Newbies I talked to about Bitcoin often can't wrap their head about the fact that they are responsible for their own money, that no one will hold their hand and if something bad happens they usually have no one else to blame other than themselves. Being your own bank is not for anyone, people often don't want that responsibility and they don't care so much about freedom like they do feeling of being safe (even though its often false.
sense of safety).
What I would suggest you to overcome those fears is to get a little bit of bitcoin, download non custodial open source wallet (preferably Electrum) and play a little bit with it, send bitcoin from one address to other to get yourself familiar with how things work. Once you passed that initial fear of loosing bitcoin if you send it to a wrong address, you can move on start investing as planned and get yourself hardware wallet (I sleep much better since I store my bitcoin on one of those things).
Topic: What should be my fear? - page 5. (Read 960 times)
As a newbie who has a little knowledge of cryptocurrency but much interest in purchasing bitcoin for a long time Hodl, since the purchasing capital is not included in my spendable budget and the price of bitcoin is not very high at the moment 16k, what should be my fear?
Pls, advise me.
Hacking and scammers. So to prevent this from happening, first, you need to fill your mind with knowledge to have a better understanding before you buy Bitcoin. This way you'll become aware on how to protect your Bitcoin the best way you can since you're planning to hold for long time. Use a wallet where you're the only one holding your keys and stay away to custodial wallets. Pls, advise me.
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you can still lose your coins if ever you misplaced your private keys or the wallet provider that you use can still scam you or they can get bankrupt if ever you are using a custodial one.
If you are holding it for a long time, you don’t have to worry too much. Now that the price of Bitcoin is already at a low price, you can buy some now. Isn’t this the best opportunity to invest in Bitcoin? Long-term holding is definitely worth it.
As a newbie who has a little knowledge of cryptocurrency but much interest in purchasing bitcoin for a long time Hodl, since the purchasing capital is not included in my spendable budget and the price of bitcoin is not very high at the moment 16k, what should be my fear?
Pls, advise me.
Pls, advise me.
One of your fear should be how to protect you Bitcoin investment, and not if you should buy or not. Buying is now a mandatory exercise if you want to be among the elites in future that got their financial statue because they bought Bitcoin today. How to protect that asset is what many are yet to do correctly. After investing in Bitcoin, never store them on centralized exchange or any exchange at all or your fear will come through and you lose your Bitcoin to hack or collapse of the exchange.
Never store them on centralized wallets as well because anything centralized has the same disadvantage of hack or obstruction by the wallet provider of you been able to access your Bitcoin. Use decentralized wallets such
as electrum, with this wallet that you own your private key, they're more secure and gives you full control over your Bitcoin.
An investor needs to know some important things before investing in Bitcoin. Which can make you free or some times that act as a major hindrance to your investment. So it is important to know some basics of Bitcoin first. Like how Bitcoin works and which wallets to use etc. How to store the keys of the wallet may seem like a small thing but it is an important part of the job. Many people can lose big things by making small mistakes. Cryptocurrencies are highly volatile so you need to be aware of that. Fear of moving out the track in a big fall will put your investment at risk. There will be different types of FOMO on the market that will naturally affect you and you will have to control yourself. Your fear will not go away until you gather enough knowledge.
Your fear should be exposing your personal details to scammers, because the movement you expose your personal details to scammers your money is at risk which is not advisable as a newbie to fall victim to such act in the community. Do everything possible within your power to have the knowledge of Bitcoin, because it will really help you to understand many things about Bitcoin and how to eliminate fear in the time of bearish and embrace victory in the time of bullish. This is the season to buy Bitcoin, which is very important to those who want to improve higher in the future when the price of Bitcoin hit higher in the market.
actually there is nothing to be afraid of buying btc and investing in it, but as a human being, of course there is a sense of fear, because I also used to buy bitcoin for the first time there was always a feeling of fear, namely what I was afraid of after buying bitcoin suddenly the price of bitcoin fell more deep again. but if we buy bitcoin when the price is bear, actually there is nothing to be afraid of because the bitcoin cycle is usually after a bear market, a bull market will definitely come.
in my opinion the most feared thing about bitcoin is buying when the price is bull.
in my opinion the most feared thing about bitcoin is buying when the price is bull.
As a newbie who has a little knowledge of cryptocurrency but much interest in purchasing bitcoin for a long time Hodl, since the purchasing capital is not included in my spendable budget and the price of bitcoin is not very high at the moment 16k, what should be my fear?
Pls, advise me.
What should be your fear so increase your vigilance is how you store BTC, you have to store it in a non-custodial wallet and store everything related to the wallet such as the Private Key carefully do not save it in online storage. Pls, advise me.
For the price, there is nothing to be afraid of because you enter the market when the price is relatively cheap and your goal is long term so this will be safe, but remember the money you use to buy BTC is not for important things because it is very possible that you sell it at a loss because you need the money.
Your greatest fear should be losing access to your wallet. Of course, you should be using a wallet you've the Pkey since you intend to hodl, knowing that if you don't have the private key (Pkey), the wallet shouldn't be deemed yours. Losing access to my wallet used to be of nagging concern to me during my noob days. On the price, buying now should be seen as you getting a discount from Satoshi himself. This price level of $16k is a very fair one. Even if price dips below it now after you've bought, don't worry you got in at a good place. Next halving will expectedly push Bitcoin price above the last ATH.
As a newbie we thought remembering the password and pin codes in the wallet that we use is already enough but it isn't actually. You can remember those but you can still lose your coins if ever you misplaced your private keys or the wallet provider that you use can still scam you or they can get bankrupt if ever you are using a custodial one.So, one of the first things that we should learn as a newbie is choosing the proper wallet and learn on how to protect our private keys properly. When investing in long term, it's better if he invest in smaller portions than going all in, so that he still have a money left in case the price drops more.
Even Pro Trader and been long play with the crypto industry has a fear, but as you know bitcoin has proven for a couple of year of the bull cycle.
If I were you what my fear right know is the bottom of btc is not ending yet fud is all over the place and Recession news still up ahead, the best thing right know stay DYOR watch the news doing DCA and pray
. - Good Luck
ps. I do believe almost people in here have some bitcoin and maybe their porto still at red
If I were you what my fear right know is the bottom of btc is not ending yet fud is all over the place and Recession news still up ahead, the best thing right know stay DYOR watch the news doing DCA and pray
. - Good Luck ps. I do believe almost people in here have some bitcoin and maybe their porto still at red
Bitcoin does not liquidate your assets (keep holding them without daily transactions). You can buy a little bitcoin, and when you have extra money, you can buy bitcoin at the right time. Don't trust anyone who can lead you to invest and make more money, that person is likely to be a liar. Don't believe any scare information, that will make your brain not clear to sell your coins for loss.
From my understanding I think there's anything you should be afraid of because presently I don't think the price would go more dip or more Lower than this so if actually you want to make investment then now is the right time.. otherwise your fear should be the kind of exchange you buy bitcoin from or the wallet address you think of holding your bitcoin. If not for that bitcoin is the best investment you could ever make comparing from the past years how it was till date meaning if you invested earlier you would have been on the plus plus side. You made the right decision to decide to invest in bitcoin.
To be on a long run please stay away from negative news which is a killer of interest in bitcoin investment as it may cause you to panic and sell of your previous bitcoin.
To be on a long run please stay away from negative news which is a killer of interest in bitcoin investment as it may cause you to panic and sell of your previous bitcoin.
Your fear should be your lack of knowledge and enthusiasm to gain more knowledge in crypto. These are the thinga that you should have when starting out. Gain as much knowledge as you can so once you started investing you will not have a hard time knowing the do's and the don'ts. Too many people have been advising that newbies should know X and avoid Y but not a lot are trying to encourage newbies to learn more material that can eventually help them get into a better position in terms of decision-making for their crypto journey.
As a newbie who has a little knowledge of cryptocurrency but much interest in purchasing bitcoin for a long time Hodl, since the purchasing capital is not included in my spendable budget and the price of bitcoin is not very high at the moment 16k, what should be my fear?
Pls, advise me.
As a beginner in a cryptocurrency I will tell you that can be afraid of any other coin but don't be afraid of Bitcoin, I believe that Bitcoin have it own way of increasing that is why if you go into bitcoin anytime it is increasing at any time adjudication many people will advise you to buy and keep for a long time knowing that in normal time it will rise Pls, advise me.
As a newbie who has a little knowledge of cryptocurrency but much interest in purchasing bitcoin for a long time Hodl, since the purchasing capital is not included in my spendable budget and the price of bitcoin is not very high at the moment 16k, what should be my fear?
Pls, advise me.
It could be when the time comes you need most of your funds but the price of Bitcoin was still below $16k.Pls, advise me.
That was the most common young investors fear when they will sell their Bitcoin at a cheaper price because they can't able to hold it long enough because they also need money.
Invest only that you can afford the amount because if you believe that Bitcoin will reach $60k back by next year, it's really possible to happen because we've been there before. Anytime soon Bitcoin price will make another all-time high which is we don't know the exact time frame. That's why holding in the long term and aiming your goal of making a profit would be an ideal way of holding Bitcoin.
With bitcoin it is a must to take self decision than going with other's suggestions. The money is yours and if something goes away from the prediction, the same might create misunderstanding between you and the person who gave the suggestion.
Right now it looks like the market is at the low bottom. It is good opportunity to make an entry, yet we can't be sure of it. For this reason it is good to DCA which will avoid the way of buying at the top or at the low bottom. Taking others suggestion as reference and making our decision is the right way to overcome the unwanted fear.
Right now it looks like the market is at the low bottom. It is good opportunity to make an entry, yet we can't be sure of it. For this reason it is good to DCA which will avoid the way of buying at the top or at the low bottom. Taking others suggestion as reference and making our decision is the right way to overcome the unwanted fear.
The biggest fear is when you already feel that this investment will be fine, but sometimes your emotions are out of control. Most of us are probably ready to invest in Bitcoin using free money and buying it at a low price. However, due to a lack of insight and knowledge about investing in crypto, this could trigger concerns someday. Because, our expectation is to get high profits, but we are just the opposite. Due to various FUDs, we become restless and lose control over emotional outbursts and worries. So we will panic and sell our assets. That's why, after all, we must learn and have more knowledge to invest in Bitcoin. including learning how to manage our emotions, minimize risks, and also manage our finances.
As a newbie who has a little knowledge of cryptocurrency but much interest in purchasing bitcoin for a long time Hodl, since the purchasing capital is not included in my spendable budget and the price of bitcoin is not very high at the moment 16k, what should be my fear?
Pls, advise me.
Your fear should be about missing these lows. Because you'll never know how high bitcoin can go again and even if it's go lower this time, you can just buy them if it ever goes lower.Pls, advise me.
In the future, you'll see people again regretting that they've missed the train and buying when it's too low for everybody. But, you ask them what they've done during that time, they'll say nothing and reason out that they've got nothing. If they really want to have it at a low price, take action on it and don't just let it be on your mouth but just do it.
The biggest fear ever is not being able to provide more capital. If you end up just buying once, that's a problem, if you could find more income or just save a bit more each month, that would be a lot better for you
that fear is what i would call "the toilet flush fear"
knowing that paying $30 for fast food when you could have made a home meal for $3
you start to ask yourself 6 hours after the meal, (when flushing the toilet of that food waste..) .. "did i just flush away $27 i could have invested"
...
when you are at a bar spending $5 a bottle on beer. but you could have drank the same beer at home for $1
6 hours later after 4 beers.. you fear "did i just piss away $16 i could have invested"
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