Knowledge vs hodlings

[mvdheuvel1983]

so newbies out there do not rush into buying Bitcoin without first understanding  Bitcoin which can even be done by engaging in important discussions on the forum expecially those of experts and experienced investors. remember knowledge is power.

The common advice in the crypto space is to get knowledge before investing. That it is important to understand it as a whole before investing in Bitcoin. In reality, this is not what happens or how it plays out. How it works is that we heard about Bitcoin, invested first, and asked questions later. However, at what point should we say that we have had proper knowledge and understanding to go ahead and invest in Bitcoin.  I think that it is when the individual feels that they are ready and I am also not against those who invest first and ask questions later. They'll learn the security , decentralization, and others on the "job".

[1714776696]

1714776696

[OcTradism]

1. Understanding Bitcoin first gives you a more solid knowledge of security. and this is very important to avoid loss of funds.

Good topics on security and privacy
Bitcoin security and resources

2. It gives you a stronger sense of marketing especially for those who hold for sales during bull. it will give you the strategy of knowing when to sell and hodl.

If you are simply a Bitcoin investor, holder, you don't need to make any marketing effort.

Bitcoin is not a pump and dump cryptocurrency like altcoins and its bull run is very organic. You don't need to marketing to pump and dump Bitcoin and as a small investor, your capital is not big enough do succeed. You can easily enter and exit the market with your small capital even you don't have to create any manipulation game.

[Kakmakr]

Well, knowing how to differentiate between Bitcoin (BTC) and other tokens that are similar in name, like Bitcoin Cash (trash) are one step in the right direction. I have heard about several people who have bought bitcoins at a supposed "bargain" price... only to find out that they have bought Bitcoin Cash. 

Also, people say they are buying bitcoins, when they are actually buying into some Ponzi scheme that are using Bitcoin as a payment option. So knowledge will help you not to make those mistakes. 

[Minecache]

Don't make it complicated, just try to understand fiat and compare it with Bitcoin, you will know the reason why you must holding Bitcoin.

lastly you can always earn Bitcoins once you have a solid knowledge of it .you can even earn Bitcoins indirectly by teaching others or even running a local exchange and lots more.

Having knowledge about Bitcoin doesn't make you able to earn, it's just a currency. What you're need to learn is a hard skill that you can work and get paid from someone e.g. design, programmer etc. No one want to use unknown local exchange that charge high fees, they prefer to use centralized exchange.

I completely agree with you that we all need skills and stable paying jobs outside. I don't know if you are entering the market as an investor or a user who just sees bitcoin as currency. But you also need to accept the fact that bitcoin is also considered an investment that can bring profits to everyone. So I disagree when you say that having knowledge about bitcoin will not help us make profits. I even doubt that bitcoin is unlikely to become a world currency, but for it to become a commodity, an asset that can be traded for profit, it has already happened.

[Faisal2202]

Counting the post in the first page in your post history I discovered that out of 20 posts 14 are new threads, so how does that shows that you’re interacting with your threads?
I think it’s now obvious what you’re trying to do here which is to fish merit by masking yourself as if you have newbies in mind, I am sure you’ll still come up with a different topic before the day runs out and let me guess the new title will be “never give up newbie” or “tips on how to survive and achieve legendary rank as a newbie” meanwhile you have just 11 merits.

Someone is spitting facts. Well, that's a lot of threads in comparison to the replies that OP made in them. It is nothing but a try-to-fish merits. I don't want to hurt anyone's feelings here, especially of OP because I can not accuse anyone on the basis of a huge number of topics in comparison to lesser replies on them. Because sometimes, an OP makes a topic and gets an answer on one of his topics and avoids replying so that the topic would be buried under other new topics. But we can conclude many possibilities here and that's why I don't want to jump to conclusions and for those who are going to against me (I am neutral here). And OP, you should try to engage in your topics.

As topics could be of any category (i.e. questions, or informative). In both cases, the best practice is to engage with your audience.

[Blitzboy]

Many people enter into crypto because they hear they can get rich fast, but they don't understand shit. It's smart to study Bitcoin's fundamentals before "hodling". You don't just start driving without studying the road regulations and how the car operates.

I agree with your security remarks. The decentralisation of Bitcoin makes it different from banks. And with great power (of controlling your own money) comes great responsibility (to safeguard it).

You have a positive outlook; the group has helped you understand. Share your knowledge and assist novices navigate these perilous seas. As you noted, being aware can protect you from scammers and give you true opportunities.

[Fiatless]

1. Understanding Bitcoin first gives you a more solid knowledge of security. and this is very important to avoid loss of funds.

Investing in bitcoin without knowledge is the easiest way to lose your funds. I assume it is like buying a car without going to a driving school which will lead to an accident or hiring a driver. I can assume the crash to be a loss of funds, while hiring a driver can mean keeping your money in a centralized exchange which also has a negative consequence.

2. It gives you a stronger sense of marketing especially for those who hold for sales during bull. it will give you the strategy of knowing when to sell and hodl.

Does one really need to learn about marketing to invest on Bitcoin? The market has enough liquidity which means that you can buy or sell your coin anytime. You don't need to market your coin to sell it. All you need to do is to have an investment plan that contains the price you will be willing to buy or sell. You just have to monitor the market and execute your plan when it gets to your projections.  

3. It helps you understand the power of decentralization and it's benefits to you as an investor amongst many others.

Decentralization gives investors the power to own and control their investments. The beauty of decentralization is the freedom to invest without any intermediary or middleman.

[Bitstar_coin]

The majority of people hodling btc don't have full knowledge about btc besides the basic knowledge yet they hold and trade it comfortably, their goal is to be able to make as much profit from their investment as possible, details about btc tech and its importance is not of great benefit to them.
This one good thing about btc, all you need to be in the game is the basic knowledge of buying btc and either hodl it for future benefits, use it for transaction purposes, or flip it in a short while. However, it all depends on individual interests, some people are very keen on understanding the whole tech behind btc existence, while others are only interested in the profit making aspect. Having full knowledge about btc can be very beneficial and go a long way to improve one's investment choices and success.

[dothebeats]

Many people enter into crypto because they hear they can get rich fast, but they don't understand shit. It's smart to study Bitcoin's fundamentals before "hodling". You don't just start driving without studying the road regulations and how the car operates.

I agree with your security remarks. The decentralisation of Bitcoin makes it different from banks. And with great power (of controlling your own money) comes great responsibility (to safeguard it).

You have a positive outlook; the group has helped you understand. Share your knowledge and assist novices navigate these perilous seas. As you noted, being aware can protect you from scammers and give you true opportunities.

I agree with you. Although there is nothing wrong to share how much crypto has helped individuals to attain financial stability and get rich it has a negative part wherein people who often hear/read/find out about this have no idea how much effort, time and knowledge it takes to reach that kind of success in crypto. Hence, when they get blinded my these stories and they do not reach heights of success others did they will complain and blame those who shared their story.

[kryptqnick]

It's possible to successfully invest in something without really understanding it, invest just because you can see it's going up over time. But long-term, there will be obstacles along the way, and without having one's own understanding of Bitcoin and belief that it has potential, I think a person is more likely to panic sell. Add to that the risk of losing the money because of being unaware of the risks of keeping it on centralized platforms (point #1 of the op), and knowledge clearly becomes important. That being said, there's no need to dive very deep into how Bitcoin works to start investing in it and/or using it.

[Asta124]

How can anyone invest in something without knowing anything about it first? that's ridiculous in my opinion. For me now it would be better to invest and hold Bitcoin 2 years later than to not know everything in advance.

1. More than 1 in 3 cryptocurrency investors know little to nothing about it, survey finds
2. ‘I put my life savings in crypto’: how a generation of amateurs got hooked on high-risk trading

The 2 articles above don't specifically discuss Bitcoin but crypto in general, in the first article it was found that more than 1 in 3 investors in crypto don't know about crypto then the second is about the story of an amateur who was only tempted by the profits but didn't know anything that resulted in her investment in crypto is destroyed.

The moral message that can be taken from those two articles is that as an amateur you should have knowledge first before actually holding whether it is Bitcoin or other coins or tokens.

[red4slash]

It's possible to successfully invest in something without really understanding it, invest just because you can see it's going up over time. But long-term, there will be obstacles along the way, and without having one's own understanding of Bitcoin and belief that it has potential, I think a person is more likely to panic sell. Add to that the risk of losing the money because of being unaware of the risks of keeping it on centralized platforms (point #1 of the op), and knowledge clearly becomes important. That being said, there's no need to dive very deep into how Bitcoin works to start investing in it and/or using it.

Knowledge is indeed the source of everything that will make us successful later, including in this investment. I agree with you that when we do not have a thorough knowledge of bitcoin it will create the potential for someone to make panic sales when something happens to bitcoin, such as experiencing a very deep decline. I will not talk about other people in this case, because I myself was in the same situation when I first learned about and entered to invest in bitcoin. But over time and with more experience, things like panic start to disappear by themselves, and in the end we have stronger confidence in our investments.

[Hamza2424]

Bitcoin is not a shortcut and holding Bitcoin is good but everyone has their own views on how they actually want to take Bitcoin as their investment bank, as their life's financial shortcut as their way of earning a living, or as a complete package of their financial problems. I think OP what you are talking about is important that a person who entered the Bitcoin and crypto market to obtain something substantial should learn about the basics of the market and then start exploring the other aspects as well, For successful business owners with substantial assets, finding secure ways to manage their wealth is paramount. Bitcoin, recognized as a reliable store of value, often comes to mind as a solution. However, these individuals may not have the time or necessity to delve deep into the complexities of the cryptocurrency market.

Considering their existing promising opportunities in business, a basic understanding of Bitcoin's financial characteristics is typically already in place. The decision to explore the broader cryptocurrency landscape depends on their individual needs and circumstances.

[tabas]

In general, in every investment, technology or anything that you wanna to get involved and venture, it is a basic need to have the knowledge of it. Even the most basic ideas and knowledge are required for you to understand what you are up to and what's happening with that venture you've just taken. While we also see people diving into Bitcoin without proper knowledge and they've just heard it somewhere that it's okay to do that because all they need to do is to hold. If we're going to analyze that, that's already basic knowledge because of what they've heard from other people and that shortcut and basic idea could bring them to the right path. It is because that will push them to learn and understand more about it once it is already on their hands. I'll compare this to online courses, if you've taken free courses - you won't be pushy about it and won't probably care to finish that in time because you've acquired that for free. And with paid ones, you're obliged to finish it and it is on your mind that you need to get its worthiness because you pay hefty money on it.

[michellee]

Knowledge and holding Bitcoin are both very important and interconnected. If you only have knowledge about Bitcoin without holding Bitcoin, you are not training yourself to become a strong Bitcoin holder. And if you just hold Bitcoin without knowledge, you also won't be able to become a strong Bitcoin holder.

You will only panic and not be calm in holding Bitcoin because of price changes. You also won't be able to know how to overcome the panic or when you can buy Bitcoin again during a downturn. And they could lose their Bitcoin because they don't know how to hold Bitcoin properly.

And if you have knowledge, you will be calm even though Bitcoin price changes always occur. You can also buy Bitcoin at low prices. You can also become a strong Bitcoin holder, where people might find it difficult to become a Bitcoin holder.

[Agbe]

Newbie with this king writing? Op, from your articulation, you are not a newbie. But that not withstanding, from your first question on bitcoin hodling, yes bitcoin is very much important to be hodled but you have know the advantages and disadvantages of the investment process which also inclusive the risk involved. Holding bitcoin without understanding the asset will different make the investor loss coins because he or she will be afraid of the volatile nature of it and will be panicking to sell them when it has not reach to sell. Till today there are some people are still thinking that bitcoin is for scam or a quick get rich scheme. Bitcointalk forum has helped many people to understand the core meaning of bitcoin and also to avoid scam. The basic knowledge of bitcoin is needed in the investment.

[uneng]

I guess this thread talks more about holding vs. trading than holding vs. knowledge, because to have knowledge doesn't mean you are going to be a successful trader, since this activity doesn't rely only on skills, but also on luck. Nobody can predict future outcomes in crypto market with accurate timing, and in trading accurate timing is a must. Therefore, holding is much better, because you don't have to worry about selling and buying BTC in time. There will be always a wider margin you can work with, and that will always work in your favour on long term.

[letteredhub]

so newbies out there do not rush into buying Bitcoin without first understanding  Bitcoin which can even be done by engaging in important discussions on the forum expecially those of experts and experienced investors. remember knowledge is power.

You’re also a newbie just like me and you said something about joining discussions and yet you hardly ever reply any of your threads it looks like all you do here is to drop a topic and then move on to the next on you don’t reply to comments on your thread neither do you reply to other people threads all I see you doing here is to drop a thread behaving as if you really want newbies like myself to learn not knowing that you only just want to earn merits. Why don’t you take your one advise and join discussions yourself, remember knowledge is power.

As a newbie you should have noticed you will understand better when you avoid unnecessary posts , read more  and ask questions why repeat something when more than 15 persons have said same thing and besides discussions are to improve understanding no to be abused as a group chat that you reply all messages
For the record I do reply post but I only do so when I deem necessary

Counting the post in the first page in your post history I discovered that out of 20 posts 14 are new threads, so how does that shows that you’re interacting with your threads?
I think it’s now obvious what you’re trying to do here which is to fish merit by masking yourself as if you have newbies in mind, I am sure you’ll still come up with a different topic before the day runs out and let me guess the new title will be “never give up newbie” or “tips on how to survive and achieve legendary rank as a newbie” meanwhile you have just 11 merits.

Interestingly @turn it off, is really making a point and op if I was to be you I'll steal some cent from his criticism and change my approach to discussions and op posts. Jumping into dropping one op post just after the next one only sends a message that you are not interested to learn, kinda like you're an autarchy on your own within the forum.

The forum is not a music industry where you come in drop one album and  immediately you start preparing for the next dropping. If things are done that way the forum will be boring and challenging to every newbie but when we discuss and contest ideas, debating, agreeing and disagreeing in a sensible and healthy discussions we all learn from each other as a forum

[RockBell]

Well, knowing how to differentiate between Bitcoin (BTC) and other tokens that are similar in name, like Bitcoin Cash (trash) are one step in the right direction. I have heard about several people who have bought bitcoins at a supposed "bargain" price... only to find out that they have bought Bitcoin Cash. 

Also, people say they are buying bitcoins, when they are actually buying into some Ponzi scheme that are using Bitcoin as a payment option. So knowledge will help you not to make those mistakes. 

That's the issue people don't want to ask questions and they believe in their own knowledge, and that is why I always advise people aside from the research also have a mentor it will even make things easier for better understanding,  and there different altcoin that people even rush into it to buy neglecting the whole process of researching and asking questions. the story of how people end up buying bitcoin cash is just very funny and the person felt he was taking opportunity and when people hear about bitcoin they are always excited about how they have bitcoin because of the profit, not knowing that there is more to it.

[Eternad]

Knowledge can’t be compared to holding since they are not the same. Knowledge is important so that you can have a grasp on what really you are holding because holding blindly will always makes you weak minded when you are being tested of a downtrend movement.

If you have a good knowledge on what's you are holding, you don't what's happening currently whether bad or good since you will have a target for taking profit.