Topic: In bitcoin 5 years now, still feel like i'm newbie, i'm not, i'm old school (Read 968 times)

There will always be people who have been successful trading altcoins, in the same way there will be people who won the lottery.  Altcoin trading can be a good idea if you're really good at it but newbies jump into buying altcoins because they think that that coin will be the future when the chance of it actually happening is near nil like in the case of DASH.

i totally agree with you, Since 2014, I am in bitcoin community, and i feel that i don't know a lot of things in cryptocurrency in general bitcoin. Day by day, I understand that by watching members posts in different domains here and i tried to higher my knowledge.

The same feeling as I feel though I'm not that really old with bitcoin since I just knew this last year 2016. And the thing is that we need to had a continuous learning process or else we will feel sorry about it. Good thing that you had some good insights about this and look on what's happening right now, the price seems to be rising again hopefully this will be a positive uphill.

I can completely understand you. I'm in Bitcoin since early 2013 and sometimes still get that feeling and thinking that I haven't used all my opportunities right, that I could have learned more that I should have been more successful with Bitcoin. But that it's probably normal, it's in human nature that we always want mor, always want better.
But we are not newbies, we have a lot valuable experiences, don't forget that.

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Nice thread, OP.   




And nice insight there, CB.

I got in in late 2013 with essentially no programming skills or experience.  I had to start from scratch, but did have a little help along the way at the beginning from people I did not know.  I agree that individual learning will be very important going forward, but what happens to all those who cannot learn "everything they need to know"?

Or is that when we allow the machines to take over?

Maybe you just made  a wrong choice of coin where you trade on and maybr that is not for you to be in. There were some people around who can prove to you that they have been successful on their altcoins.

It's a healthy approach IMO.

The whole of the 21st century is probably going to be this way, not just Bitcoin. If you don't keep learning, and learn fast, you'll be left so far behind so quickly that you'll get (figuratively or perhaps even literally) eaten.

No one is mastered in bitcoin because this coin is misteryous if we look more deeply as an investment. Well, it is sometimes great doe investment but think, if you were looking for btc price up to 1200$, now it quickly, very quickly dropped to 990$. So what op thinks is near truth because such price drops and rises, like when it quickly rised from 600 to 900$, no one can determine in trading and especially when price changes in hours.

most alts are completely useless and some rare ones are having some use cases but still are pretty bad, that is why they are quite unstable. people are only buying them to make a profit, most of the time they gamble on whether they can make profit or not.
and coins like Dash and ethereum and steem are being pumped pretty hard these days and they are reaching their max potential of pumpablity and soon the bubble will pop crushing anyone who stays in its way.

Alts are unstable.  You could make some profit by trading with them, but if you focus most of your money on trading them you might end up being very disappointed, especially if you put into a coin that's being pumped like DASH or something.

Bitcoin is something new. That is all I can tell you about my experience. Until UPI arrived traditional net banking transactions involved tons of required information. I will describe some key points only here because if I start explaining how it works I will have to write another Essay on it which I won't for now.
Take the case of Fund Transfer or Online Transactions everything involved lots of steps(Entering Details, 3D-Secure Authentication) and lot of information(A/C no, Card No., CVV, Expiry month &Year, IFSC ….) . But here all you need is an address which is usually provided in the form of a QR Code.
Kindof similar to paytm, FreeCharge and other apps but UNIVERSAL. The transaction fee is same if you want to send the funds to your next-door neighbour or a friend in a far-away country.
But there are simethings that you need to keep in mind.
1. Transaction Fee : This is all that will decide the time that it is gonna take to complete the transaction. Belive me I reached the state of panic when my first transaction for a large value of Bitcoin got stuck. Make small transactions first to the concept of transaction fee.
2. Disributed Public Ledger : Although it is a well appreciated concept and has several pros but it also means that you cannot go to anyone in case your transaction gets stuck(Which it will in case of low transaction fee) or if you get betrayed by any means. Transaction once done cannot be reversed until the receiver tends to. There's no Customer Care bro on whom you can let out your frustration.
3. Trading in Bitcoin cannot be necesserily profitable thus risky. Also it is not appreciated by the Bitcoin Community since the motive bitcoin was to be a currency. You don't invest in a currency.
Also if you somehow come to know about double spending to recover back your stuck bitcoins you won't be able to do it without your private key ( Which you won't have if you store your Bitcoins in Zebpay, Unicoin Coinsecure or any other wallet).
Well rest is a pleasant experience

Conclusion: New Technology; Will take time to adopt; But still amazing especially the concept of Paper -Wallet and Brain-Wallet (Google It if you don't know).

I've been reading stuff in this forum for just about 3 months so yeah, I feel quite noob too. Why are you not suggesting going into alts? I'm hearing that people are doing ok with it. A cousin is doing it and he said he's doing fine and earning some profit. I am yet to make a Poliniex account (what he suggested) coz I still find it confusing and I don't think I have enough starting capital yet. So basically I just earned a few bits before and am sitting on them.

I also used to be like that, thinking it is too late, price is high, I can't buy anymore, price is going to fall, and all other negative thoughts and the community is usually not helpful either. with all the FUD and bitcoin is dead statements it is hard to think clearly and not have some amount of fear which is perfectly normal too.

but now that I look back, I am glad that I didn't let all that negativity get to me and use my head instead of listening to others and following them into oblivion like a sheep.

this is what I see when I look back to previous years of me being around:

I've only started using bitcoin last September 2016. I have made some mistakes. When a friend sent me 0.01 btc, I invested 0.002 on bitcoin doubler sites. I found out that they are scam. It's good I only loose $2. I now do a background check first before investing on a bitcoin site and I know gambling sites are rigged to make you loose so I didn't visit them anymore. I now only lend bitcoins for interests on people I trust and I can take legal actions if they don't pay

If you are really old school as you mentioned, you would have known that many of us who got in during and before bitcoin took off earned heck lots of profits from altcoins. Back when bitcoin first broke one thousand before the drastic fall to sub 400s, many were still profiting from flipping altcoins and converting them to btc. Then again, it is never a bad idea to just hold on to any existing btcs, we have beaten detractors for years and always will in the long run.

i couldn't agree more.
i got in somewhere around 2014 and during the price decrease of that time. now i've seen it all. when you watch the market for hours during these rise and falls and see the level of bullshit some FUDsters come up with to post literary everywhere for 3 years you stop worrying and start loving the opportunity they provide to you to buy cheap coins because there are still newbies who fall for it and sell

i am sure OP meant "we won't be using altcoins" when he said "trade into" otherwise trading altcoins have been a good source of making more bitcoin when you buy them cheap and dump them hard when they get pumped.

Everything is very dynamic in the crypto world and will depend on the context. Can't generalize!

maybe for some reason people will regret it, but actually the person who should learn from your mistakes is just you not the people around you because it belongs to you not to them people are making a different mistakes . if they choose to stake with alt coins then that will be their responsibility and  whether they made a mistake then they should learn from it cause its their own . anyway, there may be many people who are getting successful in alt coin trading so if you didn't became on of them maybe you should choose different option of investment .

I agree to you, i think i came late also in discovering and in joining to bitcoin. Well its because i came from a poor family, no computer, no internet and even i am very ignorant to use and hold a computer. And then years passed by, now im already here, i think im in the low position(newbie) and still there are many informations i didnt know. Well as of now, i will just keep my bitcoins and time will come, i do some investments.

Finally an old school guy just telling us what we need to hear. You're definitely not a newbie by any means.

Alts are always going to seem attractive in the short run but in the long run bitcoins are the biggest and best cryptocurrency there is. Hodl tight and never sell.