This is one of the reasons why money isn't everything, if someone introduce you to crypto you need to learn from them in time, but people this days, once they hear that its possible to make money out of something they will dive into it straightaway without any questions and concerns first, crypto is a no-nonsense land, it gives no face for anyone who are not ready to put their money somewhere first and give their whole self into learning about crypto, they will always get burned if they are not ready to learn.
Crypto is unforgiven for everyone who aren't ready to learn, because there are more than dozens of places where you will surely make mistakes or fall victim to scams, it's inevitable for people who don't want to learn, and that's why we see some people calling Bitcoin names, instead of taking the blame on themselves.
I was so ready to make all the mistakes but my main focus is practicing everything myself, and I did end up with some losses but later I started to realize that it is better to devote your time and energy on learning first, until you are sure to handle things yourself.
Topic: We need to understand bitcoin and wallets before investing (Read 483 times)
Understanding Bitcoin and the use of wallets is indeed crucial before investing in cryptocurrencies. Bitcoin can be a valuable asset, but it's essential to educate oneself and others properly.
Teaching older generations about Bitcoin can be beneficial, but it's important to consider their individual circumstances. Bitcoin investments are often seen as long-term assets, making them more suitable for younger individuals. However, older individuals can also invest in Bitcoin, provided they have a clear understanding of the technology and its potential benefits.
It's vital to provide comprehensive information about the positive and negative aspects of Bitcoin investment. This ensures that potential investors are aware of the risks and rewards associated with cryptocurrency.
Proper research is essential for anyone considering Bitcoin investments. Learning about concepts like seed phrases and secure storage is crucial to safeguarding your assets. Misplacing Bitcoin can be costly, so it's important to take precautions and stay informed.
https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks , a crypto payment gateway, can help facilitate secure and convenient cryptocurrency transactions. Coinremitter's services can be a valuable resource for those looking to handle cryptocurrency payments.
Teaching older generations about Bitcoin can be beneficial, but it's important to consider their individual circumstances. Bitcoin investments are often seen as long-term assets, making them more suitable for younger individuals. However, older individuals can also invest in Bitcoin, provided they have a clear understanding of the technology and its potential benefits.
It's vital to provide comprehensive information about the positive and negative aspects of Bitcoin investment. This ensures that potential investors are aware of the risks and rewards associated with cryptocurrency.
Proper research is essential for anyone considering Bitcoin investments. Learning about concepts like seed phrases and secure storage is crucial to safeguarding your assets. Misplacing Bitcoin can be costly, so it's important to take precautions and stay informed.
https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks , a crypto payment gateway, can help facilitate secure and convenient cryptocurrency transactions. Coinremitter's services can be a valuable resource for those looking to handle cryptocurrency payments.
The sequence will probably be the same as most users assume, but I think before you decide to invest in bitcoin, you need to prepare yourself in advance for a few things like the following:
- Find out as much information as possible about the asset you want to invest in.
- Learn how to get them and how to spend them
- Get the best wallet to store it safely
- Build mentality, psychology and improve your skills in risk management.
- Meanwhile, you also need to prepare yourself to have an emergency budget instead of investing all your budget in bitcoin.
- Diversify, not necessarily about owning more different assets but also by not keeping your bitcoins in one wallet.
Above 70? Nah? Let them live their remaining life peacefully and choose everything as per their own needs. I think if they already hit the last phase of their lives then they have definitely it’s gonna be hard for them to understand what we are talking? I think we should not even try it because it would take them on the road that they never imagined.
On the other hand I would also suggest not to teach anyone of any age group as long as they are not willing to do that themselves.
It is fine to add everything in the educational system and let the new generation understand what it is and if they are willing to chose that side then they will go with it. That’s how it should be, natural way!
On the other hand I would also suggest not to teach anyone of any age group as long as they are not willing to do that themselves.
It is fine to add everything in the educational system and let the new generation understand what it is and if they are willing to chose that side then they will go with it. That’s how it should be, natural way!
Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.
Zero knowledge means zero profit finding yourself in that environment alone you have to be smart in making decisions and one wrong decision can cost you, even with having proper knowledge you can still lose money compared to not even having knowledge at all too risky to think, experience helps will trading and we should not forget that every business have there own risk and bitcoin is not excepted so let us be guarded, not disputing the fact of making a profit
Having knowledge about Bitcoin does not guarantee you of earning at all. There are people that have so much understanding about the Bitcoin network and still yet they are not earning from it. For you to earn from Bitcoin, you must invest what you have and the more money you invested the high chances of you making some good profits from the market.
The rich people are the ones that have the capacity to earn big from the market because they have the funds to invest has much as they want into the market buying large holdings of Bitcoin that could be very difficult for an average person to buy.
The rich people are the ones that have the capacity to earn big from the market because they have the funds to invest has much as they want into the market buying large holdings of Bitcoin that could be very difficult for an average person to buy.
That's what answered Bitcoin is complicated to think you can invest and start earning, about bitcoin then I don't believe in luck when the time is right everything will fall in place, and even while making a profit some strategies have to be adopted, to always take profit. and once the understanding is there things are easy and security should be taken seriously also, the aspect of investing more money more profit true but lets invest what we can afford before you start hearing taking of loan to invest in bitcoin. you can always, its better to always buy when it is convenient for you.
Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.
Having knowledge about Bitcoin does not guarantee you of earning at all. There are people that have so much understanding about the Bitcoin network and still yet they are not earning from it. For you to earn from Bitcoin, you must invest what you have and the more money you invested the high chances of you making some good profits from the market.The rich people are the ones that have the capacity to earn big from the market because they have the funds to invest has much as they want into the market buying large holdings of Bitcoin that could be very difficult for an average person to buy.
Knowledge is like your weapon when you step into the battlefield, winning or losing depends on how you use it, not entirely on it. Even if you have the most advanced weapon on hand, if you can't maximize its power and lose, it's your fault, not the weapon's fault. Knowledge is money, many people have no money in hand, no inheritance...but they have knowledge and they use that knowledge to create money for themselves. If you have knowledge about the market, earning bitcoin is not too difficult.
Yes, in Bitcoin, if newbies want to save the investment for sure, they must learn first how to save Bitcoin on their own wallets. Sometimes, they think this is not important because is very wash time to learn it. Because they not as tech-savvy make they think also if create the own wallet with own key is difficult, however, if they learn it properly, they can easy to create with only 1 hour.
They can be taught to not save bitcoin on exchanges, in custodial wallets, in online accounts. It's hard to convince newbies to be careful but as lecturers, mentors, it's the only way to help newbies who are responsible for what they do after listening to free lecture, conversation or meeting.Reminder: do not keep your money in online accounts
It is a good beginning but not enough. Newbies must backup their wallets (private keys, mnenomic seeds, wallet passwords) for recovery in future.
The paranoid user's security guide for using Electrum safely.
How to Safely Download and Verify Electrum
Be careful when using mobile devices to store bitcoin.
WARNING when using mobile device wallets (Android, iOS)
Point 3
What bitcoin investors needs is a proper research by the person concerned so that the person will get the full gist of bitcoin before investing its funds, I know what's bitcoin since 2014 and I knew that during creation of what I have to write down my seed phrase and document it, so after opening a trust wallet and I purchased bitcoin through luno platform with the directions of the person that introduce me to bitcoin and everything concerning the wallet was written by him and after two months I misplaced my mobile phone and that is how misplaced my bitcoin, when I asked my instructor of way forwards of retrieving my bitcoin he said since I have lost my phone its the end of my bitcoin
Sorry about your loss. And after reading all your posts above, I got a point in what you want to introduce. Yes, in Bitcoin, if newbies want to save the investment for sure, they must learn first how to save Bitcoin on their own wallets. Sometimes, they think this is not important because is very wash time to learn it. Because they not as tech-savvy make they think also if create the own wallet with own key is difficult, however, if they learn it properly, they can easy to create with only 1 hour. What bitcoin investors needs is a proper research by the person concerned so that the person will get the full gist of bitcoin before investing its funds, I know what's bitcoin since 2014 and I knew that during creation of what I have to write down my seed phrase and document it, so after opening a trust wallet and I purchased bitcoin through luno platform with the directions of the person that introduce me to bitcoin and everything concerning the wallet was written by him and after two months I misplaced my mobile phone and that is how misplaced my bitcoin, when I asked my instructor of way forwards of retrieving my bitcoin he said since I have lost my phone its the end of my bitcoin
Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.
Having knowledge about Bitcoin does not guarantee you of earning at all. There are people that have so much understanding about the Bitcoin network and still yet they are not earning from it. For you to earn from Bitcoin, you must invest what you have and the more money you invested the high chances of you making some good profits from the market.The rich people are the ones that have the capacity to earn big from the market because they have the funds to invest has much as they want into the market buying large holdings of Bitcoin that could be very difficult for an average person to buy.
It seems you have done some research but you are still lacking knowledge. Trustwallet can be used to store bitcoin which is correct but the question is, does trustwallet secured enough to use?. Many forum members here won't even recommend using trustwallet instead they recommend other wallet such as electrum for example which is much safer to use than trustwallet. I would also recommend you to use other wallet provider. I have been using trustwallet before but I experienced some issues (not losing funds or got hacked).
Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.
This is completely bullshit, you can learn as much as you can since there are many websites that teach about Bitcoin, just spend like 30 minutes everyday. I'm pretty sure even you're completely understand about Bitcoin, you will not able to double or triple your money easily since Bitcoin price is determined by supply and demand. Not through chart, trend, candlestick or something secret.You've got a good point, however, trends, candlesticks, and anything that indicates a possible price direction can somehow help you to decide or give you an idea when to buy and when to sell your bitcoin. Of course, the price always depend on the demand.
Well, I agree about the guy you've quoted were obviously BS, because I can seldom hear someone even those who have been here for quite some time already that they have doubled or tripled their money "easily".
Many people who started a long time ago in this industry are still learning everyday, cause even if you have gain knowledge and study it for months or years, if you don't know how to implement it there's no way that knowledge would be useful. And those charts, trends, candlestick thing literally have something to do it's price its like a manipulation. It's a fact that Bitcoin were based on supply and demand but some group and institution are using a huge capital to manipulate the market where people could take advantage from it. Some of them have a telegram group (which is not advisable since there's a lot of scammers roaming in TG) so they would give people a heads up that they would do something that can affect the current market. But yeah BS cause for how many years in this industry, doubling and tripling your money is not easy as it they say.
Point 1
When I think of bitcoin I see Bitcoin like treasure and their is desperation in me that bitcoin can not disappoint people who embrace bitcoin, but I'm not having the instinct that bitcoin will make us rich or bitcoin will make us poor because of the information I obtain from people investing in bitcoin. But I want to ask people who do emphasise on teaching their grandparents bitcoin what are their instinct of teaching their grandparents and their parents bitcoin, is it necessary to teach people that is above 70 years bitcoin and if they invest in bitcoin how long will they benefit in bitcoin before they die. I do see bitcoin investment like an asset and investments plans that is meant for young youths until they get to old age and its not something that is not something thats meant for old people that is above 70 years to 80 years.
Point 2
It's good to give a proper information to whom you want to introduce to bitcoin investment because I use myself as case studies because I was not properly informed of bitcoin investment because someone who introduce me in bitcoin did not give me the proper ethics of bitcoin marketcap scenario, when bringing people to bitcoin investment some people doesn't not teach the negative part of investing in bitcoin they only concentrate on the positive side and that is one of the things that discouraged some people not to invest in bitcoin.
Point 3
What bitcoin investors needs is a proper research by the person concerned so that the person will get the full gist of bitcoin before investing its funds, I know what's bitcoin since 2014 and I knew that during creation of what I have to write down my seed phrase and document it, so after opening a trust wallet and I purchased bitcoin through luno platform with the directions of the person that introduce me to bitcoin and everything concerning the wallet was written by him and after two months I misplaced my mobile phone and that is how misplaced my bitcoin, when I asked my instructor of way forwards of retrieving my bitcoin he said since I have lost my phone its the end of my bitcoin
When I think of bitcoin I see Bitcoin like treasure and their is desperation in me that bitcoin can not disappoint people who embrace bitcoin, but I'm not having the instinct that bitcoin will make us rich or bitcoin will make us poor because of the information I obtain from people investing in bitcoin. But I want to ask people who do emphasise on teaching their grandparents bitcoin what are their instinct of teaching their grandparents and their parents bitcoin, is it necessary to teach people that is above 70 years bitcoin and if they invest in bitcoin how long will they benefit in bitcoin before they die. I do see bitcoin investment like an asset and investments plans that is meant for young youths until they get to old age and its not something that is not something thats meant for old people that is above 70 years to 80 years.
Point 2
It's good to give a proper information to whom you want to introduce to bitcoin investment because I use myself as case studies because I was not properly informed of bitcoin investment because someone who introduce me in bitcoin did not give me the proper ethics of bitcoin marketcap scenario, when bringing people to bitcoin investment some people doesn't not teach the negative part of investing in bitcoin they only concentrate on the positive side and that is one of the things that discouraged some people not to invest in bitcoin.
Point 3
What bitcoin investors needs is a proper research by the person concerned so that the person will get the full gist of bitcoin before investing its funds, I know what's bitcoin since 2014 and I knew that during creation of what I have to write down my seed phrase and document it, so after opening a trust wallet and I purchased bitcoin through luno platform with the directions of the person that introduce me to bitcoin and everything concerning the wallet was written by him and after two months I misplaced my mobile phone and that is how misplaced my bitcoin, when I asked my instructor of way forwards of retrieving my bitcoin he said since I have lost my phone its the end of my bitcoin
The problem of cryptoindustry is the lack of everyday use of cryptocoins. Nearly none of the business projects accept BTC directly without crypto to fiat transfers. Because of it, wallets are not widely used too, people simply have no need to use wallet apps (unlike digital banking apps, which are widely use worldwide). So at the moment wallets have only one main problem: app stability and good interface.
Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.
This is completely bullshit, you can learn as much as you can since there are many websites that teach about Bitcoin, just spend like 30 minutes everyday. I'm pretty sure even you're completely understand about Bitcoin, you will not able to double or triple your money easily since Bitcoin price is determined by supply and demand. Not through chart, trend, candlestick or something secret.You've got a good point, however, trends, candlesticks, and anything that indicates a possible price direction can somehow help you to decide or give you an idea when to buy and when to sell your bitcoin. Of course, the price always depend on the demand.
Well, I agree about the guy you've quoted were obviously BS, because I can seldom hear someone even those who have been here for quite some time already that they have doubled or tripled their money "easily".
Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.
This is completely bullshit, you can learn as much as you can since there are many websites that teach about Bitcoin, just spend like 30 minutes everyday. I'm pretty sure even you're completely understand about Bitcoin, you will not able to double or triple your money easily since Bitcoin price is determined by supply and demand. Not through chart, trend, candlestick or something secret.- Minning
- Trading
- Running a full node
As bitcoin wallets it is nice you have a waller that you have the seed and open source code.
Jumping into an investment just because you heard positive things about Bitcoin was a foolish thing to do. Why haven't you done your own research? If a guy tells you that salt tastes like meat, would you eat it straight away? Most people will check first before doing so. Because they know the basics. But those who dive into it straight away are fools. Don't take it personally but it is the truth.
And there's nothing wrong with old people learning about Bitcoin. If they are able to understand the concept, then why not? Bitcoin is for everyone. There is no limitation on who can use it and who can't. Bitcoin has helped many people to turn their life back. Those who are successful with it make money.
And the thing about wallet security. Why haven't you backed up your key? Just because someone skipped that part does not mean you should look for it. If you had done some research on your own, you could've saved your Bitcoins. But that's in your past. People make mistakes and learn from them. So take it as a lesson and move forward. Stop blaming others when you are the one who made the mistake.
And there's nothing wrong with old people learning about Bitcoin. If they are able to understand the concept, then why not? Bitcoin is for everyone. There is no limitation on who can use it and who can't. Bitcoin has helped many people to turn their life back. Those who are successful with it make money.
And the thing about wallet security. Why haven't you backed up your key? Just because someone skipped that part does not mean you should look for it. If you had done some research on your own, you could've saved your Bitcoins. But that's in your past. People make mistakes and learn from them. So take it as a lesson and move forward. Stop blaming others when you are the one who made the mistake.
Why do you even have to look at it as an investment? It bothers me that such a large percentage of people on this forum could care less about the actual technological advancements that bitcoin bring with it's decentralized nature as well as it's digital payment system/ non-double spending aspect.
I would first understand what bitcoin is, and why it's such a big deal (why it's such a technological breakthrough), then perhaps look in to "investing".
Just don't forget that bitcoin is inherently NOT an investment.
I would first understand what bitcoin is, and why it's such a big deal (why it's such a technological breakthrough), then perhaps look in to "investing".
Just don't forget that bitcoin is inherently NOT an investment.
When teaching any individual about bitcoin, we should make sure we tell them everything they have to know about the market so we don't regret introducing them to the industry in the future. There's no referral bonus of introducing any individual to bitcoin so I don't see any reason why we don't tell them the good and the bad part of the market. If you keep the sad part of the market away from them, they'll hold you responsible in the future when the market crash and they lose.
Some individual investing in Bitcoin still don't know the difference between self custodial wallets, centralized wallets and also they don't know the difference between open source wallets and wallets that aren't open source, we should always teach them everything we know.
Some individual investing in Bitcoin still don't know the difference between self custodial wallets, centralized wallets and also they don't know the difference between open source wallets and wallets that aren't open source, we should always teach them everything we know.
That's a good point that we must tell both sides of stories to new comers. Telling only the positive aspect of Bitcoin may attract people to join the market but in the long run they need to know what are cons of Bitcoin. Bitcoin is not complicated it just require you to spend time to understand its core principles. Once you are familiar with basics of Bitcoin the remaining tech parts are easy to understand.
I expect much of the wallet recommendations from OP and what implications are there in using any of these wallets, then more proper information as well on bitcoin and how we could decide on which type of wallet to use and why, though you have spoken well from your experience but don't you think that people needs more of what they could hold on to than mere explanations, the areas that should be focused on with this topic should be on custodial and non custodial wallet, siting examples and explaining why, i believe you could do better the more you go, but you have done well with your little own way.
Point 2
It's good to give a proper information to whom you want to introduce to bitcoin investment because I use myself as case studies because I was not properly informed of bitcoin investment because someone who introduce me in bitcoin did not give me the proper ethics of bitcoin marketcap scenario, when bringing people to bitcoin investment some people doesn't not teach the negative part of investing in bitcoin they only concentrate on the positive side and that is one of the things that discouraged some people not to invest in bitcoin.
It's good to give a proper information to whom you want to introduce to bitcoin investment because I use myself as case studies because I was not properly informed of bitcoin investment because someone who introduce me in bitcoin did not give me the proper ethics of bitcoin marketcap scenario, when bringing people to bitcoin investment some people doesn't not teach the negative part of investing in bitcoin they only concentrate on the positive side and that is one of the things that discouraged some people not to invest in bitcoin.
When teaching any individual about bitcoin, we should make sure we tell them everything they have to know about the market so we don't regret introducing them to the industry in the future. There's no referral bonus of introducing any individual to bitcoin so I don't see any reason why we don't tell them the good and the bad part of the market. If you keep the sad part of the market away from them, they'll hold you responsible in the future when the market crash and they lose.
Some individual investing in Bitcoin still don't know the difference between self custodial wallets, centralized wallets and also they don't know the difference between open source wallets and wallets that aren't open source, we should always teach them everything we know.
Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.
This is completely bullshit, you can learn as much as you can since there are many websites that teach about Bitcoin, just spend like 30 minutes everyday. I'm pretty sure even you're completely understand about Bitcoin, you will not able to double or triple your money easily since Bitcoin price is determined by supply and demand. Not through chart, trend, candlestick or something secret. Jump to: