We need to understand bitcoin and wallets before investing

[Faisal2202]

Point 1is it necessary to teach people that is above 70 years bitcoin and if they invest in bitcoin how long will they benefit in bitcoin before they die. I do see bitcoin investment like an asset and investments plans that is meant for young youths until they get to old age and its not something that is not something thats meant for old people that is above 70 years to 80 years.

I did not really quite understand what you are implying here, as there is no age limit to invest in BTC or in any other type of investment, and no one is stooping to make an investment in BTC, whether they are young or old. If one is old or young and trying to make some investment in BTC, then he or she must have some aim to achieve as well as some expectations from those investments. Let's say even if a person is investing at the end of their age, he could give that asset to his or her heir in inheritance. But still, the time of death is not known to anyone. So stay positive and grow for yourself and your loved ones.

Point 2
It's good to give a proper information to whom you want to introduce to bitcoin investment

Agreed, as knowledge is the main factor before investing in BTC, as without knowledge, no one could really make expectations from their investment that are suitable. Like one without any knowledge, after investing $100 in BTC, he began to think that he would be financially free one day. But that's not going to happen, and we know that. Why? Because we have at least some sense of the market and how investment works.

[ZAINmalik75]

We should invest besides the factor of age, as the ones who are old or young have needs too, but you are preferring long-term investment here, and if that's the case, then I think you are right, as the old ones might not be there to see the results of their holdings, but that money could be of big use to that old person, like his children or grandchildren could use that money, or if he does not have any, he could use that money for donation purposes. There could be a lot of ways to use the money, but we should not keep age in mind; in fact, we should think about why we are investing in BTC or what we will gain for how much time.

Many things are expected to be learned about it but four aspects of Bitcoin have to be learned majorly, the rest are left to the person. The aspects are;

1. How Bitcoin come into play and Why.
2. How to buy and sell Bitcoin.
3. Best wallets for Bitcoin
4. How to earn through Bitcoin.

You have suggested some good points, but I think the OP was trying to convey another message: this knowledge is also necessary to remain scam-free and competent in the market. Learning from BTC is the main goal here, but many people just take it as an investment opportunity and blindly invest in it in the hope of making a lot of money.

I have seen a lot of people with this mindset who invest a small amount and then hope for the best. But if we keep the factors the OP mentioned and a few of the ones you mentioned, then we will be able to get some good returns on our investment.

[GeorgeJohn]

Understanding of bitcoin is like moving forward in researching of bitcoin of bitcoin and it's obvious that before you invest in bitcoin you most passed the process of understanding the basics things of bitcoin, like you will start for the protective wallets that can protect bitcoin, and secondly also know when to buy bitcoin and when to sell bitcoin  depends on your duration you have in bitcoin. So I believe that bitcoin have it's ways of understanding the basics things of bitcoin.

[RewFrew]

Everyone should understand and know properly about Bitcoin and wallet before invest. Without proper knowledge we will lose our valuable fund. We should consider some point to invest. Like,

* Know about Bitcoin : Anywhere to invest we should know about that. So when we invest on bitcoin, then we have to know and understand about Bitcoin. We have to know Bitcoin's History because it will be helpful invest on bitcoin.

* Wallet and Exchanger : To invest on Bitcoin wallet is an important things. So we can use Different wallet like,
Coinbase,  Trust wallet,  Metamusk, blockchain.com etc.

Beside this wallet we can use different exchanger. Here we buy bitcoin easily and hold it. We can also trade here.  Buy, Sell and hold all we can do in exchanger. But for more secure we need completed KYC.

And should understand how to earn from Bitcoin investment. Also we think about investment period and profit margin. Overall everyone should understand about It's basic things and also risk. If we understand properly about Bitcoins and It's circumstantial things then we can invest on Bitcoin. Otherwise that investment will not gives us good return.

[hosseinimr93]

Coinbase,  Trust wallet,  Metamusk, blockchain.com etc.

There are two coinbase wallets. One is custodial and has full control over your fund and due to obvious reasons, it's not recommended. Coinbase non-custodial wallet is close-source and that should be avoided too.
Trustwallet and blockchain.com are also close-source and shouldn't be used.
Metamask (not metamusk) doesn't support bitcoin.

Please don't suggest something you don't have correct information about.

[Kakmakr]

Yes, it is very important for people to do research on everything ....before they invest in it... not just Bitcoin. Let's take a simple example :

There are currently Ponzi schemes doing the rounds, where Bitcoin are used as a payment option. People invest in these Ponzi schemes ..thinking that they are invested in Bitcoin... and when these Ponzi schemes collapse, then they blame Bitcoin.  

The same thing happens when people sell their bitcoins too early.... they make small profits or a loss.... and they blame Bitcoin for their poor decisions, based on very little market research.  

[Shumyl]

Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.

[Blitzboy]

The lifespan and return horizon of someone aged 70 or 80 may be limited, but consider that the value of knowledge transcends generations. It is not the purpose of teaching Bitcoin to grandparents to make them rich or poor, but rather to equip them with contemporary financial literacy. The query is not only how long they will continue to benefit from Bitcoin, but also how their knowledge could enrich conversations with younger generations. However, age is not a barrier to financial autonomy. Bitcoin may seem ideal for the lengthier investment horizons of the young, but its never too late for anyone to embrace innovation.

[Peanutswar]

Most of the elders are not enlightened with Bitcoin of course they focus to their self and how to survive in their time and only they know investment is with the use of the business, work and etc. I guess the best explanation is even if they know Bitcoin they will buy to hold it without having an assurance for the long term to make it more profitable today?, if they know of course they immediately make an investment but they choose to have a business and work for survival on their daily basis. You cant make a decision not until you are on the same shoes.

[Cookdata]

...............

It should have been more of a basic understanding of bitcoin than understanding the whole of bitcoin; understanding bitcoin never ends because it's a continuous process that has to align with society and as such, there will always be changes and upgrades. However, the security details should be expressed to newcomers at maximum speed, that is the basic background of bitcoin and when it breaks, there will not be bitcoin in the first place and no one can hold the bitcoin in their wallet.

Speaking about a wallet, there are hardware wallet and software wallet; the hardware wallet is the recommended type of wallet every bitcoiner needs in the first place, It is a type of wallet that don't get connected to the internet, and any attempt of online is free from the wallet but again, you have to make sure that it is properly backup and well save in a tight secure area where nobody will see except you. The software wallets are useful but only for daily spending and also signed transactions, they are not suitable for holding wallets as they are prone to hacking and your bitcoin will always be prone to dangers.

[Hamza2424]

__SNIP__

To invest the piece of information is necessary for my view, as what is the asset in which I am going to invest and what can be the potential outcome, and how I can keep my investment safe / risk-free. Risk free investment is completely different term from the safe as in safety we actually mean by the funds security and privacy on the same time riskt free refers to the strategy who you are going t take entry in the market. If you are investing a good reasonable amount as gaming to buy 2BTC or 3 BTC its can be called a very reasonable amount (I am not getting particular just an idea of the capital what you think is a lot to invest).

So the information about the security and asset is required in addition there is need to be awareness how to enter.

You should not go and buy the amount you have to device a strategy for the long term buying because we never know in which zone we are standing it is exit , entry, accumulation or distribution we can just speculate and results can be always 50 /50 ecept for the particular times.

[Plaguedeath]

Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.

This is completely bullshit, you can learn as much as you can since there are many websites that teach about Bitcoin, just spend like 30 minutes everyday. I'm pretty sure even you're completely understand about Bitcoin, you will not able to double or triple your money easily since Bitcoin price is determined by supply and demand. Not through chart, trend, candlestick or something secret.

[irhact]

Point 2
It's good to give a proper information to whom you want to introduce to bitcoin investment because I use myself as case studies because I was not properly informed of bitcoin investment because someone who introduce me in bitcoin did not give me the proper ethics of bitcoin marketcap scenario, when bringing people to bitcoin investment some people doesn't not teach the negative part of investing in bitcoin they only concentrate on the positive side and that is one of the things that discouraged some people not to invest  in bitcoin.

When teaching any individual about bitcoin, we should make sure we tell them everything they have to know about the market so we don't regret introducing them to the industry in the future. There's no referral bonus of introducing any individual to bitcoin so I don't see any reason why we don't tell them the good and the bad part of the market. If you keep the sad part of the market away from them, they'll hold you responsible in the future when the market crash and they lose.

Some individual investing in Bitcoin still don't know the difference between self custodial wallets, centralized wallets and also they don't know the difference between open source wallets and wallets that aren't open source, we should always teach them everything we know.

[Aanuoluwatofunmi]

I expect much of the wallet recommendations from OP and what implications are there in using any of these wallets, then more proper information as well on bitcoin and how we could decide on which type of wallet to use and why, though you have spoken well from your experience but don't you think that people needs more of what they could hold on to than mere explanations, the areas that should be focused on with this topic should be on custodial and non custodial wallet, siting examples and explaining why, i believe you could do better the more you go, but you have done well with your little own way.

[WatChe]

When teaching any individual about bitcoin, we should make sure we tell them everything they have to know about the market so we don't regret introducing them to the industry in the future. There's no referral bonus of introducing any individual to bitcoin so I don't see any reason why we don't tell them the good and the bad part of the market. If you keep the sad part of the market away from them, they'll hold you responsible in the future when the market crash and they lose.

Some individual investing in Bitcoin still don't know the difference between self custodial wallets, centralized wallets and also they don't know the difference between open source wallets and wallets that aren't open source, we should always teach them everything we know.

That's a good point that we must tell both sides of stories to new comers. Telling only the positive aspect of Bitcoin may attract people to join the market but in the long run they need to know what are cons of Bitcoin. Bitcoin is not complicated it just require you to spend time to understand its core principles. Once you are familiar with basics of Bitcoin the remaining tech parts are easy to understand.

[ChiBitCTy]

Why do you even have to look at it as an investment?  It bothers me that such a large percentage of people on this forum could care less about the actual technological advancements that bitcoin bring with it's decentralized nature as well as it's digital payment system/ non-double spending aspect.

I would first understand what bitcoin is, and why it's such a big deal (why it's such a technological breakthrough), then perhaps look in to "investing". 

Just don't forget that bitcoin is inherently NOT an investment.

[tjtonmoy]

Jumping into an investment just because you heard positive things about Bitcoin was a foolish thing to do. Why haven't you done your own research? If a guy tells you that salt tastes like meat, would you eat it straight away? Most people will check first before doing so. Because they know the basics. But those who dive into it straight away are fools. Don't take it personally but it is the truth.
And there's nothing wrong with old people learning about Bitcoin. If they are able to understand the concept, then why not? Bitcoin is for everyone. There is no limitation on who can use it and who can't. Bitcoin has helped many people to turn their life back. Those who are successful with it make money.

And the thing about wallet security. Why haven't you backed up your key? Just because someone skipped that part does not mean you should look for it. If you had done some research on your own, you could've saved your Bitcoins. But that's in your past. People make mistakes and learn from them. So take it as a lesson and move forward. Stop blaming others when you are the one who made the mistake.

[Zoomic]

Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.

This is completely bullshit, you can learn as much as you can since there are many websites that teach about Bitcoin, just spend like 30 minutes everyday. I'm pretty sure even you're completely understand about Bitcoin, you will not able to double or triple your money easily since Bitcoin price is determined by supply and demand. Not through chart, trend, candlestick or something secret.

The OP described the whole thing as if the information about bitcoin is gotten from a very difficult place. With a few days reading in this forum and around the internet, you will get the basics information of bitcoin that will allow you start earning from bitcoin. The difficult things and that one's that will be giving much is  mayb;

• Minning
• Trading
• Running a full node 

Etc.
As bitcoin wallets it is nice you have a waller that you have the seed and open source code.

[Oasisman]

Absolutely, If I have 0% information about Bitcoin and I invest in it so of course, I can't earn any profit. But if I have proper Information about it and I invest in Bitcoin so every time I can earn double or triple my profit easily. So, we should collect information first and then invest in it.

This is completely bullshit, you can learn as much as you can since there are many websites that teach about Bitcoin, just spend like 30 minutes everyday. I'm pretty sure even you're completely understand about Bitcoin, you will not able to double or triple your money easily since Bitcoin price is determined by supply and demand. Not through chart, trend, candlestick or something secret.

You've got a good point, however, trends, candlesticks, and anything that indicates a possible price direction can somehow help you to decide or give you an idea when to buy and when to sell your bitcoin. Of course, the price always depend on the demand.
Well, I agree about the guy you've quoted were obviously BS, because I can seldom hear someone even those who have been here for quite some time already that they have doubled or tripled their money "easily".

[BVeyron]

Point 1
When I think of bitcoin I see Bitcoin like treasure and their is desperation in me that bitcoin can not disappoint people who embrace bitcoin, but I'm not having the instinct that bitcoin will make us rich or bitcoin will make us poor because of the information I obtain from people investing in bitcoin. But I want to ask people who do emphasise on teaching their grandparents bitcoin what are their instinct of teaching their grandparents and their parents bitcoin, is it necessary to teach people that is above 70 years bitcoin and if they invest in bitcoin how long will they benefit in bitcoin before they die. I do see bitcoin investment like an asset and investments plans that is meant for young youths until they get to old age and its not something that is not something thats meant for old people that is above 70 years to 80 years.

Point 2
It's good to give a proper information to whom you want to introduce to bitcoin investment because I use myself as case studies because I was not properly informed of bitcoin investment because someone who introduce me in bitcoin did not give me the proper ethics of bitcoin marketcap scenario, when bringing people to bitcoin investment some people doesn't not teach the negative part of investing in bitcoin they only concentrate on the positive side and that is one of the things that discouraged some people not to invest  in bitcoin.

Point 3
What bitcoin investors needs is a proper research by the person concerned so that the person will get the full gist of bitcoin before investing its funds, I know what's bitcoin since 2014 and I knew that during creation of what I have to write down my seed phrase and document it, so after opening a trust wallet and I purchased bitcoin through luno platform with the directions of the person that introduce me to bitcoin and everything concerning the wallet was written by him and after two months I misplaced my mobile phone and that is how misplaced my bitcoin, when I asked my instructor of way forwards of retrieving my bitcoin he said since I have lost my phone its the end of my bitcoin

The problem of cryptoindustry is the lack of everyday use of cryptocoins. Nearly none of the business projects accept BTC directly without crypto to fiat transfers. Because of it, wallets are not widely used too, people simply have no need to use wallet apps (unlike digital banking apps, which are widely use worldwide). So at the moment wallets have only one main problem: app stability and good interface.