What you need to understand about Bitcoin

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Quote from: Catenaccio on July 11, 2024, 08:49:56 AM

You can find volatility in all markets, big or small volatility only.

It is simply impossible to avoid volatility. Volatility is a part of the price growth.

Quote from: Catenaccio on July 11, 2024, 08:49:56 AM

Volatility is key for traders and investors to get profit from their trading or investment. Without volatility, we will have a stable market that can be considered as dead market that won't benefit anyone.

Yep. People are interested in crypto investment because of the high volatility. If there is no volatility, people should prefer to invest in Gold and lands. Sure, people will be difficult to take profits if the market is getting stable. No volatility means no profits anymore, so crypto market may be left by people.

Quote from: Catenaccio on July 11, 2024, 08:49:56 AM

The big difference between Bitcoin and altcoins or traditional assets like stocks is with Bitcoin, you will not have things like depeg or bankruptcy. You might have risk to lose money with altcoins and depegs, bank stocks, bank savings and bankrun, bankruptcy. If you choose Bitcoin to store your money in it, you will be safe. It's not 100% safe because there is always risk so is Bitcoin, but it's safer in my opinion, while you can have good chance to get very good profit.

Note that investing in Bitcoin is also risky. However, the risk is smaller because Bitcoin price history is quite clear and it is like the main coin in crypto. People will always favor Bitcoin, the demand on this coin will be always good. So we don't need to feel worried about the demand on Bitcoin in the next years. Sure, no 100% safe, we always can get losses if we choose the wrong way in investing.

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Quote from: Sky_T on July 08, 2024, 07:27:03 AM

Before getting started with Bitcoin, there are few things you actually need to understand. First you need to know that the Bitcoin ecosystem allows you to exchange and transact money in so many different ways than you normally do. so before using Bitcoin for any serious transaction, you should be well knowledgeable about how the Bitcoin system works and be fully aware of the problems associated with the fiat system.

Also note the following
1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.
2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.
3. It requires your own effort to protect your Bitcoin.

I think I am still very delighted seeing newbies trying to educate us on some certain things we need to know as an holder. There are so many people thaya know the rules but they are not utilizing it at all. We might know what to do at a particular time when the price if Bitcoin is either going up or going down to help us stay in the business without any losses. The price of Bitcoin is quite volatile and we need to know so we don't have to end up thinking the market would always come to when we bought and continue the bull market. If we want to make money from the crypto market, we need to be an holder.

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Quote from: Blitzboy on July 10, 2024, 08:57:40 AM

I agree. You must understand Bitcoin. Once sent, Bitcoins are gone. Absolutely no returns or refunds. Therefore, understand, consider before you click. This is not like losing your credit card; this is major business. Second, that pricing? Though you could lose it just as quickly, you could make a fortune. This is an investment not for gamblers. Study the market, do your homework, be wise about it. Stay patient.

And at last, safeguarding your Bitcoin. That belongs on you. Its a lesson in responsibility, folks. Like you would your most valuable items, you have to learn to protect your assets. Its about identifying value in a digital environment and about discipline. Therefore, Bitcoin can be a great chance if you're ready to face the challenge, if you're eager to study and change with time. A journey, nevertheless.

Bitcoin is a very delicate and an excellent asset. Once you decide to have it, you should give its best care and safeguarding at all times. Otherwise, if you act recklessly and you won't appreciate its over all value, bitcoin will be gone instantly and there's no easy you will recover them. That's exactly the reason if you can't be responsible in maintaining the security of your bitcoin, it's better not to enter and accumulate bitcoin from the very first place. Yes, it's highly volatile and unpredictable, but know that its value is also highly incomparable and the profits are exceptional, the reason why a lot of bitcoin investors always regret once they lose it.

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Quote from: DiMarxist on July 10, 2024, 09:31:05 AM

Those are the basic things to know when coming to invest in bitcoin. And I would advise anyone to invest I'd the person can't endure the volatile aspect of bitcoin because if not the person would regret at the end so the best thing to do is to tell the person avoid bitcoin investment until he or she has acquired the basic knowledge about bitcoin and it security.

Without understanding the volatility of the market it is impossible for one to invest in bitcoin because bitcoin is very volatile and it requires patience for investors to stay calm and hodl bitcoin when the market goes dip. Understanding the volatility of bitcoin is the first thing anyone must to know before investing bitcoin, the mistake some people usually make is that investing in Bitcoin will bring good profit quick and unknowingly to them to see how volatile the market is, it can make them to be very panic which they may decide to sell bitcoin at lose. Understanding bitcoin market is very important and it is the basic knowledge every beginner needs to get investing bitcoin.

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All the things that you have mentioned here, I think most people know them or maybe all know but thank you very much for sharing the post, stay active in this forum and learn more new things and share along. The best practice for learning is to share what you have learned with others as it reinforces what you have learned.

If you want to stick with this forum and don't want to get impatient too quickly, then my advice is to take other people's comments as corrections for yourself and not as negative comments. You will not be irritated with the forum very quickly and there is much more that you need to learn. If you stick with this forum with the same enthusiasm and passion, I am sure you will learn a lot more in the future and hopefully be able to share more knowledge that might not be repetitive

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Quote from: Sky_T on July 08, 2024, 07:27:03 AM

And be fully aware of the problems associated with the fiat system.

If anybody had said there is ever a problem with fiat currency, then I stand to disproof that as fiat has never got any problem, but rather has it's advantage and disadvantages when compared to Bitcoin, which happens to be the decentralized digital currency.

Quote

1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.

Yes, that is what we were told, but I have personally witnessed a scenario where a transaction which was executed was reverse 4 days later due to low fees to get the transaction into any available block on the Blockchain during the period when the mempool was congested. And the luck I had was that both Bitcoin wallets were mine, as I was trying to send the coin from my custodian wallet to an exchange wallet.

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Quote from: Tmoonz on July 11, 2024, 08:41:33 AM

Volatility is a factor of Bitcoin functionalities, jus like an inherent trait that Bitcoin works with, for investment purpose, since Bitcoin is best performed when viewed on a long term perspective, maximizing every price point to buy more of Bitcoin is the best, with DCA strategy of accumulating Bitcoin, one can buy Bitcoin irrespective of the price point either weekly or monthly and by so doing, you average out your losses by buying at different price point, yeah you are very correct that every transactions should be made with all alacrity and carefulness in order not to loss your coin out of carelessness.

Understanding the volatility of Bitcoin, of course this will be very important when we have plans for investing in the long term so that we can choose the right strategy in collecting Bitcoin to be able to gain profits from holding Bitcoin, if you use the DCA strategy in collecting Bitcoin then this will be very important. useful for you in the future, when the price of Bitcoin increases, you will be able to make a profit from it and be careful in transactions, of course this is also very important and don't let us not properly store the wallet key in which we store Bitcoin assets, of course we have to guard it carefully. good so that it doesn't go to waste after collecting it with great difficulty.

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Quote from: DeathAngel on July 11, 2024, 09:36:40 AM

There is so much information out there but I find the best place to start is the Bitcoin Whitepaper & following that read The Bitcoin Standard by Saifedean Ammous.

The book can be downloaded with the following link.

The Bitcoin Standard

Quote

Those two particular sources will give you a great understanding.

There are other educational resources include books. Downloadable links for some books.
Bitcoin books

|

Books

DeathAngel

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There is so much information out there but I find the best place to start is the Bitcoin Whitepaper & following that read The Bitcoin Standard by Saifedean Ammous. Those two particular sources will give you a great understanding. This forum has a lot of very knowledgable people too.

Catenaccio

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Quote from: Tmoonz on July 11, 2024, 08:41:33 AM

Volatility is a factor of Bitcoin functionalities, jus like an inherent trait that Bitcoin works with, for investment purpose, since Bitcoin is best performed when viewed on a long term perspective, maximizing every price point to buy more of Bitcoin is the best, with DCA strategy of accumulating Bitcoin, one can buy Bitcoin irrespective of the price point either weekly or monthly and by so doing, you average out your losses by buying at different price point, yeah you are very correct that every transactions should be made with all alacrity and carefulness in order not to loss your coin out of carelessness.

You can find volatility in all markets, big or small volatility only.

Volatility is key for traders and investors to get profit from their trading or investment. Without volatility, we will have a stable market that can be considered as dead market that won't benefit anyone.

The big difference between Bitcoin and altcoins or traditional assets like stocks is with Bitcoin, you will not have things like depeg or bankruptcy. You might have risk to lose money with altcoins and depegs, bank stocks, bank savings and bankrun, bankruptcy. If you choose Bitcoin to store your money in it, you will be safe. It's not 100% safe because there is always risk so is Bitcoin, but it's safer in my opinion, while you can have good chance to get very good profit.

Tmoonz

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Quote from: Sky_T on July 08, 2024, 07:27:03 AM

Before getting started with Bitcoin, there are few things you actually need to understand. First you need to know that the Bitcoin ecosystem allows you to exchange and transact money in so many different ways than you normally do. so before using Bitcoin for any serious transaction, you should be well knowledgeable about how the Bitcoin system works and be fully aware of the problems associated with the fiat system.

Also note the following
1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.
2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.
3. It requires your own effort to protect your Bitcoin.

Volatility is a factor of Bitcoin functionalities, just like an inherent trait that Bitcoin works with, for investment purpose, since Bitcoin is best performed when viewed on a long term perspective, maximizing every price point to buy more of Bitcoin is the best, with DCA strategy of accumulating Bitcoin, one can buy Bitcoin irrespective of the price point either weekly or monthly and by so doing, you average out your losses by buying at different price point, yeah you are very correct that every transactions should be made with all alacrity and carefulness in order not to loss your coin out of carelessness.

jarangoyang0

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What you need to understand about bitcoin is that its value is very volatile and can change quickly. Also, it's important to always be careful when investing in bitcoin and understand the risks well. Don't forget to keep up with the developments and regulations related to bitcoin so you can make the right decisions. Roll Eyes

Issa56

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I was expecting to see something more explanatory, but you didn’t really explain it much. Things that you said are kind of useful, and I will say things like this are what newbies should know before getting started.

Quote from: Sky_T on July 08, 2024, 07:27:03 AM

Also note the following
1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.

Seriously, scammers are always making use of this strategy to scam newbies. After sending a coin to the wrong address and they decide to seek for help on social media, some people will contact them, claiming they are a crypto recovery service and that they can recover the person’s money for them, but before they will be able to do that, some of them will request a private key or sensitive informations, which if they are in possession of it, they will be able to access your wallet, and some of them will request for payment. We should know that they are just scammers, trying to increase the amounts you will be losing.

Quote from: Sky_T on July 08, 2024, 07:27:03 AM

2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.

This is what everyone should know before they even think of putting their money in crypto. I don’t think anyone will be in the crypto space and won’t know this.

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Quote from: DiMarxist on July 10, 2024, 09:31:05 AM

Those are the basic things to know when coming to invest in bitcoin. And I would advise anyone to invest I'd the person can't endure the volatile aspect of bitcoin because if not the person would regret at the end so the best thing to do is to tell the person avoid bitcoin investment until he or she has acquired the basic knowledge about bitcoin and it security.

People are usually running away from the basics, but they are really important. From the basics, you must grow to become an expert, and from there, you become a professional trader. And invest, you must have patience, it is preferable. Because the moment you don't want to endure you will be the one losing and anyone you are introducing you should. Tell them how important having patience is when you anyone refuse to have that patience them they are endangering their assets because they won't even plan for emergencies, immediately you start investing the same time you make plans incase you need money you just take out of it or just get a job and that way you will not need to touch you capital. Because that is one of the mistakes that people are always making. It is better to plan before investing. So that you don't have any contractions. Investing in Bitcoin you just have to be careful of you won't make anything.

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Quote from: Sky_T on July 08, 2024, 07:27:03 AM

Before getting started with Bitcoin, there are few things you actually need to understand. First you need to know that the Bitcoin ecosystem allows you to exchange and transact money in so many different ways than you normally do.

As far as I know, Bitcoin can be transacted online via P2P or within a CEX platform. Bitcoin is boundless and has the most minimal fee in terms of global transfers if the network is not congested. There may be some companies that integrate Bitcoin to expand their financial services but my knowledge about how the Bitcoin ecosystem allows a person exchange and transact money is limited. I am very interested to know these other ways, so care to list these "so many different ways" than normal stuff we normally do?

Quote from: Sky_T on July 08, 2024, 07:27:03 AM

Also note the following
1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.

It is worth knowing that unconfirmed Bitcoin transactions sent from a wallet that has RBF(Replace By Fee)[1] enabled can cancel any transaction by double-spending[2] and sending the sent BTC back to the source wallet. So one must be cautious to wait for the transaction to be confirmed before proceeding with the deal. Many had fallen victim to this kind of scam ( double spending the sent BTC after the receiving end release their goods without waiting for the Bitcoin transaction to be confirmed).

Quote

2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.

Bitcoin is not only volatile but highly volatile due to its being a free and speculative market. It is also due to its decentralized nature and the Bitcoin market transactions being not controlled or censored by any institution.

[1] https://cointelegraph.com/explained/replace-by-fee-rbf-explained
[2] https://www.bitpanda.com/academy/en/lessons/what-is-double-spending-and-why-is-it-such-a-problem/

SamReomo

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I believe the best things newbies can learn about Bitcoin is that how to keep their Bitcoin investment safe for long term, and for that they may have to learn about personal wallets and especially cold wallets.

Those who learn about personal cold wallets can actually be good investors if they can hold their Bitcoin for long term without any fear.

Another important thing one should learn about Bitcoin is that the Bitcoin is a very volatile asset and its price vary from time to time.

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Quote from: DiMarxist on July 10, 2024, 09:31:05 AM

Those are the basic things to know when coming to invest in bitcoin. And I would advise anyone to invest I'd the person can't endure the volatile aspect of bitcoin because if not the person would regret at the end so the best thing to do is to tell the person avoid bitcoin investment until he or she has acquired the basic knowledge about bitcoin and it security.

Do not think that investing in Bitcoin can make you rich over night that is one thing I tell anyone that wants to invest in Bitcoin. What the OP said is true because if you do not know that Bitcoin transaction are irreversible you will lose your Bitcoin when doing a transaction. Do not send any random individual Bitcoin that promise to double it and send you back because there are alot of scammers that just want to take advantage of your ignorance to scam you. You need to understand that you do not have to invest in Bitcoin with the last money on you or you would lose that money because you can not withstand the volatility of the market when Bitcoin is experiencing a correction. Invest in Bitcoin and be security aware of the things that can make you to lose your Bitcoin.

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Quote from: Sky_T on July 08, 2024, 07:27:03 AM

Before getting started with Bitcoin, there are few things you actually need to understand. First you need to know that the Bitcoin ecosystem allows you to exchange and transact money in so many different ways than you normally do. so before using Bitcoin for any serious transaction, you should be well knowledgeable about how the Bitcoin system works and be fully aware of the problems associated with the fiat system.

As you are new to Bitcoin these things may seem very unique. however, these issues have been discussed many times before, so there is nothing new in discussing them. But as a newbie I appreciate your research and careness

Quote

Also note the following
1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.
2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.
3. It requires your own effort to protect your Bitcoin.

Before these you have to remember that Bitcoin should always be held in non custodial wallet. And another thing is not your key not your bitcoin. Then you think about the other things you mentioned and others like Hazink quoted in the 2nd post.

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Quote from: Sky_T on July 08, 2024, 07:27:03 AM

Before getting started with Bitcoin, there are few things you actually need to understand. First you need to know that the Bitcoin ecosystem allows you to exchange and transact money in so many different ways than you normally do. so before using Bitcoin for any serious transaction, you should be well knowledgeable about how the Bitcoin system works and be fully aware of the problems associated with the fiat system.

Also note the following
1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.
2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.
3. It requires your own effort to protect your Bitcoin.

More to this, you need to understand the risk involve in Bitcoin transactions and investment as a whole.
You also need to know the difference between centralized exchanges, and decentralized exchanges, because you will be holding yor bitcoin and you will send and receive Bitcoin. If you are sending, you need to know the difference in the Bitcoin wallets so that you will know the network you are sending to and you also need to know about the transaction fee.

Learn about keys and address and most basic knowledge about Bitcoin, blockchain technology and transactions here easily before you start investing in Bitcoin.

DiMarxist

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Those are the basic things to know when coming to invest in bitcoin. And I would advise anyone to invest I'd the person can't endure the volatile aspect of bitcoin because if not the person would regret at the end so the best thing to do is to tell the person avoid bitcoin investment until he or she has acquired the basic knowledge about bitcoin and it security.

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