Bitcoin kwoledge is not complete without bitcoin investment

[Ruttoshi]

I am not suppose to say this here but i want forum members to advice and tell me on how I can go with my bitcoin journey as a newbie and become successful in it without losing my bitcoin. My Dad is late and he left us a building which I and my siblings inherited. I rented my own apartment because I stay in a more civilized area. Whenever my tenant pays me my rent, I just keep the money in the bank and sometimes it stays there for more than six months in my account because I have a job that takes care of my responsibilities. This year when I joined this forum, after reading through topics and comments from forum users on bitcoin investment, I said to myself that it will be wise if i give bitcoin investment a trial and see how it will feel like holding a bitcoin.

Last week Monday, I recieved my rent, but guess what I was scared of investing it on bitcoin because I was having so many thoughts in my head telling me to invest and not to invest. I continued with my forum activities and kept on reading, at a point, I got to realize that what will I gain, if I have the knowledge of bitcoin and I don't invest in it to have the experience on using bitcoin and to also have the experience of holding in long term, so that i can talk about bitcoin from experience. This means that it is important for me to buy bitcoin to acquire more knowledge,and this will be an advantage for me  to buy bitcoin now that the price is dip, before it pumps back. Yesterday, I used 60% of the money my tenant paid me to buy bitcoin and I was relieved and happy. I have also created an electrum wallet which I have transfered my coins into, the reason why I chose electrum wallet because it is noncustodial with RBF and Ligthening Network features, which can allow you to double spend,incase the network is congested and your transaction fee is low,since sometimes bitcoin blockchain used to be congested with dust transactions.

I intend to hold by bitcoin for long, because I just started my bitcoin journey and, I know that it isn't going to be an easy one for a newbie like me. I will use 10% of my income to DCA every month, because I also noticed that fiat currency is depreciating due to inflation and that it is better that I save in bitcoin than to keep it in fiat. The moment my bitcoin reaches $1000, I will look on how to transfer my coins to a cold storage wallet for safety. I couldn't keep this to myself and I said let me bring this to the forum for advise from experienced members on precautions I need to take for me to achieve my bitcoin goal target.

If you haven't invested in bitcoin yet, you should try and do so, if you have the resources so that you can feel the vibes that am feeling right now.

Let's discuss.

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[Z-tight]

Don't post the amount of BTC you bought here and the details of your transaction, keep those details to yourself as it should be private, i suggest you delete that image.

at a point, I got to realize that what will I gain, if I have the knowledge of bitcoin and I don't invest in it to have the experience on using bitcoin and to also have the experience of holding in long term, so that i can talk about bitcoin from experience.

Having knowledge of BTC without investing isn't a waste, you don't have to 'invest' to gain experience about BTC, so many people invest in BTC by buying it and holding it on exchanges, and some even invest through etf's without owning the keys to their funds, these kind of people have no experience or knowledge, but they are BTC investors. You can test all the features you want to without investing, so also can you spend BTC without investing, you can do all of these to improve your knowledge until you are ready to convert some or a great portion of your fiat money into BTC.

[Bananington]

No knowledge is a waste. If you have the knowledge about bitcoins but do not yet have the money to buy bitcoins, it is still not a waste. If you cannot buy bitcoins today, you will be able to buy tomorrow, what is required is patience and planning. When you have knowledge about bitcoins, you will be able to properly keep your investment in it safe when you finally have the money to invest in it. The knowledge you have gathered even before you were able to get your bitcoins will be important in safeguarding what you have gotten.

[hopenotlate]

Knowledge is never a waste, you could turn your knowledge to your advantage by teaching other people about Bitcoin, by referring them to exchanges or services where Bitcoin is used and earn your share of Btc on their traffic, you could open a blog or a youtube channel or stuff like that and in some way make some sats from it.
Knowledge is power, expecially if you know how to take advantage of it.

PS: and yes....as Z-tight already suggested you would better not show off to the world your crypto holdings

[Blitzboy]

Your openness to life's challenges shows that you're willing to learn. Starting Bitcoin with a clear brain and goals is smart. I like that! Diversify your savings and consider Bitcoin a long-term investment to avoid fiat cash's depreciation.

You chose the appropriate wallet - Electrum's features will help you when the Bitcoin network is crowded. As you understand Bitcoin, prioritise security. When coins are worth more, utilise a hardware wallet or cold storage. Regular backups, software updates, and fraud awareness help protect your assets.

You are constantly learning and teaching. Keep searching around, and don't be hesitant to approach experienced Bitcoin lovers like us in the group for guidance. We're all in this together!

[virasog]

No knowledge is a waste. If you have the knowledge about bitcoins but do not yet have the money to buy bitcoins, it is still not a waste. If you cannot buy bitcoins today, you will be able to buy tomorrow, what is required is patience and planning. When you have knowledge about bitcoins, you will be able to properly keep your investment in it safe when you finally have the money to invest in it. The knowledge you have gathered even before you were able to get your bitcoins will be important in safeguarding what you have gotten.

Yes, there are many people who do not have money to buy bitcoins. There may be teenagers or students who learn about bitcoin and they know that they will buy bitcoin once they start to earn money. So this logic that if you do not have Bitcoin, there is no need to know about it, is totally wrong.

Think that you are in a gathering and people/friends are discussing about Bitcoin, You can still participate in the discussion only if you have knowledge about Bitcoin (owing Bitcoin is not compulsory in this case).

Many people do not have knowledge about bitcoin but they then buy bitcoin and do not know how to safeguard the private keys and all other stuff. If they had prior knowledge it would be beneficial for them

[Learn Bitcoin]

It seems you know about Bitcoin Wallets that support RBF and other features. But I see you have used a centralized exchange to buy Bitcoin. I hope you did not keep it there and withdraw it to your non-custodial wallet, as it's safer to have your own key to your bitcoin. I don't know which wallet are you going to use, but I suggest to use electrum as it's available for both Desktop and Mobile.

Edit: Oh sorry, I missed the part you said you already transferred your Bitcoin to your Electrum wallet. All good then.

Now, back to the original point of this thread. Indeed, sometimes you cannot get the proper knowledge without using Bitcoin. Learning by reading only and Learn by practicing things has a big difference. But it's not true that having knowledge is a waste. You can help others with your knowledge. It's not a waste at all.

[Poker Player]

Without being able to verify what the OP says, at least this story rings true, unlike others in this section that are revealed to be patently false with you doing minimal analysis. Which means that either it is true or the OP has gone to great lengths to make it sound credible.

To the OP I would recommend that Bitcoin investment be encompassed within an overall wealth building plan. He seems to be on the right track, he has a job and rental income and is going to use 10% for DCA. Very good.

Think, OP, about having a 3-6 month emergency contingency spending fund, in fiat currency, not bitcoin. It doesn't matter if it devalues, it's like insurance, it's a price to pay for your peace of mind.

You could diversify more, but if you have cash-flowing RE and bitcoin as assets, I think you are doing well.

[Ruttoshi]

No knowledge is a waste. If you have the knowledge about bitcoins but do not yet have the money to buy bitcoins, it is still not a waste. If you cannot buy bitcoins today, you will be able to buy tomorrow, what is required is patience and planning. When you have knowledge about bitcoins, you will be able to properly keep your investment in it safe when you finally have the money to invest in it. The knowledge you have gathered even before you were able to get your bitcoins will be important in safeguarding what you have gotten.

Yes, there are many people who do not have money to buy bitcoins. There may be teenagers or students who learn about bitcoin and they know that they will buy bitcoin once they start to earn money. So this logic that if you do not have Bitcoin, there is no need to know about it, is totally wrong.

Think that you are in a gathering and people/friends are discussing about Bitcoin, You can still participate in the discussion only if you have knowledge about Bitcoin (owing Bitcoin is not compulsory in this case).

Many people do not have knowledge about bitcoin but they then buy bitcoin and do not know how to safeguard the private keys and all other stuff. If they had prior knowledge it would be beneficial for them

Sorry for the misconception in my topic initialyy, I have read your comments and have come to understand that, it was because I have the knowledge of bitcoin made me to believe in it. No knowledge is waste because if it can't be used now, it can be used in the nearest future. I have edited my topic.

Don't post the amount of BTC you bought here and the details of your transaction, keep those details to yourself as it should be private, i suggest you delete that image.

Do you know if I really care about my privacy currently, wake up because we are in a centralized world and in most things that we are given access to by the government or institutions, we put down our names and that alone is enough to track down anyone. I just bought some few satoshis and I don't think that anybody will know my identity or where I stay with the confirmation of my order here in my country. Scammers are out targeting whales and Cex, with big casinos so that when they hit it, they hit it big...BOOM

[Faisal2202]

I am not suppose to say this here but i want forum members to advice and tell me on how I can go with my bitcoin journey as a newbie and become successful in it without losing my bitcoin. My Dad is late and he left us a building which I and my siblings inherited. I rented my own apartment because I stay in a more civilized area. Whenever my tenant pays me my rent, I just keep the money in the bank and sometimes it stays there for more than six months in my account because I have a job that takes care of my responsibilities. This year when I joined this forum, after reading through topics and comments from forum users on bitcoin investment, I said to myself that it will be wise if i give bitcoin investment a trial and see how it will feel like holding a bitcoin.

You have already started a new BTC journey by buying them, keeping them in Electrum. And in the process you must have experienced new things which you might not have known before by just learnings. Point is, we all have to start from somewhere. I am also holding my savings in BTC but believe me, you should only hold that amount in BTC about which you are sure that you are not going to need it plus you should save extra bucks in fiat too.

I am saying that because, someone in my relatives wanted to borrow some money, who lend me some money back in time, but unfortunately, my savings are all in BTC and currently due to dip in the market I am at lose. So, If I withdrew the funds to lend him some money then I have to book the lose which I don't want to. So, for now, I have to ask another person in my zone who can lend him money. The point is, either you are in emergency situation or not, just save funds for emergency  situations. So that, you could use those funds.

You asked what you can do to become a successful BTC holders, that you have to bear lesser Loss. The only advice I have for you is, make a profit expectation before investing in BTC, and also make a time period expectations for holding that amount because if any of the both have not in your mind then you can fall greedy and could sell at lower profits or market could take you to the path where you might have to bear lose too.

[Wapfika]

No knowledge is a waste. If you have the knowledge about bitcoins but do not yet have the money to buy bitcoins, it is still not a waste. If you cannot buy bitcoins today, you will be able to buy tomorrow, what is required is patience and planning. When you have knowledge about bitcoins, you will be able to properly keep your investment in it safe when you finally have the money to invest in it. The knowledge you have gathered even before you were able to get your bitcoins will be important in safeguarding what you have gotten.

I think he is not literally telling that Bitcoin knowledge is a waste according to his content. He is just telling that having a knowledge to Bitcoin will never be completed if you don’t invest on it and experience firsthand what you are studying.

He is pertaining to those who knew Bitcoin but never involved on investment. I understand it since having knowledge on something while you don’t use it even if you knew how good is it was such a waste.

[ImThour]

Man invested for the first time and took the same screenshot with all his details just to prove that he had Bitcoin Knowledge. Here you are buddy, you proved that you don't need to hold Bitcoin in your wallet to have knowledge of that. What a way to answer your own question in the same post. Is anyone wondering what's wrong here? Never post your transaction details on any social media platform. Whoever knows social phishing can try to get access to his account.

[Z-tight]

Do you know if I really care about my privacy currently

That is your business anyway, so go ahead and doxx yourself as much as you can then .

wake up because we are in a centralized world and in most things that we are given access to by the government or institutions

This is true only when you are using fiat, with BTC you don't need the goverment to give you access or permission to use it, because it is permissionless, that is why it is recommeded to use BTC is a fully decentralized way.

[Die_empty]

If you haven't invested in bitcoin yet, you should try and do so, if you have the resources so that you can feel the vibes that am feeling right now.

Let's discuss.

This is what happens when someone is well-informed about an investment. Most of the steps OP took were correct due to his research about bitcoin.  It is nice to know that you using your savings to invest and your plans to adopt the DCA strategy are also valid. You also chose the right wallet but you have to be careful when using the internet with your phones that contain your wallet. Good luck with your investment plans.

Don't post the amount of BTC you bought here and the details of your transaction, keep those details to yourself as it should be private, i suggest you delete that image.

Do you know if I really care about my privacy currently, wake up because we are in a centralized world and in most things that we are given access to by the government or institutions, we put down our names and that alone is enough to track down anyone. I just bought some few satoshis and I don't think that anybody will know my identity or where I stay with the confirmation of my order here in my country. Scammers are out targeting whales and Cex, with big casinos so that when they hit it, they hit it big...BOOM

That's not totally true mate. Yeah, the world is centralized but any true believer of Bitcoin is aiming to live in a decentralized world. Don't also think that scammers only target the rich, anybody can be a victim. It looks like you are not concerned about your privacy, well it is your choice. I hope you will not publicize the seed phrase of your wallet one day because it contains just a few sats

[Rockstarguy]

No knowledge is a waste. If you have the knowledge about bitcoins but do not yet have the money to buy bitcoins, it is still not a waste. If you cannot buy bitcoins today, you will be able to buy tomorrow, what is required is patience and planning. When you have knowledge about bitcoins, you will be able to properly keep your investment in it safe when you finally have the money to invest in it. The knowledge you have gathered even before you were able to get your bitcoins will be important in safeguarding what you have gotten.

Some people just have the mindset investing bitcoin is the most important to do first without having the knowledge. without knowledge every investment can end up without no achievement,  I wonder why op will see knowledge as a waste because of no investment at the moment.  It is better to get knowledge first,   be well prepared and wait for the opportunity to get funds for investment than having funds and rushing to invest with no better knowledge.  In bitcoin knowledge comes first, it is the most important thing that shouldn't be look down,  people needs  to seek and be inquisitive for knowledge the way they get serious urge to make money through investment.

[ChiBitCTy]

I like your knowledge of understanding that you shouldn't save too much in bitcoin but saving enough as you believe in it long-term, as well as you're dollar cost averaging which is very wise.  However you don't have to invest in something to know how it truly works, I have to strongly disagree with you on that statement.  In fact everyone should know exactly how something works or what it is fully before ever investing in it.

[aylabadia05]

Having knowledge about Bitcoin is really a fun thing because it is something that can have a good impact on change, which is important to master at least for yourself which is related to the financial system and Bitcoin is a system that has many advantages.

Bitcoin is basically an electronic payment network that makes transactions easy for anyone. As time goes by and development, Bitcoin is used as an investment asset because of its price and value.
Investing in Bitcoin is not a necessity, but investing in Bitcoin can become a good habit for investors who have never done it because by investing in Bitcoin you will get something different from other investments.

All the knowledge about Bitcoin that users already have will be wasted if they still store it in the wrong place without holding the key. Especially for those who have Bitcoin and want to invest long term.

[Negotiation]

Bitcoin investing does not require any additional knowledge even if you have very little knowledge you can invest in Bitcoin because it is a profitable business that you can learn later but slowly. You need to have a long-term plan where you plan what type of investment, you want to invest and how many years you want to invest, or else if withdraw your funds before the specified time, your money you may lose some money and if you plan long-term,  then there is no chance of your money getting hurt, Because so far no one who has invested in bitcoins faced loss if its long term, but if short term plan then definitely get knowledge about bitcoin first, and then later investment,

I think the most important thing here is your plan. If your plan is long-term and good then you can definitely make a good profit from this.

[JunaidAzizi]

Let's discuss.

Buying Bitcoin gives you a wonderful feeling that I think you can not feel from something else. Well, congratulations on starting your Bitcoin journey and I hope you will stay in this for a long time period.

I think a person should have to invest only if he has some extra money, and you prove it by buying Bitcoin on a rental apartment, Most people borrow the money from somewhere and then invest it in Bitcoin as it is highly volatile if the price goes up then he will return the fund to that person and keep the profits but what if the market goes down, He will return the double of that money. And if you have knowledge and have no money then don't be sad be the next day you will have and you will buy Bitcoin but buying Bitcoin without any knowledge is dangerous for you. Also, even a newbie you have a treasure of knowledge about Bitcoin, and I personally appreciate it It will definitely one day give higher profits.

[Davidvictorson]

Man invested for the first time and took the same screenshot with all his details just to prove that he had Bitcoin Knowledge. Here you are buddy, you proved that you don't need to hold Bitcoin in your wallet to have knowledge of that. What a way to answer your own question in the same post. Is anyone wondering what's wrong here? Never post your transaction details on any social media platform. Whoever knows social phishing can try to get access to his account.

You didn't have to go as far as posting a screenshot of your transactions. I know you did it from a place of goodwill but then you don't need  validation from a bunch of strangers here.

You have the knowledge and that is just a tip. It is a whole ecosystem that you can keep digging into for years to come. Build slowly. Some people are fine having the knowledge of Bitcoin eventually they'll invest but what's most important is that they have the knowledge already.