Topic: Knowledge vs hodlings - page 8. (Read 2594 times)

We cannot overstretch the need for people to know before investing or venturing into bitcoin. Information builds confidence and confidence births conviction and its contagious also.

You want to go the massive adoption way and you don't have confidence birthed through knowledge then you're sitting on a time bomb.

Know first then take action afterwards by investing and holding.

After knowledge, there comes investment made. It would be so wrong for someone to neglect to have the knowledge of crypto and move straight to invest in bitcoin no matter how ready or wealthy the person seems to be. There must be at least basic knowledge of crypto before the person talks about bitcoin investment.

To have a proper understanding of this ''knowledge comes first''. Let's put into consideration of our life dealings. Is it not when someone knows about something, that's when he would know the next step to take? The next step taken(knowledge) is applicable to what he will do towards bitcoin investment, which is having the knowledge first before the investment is made.

In nutshell, for someone to have a good investment in crypto, one should be knowledgeable about crypto first, so as not to fall into the hands of scammers or losing seed phrase  

The best key in this world is knowledge. Whatever you do without knowing about it is pointless, even if you have money and no knowledge in this life. Everything you accomplish will be for naught. You can't just start investing in Bitcoin without first learning about it. What do you think will happen at the conclusion of the day? Since your direction is more crucial than your speed, always keep it positive. Never consent to someone leading you astray.

You are absolutely right, but there is something that I expected you to mention, but you didn't say it (maybe you are supporting short timers).
Well, to be a good investor, you must have the patience of HOLDING. Bitcoin is not all about buying and sending or even selling, although knowing the best and safest wallet that one can keep Bitcoin is also part of good knowledge, but patience for long term holding is better than knowledge. However, both of them are good, but without patience an investor will run at a loss if the investor doesn't have one.

I don't know if I am totally wrong, but I honestly disagree with what you said. We already know that holding is one of the best ways to benefit from Bitcoin, and I also believe that everybody who wants to have the knowledge of Bitcoin wants to benefit from Bitcoin, so how does holding not need much knowledge?

However, if one doesn't have Bitcoin knowledge, he can't afford to hold his coins for more than a week. Knowledge is what makes a Bitcoin investor hold his coins for a long term (prove me wrong).
Yes, you are right, acquiring all the knowledge about Bitcoin is not an easy task, so starting now is better than starting letter, invest and also using the DCA method to accumulate while learning is a good idea. Investing while learning will make an investor invest early in Bitcoin, so investors who want to get all the knowledge about Bitcoin before they start investing and accumulating Bitcoin those that invested while learning have gathered more experience and more of BTC, so those new ones might either be late then ( maybe Bitcoin might have clock $100k by then).

Yea, you are right JJG, it doesn't really need a whole lot of knowledge on bitcoin before you can invest in it. All you need to do is to know how to buy bitcoin and send bitcoin and which wallet that is better to safeguard your bitcoin, so that it remains where it is. After this, the next knowledge one needs is to invest and from investing you can have a good knowledge on bitcoin from your investment and you will learn better than those that have all the knowledge without having a single satoshi. When it comes to hodli, investment gives you a proper insight of the market and how to go about with growing your investment.

Hodli doesn't need much knowledge than making a goal on how many bitcoin you want to accumulate based on your cash inflow and how much funds that will be needed for regular DCA. Bitcoin is for all, and you need to believe in bitcoin as a future life safer before you can have the boldness to invest and hodli. So, I believe that whoever wants to benefit in bitcoin wouldn't give an excuse of no capital to start investing, or lack of major knowledge of bitcoin before investing.

 It is better to start now than waiting to acquire all the knowledge first because it takes a very long time for someone to acquire all the knowledge of bitcoin, and this will deprive you from investing early. Invest while you are learning, the basic knowledge of bitcoin is enough for anyone that wants to invest and hodli for a very long duration of time. Imagine that you want to invest for 8-10yrs and you bought bitcoin on the first year, you have a lot of time to learn whatever you want to know about bitcoin within this 8-10yrs of your investment.

Before I created that thread, I didn't settle down to write in detail, though. Although it was at night @10pm Nigerian time, so I was stressed out based on job activities. However, on that thread I was basically talking about. It could be possible for the whole world to start using Bitcoin. It might take time for Bitcoin to spread to the entire world, but believe me, some day it will. You might be wondering how it will be possible, but believe me.

Moreover, age doesn't matter in Bitcoin, even a year old baby can have Bitcoin just like how the baby of @victorybit1 have some Bitcoin, even bank do encourage parents to save funds for their babies and so I think we should also encourage parents to save some BTC for their babies (just like keeping Bitcoin for the next generation).

Yes, the percentage of people that are aware of Bitcoin is still low, but that doesn't change anything about Bitcoin. Bitcoin awareness will go viral throughout the entire world. The only barrier that could stop it is just network access. If a locality doesn't have an Internet network, then that area will not have anything to do with Bitcoin. Even the government can not stop the adoption of Bitcoin. As I already know, some governments are not in support of Bitcoin, but some of their citizens are still investing in Bitcoin.

Wow.. you make some decent points DubemIfedigbo001..but you sound pretty bitter in regards to your own fuck ups in regards to bitcoin, that is if you are really telling the truth about your own mistakes..

Too bad you did not figure out ways to learn from your fuck ups and perhaps adjust your position size and approach rather than getting bitter about it and suggesting that people have to be some kind of expert in various aspects of bitcoin prior to getting started in terms of their investing into it which is surely not the case that people need to know all angles of bitcoin prior to getting started, and getting started is likely a better approach. 

One thing that likely is true, however, is that it is likely better to adjust your position size to the level of your knowledge (competencies), and surely some people can end up getting over their skis because they go at something (whether investing in bitcoin or otherwise) and they do not adjust their position size to their level of competencies, but if there are at least some attempts at balance, then position size can be helpful in terms of both learning as you go but also getting started as soon as possible, which seem to be one of the better things to do in bitcoin is to get started rather than diddly daddlying around and to be scared of it.

Bitcoin is one of the most popular digital currencies. There are no people who are involved in cryptocurrencies who do not know about Bitcoin and there are people who have no idea about cryptocurrencies but have exactly the same idea about Bitcoin.

Here OP discusses knowledge and holdings of Bitcoin. If a person doesn't know about bitcoins then that person may be at a loss if he wants to hold bitcoins or any other coin because he doesn't know how long he should hold his coins or when to sell his coins. We may plan to hold a coin for a long period of time but at the end of the long term we will aim to sell a few of our coins at a good price. If an investor has no idea when he will sell his coins then he will not be able to hold his investment for a long period of time, so it is very important for an investor to have adequate knowledge about investing and to use that knowledge to hold.

New technologies are arises and new coins are created so if you stop getting knowledge then there is no need to be involved in crypto because precious and old knowledge always don't operates successfully. First you should create your own ideas and apply it if unfortunately you don't then take help from any expert.

Sometimes holders says that they are also expert because they hold bitcoin but just bitcoin holding cannot make you expert but you have to gather ideas and technologies and then take help from these during proper practice. Even expert also get extra knowledge through watching videos therefore we cannot cease the process of learning as it can possibly increase our reward if we continue these series.

yes, Mr. JJG  I agree with you!
Anyone who has a little knowledge about cryptocurrency likes Bitcoin and prepares to buy Bitcoin. It is clear that Bitcoin is for everyone Bitcoin can be used by everyone, and anyone can buy Bitcoin if they want. A person who has acquired even a little bit of knowledge about Bitcoin will buy Bitcoin and hold it. Moreover, in order for a person to receive bitcoins, he must first take action, until that person takes action to receive bitcoins, he will not receive bitcoins. It is certain that in order to do something, action must first be taken, and then the action must be completed, the main objective being to take action. Whenever you take action on something you can be successful, just as if you take the action to invest and hold bitcoins, you will definitely have active bitcoins in your wallet.

Right decision, Bitcoin is open to every person if he understands what Bitcoin is. Knowledge is definitely required to know about Bitcoin so every person has knowledge (just gather knowledge about Bitcoin from right place). Anyone can invest in Bitcoin from any earnings capital based on willpower and efficiency to hold Bitcoin with capital.

Bitcoin is an asset that you can start with a small amount of money at first, there is no restriction. And the extra money you can invest here excluding your earning cost will be the right decision. So one of the reasons why this Bitcoin is so popular is that you can deposit Bitcoin at any time. So Bitcoin is open to everyone.

I totally disagree with you mate. How can you advise someone to purchase an item he knows nothing about??. You give this advice because you already know what  bitcoin is, its importance and its benefits. Your advice is like telling a  soldier to go for a mission in a strange territory without even a Map to know his whereabouts or information regarding his opponents. What if he gets lost or meets his opponents, he wouldn't even be able to spot them or avoid them cos he literally can't recognize them. Its as good as a failed mission. Bringing this home to our discussion. If you've funds to purchase  bitcoin without knowledge  and proper guidance,  the possibility of losing those funds is very high cos scammers are ever ready to prey on unsuspecting investors. You can even buy it at a very high rate cos you don't even know the exchange rate,  further more keeping your keys safe still comes with knowledge cos if you lose them before knowing of their importance, its as good as losing your investment. I'm an advocate of learning about any business venture one is going into properly because it helps you spot wolves in sheep clothing easily and its pertinent that if you fail to prepare yourself properly for any business venture by equipping yourself with enough knowledge first, you've prepared to fail in it. I acted on this your advice in 2014, bought Bitcoin without much knowledge of HODL and lost my coins to panic sales during the bear run of 2015. Now I can never advise someone without sufficient knowledge to invest in crypto knowing that I missed the chance of being a very wealthy man because of ignorance. You must learn first, strategize and then invest properly.

I took time to go through that thread but unfortunately, I really do not get in hindsight,  the message you are trying to convey, so, you can as well add some clarifications in the following direction: are you saying that it is possible for the entire global population to start using Bitcoin? Or are you coming from the angle that anyone can use Bitcoin irrespective of age and educational level? I really want to understand the angle you are coming from. 

For Bitcoin to gain deeper penetration into the global population, we need more solution-based innovations such as the M-PESA that revolutionised the banking system of Kenya such that a large part of the unbanked population could covert their phone numbers to online wallet where they can receive money, transfer money and and even do these  by simply scanning QR code.  So, in my opinion, we are yet to get to that universal acceptance of Bitcoin, and the percentage of the world's population that is even aware of Bitcoin is still very small.

When you have knowledge, it means you understand bitcoin very well, you know the benefits and risks you face, and whether you can accept the risk or not depends on your knowledge. On the contrary, if you like taking risks but do not have knowledge, it will not bring you any benefit. Just like gambling addicts, they are willing to accept risks to receive greater rewards but because they have no knowledge, they choose to gamble based on luck. But in the end most of them are losses.

Once you have the knowledge, you will have everything you need to start your investing journey, including the willingness that will also be born from it.

I will take a look at that thread... .. within the coming days (if I am able to.. I put it on my list of threads to look at) and maybe we are saying similar things, but I do get the sense that you are waffling a bit more than me in terms of trying to suggest that rich people have advantages and those kinds of BTC accumulation kinds of things, which sure there is truth to some of those kinds of claims, but it probably remains somewhat distracting to the overall idea that a lot of rich people are not taking advantage of their advantage because they are either too busy ignoring bitcoin or not engaging in actual bitcoin stacking practices, so in that regard, even poor people can get ahead of their rich counter-parts with bitcoin as long as they manage their bitcoin investment in ways that mostly result in ongoing BTC accumulation.. and that they do not cause themselves to get reckt by engaging in too much risky and/or sloppy behaviors..

Sure it is harder to reck some rich people, but the world is not going to change over night and some rich people make pretty dumbass mistakes too.. including that most of the world 99% or so.. do not have any fucking clue about bitcoin (even if they heard the word and they think that they know what it is... which means that even rich people are not buying bitcoin), and that is likely part of the reason that bitcoin is going to continue to serve as one of the greatest (if not the greatest) wealth transfer vehicle that man has ever seen, and anyone and everyone can advantage of bitcoin as long as they act in a relatively prudent way in terms of making sure that they are ongoingly accumulating bitcoin but without overly doing it in such a way that they get greedy, and then maybe they will end up not advantaging themselves or advantaging themselves much less because they got greedy.. or made some other mistakes that caused them to get separated from their coins much sooner than they should have had been separated..

..so in some sense each of us should be attempting to keep a decent amount of our bitcoin in private kinds of ways so that we protect ourselves from too much third party exposure (some third party exposure is o.k. and probably just a part of living in the modern world), but even with private storage of our keys, we have to be careful not to end up locking ourselves out of our keys/bitcoin. 

I heard this expression the other day that there is a certain percentage of bitcoins that are lost forever, but the owner of those bitcoin don't yet realize that their coins are lost forever.. but once they go to move their coins or to take advantage of their coins, they will find out that they do not have access to the coins that they thought that they had.

It is not necessarily easy to be a bitcoin accumulator and HODLer.. even if there remain a lot of ongoingly great ways to benefit from being a long term bitcoin accumulator / HODLer.

At first, I believed that Bitcoin is for everyone, so I created a thread tittle BITCOIN IS FOR EVERYBODY BUT WE MUST ACCEPT IT BEFORE IT CAN OURS, so now I think we are saying the same thing because I believed BTC is for everybody, and so I created that thread and most users didn't agree to what I was saying, (so if you check through the thread you will understand) and then I was like calming my self down, and now you have also said the same thing I once said.

I still believe that Bitcoin is for everyone and people must accept it before it can be ours, so people have to take advantage of it now, as this is the best time to start holding bitcoin for future purposes. I have figured out that some people are very comfortable with the amount of salaries they receive. That's why some of them are not ready to invest in Bitcoin, but it will be for their own good.

I like that expression.

Bitcoin is for everyone.

Also:

Bitcoin is for anyone.



At the same time, you are likely not going to get any bitcoin unless you take some kind of action.

Sure someone could gift it to you, but you still have to set up a wallet or figure something out, so likely it is better to attempt to be a bit proactive with bitcoin as an opportunity that is for everyone and for anyone, but you are likely going to be favored based on early action rather than just sitting around and not doing anything.. yet even  the nocoiner and the low coiners are going to be more and more benefitted by the existence of bitcoin, even if they do not own any .. because bitcoin creates incentive systems and fairness that benefits all of society in terms of fair access, and you really get more benefit from bitcoin if you actually attempt to own some of it, even if you do not own very much and even if it takes you several years to accumulate a meaningful amount.

For example, $10 a week would be better than $10 per month, but even if you just invest $10 per month in bitcoin, you are quite likely going to be in a better position 5-10 years in the future, even if you might have ONLY ened up buying $1,200 worth of bitcoin over a 10 year period.

So the amount of your BTC accumulation is partially up to you... and sure it is better if you have more disposable income, but you gotta work with what you got, and if you have some disposable income but you do not invest any into bitcoin, then you might not have as many options if you continue to persist with such behaviors of NOT buying any bitcoin.


Bitcoin is still for everyone and for anyone, even if some people choose not to take advantage of it.

Bitcoin is still available for everyone and anyone.

There are some people who are going to take advantage of bitcoin (and getting into bitcoin) more than others, and some people have more disposable income than others.

There are some folks with a lot of disposable income but they choose not to get involved in bitcoin accumulation, and there are people who have way less disposable income who do choose to get involved in bitcoin accumulation, and likely those who choose to get involved in bitcoin accumulation are going to benefit from the ongoing wealth transference that seems to be taking place through bitcoin.

There are not too many barriers to entry in regards to bitcoin except maybe figuring out how to hold bitcoin, and then some jurisdictions do have restrictions on bitcoin, but even the restrictions of some jurisdictions would not be able to stop all people from getting bitcoin if such people really were to want to get bitcoin. .bitcoin is not stopping them from getting bitcoin, even if their governments might be putting barriers in place.

Why do you need to persuade others to change their mind? You are not a prophet and everybody needs to accept your ideology. I saw on the internet that some villagers in India were destroying a solar panel project because their priest told them the technology was evil. It's shocking to see such narrow mindness in this era where most of the mystery can be explained through science. Some people will never change their stance due to their adamant beliefs.

And it is that same process of Doing Your Own Research (DYOR) that we call "Knowledge" my friend, just as O.P and most people elaborated on this thread, because though its true that anybody can invest in Bitcoin, but one thing certain is that the person with the right knowledge stand a better chance to make better decisions regarding his Bitcoin investment than someone who is totally ignorant. Because for example, imagine few months ago when the mempool was high (i.e resulting to a high BTC transaction fee), whereby in other to transfer $100 worth of BTC, we were told the fee was $50 (i.e half of the amount), and as such, there is a high tendency for person with no knowledge to have executed such transaction, whereas those who understand how it works skip or keep hodling until the transaction fee reduces.

Secondly, Youtubers are the least people to believe anything they say, as most people are there for the views to generate much funds, whereas, it only take a few who cares about their subscribers.

Moreover, you might be right, but let's talk about those specific people that don't accept Bitcoin in their lives or to be part of their life. You know if someone doesn't like something, it is hard to persuade them about what they don't like, but on the other hand, their mind might change to accept Bitcoin, but it can be hard though, so the most interesting thing is that everyone must not invest in Bitcoin no matter how it is legit.

The reason why I said what I said is because, some might give excuses that they dont have money to invest in Bitcoin, some can still say there expenses are too much that they can't add another (investing) to it. those who believe that Bitcoin can be profitable if they hodl for a long period will invest without looking at there expenses, they will just reduce it and invest in Bitcoin, if you look closely, you will see that most of the investors today, are the risk takers and you know that everybody is not a risk taker.... So, Bitcoin is for specific people. I once thought that Bitcoin was for everyone, but I later found out it is not.