurrency so that one can be safe when handling wallet and keeping one coins safe. Those who don't understand the market might be lured by scammers to send their coins or get hacked by mishandling their wallet address.

I mean no offense but I will have used your opinion but not when I have already considered every possible risk and included whatever the newbie may need in the form of a guide in the ops.

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Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

So if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn, e.g DCA approach, this approachable helped a lot of newbies to be able to have the right mindset and accumulation approach towards bitcoin, and they can accumulate a good amount within a short space of time, and also building a sustainable knowledge that helps you to have a better understanding of the market and to make good analysis.

I tried to start investing in bitcoins as soon as I was told that it was a step to wealth and I was directed to forum. I knew I was late already, so I did not want to waste more time to learn enough first. I realised the risk later on of wanting to invest in bitcoin without knowledge, but I was grateful to be lucky and not find myself a victim of scammers or loss. Not everyone will be as lucky as I was, so I tell people I meet now to at least try to know the best place to buy bitcoins and how to keep the bitcoins they buy safe, so they do not buy from scam sites, and safe their bitcoins in a wrong place. Those two small knowledge are okay.

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Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

I know to lot of people, who may have invested money into the wrong investment platforms outside of Bitcoin but pirade themselves as Bitcoin investment may misunderstand the title of this thread, but that is the truth, and the best way to start your Bitcoin journey.

I use myself as an example, be for I started to acquire knowledge about Bitcoin, I first bought some amount of Bitcoin and held it in my personal wallet, not an exchange wallet, and I had my wallet keys properly saved, and after that, I became more active innthe forum and reading comments and posts and doing other bitcoin related research, and that made it easy for my to accumulate more bitcoin while studying, and this has helped me in much greater ways and I thought it could help others here, most especially newbies.

So if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn, e.g DCA approach, this approachable helped a lot of newbies to be able to have the right mindset and accumulation approach towards bitcoin, and they can accumulate a good amount within a short space of time, and also building a sustainable knowledge that helps you to have a better understanding of the market and to make good analysis.

We do not have the same views about bitcoin, so you can't just tell a newbie to buy it without knowing much about it. That carries a significant risk. On the other hand, if a newbie decides to follow your lead and buy bitcoin without knowing much about it, they may later discover that investing in bitcoin is not the best they think for themselves. This cause another issue because they may believe that you are encouraging them to invest their money to get scam. This is why it's said that knowledge is wealth. I can't suggest that somebody new to bitcoin should jump into buying it right away; instead, they should take their time, research, knowing the risks involved, and then buy once they have a greater understanding bitcoin investment.

You made the right statement because it has made your life easier. However, not all beginners can take the same risks as you can. In my opinion, most beginners have invested their money in the wrong platform, which is why most people still don't understand bitcoin. You made the right statement, but everyone should take their time and learn more because without knowledge, some beginners could even misplace their wallet.

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Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

So if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn, e.g DCA approach, this approachable helped a lot of newbies to be able to have the right mindset and accumulation approach towards bitcoin, and they can accumulate a good amount within a short space of time, and also building a sustainable knowledge that helps you to have a better understanding of the market and to make good analysis.

The information you are trying to pass is for the newbies to buy Bitcoin and hold before the learn about what Bitcoin really entails? I don't think this is a good idea. Like you know that there are different Blockchains and if anyone make the mistake of sending Bitcoin to another Blockchain, do you know that the coin will be lost forever?

If you know this then why would you advise newbies that do not know about about how Bitcoin works or cryptocurrency to buy Bitcoin and hold when it is obvious that they can make silly mistakes of sending the coin to the wrong wallet. The best approach is to learn about cryptocurrency so that one can be safe when handling wallet and keeping there coins safe. Those that don't understand the market might be lured by scammers to send their coins or get hacked by mishandling there wallet address.

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Quote from: sotelorene on November 04, 2023, 05:14:50 PM

Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

I know to lot of people, who may have invested money into the wrong investment platforms outside of Bitcoin but pirade themselves as Bitcoin investment may misunderstand the title of this thread, but that is the truth, and the best way to start your Bitcoin journey.

I use myself as an example, be for I started to acquire knowledge about Bitcoin, I first bought some amount of Bitcoin and held it in my personal wallet, not an exchange wallet, and I had my wallet keys properly saved, and after that, I became more active innthe forum and reading comments and posts and doing other bitcoin related research, and that made it easy for my to accumulate more bitcoin while studying, and this has helped me in much greater ways and I thought it could help others here, most especially newbies.

So if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn, e.g DCA approach, this approachable helped a lot of newbies to be able to have the right mindset and accumulation approach towards bitcoin, and they can accumulate a good amount within a short space of time, and also building a sustainable knowledge that helps you to have a better understanding of the market and to make good analysis.

Sorry to say this, everybody must not do what you do. Different people different strategies, if that's how you learn it and it Favor's you, it might/may not definitely favor other people

I read through his post and I could not find where he said you must follow his ideas. This is an open platform where people from their ideas and opinions and leave you with the caveat "Do your own research". Nothing posted here should be taken personal because posts here are just the opinion of the authors.

As for the post, I'm actually using the method he described and it has been incredible! If you settle down to apply it. You might even fall in love with it. We all want the best and not here to show ego.

Solokan

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As a beginner, of course there are 2 things you have to pay attention to, namely:

1. Before investing, it's a good idea to first understand what Bitcoin is, what the benefits are, and what the risks are if investing in BTC, because without prior Knowledge, are worried that something undesirable will happen because the price of BTC fluctuates. and difficult to predict.

2. For beginners whant tho invest in BTC, of course there is no problem as long as we start with a little money first, and use idle money, and as OP said, after buying BTC can immediately store it in wallet , and Don't store it on the exchange. and at that time a beginner must continue to learn and increase his knowledge about BTC and indeed if have BTC there are different feelings because the feeling of having BTC and not having BTC is of course a different feeling, so usually if already have BTC, although a little, of course it will create a different atmosphere. different and increasingly enthusiastic in exploring knowledge about BTC.

In my opinion, beginners should be able to choose according to their interests, whether they want to take point 1 or point 2.

but a beginner has to be himself and has to do a lot of research.

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Quote from: Zigabel on November 12, 2023, 01:50:11 AM

To be able to buy and store your Bitcoin you need to have some basic knowledge to be able to achieve that, if you have no knowledge at all it's not possible you will know how well to be able to buy and store before further learning, sorry to say but it's proper to think that you can just buy without any knowledge except you are assisted by some one who has a prior knowledge.

You will always need that basic knowledge to first get on board at least to know how to buy, difference between wallet and exchange and other simple basic knowledge about cryptocurrency before you be able to buy and store the go to acquire further knowledge about how cryptocurrency works and it's dynamics, these may be for further learning but you need the basics to at least be able to purchase coins. Although not everyone would want to follow your style some persons prefer to better understand all they can lay their h d on or probably make sure to get substantial knowledge about it first before investing a dime.

I don't know what you mean by basics information, because you are repeatedly mentioning basics. If you write a short but comprehensive post instead of such a long and wide post, it will be easier for people to understand. However, one should have good knowledge about Bitcoin, Bear market, Bull market, various indicators, right time of entry and surrounding news all these need to be closely monitored.

The main point is that if newbies buy Bitcoin in the beginning, they will have a good start but remember when to buy as well, because buying Bitcoin at any price will not be profitable. Learn how the crypto currency market works and how it fluctuates. We can never progress in any field without the help or support of someone everywhere, but through this we have to work hard as well as learn. These are just the beginning after which we have to believe in ourselves and move forward. Just as we can be a successful investor or businessman.

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Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

I know to lot of people, who may have invested money into the wrong investment platforms outside of Bitcoin but pirade themselves as Bitcoin investment may misunderstand the title of this thread, but that is the truth, and the best way to start your Bitcoin journey.

I use myself as an example, be for I started to acquire knowledge about Bitcoin, I first bought some amount of Bitcoin and held it in my personal wallet, not an exchange wallet, and I had my wallet keys properly saved, and after that, I became more active innthe forum and reading comments and posts and doing other bitcoin related research, and that made it easy for my to accumulate more bitcoin while studying, and this has helped me in much greater ways and I thought it could help others here, most especially newbies.

So if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn, e.g DCA approach, this approachable helped a lot of newbies to be able to have the right mindset and accumulation approach towards bitcoin, and they can accumulate a good amount within a short space of time, and also building a sustainable knowledge that helps you to have a better understanding of the market and to make good analysis.

To be able to buy and store your Bitcoin you need to have some basic knowledge to be able to achieve that, if you have no knowledge at all it's not possible you will know how well to be able to buy and store before further learning, sorry to say but it's proper to think that you can just buy without any knowledge except you are assisted by some one who has a prior knowledge.

You will always need that basic knowledge to first get on board at least to know how to buy, difference between wallet and exchange and other simple basic knowledge about cryptocurrency before you be able to buy and store the go to acquire further knowledge about how cryptocurrency works and it's dynamics, these may be for further learning but you need the basics to at least be able to purchase coins. Although not everyone would want to follow your style some persons prefer to better understand all they can lay their h d on or probably make sure to get substantial knowledge about it first before investing a dime.

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Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn.

I doubt I share the same view with you regarding this. What you are trying to say is just like telling someone to get married to a person before getting to know that person or telling an employer to employ someone he knows nothing about and after he has employed the person, he can now start finding out things about the person while the work is on.

In as much as I believe that bitcoin knowledge isn't complete without investing in Bitcoin, I feel you should have at least some level of knowledge about bitcoin before thinking on investing into bitcoin. And I even doubt anyone would want to invest into something he knows little to nothing about. I will even see such invested as an uncalculated risk as it has high chances of not yielding the desired result as the investor might want.

Also know that if the person doesn't a good knowledge on best practices when it comes to bitcoin investment, he might invest his whole fortune thinking that it's a get rich quick scheme and might have serious tension on himself when he sees any sort of negative fluctuation in the price of bitcoin.

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Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

I know to lot of people, who may have invested money into the wrong investment platforms outside of Bitcoin but pirade themselves as Bitcoin investment may misunderstand the title of this thread, but that is the truth, and the best way to start your Bitcoin journey.

I use myself as an example, be for I started to acquire knowledge about Bitcoin, I first bought some amount of Bitcoin and held it in my personal wallet, not an exchange wallet, and I had my wallet keys properly saved, and after that, I became more active innthe forum and reading comments and posts and doing other bitcoin related research, and that made it easy for my to accumulate more bitcoin while studying, and this has helped me in much greater ways and I thought it could help others here, most especially newbies.

So if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn, e.g DCA approach, this approachable helped a lot of newbies to be able to have the right mindset and accumulation approach towards bitcoin, and they can accumulate a good amount within a short space of time, and also building a sustainable knowledge that helps you to have a better understanding of the market and to make good analysis.

The method you suggest is very good for beginners who don't have any experience or confidence in Bitcoin at the start, however, convincing yourself to invest in Bitcoin is not an easy matter, so learn slowly while continuing to practice yourself by buying Bitcoin using the DCA method is a wise thing. Apart from that, all beginners investing in Bitcoin who also know this forum should be grateful because being deeply involved in this forum can increase their confidence in Bitcoin investment. Bitcoin has never made anyone lose, so for all beginners, don't be afraid to start investing in Bitcoin.

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Quote from: hatshepsut93 on November 04, 2023, 06:24:26 PM

Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

So if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn, e.g DCA approach,

Buying before doing research is never a good idea, especially not with Bitcoin which has certain common pitfalls like keep coins on exchange, losing the backup, downloading a fake wallet, etc. But the amount of knowledge required to invest in Bitcoin is greatly overestimated. All that people NEED to know is the basics of how to not lose their coins and why they should just hold for long term and wait. That's it, there is no "journey" or "learning", more advanced topics aren't really needed for investors.

Exactly is a bad idea to buy something that you don't have knowledge on because in the process you can lose your fund when buying, so is better you have full knowledge about bitcoin before you invest or do anything like trading, bitcoin is the best investment you can invest and be comfortable that you can get profit when you leave it for long term but your statement details failed because without knowledge no one can know how bitcoin operates so is better some one has full knowledge about bitcoin before you invest or do and be confident that you can profit when you leave it for a long period of time, but your statement details failed because without knowledge, no one can understand how bitcoin works, so it is better that someone talks about how to leave it for a long period of time, some advantages and disadvantages, and get more ideas about it rather than saying something else that will not benefit anyone, because when I started my bitcoin journey, I concentrate about it very well before I started my investments, and I learn things about bitcoin in https://learnmeabitcoin.com. without bitcoin I don't know how our life will be now thanks for Satoshi

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Quote from: Ojima-ojo on November 04, 2023, 04:58:28 PM

I use myself as an example, be for I started to acquire knowledge about Bitcoin, I first bought some amount of Bitcoin and held it in my personal wallet, not an exchange wallet, and I had my wallet keys properly saved, and after that, I became more active innthe forum and reading comments and posts and doing other bitcoin related research, and that made it easy for my to accumulate more bitcoin while studying, and this has helped me in much greater ways and I thought it could help others here, most especially newbies.

So if you have the money to buy some Bitcoin, why not buy first and thereafter learn along the way and keep practising the few things that you learn, e.g DCA approach, this approachable helped a lot of newbies to be able to have the right mindset and accumulation approach towards bitcoin, and they can accumulate a good amount within a short space of time, and also building a sustainable knowledge that helps you to have a better understanding of the market and to make good analysis.

Not a bad step to start bitcoin but from my own perspective, it is not the best. Today, we have more numbers of people that live their coin on exchange after buying them and the reason why this has not stop till date is because they don't have first hand orientation about bitcoin and the dangers of keeping coins on exchange. Even when there are multiple hacks last year of FTX and other centralized staking platforms, people have resumed buying and leaving their coins on exchange and the bull run returns, more of them will repeat the same thing until another hack happen again but I don't pray for that.

If today many people understand some of the values of bitcoin, they will not sell their bitcoin after a chicken profits, and that is because many of them don't read, they don't learn. They come and when they get some line of information about bitcoin on how it has changes some people life, they rush and buy and wait for it to mature and then sell. Is that what bitcoin is meant to be? These happens because they don't have proper information, what most of the newbies need is good path to invest in bitcoin before buying bitcoin later.

Topic: First buy Bitcoin as a newbie, good way to start. - page 4. (Read 1316 times)