Topic: What should be my fear? - page 6. (Read 960 times)

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 and you could DCA in case the price drops further. However, if you can't do that, then don't buy it all right now, buy it in pieces, even though it is very low right now, and it would probably fine, its still better to buy piece by piece. Another issue is that everyone says they are "long term hold" but then they see it drop %10 and suddenly sell, or see it go up %50 and sell, if you are long term then find a way to lock it for long term so that you wouldn't actually sell it as soon as you see some small profit.

risk awareness
1. if your not storing bitcoin on your own privatekey/seed(secret of bitcoin address)  you are not storing your bitcoin
dont trust other systems or networks using the brand of bitcoin.

2. if its not using bitcoin blockchain, its not bitcoin. bitcoin never leaves the bitcoin blockchain. so custodian services with a exchange balance.. is not rela bitcoin. side chain, subnetworks swapping units on other networks are not using bitcoin

3. trying to get value out of those other systems/networks are not 100% guaranteed. so get the coins out of those systems quick and then be safe once you have coin on your bitcoin address

4. as for when best to mine. think logically.
if you can find the most efficient and cheapest tool/service/function on the planet to acquire bitcoin. thats the base bottom value..
if you look at the most expensive method to get bitcoin on the planet. thats the premium.. then look at where the price sits within that window

EG
|||||||||||||||||||||||||   $0 to $100k
XX|||||||||||||||||YY      $15k-$75k (13month of the market)
    ^

XX value border
YY premium border
^ current price
as you can see its in the green of the green and at the low of those

I once had the experience of losing a private key, but it wasn't pkey bitcoin but another altcoin. Even though it wasn't much but was very upset and angry at the difficult situation. But I finally let it all go and went back to trying to think normally. This incident also made me realize how important it is to store pkey in multiple places so that if one is lost I still have a backup in another safe place.

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 who has little knowledge of cryptocurrencies, I think you should first know that there is a clear difference between bitcoin and other alternate coins. And I think as a newbie, you should first focus on bitcoin and what it entails. You should try to understand the difference between bitcoin and other alt coins and familiarize yourself with them before venturing into it.

You should also know that exchanges are not safe for keeping and holding your coins. Don’t make the mistake of storing your coins on any exchange no matter how legit, promising and secure it may seem. Newbies as well as people that should know better commonly make this mistake.
You should have a budget and should not invest more than you can afford. With all investments, you would see profit on the long run. So, I’m glad you intend holding for the long run.

Here’s my addition to the opinions you’ll get. I hope you sieve through and choose wisely.

Going down to 0 is not very likely to happen. It may go down its value just like now, but attaining the zero value is far from happening.
You can ask yourself, why? Because the adoption is increasing and more people are getting into this market.
So the possibility is not going to 0, but rather it will further increase in the very near future.
One thing that the OP need to take care of is where will he send his coins after purchasing btc, is it his own wallet or will he store it in a custodial wallet?
For the OP, better store it in your own wallet. You can use electrum if you need small space. As long as you have your own keys, and you know how to secure it, that's much better than sending it to any custodial wallet, in which, you have no full control of.

Well, if you are buying at these prices I believe you are doing good as Bitcoin is pretty undervalued. I believe that we have hit a bottom and an accummulation phase may be ongoing, so I dont think you will be seeing such low prices so soon, or if ever again I might say. Your worst fear should be about the same every Bitcoin Holder has: see it going to 0 which I strongly do not think ot will.

Depending on where you are at, there could be strictly imposed rules against the use of bitcoin, or at least some tithings required to pay for investments like these. You also have to take into account the fact that bitcoin's market is volatile, so there are times that it could fluctuate hard and that may scare the hell out of you. Last but not least that you should fear, is the fact that such fluctuations in price could cause serious dents to your investments and may even zero you out, but as you said this is not included in your spendable budget which means to me that this is money you do not need badly, so this one you shouldn't fear so much. What I would suggest besides taking advices from anonymous guys on the internet, is to take your own time to learn about bitcoin, its structures, and how you can profit from it, there are a lot of readily available learning materials in the internet at your disposal, use them to your liking.

It seems that you still have a lot of doubts and fears about investing, well that's natural.
My advice is don't be afraid to start something that you believe will work for you.
But remember never to start something without basic knowledge, you have to know where you are going next.

I have a suggestion so that you can deepen and increase your knowledge about investing in cryptocurrency.
About how, what is needed and what risks will be faced.
In this modern era there are many ways to learn about it, one of which is from online articles, YouTube or other social media.
You will also gain a lot of knowledge by viewing and participating in several discussions in this forum according to your interests.
With time you will get answers to all your doubts if you have more knowledge.

Don't hesitate to start investing, when I first started investing I wasn't confident and I had lots of doubts and fears.
But I personally am very motivated by a sentence "Just start first".
I think that the saying "Just start first" is also true, because without starting we will never take a step at all.

You need  first have the proper knowledge of bitcoin and  its decentralization system so that you don't mistake its concept for other altcoins,though they are all cryptocurrency but not as unique as Bitcoin. Also learn more on wallets and how to keep it secure from third parties because you will need it for your Bitcoin hodl since you said that you want a long term hodl or else you might loose your coins

After investing you can use DCA if possible,the price of bitcoin is volatile so you need to be strong with your hodl and don't panic if the price goes below the present price,or else you might end up selling at a cheaper rate,bitcoin might be facing the worst bear market but just believe it will hit the bull market again and nobody knows when.

If your goal is long term investment I don't think there is much to fear, btc is already at a low price, you are not buying from ath which would have been fearful because it price may likely drop but the situation is quite different and this is the best opportunity to invest in btc. So to me, I don't think there is much to fear at this point.

Since you mentioned that you will be holding Bitcoin, a guess that you are going to hold your Bitcoin for the long term.
And if that is true you should work on your motivation and knowledge toward Bitcoin and decentralized alternative financial toolBTC, that way you will reduce your level of panic when the price drops, and also be able to hold when the price increases so the best long term holding tool is the time frame.
That way, you will not act out of your plan, this is the secret to long-term holding.

Your lack of knowledge and experience can make things tricky here, but dont let that become an obstacle to your investing ventures.

Firstly learn how crypto works and its pros and cons against fiat. How to secure your wallet should be your biggest objective because losing your private keys like a fool is a common mistake many newbies do by falling in the traps of scammers lurking everywhere on the net.

Once you have mastered this, you should look into whether you have the trader's mindset - do dummy trading to get a feel of how trading works. Remember that trading is not for everyone. Buying at low and selling at high is often mistakenly done in the opposite manner.

At 16k the price is hovering, I would suggest you to work on your knowledge and dummy trading first. Dont just jump into it. You will get a lot of bear markets in every few months to buy again. Dont go into the "fear of missing out FOMO".

Well, I think you should get more knowledge even as you plan to venture into long time investments because you may end up losing all your funds if you don't have the right knowledge required to secure your funds. Apart from securing your funds you shouldn't have any fear of investing in bitcoin since you don't want to spend the money at the moment so I think your decision to buy bitcoin now that the price is 16k is a good one because the bull run may begin in 2023 and the price may hit 50k or 60k and you will have ×3 of your capital.

You can fear losing your Bitcoin recovery phrase.  Or getting hacked.  Or a Bitcoin crash.  Find the reasons and eliminate the causes.

The easiest way to avoid most fears and risks is go get yourself a Hardware Wallet.  I suggest a Trezor.  If you are not going to store Altcoins on it, just buy a Trezor One.  Hold all your balance there.

Then, go to your local hardware store and buy everything needed to build your own Recovery Seed storage out of washers.  (tutorial here)

Always check addresses before sending coins.  Character by character.  Make sure it is correct.  Better spend a minute checking it twice than spend an year in grief over your lost coins.

Use your brain cells.  Never believe anyone is going to double your money.  Never believe anyone is going to do a miracle for you.  If you have doubts, ask and Bitcoin Talk will reply.  Common sense is very important.

Finally, avoid holding on Centralized Exchanges balance you are not planning to use.  Read their Terms of Service, some of them can seize funds until you provide personal documents.  Accept that Bitcoin is very volatile at times and we currently are in one of these 'times'.  Volatility means upwards or downwards.  If you do not accept the risk, then do not invest.  There is no guarantee your money will be doubled.  It is your assumed risk.  If you need a motivation, take the Bitcoin all time chart and stare at it.  A crash will not look that bad anymore.

Disagree.  This is like saying do not buy yourself a wallet if you only hold $10, just keep the money in your front pocket.  I suggest purchasing a Hardware Wallet regardless of the sum you invest.  $250 invested right now will be worth about $1,000 if Bitcoin jumps back to All Time High.  Why risk losing a future $1,000 when you can spend $310 now and safely have a thousand at the top.

-
Regards,
PrivacyG

Hello there, if you are going to buy a significant amount of BTC and you plan to hold them for a nice bit of time the best advice I may give is buying an hardware wallet and store your Btc on it : if you are buying lets say >$1K of Btc investing in a hardware wallet already makes sense.

Of course check some youtube videos ( quickest way I can suggest) on how to set it up securely.

Your fear? Unexpected things to come that will coinsidently push you to liquidate your asset even if the market price is low. We never know when will such thing occur. No matter how we plan things out such as deciding to hold and disregard the idea of pulling it out unless satisfied, there are just instances or circumstances which will test the decision making and patientce of an investor not only in this industry but also to others. But in line with this industry wherein market price of cryptos are too volatile, long term hold would be worrisome; when would you sell? There will be times prices would break ceilings, would you still hold? what if it fall? would you still wait for another ATH? It is all about how you would handle your assets as an investor.

1. You can buy Bitcoin in fraction, so you don't need to buy the whole coin. It doesn't make sense if you don't want to get 0.005 BTC but want to get 5000 shitcoins because of the amount, it's pointless.
2. Before buy Bitcoin you need to buy hardware wallet first e.g. Ledger or Trezor.
3. Avoid all centralized exchanges e.g. Binance, Coinbase, Huobi since they have KYC mandatory rules. Just use decentralized exchange e.g. Bisq.
4. Learn about privacy concern, you need to use mixer (but make sure you use the reputable one e.g. Chipmixer).
5. Hold Bitcoin at least 4 years if you want to get high return, don't sell because of panic.

On a technical level, i think everything is a secure as it has been for many, many years...
When it comes to fears, i'd basically put them into two category's:

• The fear of getting robbed or losing your keys... You can decrease those odds by not storing your funds on an online wallet (or exchange) but rather learn how to generate a proper airgapped setup, a paper wallet, or purchase a (relatively cheap) hardware wallet. If you only hold a limited amount of funds, an open source, peer-reviewed, signature checked, desktop  wallet (like bitcoin core or electrum) on a CLEAN pc with a decent firewall and AV *might* be sufficient. As for not losing your keys: it might be a good idear to store a copy in a safe, offline storage (if your private keys or seed from an airgapped setup, a paper wallet or a hardware wallet touch a device that's connected to the internet, you might have to start over)
• The fear of BTC's price plummeting and/or staying low for an extended period of time... Well, we're in a bad economic climate... Stuff happened... It's possible that the prices will stay low for a long, long time (and even drop further). You'll need strong hands, and you always have to realise there's a possibility you'll lose your investment.

If you believe the price will go more than $60k in the next bull run, nothing to fear after all this is your extra money as you said.

Although there are unknown things that might happen like your government banning BTC. It's hard to make transactions if your government illegalizes BTC. You plan to hold for a long term, there is more to fear if you put your BTC on the exchange.