Topic: Knowledge vs hodlings - page 14. (Read 2594 times)

Agreed, people invest into bitcoin easily as everything can be done as if like adding a product to the cart and buying it. The goodness relies when the same is being executed in the right way. This means buying/investing into bitcoin will be done by everyone. When it comes to holding with patience, not everyone does it. This is where the knowledge have its role. Only with the knowledge acquired over time we'll get to know which is good and what needs to be done.

You already said it. Knowledge without application is useless, application without proper information with what you're trying to invest your money in is dangerous. The best you could do for yourself is to arm it with the proper information that will help you navigate it with pure logic and without bias, so you can't be swooned nor influenced by anyone to make choices that are not yours. I would admit way back then I was easily influenced by peers who are also in the crypto scene. "Buy this, invest in that coin, drop that coin and buy this instead". And while I admit that I earned a good amount of money from that ordeal, it's still a risky ploy that could've costed me my whole holdings if not for the fact that they know what they are talking about. Regardless, this lack of proper knowledge about bitcoin encouraged me to take it seriously and learn more about it. Which paid off greatly and in dividends too!

OP, are you trying to ask which one is better between having the knowledge of bitcoin alone and holding bitcoin. I will choose to hold bitcoin first because it is easy to buy bitcoin when you have the money and transfer it to your noncustodial wallet without a problem and since it is just holding of bitcoin. After that you can start learning his to keep your wallet safe from hackers. On the other hand, both of them is very important, which is having the knowledge of bitcoin and also to hodli bitcoin. This is because you will be able to be patient with your investment in the long run, and you will be able to monitor your investment, so that you can know when to buy and when to sell.

Knowledge about Bitcoin is essential.  It is also one of the driving factors why investors are holding BTC.  Through the acquired knowledge that Bitcoin is a good investment and will have the potential to increase in value over time, people will then start to accumulate and hold BTC in order to gain profit in the future. 

With knowledge comes belief.  If a person fully understands the economics of Bitcoin he will not get easily shaken by any news that gives a negative sentiment because the person will know that the negative sentiment will be temporary.

Basically, everything requires knowledge before we do something new, especially when it comes to money. This is to further ensure our readiness to dive into it, invest not blindly, and also invest smartly, so that when the crypto market goes against our wishes, then we have the knowledge of what we should do. Investing without any knowledge at first becomes a blind investment. This is not very good, especially for beginners.

Knowledge in Bitcoin especially can also help you to make wise decisions even in difficult conditions. Not only that, the important thing is that we really understand when is the best time to take profits, so that we can feel the results of our investment. So you don't necessarily want to invest for several years. Because in Bitcoin investment, there are bullish and bearish cycles, so we have to understand both to determine when to buy and when to take profits.

You don't need to know everything about Bitcoin before you accumulate Bitcoin; just the basic knowledge of how to send and receive Bitcoin, how to secure your portfolio from hack and just few others. We don't have to make Bitcoin so complicated that it will appear like something reserved for the tech savvy guys, besides, our desire is to achieve mainstream adoption of Bitcoin.

If you view Bitcoin from the angle of investment, then through simple economics, you can see the huge return on investment that Bitcoin offers...this will make you hold and not necessarily how much you know about Bitcoin.

I am not saying that sound knowledge of Bitcoin is bad; it is good to have deep knowledge of Bitcoin as that will help you appreciate the technology behind Bitcoin and also the opportunities it terms of birthing a world where freedom is sacrosanct.  While knowledge is good and very important, it is not the only driving force that can make someone commit his fund and hold against the storms.

Well, sure that having a deep knowledge about Bitcoin is more important than owning it, but it can happened in at the same time, holding Bitcoin while learning about it. It's never hurt to own small amount of Bitcoin while at the same time learning about the tech and details on the way. Moreover, when I see my assets grow in value it can be motivation to learn more about it.

At this time of the market everyone will advise you to buy bitcoins but no one will advise you to sell bitcoins. The longer you buy and hold bitcoins, the greater the potential for profit growth. But I don't want to contrast bitcoin hold and own knowledge here but buy bitcoin at right time by using own knowledge and hold for long time. To invest in Bitcoin you must have knowledge about Bitcoin. If you put your knowledge against you and decide to invest in Bitcoin and hold it for a long time, the chances of success are very low. Before investing you should know enough about investment. When you know enough about investments, you will be able to invest properly at the right time.

Some traders wil win with their holding capacity even though they lag with the crypto knowledge.I had some friends who had earned more during the Covid pump in the bitcoin price.They just holding their bitcoin over a decade,at the first five years they was offline to the crypto.After the 2017,they back to the crypto trading.Luckily they had recovered their old bitcoin wallet.You don’t believe my friends become the millionaire from the holding bitcoin in their wallet.In this they never made any hard work except the wallet recovery,in this the win was due to the long holding.

The title should be "Knowledge & Bitcoin" instead of "Knowledge vs. Bitcoin". Whatever you are doing in your life, if you don't have proper knowledge about what you are going to do, then you won't be successful anyway. So it's also applicable for Bitcoin investment or holding. Without proper knowledge and research, you won't gain anything. Some people have luckily benefited from Bitcoin without proper knowledge, but it has happened very rarely. So we have to understand Bitcoin very well; we need to know when we should hold and when we should sell. That's a very important point for Bitcoin investors.

That's good advice that you have given to the newbies, they should really not rush into buying the BTC because of hype or some FUD or FOMO. Just because they heard from someplace that BTC is going to go up in some time, now is the best time to take some entry. We should all avoid that. Whether we are newbies or not. We should not follow these market sentiments that take us towards loss.

We should first get knowledge of Bitcoin and blockchain technology, and then we should invest in Bitcoin. Some days ago, I read a topic in which an OP shared his story about how he knew a lot about BTC but was still afraid to invest in it. He also shared how he overcame his fear and thought that if he did not make or buy BTC, then how could he achieve success? We all know that knowledge alone is not enough. Experience is also necessary with it.

Knowledge is a great power, without knowledge, a person can easily be compromised. Even those who got hacked and scammed are the ones who have less knowledge about Bitcoin and blockchain technology. They didn't know that things don't work like that. For example, a friend said that someone asked him to pay money first in order to get the airdrop reward. I knew that was a scam, so I wanted him, and fortunately, he got saved. I am happy that he followed my instructions and saved himself, but most of the newbies become selfish and begin to think that we don't want them to make money, and that's why we are avoiding them.

Couldn't agree more! It's like stepping into a whole new world when you truly understand the intricacies of Bitcoin and cryptocurrencies. Knowledge is not just power; it's your shield against scams and your compass in this dynamic market.

Understanding the technology, the market sentiment, and the principles of decentralization can help you navigate the crypto waters with confidence. Plus, it's not just about buying and holding; it's about knowing when to act and when to patiently hodl.

So, to all the newcomers, don't just rush in; take the time to learn and grow your crypto IQ. It's an investment that pays dividends in the form of financial security and a deeper appreciation for the revolutionary potential of blockchain technology. Keep those keys safe and your curiosity alive!

From the characteristics of beginners that I studied in several cases, they bought bitcoin because of FOMO, either seeing someone in their environment who was making a profit from bitcoin or seeing the wealth of crypto influencers or other people's content that talked about and showed their assets increasing many times over in bitcoin.
It's rare for beginners to reset their assets before making a purchase, at most they only look for security to exchanges that are supervised by the government in their country, just go there and they immediately buy bitcoin without knowing what CEX/DEX is and where to store bitcoin. safely, even though some of them are former stock investors, because most of them are used to storage on the stock exchange.

It's good for beginners to research that far so that they have sufficient knowledge for asset management in the world of cryptocurrency, but I think it's gradual, I admit that exchanges are the main bridge to come into contact with bitcoin, gradually with the number of people like you who always give warnings to choose a safer place to store bitcoins, they will learn too, after some time holding bitcoins on exchanges.

It's good and an advantage when we understand Bitcoin because it helps us to stay aware from scammers that want to steal our Bitcoin. If you don't understand Bitcoin and how to protect it, you'll be a victim always as scammers will find way to scam you. Bitcoin shoudn't be stored on an exchange but if you don't have knowledge about Bitcoin you won't know this and exposed your coins to hack when you use centralized exchanges to save them.

While buying Bitcoin is important because when you waste time to buy Bitcoin, you can miss out on buying it cheap but also understanding Bitcoin and how to protect it from scammers is important too. Having Bitcoin without knowing how to protect it can make you lose it.

Well, ofcourse knowing what you are engaging yourself with should be a must at all times. But if this is to weigh which is more important between having holdings or investing to knowledge, having the capacity to invest would still be the bottomline. If you won’t have enough capability to invest and hold, then your knowledge of this industry won’t be helpful on your end. This is why lazy privileged investors still earns profit ‘coz they have the financial capability to take the risk without prioritizing information; they’d be straightforward with trial and error. but since not all of us has this, and if the amount you would be investing would make you feel huge regret, then you should be doing extra efforts which is to study market price actions, managing the risks, and knowing when is the best time to enter in order to lessen the risk of losing. Obvious answer is to have both capabilities to invest and to know more about it.Yes, there are investors who cannot trust their own knowledge of this industry with regards to market analysis but can invest and endure losing which is why they are okay with relying to other’s beliefs of the next price movement, and that’s fine I guess as long as you’re ready with negative consequences.

You are right, as the road of holding is not simple. I recently made a post on the same thing in which the OP was talking about his skeptical friend and how he was trying to accumulate BTC and wanted to accumulate 1 BTC. To him, it is possible for him to accumulate 1 BTC by simply doing DCA. And I was telling him that, after doing DCA and accumulating the BTC, You have to hold the Bitcoin that you gathered. Because it is indeed not a simple task to accumulate and then hold them. People think at first that they can make easy money and get rich overnight or in a year. But according to my experience, that's not possible for a newbie, but maybe when that newbie is gambling. In gambling, people can make money.

Knowledge is necessary if any person wants to hold or accumulate BTC. And after that, there is a security measure that holders have to take; if not, they are definitely going to lose that amount in no time. Better options and better practices must be followed.

It's true that learning everything is essential to to every investment, real estate, stocks and etc. But for me, you don't need to understand the whole concept of bitcoin at first before you invest. You need to learn how to buy and sell, and how to store it. It will surely take you sometime before you learn the whole concept of it by reading the white paper of bitcoin. If you are just here for profit, learning the basic is fine. In fact, I still don't know how bitcoin works technically, I mean on the deeper side of blockchain, thus I earned profit from bitcoin because I have it.

Knowledge can’t be compared to holding since they are not the same. Knowledge is important so that you can have a grasp on what really you are holding because holding blindly will always makes you weak minded when you are being tested of a downtrend movement.

If you have a good knowledge on what's you are holding, you don't what's happening currently whether bad or good since you will have a target for taking profit.

That's the issue people don't want to ask questions and they believe in their own knowledge, and that is why I always advise people aside from the research also have a mentor it will even make things easier for better understanding,  and there different altcoin that people even rush into it to buy neglecting the whole process of researching and asking questions. the story of how people end up buying bitcoin cash is just very funny and the person felt he was taking opportunity and when people hear about bitcoin they are always excited about how they have bitcoin because of the profit, not knowing that there is more to it.

Interestingly @turn it off, is really making a point and op if I was to be you I'll steal some cent from his criticism and change my approach to discussions and op posts. Jumping into dropping one op post just after the next one only sends a message that you are not interested to learn, kinda like you're an autarchy on your own within the forum.

The forum is not a music industry where you come in drop one album and  immediately you start preparing for the next dropping. If things are done that way the forum will be boring and challenging to every newbie but when we discuss and contest ideas, debating, agreeing and disagreeing in a sensible and healthy discussions we all learn from each other as a forum