Topic: What are the procedures to follow when I want to invest? - page 2. (Read 384 times)

Important elements you should pay attention to on which exchange you want to register and where you want to store your Bitcoin after buying. An important point that you need to pay attention to before buying Bitcoin is to choose a safe wallet to store it, you can stop by here Wallet software to get a wallet that is suitable for storing Bitcoins. Remember, never store Bitcoin in an Exchange wallet, because as long as you don't hold the private key, it is not your asset.

Hi, glad you asked lol. here are some tips for you, not sure if you will follow them at all -

1. Only invest 10% of your Income.
2. Do not buy any coin in FOMO, stay calm. You will get your opportunity.
3. Do not trade on other people's trade ideas, take inspiration and see what's good for you.
4. Never pay for Trading Signal groups, that's for losers.
5. DCA is the best option available in Crypto.

How secure is the XGo platform that you're promoting? And how much did you get paid to promote them here in order to recruit victims who they will almost certainly scam?

What was XGo's reputation in the crypto sector that prompted you to endorse them? I see you started a discussion about them in this forum. Please, while I understand you are free to promote whatever you want, make sure you do not promote any platform that would defraud people.

Educate yourself & gain a solid understanding of how Bitcoin works, its market dynamics &  potential risks involved. Maybe research reputable exchange, look for well established and regulated cryptocurrency exchanges that offer secure platforms for buying and selling. Begin with a small investment to get familiar with the market & mitigate potential risks.

Keep up with the latest news, market trends & regulatory developments that may impact Bitcoin's value.
Consider diversifying your portfolio by investing in other cryptocurrencies or traditional assets.
Implement strong security measures such as using two-factor auth.

Firstly you need to have a fund you will use in purchasing the Bitcoin and after you settle that one you need to look for a centralized exchange that doesn't require KYC for withdrawal so that you will not review your privacy. The next thing to do is to move your fund to the centralized exchange where you want to buy the Bitcoin with either USDT, BNB, or ETH depending on the one you are holding, and if you don't have any of them you can buy it through P2P trading with your bank account. After you have moved the fund to the centralized exchange you are good to buy the quantity of Bitcoin you want depending on your fund available in the centralized exchange. When it comes to selling Bitcoin, you simply have to sell above your buying price to be on profit. For instance, if you buy Bitcoin at $25k you can wait for Bitcoin to gain or grow to $30k before selling.
Yes, there are crucial elements you need to have in mind before buying Bitcoin which are
1. Never keep your Bitcoin on a centralized exchange in order not to lose it if anything bad happens to the centralized exchange
2. Save your Bitcoin in a wallet you only have full control of and never share your private key and seed phrase with anyone else.

3. Why is using Bitcoin better than using conventional currencies?[/quote]
Using Bitcoin is better than using conventional currencies because when using Bitcoin to make payments you don't need a middleman to scrutinize your transaction. Also using Bitcoin for payments will prevent you not to be affected by inflation and transactions made in Bitcoin are very fast

Great, you've shown interest in how Bitcoin works and how to invest in Bitcoin.
There are too many crucial things that would happen upon purchasing Bitcoin so I highly advise you to have the knowledge of it first before putting your money as an investment, read those pinned posts in this section and you'll find out many answers to your questions.

I think you need to understand how Bitcoin works from basic information in reading the Whitepaper.

It's a well-said in the Whitepaper if you've read it already, the purpose of why Bitcoin was created.
One thing that surely I've known, it's a purely decentralized currency.

Standard procedure is to create and use a reputable exchange account to buy Bitcoin and send to your very own Bitcoin wallet. You'd want to keep a few things in mind like the entry price and maybe some details specific to the exchange.



Bitcoin maintains the security of the network because it ensures that fraudulent blocks are not included in the chain and before any of the participating node can earn their reward, they've to do their bid.

If you want to delve into the technicals, give Mastering Bitcoin a read: https://github.com/bitcoinbook/bitcoinbook#chapters


I think the biggest benefit bitcoin provides and pioneered is true borderless payments. Before now in my country, there was no way to send and receive payment without extensive checks at financial institutions. Now I can do that from the comfort of my home.

Full access, total control, decentralization, no limitation, it’s volatile nature, it’s an asset which means you can still save with it and make profit out of it, it help you survive inflation to some extent which means you won’t have to worry much if your local currency is having any issue of devaluation, you won’t be charged from on a regular basis as per maintenance fee the way your local bank will charge you almost for everything, the only fee you are to spend is when sending out to the next persons wallet which the fee is as small as. Bitcoin gives you the opportunity to be financially dependent when it comes to how and when you want to transact, everything is centralized which means you don’t have to worry about manipulation you can check and track your transactions your self in the blockchain and confirm everything your self.

There is no complete text book to investing but from experience it all about knowledge and understanding.
+ Have good knowledge and understanding of what you want to invest in.
+ Have your capital (best to start with what you can lose and also don't borrow if possible)
+ Time your investment: this comes after you must have had knowledge of what you are investing and then knowing the best time to get in.
+ Acknowledge the risk and reward: don't leave blindly understand that there is always a risk and a reward and know how to deal with them.

The process for exchanging bitcoin is via exchanges. I recommend the most popular from this list: https://kycnot.me/. They're exchanges which don't require you to give Know Your Customer data, like phone number, selfie, home address etc. The crucial elements to take into account before beginning are:

• Understand how bitcoin works in a fundamental level.
• Understand how these exchanges work. (the transaction process, costs etc.)

Here's your answer: https://learnmeabitcoin.com/technical/mining

It's not objectively, always better. As everything, it comes with tradeoffs. It's better in the sense that you know the transaction will finalize, no matter what, that the cost is pretty transparent (it isn't determined by a bank monopoly), that it can't be confiscated without your permission, that it's always accessible as long as you're Internet connected, and that it can't be devaluated by arbitrarily printing more.

You can buy bitcoins through p2p, centralized exchanges or decentralized exchanges. Which one you choose will depend on you intend to achieve. If you are a person who is thorough about his privacy and do not want your bitcoins to be linked to you, I recommend you use decentralized exchanges like Bisq to make your purchase. Likewise if privacy is not a major concern, you can buy from centralized exchanges like Binance. It is important to note that exchanges are not wallets, you should always move your bitcoins out of exchanges to your non custodial wallet.

There are two procedures for purchasing Bitcoin, first, is a direct person-to-person buying/selling of BTC, whereby after creating your Bitcoin wallet, you meet up with an individual, you give him your wallet address, and he sends you BTC in exchange of your fiat currency. Secondly, is by using an exchange (i.e either decentralized or centralized), whereby you place a buy/sell order on it's p2p market, whereby you will be matched with a seller/buyer, you make payment, send proof and coin released to you for a successful trade.

Miners play a vital role in ensuring the smooth running of the Bitcoin network, as they are the ones who confirm Bitcoin transactions.

Bitcoin is far better than conventional currency in the sense that just as the value of our conventional currencies are been controlled by the banks and government, Bitcoin is an independent currency that is not control by anybody but demand and supply, and offer lay individual the ability to be in charge of their finance/funds.

The process of buying and selling Bitcoin is very simple, you can buy and sell it on any exchange, but first you need to create an account on that exchange. Of course, there are many factors you need to know before starting, such as Bitcoin's complete chart history, Bitcoin halving and price fluctuations, bull seasons and bear seasons, all of which are very important to know. The most important thing is that you know when to buy and when to sell Bitcoin,because a perfect entry can give you a good profit.


In my opinion, Bitcoin is better than traditional currencies because it is not controlled by anyone, whereas traditional currencies are controlled by central banks. Traditional currency you have to keep in your bank account, while Bitcoin you can store in your digital wallet. The advantage of Bitcoin is that no one can check your wallet, its location and the Bitcoins in it. Whereas in conventional currency, the  bank has your complete record  . Traditional currency is a physical currency for which you need a bank to transact, while Bitcoin is a digital currency that you can transact anytime anywhere with your password.

There is a saying that "Learn before you earn". If you want to invest in something learn about it. Learn about its weaknesses, strengths, opportunities everything. Otherwise, you will just be gambling your money.


There are many ways to buy bitcoin. You can use your fiat currencies to buy bitcoin through 3rd party services like paypal, binance, coinbase or through a bitcoin wallet app that supports fiat payments.


It's hard to explain the full story in a few words so here is a place where you can know the fundamentals easily.


It depends on why you want to use Bitcoin in the first place. If you want to use it for making payments there are other better options as well but they will not match the volume, security, and decentralization of bitcoin. If you want to hold it as a store of wealth then I want you to look at the historical chat of Bitcoin. A shorter timeframe can frighten you but a longer time will put a smile on your face. Since its launch, it only raised in value.

OP, let me digress a bit from your questions and give you some more proper forum behavior. You came to the forum recently but got carried away creating new topics with questions, the answers to which you seem to already be able to find on your own. I'll point to the response you gave to the user, pointing to the topic from Charles-Tim.

Have you tried reading this thread carefully if you are already sending newbies to it?
You have probably heard that you should contribute to the forum in some way. I'll show you how to be helpful here.
Don't create a bunch of threads where you can find answers on your own. This is a very useful thing.

This is subjective and not everyone will agree that BTC is better; also everyone of us makes use of the both of them as well, so yeah. The two currencies have their utility and value, BTC is decentralized money that is censorship resistant and also permissionless, but the reason why a lot of people choose it over fiat is that it is also a volatile asset that they can get revenue from. Fiat is centralized and issued by the government, it is also the currency that is mostly used all over the world, too many people don't actually want to spend their BTC because of future profit.

Good to see people like you who want to learn about Bitcoin.

1. You can buy or sell Bitcoin on both centralized and decentralized exchanges but for beginners the preferred way to buy or sell Bitcoin is via a centralized exchange. Buying and selling your coins on centralized exchange like Binance is much easier and safe and if you are a type of person who want to buy Bitcoin and hold it for long term then the best option for you is to withdraw your coins from that centralized exchange to your own personal wallet. You need a separate pc or laptop to create that personal wallet and once you receive your Bitcoin in that wallet you should disconnect that pc or laptop from internet so that your wallet will become a cold wallet and your coins will be safe from hackers. I recommend you to download an open-source wallet like Electrum and try to make a wallet with 24 word seed phrase and save your seed phrase and private key on a USB drive as well on an external SSD drive. You should never connect that SSD drive or USB flash drive on a pc or laptop that's connected to internet and also don't allow anyone else to access your USB flash drive or SSD drive.

2. Bitcoin mining functions when a miner tries to solve a very complex mathematical problems by using a specialized ASIC mining hardware like Antminer S19 Pro or other ASIC mining equipment that's entirely created to solve those complex mathematical problems which is required for Bitcoin mining. The miner then run that mining hardware in cluster form and allow their hardware to work 24/7 and after days to weeks the miner will find Bitcoin rewards when he/she validates a block . A block currently contain 6.25 Bitcoin and the miners with more hash power can mine those blocks easily depending on the amount of hash power they have. Most of the time the miners don't follow the traditional route of solo mining and in that case they join mining pools where the hash power of the whole pool is used to solve those mathematical problems together. In simple words Bitcoin mining is the PoW (Proof of Work) process to find free Bitcoin by utilizing your electricity energy resources that mining equipment require in order to run and once the mathematical problem is solved the miners get incentivized with Bitcoin.

3. Bitcoin is better than conventional currencies because it's totally virtual in nature and no one has any control over it. The Bitcoin is totally decentralized and that makes it a unique currency in the world because no government or centralized authority is controlling it and it's total volume is limited to just 21 million Bitcoin. The number is fixed and no one in the world is able to change that number. Although, you aren't running away from centralized authorities when purchasing Bitcoin through a centralized exchange but if you can purchase Bitcoin from a decentralized exchange then you're truly using it's decentralization power.

I will take you through both the risk factors and the Benefits.

Bitcoin is the best investment of our generation and due to the high rate of inflation as of 2009 Bitcoin was given birth,  so if you are looking for an inflation hedge you got safe heaven in Bitcoin.
When you talk about cross-border payments with seamless transactions Bitcoin solves the problem,
Transparency, in the sense that the total amount of BTC that will ever exist, is known.
When It comes to freedom with your funds, Bitcoin gives you total control.


Risk factors,

Bitcoin is volatile and it's still in the early stage of development.
The Issue of securing your seed phrases and the fact that any BTC you send to a wrong address will never be recovered.

You use use Cex to buy your bitcoin, since it is very easy and since it is your first time. Create an account with Binance or Kucoin. Make sure you pass through the KYC verification and after that,you use go to buy bitcoin through P2P. You will see some p2p merchants, look for the one that has higher transaction than the others because it means that he is to be trusted but not 100%. There will be a payment option,the amount of bitcoin that you want  in your local currency and send the money to the merchants account. When done, you will have to call the merchant to release your coins. Same with when you want to sell,instead of buying this time you use p2p to sell. When you are selling,don't release the crypto,until you have confirmed the money in your account so that you don't get scam because it is an exchange doesn't mean that there are no scammers. If you care about your privacy that much, you should use DEx p2p.

Bitcoin is decentralized,censorship resistance and is limited in supply. Bitcoin doesn't need a third party to carry out transactions. while conventional currencies are the opposite of bitcoin. They are centralized,non censorship and is not limited in supply as government keep printing more money.

All of the things you stated will be easier for you if you understand bitcoin and how it operates.

I, too, have limited knowledge, but I am certain that you can purchase Bitcoin using centralized exchanges, which are most frequent for novices due to our lack of knowledge, but you can also purchase via peer-to-peer in some Exchanges that are not kyc.

To learn more about the other aspects you stated, visit Learnmeabitcoin.com, which will assist and explain the entire procedure to you.