Warnings of Bitcoin | Bitcointalksearch.org

SilverCryptoBullet

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Quote from: SatoPrincess on July 07, 2024, 01:42:59 PM

There are lots of resources available online that you can use to learn about Bitcoin.

Some resources are
The bullish case for Bitcoin
Bitcoin information and resources
Bitcoin for everybody from Saylor Academy.

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One of my favorite Bitcoin books to read is “Mastering Bitcoin” by Andreas Antonopoulos. The author has a good reputation in the Bitcoin community and his ability to breakdown complex concepts into simple layman terms makes his work a staple in every newbie’s journey in the crypto space.

Antonopoulos has some books and Mastering Bitcoin is one of his book. It is available for reading, free access on Github too.

Mastering Bitcoin. Third edition.
Mastering the Lightning Network

More live resources from Antonopoulos with Bitcoin for beginners playlist.

moneystery

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your title doesn't connect with what you said, it's better to learn how to write properly then you can create a thread to educate other people. because your title sounds like you are warning people to get to know bitcoin, even though what you are saying is more about correct education in bitcoin investment.

and what's more, any investment definitely has risks and you don't need to emphasize that investing in bitcoin is risky because if you don't sell at a loss then you won't lose your money. and diversification is also not really needed for people who don't have much investment. they can do dca to start with and then they can consistently do it until their goal is achieved.

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies

We should enlighten ourselves with bitcoin and cryptocurrency because coming out alive comes with sacrifices and consistent learnings. Bitcoin in the picture, we ought to be very strategic with the system because slight mistakes will lead to losses. These strategies will definitely go a long way for investors and I'm hoping to set measures for excellent results.

AYOBA

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

Well it's essential to be aware of these warnings and take a necessary precautions, Such as:

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies
- Using reputable and secure exchanges, wallets, and services
- Diversifying your investments
- Staying up-to-date with market trends and regulatory changes

What the Bitcoin Investment deserves is knowledge and once you have educated your about the Bitcoin I think you're going to aware of all the risks that are involved in Bitcoin, and One thing about the Bitcoin is that once you've go through the all the skills of Bitcoin every thing will become easier, nothing you can find difficult again.

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And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

I disagree with this your statement there's know any way a person can definitely lose all his Bitcoin investment, accept the person didn't educate is well about the Bitcoin investment. Because their some people's that they only have a knowledge about the Bitcoin investment, but there lack of experience they don't know how to avoid to the risks that are involved.

Bright0515

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Bro I really don't think it is 100% right asking someone to be educated in Bitcoin and it's risk. I think that your statement is right but should be recommended to investment. Yes an investor must stay updated always investment has a lot of risk to be aware of more than Bitcoin itself I think you can only be at risk in Bitcoin if you are always exposing your account but in investment you can't point at all the mistakes and risk and sometimes it happens that it must happen to you before you know how to handle the situation.

Saying Bitcoin can make you lose all your investment is not true, you can only lose your investment in Bitcoin when you don't have the knowledge I mean when you dive into it cause others are also doing it.

Hyphen(-)

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

Well it's essential to be aware of these warnings and take a necessary precautions, Such as:

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies
- Using reputable and secure exchanges, wallets, and services
- Diversifying your investments
- Staying up-to-date with market trends and regulatory changes

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

Some of your points are good while some of them are off point especially when talking about Bitcoin itself and not altcoins.

Using exchange for your Bitcoin investment is no advisable because Bitcoin is decentralized currency while exchanges are centralized market where you can buy your Bitcoin if you couldn’t use p2p, exchanges have their wallets but leaving your Bitcoin under their custody is risky it is better you save your Bitcoin in your personal wallet after buying from exchanges.

If you want to trade, then you can talk of reputable exchanges, it if you are to invest in Bitcoin, you should avoid leaving your assets on exchanges.

Wakate

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

Well it's essential to be aware of these warnings and take a necessary precautions, Such as:

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies
- Using reputable and secure exchanges, wallets, and services
- Diversifying your investments
- Staying up-to-date with market trends and regulatory changes

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

All that you have mentioned is quite essential for us take measures so that we don't finally lose our due to little mistakes that could have been avoided. It is very important for us to know what we need to do and what we don't need to do. The cryptocurrency market is red now and we need to take a good approach for us to keep making money from the market. I have noticed that there are people that don't follow the rules that is why they used to end up losing money or get scammed because they feel that they have known it all. Crypto is not for those that are not ready to learn and adjust their wallet security.

SatoPrincess

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies

There are lots of resources available online that you can use to learn about Bitcoin. One of my favorite Bitcoin books to read is “Mastering Bitcoin” by Andreas Antonopoulos. The author has a good reputation in the Bitcoin community and his ability to breakdown complex concepts into simple layman terms makes his work a staple in every newbie’s journey in the crypto space.

Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Diversifying your investments

Newbies, stick to only Bitcoin. Limit your investments in altcoins to a minimum as much as possible. Spreading your investments amongst various altcoins will not increase your chances of making profit rather it can prove counterproductive and you may lose everything.

Parvati_j

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

Well it's essential to be aware of these warnings and take a necessary precautions, Such as:

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies
- Using reputable and secure exchanges, wallets, and services
- Diversifying your investments
- Staying up-to-date with market trends and regulatory changes

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

Op you wrote well, except the part where you said diversifying your investment. This is not a basic idea for newbies to set up a good Bitcoin investment. Without having an intermediate knowledge about crypto, it's impossible to diversify without running at huge loss. The best advice for a newbie is to focus on Bitcoin investment and learn wholly from it, so at the right time he can go into diversification of his investment if he wants to.

FatFork

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

And remember , investing in Bitcoin is risky and could lose some or all of your investment.

Well, these are good practices for ANY investment, not exactly groundbreaking stuff for Bitcoin.

We all know the whole "invest wisely" spiel. The real question is, what makes Bitcoin so risky compared to other investments?

tabas

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Well, that's the key and that is to DYOR. Many new comers invest in Bitcoin without knowing any of those factors that you've mentioned. It might be funny but you will hear investors that they've bought Bitcoin just because someone told them to do so. The advantage is on them because they've bought but the emotion is there and we'll never know how long they're going to endure severe bloody markets. Compared to someone who has done his homework, when the painful times of the market comes, they won't be easily moved. Anyway, investing in Bitcoin is the same as other investments that has risk that we also need to absorb.

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Quote from: AVE5 on July 07, 2024, 06:25:29 AM

Your thread topic and how you began this thread made me be an expectant that you'd make mention of harmful terms on bitcoin and how we could take note of them and be cautious of them. You ruined it all. Maybe you should think a better way to classify those mentioned as they may be necessary in other diverts in bitcoin.

What kind of harmful terms? I concur on the aspect that OP's post is shabby and only contains redundant information that everyone (or most users) already know, but what "harmful terms" were you expecting to read. What you should or shouldn't do in the network and how to protect your stash is quite easy to learn in this forum and quite a lot of threads/topics have been previously made about it.

Yucky

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

Here we go again with a narrative that seems to paint Bitcoin as though it's the same as shitcoin or a Ponzi scheme. Why then do you call it investment when you're putting an amount you're hoping to lose? Isn't the concept of investing more about putting your funds into something you're at least 70% certain of its future outcome and that's why you can invest big in it?

Investing in Bitcoin indeed has its own risk just like every other investment option but the extent of the risk isn't too much that you should be too focused on investing an amount you can afford to lose. Except you're investing for the short term that's the only time when you will be bothered that at the time you might likely need your money back that it could be bearish and selling at that price could place you in loss. If you're a long-term investor which is what is expected of most investors, the thought of investing an amount you can afford to lose should be far from you.

Zaguru12

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Quote from: Solosanz on July 07, 2024, 03:13:08 AM

"Diversifying" is really overrated when it comes to investment, as long as you understand and know what you invest will not make you regret, you can go all in. I, myself choose to all in Bitcoin, I never regret what I did.

I ever invest $100 in stock since 2019, now my investment worth $1.

I think we are on same boat here, i think the word diversification is not used well in crypto investment. To me diversification is when the two assets are not more like pegged together which is not the case with cryptocurrencies or rather let me say Altcoins. If you have an investment in bitcoin and wants to diversify then it should be on other assets not related to bitcoin or cryptocurrency again.

You see people buying Altcoins as diversification to bitcoin whereas the market trend of all the Altcoins follow the that of bitcoin, should we say it collapses today I don’t think any of the Altcoins will also survive it. The only thing one is doing when we buy other Altcoins is trying to see maybe we can maximize profit which has its high risk. You can only diversify in different Altcoins themselves but Altcoins are not diversification assets to bitcoin

AVE5

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

Well it's essential to be aware of these warnings and take a necessary precautions, Such as:

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies
- Using reputable and secure exchanges, wallets, and services
- Diversifying your investments
- Staying up-to-date with market trends and regulatory changes

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

Your thread topic and how you began this thread made me be an expectant that you'd make mention of harmful terms on bitcoin and how we could take note of them and be cautious of them. You ruined it all. Maybe you should think a better way to classify those mentioned as they may be necessary in other diverts in bitcoin.

Taskford

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

Well it's essential to be aware of these warnings and take a necessary precautions, Such as:

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies
- Using reputable and secure exchanges, wallets, and services
- Diversifying your investments
- Staying up-to-date with market trends and regulatory changes

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

Well that information you listed is good indicators to look after before they invest with bitcoin. Since aside for getting hyped for promising profits to get people must also know each risk that they could possibly encounter. And at least those people now will have something to follow then try to get more information about it.

Bitcoin is really a risky investment since aside from scamming, there is a phising attempts and lose from market volatility they could experience. By acknowledging the risk and try to learn on how to avoid it will result into something great for them. Since they will never get fool if someone attempts to scam them or confuse them on situation which result them to lose then convert those information to positive then gain a profit from it.

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Quote from: Rruchi man on July 06, 2024, 06:40:14 PM

You could diversify and still not get the goal you want, diversification is not always the answer to increased profit, when you are very focused on diversification, you could make wrong investment choices in a bid to diversify.

It is only an inexperienced person that would be a victim of diversification. One of the ancient philosophers said, "man know yourself". It includes knowing your strengths and weaknesses. Before embarking on the journey of diversification, it means, sitting down, counting the cost, doing your research, having plan A, B, C... I believe that those who do not achieve their goal of diversification are those who "didn't know themselves". It is possible that they diversified too early and some didn't even need to diversify at all. Anyways, I hope those who noticed their diversification mistakes are humble enough to go back and focus on one investments until they feel ready enough to explore other arears.

Catenaccio

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Quote from: Solosanz on July 07, 2024, 03:13:08 AM

The only way you can lose in Bitcoin is you're using fake or scam wallets, exchanges or services, but if you keep invest in Bitcoin, you're in profit now

Being phished by fake wallets, fake exchange applications, fake exchange websites, can cause loss of bitcoin. It's phishing scam.

There is another way to lose bitcoin, is through trading, buy high, sell low; FOMO with purchase and panic with sell, this way, people who consider themselves as traders will lose their bitcoin gradually with time. With them, they lose bitcoin by their trading activities, not by scammers.

21 ways to lose your bitcoin. Trading is one of 21 ways and it is mentioned at the first bullet point.

Solosanz

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The only way you can lose in Bitcoin is you're using fake or scam wallets, exchanges or services, but if you keep invest in Bitcoin, you're in profit now.

"Diversifying" is really overrated when it comes to investment, as long as you understand and know what you invest will not make you regret, you can go all in. I, myself choose to all in Bitcoin, I never regret what I did.

I ever invest $100 in stock since 2019, now my investment worth $1.

Litzki1990

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The idea that one has to accept risk in doing business only with crypto platform is wrong but as far as I understand about business, in all types of business the trader has to accept risk of money. Every investor should consider the pros and cons before investing. Investing will only result in profit and investing will only result in loss and cannot be invested with this type of thinking. How much we need to understand about the market to invest or how much risk of money should we take before investing, but we need to know in advance and then buy Bitcoin. I won't say that investing in bitcoin is risk free and money is absolutely safe to invest here but comparing to other coins bitcoin is a perfect coin to invest. The amount of risk in this coin is very low. I said as much as I can from my point of view that the investor knows more about buying bitcoins because the money risk is taken by the investor.

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Quote from: mk4 on July 07, 2024, 01:24:57 AM

I'd argue that one of the best advantages with bitcoin is that you don't need to stay up to date with these things and just comfortably hold and DCA for the long term without caring much. The same can't be said for other cryptocurrencies as you'd need to look up updates and the team's decisions and whatnot.

Newest BIP and addresses are compatible with old BIP and addresses and Bitcoin users, if created their wallets, private keys years ago, can still use their old private keys to sign a transaction anytime.

They can import it to a new wallet or can sign a transaction to move their bitcoin to a new wallet. The matter is private key, if they have private keys, they own their bitcoin.

It's not like banks, if you don't follow bank updates, you can lose your accounts and money.

mk4

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Staying up-to-date with market trends and regulatory changes

I'd argue that one of the best advantages with bitcoin is that you don't need to stay up to date with these things and just comfortably hold and DCA for the long term without caring much. The same can't be said for other cryptocurrencies as you'd need to look up updates and the team's decisions and whatnot.

OcTradism

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Educating yourself on Bitcoin and its risks

Bitcoin information and resources
Bitcoin security and resources
Security checklist

Quote

- Setting clear investment goals and strategies

Safe investment means invest with own money, no leverage, and focus on long term vision.

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- Using reputable and secure exchanges, wallets, and services

Reputable, trustworthy or not, it's not your private key, it's not your bitcoin.

Reminder: do not keep your money in online accounts
Bitcoin Q&A: Not your keys, not your coins
Awesome crypto trading with information on some exchanges.

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

Please be specific with what you say so that it isn't confusing for newbies. Investing in Bitcoin is not like staking your money on a gambling bet where you either win something or lose your investment, there are certain patterns, different trading methods, and multiple ways for people to invest in Bitcoin, and not all of them carry the same level of risks.

When someone is investing in Bitcoin in the spot trading market, and doing it at the right time it means they are buying when the price is relatively low than where it usually is or has been, and they don't sell until the market goes above the price where they bought their assets at, they are not going to lose any of their money, and you didn't say anything about this at all. In the spot market, you only lose your money if you buy an asset at a higher price and sell it at a lower price.

Futures trading, however, has more risks to it because there are chances of liquidation or even if you have an active stop-loss, if it gets hit, you lose some money, and this is the reason why futures trading is not recommended for newbies and it is only for experts of the market.

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Educating yourself on Bitcoin and its risks

There is a danger with self education, because there is a chance that your education may be wrong. You may be reading the wrong resources online and getting fake information.

While self educating, get verification to be sure that you are learning the right thing.

Quote from: Plan well on July 06, 2024, 06:12:21 PM

- Diversifying your investments

You could diversify and still not get the goal you want, diversification is not always the answer to increased profit, when you are very focused on diversification, you could make wrong investment choices in a bid to diversify.

promise444c5

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Quote from: Plan well on July 06, 2024, 06:12:21 PM

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

You can tell that to shitcoins but as for Bitcoin there will always be ROI for you but it might not come as soon as expected which is why holding BTC is always required to attain that... Buying for just a short period of time might not meet your expectation when the time laps so you might even end up below your entry point.

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Diversifying your investments

I don't really understand what you mean by this because I believe you are actually talking about BTC...

Hazink

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@plan Well, I don't see this as a good one at all. If you want to be safe in the system, avoid using an exchange wallet or even an exchange account as your means of storing your bitcoin.

Make use of decentralised exchanges for your buying of bitcoin for privacy reasons and move your coins to a self-custody open-source bitcoin wallet, like Electrum, Blue Wallet, etc., that are open source and highly recommended here in the forum.

Avoid holding coins in places you don't have a private key; make sure you have your private key or phrase of your wallet intact and backup it in a safe place out of the reach of others.

Plan well

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Well it's essential to be aware of these warnings and take a necessary precautions, Such as:

- Educating yourself on Bitcoin and its risks
- Setting clear investment goals and strategies
- Using reputable and secure exchanges, wallets, and services
- Diversifying your investments
- Staying up-to-date with market trends and regulatory changes

And remember , investing in Bitcoin is risky and could lose some or all of your investment. Always do your research, set clear goals, and never invest more than you can afford to lose.

Topic: Warnings of Bitcoin (Read 308 times)