Topic: We need to understand bitcoin and wallets before investing - page 2. (Read 483 times)

To invest the piece of information is necessary for my view, as what is the asset in which I am going to invest and what can be the potential outcome, and how I can keep my investment safe / risk-free. Risk free investment is completely different term from the safe as in safety we actually mean by the funds security and privacy on the same time riskt free refers to the strategy who you are going t take entry in the market. If you are investing a good reasonable amount as gaming to buy 2BTC or 3 BTC its can be called a very reasonable amount (I am not getting particular just an idea of the capital what you think is a lot to invest).

So the information about the security and asset is required in addition there is need to be awareness how to enter.

You should not go and buy the amount you have to device a strategy for the long term buying because we never know in which zone we are standing it is exit , entry, accumulation or distribution we can just speculate and results can be always 50 /50 ecept for the particular times.

It should have been more of a basic understanding of bitcoin than understanding the whole of bitcoin; understanding bitcoin never ends because it's a continuous process that has to align with society and as such, there will always be changes and upgrades. However, the security details should be expressed to newcomers at maximum speed, that is the basic background of bitcoin and when it breaks, there will not be bitcoin in the first place and no one can hold the bitcoin in their wallet.

Speaking about a wallet, there are hardware wallet and software wallet; the hardware wallet is the recommended type of wallet every bitcoiner needs in the first place, It is a type of wallet that don't get connected to the internet, and any attempt of online is free from the wallet but again, you have to make sure that it is properly backup and well save in a tight secure area where nobody will see except you. The software wallets are useful but only for daily spending and also signed transactions, they are not suitable for holding wallets as they are prone to hacking and your bitcoin will always be prone to dangers.

Most of the elders are not enlightened with Bitcoin of course they focus to their self and how to survive in their time and only they know investment is with the use of the business, work and etc. I guess the best explanation is even if they know Bitcoin they will buy to hold it without having an assurance for the long term to make it more profitable today?, if they know of course they immediately make an investment but they choose to have a business and work for survival on their daily basis. You cant make a decision not until you are on the same shoes.

The lifespan and return horizon of someone aged 70 or 80 may be limited, but consider that the value of knowledge transcends generations. It is not the purpose of teaching Bitcoin to grandparents to make them rich or poor, but rather to equip them with contemporary financial literacy. The query is not only how long they will continue to benefit from Bitcoin, but also how their knowledge could enrich conversations with younger generations. However, age is not a barrier to financial autonomy. Bitcoin may seem ideal for the lengthier investment horizons of the young, but its never too late for anyone to embrace innovation.

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.

Yes, it is very important for people to do research on everything ....before they invest in it... not just Bitcoin. Let's take a simple example :

There are currently Ponzi schemes doing the rounds, where Bitcoin are used as a payment option. People invest in these Ponzi schemes ..thinking that they are invested in Bitcoin... and when these Ponzi schemes collapse, then they blame Bitcoin.  

The same thing happens when people sell their bitcoins too early.... they make small profits or a loss.... and they blame Bitcoin for their poor decisions, based on very little market research.  

There are two coinbase wallets. One is custodial and has full control over your fund and due to obvious reasons, it's not recommended. Coinbase non-custodial wallet is close-source and that should be avoided too.
Trustwallet and blockchain.com are also close-source and shouldn't be used.
Metamask (not metamusk) doesn't support bitcoin.

Please don't suggest something you don't have correct information about.

Everyone should understand and know properly about Bitcoin and wallet before invest. Without proper knowledge we will lose our valuable fund. We should consider some point to invest. Like,

* Know about Bitcoin : Anywhere to invest we should know about that. So when we invest on bitcoin, then we have to know and understand about Bitcoin. We have to know Bitcoin's History because it will be helpful invest on bitcoin.

* Wallet and Exchanger : To invest on Bitcoin wallet is an important things. So we can use Different wallet like,
Coinbase,  Trust wallet,  Metamusk, blockchain.com etc.

Beside this wallet we can use different exchanger. Here we buy bitcoin easily and hold it. We can also trade here.  Buy, Sell and hold all we can do in exchanger. But for more secure we need completed KYC.

And should understand how to earn from Bitcoin investment. Also we think about investment period and profit margin. Overall everyone should understand about It's basic things and also risk. If we understand properly about Bitcoins and It's circumstantial things then we can invest on Bitcoin. Otherwise that investment will not gives us good return.

Understanding of bitcoin is like moving forward in researching of bitcoin of bitcoin and it's obvious that before you invest in bitcoin you most passed the process of understanding the basics things of bitcoin, like you will start for the protective wallets that can protect bitcoin, and secondly also know when to buy bitcoin and when to sell bitcoin  depends on your duration you have in bitcoin. So I believe that bitcoin have it's ways of understanding the basics things of bitcoin.

We should invest besides the factor of age, as the ones who are old or young have needs too, but you are preferring long-term investment here, and if that's the case, then I think you are right, as the old ones might not be there to see the results of their holdings, but that money could be of big use to that old person, like his children or grandchildren could use that money, or if he does not have any, he could use that money for donation purposes. There could be a lot of ways to use the money, but we should not keep age in mind; in fact, we should think about why we are investing in BTC or what we will gain for how much time.

You have suggested some good points, but I think the OP was trying to convey another message: this knowledge is also necessary to remain scam-free and competent in the market. Learning from BTC is the main goal here, but many people just take it as an investment opportunity and blindly invest in it in the hope of making a lot of money.

I have seen a lot of people with this mindset who invest a small amount and then hope for the best. But if we keep the factors the OP mentioned and a few of the ones you mentioned, then we will be able to get some good returns on our investment.

I did not really quite understand what you are implying here, as there is no age limit to invest in BTC or in any other type of investment, and no one is stooping to make an investment in BTC, whether they are young or old. If one is old or young and trying to make some investment in BTC, then he or she must have some aim to achieve as well as some expectations from those investments. Let's say even if a person is investing at the end of their age, he could give that asset to his or her heir in inheritance. But still, the time of death is not known to anyone. So stay positive and grow for yourself and your loved ones.
Agreed, as knowledge is the main factor before investing in BTC, as without knowledge, no one could really make expectations from their investment that are suitable. Like one without any knowledge, after investing $100 in BTC, he began to think that he would be financially free one day. But that's not going to happen, and we know that. Why? Because we have at least some sense of the market and how investment works.

Point 1.
Old people over 70 years are rarely willing to learn about investing. They would prefer to listen to old songs while opening photo albums of their memories when they were young. They will visit relatives or friends who are still alive while telling stories about the past. They don't want to get involved with investment issues, profit, blah blah blah.

They just want to live quietly in their old age while enjoying it because they didn't have time to enjoy it before.

Point 2.
Wait a moment. What did that person tell you that kept you from getting the right information about bitcoin? Haven't you searched for more information about bitcoin and just followed what was suggested to you? If so, that is the biggest mistake. But I admit many people still do things like that, just follow what other people suggest without looking for more detailed information. That's what makes them feel they don't get the right information about bitcoin, which is a reality that happens to people. And that's also what makes people finally feel cheated to invest in bitcoin.

Point 3.
From your story, it seems it was your fault that you misplaced your phone. Wait a minute, what do you mean by misplacing your phone? Did you leave your phone in the open public area and you lost your phone? How could that be?

It is most safe and secured to properly have knowledge on what you are having thoughts of investing your funds into. I have come to notice that most of the complaints about bitcoin scams and possible hacks are from newbies and as a result of their I don't care to know approach. You do not just wake up one morning and start investing your funds in what you do not have knowledge about irrespective of the fact that a family member or friend did tell you about it. It is good you are told about the bitcoin and the investment aspect of it but it is better you gain more knowledge on it by doing your own research so as to be well equipped with knowledge before investing your funds.

When you are too hasty to invest without acquiring the right information, you definitely will hit a brick wall in the cause of your sojourn into what you have no idea about and that would be very  disastrous.That is how people get scammed and they cry foul and call bitcoin a scam because they fail to do the right thing.

Looking at the other way round with respect to getting knowledge about credible and reliable wallets, one can do a search via google to see for themselves as there is nothing hidden online. There are lots of wallets which one would need to make choice from on which to adopt. Most of the wallets have been mentioned here by members for which anyone who cares  to see for themselves should do.

Lastly, it is not advisable to hold your assets or keep your assets under the watch of a third party such exchanges as it invariably means that you are not the owner of that assets as you have no keys to the wallet holding that assets.

Remember "not your keys, not your assets"

Before my discussion with you, firstly your English is broken and you must improve it as well as organize your idea and sentence structure better.

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Point 1. Just say, invest what you can afford to lose it. Young or old, it is a must prerequisite before investing. If you are old, you can still invest in bitcoin and you can get profit or someone inherits bitcoin from you will get profit.

Point 2. You don't have to be a role model or a case study. You should not tell anyone that you got rich, became a millionaire by bitcoin. It's risky for your privacy and safety, don't do this. If you need some case studies, show them cases of serious loss by exchange scam, hacks, data breaches or wallet hacks by using a weak password. ^[1]

Point 3. Not your keys, not your bitcoins. Don't use close source wallets as they can have your private keys. Don't ask any person to create a wallet for you as he will have your private key. Don't use exchange account/ wallet as they have your private key.

Generally, when you use a Bitcoin wallet, back up its mnemonic seed or private key.

^[1] [GUIDE] How to Create a Strong/Secure Password.

IMO, you got it wrong on that part. Many of the people here have just heard Bitcoin and wasn't introduced by anybody at least for that person whom they've heard bitcoin from.

But I do understand the part that these people who have told Bitcoin to the others and don't tell them the negative side of it. Actually, the negative side of it is that it is highly volatile. But with that, you can think of it as an opportunity if you're able to understand what Bitcoin really is.

The price fall has always been the discouragement of many newbies and that's not a problem on them. Because whoever sees the price falling has always negative thoughts of it and that's pretty normal.

More like, you need to use it, and then understand if it really suits your needs and expectations. I do believe people need to understand wallets and self custody but it might not necessarily be a requirement for them to use Bitcoin.

In fact, as a pre speculator, one might argue one doesn't even need to be in contact with Bitcoin wallets

People in general need to educate themselfes better before doing with anything related to bitcoin or crypto. All the time I see questions of new users that at supposed to receive 1000s of $ in crypto and they have no clue how to use a wallet or even check a transaction.

Even google would help them with the slightest effort of checking but they find this forum to ask.

It is very risky to handle so much money without having any clue, this opens the door for a lot of scam attempts on these people, which is very concerning.
You don't play poker for real money if you don't know the rules of the game, so why "gamble" your money in crypto if you have 0 clue what you are doing. 

Isn't that a basic step and actually not only bitcoin but almost in all investment instruments we have to know what to do about what we do before actually investing.
Bitcoin is one of the objects that can be used as an investment but that does not mean we are directly in bitcoin without knowing more about what bitcoin is because we have to know the ins and outs that exist in bitcoin itself so that we can be absolutely sure about what we are doing that it is right.

On the other hand in this case point 3 is actually quite disturbing to me, even though trust wallets can be used as one of the wallets for storing bitcoin but that does not mean they are a safe place and I don't think you have implemented what you described in your title because we all know that trust wallets are not one of the wallets that are comfortable for long-term storage even though it can be done.
Just because the name "trust" is there doesn't mean you should be completely confident in that wallet because there are many wallets that are much better than trust wallets.

Actually when you want to start to invest in Bitcoin, you must understand about exchange because it's a way to buy or sell Bitcoin, wallet is used as a place after you bought your coins. If you want to use hardware wallet you can use Trezor or Bitbox, if you want to use non custodial wallet you can use Electrum or Bluewallet.

You can use centralized exchange to buy Bitcoin, but it's not advisable since there's no privacy, you can use No KYC P2P e.g. Agoradesk or DEX e.g. Bisq.

I would like to ask Riginac is the difference between a young person and an old person who does not understand bitcoin? It is just age of course because the both persons are ignorance in bitcoin. What I'm trying to say here is that age does not really matter or limit one from knowing bitcoin or accepting bitcoin.

Bitcoin can be useful to anybody irrespective of the age, what should be concerned when using bitcoin no matter the age you fall into is, why do you need bitcoin and what do you need bitcoin to do fall you( understanding the main purpose of bitcoin ).

 If one can answer this questions about the reason for Bitcoin then the person is free to use Bitcoin no matter the age the person falls into. I don't think Bitcoin is only for young people,  I can agree with the rate at which young people are into Bitcoin is high and the rate of old people is low, but having a conclusion bitcoin is not for the old people is wrong.