What should a newbie do in bitcoin investing? - page 4.

Cityhunter34

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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.

Actually Bitcoin is a very good investment. but one thing you need to know is that Bitcoin is not a get rich quick so as a newbie you need to remove anything about high profit from your mind so that it'll enable you to buy Bitcoin and hold for a long period of time. Because as a newbie once you have this mindset of making high profit from Bitcoin it'll going to make you panic in your Bitcoin investment and which is going to make you sell your Bitcoin in a short term while because you have already have the mindset of making high profit in Bitcoin, which is very wrong as a newbie. However, I would advise you to settle down and invest what you can afford to lose to be on a saver side.

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Quote from: lovesmayfamilis on November 12, 2024, 08:03:22 AM

That is why you were offered the advice to invest something that will not affect your life if the price falls, to invest the amount that you can do without for a long period. Many people come to the forum interested in investing in Bitcoin with very incorrect information. On the one hand, they want profit, and on the other hand, they are stuffed with the knowledge that the price can jump up and down, thus giving rise to the idea of the insecurity of investing. When you start learning about Bitcoin, you need to decide on your desires, since you will not get quick profits, and if you do not have patience, you need to choose something else.

I learned hard lessons when I introduced Bitcoin to other people and I've never want to do it again.

In this market, if they accept your advice and spend money, they think more about profit. Later if they get losses, they mostly don't think main responsibility are theirs, not yours. They more easily see responsibility from you because you invited them to join this market, while they are not bravely and frankly enough to see and admit that their losses are from their bad activities.

Rather than investment and holding their bitcoin, they exchanged bitcoin for altcoins, trade bitcoins with leverage, futures, and they also ignore all mistakes they made as their responsibility.

lovesmayfamilis

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Quote from: ? on November 11, 2024, 11:39:12 AM

Very good advice, but as far as I know from my little knowledge the bitcoin market is volatile and has a high tendency to lose!

That is why you were offered the advice to invest something that will not affect your life if the price falls, to invest the amount that you can do without for a long period. Many people come to the forum interested in investing in Bitcoin with very incorrect information. On the one hand, they want profit, and on the other hand, they are stuffed with the knowledge that the price can jump up and down, thus giving rise to the idea of the insecurity of investing. When you start learning about Bitcoin, you need to decide on your desires, since you will not get quick profits, and if you do not have patience, you need to choose something else.

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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.

The answer to your question is very simple and I believed they have answered you and the way you sound about it is somehow. Yes Bitcoin can give a high profit only if you are able to hold for a long period of time which often time some investors get tired while accumulating and holding, though some trade it and make a lot of money but as a newbie I won't advise to..., because it's very risky. however, I will advise you to take out the high profit in your mind and first learn how to accumulate and hold because you can't just skip the basic part of Bitcoin because its really going to help you.

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

Is bitcoin actually able to give me a high profit?

Yes, it is a high-risk and high reward kind of investment. So, if you will take a risk with a big capital then you can also make high profits through its price going up. But the risk is there and for newbies like you, you're more emotional than most of us and with a simple price swing, you might think that it's the end of Bitcoin already. That's why before you make any decisions and before you invest on Bitcoin, please do learn and understand the basics of it before putting your money, life savings or any spare amount on it.

Olatundespo

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Of course. Bitcoin can give you high profits in the future if you can start accumulating by following the long-term Dollar Cost Averaging (DCA) method. Since you are a beginner you should take proper planning and this method can be most useful for you. Decisions should be taken by observing the market situation without depending on the words of others so as not to regret later.

You can start by following the DCA method from the surplus discretionary income that will remain after meeting the daily needs of the family besides trying to analyze the market conditions to experience yourself and continue to deposit for a long term 4-10 years. The next decision you should be able to make yourself on investment maturity.

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Quote from: ? on November 11, 2024, 11:39:12 AM

Very good advice, but as far as I know from my little knowledge the bitcoin market is volatile and has a high tendency to lose!

That's why I advised you to expand your knowledge and take small steps forward. In addition, all beginners are always given advice that is very important, which is to invest only as much money as you are ready to lose. There is a method called DCA (Dollar-cost averaging) that allows you to invest in BTC in an optimal way without such an investment directly affecting your finances.

Do not fall under the influence of the FOMO effect (fear of missing out), because Bitcoin will be available to you whenever you are ready to take the first step.

Oshio-man

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Yes, bitcoin is a good investment newbies can earn a nice income that will motivate he or she to increase their capital in bitcoin investment, but you need to learn bitcoin investment to have the knowledge because without the knowledge of bitcoin investment, there is no way you can earn a good income in the future no matter the huge amount of funds you have invested, once you have the knowledge of bitcoins investment, wait for the bear market to come before you can buy in a low price and hold for long term for bull market to show up, and you will have the opportunity to earn what you want from the bitcoin investment.

Majestic-milf

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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 gives profit and also has the tendency to incur losses to an investor with it being a highly volatile coin but when you make your proper research and bear in mind that when you begin your journey, it won't always be smooth sailing, I think you'd be good to go.
Sometimes, these friends don't tell you all you need to know about what you are getting into, they omit the bad side and only sugarcoat it for you, thereby misinforming the individual but it's good you came here to ask for more directions.

JunaidAzizi

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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, Bitcoin will give a high profit, but not as quickly as you set your mind to. No doubt, Bitcoin is a trusted cryptocurrency, and investing in Bitcoin will yield handsome profits, but your profit depends on your investment. If you invest 40 dollars and assume that you will get 200 dollars in profits, then it's too hard. Bitcoin increases in value, the greater the time you hold BTC, the greater your profits will be.

But as you're a newbie, I won't suggest you put your entire funds in at once. In fact, do DCA (Dollar-Cost Averaging) and invest 80 to 100 dollars per week or per month. After some time, you will have a handsome amount of investment in Bitcoin, and then hold it for some time, hoping to get the maximum profit based on your investment. So be realistic and don't rush in all at once because you don't have much knowledge. First, grab some knowledge about Bitcoin because it's very necessary.

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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 give you high profits, yes!
But then, it all depends on when you join the market. As bitcoin is always confusing. At 87k currently, it could be the highest point and not good to enter. But if we are projecting $100k and above, it means $87k can be a good entry point.

Meanwhile, volatility is an added advantage to bitcoin, the main advantages are;

Security
Liberty to control your money
Decentralization

Etc, there is more to bitcoin than profit making.

Stalker22

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Quote from: ? on November 11, 2024, 11:39:12 AM

Very good advice, but as far as I know from my little knowledge the bitcoin market is volatile and has a high tendency to lose!

The Bitcoin market can be volatile, thats true. But then again, many markets are. That is why it is important to know the market before you decide to invest.

But, if you think the Bitcoin market has a high tendency to lose, you should probably stay away from it. Simple as that. (I thought you mentioned that a trusted source recommended Bitcoin as a good investment.)

Issa56

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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.

If you want bitcoin to give you a high profit, then you can definitely achieve that. If you can hold bitcoin for a long period of time, then you should be able to achieve that, but if you are new to bitcoin, there are some things that you are supposed to know before investing in bitcoin. Make sure you have basic knowledge about bitcoin before making an investment. You should know that if you are holding for a short period of time, then you will find it difficult to make a good profit, and if you are holding for a long period of time, then you should learn about wallet security and how you are going to protect your seed, because it’s really painful to lose bitcoin.

Ojima-ojo

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As a newbies you need to learn well about Bitcoin before venturing into it market, and after gathering enough knowledge about Bitcoin, you should also have a spare amount of money, this money should be an amount of money that you can set aside for a long period of time without need for it because I'm Bitcoin investment time is very important and your ability to calculate and act within the time is what make you a success in the future.

As a newbie there is a lot of risk that can be faced and for that you need to prepare yourself before you start your Bitcoin investment journey because anything short of proper preparation will definitely result in a bad experience entirely.

EL MOHA

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Quote from: BitcoinBarrel on November 11, 2024, 11:14:51 AM

For newbies, it's often recommended to set a monthly investment amount (say $100) and consistently acquire over time. It's best not to go All-in with crypto or make any major investments if you are new because the market cycles every 4 years bring new highs and also dips that can be detrimental to one's net worth.

One thing about bitcoin DCA is I don’t think it’s ok to actually set limit on it like having so and so amount by the end of the month to DCA. One can DCA amount they can afford to into the market and then hodl for a very long time. There are months were one can have more money to buy bitcoin and their can be months were due to financial problems one will be short of that. DCA shouldn’t also be monthly can be something like weekly or bi-weekly. One just need to do it base on their capacity and nothing more

ovcijisir

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First thing is that you need to understand that you will need to wait until price will rise enough for you to make investment profitable. That means money you put aside for investment must not be the money for your immediate needs like food, rent, etc. Just forget that you had it in the first place. You might wait for years, but waiting will pay off.

Second is understanding that you are, when you buy Bitcoin, sole responsible for your investment. That means you need to understand how to create paper wallet / wallet app securely and keep your private key / seed words secure.

Third thing is to learn how not to get scammed. Every "investment opportunity" that give you unrealistic return of investment is almost always scam. Also anyone who contacts you on Telegram/Discord giving you free money is almost always scammer.

Those are top 3 things that come in my mind first, but there are many more things to learn and experience. Stay safe.

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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 can be said that it is true that Bitcoin can provide high profits, with the following notes:
- Understand when to buy and sell more precisely
If we buy BTC at a lower price, especially during the bearish period - bullish preparation, we will still have the opportunity to take higher profits in the bullrun era. At least, we should not panic when Bitcoin assets suddenly decrease in price, keep holding until the asset estimate increases and TP is at a certain target.

- Understand the strategy used in investment
namely, by buying when bearish and selling when bullish, knowing when the bearish bullish time cycle is (this means you have to learn these insights). and carry out an asset accumulation strategy, for example with the DCA system for optimal results.

The point is, when you are going to invest in Bitcoin, don't just buy and sell, but first learn a few things related to Bitcoin, including: what is Bitcoin, what are its characteristics, the bearish-bullish cycle, its investment strategy, and others, including risk management. so that we are truly ready when investing, not blind investment.

Oh yes, one more important thing, don't get carried away by excessive FOMO, always make sure to manage and control your emotions and the risks of investment.

Dunamisx

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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.

Not only in the future can we make profit in bitcoin, even right from now, when we have the knowledge of how to be profitable with it, we are going to trade and begin to earn from bitcoin without having to wait till that future arrives, because the future begins with what we have today and this is what we lead us through the prospects of the future when we might have invested or hold.

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

Is bitcoin actually able to give me a high profit?

It will, there are two ways to make profits from bitcoin.

1. learn to trade and make income form it daily or weekly.
2. invest and hold, after buying the dip, it will also be profitable when the market rises as we are already having presently, those that have done this earlier must be somewhere now rejoicing the new all time high.

Dzwaafu11

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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.

Since you are a newcomer, I will recommend you learn first. Before you invest in bitcoin, you need to know the risk that is being attached to your investment. After you learn everything that you need to know, then you should talk about the investment, and the knowledge will be a guide for you after the investment. However, bitcoin is a long-term investment—not for months but for years. That is what people mean by a long-term investment—don't think about taking a profit even 1 year after your investment. Continue accumulating more bitcoin in your wallet after some long period of time, and you get your profit back.

albon

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Yes, Bitcoin can bring you high profits and also high losses because there is no doubt that, like any investment, it contains risks.

Also, if you lose the seed phrases of your wallet, fall victim to fraud, or send Bitcoin incorrectly, you could lose your assets forever. I do not know how experienced you are in this field, but if you do not have sufficient experience and knowledge about Bitcoin to some extent, I advise you before investing to increase your knowledge through important topics in the forum and other trusted sources, books, and similar materials... Then, you can start your journey. Remember that your future profits will depend on patience, capital, investing during market dips, creating a solid plan, and assessing risks while adapting to them.

Topic: What should a newbie do in bitcoin investing? - page 4. (Read 858 times)