How mentally prepared are you?

[Hyphen(-)]

The rate at which new people are joining the forum and the entire community is very high, which makes me wonder how mentally prepared these new and previous users are for Bitcoin investment. If you are not mentally prepared for Bitcoin investment, it can lead to mental retardation.
First and foremost, before investing in Bitcoin, beginners should learn more about privacy; beginners should start by learning how to secure their files and personal details on the Internet because not knowing or learning about privacy can be a very big risk for them because in Bitcoin investment, you can lose everything with just one single mistake.

After learning enough about online privacy Here, we move on to Bitcoin investment and study how to protect our private keys and seed phrase Here.

How prepared are you mentally as a newbie when the market is on uptrend or down trending?

How mentally prepared are you to be able to survive the market situation by holding onto your coins and not selling them at a loss? Being patient is key since, no matter the market situation, 1 BTC is still 1 BTC.

Before investing in Bitcoin, serious considerations must be made, rather than simply following the trend that Bitcoin investment is a get-rich-quick scheme; this is not the case. Before you begin investing in Bitcoin, you must first learn about the market by observing, analyzing, and examining it.
Be patient enough to study the market so you can know when to buy, hold, and sell based on your investment strategy.

Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.

[SquirrelJulietGarden]

If you are not mentally prepared for Bitcoin investment, it can lead to mental retardation.

To start, they must learn about Bitcoin and achieve knowledge about Bitcoin. Basically, when they understand basics of Bitcoin via Bitcoin Whitepaper, Bitcoin Wiki and other resources, they will begin to have belief in Bitcoin.

That is a start of their mental preparation and as said, it should be triggered by knowledge. Without basic knowledge about Bitcoin, no one can strongly belief in Bitcoin, can not mentally prepared for their investment in Bitcoin.

[cryptoaddictchie]

Only fools who will buy cause some rich guys recommended it. Some are jumping without making any reseaerches on such project on crypto and when their investment fluke then will blame and says its a scam. They should go first and read some very important terms such as risky, investment, gains and losses. To udnerstand that investment isnt an easy money and learning to accept losses and avoid selling at a loss is a very innate skill one should adopt.

[crwth]

I think the best teacher would always be experienced. Imagine being able to share lots of ups and downs in the market until you are entirely immune to it, and you won't be as emotional as you were before. There are a lot of us like this ^{admit it}  , and it's just that we learn to adapt and not be too frightened of what the market could do. You can get anything with it if you know what you are doing.

Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.

There are ways to get it because understanding that you know what you are doing can either give you the best thing you have done or not. Borrowing is not always the solution, but it can be taken advantaged of. 

[lovesmayfamilis]

I don't think we should force everyone to be patient. Sometimes people's circumstances play against them. If they are willing to sell at a loss, that is their right. I would not call such people fools, or, as the OP writes, mentally retarded. Everyone has personal freedom. If they want to change to fiat, let them do it. I always support the policy of living life to the fullest in the here and now. You need to be able to hold Bitcoin to a good price, but you should not infringe on your desires today. A situation may arise when all big money will no longer be as joyful one day as what is needed now.

[Yawa2020]

I don't think we should force everyone to be patient. Sometimes people's circumstances play against them. If they are willing to sell at a loss, that is their right. I would not call such people fools, or, as the OP writes, mentally retarded. Everyone has personal freedom. If they want to change to fiat, let them do it. I always support the policy of living life to the fullest in the here and now. You need to be able to hold Bitcoin to a good price, but you should not infringe on your desires today. A situation may arise when all big money will no longer be as joyful one day as what is needed now.

You just spoke my mind! Many people do try to compel others to their own idea which is not supposed to be so. Where's the privacy and freedom we all preach then? Of course you can advise and recommend holding to a favorable market but not definitely stop them or call them fool when they intend to sell at whatever price. Fiat might be more useful than holding at such situation.

[Pmalek]

The rate at which new people are joining the forum and the entire community is very high, which makes me wonder how mentally prepared these new and previous users are for Bitcoin investment.

I seriously doubt that. The forum activity is dropping and we aren't getting many new interesting faces who are interested in staying long term. Many who come are previously banned bounty hunters or spammers that return to resume such activities. So you aren't going to get quality information from them and they are not interested in investing in BTC. 

Being patient is key since, no matter the market situation, 1 BTC is still 1 BTC.

In terms of numbers, sure, 1 equals 1. 1 BTC = 1 BTC, but 1 USD is also 1 USD. It's the purchasing power of the units that changes. The purchasing power of the USD is historically decreasing, while that of bitcoin is increasing. Still, you can't make the claim that the 1 BTC from 2012 is equal to the one of today, or that the one we have today equals the one that was worth $69.000 per unit a few months ago.

[Asiska02]

Most times people fail to understand why they need to learn the basic of bitcoin investment before embarking on it. They have little or no knowledge about bitcoin and end up falling victim of great loss and regretful of their actions at the end. Being mentally prepared to invest in cryptocurrency is one of the basic knowledge all newbies should learn, without that it leads to mental collapse as such newbies even use the money they can’t afford to lose, which can eventually leads to committing suicide by such persons. Being prepared mentally should not be underrated by any investor ready to start bitcoin investment.

[hatshepsut93]

If you are not mentally prepared for Bitcoin investment, it can lead to mental retardation.

I don't think you are using that term properly.

Before investing in Bitcoin, serious considerations must be made, rather than simply following the trend that Bitcoin investment is a get-rich-quick scheme; this is not the case. Before you begin investing in Bitcoin, you must first learn about the market by observing, analyzing, and examining it.
Be patient enough to study the market so you can know when to buy, hold, and sell based on your investment strategy.

How can you study the market? No one has any idea where the price is going. If someone could consistently predict it, they would be a billionaire. But so far the only people who got filthy rich from crypto are OG hodlers. Who probably were already doing well financially, if they resisted the temptation to cash out.

It's just like saying "do your own research". Without telling newbies how to do their research in-depth, it's a meaningless phrase.

[Apocollapse]

First and foremost, before investing in Bitcoin, beginners should learn more about privacy; beginners should start by learning how to secure their files and personal details on the Internet because not knowing or learning about privacy can be a very big risk for them because in Bitcoin investment, you can lose everything with just one single mistake.

After learning enough about online privacy Here, we move on to Bitcoin investment and study how to protect our private keys and seed phrase Here.

There's no relation between privacy, security and mentally since they're completely different!

How it's possible you can lose everything when your privacy are leaked? the only way is $5 wrench attack, nothing more. It's different like if you get phished and you give them your private key, this is about security, not privacy.

Although I supporting for people that have privacy concern, but you're don't really need to become high privacy person if you want to invest Bitcoin.

[SquirrelJulietGarden]

I think the best teacher would always be experienced.

Experience, practice makes perfect but it should be supported by learning and achieved knowledge.

Without experience, without real practice, no one can manage all knowledge learned in theory. Because the control of emotion, mentality, psychology is only achieved by experience and practice. It can not be achieved solely by learning any course.

No one has any idea where the price is going. If someone could consistently predict it, they would be a billionaire. But so far the only people who got filthy rich from crypto are OG hodlers. Who probably were already doing well financially, if they resisted the temptation to cash out.

Most of predictions are wrong and the market usually moves in contrast of what the crowd think it will. So the most important note for any investor and trader is, always have plans and mechanisms to protect your capital even if the market won't move as you expect.

[Daniel91]

OP, you need to prepare very seriously for any investment, not just bitcoin or crypto.
This means that you should analyze and understand the market very well, prepare an investment plan according to your capabilities and also have a very clear exit strategy.
It is very important to learn to control your emotions and to make decisions about your investment based on rational reflection and analysis and not based on fear or panic of possible loss of money.
Realistically, investing really isn't for everyone.

[Lucius]

The rate at which new people are joining the forum and the entire community is very high, which makes me wonder how mentally prepared these new and previous users are for Bitcoin investment.

Numbers can often be misleading because if today the forum has 500 new registrations, are they all unique members or were the majority of such accounts created only with the aim of an abuse bounty campaigns? Are they mentally prepared for what they do? Most of them aren't, but that's not a problem because sooner or later they'll realize that they're wasting time anyway, and wasting time is much easier to bear than losing money, right?

In a nutshell, nobody should do anything without first learning something about it - a man who has never driven a car cannot sit in it and start driving around, just as a soldier cannot be a good soldier if he has not been trained.

[michellee]

If I'm a newbie, I won't just invest in something new that I don't know much about, especially if I spend a lot of money. I will study it first, consider many things, and finally, decide. And if, in considering it, I don't find one or more things to be profitable, I won't try.

But luckily, I gained a lot of experience from this forum and learned more so I could decide to join and invest in bitcoin. And yes, I agree not to borrow money from a bank or other place to invest in bitcoin, especially if you don't have a steady income. That will make it difficult for us to pay the refund later.

[sunsilk]

It's hard to determine how well prepared they are mentally when they're still new to it. It's better for them to experience the ups and downs of the market for them to really feel how they must react.

Like those newbies last year that have experienced and seen the greener pasture of the market and then a sudden fall have seen for this year. Honestly, they're even at a better state for seeing the lowest for bitcoin because it's still high.

Although if some of them bought at ATH which is the same situation before for those who have bought at ATH on 2017. They still need to wait until the next bull run comes.

[kamvreto]

Also, please do not borrow money to invest in Bitcoin, and only invest what you can afford to lose.

but about this borrowing and borrowing depends on each individual. For those who are able to repay the loan and the interest it may be a last resort. The loan will be the main capital for investment or trading and monthly returns from the trading results. but this only applies to those who are truly professionals in the field of trading, if beginners do it it will only add to the burden and in the end there will be more losses and debts borne. Borrowing money is not a solution, but only as an alternative with some considerations. Investing what you can afford to lose is the tagline that continues to sound, because investing in basic necessities is very dangerous and will be a bad start.

[qwertyup23]

Only fools who will buy cause some rich guys recommended it. Some are jumping without making any reseaerches on such project on crypto and when their investment fluke then will blame and says its a scam. They should go first and read some very important terms such as risky, investment, gains and losses. To udnerstand that investment isnt an easy money and learning to accept losses and avoid selling at a loss is a very innate skill one should adopt.

Just like any other investment, a person joining in this cryptocurrency journey has the duty to do their research about it.

Most people have this misconception towards cryptocurrencies where they see this as an "easy investment" that would make them millionaires in a relatively amount of time. I mean, if that were the case, then I think most people would probably be rich by now.

Investing is an art where it requires all the skill and understanding the technicalities behind it. It just so happened that the medium of investment here is an instrument where its value is highly volatile- that is why people should do their respective research before investing.

[Stalker22]

The Bitcoin market may seem easy to understand and predict, but it is actually one of the most volatile markets to date. As a newbie, you should always be prepared for the ups and downs when entering the market. It is important to have the right type of mentality, as Bitcoin investment is not a "get-rich-quick" scheme. There are times when the market is on an uptrend or down trending, and you must know how to handle those days. If you cannot handle the risk and uncertainty, then stay away from it. The best traders are those who can remain calm even during times that look bleak. They know how to manage their emotions and keep their focus on what they are doing.

[BlackHatCoiner]

There's no way to predict the bitcoin market. You can only make some broad assumptions for the long term, but there's no damn way you can analyze in depth what's going on, unless you have the evidence to support it (e.g., CEXes with all that big data). The news don't tell much neither. There's no production level in cryptocurrencies (as in oil, gold etc.) to speculate conservatively. It's just demand, period.

If you're not prepared to say goodbye to your funds for a few years, you should definitely not buy bitcoin.

[BIT-BENDER]

Simple but very straightforward this are some basis that newbies need to know, although I would expect them not to take this as a scare but a preparation tips that would help them avoid or minimize financial losses in crypto-currency.
Also set your mentality on the Fact that Bitcoin and crypto-currency has other functionalities that doesn't have to do with investments, how they can increase the adoption of Crypto-currency in simple ways by accepting crypto-currency as a means of payments if they have businesses, how to handle news, rumors, FOMO and FUDs.