Topic: What should a newbie do in bitcoin investing? (Read 984 times)

Starting a bitcoin investment doesn't really mean you have to gain a lot of knowledge about bitcoin before you can do that; you just need to gain the basic knowledge about bitcoin, which will give insight into what you are putting your money into. What a newbie should be concerned with is his finances to know whether he will have a discretionary income, which will allow him to freely invest in bitcoin without finding it hard to solve his daily expenses, which will put him in a better condition of holding his bitcoin investment for the long term without depending on it to survive. You can still continue to learn about bitcoin after you have started your bitcoin investment to help gain more knowledge about bitcoin and know how important bitcoin is to our lives and what bitcoin intends to solve in the world.

I know it's very hard for us to see 3 times profit from bitcoin now again, but that does not mean that it's impossible for such to be achieved.
 
It can only take time, and those who are willing to hold for years (patiently) no matter how long it will take, if the person is determined enough, then they can wait and see when Bitcoin will eventually hit the $300k level, maybe in the next 4-5 years time. No price is impossible to achieve in bitcoin; even if it seems all impossible, it's not for 3X; it's just a matter of time.

From the beginning even when qltcoins were coming from the the belly of bitcoin it was encouraged to better invest in bitcoin because during the bear only feat coins were the very few that were able to survive the crash in the market and it is only when you invest huge that you get a huge return just that your profit is certain so the more you invest the more you get, and that is why DCA and accumulating gradually is very important. And from the beginning before you start investing it ia important that everyone newbie choose learning before investment. And does that jump into investing in bitcoin still end up going back to learn because their is no way that you will invest without learning.



The seriousness of learning when it comes to learning will determine the level which you will get as an investor, and a lot of them have dreams that they want to become one of the biggest investor but you still have to start with having knowledge and that way you will be able to know the proper steps to take, you will see how people, since their is a lot of opportunities in association with bitcoin that way you will be able to know how the opportunities come and when to take it. And if anyone is even starting is better to start with spot than rush to doing things like futures. But for a start you will have to start with an easy one.

Even if you started stacking bitcoin right now you'd still be ahead of 99% of people. It would be good decision if you started your journey owning some stash, it's actually a mind blowing that the amount of people still scared to invest on bitcoin  .

It's bit of roller coaster ride with along ups and downs but hodling tight for the long term will definitely shows up with fruitful growth lateron instead thinking of short term gain with huge risk. But op are you thinking about jumping in or just to see how price stick around?

Well I don't have much evidence to prove to you that bitcoin will grow faster in the future like it was during the early days of bitcoin, but all I can tell you is that it took bitcoin Nealy 50x to reach its current price it is right now,  from less than a dollar in 2009 to  $90k in 2024. so for bitcoin to achieve such milestone In the next 8 to 10 years from now  may never be possible. Even 10x may not even be possible in the next 8 years. Because 10x of bitcoin from $90k will be 90000×10 =$900k.

Even though you are still a newbie, you ought to have already known that there is money to be made in bitcoin. If not for anything, the person that introduced you should have some proofs of making money from bitcoin especially now that we have bitcoin at ATH and everyone who invested is in profits.

To make the best of bitcoin buy now at any price and hold for 5 to 10 years and ensure you invest what you can afford to keep for that long without touching it. If you do this, you will be happy with yourself and with bitcoin.

Nothing is certain in the crypto world regardless of how much you hold and for a newbie seeking to make high end profits, then I think doing a proper research will save you from blaming others if anything goes wrong.
I had to qoute you because, op might want to act as a long term holder with a $50 holding account for instance and maybe get liquidated when the best market comes because the market comes with a new ups and down after every four years and if for instance, op buys at this current price and bitcoin drops below $40k I’m sure you know that, his long term holding might get liquidated and op might start looking for who to blame.

@op, just as @wakate has already suggested, in nutshell, just do your own research and always invest only what you can afford to lose as the market is a volatile one and nothing is promised.

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.

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. 

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.

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.

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.

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.

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.

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

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.

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.

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

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

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.

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.

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.