Topic: First buy Bitcoin as a newbie, good way to start. - page 7. (Read 1130 times)

They are worrying about high price and high cost they have to pay to buy Bitcoin but they don't know they can buy any piece of Bitcoin like 0.5 BTC, 0.1 BTC or 0.01 BTC, even smaller.

After worrying too much, they end with altcoins that are cheaper and more promising in their eyes. Unfortunately they don't know or ignore fact that altcoins are more risky.

How many cryptocurrencies failed?
Only in 2021, more than 3000 altcoin projects failed and the number is much bigger if we count all years so far of cryptocurrency market.

If you started your Bitcoin journey by storing your coin in a personal wallet, I assume by this you mean you used a non custodial wallet, it's good and you are actually very scarce case among many Bitcoin newbies.

I agree choosing a good wallet is key and very vital to secure your coins, your money and can help to increase your wealth too.
Everyone can choose a good Bitcoin wallet with criteria like: Open source, non custodial, coin control feature, Segwit, Tor support.
https://bitcoin.org/en/choose-your-wallet
https://walletscrutiny.com/

I don’t think what you said here is true. How can you be a total newbie to bitcoin and go and invest without any prior knowledge of how the investment goes? You said that you store it in your personal wallet, which I think a total newbie won’t know about. Most newbies mostly store their first bitcoin in exchanges; they don’t get to know that there is a personal wallet until they enter the market. However, I think you join the bitcoin community with your knowledge but not much, and then you later start doing more research to know more things and how you can store your bitcoin safely.


People who jump into the market without knowledge are the ones who easily get scammed. Why will you decide to invest in bitcoin without knowledge? Bitcoin investment is not something you will rush and do; it’s a process you need to learn systematically before you make any move. If not, you will spoil what has been invested, and we all know how scammers have been attacking investors, so don’t you think advising someone to invest and later learn the process will lead them to another problem? For me, that is a bad idea, though.

If a person wants to invest in crypto or hold crypto. It isn't necessary to buy lots of BTC. That is the common mistakes from newbies where they thought that if you want to buy Bitcoin is that you should buy 1 BTC when you can buy Satoshi until the total of Bitcoin you reach to the target your aiming or your goal. It isn't a long time ago where a newbie thought that it isn't possible to buy bits of BTC but rather you must buy a whole BTC.

Bitcoin is the safest cryptocurrency and is most recommended investment for a beginner in the crypto space. Unfortunately, newbies have a wrong perception of bitcoin, they believe it’s a short cut to making riches but in reality bitcoin investment do not give high yield profits as it’s made to look like on social media. It is a slow process that comes with lots of discipline many times when newbies learn that bitcoin isn’t going to make them rich overnight they oftentimes turn to investing in altcoins in the pursuit of making profits. That’s my personal experience with newbies in this space.

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.

Mate we are saying the same thing and when i say I started my Bitcoin journey I was a newbie, that doesn't mean I don't have basic knowledge of wallets and exchanges because without the two mentioned, there is no way I can buy or own the Bitcoin innthe first place.


But even with that basic knowledge, a lot still needs to be done and learned in other to be able to securely orient the privacy and security of my Bitcoin holding and what the best way to take advantage and use many of the other features that come along with bitcoin, that aspect needs a lot of knowledge to be able to succeed in it.

Having your BTC saved in a personal wallet is still not safe or secure if you don't verify the wallet before using it.

I think learning should be the first step. Not learning first before investing in BTC is like gambling without knowing the game rules and regulations such a person has to lose the game before even starting cause she will lack the knowledge on securing the investment, risk management, and taking a profit.

The advise is the same across board. Buy Bitcoin. At the moment no person has any excuse on why he or she will not buy Bitcoin. In fact there are more reasons to buy bitcoin now than there has been last year or the year before. In terms of one of the best performing acts assets Bitcoin is the number one. In terms of future possibilities Bitcoin is the talk of the town. Good thing that there is no one compelling or mounting any pressure on anyone to buy 1 Bitcoin. You can buy the littlest fraction of Bitcoin and starts to build or from there.

Maybe some of us are very lucky that time at least in my time here when I was a beginner because I didn't buy bitcoin initially, just like the rest of us 5-6 years ago, we just work on signature campaigns and that's how we earn our bitcoin.

And yeah, in due time you learn about wallet and how to secure them or practice good security hygiene later.

After that it was DCA for everyone, slowly, week by week hard and grind and buying every opportunity we can. Everyone goes on education here I guess and others might have their own approach. But the lesson is that Bitcoin will really teach how to save and be financially motivated.

Never invest in anything that you have zero knowledge even if it's Bitcoin.

As a newbie, the first step is to DYOR about Bitcoin and then they need to plan about purchasing it and for sure they will eventually land at bitcointalk and Reddit while researching Bitcoin where they will learn more about it.

After purchasing their Bitcoin they need to move it to an actual wallet, for a beginner I recommend Electrum which is available on both Android and Desktop platforms, for IOS bluewallet is a good choice.

For multi crypto - Android/IOS = Unstoppable wallet

This paragraph I quoted actually explains that you weren’t a total newbie before buying your first bitcoin you might have read about them before or some guided you, because a total newbie wouldn’t be aware that it is bad not to store coins on exchanges. In fact most newbies uses exchanges as their first wallet because the lack the knowledge. So for a total newbie they wouldn’t just jump into buying bitcoin yet but rather sort after knowledge on where to get and how to do it. They also need gain knowledge about wallets and which is what and why they should install any. So with this informations lacking at first, it is bad to acquire bitcoin then.

So with that knowledge stated above, you can stick to only bitcoin and grow your knowledge before going out on Alticoins because they need extensive knowledge to do there personal research

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 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.