Topic: Research and Experience, There’s No Other Way! - page 2. (Read 641 times)

Even though understanding is very necessary in every thing one decides to do, I believe we can always limit our understanding to the most important aspects. In the case of bitcoin what I needed to know most were:
1. What is it?
2. How does it work?
3. What are it’s merits and demerits?
4. How useful is it to me?
5. How do I get it?
Most of the times, we do not need to know everything. A little above what meets our needs is always okay.

You will learn from experience and that is the best teaching method you can use in doing trade or investing in cryptocurrency

. Experience will be your teacher, school, paper,pencil ,blackboard, chalk, calculator ,etc...here in crypto space to learn basic knowledge regarding bitcoin and other cryptocurrencies.

There is one very simple solution - do not store money on exchanges and exchanges. There have already been so many sad experiences when users left their savings on the exchange and then broke it and withdrew a huge amount. I believe that it is better to pay a little more Commission and keep the funds in your wallet than to put them at risk on the exchange's wallets.

Maybe or maybe not. Some here have mastered the basic knowledge everything about bitcoin, how it works, mechanism, and its used to different application. Learning bitcoin technology speed is depend on the user capability to grasp all there is to learn. Some here can understand, and execute anything coding on bitcoin easily especially those who have knowledge with related field.

Im not totally techie guy, but somehow I understand and know how it works, and manage to execute some task like keeping my security when using off bitcoin wallets including altcoins too.

 You don't need an understanding of the specific role of money authorities, or even the Bitcoin network, to use it, for sure... butI'd say it's one of the shortcomings of using Bitcoin, really, that people do need a bit more knowledge than basic level to safely use Bitcoin.

Right now, any given Bitcoin user is probably not using Bitcoin as it should be, and therefore, are putting themselves at a risk they don't quite understand yet. All those Coinbase wallet users, or even exchange wallet users, for example. They're okay until the exchange gets hacked or goes bust. We're getting there, but we have to accept that research and experience are the necessary tools to protect yourself when using Bitcoin.

I read a post the other day asking for tips on how to learn bitcoin without going through the technical stuff (so they can start making profit sooner) and another one looking for a quick way to teach old people how bitcoin works. Here’s what I learned after months of observation and heavy reading on cryptocurrency inside and outside this forum.

There are NO SHORTCUTS to understanding bitcoin. You’ll find crash courses and simplified versions of the technical aspects of bitcoin but those are just to help make complex information more digestible WHEN YOU GO OVER IT AGAIN, not to help you skip certain parts. Yes, you’ll eventually realize that it’s best to re-read the stuff you refused to read the first time (when you thought it’s too much for you). With so many risks involved in cryptocurrency, you would want to know as much information about what you’re getting yourself into as you can. So, taking a shortcut is out of the question.

Think of cryptocurrency as a branch of science, because it’s as big as one. It’s not like a Netflix series that you can binge-watch in one go. Rather, it’s like the entire entertainment industry. Like a college course that takes many years to finish, it will take years of research and experience to master bitcoin. Also, research doesn’t stop as cryptocurrency is constantly evolving. Some of the things you will learn today may no longer apply tomorrow, so continuous study must be part of your daily routine.

Regarding profit, there certainly are various ways to grow wealth through bitcoin. You can invest, trade, gamble, perform tasks, write content, and many more, at least in this platform. But let’s not forget that the primary purpose of bitcoin introduction and adoption is to decentralize the financial system. More than just another income generator, it’s a campaign with a goal. Let’s find a way to contribute to that campaign. I also have a mentor btw so connecting with people who share your interest is also important.

It depends on your willingness to seek more information and learn more about bitcoin.

Doing research is laborious but you need to do it if you want to grow as an invest

I'm not sure that I agree.There is a basic level of knowledge required, but one does not have to have an in depth technical knowledge. Obviously one needs to know about wallet security, and have an overview of the blockchain and transactions and fees. After all. everybody uses the fiat system, but how many people understand the role and ownership of central banks, or fractional reserve banking, let alone SDRs and the various derivatives in use at the moment.

it will take years of research and experience to master bitcoin.

If you are able to find a good mentor then the learning curve might get shorter and you can learn quickly all the things required to be a successful investor. But if someone isn't willing to teach you then it can take a lot of time to understand the things and also you will do mistakes many times that can even make you loose money in the short term but if you look at the bigger picture then you can become very successful. Also, you should always remain up to date with the events happening in the world or else you won't make much than just some spare change.

Doing bitcoin requires more time, learning skills, open mind and patience. Oh another things is if you love what you do, you enjoy it..and if you enjoy what you do, you will surely succeed!

Some of the things you will learn today may no longer apply tomorrow, so continuous study must be part of your daily routine.

Regarding profit, there certainly are various ways to grow wealth through bitcoin. You can invest, trade, gamble, perform tasks, write content, and many more, at least in this platform. But let’s not forget that the primary purpose of bitcoin introduction and adoption is to decentralize the financial system. More than just another income generator, it’s a campaign with a goal. Let’s find a way to contribute to that campaign. I also have a mentor btw so connecting with people who share your interest is also important.