Topic: How good were you at understanding Bitcoin tech before investing in it? - page 3. (Read 482 times)

Most people learn through experience and i think that is a god way to learn because you don't just know the facts but you feel them when you have come across in the past and that is the main reason why most experienced investors or traders doesn't fall most of the time when the market goes in the wrong direction but such experience comes with patience and continues learning for a considerable period of time but once someone master like that nothing can drop him

I was even below average and i didn't have any kind of knowledge regarding cryptocurrencies or about there core technology which is blockchain technology but for anything there is a start but I think specially today for newbies who are willing to invest in the bitcoin market should have a sound understanding about bitcoin and its technology because unlike in the past using the technology is becoming tricky due to many hackers and a simple mistake can make a huge loss for an individual

In 2014, I just have a very simple and basic grasp of how bitcoin and the blockchain works. I bought bitcoins for the first time without the intent of being rich, just thought of getting my paycheck into something other than the banks. I became interested into diving deeper on bitcoin more of an asset when more and more services began opening their doors for the said cryptocurrency in 2015. Right now, I'm more interested on how the whole system and protocol works in a deeper level, not just in general, since the thought of getting rich with bitcoin has already passed for me.

The first time I invested in Bitcoin in the fall of 2017. I earned a lot and lost a lot. I did not study the blockchain technology, but I read a lot about the opinions of famous people

Right, when Bitcoin price started from $.01 to $1, people started to realized that they can make a lot of money and didn't learn the technology behind. That's why you will see a lot of newbies commenting on countries embracing Blockchain Technology that it will bring or affect the market price positively. But they didn't know that adopting this technology doesn't always equate to price moving up.


I guess everyone started this way as well, but if you're that interested at least in my case I try to understand the technology behind but reading fin tech articles and of course the whitepaper.

i really didnt understand bitcoin fully but i had a friend who told me so many things about bitcoin and i also read some articles too online. though i was not grounded on bitcoin information then but i believed in the ideology which moved me to invest

I don't think you need to understand the technical features of btc to invest in it or buy it. Most of the time people just need to have a basic understanding about how the whole thing works. Although, nowadays, most people only see bitcoin as a store of value, or a digital asset that can give you a ROI in the long run. People no longer care about the tech behind a crypto, it's all about making money.

In my case, I didn't understand the tech behind bitcoin back in the day, all I knew was that it was a decentralized cryptocurrency where you can send money while remaining anonymous, that alone caught my attention to put money in it, as time went by, I started reading a bit more about the tech, then I stopped doing that since I don't need to know every technical aspect of bitcoin in order for me to use it or HODL it.

i think knowing all things about the object that will you invest to is the good way, its mean that you can try to learn about the bitcoin and investing media, the 3rd media, and anything else, because knowing before make an action is a good way

I'm not going to lie, I didn't know a damn thing! I had thought it was the new E-Gold, so I check out Mt. Gox and seen what I thought was a stock exchange happening. Boy was I wrong, I even considered purchasing when they were $10 but, I was young and stupid, still in school. My brother had told me, you will always lose money chasing women, but will never lose women while chasing money. It would be several years before his statement really clicked.
   Two or so years pass, and bam, the next time I take a gander,  the price was $100 or so. Man I was pissed  .
Eventual an American exchange called Coinbase would come along, by that time, It was inching closer to $500-$600
So I decided to join the forum. I didn't post most, just lurked around as a newbie. I still remeber when everyone was talking about Etheruem was coming, and I still didn't invest.
   Learned a valuable lesson though, your're window of opportunity is usually a small one, which will close unexpectedly.

I don't think it's correct to compare Bitcoin with Apple stock. With stocks people generally try to calculate the company's profit to determine the value of a stock, but it obviously does not apply to Bitcoin. Also Bitcoin and crypto are far newer than consumer electronics, so it's important to understand the technical details to avoid at least the most obvious scams and fallacies. For example, there was a FUD recently that said that Bitcoin will succumb to a "death spiral", but anyone with some understanding of mining would see that it's just nonsense.

Truly speaking, when I first heard of bitcoin, I never knew anything about it before investing. What I was told was that it is a new currency that is not controlled by any government. It was exciting and I jumped in. It was after several months then I began actually reading about bitcoin. Even now, I am yet to get the whole gist about bitcoin.

I have never felt the need to understand how bitcoin works or as you call it understand "bitcoin tech" in order to use it. I only cared to know how it works as a beginner, so I only bothered with the basics of it and didn't confuse myself with anything advanced.
later on, as time went by I became more interested in learning more about bitcoin so I also increased my knowledge which is still don't find "necessary" to use bitcoin. I just learned it because I like to know more.

when i first time invest this market. i still a new bie. after three month trading i have a big experience

You just cannot go wrong with bitcoin.

When i started with crypto i didnt understand the concept or technology.
The more you read the easier it gets.

We all know that many crypto projects have turned out to be vapourware
and it is hard to know which is good thats why i say stick with the old
reliables.

i think the good way í just join in market. it give us experience when we fall the trade

it becomes easier over time to recognize shitty projects and not waste your time even looking at them. and you don't have to go through their codes to find that out! there are enough signs in their announcement and the general information you can easily find that can tell you that.


you don't need to read a book or have any understanding of the "technology" behind bitcoin to start investing in it. would you also read books on understanding the technology that Apple is using in its product before buying the shares of their company? so why treat bitcoin any differently?

in my country they open alot of class sharing about trdaing. but all of it is scam and fake. they just take the money from the people who join class

Well, most of the times I go through the references of the team and if the idea sounds in general something smart of just a whitepaper with technical terms on it. But I don't need the knowledge now since it will be a long time till I invest in something crypto-related.

So the first thing I'd say is I agree, it's really hard to keep up with development. It's even harder when you're trying to look at multiple projects. It's hard to get into a project in its early days and be confident in it unless the developers have a reputation or you're a developer yourself and have looked through the code.

It's unrealistic to believe that you can, on your own, learn in depth, keep up with, and provide actual criticism of multiple projects at once. For this reason, it's better to pick one or a few interesting projects (ex, bitcoin and ethereum) and pay close attention to them.

Believing in the tech is easier when experienced developers with reputations have vetted a project and given it the green light. Bitcoin is a great example of a well-vetted project because it's open source and there are developers like Greg Maxwell, Peter Todd, Pieter Wuille, Wladimir, etc who are highly respected and have contributed to it. Just go take a look at the Github to see how meticulous those guys (and others in the community) are. You can trust that the best developers are working on that project, whereas on some small closed source project you really can't be sure.

I honestly didn't understand much when I started, I'd heard of bitcoin over the years, since probably as early as 2011, but in the last year or so I got curious enough to really learn how the technology works.

What do you mean wasted your time? At least you have pick up something, because I know programmers are people who love to solve problem, maybe you just got disappointed because of so many projects without any real usage whatsoever.


To be honest, I didn't read any books. I just go around this community and learn everything from ground up. Yeah, its hard to keep with the latest news, but there are a lot of resources outside this forum. You just have to devote some time, imho.