Getting started is very important, some people before getting started they’re always pragmatic about what is going to happen next, and they hesitate about starting with their bitcoin investment, probably they’re scared of failing with the investment, for someone who wants to get started immediately, what you only need now is a discretionary income to get started, once you have figured out your discretionary income then you can get started with investing in bitcoin, people would talk about having knowledge about everything Bitcoin before getting started, you can’t learn everything about Bitcoin with not getting started, they say experience is the best teacher, when you get started that is when you learn more about Bitcoin.
It is not that you need to have a lot of investment knowledge before starting investing in Bitcoin. Even if you do not have much idea or basic knowledge about Bitcoin, you can still invest effortlessly. Investing is not a complicated task at all, but you must know about the risks of investment. Buying Bitcoin, keeping it in your wallet and holding it - you need to know these. Since Bitcoin is a digital currency, no one has any hand in it and you have to keep your investment in custody. So you just need to know these basic things. And you should only invest with the money that you are ready to lose. Invest from discretionary income and keep a long-term goal.
A new investor should have an idea of a few things:- How to keep the wallet in custody.
- Knowing about the DCA strategy.
- Having an idea about emergency funds.
- Knowing how to invest in Bitcoin in the long term.
If an investor knows these, then in my personal opinion, it becomes much easier for him to invest. And he will also understand how to hold Bitcoin. An investor will gradually learn everything about Bitcoin, if he continues to invest regularly. The more knowledge he gains about investing, the more sustainable it will be for him to invest in Bitcoin.
To get started buying bitcoin, a newbie bitcoiner does not need to know about each of your above listed items.
All they need to start is discretionary funds, which largely means that they have money that is extra beyond the money they need to cover their basic expenses.
They can learn about the various topics, you mentioned, as they go.
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I think people should understand the difference between shitcoins and bitcoin. they shouldn’t be categorize them in the same box. because bitcoin is far different from others cryptocurrencies.
First. This thread is about bitcoin, so we are not talking about shitcoins. I am not sure why anyone needs to know about shitcoins in order to know about bitcoin.
Now, if you think that there is some need to pre-emptively strike to make sure that anyone who is new to bitcoin will know how not to get distracted by shitcoins, since there are many shitcoins that are parading themselves as being like bitcoin, better than bitcoin and/or blurring the lines, then I am not sure how relevant that is to this thread.
Sometimes in this thread we do end up having to talk about shitcoins and/or differentiating between bitcoin and shitcoins, yet it still seems that the main theme is focusing on bitcoin first, and so yeah, if we might have to incidentally address some of the infiltrations, then so be it.
By the way, there are guys who want to bring up gold comparisons to bitcoin, property comparisons to bitcoin, the investment in other assets as compared with bitcoin, and so maybe incidentally, we end up talking about these various competing topics, yet here we can hopefully attempt to focus on bitcoin first. Learn bitcoin first, and yeah, if you happen to know about some of those other topics, you might sometimes end up wanting to make those comparisons or bring that experience into your perspective, yet I see no reason to purposefully get distracted into talking about shitcoins within this bitcoin investment thread.
Another tangential topic that we frequently end up having to touch upon is the difference between investing and trading, so there are guys who come to this thread (and other parts of the forum) and they use the term "investment" when they are really talking about trading, so yeah, we also sometimes get distracted by the trading topic too, yet hopefully we do not need to spend inordinate amounts of time going over such differences and to continue to attempt to stay focused on the topic of this thread, which is investing and even the topic of this thread relates to my own ideas about investing, so that by the time that guys might advance their bitcoin accumulation into having enough bitcoin or more than enough bitcoin, then price-based and/or time-based sustainable withdrawal topics may well end up becoming relevant, and even my treatment of those topics can sometimes end up causing confusion and even differences of opinion in regards to the applicability of trading ideas to those topics.
To the extent that it has is own history, and investment thesis. If you want to learn about bitcoin, you can study how bitcoin works without involve shitcoins, because in process of mixing bitcoin and shitcoins in conversation, that may create confusion for people, they may start thinking that what happens with shitcoins may surely happen in bitcoin too. to me being precise when talking about bitcoin simply means to be clear about what we are discussing, so that anybody see the conversation for the first time, will understand that this discussion is about bitcoin not something else.
Of course, my own ways of attempting to deal with the topic of shitcoining and/or trading (and/or gambling) is to suggest that guys who are trying to stay serious about the topic of bitcoin investment, then they should try to stay focused on it, yet there are some guys who cannot resist in their wanting to get involved in shitcoins and/or trading(gambling), so frequently I will suggest that they allow no more than 10% the size of their bitcoin investment (or their time/energy) to be allowed to be used for shitcoining and/or trading (gambling), and for sure the reason that I keep mentioning gambling along the side of shitcoining and trading is that many guys have so many difficulties limiting their exposure and there are so many times that they end up getting sucked more into trading and/or gambling, even though they might have had initially agreed to placing a 10% limit upon themselves.
So, at the same time, even if there might be some tolerance that some guys are going to end up getting involved in shitcoining and/or trading, and if they can limit themselves to no more than 10% the size of their bitcoin holdings (without cheating), then at least we do not need to get into the details of their shitcoining and/or trading endeavors. There are other threads thqt they can discuss those matters with other potentially like-minded shitcoining, trading and/or gambling members.
You are correct that the knowledge shouldn't be the first priority of every investors, even with the little basics understanding can leads them far.
Enough of all this talk about knowledge; it shouldn't be the first priority for an investor. At least let's try to express our words well to help beginners who know nothing about Bitcoin investment and need help to invest in Bitcoin. Knowledge is the first thing you need to invest in Bitcoin, at least the basic knowledge. Yes, it can be correct that one doesn't have to gain all the knowledge first to invest in Bitcoin, but one should obtain the basics, and this is the principal thing to invest in Bitcoin.
Your statement is confusing @Rockstarguy. If guys have discretionary funds, then they can decide how much of their discretionary funds to put into bitcoin based on whatever knowledge that they have or feel that they don't have. Of course, if a bitcoin newbie does not have certain knowledge, he might not know what he has or what he does not have, yet if he can figure out that he has discretionary funds, he can get started, and he can get started based on whatever level of knowledge that he has and his own judgement in regards to how much knowledge he believes he needs or not.
Getting started is important, since getting started helps to inform guys what they might know or not know and to adjust their position accordingly.
Frequently I use the example of the guy who is new to bitcoin and perhaps he did a quick calculation (perhaps a ballpark guess), and he came to the conclusion that he has $100 per week that he could put into bitcoin if he wanted to; however, since he is brand new to bitcoin, he recognizes that he does not know very much about bitcoin, and so he purposefully decides to start to buy bitcoin with $30 per week and he will work out the various details regarding what he might feel that he needs to know about bitcoin and/or about his cashflow management, and maybe he even decides that he will figure out
his 9 individual factors in the coming weeks and/or months. He does not need to know his 9 individual factors prior to starting, and it might take him years to get some good assessment on his 9 individual factors, since his 9 individual factors continue to be a moving dynamic that he continues to learn about and to adapt what he is doing based on his assessment of his own financial and/or psychological circumstances related to his 9 individual factors.
The punchline is that guys guys can get started from where-ever they are at, and they can use their judgment and adapt based on their own circumstances, and as long as they have discretionary funds, then they can figure out with how much they would like to start with as they are looking further into bitcoin and/or their own clashflow management situation.
The main goals is to developing the habits of consistent buying regularly, don't hesitate on wasting time to achieve what's not necessary at first, what I really loves with this bitcoin investment ideas is, even if you don't know something now from the starting as a newbie, just begin the investment and as time goes on everything would be understood gradually with time. Invest what you can afford to lose and invest with only discretionary income.
How is it possible to develop habits of consistent buying when you don't understand Bitcoin and the volatility of the market?
You think that you have to have your own buying "consistency" and "bitcoin volatility" figured out before starting?
Maybe you need to give an example?
A guy might come to hearing about bitcoin, and so then he looks at a historical price chart, and he says to himself "oh my god, the BTC price moves around a lot!!!" Has he learned enough about volatility? or does he need to have it explained to him?
Maybe that same bitcoin newbie guy does a back of the napkin glance at his income and expenses and he sees that he has $100 per week that he could use to buy bitcoin or to do whatever he likes with that $100 per week. Accordingly, he decides to start to buy $30 in bitcoin, and then he plans that he will study bitcoin for the upcoming week, and then in the following week he will decide whether or not he is going to buy $30 worth of bitcoin or some other amount.
This guy might have a potential plan in his mind to be consistent or to become consistent, yet how would he become consistent if he does not put some kind of reasonable level of consistency into practice? You think that he needs to establish consistency before getting started? Maybe he wants to start with $30 and then see where his investigation goes in the coming week? Why can't he get started? He already looked at his income and expenses and wrote it on a napkin and tentatively figured out that he has right around $100 per week that is available for him to do whatever he likes with, including but not limited to buying bitcoin. He decided that he is going to use $30 of that to get started. You think he needs to learn more about the ideas of consistency and volatility before he can get started?
Yes, without knowledge, you can try to buy, but you may not be able to hodl because you don't have the knowledge and understanding to invest in Bitcoin.
Sure. We would rather that guys look at bitcoin as an investment rather than a trade, yet in the beginning, they might not be ready, willing and/or able to commit to either investing and/or commit to 4-10 years or longer for their timeline. So you think that bitcoin newbie needs to be able commit to investing and also to a 4-10 year timeline before getting started?
Isn't a requirement of both having to treat bitcoin as an investment and also that he needs to commit to a 4-10 year or more timeline going to cause the bitcoin newbie to have to engage in a lot of research to make sure that he is doing the right thing?
I understand that there is a bit of a dilemma, yet it seems that getting started remains important - even if guys might not be ready, willing and able to commit for 4-10 years or longer - and perhaps as they are buying bitcoin and looking into it, they will come to the realization that bitcoin is an investment and not a trade. It seems that they have to come to those conclusions on their own, yet I doubt that it is valuable to suggest that they have to figure out (and accept) that bitcoin is an investment rather than a trade before they can get started buying bitcoin.
If you don't have the basic knowledge as a newbie, you will face challenges in investing in Bitcoin.
Are you assuming that newbies to bitcoin do not have any life experience, knowledge and/or skills? Do bitcoin newbies have any knowledge at all? or should we treat all newbies as if they were 12 years old? And? what about challenges? Don't we learn from challenges? Can't we adjust our position size so that we are prepared for some of the challenges? What if a person hears about bitcoin, knows that he has $100 per week that he could buy with, but then he looks at various places in which he could buy bitcoin, and maybe he becomes uncomfortable with the buying process? Wouldn't his learning affect what he wants to do, what he might feel that he needs to know and maybe whether he starts or if he searches alternative places to source his bitcoin?
It is knowledge that helps one understand the importance of having patience to hodl, and it is knowledge that prevents one from panicking when Bitcoin dips. It is also knowledge that makes one understand that they don't need to expect profit within a specified timeframe.
You are pretty vague with this idea of basic bitcoin knowledge, and you seem to want to patronize newbies, as if the bitcoin newbies cannot decide for themselves to get started and with how much to start with. It seems to me that so many times in this thread I am repeating the idea of getting started buying bitcoin as long as a guy has discretionary funds, and also suggesting that guys can get started based on their own assessment of the situation, so I ongoingly emphasize getting started, yet at the same time, so many members ongoingly want to proclaim that there is some vague requirement for "knowledge" beyond their own having had assessed their having discretionary funds and their having had used their own judgement in regards to whether they need to know more or not and that they can decide from where they are at to get started and decide their starting position size.
Maybe I should start deleting the posts of guys who are ongoingly and repeatedly arguing about vague requirements and not emphasizing getting started? Sure, if there is something concrete reasons in what they are saying or some specific circumstances that might exist with certain people, and maybe if they were to provide some kind of realistic and/or reasonable example, then maybe that makes sense that some guys might need to figure out certain matters prior to getting started, yet it still seems like judgement calls that are vague and amorphous and misleading in the context of this thread since asserting some vague requirements seem to ongoingly deemphasize the idea of getting started from whereever the newbie bitcoiner might happen to find himself.
