JJG’s Outline of Bitcoin Investment Ideas

[Stive009]

Sure, we need at least a basic knowledge about Bitcoin before starting. Like you mentioned, just the basics because we can't really know so many or learn all before starting. Such basics may include, 1) knowing where and how to buy. 2)how to save or store your investment safe(protecting your BTC). 3)know that Bitcoin is a volatile assets and is always fluctuating. 4)then also know that we should always buy with there discretionary income, etc.

With these little knowledge and information, I think one can start his investment with his available discretionary income and begin his investment while also building up his back up funds as possible since they are necessary tools for having a long term investment plan

You don't need to become an experience investor or a Bitcoin expert before you start investing. All you need is a basic understanding of how to buy Bitcoin, how to store and  to protect it, and only invest  using your discretionary income.

And it's important to start with whatever amount of discretionary income you have while at the same gradually building your emergency fund along side. Because waiting to have enough discretionary income or a perfect emergency fund can delay someone from starting their journey of Accumulating Bitcoin.    

I beqlieve with the right mindset and basic knowledge, a person can start small, learn along the way, and continue improving their financial situation over time.

There is only one way to have any sort of experience as a bitcoin investor and that's to actually start investing, everything else can be considered secondary so as long as you've figured out your discretionary because at the end of the day your discretionary income is the most important thing you need to have as an investor.
If a newbie wants to start buying bitcoin they should make sure to figure out their discretionary income, once that's done they can start buying bitcoin from there, for their own good they should make sure to keep it on the small side, there is no reason to rush into being aggressive right from the start.

I completely agree that it is wise to start investing to gain real experience. No matter how many books you read or videos you watch about Bitcoin only after investing your own money can a person truly understand how much market fluctuations affect their decisions and mindset. People try to understand everything more carefully after investing their own money because then every decision has an impact on themselves. This experience is impossible to get completely from studying or online courses alone.However i do not see the matter as ending with all the preparation once you start investing. A new investor needs to know at least this much about what money is safe to invest why a long term perspective is important why emergency funds are needed and how to accept normal market fluctuations. If these basic things are not clear even small investments can often cause unnecessary anxiety.
I also think it is better to start with small amounts at first. This allows the new investor to gradually build confidence in their plan and at the same time understand how much they can mentally handle market volatility in reality. Later when income savings or financial capacity increases, the investment amount can also be gradually increased. I do not see any need to take large risks in the beginning.Finally for me no single factor is enough for longterm success. Discretionary income is certainly important because it allows you to invest without putting your daily needs at risk. But it is not enough alone. Consistency realistic expectations an emergency fund and a plan that fits your financial situation are equally important. Long term success usually comes when these factors work together. So i do not want to say that any one factor alone is the main reason for success.

[Emjay24]

Sure, we need at least a basic knowledge about Bitcoin before starting. Like you mentioned, just the basics because we can't really know so many or learn all before starting. Such basics may include, 1) knowing where and how to buy. 2)how to save or store your investment safe(protecting your BTC). 3)know that Bitcoin is a volatile assets and is always fluctuating. 4)then also know that we should always buy with there discretionary income, etc.

With these little knowledge and information, I think one can start his investment with his available discretionary income and begin his investment while also building up his back up funds as possible since they are necessary tools for having a long term investment plan

You don't need to become an experience investor or a Bitcoin expert before you start investing. All you need is a basic understanding of how to buy Bitcoin, how to store and  to protect it, and only invest  using your discretionary income.

And it's important to start with whatever amount of discretionary income you have while at the same gradually building your emergency fund along side. Because waiting to have enough discretionary income or a perfect emergency fund can delay someone from starting their journey of Accumulating Bitcoin.   

I believe with the right mindset and basic knowledge, a person can start small, learn along the way, and continue improving their financial situation over time.

The points that Bigjoe33 mentioned also within basic knowledge. It would not be right to think that outside basic knowledge. Rather, these are the most useful for a beginner before starting Bitcoin investment. A new investor does not need to understand cryptography, node operation, technical side. But where to buy Bitcoin, how to avoid scam platforms, how to keep your coins safe, understanding Bitcoin volatile assets are all part of basic knowledge. If you only have the desire and extra money, you should start investing, without any kind of planning, then the investment activity may not last long. A beginner's basic knowledge means that he will at least understand that Bitcoin is not a guaranteed profit machine, that it will not make him short-term quick rich, and that the price will fluctuate. If he buys today and expects a profit tomorrow, then he is not investing, he is getting into a trading mindset and starting to buy Bitcoin. Bitcoin investment requires a mindset of 4-10 years or more. To do this, the mindset has to be fixed at the beginning and this will be possible with some basic knowledge. Just having discretionary income and a desire to buy will not do. Grease5000 You have made a good point that you do not need to be an experienced investor or a Bitcoin expert before investing. It is logical to start investing after knowing the things you need to know above and not waste a lot of time trying to understand all these things which will delay starting your Bitcoin investment.

A guy doesn't necessarily have to know all of those to get started in his Bitcoin accumulation journey, especially the part that has to do with avoiding scam platforms and keeping their coins safe. These can be learned as they progress. The new investor doesn't have to know the best wallet for long-term preservation, there's a lot of wrong information flying around in that regard and knowing the best would really take time and wasting time to learn all these before starting to buy is delaying progress. The investor would've been better off if he just started buying and holding in an exchange pending the time he's able to figure a good open source non-custodial wallet like Electrum to transfer his coins for safe keeping and know how to back up his seeds offline.

That said, having discretionary income and knowing how to buy Bitcoin is enough, the rest can be learned along the way. The newbie should get started first and foremost, getting started is very important when you get into Bitcoin and as long as you've discretionary income, you're all set to get your first Bitcoin.

[Rockstarguy]

I am not going to pick your list apart one by one, since it is getting quite repetitive and a seeming waste of time, yet I will mention in regards to the 4-10 year or longer time horizon, beginners may well not have an ability or a desire to commit to 4-10 years or longer when they get started buying bitcoin, and likely they will develop that understanding as they are buying and investing in bitcoin.  They can still get started and come to that realization that investing is 4-10 years or longer, and that bitcoin is better as an investment and not good as a trade... so guys might not realize or accept that idea when they get started buying bitcoin.

For me, I think any other form of understanding can come later as one begins investing in Bitcoin, but the aspect of understanding Bitcoin as a long-term investment is very important. What normally makes beginners give up on their investments is when they don’t meet their expectations, and I have come to realize that beginners who start investing in Bitcoin with the mindset of not understanding Bitcoin as a long-term investment rarely have a change in mindset. This mindset of long-term thinking is the most important thing, and as the investment starts, other things can also be learned.