Basic Bitcoin skills

[Lizzylove1]

You really don't need a technical skill to buy and hold bitcoin but if we call the act of buying and  safe storing bitcoin a somewhat technical skill, it won't be out of place. First understand that the road to freedom is never smooth, bitcoin price is can be very volatile, be sure you have the heart to hold through the trouble hours. I recommend you learn how to use a software wallet and a hardware wallet and how to safely keep the seed phrase, and a basic use of cryptocurrency exchanges.

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[AakZaki]

Maybe some people view this differently. But if you only invest in bitcoin with patience, I don't think that's right either. Because there are other factors that must really be studied. The main thing before starting we must really know what bitcoin is, knowing the worst risks. Because when it comes to profits, everyone must also invest for that purpose.

I think a lot of people are interested in bitcoin because its value is getting bigger. In fact I think traders are just learning how to multiply their bitcoins instead of understanding Bitcoin as a whole. The historical situation regarding bitcoin is sometimes unnecessary. They will only learn the market and what supports him to earn more Bitcoin and money. So basically they will only multiply the science of ways to multiply money or assets.

[gabbie2010]

You don't need too much technical skills to hold your Bitcoin actually. There are just some things that you must be aware of before making any kind of investment into Bitcoin. For example, you should never act with greed. This can lead you to be in a huge loss in time. I always recommend newbies to set price goals for themselves to sell some amount of their coins when the goal is reached. This will prevent you fully from being a greedy person. Because this is a highly volatile market and you should always be aware of that.

With some basic knowledge and skills the OP is good to go, basic knowledge on how to create a wallet and how to register with any reputable exchange which will enable the OP to buy bitcoin via debit card and how to transact bitcoin are very necessary skills.
Moreso the OP should inquire on the appropriate time to buy bitcoin especially at the time when the price is very low i.e during price correction while avoiding buying at the peak, also time to sell and should erase the mindset of earning massive profits after making a considerable amount of profits.

[rodskee]

Maybe some people view this differently. But if you only invest in bitcoin with patience, I don't think that's right either. Because there are other factors that must really be studied. The main thing before starting we must really know what bitcoin is, knowing the worst risks. Because when it comes to profits, everyone must also invest for that purpose.

I think a lot of people are interested in bitcoin because its value is getting bigger. In fact I think traders are just learning how to multiply their bitcoins instead of understanding Bitcoin as a whole. The historical situation regarding bitcoin is sometimes unnecessary. They will only learn the market and what supports him to earn more Bitcoin and money. So basically they will only multiply the science of ways to multiply money or assets.

indeed that many of the successful investors from the past are those who had no deeper knowledge about bitcoin but instead they have just trust and believe the currency and keep their funds for long term.
and from that? the value gets higher over the years and yes they indeed made a millions in long term investing, though this is not that historical for now , yet we can still see the challenge and capacity of bitcoin to make multiple increase over years , at least 3-4 years cycle .

[wozzek23]

Thank you all for the replies I got on this thread and all the advice, am very well informed now and I have gotten my wallet as the first starting point for my Bitcoin journey.

Nice. So which wallet have you decided to start with? If you are starting with any wallet I am going to recommend that you start with recommended wallets as to get to learn the basics of how it works. And when you have got into learn the basics of making use of a cryptocurrency wallet, you can then move over to making use of a non custodial wallet like Trust wallet.

For now, I would say you should start with any easy-to-use wallets some people have recommended, especially centralized ones. They are easy to use and one thing with using a centralized wallet is that you would have the customer support in case you encounter any issue on their platform.

Decentralized wallets are not really like that, when you are making use of a decentralized wallet you are completely on your own and every decision you make is just on you. Maybe when you now have full knowledge on cryptocurrency you can then start making use of more advanced wallets.

[Ebede]

You really don't need a technical skill to buy and hold bitcoin but if we call the act of buying and  safe storing bitcoin a somewhat technical skill, it won't be out of place. First understand that the road to freedom is never smooth, bitcoin price is can be very volatile, be sure you have the heart to hold through the trouble hours. I recommend you learn how to use a software wallet and a hardware wallet and how to safely keep the seed phrase, and a basic use of cryptocurrency exchanges.

For addition of your opinion, if their should be a technical skills to be implies in Bitcoin investment many people would have informed you about that but the way I'm seeing it, the remedy is to read more and also research online for how to invest in Bitcoin

[Webetcoins]

Having technical skills is not necessary for you to be able to invest in Bitcoin and hodl it.

All you need to know is how to make use of the wallet of your choice and how you can buy Bitcoin. You can decide to make use of a simple centralized wallet such as coinbase.com which most of the newbies I see always goes for it, and of course when I was a newbie I started with coinbase.com because it was very easy to make use of and also they have a feature that allows you to send and receive money using your email, although this works between Coinbase to Coinbase accounts.

So, you can use it to start up and make your first investment in Bitcoin. Then I would say that what you need is patience and also to be able to analyze the data you have on the chart to be able to tell whether you are to continue holding or not.

[DanWalker]

Maybe some people view this differently. But if you only invest in bitcoin with patience, I don't think that's right either. Because there are other factors that must really be studied. The main thing before starting we must really know what bitcoin is, knowing the worst risks. Because when it comes to profits, everyone must also invest for that purpose.

I think a lot of people are interested in bitcoin because its value is getting bigger. In fact I think traders are just learning how to multiply their bitcoins instead of understanding Bitcoin as a whole. The historical situation regarding bitcoin is sometimes unnecessary. They will only learn the market and what supports him to earn more Bitcoin and money. So basically they will only multiply the science of ways to multiply money or assets.

It's really dry but you're right. Most of us are here for the value of bitcoin, from something called bogus and worthless, now with one bitcoin we can do a lot. Everyone doing research, learning or whatever the purpose is to find a way to increase the bitcoins in their wallet and how to make big profits from the crypto market.
Very few people will find out what the real purpose of bitcoin is, what benefits bitcoin offers us except for the high profit it is bringing.

[Captain Corporate]

It's really dry but you're right. Most of us are here for the value of bitcoin, from something called bogus and worthless, now with one bitcoin we can do a lot. Everyone doing research, learning or whatever the purpose is to find a way to increase the bitcoins in their wallet and how to make big profits from the crypto market.
Very few people will find out what the real purpose of bitcoin is, what benefits bitcoin offers us except for the high profit it is bringing.

 This is true for every currency and every product in the world. It only has enough value as people claim it has. In a company that producses a product, they may drop it to a level and then it would be a loss so they would bankrupt before they could sell it for %90+ cheaper, that won't happen, they will either make a lot of profit or not enough. I always said Apple products are always too high in price and do not worth their price for example but people still pay it, because they are apple.

 Dollar has a value, why? Because people see it that valuable, yuan has a value, euro has a value, recently ruble lost its value for example. All depending on what people are willing to pay for it and nothing else. This is why bitcoin also has a value, thats the value we have right now, what we believe it should be, market decides it just like anything else.

[TheGreatPython]

It's really dry but you're right. Most of us are here for the value of bitcoin, from something called bogus and worthless, now with one bitcoin we can do a lot. Everyone doing research, learning or whatever the purpose is to find a way to increase the bitcoins in their wallet and how to make big profits from the crypto market.
Very few people will find out what the real purpose of bitcoin is, what benefits bitcoin offers us except for the high profit it is bringing.

Just let them if that's what they want, what important is they are still here supporting bitcoin because they continue to buy btc. What is only unacceptable are the bitcoin haters that only hate's bitcoin for no reason. They call bitcoin bogus, worthless or whatever foul term they can think of but in the end bitcoin is still the winner here because there's more people that are now supporting bitcoin. They know that what the btc haters are saying are not true.

It's only necessary to learn the technology of bitcoin and blockchain if you are going to be a developer on this field because being a dev is not easy but basic bitcoin skills is enough if you are only going to invest or trade.

[rat03gopoh]

Very few people will find out what the real purpose of bitcoin is, what benefits bitcoin offers us except for the high profit it is bringing.

And as a result they're deceived. At least the basic technical (how to distinguish bitcoin or fork) should also be mastered in this realm. Someone sometimes people offer cheaper fake bitcoins (forks) through centralized services where transactions aren't recorded, because of ignorance beginners won't realize and don't even understand what blockchain is which is one way to distinguish genuine or fake.