Bitcoin kwoledge is not complete without bitcoin investment

[salad daging]

Knowledge is important otherwise you would not start investing in bitcoin.
I think you now understand enough to start and grow a long-term portfolio of course using the DCA strategy, do what you can and make sure you never regret it even if you have to wait a long time because basically investing in Bitcoin is not instant.

In fact, I always think about every step, especially when it comes to emergency funds. This is important when other needs arise. Emergency funds can be used right away, while Bitcoin, which is the main investment goal, for example, will not be disturbed or sold in the middle of the road.

Actually, I don't like the post (you and the photo displayed) this opens up your privacy - of course that is your right.

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[Crypt0Gore]

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.

People really need to stop embarrassing themselves because they want to reply to a post, sorry if I sound harsh about it, because I couldn't see any vital information on that screenshot, why are you making it look like it's not safe?

There is no real name on that screenshot.
There is no bank account details, no such thing as home addresses either, so what are you seeing that I am not?

Even if he bought 1 BTC how can you verify that it belongs to a John Doe? Anyone can take such screenshots and pretend it belongs to them, also OPs user name is Ruttoshi, that's no real name, it's impossible to know who he is or she is maybe, lets stop addressing such screenshot like it's a big issue, because it's not.

[ChuckBuck]

Wow you're realy taking your first steps into the world of crypto. Cute. First of all, good job on finally selling your old stuff and getting Bitcoin. A lot of people talk a big game but do nothing. You did act, so good job. DCA is a good approach, especially for people like you who are just starting out. Fiat is already failing, right?

Yes, you should follow through with the cold storage plan, but don't stop there. Multi-signature and maybe even backups in different places are things you should think about. You do plan to hold for a long time, after all. Though, be sure you know exactly how to use the cold storage. If you make one mistake, you'll lose all of your valuable Bitcoins. I'd say keep engaging in the forum, read up, practice with small amounts, and then maybe you'll avoid the classic pitfalls.

[BVeyron]

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.

That's a good idea to buy some btc for long-term hodl. There is one important thing in btc investments (and in all other investments too): not to invest all the "excess" money you earn. So, I think, if rent is not the main income source, it's a good decision to invest about a half of it into crypto. Long-term hodling can surely bring some profit...

[JoyMarsha]

Putting knowledge into practice is the next step after gaining it, according to the Golden Rule. And the OP actually did that. The fact that OP put into practice everything she had heard and studied about bitcoin through this forum concerning the upcoming halving season made her delighted about bitcoin investment.

OP your utilization of 60% of your tenant payment savings made to you plus the fact that you have a job impressed me about your bitcoin investment. That indicates that you are investing in bitcoin for the long term and not prepared to sell some of it off for personal reasons, which is something I have observed a lot of newbies do since they put all of their money into bitcoin in the hopes of making quick profits.

[Hypnosis00]

You'll somehow improve your knowledge if do it in actuality. But we don't have to think that it is a waste if not and never force ourselves to invest for that sake if we don't have money.

But as we can see, most of the people who turn their heads toward Bitcoin and are eager to learn from it are preparing to invest in Bitcoin. And what you did is a great idea indeed but the success of investing in Bitcoin is not just we buy them, we also need to learn how to control our emotions and stick to our goals.

[South Park]

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 agree, it is true there are some people out here that spend all their time reading and not taking action, and in that case it could be said those people are not really obtaining all what they could from the things that interest them, however if the reason a person is not taking action is because they do not think they are ready yet or they lack the resources to do so at the moment, then this is not a waste, as once they are ready they will take action and change their lives in the process.

[lionheart78]

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.

If you want to not lose your Bitcoin and the amount you invested in it you must learn the following things.

1.  Know how to secure your wallet, it is important to know this kind of thing to avoid being infected by malware and got hacked.
2.  Have patience you need this a lot because it will take a long time to have a good profit from the Bitcoin market.
3.  Set a target selling price.  You will never realize your profit if you do not sell
4.  Don't be a weak hand.  Do not panic sell when the price of Bitcoin dumps.  Bitcoin is capable of price recovery.

[Pokapoka124]

I find it amusing that OP covered the fiat amount but neglected to cover up the amount of bitcoins he bought. Like OP said in his reply to Z-tight, he doesn’t care about his privacy at this point. His major concern is to accumulate bitcoins and hodl. Your strategy is a good one and you will achieve your goals for sure if you are consistent.
Electrum is a very good choice of bitcoin wallet, if you eventually decide to diversify and buy altcoins you should use a wallet like unstoppable wallet. 

You are indeed learning, even though you bought bitcoins from a centralized exchange, you still moved the coins to a non custodial wallet. I believe with time you will also come to appreciate maintaining one’s privacy.

[jeraldskie11]

It just feels different if you have invested on Bitcoin especially if you have a knowledge in it. It's just like you draw something and you make it colored.

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.

And also what I have noticed is that his fiat amount is not totally anonymous because the crypto amount is visible. I learned a lesson from it, especially in crypto, if you think you make your funds secured but you didn't notice that there's one more thing you forgot to make it totally secured, that's why we always double check and don't be too confident.

[vv181]

Practical comprehension certainly gives you a more in-depth understanding and knowledge of Bitcoin. So yeah, just try around any services, applications, and tools relating to Bitcoin. As of now, trying out a non-custodial wallet is surely a good choice, later, you might want to try to run your own node or something like that which goes more technical.

since sometimes bitcoin blockchain used to be congested with dust transactions.

Worth noting that bitcoin network congestion is not mainly caused by dust transactions. There are, which some people say, useless things being used within the network, like Ordinals and such. In some cases, it also happens when an exchange is consolidating a small Bitcoin transaction.

[Darker45]

Congratulations for reaching this milestone! I guess you're doing good so far. Now that you have your coins, you can be more confident about sharing your Bitcoin knowledge because you have experienced it yourself. It's hard to share knowledge and give pieces of advice to others if you have yet to try it yourself.

Anyway, the Electrum wallet doesn't "allow you to double spend." LOL! I guess you're referring to its RBF feature. That's simply replacing a low-fee version of a transaction that is yet to be confirmed with a higher fee, but you cannot do this to a transaction that is already confirmed. Double-spending can't be done with Bitcoin.

[Bitcoin_people]

A piece of knowledge is never wasted if you apply it well. And if you have good knowledge about bitcoin then definitely you can invest here it will be good for you. But if you waste knowledge to invest in Bitcoin and if you don't have money to invest in Bitcoin then it is never a waste of knowledge but it will be an increase of knowledge. If you can't buy bitcoins now then of course there is more time for you when you have enough money to buy and hold bitcoins. But you must be patient so you don't need to waste your knowledge but move on to good work with the knowledge you have acquired. And before you start investing in bitcoins you will definitely need the most knowledge because you will never be able to do anything successfully because this is the most important thing for you.

[Oasisman]

Be glad and stay cheerful for yourself as you have overcome a poor risk appetite. Some people haven't have started their bitcoin journey even though they already have enough knowledge about it, simply because they are afraid bitcoin may have reached its peak as if it has no more capabilities of breaking the last ATH. This has been the most common reason for those who have yet to put a single fraction of bitcoin into their wallet, some of them even thought 10k was already expensive and thought they're already late in 2017. Same thing happened when bitcoin reached the $1k milestone prior to that year.
Now, you need to hold on into it especially that you are capable financially and never sell at a lower price than the highest price you have bought it when you DCA. It could be stressful to watch bitcoin price in a daily basis, but you'll get used to it and it's totally normal to feel worried when bitcoin takes a huge dive and feel excited when it's starts recovering.

[Tony116]

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.

OP is not trying to prove that he is investing and knowledgeable about bitcoin, he is also saying that he is newbie and needs advice from people on the forum. Perhaps he did not foresee the risks of publicly disclosing his assets and details of his bitcoin transactions. But others also gave him advice, you don't need to feel uncomfortable with what a newbie does. I bet when you were a newbie you made even more mistakes than the OP. No one can become talented immediately, everyone needs to go through many challenges and lessons to become an experienced investor.

[Stella Mese]

Of course, no knowledge is wasted because the most important thing is knowledge which must be prioritized, because if our already have the money to buy BTC, if our already have the knowledge, of course investing in BTC will run smoothly. but there are times when we will also be able to gain knowledge from experience but what is clear, knowledge is very important and experience is also very important, I think the investment you make in BTC is something good and wise, especially now that the price of BTC can still be said to be not too high. .

[bluebit25]

From sharing the OP, I can sense a number of problems, from capital management, or lack of knowledge leading to skepticism and fear about what I am watching. With the mistakes I have made, lack of knowledge is the most basic mistake, followed by lack of experience with it, so in addition to accumulating, you also need to research the things yourself tend to hold it. I think if you go through periods of losses and earn back profits in your investment, you will have a mature view of bitcoin, and the journey to success also requires remembering determination and not giving up first failures appear.

[GreatArkansas]

I partly agree with the title because it's really different when you put hard-earned money into some thing, especially this Bitcoin. Your learning will be advanced,  you will be more severe about learning and when it comes to Bitcoin.
I also suggest like start with small amount first like an amount you are willing to lose because we all know how risky Bitcoin is and how the price of it fluctuate.

[michellee]

At least, I agree with the title of the thread. If you have started learning about investing in Bitcoin, you can start trying to invest in Bitcoin. You can start with whatever money you have. The important thing is that it is money that you can afford. And when you feel that Bitcoin benefits you, you can continue investing in Bitcoin and increase the amount of money. But still use the money you can afford.

Your plan to invest 10% of your income in Bitcoin is good. Yes, DCA every month will help you to collect more Bitcoins. You can still store your Bitcoins in the Electrum wallet. As long as you don't say where the Electrum wallet is and can secure the wallet, you will be safe and won't need to worry about hacking or else.

Now is still a good time to start investing in Bitcoin, especially for those who are new to Bitcoin. But as a suggestion, only use the money you can afford.

[Don Pedro Dinero]

At least, I agree with the title of the thread. If you have started learning about investing in Bitcoin, you can start trying to invest in Bitcoin.

I also agree, but I would qualify that I would not call it purely 'investment'. I mean that for bitcoin knowledge to be complete, you also have to use it. It is not enough just to buy a certain amount that you will sell at a certain time. You have to test how it works, send and receive transactions, look at the browsers to see how the mempool is, estimate the fee for the speed of confirmation you want, things like that. Apart from investing in bitcoin, using it to buy goods and/or services is a fundamental part of the knowledge.