What are the procedures to follow when I want to invest?

[BoiCrypto]

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

3. Why is using Bitcoin better than using conventional currencies?

Many thanks to all of you for your explanation.

[mk4]

If you don't know the answer to those questions, then it isn't a good time to invest yet lol. Who even invest in something you don't understand yet?

Research.

* If you like reading articles: https://coindesk.com/learn
* If you like reading books: https://theinternetofmoney.info/
* If you like watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://chainsec.io
* https://www.lopp.net/bitcoin-information/security.html

If you want to get more technical
* https://github.com/bitcoinbook/bitcoinbook#chapters

[Solosanz]

1. Not really that hard, depends on the exchange you're want to use. I think the crucial element is privacy because if you've share your privacy in online, you will not able to become 100% anonymous since either the database or someone have save it.

2. In short mining is a process to verifying and solving Bitcoin blocks, mining can maintain Bitcoin security because the higher the difficulty and the more people mine it, this will make people who want to perform 51% getting slim.

3. Because it's decentralized.

[Fiatless]

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

You can buy Bitcoin through centralized or decentralized platforms. You have to study how these platforms operate to check the one that suits you. If you don't care much about your privacy and you can risk keeping your funds in the custody of a third party, you can choose exchanges. But it is risky since they are unreliable. But if you are not comfortable with KYCs and you want to have total control of your funds, the best option will be decentralized platforms that promote P2P such as bisq.

3. Why is using Bitcoin better than using conventional currencies?

Bitcoin is better because it is
Decentralized: It is not issued or controlled by the government or organization. So it cannot be easily manipulated by any government.

Promotes privacy: It can hide the identity of an individual because it is pseudonymous. Transactions can only be traced to wallets or addresses but your identity cannot be known if you use a non-custodian wallet or use exchanges that don't require KYC. Using Mixers can also promote your privacy.

Serves as a hedge against inflation: Bitcoin has proved that it can help individuals protect their finances from the loss of value of local currency during inflation.

Grants unlimited access to funds: Money kept in banks can be seized by banks or government. However, using Bitcoin through a non-custodian wallet will give you unlimited access to your money.

Competitive transaction fees: Bitcoin transaction fees can be cheaper and more reliable than fiat transactions.

Cannot be counterfeited: Although we have some altcoins that want to duplicate bitcoin such effort ended in futility. Fiat can be faked easily but it is not easy to counterfeit bitcoin.

Many thanks to all of you for your explanation.

You need to do your research before engaging in trading for the reason that there are other important things you need to learn. You need to learn how to secure your wallet against hacks or scams. Just make sure you do your research.

[Nwada001]

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

Proceedings in buying
First, you need to get the money you want to use to purchase the bitcoin, either in your bank account, in cash, or by whatever means you prefer.

Secondly, you need to have a secured wallet that you can use to store those bits. Electerum and BlueWallet, among many others, are recommended to us as they are open source and self-custodial wallets (meaning you have full control over whatever you send in your wallet).

Thirdly, you have to make a choice of how you will want to acquire the bitcoin: DEX P2P, as they are highly recommended; DEX like Bisq, HodlHodl, and Agoradex. On this exchange, you will now discuss how you want to make payment to the seller and reach an agreement.
 
Fourthly, you need to learn how to secure your wallet, keep your wallet key safe, don't share it, and don't lose it, because if they are misplaced, you lose your coins.

[Tamaperdana]

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

3. Why is using Bitcoin better than using conventional currencies?

Many thanks to all of you for your explanation.

> Basically the procedure for buying bitcoin on a crypto exchange, OP only needs to create an account on one of the crypto exchanges such as Binance and after that top up the Binance account that OP has created with money. Then after that, OP can immediately buy bitcoins on the spot wallet. Maybe in short like that. And for the rules, every exchange always has different rules, of course, so the Op only needs to read the rules first so he can understand better.

> At the moment I also don't understand about bitcoin mining, because I only focus on trading and investing. But for security matters, if the OP leads to asset security, the OP only needs to save the bitcoin assets that the OP has purchased from the exchange, into a non-custodial wallet. Because if the OP stores his assets in a Custodian wallet like on an exchange, it is very risky.

> For a comparison of bitcoin and fiat currency. I think both currencies have their respective advantages. And the advantages of bitcoin lie in its limited supply, and having a decentralized system.

[Accardo]

First, you need to visit sites like coinbase to purchase bitcoin. Different exchanges have unique transaction fees. After purchasing bitcoin don't keep funds on the exchange, if you do, it means they have control of the coin. Transfer your bitcoin to a wallet that issues private keys, which authorizes you ownership of the coin.

Mining security is maintained in different ways, such as digital signatures that uses ECDSA for validating transactions, chain work the difficulty or hashes required to mine a block, consensus rules that guides what rule miners should follow to mine a block etc. These factors help to keep the mining process secure from attacks.

A good reason why using bitcoin over other conventional currencies is that, maintaining the bitcoin network doesn't require any external help, every update happens within the bitcoin developers, miners and users. No other charges aside transaction fees. 

[Abu-Naim]

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

3. Why is using Bitcoin better than using conventional currencies?

Many thanks to all of you for your explanation.

All of the things you stated will be easier for you if you understand bitcoin and how it operates.

I, too, have limited knowledge, but I am certain that you can purchase Bitcoin using centralized exchanges, which are most frequent for novices due to our lack of knowledge, but you can also purchase via peer-to-peer in some Exchanges that are not kyc.

To learn more about the other aspects you stated, visit Learnmeabitcoin.com, which will assist and explain the entire procedure to you.

[Sim_card]

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

You use use Cex to buy your bitcoin, since it is very easy and since it is your first time. Create an account with Binance or Kucoin. Make sure you pass through the KYC verification and after that,you use go to buy bitcoin through P2P. You will see some p2p merchants, look for the one that has higher transaction than the others because it means that he is to be trusted but not 100%. There will be a payment option,the amount of bitcoin that you want  in your local currency and send the money to the merchants account. When done, you will have to call the merchant to release your coins. Same with when you want to sell,instead of buying this time you use p2p to sell. When you are selling,don't release the crypto,until you have confirmed the money in your account so that you don't get scam because it is an exchange doesn't mean that there are no scammers. If you care about your privacy that much, you should use DEx p2p.

3. Why is using Bitcoin better than using conventional currencies?

Bitcoin is decentralized,censorship resistance and is limited in supply. Bitcoin doesn't need a third party to carry out transactions. while conventional currencies are the opposite of bitcoin. They are centralized,non censorship and is not limited in supply as government keep printing more money.

[Franctoshi]

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

3. Why is using Bitcoin better than using conventional currencies?

I will take you through both the risk factors and the Benefits.

Bitcoin is the best investment of our generation and due to the high rate of inflation as of 2009 Bitcoin was given birth,  so if you are looking for an inflation hedge you got safe heaven in Bitcoin.
When you talk about cross-border payments with seamless transactions Bitcoin solves the problem,
Transparency, in the sense that the total amount of BTC that will ever exist, is known.
When It comes to freedom with your funds, Bitcoin gives you total control.


Risk factors,

Bitcoin is volatile and it's still in the early stage of development.
The Issue of securing your seed phrases and the fact that any BTC you send to a wrong address will never be recovered.

[SamReomo]

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

3. Why is using Bitcoin better than using conventional currencies?

Many thanks to all of you for your explanation.

Good to see people like you who want to learn about Bitcoin.

1. You can buy or sell Bitcoin on both centralized and decentralized exchanges but for beginners the preferred way to buy or sell Bitcoin is via a centralized exchange. Buying and selling your coins on centralized exchange like Binance is much easier and safe and if you are a type of person who want to buy Bitcoin and hold it for long term then the best option for you is to withdraw your coins from that centralized exchange to your own personal wallet. You need a separate pc or laptop to create that personal wallet and once you receive your Bitcoin in that wallet you should disconnect that pc or laptop from internet so that your wallet will become a cold wallet and your coins will be safe from hackers. I recommend you to download an open-source wallet like Electrum and try to make a wallet with 24 word seed phrase and save your seed phrase and private key on a USB drive as well on an external SSD drive. You should never connect that SSD drive or USB flash drive on a pc or laptop that's connected to internet and also don't allow anyone else to access your USB flash drive or SSD drive.

2. Bitcoin mining functions when a miner tries to solve a very complex mathematical problems by using a specialized ASIC mining hardware like Antminer S19 Pro or other ASIC mining equipment that's entirely created to solve those complex mathematical problems which is required for Bitcoin mining. The miner then run that mining hardware in cluster form and allow their hardware to work 24/7 and after days to weeks the miner will find Bitcoin rewards when he/she validates a block . A block currently contain 6.25 Bitcoin and the miners with more hash power can mine those blocks easily depending on the amount of hash power they have. Most of the time the miners don't follow the traditional route of solo mining and in that case they join mining pools where the hash power of the whole pool is used to solve those mathematical problems together. In simple words Bitcoin mining is the PoW (Proof of Work) process to find free Bitcoin by utilizing your electricity energy resources that mining equipment require in order to run and once the mathematical problem is solved the miners get incentivized with Bitcoin.

3. Bitcoin is better than conventional currencies because it's totally virtual in nature and no one has any control over it. The Bitcoin is totally decentralized and that makes it a unique currency in the world because no government or centralized authority is controlling it and it's total volume is limited to just 21 million Bitcoin. The number is fixed and no one in the world is able to change that number. Although, you aren't running away from centralized authorities when purchasing Bitcoin through a centralized exchange but if you can purchase Bitcoin from a decentralized exchange then you're truly using it's decentralization power.

[Z-tight]

Why is using Bitcoin better than using conventional currencies?

This is subjective and not everyone will agree that BTC is better; also everyone of us makes use of the both of them as well, so yeah. The two currencies have their utility and value, BTC is decentralized money that is censorship resistant and also permissionless, but the reason why a lot of people choose it over fiat is that it is also a volatile asset that they can get revenue from. Fiat is centralized and issued by the government, it is also the currency that is mostly used all over the world, too many people don't actually want to spend their BTC because of future profit.

[lovesmayfamilis]

OP, let me digress a bit from your questions and give you some more proper forum behavior. You came to the forum recently but got carried away creating new topics with questions, the answers to which you seem to already be able to find on your own. I'll point to the response you gave to the user, pointing to the topic from Charles-Tim.

Have you try checking this thread by Charles Tim even once since you join the forum?

Have you tried reading this thread carefully if you are already sending newbies to it?
You have probably heard that you should contribute to the forum in some way. I'll show you how to be helpful here.
Don't create a bunch of threads where you can find answers on your own. This is a very useful thing.

[DVlog]

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

Many thanks to all of you for your explanation.

There is a saying that "Learn before you earn". If you want to invest in something learn about it. Learn about its weaknesses, strengths, opportunities everything. Otherwise, you will just be gambling your money.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

There are many ways to buy bitcoin. You can use your fiat currencies to buy bitcoin through 3rd party services like paypal, binance, coinbase or through a bitcoin wallet app that supports fiat payments.

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

It's hard to explain the full story in a few words so here is a place where you can know the fundamentals easily.

3. Why is using Bitcoin better than using conventional currencies?

It depends on why you want to use Bitcoin in the first place. If you want to use it for making payments there are other better options as well but they will not match the volume, security, and decentralization of bitcoin. If you want to hold it as a store of wealth then I want you to look at the historical chat of Bitcoin. A shorter timeframe can frighten you but a longer time will put a smile on your face. Since its launch, it only raised in value.

[HONDACD125]

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

The process of buying and selling Bitcoin is very simple, you can buy and sell it on any exchange, but first you need to create an account on that exchange. Of course, there are many factors you need to know before starting, such as Bitcoin's complete chart history, Bitcoin halving and price fluctuations, bull seasons and bear seasons, all of which are very important to know. The most important thing is that you know when to buy and when to sell Bitcoin,because a perfect entry can give you a good profit.

3. Why is using Bitcoin better than using conventional currencies?

Many thanks to all of you for your explanation.

In my opinion, Bitcoin is better than traditional currencies because it is not controlled by anyone, whereas traditional currencies are controlled by central banks. Traditional currency you have to keep in your bank account, while Bitcoin you can store in your digital wallet. The advantage of Bitcoin is that no one can check your wallet, its location and the Bitcoins in it. Whereas in conventional currency, the  bank has your complete record  . Traditional currency is a physical currency for which you need a bank to transact, while Bitcoin is a digital currency that you can transact anytime anywhere with your password.

[CryptoHeadlineNews]

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

There are two procedures for purchasing Bitcoin, first, is a direct person-to-person buying/selling of BTC, whereby after creating your Bitcoin wallet, you meet up with an individual, you give him your wallet address, and he sends you BTC in exchange of your fiat currency. Secondly, is by using an exchange (i.e either decentralized or centralized), whereby you place a buy/sell order on it's p2p market, whereby you will be matched with a seller/buyer, you make payment, send proof and coin released to you for a successful trade.

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

Miners play a vital role in ensuring the smooth running of the Bitcoin network, as they are the ones who confirm Bitcoin transactions.

3. Why is using Bitcoin better than using conventional currencies?

Bitcoin is far better than conventional currency in the sense that just as the value of our conventional currencies are been controlled by the banks and government, Bitcoin is an independent currency that is not control by anybody but demand and supply, and offer lay individual the ability to be in charge of their finance/funds.

[SatoPrincess]

I have came across some questions today while I’m reading some areas of bitcoin, these are the list of my questions.

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

You can buy bitcoins through p2p, centralized exchanges or decentralized exchanges. Which one you choose will depend on you intend to achieve. If you are a person who is thorough about his privacy and do not want your bitcoins to be linked to you, I recommend you use decentralized exchanges like Bisq to make your purchase. Likewise if privacy is not a major concern, you can buy from centralized exchanges like Binance. It is important to note that exchanges are not wallets, you should always move your bitcoins out of exchanges to your non custodial wallet.

[BlackHatCoiner]

1. What is the procedure for purchasing and selling Bitcoin, and are there any crucial elements to take into account before beginning?

The process for exchanging bitcoin is via exchanges. I recommend the most popular from this list: https://kycnot.me/. They're exchanges which don't require you to give Know Your Customer data, like phone number, selfie, home address etc. The crucial elements to take into account before beginning are:

• Understand how bitcoin works in a fundamental level.
• Understand how these exchanges work. (the transaction process, costs etc.)

2. I'd appreciate an explanation of how Bitcoin mining functions and how it maintains the security and reliability of the Bitcoin network.

Here's your answer: https://learnmeabitcoin.com/technical/mining

3. Why is using Bitcoin better than using conventional currencies?

It's not objectively, always better. As everything, it comes with tradeoffs. It's better in the sense that you know the transaction will finalize, no matter what, that the cost is pretty transparent (it isn't determined by a bank monopoly), that it can't be confiscated without your permission, that it's always accessible as long as you're Internet connected, and that it can't be devaluated by arbitrarily printing more.

[BIT-BENDER]

There is no complete text book to investing but from experience it all about knowledge and understanding.
+ Have good knowledge and understanding of what you want to invest in.
+ Have your capital (best to start with what you can lose and also don't borrow if possible)
+ Time your investment: this comes after you must have had knowledge of what you are investing and then knowing the best time to get in.
+ Acknowledge the risk and reward: don't leave blindly understand that there is always a risk and a reward and know how to deal with them.

[Ever-young]

3. Why is using Bitcoin better than using conventional currencies?
Many thanks to all of you for your explanation.

Full access, total control, decentralization, no limitation, it’s volatile nature, it’s an asset which means you can still save with it and make profit out of it, it help you survive inflation to some extent which means you won’t have to worry much if your local currency is having any issue of devaluation, you won’t be charged from on a regular basis as per maintenance fee the way your local bank will charge you almost for everything, the only fee you are to spend is when sending out to the next persons wallet which the fee is as small as. Bitcoin gives you the opportunity to be financially dependent when it comes to how and when you want to transact, everything is centralized which means you don’t have to worry about manipulation you can check and track your transactions your self in the blockchain and confirm everything your self.