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Author Topic: Knowledge vs hodlings  (Read 2512 times)
Youngkhngdiddy
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October 06, 2023, 10:14:05 PM
 #201

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.
 

 It’s is true knowledge is power and golden, it gives you standard and confident in what you’re doing. You cannot have the knowledge of Bitcoin or the cryptocurrency space at a single sitting, even the pros in the market they still learn everyday from the market and even study more to be solid in trading. One thing people need to know is that Bitcoin is not a get rich quick scheme. It involves paying close and learning about the market. To become a successful trader, you need to be more informed and enlightened further more do more research and become master in any of the analysis techniques available. All this information will make you know what crypto to invest and when to invest. They are always hidden information when a coin is about to reach an all time high or even low. Once you don’t pay close attention to this information you either miss out from the opportunity the particular coin bring or you see your money go down the slide.
  This is why having the knowledge first is really important, cause you need to have the basic idea of what crypto you investing in. This is mistake newbies do cause they feel Bitcoin is a platform where you just put money and you leave it to rise, but this is not the case. With the knowledge you have about a particular coin you can know the coin to hodl even when it’s in it lowest low.
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October 06, 2023, 11:34:07 PM
 #202

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.

It's the knowledge that you have about Bitcoin that'll make you to invest into it because if you didn't have any knowledge you won't know what Bitcoin is. This thread isn't about knowing about the crypto world but about Bitcoin and anyway you invest in Bitcoin, you can make profits when you keep your Bitcoin very safe. The forum teach us to not keep our Bitcoin on exchanges or make use of non custodial wallets because they can be hacked and the Bitcoin gets stolen.

Any individual that's always on the forum will pick interest to buy Bitcoin and not just having the knowledge of Bitcoin. When you don't Invest, you're making the knowledge to go to waste. Having knowledge about Bitcoin before investing will make you have lots of ideas of how to protect your Bitcoin, which is good.

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October 07, 2023, 01:54:02 AM
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 #203

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.

You make some good points that there might be some other features that are touted to be better than bitcoin, but sometimes the extent to which those features might be touted as better is not so obvious, and many times in technology, if you want to displace an incumbent (which would be bitcoin in this case), then you need to be clearly and unambiguously 10x better than the incumbent, and I doubt you would argue that Monero, Ethereum or any other shitcoin is actually 10x better than bitcoin... so it has to be that level of clarity (in the ballpark of 10x) in terms of how much it is better... otherwise the incumbent is going to continue to build and gravitate value and to grown market share greater than all of the rest, in terms of the seven network effects outlined by Trace Mayer.

And just a little side note in regards to that piece of crap, ethereum that you mentioned, there really is no clarity about how many coins were premined.. so a pretty big gap in the supply, and POS is really dumb in compared with Bitcoin's POW innovation that really brings it a lot of strength in terms of sound money that really cannot be fucked with.

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,

It sounds as if you do not know about bitcoin.

Bitcoin is not a coin just like other coins merely because it has "coin" in its name.

Shitcoiners likely to make such dumb assertions that bitcoin is just the same as other coins, and then that way the shitcoiners can pump their shit and mislead you into thinking that you need to diversify your portfolio into shitcoins... which surely is an ill-informed approach, especially known more by those who actually come to learn bitcoin better, whether they end up going through a shitcoin phase first or not...

Going through a shitcoin phase is not a prerequisite in order to learn about bitcoin, even though a lot of folks do got through some kind of shitcoin phase before they figure out that bitcoin is different.. and that bitcoin is the one that should be learned first in order to lessen the likelihood of getting sucked into bullshit and distracting pump and dump nonsense that is part and parcel of the shitcoin scene.

the more its hype is due to the way it is behaving.

Bitcoin is more than just market sentiment.  You might want to study a bit into what bitcoin is before you try to summarize bitcoin as being market sentiment, even though there surely is some market sentiment, but you are not going to be a very good investor into bitcoin if you are using market sentiment to guide the way that you invest into bitcoin.  If you follow market sentiment, you are likely going to end up getting reckt and not having hardly any (if any) grounding in terms of actual bitcoin knowledge.

If we don't know about bitcoin,

Through your own words, you have already shown that you don't really seem to know much if anything about bitcoin.

we can't trade in the manner that should be needed for it,

Sure, you can trade and fuck around with shitcoins, but it is not a good idea to be trading and fucking around with bitcoin, unless you want to get reckt.

With bitcoin you should just be figuring out ways to ongoingly accumulate it and also to make sure that you figure out ways to secure your stash.. as you might be attempting to reach target levels of accumulation.. which could take 4-10 years or more to reach depending upon from where you might be starting and if you are able to lump sum into bitcoin versus more common ways of dollar cost averaging and buying on dips.

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.

Fuck traders.  That is a specialty field.  Not very many traders actually make money, and it is not very smart to just jump into trading if you think that you want to make money, unless you learn that kind of a specialty, and you surely do not need to learn how to trade in order to figure out how to accumulate bitcoin and to invest into bitcoin... unless you are just trying to lose money, entertain yourself and/or gamble, which might be all fun and games until you might spend several years of your life fucking around with that kind of fun and thinking that you are going to get rich when in fact you end up making no progress or getting anywhere and when you should have had been taking a more prudent and practical approach, especially when it comes to bitcoin .. which is likely one of the best (if not the best) investment assets that have ever come available.. and hopefully you are not so dumb as to waste a good opportunity by getting overly greedy and failing/refusing to take a more practical approach with such a great asymmetric bet to the upside (namely bitcoin).

1) Self-Custody is a right.  There is no such thing as "non-custodial" or "un-hosted."  2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized.  3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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October 07, 2023, 02:42:48 AM
 #204

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.

In theory, ETH or XMR both show that they have many superior features than bitcoin, but in reality everything will be completely different from theory. There is no reason for anyone to choose bitcoin if it proves to be inferior to the other two coins or any other altcoin that exists in the market. Maybe a few people will be confused but there's no way the whole world can be confused about it.

Regarding holding and knowledge, I just want to know if you don't have knowledge, how can you hold bitcoin? If you know nothing about bitcoin: how it works, its fluctuations, and wallets to store it...if you don't know these things, how can you confidently hold bitcoin? They say knowledge is power, meaning when you have knowledge about it, you will understand it clearly and have faith in it. The same thing happens with bitcoin, why many people can hold it for many years to gain thousands of percent profits, but many people cannot hold it even when buying at low prices? Everything is decided by faith, and to have faith, you need to understand it clearly.

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October 07, 2023, 03:33:18 AM
 #205

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.



Satoshi created bitcoin with decentralized nature and even he couldn't control it, which means he wanted to create it for everyone, who loves freedom and respects their privacy. Just like wealth, no one can stop us from becoming rich except ourselves. If we are lazy, do not make efforts, and refuse to accept challenges and risks, how can we become rich? Clearly, we are making ourselves become barriers for ourselves. Those who always say that this is not for them, that is not suitable for them, are just excuses for their laziness.

If we don't know, let's learn. If you can't learn it yourself, ask someone else to teach you. If others don't teach you, find someone else. As I said, if we really want it, we will always find a way to achieve it, it's all just an excuse for our laziness.

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October 07, 2023, 03:35:14 AM
Merited by fillippone (1)
 #206

Personally, we can understand well and have more knowledge about bitcoin during have invest assets there, we can run as well as with investing in bitcoin and another way learn step by step about bitcoin investment. There are not required have to understand or get knowledge first before investing in bitcoin, actually make us easy for understanding all about bitcoin when have investing assets. Looking on price up and down with bitcoin what have necessary with important thing about knowledge, its looks simple as possibility sell when bitcoin on higher price and reinvesting later when bitcoin have in lower price.
Don't need to learn chart or any bitcoin movement progress day by day but not get action yet for investing in bitcoin.

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October 07, 2023, 05:12:43 AM
Merited by JayJuanGee (1)
 #207

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.
Simply exquisite mate, your explanation and break down of this is quite interesting but that's the truth about being an bitcoin investor and I can take myself for an example on this because till date I can bet that I don't still know the whole technical aspects of bitcoin but that doesn't mean it prevented me from investing or it even stopped me from trying to make an investment in bitcoin. I literally was amuse by the curiosity that bitcoin brought to me and used that energy to actually follow up to learn the basics which I know is what I will be needing plus a strong idea, idea and principle to follow up with me having bitcoin because you as an investor without a plan is totally nonsense because you might end up scattering everything about your actual targets but that's even of course you have one.

note:: technical knowledge is still very important but like you said isn't really a major at first if want to practically invest in bitcoin

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October 07, 2023, 05:19:25 AM
Merited by Symmetrick (3), Orpichukwu (2), JayJuanGee (1)
 #208

Personally I can say that knowledge in cryptocurrencies isn't very beneficial
I totally disagree with you on this and I will advise you change your mindset regarding knowledge because it is actually very important in any venture. There is a popular saying that "Ignorance is a disease" and as you know, ignorance is the absence of knowledge. Where will you start from if you have no knowledge of what you are getting yourself involved in? How can you even protect your assets without knowledge? In all you do, please don't downplay the importance of at least basical knowledge.


because ask yourself, why is bitcoin popular?
Bitcoin popularity is well deserved. Bitcoin is the reason we are here, it is the first and will always remain the best. It is not controlled by men on suit who have spent some money on marketing shit and looking for who to steal from. Bitcoin is just starting and will even get more popular.


And then compare possiblities of bitcoin to Monero.
There is no basis of comparison.  I have not looked at Monero before and I do not plan to do that anytime soon.

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.
Seems you are so soaked in shitcoins. The earlier to covert a good portion of your bag to Bitcoin, the better for you. Nothing beats Bitcoin for now.

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October 07, 2023, 09:17:32 AM
 #209

An ideal investor should have the basic objective of risk taking ability, will power to invest and proper knowledge of how to invest. A person who invests for profit is certainly more likely to lose his portfolio due to greed.
So if you want to invest, you must get proper knowledge about investment and if you invest for a long time, or if you invest at the right time, you can definitely be profitable. So we have to get rid of excess temptations and enter into proper investments.
These are the reasons for which an ideal investor would be considered, and have the highest risk tolerance. Because risk plays the biggest role in investing in Bitcoin.

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October 07, 2023, 11:01:07 AM
Merited by JayJuanGee (1)
 #210

Fuck traders.  That is a specialty field.  Not very many traders actually make money, and it is not very smart to just jump into trading if you think that you want to make money, unless you learn that kind of a specialty, and you surely do not need to learn how to trade in order to figure out how to accumulate bitcoin and to invest into bitcoin... unless you are just trying to lose money, entertain yourself and/or gamble, which might be all fun and games until you might spend several years of your life fucking around with that kind of fun and thinking that you are going to get rich when in fact you end up making no progress or getting anywhere and when you should have had been taking a more prudent and practical approach, especially when it comes to bitcoin .. which is likely one of the best (if not the best) investment assets that have ever come available.. and hopefully you are not so dumb as to waste a good opportunity by getting overly greedy and failing/refusing to take a more practical approach with such a great asymmetric bet to the upside (namely bitcoin).
Some traders can make money, but this must be assessed from the point of view that they previously had to spend a lot of time to gain knowledge, and perhaps all this time they were losing money. Statistics say that only a few percent of traders become successful, and for the rest it is simply a waste of money, time and perhaps nothing more than gambling.

We need to think carefully before engaging in trading, because we can simply hold Bitcoin and make a profit. This is not the only investment that can make a profit, but if compared with traditional directions, their payback can be from 5 years, at least that’s how it works for me. During the same time, Bitcoin is capable of bringing in several times more profit, so its advantage is obvious.

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October 07, 2023, 11:14:45 AM
Merited by The Sceptical Chymist (3), JayJuanGee (1)
 #211

A person who invests for profit is certainly more likely to lose his portfolio due to greed.
Do you invest to make loss? If you take BTC as an investment asset and you're not buying it to spend it on a commodity or to pay for a service, then you are investing to make profit; and there's nothing wrong it it. The problem may be when you are greedy and invest more than you can afford to lose. But the aim of investment is to make profit.

So if you want to invest, you must get proper knowledge about investment and if you invest for a long time, or if you invest at the right time, you can definitely be profitable. So we have to get rid of excess temptations and enter into proper investments.
It is hard to invest at the 'right time', because you cannot predict the 'right time', that's why there are strategies like dca for investors to use. And by the way, the only knowledge you need as a BTC investor is in how to properly store the keys and seed phrase to your coins, and the best wallets for you to use too, unlike trading that requires special skills.

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October 07, 2023, 12:33:55 PM
Merited by Mate2237 (3), JayJuanGee (1)
 #212

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.



Satoshi created bitcoin with decentralized nature and even he couldn't control it, which means he wanted to create it for everyone, who loves freedom and respects their privacy. Just like wealth, no one can stop us from becoming rich except ourselves. If we are lazy, do not make efforts, and refuse to accept challenges and risks, how can we become rich? Clearly, we are making ourselves become barriers for ourselves. Those who always say that this is not for them, that is not suitable for them, are just excuses for their laziness.

If we don't know, let's learn. If you can't learn it yourself, ask someone else to teach you. If others don't teach you, find someone else. As I said, if we really want it, we will always find a way to achieve it, it's all just an excuse for our laziness.
Yes, it is true that Bitcoin is decentralized and for Bitcoin to be decentralized, that's what makes Bitcoin private for everyone, so that no motherfucker can control it, not even the fucking government. Bitcoin is for everyone, and it is just for people to take advantage of Bitcoin and gain something from it.

The key to wealth is in our hands and if we don't work to get rich sooner or later, that means we are scared of taking risk, so risk is what makes us wealthy. Even in business and white collar jobs, they all have risk, both students who are going to school are going there to acquire more knowledge that they can use to make progress when they are done with schooling.

Someone can not become rich if he is lazy to work and being lazy is also the same as being scared to risk.
However, learning is a dual process. Those who don't have Bitcoin knowledge should learn from those who have the knowledge already, but they should not use the whole day to learn Bitcoin, as they are learning Bitcoin they should also invest while they learn.


Fuck traders.  That is a specialty field.  Not very many traders actually make money, and it is not very smart to just jump into trading if you think that you want to make money, unless you learn that kind of a specialty, and you surely do not need to learn how to trade in order to figure out how to accumulate bitcoin and to invest into bitcoin... unless you are just trying to lose money, entertain yourself and/or gamble, which might be all fun and games until you might spend several years of your life fucking around with that kind of fun and thinking that you are going to get rich when in fact you end up making no progress or getting anywhere and when you should have had been taking a more prudent and practical approach, especially when it comes to bitcoin .. which is likely one of the best (if not the best) investment assets that have ever come available.. and hopefully you are not so dumb as to waste a good opportunity by getting overly greedy and failing/refusing to take a more practical approach with such a great asymmetric bet to the upside (namely bitcoin).
Some traders can make money, but this must be assessed from the point of view that they previously had to spend a lot of time to gain knowledge, and perhaps all this time they were losing money. Statistics say that only a few percent of traders become successful, and for the rest it is simply a waste of money, time and perhaps nothing more than gambling.

We need to think carefully before engaging in trading, because we can simply hold Bitcoin and make a profit. This is not the only investment that can make a profit, but if compared with traditional directions, their payback can be from 5 years, at least that’s how it works for me. During the same time, Bitcoin is capable of bringing in several times more profit, so its advantage is obvious.
Bitcoin trading is just like another way of gambling and I don't believe that a beginner trader can profit from Bitcoin trading. It takes more knowledge to start Bitcoin trading and a new beginner trader will have a lot of knowledge of selling and when to buy, but Bitcoin investment is not like that of Bitcoin trading, so I do recommend Bitcoin investment for any beginner.

R


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October 07, 2023, 12:51:29 PM
Merited by JayJuanGee (1)
 #213

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 agree that the coins you mentioned are good but are they compatible with Bitcoin? Where Bitcoin's supply is limited, there is no limited supply in any of the ones you mentioned, which is an important factor for me when it comes to accepting Bitcoin. Bitcoin far surpasses those coins in terms of acceptance and popularity. In case of mentioned coins can increase their supply if desired. As a result, there is uncertainty about how reliable those coins can become in the long run. While investing in Bitcoin over a long period of time, there is a possibility, it is not guaranteed but we can surpass its previous highs. Here I don't think money is important but dependability is important for me. We can expect 10x in the long-term but can i keep confidence in the altcoins in long-term?
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October 07, 2023, 01:26:32 PM
 #214

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.

I don't understand why you said knowledge in cryptocurrency isn't beneficial to someone, when it is in fact your main object to avoid getting scammed or put your money in a wrong altcoin.
Well, I have to agree that some of the top altcoin in the market has a better feature than bitcoin, simply because that's the purpose of these altcoin, to fix bitcoin's imperfections. But we all know why bitcoin stays way at the top the rest. Some altcoin may surpass bitcoin in the future, but not in this current timeline.

R


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October 07, 2023, 05:42:09 PM
Merited by JayJuanGee (1)
 #215

Only those who have experience and good knowledge about Bitcoin can get rich in Bitcoin investment.  The best advice for those who want to invest in Bitcoin is to get a good knowledge of Bitcoin before investing.  If you invest without knowledge you will face potential risks. You will regret when you lose bitcoins.  I think holding Bitcoin would definitely be a great one.  There should be no distinction between knowledge and holding because without knowledge you cannot do holding.  Of course you need knowledge for holding.
Are you sure about this? There are some technical guys that once had good stash of Bitcoin yet sold everything and cannot boast of 1BTC today. Whereas there are people holding large chunk of Bitcoin yet do not understand one single line of code behin Bitcoin. Having money and knowing how to grow and preserve it are two different things.

The world knowledge is truly relative in this case. While some people aspire to know everything about Bitcoin, there are those who are too busy with other things that they require just little knowledge of Bitcoin and they are in.  Technical knowledge is not really for everyone even though it is good.

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October 07, 2023, 06:16:56 PM
Merited by JayJuanGee (1)
 #216


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.
Your words are quite ambiguous in my opinion where when the initial discussion was about investment it would not make sense to relate it to trading because you have to be able to distinguish that investment is not trading and investment is better than trading so you can't say everything in one discussion because there will be no common ground at any time.
It will not make sense if the goal is investment but you look at traders as a reference. you must know your goal from the beginning and when the intention is investment then indeed some discussions about investment strategies are very much here rather than you reflect and make traders as a reference because even if you work hard for the investment you do but when only traders you look at then you will fail or maybe even if you succeed in the end it will not be optimal.

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October 07, 2023, 06:29:17 PM
Merited by JayJuanGee (1)
 #217

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.
there are hundreds if not thousands of articles available on the internet, but how many people are spending their time to read through those articles? We have everything in the palm of our hand, but some people are so ignorant that they never try to learn. It's not about availability, but the willingness to learn. If you don't have a curious mind, you can never learn anything new. People nowadays are always after quick money or easily influenced by other people. That's why they always believe what they hear or see, but they never take the time to learn it on their own. I think we should blame the social media for this.

Believe it or not, people are always after the negative things. No matter how much good you present a positive thing, people will always choose the negative things about it and dump the idea of positivity. If you don't take your time to learn it on your own, then you will never learn anything.

One more thing, I want to disagree with you here is that you don't need a good financial status in order to invest in Bitcoin. It is a long-term process, so you can put as little as 10 to $15 and you can start your journey. And as it is a long-term investment plan you can keep on putting small value and in the long run you can make it big.
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October 07, 2023, 06:51:03 PM
Merited by JayJuanGee (1)
 #218

Fuck traders.  That is a specialty field.  Not very many traders actually make money, and it is not very smart to just jump into trading if you think that you want to make money, unless you learn that kind of a specialty, and you surely do not need to learn how to trade in order to figure out how to accumulate bitcoin and to invest into bitcoin... unless you are just trying to lose money, entertain yourself and/or gamble, which might be all fun and games until you might spend several years of your life fucking around with that kind of fun and thinking that you are going to get rich when in fact you end up making no progress or getting anywhere and when you should have had been taking a more prudent and practical approach, especially when it comes to bitcoin .. which is likely one of the best (if not the best) investment assets that have ever come available.. and hopefully you are not so dumb as to waste a good opportunity by getting overly greedy and failing/refusing to take a more practical approach with such a great asymmetric bet to the upside (namely bitcoin).
Some traders can make money, but this must be assessed from the point of view that they previously had to spend a lot of time to gain knowledge, and perhaps all this time they were losing money. Statistics say that only a few percent of traders become successful, and for the rest it is simply a waste of money, time and perhaps nothing more than gambling.

We need to think carefully before engaging in trading, because we can simply hold Bitcoin and make a profit. This is not the only investment that can make a profit, but if compared with traditional directions, their payback can be from 5 years, at least that’s how it works for me. During the same time, Bitcoin is capable of bringing in several times more profit, so its advantage is obvious.
I think it's worth pointing out that when you say you need to spend a lot of time and knowledge then it's possible to do it even though the risk is still very large when compared to investing and indeed we must also realize that point is important so if you are not prepared to lose very much in trading then don't try it and it's better to move your intention to investing rather than trading.
In the end it will be much more worth it than forcing trading which will actually damage you mentally especially when you don't know how and result in you feeling cheated. Keep in mind only 1 in hundreds or thousands of traders can succeed from trading the rest will only be a loss and this will be very different if you do it in investment because in the end by investing in bitcoin you will still get your bitcoin (like you bought) even though the value in terms of fiat may shrink but when you survive and become hodlers and continue to be consistent in your investment I think it will be very much more profitable at the end.

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October 07, 2023, 07:27:33 PM
Merited by JayJuanGee (1)
 #219

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.
This is sort of balanced argument and I agree with you mate. the amount of information available for free is enough to give anyone the knowledge they need. I have also come to understand that holding Bitcoin for long is the was to maximize profits and make the most of Bitcoin.

Investing in Bitcoin sure require some level of financial stability especially for those of us from low income earning countries where access to credit facilities is exclusively reserved for the rich and the politician and not easy to come by. So the only option left is to invest with our megger resources and hope it grown with time.

Consequently, I have been applying the DCA method that I learnt from this forum to be buying Bitcoin regularly even though they are small purchases. Looking at my portfolio now actually make me appreciate the beauty being systematic and committed to a course. Anyone of us can actually achieve a good portfolio if we apply the right knowledge and procedure, this is why I feel knowledge is very important.




One more thing, I want to disagree with you here is that you don't need a good financial status in order to invest in Bitcoin. It is a long-term process, so you can put as little as 10 to $15 and you can start your journey. And as it is a long-term investment plan you can keep on putting small value and in the long run you can make it big.

The amount you quoted, $10 to $15 dollar is actually a big amount of money for some people. According to this article, the minimum wage in Bangladesh is 14.62 per month. This mean $15 is a big amount of money for some people. So one need a good financial balance to be able to DCA even with the amount you quoted.

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October 08, 2023, 04:22:35 AM
Merited by JayJuanGee (1)
 #220

Only those who have experience and good knowledge about Bitcoin can get rich in Bitcoin investment.  The best advice for those who want to invest in Bitcoin is to get a good knowledge of Bitcoin before investing.  If you invest without knowledge you will face potential risks. You will regret when you lose bitcoins.  I think holding Bitcoin would definitely be a great one.  There should be no distinction between knowledge and holding because without knowledge you cannot do holding.  Of course you need knowledge for holding.
Are you sure about this? There are some technical guys that once had good stash of Bitcoin yet sold everything and cannot boast of 1BTC today. Whereas there are people holding large chunk of Bitcoin yet do not understand one single line of code behin Bitcoin. Having money and knowing how to grow and preserve it are two different things.

The world knowledge is truly relative in this case. While some people aspire to know everything about Bitcoin, there are those who are too busy with other things that they require just little knowledge of Bitcoin and they are in.  Technical knowledge is not really for everyone even though it is good.
That's true, mate. Technical knowledge about Bitcoin is something I am aspiring to learning because I know it will indeed improve my knowledge and knowing about Bitcoin more, plus the fact that says no knowledge is practically a waste and I know this everytime I stay and learn here in the forum. To successfully manage your riches is what makes a man stand out from the general public out there and, like you said, about people that  were having lots of BTC who have sold off, well it's not a new thing and I think even if they, have lots of, technically knowledge, it's a matter of choice because I think I know some people who don't actually have Bitcoin for the purpose of holding it and I they are tech guru when it comes to the technical aspects but they just prefer using their Bitcoin as a normal everyday currency while its opposite for some people especially for those who see Bitcoin as means of having little earning after holding for some times and these kinds just know one thing which is to hold and buy and they actually achieved this just fine by knowing the simple basics that is involved in Bitcoin and also in same category are the ones who actually have the plans but end up not fulfilling it because of poor strategy and management of funds even if they are tech wizard of Bitcoin.

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