Topic: First buy Bitcoin as a newbie, good way to start. - page 5. (Read 1316 times)

This statement is wrong, its better to wait and not buy any Bitcoin till you have good knowledge than buying when you have little or no knowledge about it. Bitcoin is not a video game you can buy and later you start learning how to play it. The market is extremely volatile, seeing those red and green candle a newbie knows nothing about what do you expect them to do. Surely if they ignore the process of learning then move to start investing they will crash their investment along the road.

Newbies should learn first and not Invest first hoping to learn along the way. This is my candid advise, newbies should not have fear of not participating in Bitcoin early ir missed opportunities. One can only be happy in investing when they know their investment strategy and storage is safe.

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Anyone that wants to get some fractions of bitcoin will always get it as opportunity to buy must always present itself. There's no point rushing into what anyone doesn't understand, it is a bad advice. You should rather advice newbies to first understand bitcoin, how to buy and how to save and then learn to do their own research before buying bitcoin.

My first time of buying bitcoin was when I was scammed, I didn't really know about the forum then. But when I finally know about the forum, I wasn't in a haste to buy bitcoin. Infact, will it interest you to know that any amount of bitcoin I own today all came from signature campaigns. So, with my weekly campaign payment, it was easy for me to DCA and buy bitcoin passively at my pace

The truth is that people know how risky and dangerous investing in short-term coins but they still want to take the risk because of greed. Short-term investment is something many investors have loss all their money while investing in it, but still people don't learn from all this mistakes. It will be too bad for someone to lose investing in meme coins, bitcoin is the best investment anyone can think of to invest in because of how reliable it is in the market.  Before now bitcoin price was very low which made some people to think that Bitcoin will crash but bitcoin was able to survive in the market.

Bitcoin just as a member once called it a save haven for investment is absolutely  correct especially  when comparing to other cryptocurrencies. I've always loved the idea of earning while learning and if you must take the path of earning while learning, then it should be with bitcoin because altcoins over the years have been termed gambling and it wouldn't be wise to advice a newbie to get into altcoins especially when trying to learn.

Every first step that begins with full awareness and thorough preparation, especially a good understanding of Bitcoin investment, will of course be more valuable. It's not just about how much we will earn later, but the courage to take this step is actually not easy and this is a determining factor. However, this might be different when we start without good preparation. Because having money alone is not wise enough to invest in Bitcoin. There must be a balancing of other things, especially related to good knowledge for investing in Bitcoin, so that we don't end up regretting it later because of our lack of understanding in Bitcoin investment.

Basically, Bitcoin is a very worth it investment, in my opinion, especially when compared to altcoins which in fact are all in almost the same condition and in the end are smaller or even end up being shit coins. For this reason, Bitcoin has always been the main investment destination in the cryptocurrency world. And this is well known everywhere. It's just a matter of whether we are brave and ready to invest in Bitcoin with all the risks that may occur. If you're ready, that's it, but if you're still in doubt, it's better to be firm in your intentions. By starting to buy Bitcoin for investment in crypto, of course it will be even better when compared with investing in altcoins for the first time.

I get it, even though it might be considered secondary, it should actually be a priority. Anything labeled as 'basic' is supposed to be easy to understand, but the real challenge comes when deciding which strategy to use for successful cryptocurrency investment. This can be quite complicated for newcomers, and in the early stages, they tend to make mistakes. If they start with aggressive risk-taking, they might not recover their losses and end up unable to continue investing. So, we have to understand that in this highly volatile and unpredictable market, a proper approach should be implemented on our part.

I'm in agreement with what you said, because if OP doesn't have any knowledge about bitcoin, then how did he come to know about holding and accumulating bitcoin. Contrary to what he advised I'd have newbies to learn about bitcoin first, at least have some basic knowledge about it before investing. I didn't have any bitcoin experience when i opened my first wallet, i didn't even know the importance of seed phrase, i thought that they're part of the process to open a new coinomi wallet. I started to accumulate bitcoin inside the wallet, it was when i wanted to sell that I realized that I'd misplaced the passwords, anything that i tried to alternatively use the seed phrase to open the wallet it'd tell me that i should check if i misspelled any word. I got frustrated and just stopped  trying. I still have the wallet, but i might not be able to send bitcoin, ever from it. If I've had a proper knowledge of bitcoin, I'd have known the importance of seed phrase, and not be ignorant about it.

I want to use this opportunity to ask if anybody on this forum that uses coinomi wallet, has had this experience of trying to use seed phrase to send bitcoin, and the wallet is saying that the person should check for me misspelled word? I'm asking because i believe that it's the correct seed phrases that i copied and they're in the correct order.

Investment strategies and all others are secondary. first the person should be having basic understanding level of bitcoin like its decentralized p2p system, price based on demand/supply chain like that and also its high volatility, bullish/ bearish can be extreme compared to traditional investments.

That's the usual hype when the market goes bullish. It's why so many people fall into FOMO, thinking Bitcoin will bring them quick and hefty returns in no time. But without the right investment strategy, we won't make money during a bull market. We often fail to make the right move because of our own greed. Sometimes, we hold onto assets even when we've already made a decent profit because we keep thinking 'more.'

That kind of mindset can lead to regrets in the end. We need to be clear about our goals, whether it's for the long term or short term, as each requires a different investment approach.

Most of them don't even learn from their mistakes and still feel that short-term investments aka get rich quick is the theme for investing in bitcoin which isn't always the case. Of course, it is possible to make more money by doing short-term/intra-day trading but consistently being successful is not possible in trading so their ultimate goal short be a long-term investment or at least 4 years.

Well, that is true as we don't need to dig deeper because our intention is to just buy and hold unless we are trading.
Unfortunately, what happens is the big opposite, most people come and invest blindly and then start to learn about Bitcoin after, sometimes when they lose. In fact, the things needed are to know what wallet to use, market timing (buy and sell), and how to keep our funds safely. That is pretty simple but as I've said, most of us just learn after committing mistakes and suffer losses.

My statement applies to every investor irrespective of cryptos and there is no need to learn in-depth about bitcoin but a basic understanding of the technology is mandatory even if it is Bitcoin then only it is possible to avoid scammers, hacks, and so on.

But how most newbies are coming is they see random YouTubers saying bitcoin will reach this much in the next 6 months so buying bitcoin will not make them as an investor but simply they are forced to influence by someone without knowing what they are about to invest.

Nice talk, buddy. This is something that some beginners should know before doing anything related to bitcoin or investments. A lot of beginners find it hard to comprehend bitcoin since they invest in it without knowing anything about it. Having a wallet and investing in bitcoin does not, for a novice, imply that you are an expert in the field or that you can handle your coin. You will need to learn more in the forum about how to conceal your wallet's secret keys and how to hold onto your coin so that, even in situations where your instinct tells you to sell it for no profit, you shouldn't.

The reason why some beginners find it hard to understand bitcoin is that, when they first learn about it, some do not ask questions; instead, they assume that investing in bitcoin will make them money; some believe that investing in bitcoin is the best way to become wealthy quickly; others invest in bitcoin for more than three or four years without selling it. As a beginner, you must realise that not every time bitcoin profits increase; it depends on the time.

That's because those people that bought altcoins as a beginner wanted to try something different, they probably saw bitcoin to be a little bit intimidating especially in prices so they want to make bang for their buck and try cheap shitty altcoins so they can have the illusion of getting the right value for the money that they've invested. I totally agree that bitcoin is the best investment for beginners maybe even veteran investors because of how powerful the influence that bitcoin has and it's ability to continuously grow despite resentment from many traditional investors.
This is actually an awesome thing and a heartwarming one, converting the money you could've spent on your vices into bitcoin is something that not a lot has think of in terms of recovering from your bad habits.

The best investment for beginners is to invest and hold Bitcoin. We have seen many cases where many investors got hurt and lost money by investing in altcoins. That's why these things are important for those newbies to know when they are interested in investing. When interested in investing they need to acquire good knowledge and the best and profitable way to invest in Bitcoin. If one plans to invest in any altcoins other than Bitcoin, one will surely suffer in the future. Of course, these are the most important things to a new investor, who should start with Bitcoin when he starts his investing journey. And before investment, it is necessary to know better about the wallet, it is important to know where the money will be safe, and we all know the risk of keeping money in the exchange, so we should use a wallet with security. It is most important to invest bitcoins in a good wallet and keep its keys in a diary or a safe place for maximum security.

Storing Bitcoin in a personal wallet and not on an exchange is correct. Even if you feel that you are correct in how you store the key or seed phrase, according to experience, efforts to store the key must be reviewed every time to ensure that the method of storing the key has been proven correct.
The bitcointalk forum provides a lot of knowledge for those who are active and serious about getting knowledge about the things they want to get.
Not specifically for beginners, those who are no longer beginners sometimes cannot feel the benefits of this forum if they are not serious about making the forum a space to gain knowledge about Bitcoin and other things that are available in various discussions.

You're no longer a newbie if you knew you had to keep your Bitcoin in your wallet and keep your seed phrase safe.
You already understood that keeping your coins in exchanges isn't safe, that's not something a a newbie would know. For you to know that you already have some knowledge about Bitcoin.
You can advise someone as yourself to do what you did but telling someone totally new to Bitcoin to just buy first doesn't sound good to me.
I know not everybody can follow the same path but it's not advisable to invest in what you do not have an understanding of.
What if that newbie buys Bitcoin and holds and it dips within the week of his buying? What's he going to think since he doesn't have the right knowledge about it?
How's that newbie going to know that he needs his wallet and he should avoid exchanges as a means to save his coins?
At least let them get the basic knowledge first before they can buy.

Little did novices know the plenty of potential faults attached  to  "buy first then learn" scenario.

The wise is the reverse scheme.

To learn technicalities of bitcoin you totally don't need to deal with real coins, test ones would be enough. You can connect virtually any wallet  to testnet, and use testcoins to learn all stuff about UTXOs (how to frees, to send, to consolidate, you name it).

To learn trading crypto  you may use trading simulators (like this one ) that eliminate the risks of loosing you real stash.



  

One of the best approaches is to save some money from your salary to buy bitcoins and you can also try what the others have done, they quit their bad habits and convert into bitcoins instead. we have such wonderful stories as the one who quit smoking and used the money he spent from that to buy bitcoins and he hit the jackpot when he reached the bull runs with months of preparations when he bought those bitcoins at its lower price. It's not always need to start with a big amount rather with constant investment in a small amount, you will build a legacy in your investment when you hit the jackpot like him.

This and many more as expert guides to securing your investment,  and for sure it depends on the investment any ways because when it comes to assets like Bitcoin, you have to make further enquiries because what most people take as Bitcoin investment is actually not Bitcoin but a third-party cooperative which can fold at any time, and much more also we have to agree that other similar factors such as high profits yield schemes are a scam, so for sure in other to protect your investment you need to have some level of knowledge.


But what makes Bitcoin investment much more secure is that, as an investor, you hold your assets and you control your Bitcoin, this decentralization is what has given Bitcoin investors the freedom and control which allows and gives them the luxury of time to research further while they keep holding.