Bitcoin Forum

I don't know how to start up this topic, but I will just start anyway, the thing that motivated this topic is how hard it is for me to understand some aspects and areas in this whole cryptocurrency journey most times it is technical aspects but some extent I have trading challenges too, but with help from those that have more experience I have been able to learn at least a few and getting along.
So I would like to ask you, which aspect of topic areas gives your challenges most, someone may be willing to give you a clear explanation of such topics so let go.

Well all I can say is that being a crypto investors isn't easy at all. You have to deal with so many market fluctuations and make pronounced decisions that would be of your own benefits. Losses cannot be avoided but you can manage it properly by understanding how the market works and know that it is affected by so many fundamental factors.

Back then I used to think that understanding the technical aspects of crypto was something very necessary, until I got to understand that I didn't actually need them that much. What ever investors should know is how to buy and sell the market then understand how to properly store their funds to avoid hacks or losses in any away.

You need to know some technical aspects like how to use wallet and how to avoid malware. But going deeper into the technical aspect is not necessary.

Did you know that transaction can be a problem to some people but which is simple if you understand the beginner technical aspect of it.

Technical aspects are part and percale of our crypto, the journey starts with technicalities such as setting up your wallet and also signing a message at the same time sending transactions, those are the elementary level for crypto technicalities, and this is what we need, we should not border so much about hard techniques and tools if we are investors only.

The crypto space comes with its own peculiar challenges, from the technical to the fundamentals, you just have to make sure to have a good background with boths aspects. So that technically you don't shoot yourself in the foot due to your ignorance while you also keep your ears to the latest news and updates in the market so you don't make the mistake of losing out from not making informed decisions. Decisions regarding the right coins to buy, when to buy or sell and host of others.

It is the technical aspects that is hard for me to understand. And I know why because it is not my core career area. And I have to learn new knowledge and terms. Basically, my brain is not wired for these technical aspect. So I struggle with even reading a bitcoin technical article online. I need to read it more than once and find maybe video sources that will make the explanation easier for me. That is how I am coping. However, I these days, I have been too busy to keep up with my readings in this subject area.

It is more important to be knowledgeable about cryptocurrency and to be interested in learning more. Most of us focus more on copying and pasting other experience people's investment/trading strategies which is not advisable. By formulating methods and strategies to expand our own research base about investing. People who are curious about learning can focus on holding cryptocurrency because they are learning and keeping up with the savings at the same time. For me, the issue of gaining knowledge is more challenging for me. Patience and choosing the best and investing.

In investing, you can start investing only from basic knowledge. And you can gain knowledge along with investing. If you have basic knowledge about investment methods and Bitcoin, you can invest for the long term. In long term investing, you do not need much knowledge. If you keep buying continuously, I think you will learn a lot. You just have to be patient. Patience is a very challenging thing in investing. Many people lose patience after investing and they sell their investments.

The fact is that everyone can never know every aspect of Bitcoin, they will surely focus on the ones they are more familiar with. The most difficult part of Bitcoin that people find hard to comprehend is the technical aspects, and most people dont reply in such thread when it's created. For me I can't claim that I am good because I am also a victim of it, I am more familiar with wallet and security, and many other important aspect of Bitcoin. I know many people are victim of this topic but would not come out boldly to express themselves.

Your right after al in crypto apart from the major challenges which is the basic technical knowledge we have to know as a trader or investor we dont entirely know much about the blockchain or development behind every chain. At some point i wanted to learn cryptography i find it very difficult to learn up till date. Maybe its because i am not giving much time to it. Although that is not excuse i believe it is my poor PC. If i had the money to get a sharp PC that can run any code then i will pick the interest back.

In the beginning, I thought that you have to be a tech savvy to understand bitcoin properly, unknown to me that only the basic knowledge of it is important for the safety of your funds when using wallets. Investing was another problem to me because I wasn't getting it right due some misconceptions about the right accumulation strategy to use.

Trading is what I have not been able to understand till date because it's complex and needs a long time to understand better. I only trade once in a while, but I always end up in a loss.

Well trading all the times can be complex and challenging in it field especially for those new to it , it's uncommon for traders to experience losses, especially if they are still learning the ropes.

Traders are the ones who requires special knowledge to help sustain themselves in the market, investors only deserve a proper understanding of understanding the very initiative about Bitcoin, how to buy Bitcoin, hold Bitcoin and transact Bitcoin without losing it either to wrong addresses or mistakenly to people who wants to steal our assets.

The extra knowledge is applying specific strategies to make the journey of accumulating Bitcoin easier and efficient giving a wider portfolio with the exact same amount, some investors wants the lump sum, DCA or a few don't just care about strategies.

The basics understand you need as an bitcoin investor you need to focus on the primary basic understanding as an investor you need to understand the basic principles including how to buy  bitcoin and hold and how to do the transactions and also most importantly the newly should no how to protect thier assets from thefts and loss such as secure wallet and verifying transactions addresses.

The most critical and hard thing, but simple, which I find difficult to learn earlier in crypto, was how to use DEX, something that’s as simple as anyone who can read could be able to use. I always seek help from people each time I want to use either PancakeSwap or Uniswap because I’m just too afraid of pressing the wrong buttons and losing my little earned crypto. Every other thing I know about crypto today didn’t give me a hard time, like I punished myself to learn swapping.

The major aspect of cryptocurrencies that seems challenging to me,is how i was been able to control my emotions while trading,emotions was a thing of concern in a crypto space, both in investing and trading.
Tho,the journey is not an easy one,most especially when market direction go against your wish,there’s was a time i almost gave up ,if not for  a friend that encourages not to end up in the journey as a loser.

So in my own case,i think i was too emotional base on the market fluctuations but after much scrutiny i now understand the market ups and downs, then i see the need to work on my fears.

Patience na the major and the challenging thing wey most people Dey battle with for this crypto waka, if person wey no get patience no fit walk for this part well without making a lot of mistakes, mistakes wey go bring regret, anger or sadness, e no matter whether na long time or not but e good make person exhibit the spirit of patience and of person wey no get patience enough fit get heart attack or some emotional trauma wey go really Dey worry person either for life or for a short period of time, na why they talk say make people go learn about crypto before you go fit join, because if person really go make research about crypto, them go see say patience Dey among and person gats to learn to get patience and how to tolerate incase for future, if things no fall in place as they expected, them no go panic that much but instead they go learn from their mistakes or experience and next time, them fit apply wisdom, for mistake not to arise again.

In my own case I think investment affected me somehow because I was naive and believed everything I saw online about crypto investment. Then many projects were on doing ico under ERC20, buying on presale market etc but the funny thing is most of them never got to list na so person money dey waka and the few wey list go become shit coin in few hours. Some project will distribute tokens but allow you to sell just few of wetin you carry your money buy and before you know it, they will pack up. That was not a sweet story then until I make up my mind not to buy coin that is not yet listed on exchange because I have to open my eyes to see wetin I dey buy, volume and exchange.

This forum has made my crypto journey easy, I do have the advantage of discussing and getting all the right information I will need regarding cryptocurrency, and I was opportune to get the right guidance from this forum on how to avoid getting scam, how to save my cryptocurrency and where to save them, how to trade, and so on.

Nevertheless, my trading journey is not smooth as others are, I an yet to understand some concepts in crypto trading, at some point when the market was bearish, I gave up on crypto trading, I rather buy and hold my Bitcoin instead of risking money on trading because the analysis where very hard for me to understand on time; although I am working on my crypto trading journey because it is good and can be a good source of income.

First of all in cryptocurrency, trading is a very risky something that requires a lot of knowledge and management skill too so that one don't use what they can not afford to let go and trade. Haven't said this, the most challenging part in trading most times can be lack of finance even in investment too, finance is very important because without it you can not trade or invest and  in Bitcoin investment another challenging thing is consistency, sometimes the money will be available but the ability to be investing accordingly becomes a very big problem so these are the major challenges I guess.

The technical aspect indeed was a place I found interest in my early days in the forum but I found it hard to navigate and understand it. Sometimes I feel I’m not given it my best time but sometime I feel I can still be in this crypto space without necessarily knowing all but knowing the basics will drive me a long way in my journey in the crypto space. I decided to let it be when some people I look up to in the forum are not also good at that aspect and still doing well here, so I just let it be since then. Trading has also been an he’ll to really grasp and become very good at it but in it, there is development and that is the genesis of been encouraged to do more. I won’t say I’m good at it but learning makes perfect and that’s what I’m banking on that aspect for now.

The journey hasn't been easy at all, I have difficulty understanding the technical side of the cryptocurrency space but I've been able to get through the basic information and I get to do and know a few things by myself. But I'm not a trader because it could have been hard for me navigating through the inflation and deflation of cryptocurrency, the other challenging aspect of being in this space is getting my emotions together every time the market falls and I see my investments fall with it.

before creating this thread, I know that majority of the challenges that most of us Nigerian forum users have were the technical aspects of cryptocurrency and to say that we are from this side of the world where technology is somehow underdeveloped and encouraged technical aspects of cryptocurrency will be a big fight for us, in fact the government is not even helping matters in that direction of development and technical enabling environment for us.

Transaction in bitcoin may look amongst one of the basis and simplest thing you can do with bitcoin but some people don’t know about it because of the little technical knowledge involved in it which needs to be studied well to be able to understand this aspect the more.

I don’t really fancy the technical aspect also because I found it hard and no matter how I try to get myself better at it, I get confused. I would say I’ve known some basis of the technical aspect which is helpful to me in my bitcoin journey. You don’t need to know all but knowing the basis of each aspect of bitcoin is important.

I aspect of crypto wey Dey give me hard time for crypto na money. I don’t really trade, I no really get much time to Dey monitor the market, and I no really ready for the risk wey Dey trading, so instead of me trading, I Dey always prefer make I buy and hold coin, but for the strategy wey I Dey use, the greatest challenge wey I Dey face na money  ;D.

Coins Dey wey I wan buy, like d other Dey wey bitcoin dump, I just Dey online Dey look how bitcoin Dey crash, and when e start to Dey bounce back, I still Dey online Dey look, but I no get money to buy, and I no fit risk money wey I Dey use chop by coin, e no really make sense like that. I no really get any serious challenge than financial challenge.

Obviously as a local board we're really not that versatile with the technical developments aspect of bitcoin technology as we do with others aspects and somehow we can blame that to the country we find ourselves where these knowledge aren't accessible as the theoretical.

But bringing it down to within us in the forum I know there are members in the local board that are astute and familiar with the technical aspects, how much efforts do they put in raising discussions of such nature to encourage and build others members interest and knowledge in that aspect. Because someone in the general board may not take time and be careful enough to explain those terms and their registers as a local board member can easily coin in our local pidgin for simple understanding. Lets think about this guys.

Well this crypto journey have not been easy entirely, when I stated my journey new, I used to find it very difficult to watch my crypto because I was also engaged with some other projects I was handling, as time goes on I had to create time frame for it. As times goes by I was quite confuse with the technical aspects of crypto like the transaction aspect which may look very easy but it’s one of the most technical aspects of crypto. You just have to be careful with the transaction aspect using the wallets as well.

This is exactly my struggles now so seeing you say this is really something because am a very busy person although am very curious to learn and have full knowledge about crypto as a whole because of the vast knowledge and opportunity in this field now and also because I have seen how it's gonna be in the future but so many other things are stucked with me now as I will need to meet ends need first.

One thing you suppose know be say  cryptocurrency dey very broad and somehow complex most especially the trading aspect of it and if you are a busy person it will really take you time to understand and you can not even do well. If you wan really go into trading you go gats dedicate your time for am else you no go fit do anything ooo and if na future trading you wan do, you go need dey on market 247 to watch and monitor your trade but if na investment side you wan go kwa, you no go need to dey monitor your investment because already na long term something but all you need to dey do na to just dey come invest depending on the method you choose but the DAC method na en be the best of them all.

Trading aspects of cryptocurrency is what gave me the highest fear at the earliest time, in fact, because of my Early losses in trading, I was forced to avoid trading for a long period and when I resumed back to trading, I always had this fear that I have no technical knowledge to do the right analysis that will make my opened position end in profits, this has always been my fear each and every time until I build the right knowledge and strategy, with strong discipline not to over trade or allow my greed to get the better side of me.