Knowledge vs hodlings

[Ben Barubal]

Knowledge is more important, IMO.  Since knowledge gives us certainty over things, it is the motivating factor that drives us to HODL certain investment.  Without knowledge we will never have the courage to hodl.  Yes we can invest even without sufficient knowledge about the asset, but we will be easily shaken by FUD and bad news which will end up being a weak hand and sells all our investment at once.  Without knowledge we can easily succumb to manipulation making us sell easily. 

That's why it is always recommended to do your own research before investing because lots of those blind followers are just relying on YouTube influencers which they regret because the promotions were just cherry-picking and they didn't tackle the bad side of the project. When they realized that they were fooled, it was already too late because the price of the altcoins was already below their capitals and others were made to believe that the price would pump up again which was not really the case and they ended up losing all their capitals because they actually believed other lies.

And it is that same process of Doing Your Own Research (DYOR) that we call "Knowledge" my friend, just as O.P and most people elaborated on this thread, because though its true that anybody can invest in Bitcoin, but one thing certain is that the person with the right knowledge stand a better chance to make better decisions regarding his Bitcoin investment than someone who is totally ignorant. Because for example, imagine few months ago when the mempool was high (i.e resulting to a high BTC transaction fee), whereby in other to transfer $100 worth of BTC, we were told the fee was $50 (i.e half of the amount), and as such, there is a high tendency for person with no knowledge to have executed such transaction, whereas those who understand how it works skip or keep hodling until the transaction fee reduces.

Secondly, Youtubers are the least people to believe anything they say, as most people are there for the views to generate much funds, whereas, it only take a few who cares about their subscribers.

    Doing Dyor is because you have the knowledge that, through it, you can determine if a coin or crypto you want to buy has potential or not. That's why we research, we know, and because of this, while we are doing it, we are also able to get a new idea about it, to be honest.

   So it is really important that in all the aspects that we will do here in the crypto space, we have enough knowledge so that all the assets that we want to hold, whether short- or long-term, are not wasted. Because this is where the future savings we hope for in the crypto space depend.

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[taufik123]

I was scared to invest and HODL Bitcoin since 2016 simply because I didn't have a deep knowledge about it but I paid dearly for it. If I say I have not regretted it till now, I will be telling lies. This is because I have at least $25,000 I can easily afford to invest in Bitcoin then but failed to do so since I was waiting for the right time to first learn and fully understand what I wanted to commit my money to, just like what @DubemIfedigbo001 tried to debunk, but he was wrong due to the increasing popularity of Bitcoin and neglected the fact that the more your affinity to taking risks, the better you might make it.
-snip-

Having the opportunity to have $25,000 in 2016 when the bitcoin price was still around $500-$700 is a rare opportunity.
I only got into crypto at the beginning of 2016 and only became active and focused in 2017.

If you buy with 1% of the funds you have at that time, of course, you will get a profit.
But can you hold it until now?

Even though at that time Bitcoin was quite hyped and Bitcoin was the undoubted king of coins.
But indeed bitcoin still doesn't have as much power as it does today.

There will be no loss if you go into Bitcoin investment, as long as you don't go into shitcoin investment which will definitely be a lot of losses.

Fix the past by starting to buy Bitcoin at a good opportunity right now.
Chances are you won't see cheap prices like now.

[Frankolala]

You are absolutely right, but there is something that I expected you to mention, but you didn't say it (maybe you are supporting short timers).
Well, to be a good investor, you must have the patience of HOLDING. Bitcoin is not all about buying and sending or even selling, although knowing the best and safest wallet that one can keep Bitcoin is also part of good knowledge, but patience for long term holding is better than knowledge. However, both of them are good, but without patience an investor will run at a loss if the investor doesn't have one.

rachael19385, you got and misunderstood my point here. I am not saying anything about short term investment. If you like you can hold your bitcoin for 100 years, someday you must sell to make profit because profit is the real reason why everyone is investing in bitcoin and believes that bitcoin will give good profit at the long run, maybe after 10yrs. This was why I stated 'sell' as part of the basic knowledge one need and also, one must buy your bitcoin through p2p from an exchange either centralized or decentralized. Bitcoin does not fall from heaven neither most investors are miners. So, the major most common way that people who are not being paid with bitcoin can get bitcoin is by purchase.

Come to talk about patience, most anyone learn how to be patience or does knowledge brings patience NO. Patience is a practice in which you put in when you have a big goal to achieve especially when you know that it will take a very long time before you can achieve it. For example, it is just like you want to buy a house of $20,000, and all you can save for the month is $100. If you know how important shelter is, then you can choose to start saving $100 in for 20 months for you to be able to buy the house, and with this your goal and target, you know that you must wait till 20 months with steady saving of $100, meaning because you know the benefit of owning a house you must be patient till the money is complete.

This is how bitcoin too is, and that was where you got me wrong, i said that you must have a target and work towards accumulating you bitcoin target disregard of whether you have the major knowledge of bitcoin or not, what matters is that you have started and you have a goal to achieve, because one of the basic knowledge of bitcoin is that it is a long term investment, and long term investment goes with patience.

I don't know if I am totally wrong, but I honestly disagree with what you said. We already know that holding is one of the best ways to benefit from Bitcoin, and I also believe that everybody who wants to have the knowledge of Bitcoin wants to benefit from Bitcoin, so how does holding not need much knowledge?

However, if one doesn't have Bitcoin knowledge, he can't afford to hold his coins for more than a week. Knowledge is what makes a Bitcoin investor hold his coins for a long term (prove me wrong).

You are wrong on this mate, as long as I have plans to save my money, and every month I assign my savings to buy bitcoin, I don't need any knowledge to discipline me on doing this regular, rather what I need is discipline on making sure that I buy whenever I get my pay cheque, because I am not even concerned about the price of bitcoin either if it is dumping or pumping because as soon as i get my pay cheque, I also have a fraction that I assign to save in bitcoin. Do anyone needs a vast knowledge on how to save fiat currency in banks..NO

DCAing don't need any big knowledge than your own plan of how much you will use on DCAing based on your income and how you can make sure that you don't get distracted with your accumulating strategy, which is a personal decision.

After knowledge, there comes investment made. It would be so wrong for someone to neglect to have the knowledge of crypto and move straight to invest in bitcoin no matter how ready or wealthy the person seems to be. There must be at least basic knowledge of crypto before the person talks about bitcoin investment.

To have a proper understanding of this ''knowledge comes first''. Let's put into consideration of our life dealings. Is it not when someone knows about something, that's when he would know the next step to take? The next step taken(knowledge) is applicable to what he will do towards bitcoin investment, which is having the knowledge first before the investment is made.

In nutshell, for someone to have a good investment in crypto, one should be knowledgeable about crypto first, so as not to fall into the hands of scammers or losing seed phrase  

It is better to have the basic knowledge and then go into investment to that this will make you have a concrete knowledge through experience of the market movement as long as you are not planning to make quick money from your investment but to hodli for long, which becomes the best way to learn faster because you are learning at ease and will learn a lot. I know of someone that just bought bitcoin and decided to go and study on cybersecurity to enable him to keep his coins safe, because he understands that learning can be done anytime but investment should be done earlier.

[Ryu_Ar1]

The best key in this world is knowledge. Whatever you do without knowing about it is pointless, even if you have money and no knowledge in this life. Everything you accomplish will be for naught. You can't just start investing in Bitcoin without first learning about it. What do you think will happen at the conclusion of the day? Since your direction is more crucial than your speed, always keep it positive. Never consent to someone leading you astray.

I still feel that knowledge and skills and experience should be balanced in this regard.
Indeed, we will be reckless when doing something without knowledge but on the other hand, when we only struggle with knowledge and only stick to theory but without action carried out as a form of skill, it will also only be bland because it has a shell but the contents are empty considering that we only understand the theory but do not understand when applying the theory we have.

Do not forget that there are some conditions that will definitely occur when we start practicing and it will not be the same as the theory (knowledge) that we rely on as our material to try. In the end, when we only dabble in theory, our talk may lead to academic matters but we will not have anything if we do not dare to try and experience firsthand which makes knowledge with all kinds of theories useless.

[JayJuanGee]

If you have means to acquire bitcoin despite not having knowledge yet, you should do it because owning bitcoin will not limit you from acquiring the knowledge but having knowledge without owning a bitcoin is as good as nothing.

I totally disagree with you mate. How can you advise someone to purchase an item he knows nothing about??. You give this advice because you already know what  bitcoin is, its importance and its benefits. Your advice is like telling a  soldier to go for a mission in a strange territory without even a Map to know his whereabouts or information regarding his opponents. What if he gets lost or meets his opponents, he wouldn't even be able to spot them or avoid them cos he literally can't recognize them. Its as good as a failed mission. Bringing this home to our discussion. If you've funds to purchase  bitcoin without knowledge  and proper guidance,  the possibility of losing those funds is very high cos scammers are ever ready to prey on unsuspecting investors. You can even buy it at a very high rate cos you don't even know the exchange rate,  further more keeping your keys safe still comes with knowledge cos if you lose them before knowing of their importance, its as good as losing your investment. I'm an advocate of learning about any business venture one is going into properly because it helps you spot wolves in sheep clothing easily and its pertinent that if you fail to prepare yourself properly for any business venture by equipping yourself with enough knowledge first, you've prepared to fail in it. I acted on this your advice in 2014, bought Bitcoin without much knowledge of HODL and lost my coins to panic sales during the bear run of 2015. Now I can never advise someone without sufficient knowledge to invest in crypto knowing that I missed the chance of being a very wealthy man because of ignorance. You must learn first, strategize and then invest properly.

Wow.. you make some decent points DubemIfedigbo001..but you sound pretty bitter in regards to your own fuck ups in regards to bitcoin, that is if you are really telling the truth about your own mistakes..

Too bad you did not figure out ways to learn from your fuck ups and perhaps adjust your position size and approach rather than getting bitter about it and suggesting that people have to be some kind of expert in various aspects of bitcoin prior to getting started in terms of their investing into it which is surely not the case that people need to know all angles of bitcoin prior to getting started, and getting started is likely a better approach. 

One thing that likely is true, however, is that it is likely better to adjust your position size to the level of your knowledge (competencies), and surely some people can end up getting over their skis because they go at something (whether investing in bitcoin or otherwise) and they do not adjust their position size to their level of competencies, but if there are at least some attempts at balance, then position size can be helpful in terms of both learning as you go but also getting started as soon as possible, which seem to be one of the better things to do in bitcoin is to get started rather than diddly daddlying around and to be scared of it.

I was scared to invest and HODL Bitcoin since 2016 simply because I didn't have a deep knowledge about it but I paid dearly for it. If I say I have not regretted it till now, I will be telling lies. This is because I have at least $25,000 I can easily afford to invest in Bitcoin then but failed to do so since I was waiting for the right time to first learn and fully understand what I wanted to commit my money to, just like what @DubemIfedigbo001 tried to debunk, but he was wrong due to the increasing popularity of Bitcoin and neglected the fact that the more your affinity to taking risks, the better you might make it.

I am not going to deny that part of the dilemma is likely trying to figure out how much does any of us need to know prior to taking some kind of action in regards towards taking some kind of a stake, even if it is a somewhat relatively whimpy stake.

So yeah, if you had already had $25k that you could have invested into bitcoin in 2016, then it probably would not have had been a whole lot of skin off of your back to just somewhat blindly put $5k to $8.5k into bitcoin without a whole hell of a lot of studying and then just studied it along the way in order to figure out if you were going to take any kind of further stake, rather than taking no stake.. but sure, hindsight is 20/20.. and I am trying NOT to slip into that kind of a fallacy in terms of knowing what to do based on what had happened after 2016... so in that regard, DCA'ing might have been better, even if you had a $25k reserve that was then available to you... but in order to know how aggressive that you would have had been able to be, you have to take into account a lot more about your own situation, including at minimum your cashflow, your other investments, your risk tolerance, your time line and a few other factors.

I was actually in a similar situation in late 2013 when I had gotten into bitcoin.  I had some extra cash that I had already started to invest starting in about September/October 2013, and so by the time that I got into studying bitcoin in November 2013, I was already ready to put some of my extra money to work.. but there still was a bit of a problem in regards to how I was going to enter.. and so surely I was a bit worried at the time that I had first seen coin because it was approaching a 100x price increase for the whole year, so almost anyone can end up coming into an investment like that with hesitation at least in terms of the lump sum investing angle.. so therefore, I just decided to start out with DCA'ing and buying on dips rather than lump-summing .. but by the time we got towards the end of 2014, I was also trying to consider ways of lump-summing too... because I had ended up holding some of my cash coming in on reserves and even some of my investments from late 2013 were coming to their 1 year time frame by the end of 2014, so in that regard, I considered that I could use some of that money at the end of 2014 to lump sum into bitcoin.

But still it is a matter of proportion and when anyone gets started, there likely needs to continue to be learning along the way, especially if you might have done a quickie study in the beginning rather than an in-depth study when first starting out.

For instance, those who didn't have any deep knowledge about Bitcoin in the past years but risked based on its popularity and the good projects are now multimillions today. Some are even billionaires since they rather see the good in the project than find the best/deepest knowledge possible about it. To make matters worse, I was busy from the 2016 cycle till 2020 and missed out at the same time on the investment despite using Bitcoin for many financial transactions since 2014 for various inflow and outflow payments. That was so lame, and I saw myself as the fool in the Bitcoin investment but I ain't no more. This is why I advise anyone that if it's the context of "Bitcoin" that is the subject matter, they should invest even before they think when they hear others sharing testimonies and see a good prospect in it, or not think too much before they invest, you don't have to know everything. This is not a shitcoin that you can be afraid of, it's a well-planned and created asset that has been inculcated into the main financial stream of the world market, it can't be a bad idea to own your coin and continue to acquire more as it's never going to be a bad business for anymore in the long run. Bitcoin is such an asset that in the next 100 years or thereabout, it can be at over $1,000,000 per BTC, so why the fear?

I don't disagree with anything that you are saying, but for sure, the vast majority of people have difficulties investing for long periods of time, especially 100 years, and sure I understand that you are mostly just making a point that bitcoin is likely good for 100 years or more, but normies are likely going to be thinking in much shorter time periods, and it is difficult enough to suggest that they invest into something like bitcoin for 4-10 years or longer, and surely depending on how someone invests, whether DCAing, lump sum or buying on dips, there are likely going to be some preferences to stay into bitcoin for at least a couple of cycles to really start to be able to feel some of the likely ongoing compounding growth effects.. while at the same time,  some of the devils in the details in regards to some personal details in regards to how much value they are able to invest into bitcoin, and many times, people do not really have lump sum funds available to them and they might also not have their shit together very well in terms of making sure that they have their cashflow covered (their income versus their expenses.. and also having an emergency fund in place)... ..so even if we might consider that bitcoin is a kind of asset that will likely continue to grow, then a somewhat prudent (even though aggressive) investment style into it might still end up accelerating options for retirement and even early retirement... but it still could take many years to play out, and surely if someone is already at retirement age  then they have less abilities to enjoy the possible and potential compounding effects of bitcoin that are not guaranteed, but are part of the factors to consider when determining how aggressive to attempt to be in terms of both bitcoin accumulation methods and position size target considerations.

    Doing Dyor is because you have the knowledge that, through it, you can determine if a coin or crypto you want to buy has potential or not. That's why we research, we know, and because of this, while we are doing it, we are also able to get a new idea about it, to be honest.

   So it is really important that in all the aspects that we will do here in the crypto space, we have enough knowledge so that all the assets that we want to hold, whether short- or long-term, are not wasted. Because this is where the future savings we hope for in the crypto space depend.

Fuck shitcoins.

You need a whole other level of analysis if you are going to talk about shitcoins in this thread or figuring out if you should invest into that crap.

You did not use the word bitcoin once in your post, so if you are talking about bitcoin then your analysis and need for studying into particulars is going to be from a different perspective versus if you have hardly any clue regarding what is bitcoin, so you are using dumbass and vague terms such as "crypto" in order to talk about bitcoin, which likely demonstrates that you have hardly any clue about what you are talking about.

I was scared to invest and HODL Bitcoin since 2016 simply because I didn't have a deep knowledge about it but I paid dearly for it. If I say I have not regretted it till now, I will be telling lies. This is because I have at least $25,000 I can easily afford to invest in Bitcoin then but failed to do so since I was waiting for the right time to first learn and fully understand what I wanted to commit my money to, just like what @DubemIfedigbo001 tried to debunk, but he was wrong due to the increasing popularity of Bitcoin and neglected the fact that the more your affinity to taking risks, the better you might make it.
-snip-

Having the opportunity to have $25,000 in 2016 when the bitcoin price was still around $500-$700 is a rare opportunity.
I only got into crypto at the beginning of 2016 and only became active and focused in 2017.

If you buy with 1% of the funds you have at that time, of course, you will get a profit.
But can you hold it until now?

For sure 1% would be way too whimpy of an allocation into bitcoin if someone is saying that he had $25k in cash that he could have invested into bitcoin in 2016...

When someone is suggesting to invest 1% to 25% into bitcoin from your investment portfolio, usually your investment portfolio is not going to be 99% cash.. and even if you choose 20% to 40% in cash (or cash equivalents), there are likely going to be other quasi-liquid assets in your investment portfolio.. sure a personal residence is not very liquid, but there could be some level of quasi-liquid value that is represented by it.. especially in terms of equity that might be available through it.

Even though at that time Bitcoin was quite hyped and Bitcoin was the undoubted king of coins.
But indeed bitcoin still doesn't have as much power as it does today.

There will be no loss if you go into Bitcoin investment, as long as you don't go into shitcoin investment which will definitely be a lot of losses.

Fix the past by starting to buy Bitcoin at a good opportunity right now.
Chances are you won't see cheap prices like now.

Anyone who might have concluded that s/he has some kind of an investment target to start into bitcoin right now will still have to make the various calculations regarding how much to invest and the methods and timeline to accumulate BTC in order to reach his/her BTC accumulation targets, whether s/he wants to reach 1%-25% allocation or some other allocation, and over what period of time does s/he want to engage in such an accumulation process. 

The answers are going to vary, and even if many of us consider the current BTC price to be relatively low (for a variety of reasons), it could take a bit of time for a newbie to come to similar conclusions in terms of weighing the values of lump suming versus various forms of DCA'ing and/or buying on dips (if any).

I personally would attempt to make plans that involve each of the types of BTC accumulation of DCA, lump summing and buying on dips, and surely someone with $25k today might be able to divide it into 3 and put 1/3 in each of the categories, or maybe s/he might attempt to error on the side of being more aggressive and lump summing a higher portion of it, which surely would depend on his/her current cashflow situation and the status of other investments and even having an emergency fund.

[tjtonmoy]

The first rule of using a machine is to know how to run it. If you have no idea on how to operate the machine, then you can do nothing. The same thing applies to everything around us, including Bitcoin learning. You need to know the concept of Bitcoin, how it works, what it was made for, what are the pros and cons of Bitcoin. You need to learn every good and bad things about Bitcoin in order to really understand what bitcoin really is.

People these days only join Bitcoin for making money. They invest in Bitcoin without knowing nothing about it. They may have heard that they can make money by investing in Bitcoin and that's why they are here. Not all of them, but most of them are. And this is very bad for the Bitcoin ecosystem. These people are the ones who will make a loss in Bitcoin investment for not knowing enough and then go on and say that Bitcoin is a scam. So yeah, having knowledge about what you are dealing with is always the best way to approach anything.

[Odohu]

The first rule of using a machine is to know how to run it. If you have no idea on how to operate the machine, then you can do nothing. The same thing applies to everything around us, including Bitcoin learning. You need to know the concept of Bitcoin, how it works, what it was made for, what are the pros and cons of Bitcoin. You need to learn every good and bad things about Bitcoin in order to really understand what bitcoin really is.

Surprisingly,  people that tend to hold Bitcoin more are those who understand it from the angle of business with little to no technical knowledge... just the basic knowledge of how to buy and store safely. If you ask them question about the technical aspect of Bitcoin, they will rarely give you a satisfactory answer. Theirs is to buy and secure their fortune because they understand how well Bitcoin will change their lives over certain period of time.

People these days only join Bitcoin for making money. They invest in Bitcoin without knowing nothing about it. They may have heard that they can make money by investing in Bitcoin and that's why they are here. Not all of them, but most of them are. And this is very bad for the Bitcoin ecosystem.

I'm tempted to disagree with you a little because the motivation for the creation of Bitcoin was digital money that will not be controlled by a singe entity. So, if people joined Bitcoin because they feel they can make money from it, then they are very much welcomed and it is good for the Bitcoin ecosystem.

Have you imagined what will become of Bitcoin if fresh money stop flowing into it? We need both the technical guys and investors to make the Bitcoin market liquid and better. We don't have to be emotional about it, without monetary gains, more than half of the people in Bitcoin will disappear. 

[rachael9385]

You are absolutely right, but there is something that I expected you to mention, but you didn't say it (maybe you are supporting short timers).
Well, to be a good investor, you must have the patience of HOLDING. Bitcoin is not all about buying and sending or even selling, although knowing the best and safest wallet that one can keep Bitcoin is also part of good knowledge, but patience for long term holding is better than knowledge. However, both of them are good, but without patience an investor will run at a loss if the investor doesn't have one.

rachael19385,you got and misunderstood my point here. I am not saying anything about short term investment. If you like you can hold your bitcoin for 100 years, someday you must sell to make profit because profit is the real reason why everyone is investing in bitcoin and believes that bitcoin will give good profit at the long run, maybe after 10yrs.

Well, you are right on this, every investor can sell their coins, but at the same point, I still don't buy the idea that every investor must sell their coins even if they live for over 10 years.

Some investors might sell save funds on Bitcoin for their children sake, just how people save their fiat for their children so when their children are grown up the children can have full control over the funds. Now if an investor save or accumulated Bitcoin for his child sake for 10 to 20 years and when the child is grown the father or the mother who invested in Bitcoin for the sake of the child finally give the key to the child, then the child sell the coin, now my questions are, is it the investor that sold the coin or someone who inherited the coin from the parent? that was why I said investor will surely sell their coin but not all investors will sell their coin. (Hope you get my point?)

This was why I stated 'sell' as part of the basic knowledge one need and also, one must buy your bitcoin through p2p from an exchange either centralized or decentralized. Bitcoin does not fall from heaven neither most investors are miners. So, the major most common way that people who are not being paid with bitcoin can get bitcoin is by purchase.

I am still in my position, so I believe the sell button is not an option for an investor, no matter how long the person has been holding his coins, but it is true that one day an investor will click the sell button, but selling Bitcoin doesn't acquire more knowledge. The things that are more important are buying and holding. If an investor does not have the knowledge to buy Bitcoin, how will the investor sell?

Come to talk about patience, most anyone learn how to be patience or does knowledge brings patience NO. Patience is a practice in which you put in when you have a big goal to achieve especially when you know that it will take a very long time before you can achieve it. For example, it is just like you want to buy a house of $20,000, and all you can save for the month is $100. If you know how important shelter is, then you can choose to start saving $100 in for 20 months for you to be able to buy the house, and with this your goal and target, you know that you must wait till 20 months with steady saving of $100, meaning because you know the benefit of owning a house you must be patient till the money is complete.

However, you are right but there is something that you are missing so far, yes, patient is a practice right? But how can we practice if we don't learn?

You see, the both works together, if an investor practice but don't have good knowledge about Bitcoin that means there will be a lot of mistakes which you already know, inventualy, that investor might end up being a victim in the hands of scammers.

This is how bitcoin too is, and that was where you got me wrong, i said that you must have a target and work towards accumulating you bitcoin target disregard of whether you have the major knowledge of bitcoin or not, what matters is that you have started and you have a goal to achieve, because one of the basic knowledge of bitcoin is that it is a long term investment, and long term investment goes with patience.

Yes, you are absolutely right on this, the goal to achieve is what's important, no matter what, yeah, some investors don't have a specific amount of Bitcoin they want they just conclude to accumulate and hold for number of years before they might click the sell button and the only thing that can help them to achieve their goals is only patience and nothing more nothing less

I don't know if I am totally wrong, but I honestly disagree with what you said. We already know that holding is one of the best ways to benefit from Bitcoin, and I also believe that everybody who wants to have the knowledge of Bitcoin wants to benefit from Bitcoin, so how does holding not need much knowledge?

However, if one doesn't have Bitcoin knowledge, he can't afford to hold his coins for more than a week. Knowledge is what makes a Bitcoin investor hold his coins for a long term (prove me wrong).

You are wrong on this mate, as long as I have plans to save my money, and every month I assign my savings to buy bitcoin, I don't need any knowledge to discipline me on doing this regular, rather what I need is discipline on making sure that I buy whenever I get my pay cheque, because I am not even concerned about the price of bitcoin either if it is dumping or pumping because as soon as i get my pay cheque, I also have a fraction that I assign to save in bitcoin. Do anyone needs a vast knowledge on how to save fiat currency in banks..NO

DCAing don't need any big knowledge than your own plan of how much you will use on DCAing based on your income and how you can make sure that you don't get distracted with your accumulating strategy, which is a personal decision.

I believe that we need more knowledge to reschedule or reshuffle our monthly or weekly expenses before we can start accumulating Bitcoin, so in this case if one don't have discipline to minimize his expenses then no way to invest in Bitcoin because a day will come when the so called investor that has no discipline to minimize his funds will run low on cash based on an emergency will rush to sell just to solve a slit problem.

[ginsan]

Having the opportunity to have $25,000 in 2016 when the bitcoin price was still around $500-$700 is a rare opportunity.
I only got into crypto at the beginning of 2016 and only became active and focused in 2017.

If you buy with 1% of the funds you have at that time, of course, you will get a profit.
But can you hold it until now?

Even though at that time Bitcoin was quite hyped and Bitcoin was the undoubted king of coins.
But indeed bitcoin still doesn't have as much power as it does today.

There will be no loss if you go into Bitcoin investment, as long as you don't go into shitcoin investment which will definitely be a lot of losses.

Fix the past by starting to buy Bitcoin at a good opportunity right now.
Chances are you won't see cheap prices like now.

It seems that in that year, precisely in 2017, Bitcoin was very booming because it recorded ATH that year if I'm not mistaken. Many of them actually sold their holdings to take advantage at that time. But if they don't buy it again it will definitely be the biggest regret for them. I also felt the same way at that time because I sold some of my BTC just to gamble and that was the worst decision I made.  So, seeing the increasingly advanced development of Bitcoin, it would be incomplete for us if we don't have Bitcoin in our portfolio.

To enter at the current price is quite appropriate because Bitcoin, if I pay attention, is in the sideway phase, which is the best option for accumulating Bitcoin. I only buy Bitcoin with DCA which I do every 2 weeks or once a week but it all depends on the income I get. But I will not skip any steps to buy Bitcoin because I will treat my regret first by buying BTC and continuing to accumulate it.

[pixie85]

It's a philosophical question.

If you have knowledge without bitcoin, how are you going to use it? Are you going to give people advice on how to store their bitcoin, without having any yourself?
On the other hand, owning bitcoin without any knowledge is also bad. A fool and his money are soon parted, right? So if you have money without knowledge of how to use it,chances are you'll lose it.

If I had to choose I'd rather have bitcoin without knowledge. I'm a gambler and there's a fair chance I wouldn't lose my keys or let myself be scammed and get some profit in the end.

[Mate2237]

Because of the lack of knowledge to invest in bitcoin make bitcoin not for everyone. Because before you invest, you must have the technical know how of the technology so that you will be galant in whatever comes or challenges. And that is why when people are saying that bitcoin is for everyone, I only believed that  those guys do not really understand bitcoin, and I don't want to say something on the other threads but what the op here had said made it clear that to invest in bitcoin you must have the "basic knowledge" and which is the most important part in bitcoin investment and those who has no knowledge on bitcoin can't involved themselves in this new technology. Even in the forum, those who are not good in bitcoin, writing and contributing to meaningful knowledge can't join it because they have nothing to offer. I am also on the school of thought that bitcoin is not for everyone because because bitcoin is limited to some group of people. Children, old age, and the blind are not meant to use bitcoin though someone can use it for them but it themselves. All those early users of bitcoin who sold it because of fear lack the knowledge of bitcoin and sold them off for the fear of losing.

This your thread too is also the category of those first experienced of bitcoin. And forum is the best place to learn anything concerning of bitcoin. Joining this forum helps one to prevent being scammed. And other things to learn in the forum. All what you need to do is patient and reading.

[Blitzboy]

Because of the lack of knowledge to invest in bitcoin make bitcoin not for everyone. Because before you invest, you must have the technical know how of the technology so that you will be galant in whatever comes or challenges. And that is why when people are saying that bitcoin is for everyone, I only believed that  those guys do not really understand bitcoin, and I don't want to say something on the other threads but what the op here had said made it clear that to invest in bitcoin you must have the "basic knowledge" and which is the most important part in bitcoin investment and those who has no knowledge on bitcoin can't involved themselves in this new technology. Even in the forum, those who are not good in bitcoin, writing and contributing to meaningful knowledge can't join it because they have nothing to offer. I am also on the school of thought that bitcoin is not for everyone because because bitcoin is limited to some group of people. Children, old age, and the blind are not meant to use bitcoin though someone can use it for them but it themselves. All those early users of bitcoin who sold it because of fear lack the knowledge of bitcoin and sold them off for the fear of losing.

This your thread too is also the category of those first experienced of bitcoin. And forum is the best place to learn anything concerning of bitcoin. Joining this forum helps one to prevent being scammed. And other things to learn in the forum. All what you need to do is patient and reading.

Absolutely, investing in Bitcoin requires a degree of knowledge, and you've hit the nail on the head in noting that it's not for everyone. But let’s spin this yarn another way, shall we? I'd argue that while technical know-how is beneficial, you don't necessarily have to be a blockchain engineer to invest wisely in Bitcoin. It’s like driving a car; you don’t need to be a mechanic to drive safely and efficiently. It’s important to understand the basics, of course, but the nitty-gritty technical details? Perhaps not essential for everyone.

Your point about the forum being a great place to learn is spot on, yet it doesn't mean that newcomers, who may lack profound knowledge in Bitcoin, have nothing to offer. Fresh perspectives, new questions, and novel ideas often come from those not deeply entrenched in the current ways of thinking. If we restrict Bitcoin to those with pre-existing knowledge, are we stifling its potential for mass adoption? Just something to chew on.

[Marvell1]

Because of the lack of knowledge to invest in bitcoin make bitcoin not for everyone.

I completely disagree with your thoughts, not only bitcoin but any investment, job or field with no knowledge, what can you do? You will not be able to do anything anywhere without knowledge, knowledge is a must if we want to start anything.

Bitcoin is for everyone, but whether people embrace it or not depends on each person. Like the saying goes, "when people really want something, they will definitely find a way", as long as they have determination, they can do it.

Many people have the misconception that bitcoin is only for tech-savvy people. That's not true, Bitcoin is for everyone, even those who know nothing about technology, as long as they have passion and are eager to learn, technology is not a barrier.

[rachael9385]

Because of the lack of knowledge to invest in bitcoin make bitcoin not for everyone.

I completely disagree with your thoughts, not only bitcoin but any investment, job or field with no knowledge, what can you do? You will not be able to do anything anywhere without knowledge, knowledge is a must if we want to start anything.

Bitcoin is for everyone, but whether people embrace it or not depends on each person. Like the saying goes, "when people really want something, they will definitely find a way", as long as they have determination, they can do it.

Many people have the misconception that bitcoin is only for tech-savvy people. That's not true, Bitcoin is for everyone, even those who know nothing about technology, as long as they have passion and are eager to learn, technology is not a barrier.

Yes, I agree with you, @Marvell1. @Mate2237 got it all wrong on this. Knowledge is the most important thing in everything one is doing, whether Bitcoin or not, even in our social life. If one doesn't have the knowledge to do things at the right time, that means the thing that is done at the wrong time is a total waste of time. Knowledge will help one know how to do something at the right time, but if one doesn't have the knowledge, the person will do what he wants at the wrong time, just like knowing that Bitcoin is for everyone but they don't want to take advantage of it. Without knowledge, one won't know that Bitcoin is for everyone or even if the person does know that Bitcoin is for everyone, the fear of risking their funds, the person will not take advantage of it.

Because of the lack of knowledge to invest in bitcoin make bitcoin not for everyone. Because before you invest, you must have the technical know how of the technology so that you will be galant in whatever comes or challenges. And that is why when people are saying that bitcoin is for everyone, I only believed that  those guys do not really understand bitcoin, and I don't want to say something on the other threads but what the op here had said made it clear that to invest in bitcoin you must have the "basic knowledge" and which is the most important part in bitcoin investment and those who has no knowledge on bitcoin can't involved themselves in this new technology. Even in the forum, those who are not good in bitcoin, writing and contributing to meaningful knowledge can't join it because they have nothing to offer. I am also on the school of thought that bitcoin is not for everyone because because bitcoin is limited to some group of people. Children, old age, and the blind are not meant to use bitcoin though someone can use it for them but it themselves. All those early users of bitcoin who sold it because of fear lack the knowledge of bitcoin and sold them off for the fear of losing.

This your thread too is also the category of those first experienced of bitcoin. And forum is the best place to learn anything concerning of bitcoin. Joining this forum helps one to prevent being scammed. And other things to learn in the forum. All what you need to do is patient and reading.

Your point about the forum being a great place to learn is spot on, yet it doesn't mean that newcomers, who may lack profound knowledge in Bitcoin, have nothing to offer. Fresh perspectives, new questions, and novel ideas often come from those not deeply entrenched in the current ways of thinking. If we restrict Bitcoin to those with pre-existing knowledge, are we stifling its potential for mass adoption? Just something to chew on.

Everyone has something to offer, either big or small, new or old. New things are yet to come, ideas, knowledge that we must practice aren't yet coming, so I still believe newcomers are still smart enough to give us some Bitcoin ideas and knowledge we don't have yet. Since technologies are improving, that means there are things we haven't heard or seen within ourselves and some of these things might come from newcomers. .

[Z_MBFM]

The first rule of using a machine is to know how to run it. If you have no idea on how to operate the machine, then you can do nothing. The same thing applies to everything around us, including Bitcoin learning. You need to know the concept of Bitcoin, how it works, what it was made for, what are the pros and cons of Bitcoin. You need to learn every good and bad things about Bitcoin in order to really understand what bitcoin really is.

Bitcoin was a very difficult thing for a time but nowadays it is very easy to learn about Bitcoin because Google has many articles in the local language of each country, there are YouTube videos. Now investing in Bitcoin requires a good financial status. Because Bitcoin is a currency where the probability of loss is very low if one can hold it for a long time. So since the profit is sure, investing in Bitcoin does not require much knowledge. However, since Bitcoin is completely internet based, it is necessary to know the process of storing it securely and about a secure wallet.

People these days only join Bitcoin for making money. They invest in Bitcoin without knowing nothing about it. They may have heard that they can make money by investing in Bitcoin and that's why they are here. Not all of them, but most of them are. And this is very bad for the Bitcoin ecosystem. These people are the ones who will make a loss in Bitcoin investment for not knowing enough and then go on and say that Bitcoin is a scam. So yeah, having knowledge about what you are dealing with is always the best way to approach anything.

Bitcoin is definitely a good way to make money and that is why people are so hyped about Bitcoin. People believe about Bitcoin that it can give profit but many people think that Bitcoin can give quick profit which is why they don't think about holding it. And after investing they panic to sell quickly and that's why they face losses and all these people spread negative messages about Bitcoin. Bitcoin doesn't care about these negative messages. Because it is completely decentralized and no one can control it. Therefore, it is not possible to change its price at will

[Suzume]

Many of us had many misconceptions about Bitcoin. Especially before I joined to Bitcoin forum, I had many misconceptions about Bitcoin. Later I came to the forum and slowly got my idea about crypto and about bitcoin. After getting the idea about bitcoin, you can know about the investment in bitcoin from which you can get a lot of profit if you have good knowledge about Bitcoin. If you do not have enough knowledge about crypto world then you will invest right but your investment will not be profitable. For this reason you should have  knowledge about it before investing. Especially security.

[Dr.Bitcoin_Strange]

Is Bitcoin hodling more important? well I have read a couple of post which always talk about owning Bitcoins which is definitely a good idea especially as someone in the crypto space however will hodling Bitcoin be important without proper understanding of Bitcoin and the crypto space? Of course not.

Well, I think that before a Bitcoiner will even be able to hold their Bitcoin, they should have gained proper knowledge about it; otherwise, they can't hold their asset for a very long time for some reasons. An example is myself, when I was still not so experienced with Bitcoin.

Some years ago, I would usually wonder how Bitcoin even works; I never knew how to or where to buy it, and I did not know that there was anything called a cold or hot wallet. I did not know that I could lose my Bitcoin if I exposed my private key or wallet phrase.

Fast forward to when I started learning about Bitcoin. I did not know that if I overinvested in Bitcoin, I would not be able to hold it for a long time because any time I had an arising need, I would still sell my coin and use the money to attend to my financial needs.

I know that during my early days in Bitcoin, I was so scared of price volatility because I always wondered what would happen if Bitcoin fell and my investment would just be a waste. But now I know better and have more knowledge about investing in Bitcoin. Some people could not hold their Bitcoin because they were also scared of price volatility, so they panicked and sold off their Bitcoin. With proper knowledge about Bitcoin, an investor will not panic during price volatility because volatility is a very known characteristic of Bitcoin.

Fast forward to when I started learning about Bitcoin wallets, and then I realized that we have wallets that are open source and closed source, and that there are also the best wallets for Bitcoin. Like the electrum wallet and the blue wallet for mobile users.

So, OP, it is very vital for someone to properly learn about Bitcoin and how to invest in Bitcoin; otherwise, they might not be able to hold so tight.

[JunkieMiner]

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. 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.

How could we earn bitcoin by teaching others? Whether that will be without investment? Bitcoin is not knowledge itself. Bitcoin is a coin just like other coins, the more its hype is due to the way it is behaving. If we don't know about bitcoin, we can't trade in the manner that should be needed for it, also we have to know about more traders' experience. Trader's experience comes from other top traders, we should know about them in different discussions, and engage in those.

[shield132]

Personally I can say that knowledge in cryptocurrencies isn't very beneficial because ask yourself, why is bitcoin popular? And then compare possiblities of bitcoin to Monero. Everyone will tell you that bitcoin is decentralized, anonymous, etc... But then there is a monero. Logically, Monero should be the number one cryptocurrency and not bitcoin because monero is decentralized where every user is anonymous by default. Then there is an ethereum that offers a lot of features unlikely to Bitcoin but still bitcoin is number one currency. I can't actually understand it. I don't say that bitcoin is bad, no, it's great but I used to think that Monero and Ethereum had potential to surpass bitcoin. That's why I think that bitcoin hodling is more important than bitcoin knowledge.

[SOKO-DEKE]

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.

Yes, knowledge is power, but that doesn't mean someone should know everything before they can invest in Bitcoin. Knowledge is a gradual process because someone can't know everything. If someone is waiting for time to know almost everything about Bitcoin and cryptocurrency, they may miss some opportunities, but the best idea for newbies is to have the basic knowledge about Bitcoin and cryptocurrency in general, like knowing the risks involved in bitcoin, knowing where to purchase bitcoin, and also knowing proper wallets to keep the bitcoin so it can have proper security for their investment. With that, newbies can start their Bitcoin investment journey. Sofar is not trading that newbies want to get involved in themselves, I think some basic knowledge is okay to start up a Bitcoin journey.