Basic Bitcoin skills

[worle1bm]

Welcome to the forum mate at first

You have reached at the right destination to start your crypto journey as this forum has abundant of learning resources and you can have full fledged knowledge of topics you are not aware of from high rank and senior members on the forum.Even you can see newbies making guides and sharing useful information and that's why it is called discussion forum.Just exchange knowledge here on the forum.

Don't need to possess any core technical knowledge to participate in development board as there are many other sections on which you can write your posts and feel free to share your thoughts.

But also comply with the forum rules which are priority for every member on forum:

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Merit & new rank requirements

Best of luck for your journey on forum.

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[Shenzou]

my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

I wouldn't say that you need Technical skills rather than basic knowledge and some composure, the information is probably most essential and you finding this forum is a great way to start on that because you can take a lot from other people's opinions and experiences on how the market is behaving and what to do and what not to do as well, and you need to have composure because panicking when you see the price falls and making wrong decisions is not what you want.

[LogitechMouse]

What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

Hmmmm Technical skills? I don't think that technical skills are needed if you only want to buy Bitcoin and will hold it. It will be a different thing if you will buy Bitcoin and then use it for trading.
If you will just buy and hold Bitcoin, there is only one thing that you need. MONEY, MONEY and MORE MONEY .

Just learn the basics of Bitcoin like how to store, how to send, how to transfer, etc. and you are good to go. As for me, I'm not a techy guy and I don't have any technical skills but I know at least the basics and the most important thing for me. Knowing which are scams and which are not

[Assface16678]

Just know how to use bitcoin wallet, have some common sense and have a really good security habit and lastly patience since you're just hodling your bitcoin. I think that's about what you need to learn for the basics, it's not like you're planning on trading those bitcoins anyway.

[swiftbits]

Data Privacy and Security are also vital; you have to know where and how to buy bitcoin securely, don't fall from phishing clone sites and other "too good to be true" offers you see. Keep confidential info safe cause it can be used to bypass your account or your identity to be used for other illicit activities. You could learn this the hard way, so it's better to know this as early as possible.

[bL4nkcode]

I would also add that it is worth having a measure. If you play too much, then the result can also be disastrous. And this is hardly interesting to anyone.

It should be always like that, because too much is not healthy and ends up as greed and loss.

Data Privacy and Security are also vital; you have to know where and how to buy bitcoin securely, don't fall from phishing clone sites and other "too good to be true" offers you see. Keep confidential info safe cause it can be used to bypass your account or your identity to be used for other illicit activities. You could learn this the hard way, so it's better to know this as early as possible.

Also sometimes it's not just about the popularity of the website where to buy BTC, because even it said that it's secured, hacking is common in this space and there are lots hacks incidents happened on "secured" exchange/wallets/stores. Proper using of personal identity/information on this address is still necessary. Like using a temp email, temp mobile numbers, not permanent address and etc. especially when buying online store with crypto and etc.

[suzanne5223]

There's no principle involved, I started knowing nothing about Bitcoin but a new Bitcoin enthusiast need to understand or know is the risk involved in the crypto investment, how to identify phishing site (which is what crypto theft used to steal from newbies) and how to successfully use a crypto wallet without human error.

[milewilda]

There's no principle involved, I started knowing nothing about Bitcoin but a new Bitcoin enthusiast need to understand or know is the risk involved in the crypto investment, how to identify phishing site (which is what crypto theft used to steal from newbies) and how to successfully use a crypto wallet without human error.

Simply implies about basic transaction procedure when it comes to transferring funds from one to another and i would say that it doesnt really require technical skills for you to learn but rather
even just using your own normal understanding then you could really get it right away. When it comes to risk awareness then you should really be considering this before you do jump
into this market. Some people do hesitate on dealing and have impression that it might be that hard or something but they are wrong on what they've been thinking.
It isnt really that hard as it looks.

[bitzizzix]

If you're buying it in bulk for the long term, you shouldn't be in a hurry to look for something bitcoin-related because the step you're taking is already the most important and the best.
buying bitcoin in bulk when the price is low and holding it long term is the best option, leave it for a few years and you will enjoy the payoff and you can learn it whatever you need as long as you hold it and you have plenty of time to do that.

[AakZaki]

Many basic skills can be performed on bitcoin or cryptocurrencies.
Basic knowledge of trading as well as technical analysis and fundamentals.
How to create and use a bitcoin wallet and how to secure it and much more.

and also know about common hacks.
Hacking is becoming the most detrimental thing in cryptocurrencies. A few years ago an exchange as big as Binance was hacked. it makes a big loss. but the good news is that binance replaces all the stolen assets.
Nothing is safe. you can only prevent it.

But now big exchange companies like Binance have built better and stronger security.

[Rahman11]

Trading Bitcoin using 7 soft skills
* Pattern recognition.
* Discernment.
* Skepticism.
* Adaptability.
* Self-evaluation.
* Compartmentalization.
* Discipline.

[mrongoz_imut]

all of the answers above are very relevant and very clear, I have also studied everything you have said on this forum, hopefully with me using a hard wallet, private key and good storage, the bitcoins I have can be safely controlled,, now I just need to learn to hold my emotions, dependence, and have to be ready to face any media that makes negative news about bitcoin..

[Swapster]

internetstellar missed out... HFSP my friend!

[rugrats]

my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

First of all to share the issues you raised in this topic , I would like to welcome you to our forum where we are all equal and working together to make progress. Regarding the basic skills you mentioned , from my many years of experience , I would like to share one thing about this with you:
 About basic skills:
1. The first thing is that you must know how to use the wallet , how to set it up , how to send and create an address , enter the key . Especially Make sure to save and store your wallet key/passphrase/password safely and securely . My advice is that you should write it down on paper and keep it.
2. Learn how to transfer and receive money to your account? . learn how to trade P2P , how to buy and sell on exchanges , how to deposit and withdraw.
3. In addition , you need to know which projects or cryptocurrency platforms are reputable , long-term, shareable on forums and search on gg.
4. Learn how to stay up to date with the latest sophisticated scams on the forums to protect yourself and your property.

[thirdkiller]

Now there are no problems getting basic bitcoin skills, because there are so many guides and videos about it. It was more difficult at the start, but more interesting. It's easier now, but more intense.

[electronicash]

you might wanna give up technical skills concerning privacy if you wanted to learn trading skills which is probably the most important when you wanted to profit in trading. i began to realized this when i have no choice but to submit documents to bittrex since 2017.

its hard to conceal yourself when buying coins. its best to just do yourself a favor and just make more money instead.

[apur688]

Actually, some basic skills that the users should have, They have to know about the wallet and the systems, Knowing the transaction, how to transfer and others. The basic knowledge is really needed to prevent some problems. Then they have to know how to hold token, buy and sell, etc
I think they need to know not only basic, but also intermediate skills too, like reading and analyze price chart, etc

[yazher]

Actually, some basic skills that the users should have, They have to know about the wallet and the systems, Knowing the transaction, how to transfer and others. The basic knowledge is really needed to prevent some problems. Then they have to know how to hold token, buy and sell, etc
I think they need to know not only basic, but also intermediate skills too, like reading and analyze price chart, etc

Trials and errors are just needed for us to know the risk we are taking. But after that, we can confidently make some transactions or even trade in some known exchanges to get some profit but of course, it takes time to master the daily trading to accumulate the best profit you could get but for the meantime, you can try trading with the capital you can afford to lose, it will give you lots of experience just focus on the way you play. I'm pretty sure you will learn a lot from there.

[oktana]

Nope. You got that wrong. Bitcoin is basic. The only skill you need is to be familiar with these electronic devices (phone, laptop...). And I'm quite sure that you are already familiar with the internet which is why you even found your way to this forum. So, it doesn't require any special skill. Just basic wallet app operation. Be conscious of your mnemonic phrase/private key, don't give or show it to anyone. Good luck on finding more answers!

[MrcMrc]

After much time in Bitcoin investment, I discover that the primary thing to know in Bitcoin holding is looking away from Bitcoin price for a while because if you constantly check the price it may prompt you to take some wrong decision such as panic selling.