Topic: I hope I'm doing the right thing. - page 4. (Read 776 times)

First of all, you did the right thing by asking this question before making your decision because it's always good to hear some suggestions and then reach a conclusion. Make sure that you ask every person you know who is involved in cryptocurrencies and see their point of view and what they suggest, and then at the end, you should make your decision after evaluating all the answers and suggestions that you have received so far.

For me, I would say that you need to do more research because you are confused about this. You need to know all the risks involved and all the consequences both positive and negative, you should know what might happen if you invest now and what you might miss if you don't, and then you should decide whether you are ready to do it right now or not.

As a beginner, you are not advised to invest once you hear about bitcoin. The first thing you need to do is learn the basics of bitcoin investment and how the market works, because that is what will help you manage your investment and will guide you to overcome any situation in the market. Because without knowledge and other information, you may lose your money and think it is a scam. That is what many beginners think when they lose money in bitcoin. However, it is good that you said you don’t want to rush to invest in bitcoin, so the best thing is for you to learn before you invest in bitcoin. 


Your decision is not wrong. As long as you know what you are doing in the industry, because that is the main thing here, if you don’t have any basic knowledge, then you are risking it more than everyone here who has the knowledge; furthermore, there is no delay as long as you are learning; after you learn them, you invest; that is how it is supposed to be. 

We all had the same thoughts and it all led to us either missing out on a pump or selling during a temporary dip.

Keep your emotions out of the investment process. If you don't believe in your investment it will only lead to bad decisions.

Beginners are not experienced in investing first they learn about investing gradually and experience gradually. If you are new to investing in Bitcoin, you should know that all investments involve risk. Crypto is very volatile so we need to know and analyze it well before investing. As you mentioned about my first investment I can say that I used to watch YouTube and follow different investors in the beginning. After watching various videos of those investors, I gained basic knowledge about investing. Moreover, after joining this forum, my experience about investing has increased. Among the new investors, most of the investors' first investment fails because they don't have full understanding about it.

The thing about bitcoin is that, you're never too late, not yet at least. Maybe when the price is at a million dollars, but right now, you can't be too late. A lot of people felt they're too late when bitcoin was over $70k, but now the price is around $64k.
The point is, there's no point to rush, bitcoin is always here. What you need to do is learn about bitcoin. Have a basic understanding of what you're about to go into and in the course of your research and questions you'll understand that as a beginner bitcoin is best as a long term investment. Since you do not understand it that much it's best to leave it for a long time.

People saying "bitcoin is risky" shouldn't scare you off. Can anything can be called an investment without risk? It's a risk but when you understand bitcoin you'll know it'll always go back up again.
Take your time, learn, but know that you're not making a mistake with bitcoin if you do it right. You can have a savings and in bitcoin your savings can also be your investment.

They say that “hurry is needed when hunting fleas.” In everything else, especially in financial matters, there is no need to make hasty decisions. However, you have been registered on the forum for almost a year; can we understand that you previously came to the forum by accident? You must understand that the price of Bitcoin will rise every year, and if you prepare long enough, the purchase will cost good money. Therefore, you need to choose: either you read and study on a regular basis and invest, or you wait for the necessary knowledge, study for a long time, and then buy something even more expensive than today’s offer. In any case, theory should always keep pace with practice.

At first, I didn't think about votality, all I thought about was how I made a profit buying a coin cheaply and selling it when the price rose to increase the amount of my Bitcoins. I haven't thought too far about votality.


Maybe not only you feel doubtful because you don't understand, but all beginners will imagine the difficult things that will be obtained. The best advice is to start with a little, if you have learned better you will probably feel more confident. But if you feel doubtful and scared then I think never try. Investing in crypto requires mental strength, if you just want to try without trying then you should leave before you regret losing this money. Because I feel that every beginner will go through the loss stage.

There is no harm in delaying doing a job because you still don't have enough knowledge, especially if it is a job like investing in Bitcoin. But there are other important things that you should not forget besides your level of knowledge about Bitcoin, this is sufficient capital to make you more enthusiastic when you experience profits. However, when you use quite a lot of capital, you also need to prepare yourself mentally enough so that you don't often feel worried or afraid when you see price corrections because this is part of the risk that you must be able to withstand and understand better.

Very good question from a beginner who wants to invest in Bitcoin. When you understand that there are risks in investing in Bitcoin, you must be careful in doing so and need to absorb more resources to increase your knowledge to make more informed decisions. The volatile Bitcoin market requires mental, emotional and patience readiness when you start investing, always use money that is not used for other needs because investing in crypto assets has high risks. Patience in investing will determine the results you get in the future, you must be careful in making decisions and don't rush to sell assets when prices are falling because the assets you buy still have a chance to rise again.

Bitcoin is one of the best investments that anybody can go into, and you're in the right place to learn and gain knowledge about it, you just need to understand some basics to start the investment. Bitcoin is not a short cut to riches, meaning that you need to hold it on the long term for you to get a desirable ROI, also you can adopt the DCA method to continuously accumulate it. Keep your seed phrase in a very secured location, because if you misplace it or it's stolen, that means that your Bitcoin can be lost forever. We're entering bull run, that means that if you start accumulating now, in about one year's time, there's high chances that you'll get more than x2  of your investment capital.

I didn't invest immediately when I was a beginner.
What I did when I was a beginner is that I watched documentaries with regards to Bitcoin multiple times, and I often read some posts here just to increase my knowledge.

By the time that at least I know the basics of Bitcoin including how volatile it is, that's the time when I bought my first Bitcoins. If I remember correctly, I bought 10$ worth of Bitcoin at that time, and I used that in trading because I'm a bit curious about it, but I already knew that I would lose that Bitcoins and I really did. Investing in Bitcoin is really good and risky as well, but the amount of risk lessens as you learn more and more about cryptocurrency.

You said that you don't know much about it. Right now, we are lucky because everything that we need in order to learn at least the basics of cryptocurrency can be seen online already, and you can access it for free. Delaying for the betterment of your investing journey sometimes is a better decision. Delaying investing in Bitcoin for the sake of learning more would be a better option. Like the famous quote states. "Learn before you earn".

Right now, many users here already shared some links to you where you can learn Bitcoin. It's now up to you if you will give some time to learn it or you will just jump and buy Bitcoin without any knowledge whatsoever.

Take your time. In our opinion bitcoin is a good investment, but it's pretty dumb to invest in something you don't understand.


* If you like reading articles: https://coindesk.com/learn
* If you like reading books: https://theinternetofmoney.info/
* If you like watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://chainsec.io
* https://www.lopp.net/bitcoin-information/security.html

If you want to get more technical
* https://github.com/bitcoinbook/bitcoinbook#chapters

You should take your time and not rush things. You have expressed in genuine concern about your lack of knowledge in Bitcoin and that is very brilliant of you. There are different resources out doing that you can take advantage of to learn more about Bitcoin. There are books, there are podcasts, there are YouTube videos and communities on the internet around Bitcoin. One Chinese philosopher wrote, when the student is ready, the teacher appears; and when the student is truly ready, the teacher disappears".

It is better to delay and understand the process than to rush and regret afterwards. The bitcoin is not difficult to understand, just read the whitepaper, read the bitcoin history and compare it to what is happening in the industry currently, from there you will have a clue of what to do and you will not regret it afterwards.

That's make sense.

You got it wrong. Tradingview has crypto news section which is they collected from trust news website about crypto. It isn't just drawing and that's why i recommend to op to watch the news instead doing technical analysis.

For someone totally new to this cryptocurrency space, I will say it is very bad idea or advice as you say to look into Altcoins. OP is looking at getting into bitcoin for investment purposes there is currently no altcoin that stands out as an investment asset. My advice is for OP to stick around bitcoin and bitcoin only. Altcoins are gambles no matter how they paint it. I am not disputing the putting money into it but not for newbie like OP.

As for resources to read, OP doesn’t need TradingView which is a tool or platform for drawing Charts, it is mostly used by traders which OP currently isn’t and shouldn’t consider going into (at least at the moment)

I think that's a nice decision, bitcoin investment requires enough knowledge, there are a lot of things you need to know in bitcoin investment, However there is risk in bitcoin investment, but the risk is never to be compared with the one in altcoins and as well meme. the risk in bitcoin investment is low, moreover don't give attention to those side talks just do whatever thing you know is best for you, because if you keep listening to those side talk probably you can suddenly change your mind from embarking on this crypto journey either.

in cryptocurrency investment especially Bitcoin you need to be careful and also observe the rudiment of Bitcoin before you invest I know quite well that when Bitcoin was been introduced many people disagree to embrace Bitcoin because they feel that bitcoin is a scam but today they are awareness of people who tested the Investment before is what is projecting the adoption of Bitcoin today so they fear of investing in Bitcoin has gone away from people due to many testimony from people who has already invested on it, at this present time anyone who is coming to invest in Bitcoin I don't think that the person will it be that much afraid compared to people who wanted to invest in Bitcoin in 2011 and in 2013 so they compare reason will not be the same as this present time because there is a lot of speculation and a lot of informations that comes positively about Bitcoin.

When I invested in Bitcoin it is not that I was not being convinced already that bitcoin is a decentralized currency and it is different from a Fiat currency so after I've had all of that I proceed if I'm making my own research towards a Bitcoin so that I will have more datas that has to do with Bitcoin so it is when I invested in Bitcoin and since then till today I've not been ungrateful to Bitcoin I have not seen any remorse about Bitcoin, so it depends on what you believe on bitcoin will make you to invest in bitcoin.

My friend told me about bitcoin and ask me if i'm interested. My first experience is bad, back then. Lost some money, and just this year because of bullrun, i can finally get profit from it.

Its actually good decision imo. If you don't know anything, don't go blindly. The price is easy to move and hard to predict for beginner. I suggest you do some research first about bitcoin or crypto in general and learn about it.

My advice, try to watch some explanation about crypto in general, not only bitcoin. Bitcoin of course is good, but there's also plenty altcoin that pretty good too. If you want to invest, make sure you already prepare to lose. Also, read some article or news about crypto. I usually use Tradingview, but you can use anything that you want as long as it trusted.

At first, it was scary because I get to see how my portfolio goes down for sometime and goes up eventually. You'd overcome that fear soon when you get used to its volatility.

That's okay, remember that all investments are risky and you'll not gain anything if you don't invest to any of it. But what's good in investing in Bitcoin, out of the many crypto there, the risk that you're about to take is definitely worthwhile.

It's a good delay for you because you're making sure if you're doing it right. Don't be in a hurry and don't be like the others that they invest to something they don't know and never take their time studying it.