Topic: What I have learned so Far (Read 627 times)

What I have learnt so far;

I have learnt that bitcoin is a decentralized finance.

I have learnt that bitcoin is built on scarcity model as it has a limited supply of 21million .

I have learnt the difference between custodial and non custodial wallets.

I have learnt some safe tips to save my seed phrase.

I have learnt how to perform transactions.

I have also learnt how to sign messages using my private keys.

These are what is a expected of you to learn primarily, every other knowledge is not a waste but are secondary as long as it's a bitcoin forum.

I have learned a lot in this forum. And the following are some areas.

1. Plagiarism: I really like this forum for taking time to find out copy and post (paste) users. I, Being in this forum and not involving myself in plagiarism will also help me in my academic activities.

2. Syntax, Sematics and morphology: English Language is a second language to me (L2), which means I am a lingua franca. That is I am not using English language fluently, there are some commas, full Stops and buts (errors) in my writings and some people correct me in my English both the "the titles and the bodies.

3. Criticism and correction: most people criticized me and correct me again.. Criticism make me have an Eagle feathers (very strong).

So far, so good.. these are some of the areas I have learned from the group. Mostly the number one.

(like Dorothy in the Wizard of Oz.. hahahaha.. I couldn't resist)[/size], which may well mean figuring out your budget.. .and figuring out a way to dedicate a certain amount of your cashflow to buying BTC no matter what.. and then you can kind of forget about that money that you had already put into BTC.. whether that ends up being $10 per week, or if you can ONLY accomplish $5 per week.

When I was younger I would just plot out my budget on paper (computers were not as common).. but then at some point in the 90s, I started using various computer programs and then I started to plot out my budget and my cashflow projection using an Excel spreadsheet, and I would plot out 6 months in advance, but with the passage of time and as my finances got more complex and I had more things going on, I found it better to plot out for 24 months rather than 6 months... and of course, the first 3-6 months of any projection are the most important to make sure that you have money to cover everything whether it is cashflow coming in and/or extra expected expenses... and if your cashflow is not very certain each month, then you might list the more certain amounts that you expect to come to you, and if extra ends up coming in for any particular period, then that would be a good problem to have and you would have extra to spend for that period... but I do tend to recommend to project conservatively because it is better to have extra cashflow coming in rather than extra expenses, even though your system should be able to deal with either direction and even to have a sufficient cushion (whether $500 or $1k or some other reasonable amount) that allows you to easily adapt to any small amount, and then if there is an emergency or something like that, then you may well have other funds that might be available somewhere else if you need to dip into those funds (which should not be your BTC.. unless you are going to die or something very severe).

Once you plot everything out, then you can see how much might be the bare minimum that you are going to be able to devote towards dollar cost average buying into BTC every week and you might also have a cushion amount in there, but don't feel stressed that you have to invest more into BTC at any given time (even if you have extra cashflow), so long as you at least meet your minimum weekly amounts that you have established for yourself, and of course, you can adjust your amounts and your overall projections from time to time to account for evolving circumstances including if your finances get better or worse, but hopefully, if you have decently strong beliefs about the long-term fundamentals of bitcoin, then you can just continue to invest small amounts on a regular basis and as the amounts of your BTC investment portfolio gets BIGGER (hopefully), you may well learn that you will need to take greater measures to protect those BTC and to set them aside (even if you only get to 0.1BTC over several years).. and you can learn many of the details of the matters about what you are going to do and how you are going to do them as you are investing into BTC over the years without having to feel that you have to learn everything right away.

Bitcoin can take a real long time to learn, and we have some people who have been in bitcoin for as long as me or longer (I am about 8.5 years into bitcoin) and still seem to struggle with basic bitcoin knowledge because some of them don't establish solid attempts to focus on learning about BTC and getting their own systems solid in terms of just ongoingly accumulating BTC (even if just relatively small amounts).

Remember that there are a lot of folks who work all of their lives from the time that they are in their teens until they are in their 60s, 70s and sometimes even later in their lives, and many of them do not accumulate enough wealth to actually be comfortable and to have options, including the option to stop working and to live off of their investments.  Some of them might actually have some success to achieve such after 30 years or more, and I am not even blaming any of those failures to achieve financial (pschological) independence for not being able to accomplish some of the investment successes because there are quite a few obstacles stacked against a lot of folks, even if they do most if not all of the right things in their lives (including but not limited to saving/investing money).

Seems to me that bitcoin is providing potential opportunities that might not have been so easily available to regular normies and even to poor people to be able to have access towards getting richie tools.. and of course, access to bitcoin does not guaranteed that you will get richie.. but you have better chances with bitcoin and also better chances if you attempt to be prudent, reasonable and maybe slightly aggressive without becoming so aggressive that you are either gambling or putting your principle at risk.. so in some sense, you need to always be attempting to guard and build your principle and if you engage in any kinds of gambling or risky actions, you are not putting large portions of your principle at risk... merely because you want to become richie faster or whatever.

Some folks want to cause you to believe that you can short-cut and get richie more quickly, and for sure it is better not to be trying to play those games, especially not with large portions of your principle.

With bitcoin, depending on your age, you may well have some abilities to achieve what had not really been easily achievable previously and also you may well be able to accomplish such in a shorter amount of time.. so instead of 30 years or more, maybe you will be able to do it a lot quicker, and even if you do not get to a point that you can quit your job really early (such as within 10 years or when you are relatively young), you still will have decent chances of improving your odds and also increasing your options... even with something like $10 per week into bitcoin.. and of course, if you can do more that would be helpful, but it would be worse if you are putting in too much that you are not keeping the rest of your life (finances and psychology) in order.

Once you establish your budget.. then you have to figure out where and how to source your bitcoins.. whether you can sign up for some kind of service that might be available in your country.. or whether you have to figure out some resources through meet ups, and hopefully there is some kind of way that you can get coins in your area..  I am not really sure about al of the possibilities, and surely sometimes there are fees involved that might motivate how you are making your purchases of BTC, so in that regard, you might have to pool your fiat and to buy less frequently and in larger amounts.. but even if you might have some trouble finding options in the beginning, you might learn of more options as you go and perhaps more options might come available to you with the passage of time.. maybe?  maybe?

The beginning can be more difficult to get things set up, to get your systems into place, perhaps even the profitability of your BTC might not be very positive in the beginning, and then to keep learning along the way too, but the whole process should get easier and continue to build upon itself and you are likely to make various mistakes along the way too.. and for sure, you would want to strive to learn from your mistakes but sometimes, there is a need to also take action without necessarily trying to achieve perfection - because there has continued to be a certain amount of advantage in bitcoin in terms of getting all your systems set up and to get started.  After you are started, then some changes and tweaks or even strategizing to buy on dips might become more clear, but in the beginning just establishing some regular buy amount is good.. and with the passage of time, you will be in a better position to even better identify what you believe to be a dip or not and whether you believe it is an actionable dip.. or if it just remains best to just continue to follow the regular system that you have established for yourself and you have determined (and hopefully tailored) for yourself and your situation (psychological and financial).

This is an Epic of knowledge. I do not know how to start and where to start. It is only the Almighty God will bless you with this deposit of knowledge, encouragement and brotherly advise.

If you are having some difficulties learning too many things at once (especially in the area of bitcoin and cryptocurrencies), I would personally recommend to focus on learning bitcoin first.  Once you understand bitcoin then the others will be easier to learn (that is if you are still interested in that mostly scam crap).

Regarding trading. .be careful.. there is really no need to do it, until maybe you establish a position first, but yeah, so many people think that they can get rich by getting involved in trading and all kinds of bullshit, when the fact of the matter is that it is going to be likely way better just to figure out your own situation and establish a bitcoin investing practice (and learning) that allows you to slowly build up your bitcoin position through many years and continue to try to learn as you go.. so maybe you can only afford to buy $10 per bitcoin per week, or maybe you want to be more aggressive and buy $100 per week... 

If your investment timeline is 4-10 years or longer, then you start with whatever is the most manageable (and maybe you can ONLY do $10 per week) and that you just continue to build .. and with the passage of time, maybe finances improve and/or your knowledge about bitcoin (and other cryptos - aka shitcoins) improve, and then you can adapt as you go while attempting to take a somewhat conservative approach in order that you are not investing more than you can afford.. because you surely need to be able to continue to pay your monthly expenses and even to make sure that you have some kind of an emergency fund so that you never have to dip into your bitcoin except at a time that is of your own choosing, which I would suggest should not be for less than 4 years but more likely 10 years or more.. depending on how well you are able to build with time.

For sure, some threads are better than others in the forum in terms of providing learning, and also if English is not your first language, then I understand it can take even longer to sort through the better information and the better threads as contrasted with the information that is not as good... also if you are able to learn from the writing style of some members better than the writing style of other members, then that can be helpful to you, too... including that if you keep practicing and you are continuing to try to learn, you will likely continue to improve with the passage of time, too.

Is $10 a week not too small to be able to build up your bitcoin position, even after many years.

If you use dollar cost averaging and you are investing $10 a week, that will be $40 dollars a month, and $480 dollars per year, how long would it then take to set up a profitable Bitcoin position, should finances not improve and one is still stuck with $480 per year.

then you start with whatever is the most manageable (and maybe you can ONLY do $10 per week)

When I first create this thread users criticize me by not include bitcoin or Crypto Currency to my list. Really as for then I was novice on bitcoin, nothing to talk about but was have very smay knowledge so I thought within me instead of including bitcoin which I was not conversant with, I excluded it. Because I am not here to lie. But most write what they do not know or have an idea. That is against my principles. I like people that are strict because I am a strict person. Yes. All the things I mentioned in the list. I learnt them within the short period of time I entered the forum. But I can not learn BITCOIN or Crypto Currency in a very short period of time, those are bogus TOPICS to deal with.

Even today I am not conversant with the process but to some extent I can trade with BITCOIN  and other Crypto Currencies the aspect I am having difficulty is the TIME. WHEN TO ENTER  (START ) THE TRADE AND WHEN TO STOP (CLOSE) THE TRADE. Therefore, I am very happy to be in this forum. Thanks all the users that help me to this extend.

I love this forum, is a place where you learn many things, mostly here in crypto space, which i learn that Bitcoin is the king of all coins. and also learn that bitcoin is a digital asset that acceptable for company or individual as a means of payment. I also learn that, these forum has many things to do and get paid. 

That's right, much can be learned here as written above. that's why this forum is suitable for all circles from beginners to high accounts because it's useful for exchanging ideas and sharing experiences and knowledge. learning theory is important but we also need practice so that we can experience the ups and downs in the crypto world and through this forum at least we have an overview of the crypto world through discussions and responses from members here according to their respective experiences. what is certain is that if we can use and utilize this forum properly then it will be profitable.