What should a newbie do in bitcoin investing?

Wakate

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

Do you know that you can actually get a defined answer to your question if you are able to take your time and go through some YouTube videos? Well, asking the same question is not bad but I think you should have asked this question and watch videos for better understanding about what Bitcoin actually does before coming here to ask a question that had been asked several times here. You need to be ready to do research if you want to know what Bitcoin could do for you and how you can make money from it when you decide to invest in it. Bitcoin investment is a way to make money from the crypto market but you need to understand that it's not a ponzi scheme that could make you rich over.

Alone055

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Quote from: Learn Bitcoin on November 16, 2024, 10:26:12 AM

The scammers are trying several methods these days. They send malicious tokens to a wallet address and then ask people to help them. When someone tries to help them, they need to deposit to the wallet to cover the transaction fees. But when people make a deposit, the entire wallet get wiped by the smart contract.

This is an old trick, but some people still fall for it because they show high amounts in those wallets and then give the seed phrase with it. Those who know seed phrases and how one can import a wallet using them but have no knowledge about the scam tend to believe they are going to get some free money. They import the wallet, see the funds, and become happy that they can quickly withdraw it, but then they are asked to add some coins to the wallet before they can withdraw the funds.

Even if you are not entirely naive, once greed covers your mind, you won't be able to understand what's happening. So people in such cases face similar situations where their greed lowers their critical thinking abilities for a moment, and they do whatever is asked out of greed only to realize they have made a great mistake once they find they got scammed.

This is why we say greed is our biggest enemy. Roll Eyes

CryptopreneurBrainboss

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Quote from: AYOBA on November 15, 2024, 09:24:43 AM

Yeah, actually, Bitcoin has become the best coin to invest in and earn huge profits in the future, so in this case, newbies need to lean much so that it will acquire knowledge about how the Bitcoin investments work for a lot of people to become what they didn't expect in life, because a newbie can just jump into the Bitcoin investment without having proper knowledge about the Bitcoin.

A newbie that fails to learn/listen to the advice being given to him/her will learn the hard way and that has to do with lost of money that mightn't be recoverable.

Investing has to do with money therefore it shouldn't be considered to be gambling but something serious that a lot ot research and thoughts has to be put in.

Bitcoin has always been the best coin that we can invest in. Altcoins can give you profits but they're all distractions and alot of them are of no use to us so if you can avoid them, that's better for the safety of your money but you can still joke around and invest (sorry gamble) few bucks but don't take it too serious.

Bitcoin should be what you should have all your attention (seriousness) on.

Questat

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

Seems like you do know nothing about bitcoin so there’s no sense rushing to invest. Otherwise, you will only reap early losses and get discouraged afterwards. That’s the reality. Newbies are often weak-hearted and once they experience consistent losses, instead of trying to find out the reasons of losing, they chose to leave their investment and sell them at a loss.

That’s exactly why newbies are discouraged from investing, because they are more than greedy for quick profits when in reality they know nothing on how to invest in bitcoin smartly.

Negotiation

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

Yes bitcoin is really good currency for investment but if you are new then you need to know more about bitcoin and understand its risks. There are many investors who get frustrated when the price of bitcoin goes down, so don't be disappointed. The price of bitcoin increases slowly. Bitcoin long term investment gives good profit. You just have to wait patiently and don't get disappointed. Bitcoin long term plan will give you good profit.

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

OP If you want to invest in Bitcoin you need to plan to hold for the long term. The best thing is to invest what you can afford to lose because the Bitcoin market is volatile, the market goes up and down. If you invest more than you lose, you may not be able to hold for long and may panic and sell holdings when the market goes down. So invest what you can afford to lose. Continue to invest in the DCA approach for the long term. Now bull run has started so better not to invest at this time, if you can invest for long term then invest at any time.

I don't know how much profit you expect from bitcoin? Those who started investing since end of 2022 and still hold are making more than 5 times profit if not selling. Investing in Bitcoin can also make good profits. You should not expect huge profits quickly by investing in Bitcoin. If you hold for a long time, you can make good profit.

Asiska02

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

Yes, bitcoin will give you high profit but not in the way you’re thinking of it to be in the future that it might be. Investing in bitcoin will take a lots of patience and trust from you, you’ll need to have the money you can afford to lose in order for your emotions not to get attacked after investment. Bitcoin investment is not a get rich quick scheme, so your investment is highly more secured but very vulnerable to the volatile nature of the market. You can’t get rich quickly and when luck strikes, it gives to those more that have hold for long than the new birds trying to benefit from the luck when it just comes . Your friend have told you the right thing but you need to face that sense of investing for a long time and also have the patience to still hold on to the market as it’s begin face my market volatility. This can only work for bitcoin and amoral other cryptocurrencies you see there.

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

bitcoin can only give you profit when you know how to invest in Bitcoin but the situation whereby you don't know anything about Bitcoin don't expect it that once you invest on it you will surely make a profit it doesn't happen that way so I know quite well Bitcoin to give profit to people who knows the Foundation of Bitcoin when you have not not the foundation I don't think that you can make a profit on it and they don't because of people I investing in bitcoins then you Rush and the invest without having the pre knowledge of Bitcoin, having the knowledge of Bitcoin is what will make you to excel for the investment

Egii Nna

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

First of all, what is your definition of higher? Because there are people that are thinking when they invest in bitcoin they will get like twice or triple the initial amount that they have invested, which will never happen if you invest in bitcoin, but if you are talking about a normal good profit that you will get without a lot of greediness, then you are covered because the most safest thing for a beginner in the crypto space is to invest in bitcoin, and it should be a long-term investment, which you will still have to get knowledge on it and then be guided by someone that knows better.

Learn Bitcoin

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Quote from: taufik123 on November 15, 2024, 03:42:24 AM

I often get such messages on telegram and even all my social media.
About investment advice, inviting cooperation and asking for help to withdraw their funds in large rewards,
and it can be ensured that they are just scammers trying to trap someone into a trap that has been made.
Don't believe in such traps, and I personally choose to do a direct block.

This happens mostly when you are several telegram groups. The scammers send messages to each and every member they find in groups. They try to convince people to invest which is a scam. The platform they refer to is actually owned by them, and if you deposit to that platform, the deposit will directly go to their wallet, and you will lose your deposit.

The scammers are trying several methods these days. They send malicious tokens to a wallet address and then ask people to help them. When someone tries to help them, they need to deposit to the wallet to cover the transaction fees. But when people make a deposit, the entire wallet get wiped by the smart contract.

hd49728

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Quote from: Agbe on November 15, 2024, 11:03:12 AM

If you really want to invest in bitcoin, you have to read Posts, articles and take advise from people.

Start with https://learnmeabitcoin.com/beginners/ for beginners and move to https://learnmeabitcoin.com/technical/ for advanced users.

Some more resources for learning Bitcoin.
https://www.lopp.net/bitcoin-information.html
https://www.lopp.net/bitcoin-information/bitcoin-explained.html
https://github.com/bitcoinbook/bitcoinbook

Quote

And to make it more practical, you need to download Electrum Wallet which is newbie friendly use. Before that you need some cash to start the investment you want.

[Guide] Verify and download Electrum wallet
The paranoid user's security guide for using Electrum safely.

Quote

And create and account for the Electrum Wallet to start the investment and after creating the account.

Wrong advice and misleading information about Electrum wallet.

With Electrum wallet, you will have a non-custodial, also open-source wallet. You create your wallet, not an account that is only available if you use centralized exchanges, centralized platforms.

Agbe

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

I only read my Seniors comments and they have said it all. Nobody here or outside here can tell your the exact price of bitcoin in the future therefore don't follow anyone advise to invest in bitcoin because when the time comes and you didn't make profit then you will blame them that told the price for you to make profit. And let me give you maly humble advice. If you really want to invest in bitcoin, you have to read Posts, articles and take advise from people. And to make it more practical, you need to download Electrum Wallet which is newbie friendly use. Before that you need some cash to start the investment you want. And create and account for the Electrum Wallet to start the investment and after creating the account. You buy from someone you know and the person will send it directly to your address. Or you can buy it from an exchange. And send it to your address. If your really want to invest. Quote this comment, I will direct you. Wish you all the best.

Obari

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

I don’t know where you got this information from but personally, I think you didn’t get the right information because with this information, it seems the person didn’t also tell you about the losses associated with it right ?
Just as you’re expecting a high profit, there are also high possibilities of you ending up with losses and that’s a prove that the market is a volatile one and absolutely nothing is guaranteed.

I’m not trying to talk you down but what i’m trying to say is that, regardless of whatever information you get to hear from people, you should always do your own research because at the end of the day, you’re solely responsible for every action you take.

Bitcoin is here to stay, and one thing is certain that whatever time you get into the market is still the right time, so there shouldn’t be any pressure to catch up with a profit thread but rather take your time to study and know your way around bitcoin and since you’re already a member of the forum, you’re already on the right track and the forum would give you a good head start.

AYOBA

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

Yeah, actually, Bitcoin has become the best coin to invest in and earn huge profits in the future, so in this case, newbies need to lean much so that it will acquire knowledge about how the Bitcoin investments work for a lot of people to become what they didn't expect in life, because a newbie can just jump into the Bitcoin investment without having proper knowledge about the Bitcoin.

Furthermore, my little advice to you as a newbie is that it will be better for you to learn and do more research on how the Bitcoin investments work to avoid much losing when ever you invest, because that is the more problems that a lot of newbies face when ever they want to invest in Bitcoin. So if you want to get high profits, it is better to know much about the market strategies.

Dip69

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Quote from: Ricardo11 on November 15, 2024, 05:07:32 AM

I agree with you, if a new investor wants to invest in Bitcoin he must plan long term, and research the risks of Bitcoin, because every investment has risks. And most of the new investors continue to invest without researching about this risk, and a little dumping becomes very scary for them. And they decided to sell their holdings in panic which became too much loss for them.

@Ricardo11 Brother, I could not understand you in one place. "You have to research the risks of Bitcoin" What do you mean by the risks of Bitcoin? We all know that Bitcoin is the most volatile market. So in this situation, to invest in Bitcoin, you have to follow the DCA completely without researching the risks. Isn't that right?

Ricardo11

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Quote from: ThemePen on November 14, 2024, 08:37:29 PM

Quote from: Faisal2202 on November 14, 2024, 03:04:51 PM

Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

You heard that right, BTC is really a good investment, and if you plan to hold it for the next decade or more then that's the best instead of buying it for a short time and a little disclaimer it's not financial advice, so please DYOR before investing. I just sharing my experience with you that if you want to buy BTC for the long term, then timing and the price don't matter so if you want to buy now no problem but yeah a little retracement can give you good buying and good profit in the short term too that will keep you motivated.

You can manually calculate how high (if) btc goes then how much profit you can make from how much investment in how much time. If you think that's high or enough for you then its ok otherwise you want to give it a try anyway then still it's your choice, you don't have to depend on others but self-research will show you what BTC is, and especially its history will tell you what it is.

Yes you are right investing in Bitcoin for 10 years or more can be good financially. If we are doing long term investing so timing and price are not important so we can buy now or wait for dump. By the way investing in Bitcoin has some risks so it is important to do your own research. Means look at Bitcoin past performance and market trends and expert opinions. And study how its price going up and down and understand what affects its value like global economy laws and technology or may be other factors. Get help from financial experts and take look your own needs and risk tolerance will help us make informed decision. We should keep in mind that investing is personal choice so take time and make decision that is right for us.

I agree with you, if a new investor wants to invest in Bitcoin he must plan long term, and research the risks of Bitcoin, because every investment has risks. And most of the new investors continue to invest without researching about this risk, and a little dumping becomes very scary for them. And they decided to sell their holdings in panic which became too much loss for them.

So before starting investment, you must take advice from a skilled investor. And take the right decision by considering all aspects (long term DCA holding and not panicking during price dumping). And before investing always do your research and get a proper understanding of the market, and adopt a well organized strategy for long term success.

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Quote from: Learn Bitcoin on November 15, 2024, 12:03:30 AM

It takes time for the beginner. It's not like they will be able to understand everything in a day or a week. I don't want to suggest they hear from the financial experts, who are mostly scammers. Do you know about the investment scam offers from an unknown random telegram guy? If they can learn from public forums like this one, where everything is public, then they can read and do their own research.

There is another problem on public forums. If someone is looking for some help or idea about something, almost everyone suggests this and that, no matter if they have expertise in it or not. Even newbies suggest other newbies about what they should do.

I often get such messages on telegram and even all my social media.
About investment advice, inviting cooperation and asking for help to withdraw their funds in large rewards,
and it can be ensured that they are just scammers trying to trap someone into a trap that has been made.
Don't believe in such traps, and I personally choose to do a direct block.

And about the advice given by people on public forums like Bitcointalk, indeed everyone will give advice according to their knowledge.
But what is a lesson for beginners or anyone to invest in crypto is to do research on every input so that it will find what needs to be done and what should be avoided.

Learn Bitcoin

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Quote from: asarfiar on November 14, 2024, 09:05:08 AM

Many investors are already seeing a bright future and are moving towards buying more Bitcoin. I think beginners can invest little by little in this field without investing a lot because they have no idea about scams and frauds and at any time they can be cheated by scammers. Beginners can take help of various experienced people to gain knowledge about Bitcoin because there are risks in Bitcoin investment.

It takes time for the beginner. It's not like they will be able to understand everything in a day or a week. I don't want to suggest they hear from the financial experts, who are mostly scammers. Do you know about the investment scam offers from an unknown random telegram guy? If they can learn from public forums like this one, where everything is public, then they can read and do their own research.

There is another problem on public forums. If someone is looking for some help or idea about something, almost everyone suggests this and that, no matter if they have expertise in it or not. Even newbies suggest other newbies about what they should do.

Dip69

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Quote from: ? on November 11, 2024, 10:59:50 AM

Good day, I heard that bitcoin investment is a way to get profit in the future. I got to know Bitcoin is a good investment through a well-known person of mine. Is bitcoin actually able to give me a high profit?

Suggest and help me to move forward.

It is true that Bitcoin will make you profitable, but to make a profit, you have to focus on long-term investment. If you start Bitcoin trading without investing in Bitcoin with the hope of leverage, then the loss will be greater than the profit. I would advise you to read the forum carefully first. After understanding everything, I would like to advise you to think about investing.

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Quote from: ThemePen on November 14, 2024, 08:37:29 PM

Yes you are right investing in Bitcoin for 10 years or more can be good financially. If we are doing long term investing so timing and price are not important so we can buy now or wait for dump.

"Buy now and wait for dump"?

I believe that people all want to see profit and get profit so they wait for rise, pump, not wait for dump. Except if they want to accumulate more bitcoin after their first purchase and hope that they will have chance to buy more bitcoin at cheaper prices than their first entry.

Quote

By the way investing in Bitcoin has some risks so it is important to do your own research.

Risk is not only from volatility of Bitcoin price, but also from how you store your wallet, and whether you choose good wallet to use and back up your wallet properly for wallet recovery later.

Good wallet must be non custodial, and open source. Exchange wallet, account is not good one.

Practice your wallet backup, and recover a wallet from your backup, are vital before you funding a wallet as your Bitcoin storage.
How to back up a seed phase.
Bitcoin recommended wallet.
Choose your wallet.

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