Topic: What you need to understand about Bitcoin - page 2. (Read 442 times)

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.

All of your points is pretty common and lots of people already know about this information. So what I can suggest to you is to research further more information so that you can contribute new information to people.

I'm sure you can do more better than sharing generic this information. But I still admire your effort made since there maybe few people could find your post helpful to them.

Bitcoin is risky so people should try to gain information then understand every important detail that need to look for so people could avoid any potential issues that can hurt them so bad.

The point is, never stop learning and understanding how bitcoin works because bitcoin is very complicated so it should not be taken lightly, knowing just a little and then immediately investing in bitcoin will make you lose bitcoin. So increasing knowledge to minimize losses is the first pillar in investing.

Everything that the OP said is an outline that we need to study in depth, especially regarding security in terms of storage. Because this is the most important thing in investing in Bitcoin, especially if the goal is long-term investment. So wallet security is the key to success in investing, so choose to keep assets under your own control, do not store assets with third parties such as exchanges. This may seem trivial, but many beginners lose assets because they underestimate this.

I think that everyone knows that on the "Bitcoin" forum. People don't appear here randomly without any knowledge of Bitcoin.

On a normal, going into Bitcoin without having good knowledge above it is like trying to use a device without battery or power supply. Even in reality, asides Bitcoin the first thing one needs to know before going into any project be it Cryptocurrency or Business related is to get vital information about it, know what you're going into and understand it better advancing into it. In the Cryptocurrency space, many people have fallen victim to scammers and most of the victims are those who rush into a project without having any knowledge about what they're doing, understanding Bitcoin is not very difficult just that most people are too eager to benefit from it without understanding the process. It is when one understands the process that they'll understand the concept of Bitcoin volatility and how to protect their Bitcoin from scammers.

These are true about bitcoin but they not comprehensive about Bitcoin, but for beginners and newbies, this is goin to be helpful to a good extent for them. the volatility of Bitcoin price happens to be one of the biggest opportunity bitcoin provides for its users who are willing and ready to make use of the opportunity to getting the best off the bitcoin ecosystem. most of the relevance of bitcoin is mostly attached to the fact that bitcoin has got the price volatility that keep its value in a progressive uptrend which later turns out to be the reason its tradeable and why its an investable asset. Bitcoin protection is usually something that has been kept in the power of the person who owns his units of bitcoin at any point and that's why there's a wallet with which yo always have the keys not been such that is made available to the public but to you alone been the  owner of the wallet.

Wallet security is an aspect of bitcoin that has been left to its users in most cases which have in turn been the most advantageous aspect in the fact that you get to take total control over your asset at all times, with out the interference of other persons within or outside the blockchain or outside the blockchain except for those whom you grant access to your wallet who then get the chance to access your wallet. Above all Bitcoin has got one of the top notch security in the financial and investment ecosystem.

As a beginner in cryptocurrency network especially Bitcoin what you needed to know in Bitcoin investment or bitcoin generally is to make a proper research concerning Bitcoin and also check the transaction limit from blockchain technology depending the kind of currency in cryptocurrency that you are making use of, that is why you cannot go into cryptocurrency most especially bitcoin just like that without having a proper investigation for at least within one month to understand the procedures of Bitcoin because the Investment of Bitcoin divers and the determine the profit making and the loss that you may achieve in your investment.

Bitcoin has many use cases that make up value for bitcoin that is described in The bullish case for Bitcoin. The book is very insightful for newbies and it's worth to mention that the use cases list of Bitcoin goes on with development and adoption in coming years. It won't stop there.

Before purchasing bitcoin, people must deeply think of how to purchase it and how to store their bitcoin safely including choosing wallets, how to make backup and steps to recover wallet, and security of wallet and device too.

https://bitcoin.org/en/choose-your-wallet
Back up a seed phrase
Security checklist

Practice carelessly with one of these steps, potentially cause wallet compromise or self-loss a wallet and bitcoin in future.

Understanding about Bitcoins isn’t a difficult task. It can be considered as an asset, but in digital form. It can also be considered a mode of payment that can be transacted anywhere in the world. Now regarding the purchase of coins and how to store them efficiently, there are tons of articles and videos about it available on the internet. Yes, what will concern you is the sudden price changes of the coin. But according to me as a Bitcoin investor, that’s normal. So if you are not a Bitcoin investor till now, then don’t wait for much and buy the coins ASAP.

Of course, this is very important because without knowing well the investment we are going to make, of course it will be difficult to make a profit from investing in Botcoin and when starting to invest in Bitcoin, of course we have to be able to properly guard the keys to our wallet. save Bitcoin assets well because without understanding this well, we will lose the assets we have saved, of course this will be very detrimental to us when we have collected these assets and cannot enjoy the results of what we have collected.

Using the DCA method in investing of course this will be very good because we will be able to make a profit in investing when the price of Bitcoin has increased and currently the price of Bitcoin is experiencing a decline of course it would be very good if we have sufficient funds and we can hold it for a period of time. old we can take advantage of this moment to collect Bitcoins.

Understand basics about the market like Bitcoin market cycles and psychology of market cycle are very good starts for newbie investors.

Psychology of a market cycle

Bitcoin fear and greed index chart. It shows psychological effects on price.

Dollar Cost Averaging (DCA) is a very good strategy for investors with some conditions for their investment.

Invest with own money.
Have reserve for other things, it means don't use all money for investment.
Have long term investment vision.

With DCA strategy and long holding time, Bitcoin can help investors to get very good ROI.
https://dcabtc.com/
https://casebitcoin.com/

They have a variety of people who are investing in bitcoin; some don't understand the market and will simply invest because others are making money from it; they don't believe you need to understand the market before engaging in bitcoin investments. @Nothingtodo stated something essential since I've noticed someone who just jumps into investments without knowing if they're volatile or not; I believe he just learns how to buy them and keeps them on an exchange while waiting for the coin to climb in value to be profitable. And I am sure he will effect him when he is attempting to sell the coin because they have a lot of scammers that can cheat on exchanges when selling is coin, because some confusing people telling to owner that they have realised the asset and if you are newbies you didn't understand the market you can probably release your coin thinking that your money is already in your account that is why is important to know about something before putting your money on.

That is a good start for investing in bitcoin by utilizing the DCA approach. He will help you reduce your risk, and I am sure they have many people who haven't used the DCA plan for their investment, because some in didn't favour them and they try to used there on method to invest and probably they can be profitable.

People who invest in Bitcoin must be aware of all the things you provide or they wouldn't have invested in Bitcoin. Yes, but sometimes the issue of Bitcoin wallet hacking comes up, so before investing in Bitcoin, one must gain knowledge about wallet security. Yes, but before investing you should not invest at a fixed price because in this case you have to invest by adopting the DCA method.

Obviously, whether it's Bitcoin or any cryptocurrency you hold their security is based on your own actions.

Everyone has to protect their coins and it depends on which exchange or wallet you hold your coins on. Whatever you choose it should be a reliable , and secure platform that keeps your assets safe.

There is no need to start one thread to mention the general things that constitute basic knowledge about bitcoin - this has been discussed in many places and basic knowledge about bitcoin can be learned in many source. I appreciate it more your desire to start a thread if you broke down the basics one by one into something more interesting to discuss than just mentioning few points. But considering that you are a beginner/ newbie - then I understand that some users are not that creative.

Friendly tip for you - don't focus on starting thread only if you want to get attention as if you will be merit - but focus on increasing your knowledge even if you don't post much. It is better to read and learn a lot of things when you are a beginner/ newbie than to write a lot of things that you may not know yourself.

What are the different ways in which you can send money in the BTC network, take note that you can only send BTC in the BTC network, through creating an on-chain tx spending a utxo from your address to another destination address.
Reports have it that there is a rise in 'recovery room' scam, so it is important that people learn that BTC tx's are irreversible and once your funds is lost, you cannot recover it, except you catch the attacker and force them to give it back, or the authorities help you freeze it in a custodial service.

I find it difficult to understand what you wrote here, as it's not entirely clear to me. 
 
But if you are saying Bitcoin is not easy to understand, I will have to disagree with that unless for those who want to learn about the technical part of it, if it's for the basis knowledge, all you need is to stay focused, and you will learn whatever you want to learn about bitcoin, including how to use it, spend and save, and wallet security. Everything is made easy to understand.

There's nothing wrong for someone to share his knowledge, but it's pointless.

He didn't share many or new thing that will make people to learn about it and he didn't ask any question, so... it's like something that shouldn't be discussed at all. This thread usually will be locked by moderators.

Because they're someone who don't care with anything until something finally happened to them, but some of them will give up and avoid to invest in Bitcoin since they have trauma. We only need to wait Binance get hacked and their SAFU can't cover the losses.

Alot of people will say this information is not new to anyone yet many keep falling victim of scam and wrong investment decisions. I believe those who have been victims of bitcoin scam were fully aware that hackers and scammers actually exist but were still taken unaware when it finally happened. If constant reminders on the need to protect our bitcoins and take security tips seriously will help people stay safe, then it should continue so everyone would be at alert.  With the way everyone keeps talking about the safety of our coins, if there's anyone that will see or hear about all this and still lose his/her coins out of greed or carelessness, such a person is not really serious about investing.

But if you pay attention you can see that he is new to the forum and maybe also a newbie to the market . His account was only created within the last 10 days . Indeed , this topic makes no sense to those with many years of experience in the market, and is even boring because those things are too basic when talking about bitcoin and no investor does not know. But maybe for newbies , it's something they just discovered and it makes them see how great bitcoin is and they simply want to share it with everyone . This is the oldest bitcoin forum and home to the most veteran investors in the market, and the OP probably doesn't know that.