Understanding the basics in Bitcoin before investing

[LesterD]

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.

It is a common scenario nowadays for newbies to get influenced by others, who are often exposed to social media, and friends who boast about their sudden increase in profits by investing in cryptocurrencies. As newbies also want to make money, they follow the same path and invest when they see it, which is during the prices are high, without understanding the risks involved.

[Vinaa77]

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.

It is a common scenario nowadays for newbies to get influenced by others, who are often exposed to social media, and friends who boast about their sudden increase in profits by investing in cryptocurrencies. As newbies also want to make money, they follow the same path and invest when they see it, which is during the prices are high, without understanding the risks involved.

When someone has the desire to invest in crypto, it would be better for them to understand for themselves the investment they are going to make and they should never invest, just follow other people and they don't understand the investment at all because everyone who decides to invest is certainly looking for profits from the investment. and if they do not understand well the basics of investment then it is likely that they will make wrong decisions in investment which makes them lose their money in that investment.

[carlfebz2]

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.

It is a common scenario nowadays for newbies to get influenced by others, who are often exposed to social media, and friends who boast about their sudden increase in profits by investing in cryptocurrencies. As newbies also want to make money, they follow the same path and invest when they see it, which is during the prices are high, without understanding the risks involved.

When someone has the desire to invest in crypto, it would be better for them to understand for themselves the investment they are going to make and they should never invest, just follow other people and they don't understand the investment at all because everyone who decides to invest is certainly looking for profits from the investment. and if they do not understand well the basics of investment then it is likely that they will make wrong decisions in investment which makes them lose their money in that investment.

Actually this isnt really just that on Bitcoin or crypto investment but also in other forms of investment as well on which it would really be just that right that you should really that studying or having those research first before making any more. We are talking about money on here on which it would really be just that right that we should really be making those steps if you dont like on losing money.
Knowing the basics or on what it is all about would be always that best, you do know that on what you are risking into. Most people wrong thing that had been done is that they would be rushing
up on making investment without any research.

This is why on the time that they would really be having those kind of issues or problems then they would really be shocked on that one until they would
realize those mistakes that they have done and would really be tending to changed up accordingly but well learning would always come at the end.

[Viscore]

Newbies should never invest in bitcoin without being aware of its risks and its potentials to make someone win or lose his funds, hence studying about bitcoin and the crypto space is a must. Newbies also believe that bitcoin is a get rich quick, that is a very wrong concept. I guess no investment is a get rich quick, everything should be totally worked out from the start so that its success will be certain.

In addition, bitcoin is highly volatile in nature. If you are not patient, you will easily get bothered when there is market crash or price correction, which will lead into wrong decision making and eventually sell at a loss price. Hence, being patient and understanding on the volatility of bitcoin and its market should always be given high importance.

[romero121]

People who want to invest in bitcoin should look for an additional source of income, or they should allocate a specific amount regularly to invest in bitcoin. Their minds shouldn't think of making big money tomorrow by investing it today. Some get lucky to enjoy such a profit, but the same isn't assured for everyone. When we invest in bitcoin, it is always good to go along with the market and enjoy the profit, and we shouldn't have any timeline within which it needs to provide profit because the market volatility could turn the entire situation against our expectations at any time.

[Hypnosis00]

Learning is necessary, not just by knowing what the market looks like but it plays an important role as our key to success because nobody reaches their goal without knowledge. At least knowing the basics will help us understand what is investing all about as it was difficult to make decisions when we don't have any idea about this stuff. In fact, even though we have been in the market already for several years, we still need to continue learning because we believe that this is the only way that would bring us success.

Don't go to battle if you don't know how to load and shoot a gun as you are just a dead man. Don't invest if you are not prepared yet as you just lose in the end.

[Yatsan]

What do you need to know before investing in Bitcoin?
   
What beginners should know about Bitcoins before investing?

In any kind of investment, you shoud really invest in knowledge as well and know what you are engaging yourself with. Many people dream of having their own investment to generate passive profit for them in the long run. Many people are also having the financial freedom to do so but why are not all people actually invest? Perhaps in this technology? Most likely they are aware that they still don't know that much or that it won't be suitable on their investment preferences due to factors such as high market price volatility. Eitherway, it would be best to learn things first. Know how this blockchain works first by doing your own research about it or asking people who are already here in this industry.

Also, know how risks play a role with investments. Set a firm goal; chasing profit 'til you have nothing left or manage the risk and to be preventive of huge rissk with small profit? I'd be always in favor of the preventive side. No success happen in a instant. Investment also is not something which would work for anyone.

[Rockstarguy]

What beginners should know about Bitcoins before investing?
The question is what do you think a newbie should know as elementary knowledge before investing in Bitcoin

It is very important for every beginner to know that bitcoin is volatile and can't be predicted when to increase or to fall in price. So many people they enter the market believing that bitcoin can just work out for them just as they think about bitcoin. Before planning to invest it is important people needs to understand it better, people not understanding the volatility is what really makes bitcoin to be complicated for them. And it also important for beginners to have the knowledge that bitcoin does not make one to be rich quick, for them not have  much expectation from bitcoin.

Beginners needs to know bitcoin is a longterm investment which they need to be prepared for and to make a good decision to be sure about the amount which is needed to invest in bitcoin. It is also important for beginners to understand the security aspects of handing the bitcoin wallet and to know which wallet is best to store Bitcoin,  having knowledge about this is also to make investment successful without lose. Understanding the basic things about us necessary because it prevent lose of bitcoin,  beginners don't need to rush in to beginners with blank knowledge.

[AVE5]

The basic concepts one should acquire before verging to the pool of Bitcoin is the potential risks of misappropriate of Private phrase keys which could lead to lost of funds either to the point of exposure to a second party of intrudement or lost of access to your wallet.
Also as the potentials risks of lost due to the volatility of the market.
Hence, a Bitcoin investor beginner should be flexible to consultation, such as advancing your knowledge by internet researches and must not be influenced by rumours that may tend to trigger your emotions at depressions) appreciations at a falseful tendencies.
Moreso, don't forget to invest with what is affordable to be lost.

[GbitG]

What beginners should know about Bitcoins before investing?

Before investing in Bitcoin, beginners need to learn the basic concept of Bitcoin, such as how to get in and how to avoid a bitcoin investment from hackers. Because after the basic concepts, the most important and indispensable task is to keep your investment secure. Because the first victim of a hacker is a person who is weak in terms of privacy, that is, he does not know how to avoid his funds from the hacker.
 
Therefore, I believed that the most important thing after the basic concept of Bitcoin was security and privacy. So I will recommend the newbie store his Bitcoin investment in a secure place like a good wallet to store his Bitcoin. In which I think to choose a wallet like an Electrum wallet, a Coinbase wallet, a Bluewallet wallet, a Trust wallet, etc. All these wallets are very secure and easy to store Bitcoin in.

Coinbase wallet
Electrum wallet
Trust wallet
Blue wallet

DYOR!

[Huppercase]

What beginners should know about Bitcoins before investing?
Bitcoin is a form of digital currency that uses blockchain technology to support transactions between users on a decentralized network.
New Bitcoins are created as part of the mining process, as a reward to people whose computer systems help validate transactions.
Buying Bitcoin exposes you to a volatile asset class.
The question is what do you think a newbie should know as elementary knowledge before investing in Bitcoin

I think there are more things a beginner need to know and these things are underlook. They are as follow.

Using Bitcoin as a place to manage and keep Bitcoin on centralized exchanges: newbies are often fond of keeping their coins on centralized exchanges which has been an old practise by many, but even today many newbies are guilty of this. They tell them to avoid this not because anyone hate centralized exchanges, it's just a precaution to avoid any future problem that may arises because when exchange run into a problem, they hardly come back and your coins is as good as gone.

Another bad practice newbies need to learn is to learn how to keep quiet when they buy their first Bitcoin, you need to be a private person when you hold Bitcoin, it's not like when you have money in the bank you can brag because you know that fiat money in the bank is kyc and thing can be trace. With Bitcoin, anyone can take away your bitcoin from you and when they successfully do that, just know that your bitcoin is good as gone.

[DaNNy001]

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.

It is a common scenario nowadays for newbies to get influenced by others, who are often exposed to social media, and friends who boast about their sudden increase in profits by investing in cryptocurrencies. As newbies also want to make money, they follow the same path and invest when they see it, which is during the prices are high, without understanding the risks involved.

You would be surprised to the level of influence this newbies are exposed to, I have seen cases of friends telling me that they want to get into Bitcoin or purchase Bitcoin die to the fact that they have heard one or two stories of people actually making it big time through social media which obviously they know nothing about and even fail to make research, all what they are concerned about is actually getting involved in securing an investment in Bitcoin and sometimes you would try even explaining the volatility of how Bitcoin investment is and all the risk involvement but it would sound completely numb to them because they are mind is only set on the possible profits they can make through the Bitcoin investment.

[The Cryptovator]

I believe the OP should spend more time on the forum before creating an advisable post. Because you still have to learn a lot of things related to cryptocurrency and manage your posts well. Unless you spend more time, it's hard to get proper knowledge about cryptocurrency. However, before investing in anything, we must learn about it and gain proper knowledge so we can make the right decision. Its very important to learn how cryptocurrency works and how the volatility works on the cryptocurrency. Storing cryptocurrency is one of the key points to learn before investing in it. For newbies, a lot of things have to be learned, like how to save your crypto from hackers and scammers. Keep in mind that cryptocurrency is not a get-rich-quick method.

[demonica]

Before you invest in general, you need to assess yourself and classify what type of risk attitude you have when it comes to investing. In that way, you can evaluate what kind of investments you can manage or you can handle. If you're a risk seeker, crypto is a great space for you since it's highly volatile which makes it riskier than other investments. But even if you're not that of a risk taker but still wants to get into crypto, you can start by investing small amount so it won't affect you pretty much.

Studying the basics about Bitcoin is definitely needed. Like what is Bitcoin, its history, how it works, pros and cons, what to do and what to avoid and such... But aside from these technicalities, beginners should also know that investing in Bitcoin isn't something a get-rich-quick scheme. Even if you heard from others that they earn this amount of money from Bitcoin, it doesn't mean that everyone will also earn the same way that easy. If you're a beginner in this space, don't be fooled by those too-good-to-be-true stuff that others will say. It that way, you won't be left crying.

[Lorence.xD]

To almost anything which is not part of your daily routine, you should understand it first before your actual engagement, and more importantly is with things which has risk and involves money. If you don't? It is as good as you trashed your money into waste. Bitcoin indeed has a huge potential and is already a profitable asset however, the fact that there are investors losing money should be an enough warning to the new ones. If it is just too easy, then we should all be rich by now. Kidding aside, investments has its own process of actualization. If long time investors of different fields are taking years before they invest into something, what more in your end if you are just new with it? The reason why understanding an asset or investment is important is for you to know what you should do during downtimes. It won't always be a good season so if by the time a decline take place all of s sudden, what would you do if you don't even understand a thing? What's your plan B? How will you avoid loss? These questions will be only answered once you know enough about the investment you are interested with.

[yazher]

One of the basics that others forgot is the preventive measures against scammers and hackers because there are lots of people who become victims after they become investors without having enough proper knowledge on how to secure their crypto assets. They weren't aware of the danger of talking to those strange people on the internet promising them to double the value of their cryptos and you won't believe that they actually fell into these kinds of traps due to their lack of knowledge about those guys. That's why people should not consider belittling the preventive measures once they finally decide to own some bitcoins and store them in their personal hard wallet.

[AVE5]

First you must must be aware that Bitcoin investments has a minimal risk to lost your funds considering the volatile potentials so that you don't choose AltCoins at when making decisions on what crypto coin you should Invest on.
Hence you must understand the risks involved such as the deflations, risk of private key phrases exposures and finally, you must be aware that the income generation in the Bitcoin investment doesn't come at considering individual preference or skills just as our normal stocked businesses may require to attract incomes. Instead gaining income from the Bitcoin industry depends on the investors patient to accumulate and hodl you coins while the markets volatilities is fluctuated at a favourable value. This is simple underwood to engage on a long-term investment so as to stand better chances of catching up with profit potentials in the industry.
My advice is that newly investors shouldn't forget to invest with an amount of capital that can be affordable to loose.

[2Pizza410000BTC]

What do you need to know before investing in Bitcoin?
  
What beginners should know about Bitcoins before investing?

It is definitely good for a newbie to know the basics of investing before investing in Bitcoin. First you need to know how to invest and then decide how much to invest. There are many people who invest and after some time are forced to sell that investment. Then knowing market volatility requires experience of market volatility for investing. Then you should always think that you can invest continuously. If an investor can invest like this then I think he can invest for a long time and get success in investing.  Also most important for a new investor is to secure a safe wallet to hold the investment. Only when a new investor can secure a secure wallet can he be safe with his investment.

[krista222]

Absolutely! Assessing your risk tolerance is essential when considering Bitcoin investments. Its high volatility means it's not suitable for everyone. If you're not comfortable with significant fluctuations or have limited funds to invest, exploring other investment avenues might be wise.

[lenon33]

As a newbie, it's crucial to understand the basics of how to buy and store Bitcoin securely. Additionally, familiarize yourself with the concept of wallets and exchanges. It's also essential to keep track of market trends and news updates to make informed decisions. For purchasing Bitcoin, consider using reliable platforms like Cryptex for convenience and security.