Understanding the basics in Bitcoin before investing

[Rruchi man]

The question is what do you think a newbie should know as elementary knowledge before investing in Bitcoin

A newbie should know that they can invest, but investing puts you at the danger of loss and fixes you at a position where you are at risk of cybercriminals. A newbie should understand most importantly for me how to keep their bitcoin investments safe. Safety should always be prioritized, if it is not, the result will be regrets because when you loose you bitcoins, it hurts a lot that it can even affect a newbies decision to want to continue investing in bitcoins. If you introduce any newbie to bitcoins, always give them serious security tips.

[AmoreJaz]

Newbies should know that investing in bitcoin carries high risk. If they are not patient enough and would always want quick profits, then they won’t be good with bitcoin long term hodling, since the price varies from time to time. One day it’s going upward, then suddenly its price declines, so your faith and patience will definitely be put into test.

However, as you go with bitcoin long term hodling, you will also develop your own strategy and slowly understand the process. Just learn from the early successful investors and you will have the chances to be like them too.

For those who don't have patience when looking at market conditions and they want quick profits from investment, it is impossible for them to get this because the price can change at any time and for some who are just starting out they will panic because they don't know how Bitcoin works so some don't dare to hold until they sell at a loss.

Yes, of course it would be very good if in the process of collecting Bitcoin we could learn about it from those who have a lot of experience in investing in Bitcoin and also we have to be diligent in looking for information ourselves and if we don't understand it well then we can ask those who have experience in this field to be as successful as they have become.

any newbie in any market should make it a point to do his due diligence before splurging some of his funds as it is like investing blindly. and that means, you can easily be wrecked by your actions if you don't know what you are doing. most noobs actually thought that this market is their saviour, and later on, they will see the reality that is a challenge to earn good money as there are so many considerations to take and it is not easy as 1-2-3.

just look at how you trade btc or alts -
- when is the good time to trade if there is roller coaster ride because of the high volatility on this market
-  considering alts > how are you going to choose from those thousands alts?
- which exchange can offer you better financial services?

[freedomgo]

Know that bitcoin investment is not quite easy but certainly hard due to its risks. Even if it’s less risky, but if you don’t know how to manage your emotions every time the price suddenly drop due to price correction or market crash, you will never become successful with this type of investment. And to be honest, bitcoin as a long term investment is certainly not smooth sailing, there are times that you’ll think of quitting and leaving the market for good because of market volatility and its uncertainty.

[Assface16678]

I think this kind of topic has already been talked about several times, and we are only repeating ourselves. Anyway,  it can't be helped. Bitcoin or any crypto currency can be viewed and subject to money or profit. But the thing is, there's a catch. It may give you a lot of money, but you will go through a rough journey. You see, bitcoin and crypto currency investment is not as simple; it requires a lot of commitment and patience. Also, you need to strengthen your mind and emotions as it will take a toll on you, especially mentally because it is stressful and you will feel a lot of emotion as things may not be in your way. So you should prepare yourself for the hardships of investing in this field because it is not that simple. If you're weak-hearted, it could be bad too, but as time passes, you will overcome it if you have the will to do so.

[KingsDen]

The question is what do you think a newbie should know as elementary knowledge before investing in Bitcoin

• Know how to buy and sell
• Know where to buy 
• Know when to buy and when to sell 
• Knowing how to manage their portfolio and risk
• Not having a get quick rich mindset

It is fine that newbies should read and understand how bitcoin works before creating topics and making blunders. Learning is earning, if you learn more, you can easily earn more.

[Sanitough]

The question is what do you think a newbie should know as elementary knowledge before investing in Bitcoin

A newbie should know that they can invest, but investing puts you at the danger of loss and fixes you at a position where you are at risk of cybercriminals. A newbie should understand most importantly for me how to keep their bitcoin investments safe. Safety should always be prioritized, if it is not, the result will be regrets because when you loose you bitcoins, it hurts a lot that it can even affect a newbies decision to want to continue investing in bitcoins. If you introduce any newbie to bitcoins, always give them serious security tips.

Security should always be given high emphasis. Otherwise, all your efforts and hard-earned money will just go into waste because you are busy accumulating bitcoin but not safeguarding its security which is the most important. Newbies should be aware that investing in bitcoin does not only require knowledge but wise management as well knowing a lot of scammers are waiting around the corner just to find new targets for their next victims.

[GreatArkansas]

*Understanding Bitcoin before investing*
 Before one start crypto investment I think you should consider whether crypto fits your portfolio goals, risk profile, and personal convictions before buying. Crypto is highly volatile, and does not have the same regulatory protections as registered securities.                 
(...)

For me, this is already good for investment-related.
But for Bitcoin itself, we need first to know what really Bitcoin is, even the basics, and how it works are already enough.
Next is basic internet safety like identifying scam projects or platforms. Because most of the things we will do once we are in investing in Bitcoin is all internet related, most are online.

[Oasisman]

The question is what do you think a newbie should know as elementary knowledge before investing in Bitcoin

• Know how to buy and sell
• Know where to buy 
• Know when to buy and when to sell 
• Knowing how to manage their portfolio and risk
• Not having a get quick rich mindset

It is fine that newbies should read and understand how bitcoin works before creating topics and making blunders. Learning is earning, if you learn more, you can easily earn more.

And in addition I'd like to express the importance of securing your bitcoin.
One must learn how to identify phishing scams and other form of scams. Learn how to apply extra layer of security necessarily to avoid being hacked easily.
With the continued spread of scams, it's really annoying to hear a lot of complains about being scammed or bitcoin suddenly lost.
Well, if everyone knows how to secure their assets, these scammers won't going anywhere.

[yhiaali3]

Investing in the unknown is definitely a risk, regardless of whether the investment is Bitcoin or something else you have to understand it well before investing otherwise there will be a big risk.

Before investing in Bitcoin, you must understand the nature of Bitcoin, the markets, price cycles, and determine the times of buying and selling, etc., so that you are sufficiently aware of the nature of the market in which you are investing.

The crypto market is volatile by nature, but it is a profitable market for those who know its rules and benefit from its volatile nature, but those who enter the market out of greed and want to get rich quickly will surely be disappointed.

[Sebas.tian]

Bitcoin investment is different from fiat investment, and before going into Bitcoin investment, you need to acquire the knowledge of cryptocurrency before thinking of how to risk your money. But if you achieve the knowledge before going into cryptocurrency investment, I think it will really help you to achieve a lot of things that will be giving you confident to hold that coins long till the bullish season appear before you can sell to see more benefits from your investment. Newbies need to exercise patience in their holding, if truly they want to achieve what professional investors are achieving from Bitcoin investment, because once you endure for the bearish season to turn to bullish season, it will definitely help you to increase your income in the future.

[mirakal]

Newbies should know that bitcoin is not a get rich quick investment. Although it’s capable to change someone’s lives and make it more comfortable to live, but it does not happen all of a sudden. They worked hard for it and even spend big amount of their time and their hard-earned money just to accumulate a significant amount of bitcoin that will offer them benefits in the future. There’s no shortcuts in bitcoin, if you take the easy way, you will profit but eventually lose all of them in the end. Unlike gambling, as long as luck is with you, you will end up gambling having your pocket full of money.

However, bitcoin investment is far from gambling. Regardless of your capital, if you continue it with DCA every time you receive spare money, your success will be certain, and having luck is just a bonus.

[YUriy1991]

Bitcoin investment is different from fiat investment, and before going into Bitcoin investment, you need to acquire the knowledge of cryptocurrency before thinking of how to risk your money. But if you achieve the knowledge before going into cryptocurrency investment, I think it will really help you to achieve a lot of things that will be giving you confident to hold that coins long till the bullish season appear before you can sell to see more benefits from your investment. Newbies need to exercise patience in their holding, if truly they want to achieve what professional investors are achieving from Bitcoin investment, because once you endure for the bearish season to turn to bullish season, it will definitely help you to increase your income in the future.

To invest in BTC, you must at least have basic investment experience, so it will be easy in the future, meaning not jumping in and entering. That way we might easily learn to see the opportunity to buy bitcoin at a low place like before or other options are waiting until they stabilize and of course not That's the purpose of buying and the recent increase in value is partly proof that BTC is indeed the most worth investing in.

[ARTOIS]

Absolutely there's a lot of things you should know before investing.

Before undertaking any project, you must collect all the information you can and study everything about it
Also, investing in Bitcoin is not an easy matter. You must be familiar with the foundations of this currency and read every analysis and information on it.

[Natsuu]

Before jumping into Bitcoin I think newbies should know it's a digital currency with no big boss controlling it. Transactions happen on a decentralized network using blockchain and people earn new Bitcoins through mining, where computers validate transactions. But Bitcoin's value can be all over the place so we have to be okay with a bumpy ride. It's not like regular investments, no safety nets here. Take a good look at your comfort level with risks and maybe explore other investment options too

[Luzin]

It is fine that newbies should read and understand how bitcoin works before creating topics and making blunders. Learning is earning, if you learn more, you can easily earn more.

When I enter bitcoin is to add to the profit. So I asked how can I get started? My friend gave an answer
1. You have to trade.
2. You must be registered on the trade.
3. You must own BTC/ crypto/ fiat to start looking for profits.
4. You can make a deposit with little money.
5. You must be able to buy and sell.
That's a quick summary, there are small things needed but you just need to not be afraid to ask questions and read. After the above 5 things other needs will adjust. You just need to always learn. I started in 2015 and to this day I still continue to invest in crypto.

[Vaculin]

We should because this is very important before going deeper, a pre-requisite. Understanding the basics will guide us in the direction where we want to happen. Of course, this is not enough to achieve success but at least, we have started with knowledge and ideas which makes us commit fewer mistakes than those who enter the market with no-how. Otherwise, we are doing this hoping for a piece of luck which I don't think works. We have to keep in mind that investing is not just as easy and simple as most people think. Nobody was able to reach their goal of having an empty mind because having knowledge is the ticket to success.

[Mr. Magkaisa]

         -   It is really important that some investors first know what it is and know its benefits when they have it and use it. That's why it still
has pros and cons. When it comes to the benefits, it is known for being decentralized, transparent, and having proper security. In terms of cons, it is always prone to illegal activities and volatility, and adoption is very limited.

That is why it is very important that investors know this rather than not knowing that they are investing in Bitcoin.

[Zoomic]

Before I bought my first Bitcoin,  I was told Bitcoin is that great opportunity i need to liberate myself and my family out of poverty. I do not think they were wrong,  but what they failed to let me know was that I have to hold for a long period of time if I want to beat the Bitcoin price volatility and make profits.

Many newbies got discouraged because they bought Bitcoins at the wrong time (when the price is high) and are in a hurry to make profits immediately. This quest to make profits immediately makes them to compromise and sell of their Bitcoins when they feel Bitcoin investment is not worth it. Bitcoin is a high risk investment, yea but it is only those who are not planning to embark on a long term journey with Bitcoin that often suffer this risk.

There are lots of benefits to be gained from investing in Bitcoin but, Bitcoin is not a get rich quick investment. Newbies just have to prepare their minds for this so they can face any challenge that comes their way in this their investment journey.

[southerngentuk]

Before you start slaying dragons, you gotta figure out the controls, right? Same deal here. Spend some time reading, watching videos, and soaking up knowledge. Trust me, the more you understand, the less lost you'll feel when the charts go all wonky.

Next up, patience. Bitcoin's price jumps around like a kangaroo on espresso – it ain't for the faint of heart. Don't expect to be a millionaire overnight, and don't let every dip make you wanna cry. This is a long-term game, so chill and enjoy the ride.

Now, let's talk limits. We all have that inner gambler, but with Bitcoin, recklessness is a recipe for disaster. Set clear boundaries based on what you can afford to lose, and don't let emotions cloud your judgment. Remember, walking away is always an option.

[wtsimis]

Since Bitcoin is not regulated by any central authority, it is crucial to understand the basics of digital currency before diving into Bitcoin investing .  We know Bitcoin works on a blockchain.  It is a technology that ensures transparency and security.  Bitcoins are either mined or acquired from cryptocurrency exchanges.  Moreover, the concept of wallets, personal storage methods need to be managed before Bitcoin transactions.  Bitcoin price volatility requires a thorough research approach, emphasizing a long-term perspective for management and potential investors.  Education and awareness about digital currencies is necessary before investing in cryptocurrencies.