Beginners, you don't need Bitcoin first

[goldkingcoiner]

From what I can tell, it would be better for the newbies to mine their own Bitcoin. Just a small amount which is barely enough to try out a couple of transactions. For practice. Not only would they understand where Bitcoin comes from, but they would understand the advantages of Bitcoin over Fiat much more clearly, after having an in-depth introduction with practical decentralization.

Then there are testnets online, with which you can practice trading on an exchange. Deribit testnet being one of my favorites, although I have not used it for years now.

[Victorik]

I think most times it is because some people see investment in BTC as a means of getting quick money. That's why they can invest the little they have so it can multiply at the speed of light. But, more often they get disappointed because it just doesn't turn out the way they had anticipated.

If you a having the mindset of making quick money in bitcoin investment, then you will end up losing everything within a short period of time, since they are looking for quick money, if they join bitcoin and they didn’t get the quick money they are looking for, they might end up being introduced to a Ponzi scheme where they will promise them huge return in a short period of time without any risk, if most them see offers like this, they will end up falling for it and at the end they will end up being scammed, and they will be complaining that bitcoin is a scam, but they didn’t know they made the wrong decision.

I know people that are really ready to hold their bitcoin will have another source of income and they won’t depend on the bitcoin they are holding for survival, if you depend on the bitcoin you are holding for survival, then you will be selling all your bitcoin soon, and you might be selling at lose.

They can hold because they don't rely solely on Bitcoin's earnings as their primary source of income is their job or business. This is to compare why rich people can hold for many years while poor people can't. That is why I encourage people not to focus on Bitcoin investment because this won't make us rich instantly nor earn a profit right away. As we can see, a lot of people leave crypto because of their wrong expectations. Well, we can say that Bitcoin is a profitable investment but not to the point that we can expect it every day, maybe if we are trading that seems possible. But if we are just holding, that is impossible, it takes months or years.

Yea, that is the whole point of the discussion. Before invest in BTC, first ensure that you have another source of income you can rely on, not that you're investing with all your monies because someone told you that investments in BTC can make you rich. Get a job, and then invest with spare cash.

[TopT3ns]

You are right. Bitcoin investment is usually a long term investment and shouldn't be entered into with the intention of making quick bucks. And moreso, before investing in BTC, one should as a matter of necessity have a reliable source of income, otherwise, they may not be disciplined enough to leave that BTC in their wallet when they start having financial emergencies.

The Bitcoin exchange rate is already too high; it will be difficult for you to get it. It's better to participate in the Airdrop or Bounty Campaign to get Altcoins that can be used to buy Bitcoins, because if you buy Bitcoins using money that is often used for the necessities of life, then when the price collapses, it will make you depressed.

[Blitzboy]

From what I can tell, it would be better for the newbies to mine their own Bitcoin. Just a small amount which is barely enough to try out a couple of transactions. For practice. Not only would they understand where Bitcoin comes from, but they would understand the advantages of Bitcoin over Fiat much more clearly, after having an in-depth introduction with practical decentralization.

Then there are testnets online, with which you can practice trading on an exchange. Deribit testnet being one of my favorites, although I have not used it for years now.

Bitcoin mining is hard; I mean very difficult. It would be an understatement to say that most people are familiar with the equipment used to build mining rigs.

Even if it's meant as a learning experience, the plan to mine for practice might be like building a car from scratch to get behind the wheel. Nonetheless, who am I to make a decision?
Put another way, "Don't just drive; build the car, the road, and the traffic lights too!" Despite the fact that it defies logic, I admire your faith in Bitcoin, and I admit that I am a little bit envious of your apparent familiarity with the crypto world. Right now, Bitcoin is your only choice.

[Trawda]

Yes, getting a job is very important, this happened to me as I often had to sell the bitcoins that I accumulate for living expenses and my family’s expenses.

It sucks that you have to sell your precious bitcoin in order to make ends meet for your family's monthly expenses.

[SharonC]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

Totally agree with you! I don't understand people who invest money in crypto, not having any savings or regular income. Like why?
Bitcoin or any other crypto won't make miracle. The slightest mistake - like losing a password will lead you to losing the cryptos. Don't be so naive!It's not 2008 anymore

[SharonC]

From what I can tell, it would be better for the newbies to mine their own Bitcoin. Just a small amount which is barely enough to try out a couple of transactions. For practice. Not only would they understand where Bitcoin comes from, but they would understand the advantages of Bitcoin over Fiat much more clearly, after having an in-depth introduction with practical decentralization.

Then there are testnets online, with which you can practice trading on an exchange. Deribit testnet being one of my favorites, although I have not used it for years now.

Bitcoin mining is hard; I mean very difficult. It would be an understatement to say that most people are familiar with the equipment used to build mining rigs.

Even if it's meant as a learning experience, the plan to mine for practice might be like building a car from scratch to get behind the wheel. Nonetheless, who am I to make a decision?
Put another way, "Don't just drive; build the car, the road, and the traffic lights too!" Despite the fact that it defies logic, I admire your faith in Bitcoin, and I admit that I am a little bit envious of your apparent familiarity with the crypto world. Right now, Bitcoin is your only choice.

Do you believe bitcoin holding will bring you great profit in the future or is it just a fairy tale? What's your opinion?

[Bitcoin_people]

Newbies to Bitcoin investing must follow these tips to stay safe from losses. As the newbies want to take Bitcoin investment as their main source of income. But they have no idea about when they can invest and when they can lose money. Avoid investing when the market position is always at high levels and instead invest for a long time when it is going down. When following such practices, newbies will understand in certain respects when an investment will make them profitable. To be profitable, one must know the market well and accept that the volatility of the Bitcoin market can happen at any time. In that case if the person suffers loss then he must be patient for a long time but he can gain. Moreover, you need to be experienced in many other things so that you don't have to face losses and you can succeed if you follow the advice of a good investor.

[Z390]

From what I can tell, it would be better for the newbies to mine their own Bitcoin. Just a small amount which is barely enough to try out a couple of transactions. For practice. Not only would they understand where Bitcoin comes from, but they would understand the advantages of Bitcoin over Fiat much more clearly, after having an in-depth introduction with practical decentralization.

Then there are testnets online, with which you can practice trading on an exchange. Deribit testnet being one of my favorites, although I have not used it for years now.

Bitcoin mining is hard; I mean very difficult. It would be an understatement to say that most people are familiar with the equipment used to build mining rigs.

Even if it's meant as a learning experience, the plan to mine for practice might be like building a car from scratch to get behind the wheel. Nonetheless, who am I to make a decision?
Put another way, "Don't just drive; build the car, the road, and the traffic lights too!" Despite the fact that it defies logic, I admire your faith in Bitcoin, and I admit that I am a little bit envious of your apparent familiarity with the crypto world. Right now, Bitcoin is your only choice.

Do you believe bitcoin holding will bring you great profit in the future or is it just a fairy tale? What's your opinion?

Past price history of Bitcoin has shown that making life changing money investing on Bitcoin is not a fairy tale, but as time goes on it's getting more harder because Bitcoin is slowly becoming more value than even Gold, after 2025 It will be extremely harder to buy good numbers of satoshis you can easily buy today.

We've had a few discussions on this forum where it's stated that 0.1BTC can make you rich a few years to this time, but we can't ignore the fact that 0.1BTC is a lot today, a few years back it's not, so maybe after 2025 it won't be easy for an average Joe to hunt for 0.1BTC.

Maybe 0.01BTC will be the new good level of Bitcoin people can or should target to make good profits for holding BTC for 2030 or so.

[coolcoinz]

Begging others to get bitcoin is bad, just as selling your house for that reason, but I feel like we're talking about extremes here. Just as it's not a good idea to borrow money to gamble, or to invest with high leverage, it's also not a good idea to be sitting on millions in fiat money and not getting even a single bitcoin.

I feel like the advice given by OP, although good, is very obvious to any grown up, responsible investor. I feel like it's aimed towards teenagers for whom bitcoin is their first investment ever.

[Japinat]

Bitcoin is a good future investment but in order to achieve it, it requires our time and money. So I don't see it would be possible if we don't have a stable job in the first place. Bitcoin cannot guarantee to provide us food on the table, but having a job first will do. That's why it's better to land a job first before you seek for any potential investment.

[anjiitem]

I feel like the advice given by OP, although good, is very obvious to any grown up, responsible investor. I feel like it's aimed towards teenagers for whom bitcoin is their first investment ever.

Yes, I think what the OP means perhaps more specifically is a beginner or teenager who doesn't have a stable income and still relies on the pocket money they get from their parents to invest in Bitcoin.
I agree with what the OP said because it is better for someone to have a stable job or income before starting to invest in Bitcoin.
But I also think there is nothing wrong if someone uses the money they receive from their parents or other people to invest in Bitcoin. Because in my opinion if you are a teenager and want to get used to starting investing then it is better than them spending the money they receive on activities that are less useful.

[fruktik]

You are right. Bitcoin investment is usually a long term investment and shouldn't be entered into with the intention of making quick bucks. And moreso, before investing in BTC, one should as a matter of necessity have a reliable source of income, otherwise, they may not be disciplined enough to leave that BTC in their wallet when they start having financial emergencies.

Are you insured against force majeure? I don't think so. Therefore, it makes no sense to talk about having a constant source of income that will help you not to touch Bitcoin on your wallet. Different situations may arise when a large amount of money is needed. For example, for the treatment of a loved one or something else. Well, how then to be? It can't wait long.
Therefore, all these points should also be taken into account and not be so naive in this life.

[Litzki1990]

New members should first follow the advice given by you. Experience and skill make a difficult task much easier for someone but a simple task for a new person is comparatively very difficult. New members do not have a clue of where to start and finish a particular task, which is why they find these tasks very difficult. If the new members are interested in investing first then they should first gain enough understanding about investing. A new investor can get ideas about investing in different ways like following other investors, watching different videos about investing or looking at different investment related posts on this forum. If the new member expresses his desire to know then surely he will know. So those who are new should try to know first, if there is an attempt to know then surely he will know a lot about investment.

[synchronym]

op's post I am really impressed by his post because those who are new who are new users can learn a lot from op's post then they will understand how to invest bitcoin. Bitcoin is definitely easier for the wealthy because they don't have to withdraw the bitcoins they trade in a short period of time which means they won't lose as much if the price of their bitcoin goes down. And for those who don't have enough capital to provide money, need to borrow from someone or sell some land, Bitcoin becomes a little risky. However, I will say that Bitcoin is very important to Ubayy, so we hope that when we trade Bitcoin, we must be very careful and do it over time and it will lead to success in life.

[Marvell1]

You are right. Bitcoin investment is usually a long term investment and shouldn't be entered into with the intention of making quick bucks. And moreso, before investing in BTC, one should as a matter of necessity have a reliable source of income, otherwise, they may not be disciplined enough to leave that BTC in their wallet when they start having financial emergencies.

Are you insured against force majeure? I don't think so. Therefore, it makes no sense to talk about having a constant source of income that will help you not to touch Bitcoin on your wallet. Different situations may arise when a large amount of money is needed. For example, for the treatment of a loved one or something else. Well, how then to be? It can't wait long.
Therefore, all these points should also be taken into account and not be so naive in this life.

It is true that there is no guarantee that we will definitely not have to sell bitcoins because the future is unpredictable and life is always full of surprises. But you cannot deny that if we prepare everything well such as having a stable source of income, saving for emergencies... then your investing and holding will be easier and less stressful. Like many people started complaining that high inflation is making them struggle with their daily needs and they are thinking of having to sell their bitcoins because their family's day to day needs need to come first. But there are also many people with good income and large savings, they never thought about selling their bitcoins. Planning for life is very important.

[Dickiy]

It is true that there is no guarantee that we will definitely not have to sell bitcoins because the future is unpredictable and life is always full of surprises. But you cannot deny that if we prepare everything well such as having a stable source of income, saving for emergencies... then your investing and holding will be easier and less stressful. Like many people started complaining that high inflation is making them struggle with their daily needs and they are thinking of having to sell their bitcoins because their family's day to day needs need to come first. But there are also many people with good income and large savings, they never thought about selling their bitcoins. Planning for life is very important.

A simple statement but very reasonable to digest, it is true that there is no guarantee for us to continue to maintain it and put aside the needs of our lives, no one can predict the future but here we can prepare everything to minimize the risks that will occur in the future for a very emergency. You may have enough income for now but it is not necessarily for some time to come, so it is a good choice if you look for other opportunities to increase your income, besides you invest in bitcoin but it would be better if you also look for other opportunities in real life. Inflation will continue to occur and as you and I have said above, you need to look for new breakthroughs to minimize or help you make ends meet in the midst of a significant increase in the cost of living.

if you have no other choice then of course you will sell the bitcoin that you have been maintaining, life is more important and it is indeed the best choice than you let your stomach starve.

But on the other hand you can also continue to live normally in the midst of inflation that occurs and you also absolutely do not lose bitcoin or do not have to sell bitcoin, and the way is to start from now on to find or form new opportunities to increase your income. So it will be very useful for your life in the future.

[JunaidAzizi]

You really give the best advice ever not just to beginners or newbies but also to those who have no job and want to invest in Bitcoin. I appreciate your work. Most people think that investing in Bitcoin makes them rich faster but they don't know that Bitcoin is not a scheme which make your money double within minutes. Bitcoin needs investment and will only be possible if you have a passive income For that, you need to get a job first through which you fulfill your daily uses and save the extra money and when you make it large then I suggest you guys invest. Again Before investment, you need a healthy job.

[mvdheuvel1983]

Having a source of income is a good start to begin bitcoin investment. Bitcoin is a kind of money in which people can invest, and for this to happen their must be a source of income. Bitcoin is money , for one to have more money money their should be a source of income. Acquiring your first bitcoin does not mean one will start becoming financially buoyant.  It is when we have a job that generate money , then more bitcoin can be gotten from its investment.

The reality is that it is hard to invest in bitcoin now. Before all you need do is buy bitcoin and watch it 2x in a very short period of time because the rate of adoption was fast. Nowadays, you have to wait for years before you see any profit. Then again, investing in bitcoin as of today seems more complex than before. Too many scams out there, to many security risks out there and other unforeseen circumstances too. Therefore, I buy into the argument the beginners do not need to first invest in bitcoin financial education should be topmost priority and them security before investing.

[serjent05]

Having a source of income is a good start to begin bitcoin investment. Bitcoin is a kind of money in which people can invest, and for this to happen their must be a source of income. Bitcoin is money , for one to have more money money their should be a source of income. Acquiring your first bitcoin does not mean one will start becoming financially buoyant.  It is when we have a job that generate money , then more bitcoin can be gotten from its investment.

The reality is that it is hard to invest in bitcoin now. Before all you need do is buy bitcoin and watch it 2x in a very short period of time because the rate of adoption was fast. Nowadays, you have to wait for years before you see any profit. Then again, investing in bitcoin as of today seems more complex than before. Too many scams out there, to many security risks out there and other unforeseen circumstances too. Therefore, I buy into the argument the beginners do not need to first invest in bitcoin financial education should be topmost priority and them security before investing.

It isn't that hard as long as you have extra money in your hand.  You can buy $10 of bitcoin years ago and you can still buy $10  of Bitcoin today, so it does not change, what changes is the amount we receive buying in that exact amount.  Buying is not hard but the way you states it is like it is harder to make a profit in Bitcoin today.

About scammers, there were way more scammers before since it wasn't regulated as today, and the information way back about BTC isn't as profound as today.  Though I agree, beginners do not need to jump into investment in Bitcoin first but should learn about BTC and its market.  It is always advised to have knowledge about the planned investment since it will save us from unnecessary losses.