Buy Buy Buy or Sell Sell Sell?

[Princess Leah]

What do you mean by common sense in this context? You don't need common sense to invest in Bitcoin rather what someone needs to be able to purchase Bitcoin is the basic knowledge which encompasses of; The ability to figure or sort out one's discretionary income, having the long term goal and some other relevant informations that will help in the accumulation process. So don't advise people that common sense is enough to invest in Bitcoin because it is not totally correct, there are a lot of people out there with common sense and are making mistake in their investment and some don't even know what funds to use.

Common sense is the natural or conventional idea of ​​people about a subject, such as where an investor is investing, why he is doing it, and how much risk he may have. If you give a little explanation on how you can avoid common sense, I hope my knowledge will increase a little.

However, there is no way to deny what you said about investing. And what you said is that many people make mistakes in investing despite having common sense, which is absolutely true if they are not investors but traders. It is also true that if the invested funds are not from their discretionary income, they will not benefit from the investment or the possibility of loss is very strong. So I think that basic knowledge is as important as common sense is also necessary for investment.

I understand your context but you should've used basic understanding so people don't get confused, you can see someone was already asking what you meant by "common sense" although the mean same thing cause common sense is the basic foundation of learning and understanding something but people are more familiar with "understanding the basics".

 Many people who call themselves investors are not real investors, one cannot venture into Bitcoin investment then end up selling within a  year then say him/her had invested in Bitcoin, it doesn't matter whether the person understands the basics cause traders too need basic understanding to deal with it but when people don't carry out the requirements of being a true investor them such people should refer to themselves as,investors but traders.

[GIF-JOBS]

Those who invest by maintaining the continuity of Bitcoin purchases will be the ones who will be successful in Bitcoin investment. Only those who have patience and the ability to take risks will be able to achieve success. Bitcoin can also be invested by using prudent income and thoughtful planning and thoughtful income, so Bitcoin investment can be successful by using various strategies. Only according to the DCA method, all types of people can participate in this Bitcoin investment. Only if you can invest patiently for a long time, it will be possible to gain huge benefits from it.

We do not need prudent income to invest in bitcoin rather it is discretionary income. We have emphasize that we only need discretionary income to begin investing in bitcoin and not prudent income. I don't know where you learnt about using prudent income to invest in bitcoin but what i have been using for  accumulating bitcoin is just discretionary income which I believe is the only income needed for accumulating bitcoin. Investing outside of your discretionary income is wrong as you're gambling with your bitcoin investment.

As bitcoin investors, plan all the necessary strategies you want to engage before starting, consider yourself of income as well because this flow determine how the strategy you are using could be effective, take some control measures and also be active in speculating the market to know the direction at which you are going to make your entry points, have enough patience to hold because your asset may need more time to mature before you can probably begin to realize from it.

Don't work on assumption when you are investing in Bitcoin, don't make comparison as well because it could lead to taken on necessary steps that may not profit you when you are not working towards your own pattern, don't invest when you are not fully ready or prepared to invest, because it is not easy for you to back out when you have not yet make any profit from your investment and you need to cover up on some demands arising, except you may have to fall back on crypto access management organizations for liquidity as necessary support, while your bitcoin still remain untouched.

Talking about being prepared before investing in bitcoin, am really wondering the kind of preparation you need before you can start. You don't need any preparation before you can start accumulating bitcoin, all what you need is to be able to figure if you have discretionary income to invest with.
Talking about not backing out when you have not made any profits sounds like someone who is going to trade if there bitcoin holdings is in profit. So whether you are in profit or not there is no need to back out as long as you are investing with your discretionary income until you have been able to hold for long term. It is traders that will like sell when they are in profit and not investor.

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Yes, we can start investing from a very simple situation, but people unnecessarily complicate it for themselves, and this is why many people cannot start investing in such an unnecessary way and they end up moving away from investing. But where the issue of starting investing is very simple, and we can learn Bitcoin by continuing to invest very easily. So the mindset has to be set correctly, Bitcoin should be invested with long-term objectives, not short-term. Start small with discretionary income and continue it consistently, this is the startup of an investor, but those who expect short-term success from the beginning are not investors rather traders.

[junder]

Focus on action rather than thinking about it, which means get started asap, as long as there is discretionary funds.

It's true what you said and I agree with that, if we keep thinking about it without any action in the scheme to move forward then it will never start so if indeed we have enough funds and even more than enough we should start immediately, although there are indeed some things to think about but it's best to just focus on action, because the results will be seen if we take action not by just thinking about it.

so we likely would become more and more comfortable with the passage of time and with practice, even though we also might find that there are certain times that our finances might cause us stress and consider if their might be tweaks that we can make in order to address the level of stress (such as trying to reduce it).

And with time we can while learning too, especially if we really have an interest in something then it can make us comfortable based on the time that goes by, although indeed there may be unwanted moments but because we have found a point of comfort then it will be overcome casually.

[Bigjoe33]

 Many people who call themselves investors are not real investors, one cannot venture into Bitcoin investment then end up selling within a  year then say him/her had invested in Bitcoin, it doesn't matter whether the person understands the basics cause traders too need basic understanding to deal with it but when people don't carry out the requirements of being a true investor them such people should refer to themselves as,investors but traders.

There is no many words about this or beating around the bush with this matter. It is as simple as,,, anyone who does not HODL his investments but aims at selling periodically or when there is a hype in Bitcoin price is not an investor but a TRADER. Investment involves buying and HODLing for long term while it appreciates and yields profits over the years. Anything opposite such practices is not investment but trading, of which isn't the right way to follow Bitcoin investment.

Plebs should think investment and not been carried away by little gains as a result of recent jump in price in Bitcoin market price. They should remember that it can also at anytime decline, leaving with more loss if trading is your intention. Its best we just buy consistently, putting in order measures that will allow us HODL.

[SOKO-DEKE]

If multiple sources of income is the thing that is required to invest, many person would never have started. What makes person to panic sell isnt because they have one source of income, it is because the person did not use what they can afforded to loose.

To invest ongoingly you don't need multiple sources of income, what person need is discretionary income to use to invest and also common sense to figure the amount that person can afforded to use without getting affected. Person don't have to be aggressive in his ongoing investment, they can still buy little by little and increase it along the way. With financial management, even a person with one sources of incomes can still invest in bitcoin.

Yes, you are right. Multiple sources of income are never an essential point to start a Bitcoin investment, but what really matters is discretionary income, which is known as the money left after essential needs have been taken care of. However, let us know that multiple sources of income can bring us more discretionary income, so having multiple sources of income can also help us build a reasonable portfolio over a period of time.I also like to advise people who are starting their Bitcoin investment journey to try and get multiple sources of income so they can increase the rate at which they accumulate Bitcoin. So, I will say that having multiple sources of income is very good, but it is not essential to have multiple sources of income before starting Bitcoin investment

[Grace333]

so we likely would become more and more comfortable with the passage of time and with practice, even though we also might find that there are certain times that our finances might cause us stress and consider if their might be tweaks that we can make in order to address the level of stress (such as trying to reduce it).

And with time we can while learning too, especially if we really have an interest in something then it can make us comfortable based on the time that goes by, although indeed there may be unwanted moments but because we have found a point of comfort then it will be overcome casually.

Sure inflation think interest is also one of the thing that gets you going and once that interest births consistency and habit it would be very difficult to just switch focus or get tired and quit due to some financial problems that an investor may encounter during his accumulation journey. It's also possible that ones interest on bitcoin can increase over time especially for those new to Bitcoin who have previously doubted a bit whether they're doing the right thing and sometimes inflation helps you see the clearer picture of why bitcoin is still the best place to keep your money rather than fiat currency.

[Silikiem]

Yeah, that’s just the reality for real. Mindset alone is not enough, strong income gives you more breathing space mentally and financially. It is more way easier to stay patient with Bitcoin when your everyday life isn’t depending on the market moving up.
And consistency becomes hard when someone is already struggling financially.

We could say that currently people with income have more freedom than those without. This is purely what's happening now. For me this has become a common occurrence in life. This indicates that we must immediately get a job so we can be among those with income. Even though sometimes the amount we receive isn't the same as others having a job certainly gives us more freedom. As you said it's very accurate after I understood the meaning of what you said about everyone being freer with an income. For those who don't have a job everything they want to do is certainly difficult because one of the main factors in doing various things is still capital or money which will make everything run more smoothly and easily. Therefore what is necessary now is that everyone must have a job that consistently generates income.

Even though the job someone is doing is not consistently generating income one can still invest In bitcoin as what matters most is just one’s ability to figure out a discretionary income to use and buy bitcoin and hold. Having a stable and consistent paying job is good but that doesn’t mean everyone must wait until they have a stable consistent paying job before they can start investing in bitcoin, the most important thing everyone needs to start investing is just a discretionary income even if their job is not paying consistently as far as they can from time to time figure out a discretionary income then they can still participate in bitcoin investment. We must not wait until we have a consistent paying job before we embark on bitcoin investment, even there are folks whose job is based on contract work and if they don’t get a contract and finish it they won’t get paid, so are you saying that those people cannot invest in bitcoin, the answer is no, they can still invest in bitcoin and not wait until they get a stable income job but rather they can start and along the line they can be finding ways to improve their financial situation.

[Obulis]

I think one major problems investors face is the mentality they had or come with into Bitcoin investment. Am investor that comes in with an already long term investment view or plan will simply do everything to buy and HODL, while those who do not have such long time investment  plan will always see every increament in price as an opportunity to sell(trading mindset). Mindset matters, and the earlier people start changing there notion, thoughts and investment plans to long term, the better for them.

Secondly, there is no magic to holding your assets for long term if you don't do the right thing. If you don't invest rightly, build an emergency funds and back up funds, do a proper income allocation, and also manage your income properly, you won't be able to HODL for long term. In view of this, if we must HODL for long, added to our investment mentality, we must invest rightly and build the necessary funds to help guide our investment from crashing

Well I think you should say or will be more correct if you say I think one major problem "people" not "investors" face is the mindset they had or come with into Bitcoin investment , because it is the mind of every investor to hodl for long or longer time as compared to other people who comes in with the mind to make profit in shorter time that can't be called long or longer. Like you put it, this people see every increase in price as an opportunity to make gain. Obviously, mindset made the difference!

And if it is a magic to hodl Bitcoin, then this magic has been performed by everyone in one way or the other and can be performed in Bitcoin investment also. Discipline is the magic that can enable us to hodl Bitcoin for long or longer time. Discipline is needed to build other funds that will act as backbone to our investment and is also required in financial management. Indeed following an approach that is enabling is another very important thing to do!

[JayJuanGee]

. Bitcoin can also be invested by using prudent income and thoughtful planning and thoughtful income, so Bitcoin investment can be successful by using various strategies. Only according to the DCA method, all types of people can participate in this Bitcoin investment. Only if you can invest patiently for a long time, it will be possible to gain huge benefits from it.

I agree with you that being prudent while investing in in Bitcoin is not a bad practice, but the prudent income you are talking about that we should invest with is not the right thing, because investment in Bitcoin should only be done with our discretionary income, the money that is left after all our basic needs have been met, so even though it's not a bad thing to be prudent while investing, but using any funds other than discretionary funds to accumulate Bitcoin is wrong and you may likely temper with your investment because you invested away from your discretionary income.

Yep.  There are quite a few guys who refer to "prudent income" and the term "prudent income" is ambiguous and does not really specify what is being talked about, even though the idea of acting in a prudent way is not ambiguous, since acting in a prudent way is referring to the use of good judgement and even being conservative in regards to protecting oneself.

[edited out]

Yeah, that’s just the reality for real. Mindset alone is not enough, strong income gives you more breathing space mentally and financially. It is more way easier to stay patient with Bitcoin when your everyday life isn’t depending on the market moving up.
And consistency becomes hard when someone is already struggling financially.

Each of us is in charge of choosing how organized we are and how aggressive we are and how focused we are, and so we have choices in regards to our behaviors in the context of putting systems and practices in place in order to attempt to take advantage of what we have.

Frequently we talk about guys who are focused and/or organized and who prioritize investing in bitcoin having good chances of outperforming guys who have advantages such as income and who might lack focus and/or motivation.

Historically, there have been bitcoiners who have exceedingly outperformed peers who were much better off than them, so maybe there were guys who had an income of $30k per year and who were investing $100 per week into bitcoin (17.33% of their income) over a period of 10 years or more, who greatly outperformed guys who might have had been investing a similar amount, but who might have had incomes that were way greater (such as $80k per year and investing $100 per week - which is around 6.6% of their income), and of course, there can be even more disparate examples to show that persistency and determination and focus has been able to really pay off... even though there are no guarantees, and also some guys end up screwing up when they overdo their investment into bitcoin.

Yeah, that’s just the reality for real. Mindset alone is not enough, strong income gives you more breathing space mentally and financially. It is more way easier to stay patient with Bitcoin when your everyday life isn’t depending on the market moving up.
And consistency becomes hard when someone is already struggling financially.

We could say that currently people with income have more freedom than those without. This is purely what's happening now. For me this has become a common occurrence in life. This indicates that we must immediately get a job so we can be among those with income. Even though sometimes the amount we receive isn't the same as others having a job certainly gives us more freedom. As you said it's very accurate after I understood the meaning of what you said about everyone being freer with an income. For those who don't have a job everything they want to do is certainly difficult because one of the main factors in doing various things is still capital or money which will make everything run more smoothly and easily. Therefore what is necessary now is that everyone must have a job that consistently generates income.

It is still better to focus on doing what you can within your own power (even if you started out with various disadvantages), rather than whining about how other people have advantages over you, and complaining about having to work harder (and more hours) than some other people.

Focus on action rather than thinking about it, which means get started asap, as long as there is discretionary funds.

It's true what you said and I agree with that, if we keep thinking about it without any action in the scheme to move forward then it will never start so if indeed we have enough funds and even more than enough we should start immediately, although there are indeed some things to think about but it's best to just focus on action, because the results will be seen if we take action not by just thinking about it.

so we likely would become more and more comfortable with the passage of time and with practice, even though we also might find that there are certain times that our finances might cause us stress and consider if their might be tweaks that we can make in order to address the level of stress (such as trying to reduce it).

And with time we can while learning too, especially if we really have an interest in something then it can make us comfortable based on the time that goes by, although indeed there may be unwanted moments but because we have found a point of comfort then it will be overcome casually.

It is quite likely that guys who are investing in bitcoin for a long time, they will come accross situations in which they are uncomfortable and even that they are having difficulties to continue to buy bitcoin and to continue to build their bitcoin stash, and sometimes, they might want to invest more into bitcoin, but they have to hold back so that they continue to maintain enough back up funds.

Maybe they will also have times in which their income goes down and their expenses go up, and the bitcoin price could be going up or down and causing them to be tempted to either tap into their bitcoin or even to stop buying bitcoin, and some of their actions might be more reasonable than other actions that they might consider taking or even to end up taking.

Since you have been registered on the forum for 11 years (congratulations), you may have had times that you were buying bitcoin and maybe you made some mistakes along the way, too.. so then you might try to learn from any mistakes that you made, and so sometimes it can take time to get into a comfortable groove and a mindset that is reinforced by ongoing practices.. and surely I am not a fan of getting involved in either trading or shitcoining, and historically in bitcoin some guys get distracted into those kinds of activities that I consider to be problematic (and even filled with a bad mental framework to the extent that they are not limited to some reasonable level as compared with the investment of time, energy and value into bitcoin).

[Sulegzy39]

What exactly do you mean by "common sense" in this context? You don't require common sense to invest in Bitcoin; rather, what someone needs to be able to purchase Bitcoin is the basic understanding, which includes: The capacity to calculate or organise one's discretionary income, having a long-term objective, and other pertinent facts that will aid in the accumulation process. So don't tell people that common sense is enough to invest in Bitcoin because it isn't. There are a lot of individuals out there who have common sense but are making mistakes with their investments, and others don't even know what funds to use.

[BluebloodCXVI]

What exactly do you mean by "common sense" in this context? You don't require common sense to invest in Bitcoin; So don't tell people that common sense is enough to invest in Bitcoin because it isn't. There are a lot of individuals out there who have common sense but are making mistakes with their investments, and others don't even know what funds to use.

Is this a rage bait or are you just ignorant?.
Common sense is the main thing required for a person that wants to start accumulating bitcoin newly, you don’t need no specials skills. Besides, even experienced investors that are already in the game still rely heavily on their common sense to be able to make critical decisions. I don’t care how much knowledge and experience you got, you still need common sense to keep you grounded. As human beings that we are, common sense is what keeps us functional and it is also what tell us right from wrong, so it’s up the person to decide wether to use it or not.
And for clarification purposes, a beginner or a newbie does not need perfect knowledge before they can start ongoingly accumulating bitcoin. All they need is enough sense to start carefully, stay patient and keep learning as they grow their stash consistently.

rather, what someone needs to be able to purchase Bitcoin is the basic understanding, which includes: The capacity to calculate or organise one's discretionary income, having a long-term objective, and other pertinent facts that will aid in the accumulation process.

SMH, you might as well just say that a newbie needs a PhD in Economics, 14 spreadsheets and spiritual enlightenment before they can be able to buy $20 worth of bitcoin lmao !. Look dude, just for you to even be able to figure out your discretionary income, you need common sense, so what are you saying huh ?
Fun fact, all those things that you mentioned and referred to as Basic Understanding , they still fall under common sense because without it, any basic understanding and knowledge that you have becomes useless and you won’t be able to practically apply it. It is common sense that will help a person to be able to properly absorb and apply any knowledge that they will later gain during their accumulation phase.

[Ruttoshi]

What exactly do you mean by "common sense" in this context? You don't require common sense to invest in Bitcoin; rather, what someone needs to be able to purchase Bitcoin is the basic understanding, which includes: The capacity to calculate or organise one's discretionary income, having a long-term objective, and other pertinent facts that will aid in the accumulation process. So don't tell people that common sense is enough to invest in Bitcoin because it isn't. There are a lot of individuals out there who have common sense but are making mistakes with their investments, and others don't even know what funds to use.

Common sense makes you to know your left from your right and in bitcoin investment as a brand new investor, common sense is what will make you be able to figure out how much is your discretionary income before you get started. Another thing that common sense will help you do is your buying size and if it will be done consistently. It's common sense that will make you know that you need to study your cash flow amount and if you will start buying slowly with little amount and learn as you go in your bitcoin accumulation.

Common sense makes us to know if we have made mistakes or not and how to correct our mistakes so that, it wouldn't repeat itself again and affect our bitcoin portfolio. However, some people don't use their common sense even though, they have it.

[alankasman]

What exactly do you mean by "common sense" in this context? You don't require common sense to invest in Bitcoin; rather, what someone needs to be able to purchase Bitcoin is the basic understanding, which includes: The capacity to calculate or organise one's discretionary income, having a long-term objective, and other pertinent facts that will aid in the accumulation process. So don't tell people that common sense is enough to invest in Bitcoin because it isn't. There are a lot of individuals out there who have common sense but are making mistakes with their investments, and others don't even know what funds to use.

Why do I need to ask about your aims and objectives?

Common sense is the key to everything we do in our daily lives and the ideas that emerge from the human mind are essential for personal adjustments. Therefore when investing in Bitcoin, we must carefully consider the direction we take to avoid things that are not beneficial to us. Everyone has their own set of circumstances as I said, and every step we take has its own stages. This is perhaps my understanding of common sense.
When someone wants to invest, they should always act with common sense. This is because when buying Bitcoin a person with common sense won't rush into it as this indicates they don't want to experience the potential losses or risks. However if they lack common sense they might not consider such steps. Therefore we need to understand why they act in this way. They are certainly someone with common sense and they will also avoid what they are about to do.

[JayJuanGee]

What exactly do you mean by "common sense" in this context? You don't require common sense to invest in Bitcoin; rather, what someone needs to be able to purchase Bitcoin is the basic understanding, which includes: The capacity to calculate or organise one's discretionary income, having a long-term objective, and other pertinent facts that will aid in the accumulation process. So don't tell people that common sense is enough to invest in Bitcoin because it isn't. There are a lot of individuals out there who have common sense but are making mistakes with their investments, and others don't even know what funds to use.

You can say and believe what you like and try to patronize others.  That is your choice. I presume common sense is possessed by around 97% of the adult population.. even though they might need to practice their common sense.

The only thing you need an adult needs is discretionary funds and common sense, which means that such adults can learn, identify what is needed or not needed based on experience level, knowledge and/or skills, and sure, if guys are not able to figure out if they have discretionary funds, then such guys are likely not ready to invest in bitcoin since they have to be able to determine that they have discretionary funds.

Many folks likely have to work on their common sense, since as you suggest (@Sulegzy39) common sense does not appear to be very common, even though I am going to presume that something in the ballpark of 97% of adults have it, even if they might have to put their common sense into practice.

Consider this:  "Intellectual disability affects about 2–3% of the general population.[10] Seventy-five to ninety percent of the affected people have mild intellectual disability."

Another thing to consider is that all of the skills and knowledge needed to invest into bitcoin are relatively basic and not specialized, meaning that anyone can learn them, as long as they are not mentally disabled.  Of course, if a person is not very experienced or has low skills and is not very much in touch with his finances, then he likely needs to practice and learn more.  Also, just because someone can start out investing without hardly any knowledge, they likely are going to be in a better position to practice and learn and to learn.. and to learn how to control their emotions and various aspects of investing, yet the skills and knowledge are not high level even though a person could spend many years honing skills and knowledge and practicing to become a better investor and more informed about bitcoin and various aspects of bitcoin.

[edited out]

SMH, you might as well just say that a newbie needs a PhD in Economics, 14 spreadsheets and spiritual enlightenment before they can be able to buy $20 worth of bitcoin lmao !. Look dude, just for you to even be able to figure out your discretionary income, you need common sense, so what are you saying huh ?

To figure out your discretionary income you likely need some math skills, yet common sense would suggest that a person who is not able to figure out his discretionary funds based on not being able to figure out the math, then such person may well need to work on his math skills prior to getting started buying bitcoin... since it could be dangerous to put money into bitcoin but not be able to figure out discretionary funds..

Fun fact, all those things that you mentioned and referred to as Basic Understanding , they still fall under common sense because without it, any basic understanding and knowledge that you have becomes useless and you won’t be able to practically apply it. It is common sense that will help a person to be able to properly absorb and apply any knowledge that they will later gain during their accumulation phase.

Common sense probably helps with judgement too, so a person with common sense is going to make sure that he is comfortable before going into something like bitcoin too heavily, even though he also may well calculate that he has enough discretionary funds to get started.

A normie newbie with common sense might hear about bitcoin and not be sure about from where to source his bitcoin, so maybe he spends an hour or two looking for possible ways to source his bitcoin, and maybe he comes accross some exchange information and he reads through the exchange information, and maybe if he does not become comfortable enough to get started, then he might have to seek out other information  or look into the how to source bitcoins matter further, and I would think that common sense would help to guide folks in terms of whether they are comfortable with various sources that they have found to be available to them. Some people might read about bitcoin and possible sources, but feel that they are not comfortable or able to figure out what is good information and what is bad information, so they might end up getting discouraged in their getting started to buy bitcoin based on their lack of comfort... which their common sense would likely help to guide them in terms of making sure that they are comfortable, whether they are starting out with $100 or $10 or some other amount.

[ruykeri]

What exactly do you mean by "common sense" in this context? You don't require common sense to invest in Bitcoin; rather, what someone needs to be able to purchase Bitcoin is the basic understanding, which includes: The capacity to calculate or organise one's discretionary income, having a long-term objective, and other pertinent facts that will aid in the accumulation process. So don't tell people that common sense is enough to invest in Bitcoin because it isn't. There are a lot of individuals out there who have common sense but are making mistakes with their investments, and others don't even know what funds to use.

Here, common sense means having general knowledge about investments. For example, the price of Bitcoin is very volatile, here, there is a high probability of profit if you invest for a long time, while there is a possibility of loss if you trade for profit in the short term. In this case, to invest in the long term, you should invest with money that is not needed for daily life needs. In that case, you should continue to invest with discretionary income. The knowledge that is needed to understand this matter is called common sense. And the mental ability to understand it is to have common sense. And economic capacity is what you said about having discretionary income and giving importance to creating a backup fund along with it. All these refer to the economic and mental capacity to invest in Bitcoin.

[JayJuanGee]

What exactly do you mean by "common sense" in this context? You don't require common sense to invest in Bitcoin; rather, what someone needs to be able to purchase Bitcoin is the basic understanding, which includes: The capacity to calculate or organise one's discretionary income, having a long-term objective, and other pertinent facts that will aid in the accumulation process. So don't tell people that common sense is enough to invest in Bitcoin because it isn't. There are a lot of individuals out there who have common sense but are making mistakes with their investments, and others don't even know what funds to use.

Here, common sense means having general knowledge about investments.

No it doesn't.

There is no need to know anything about investments.

here common sense means common sense, like for example, if you go outside of the house and it is raining, then it might be a good idea to bring an umbrella.

Or if you go to the store and your groceries cost, $14.25, and if you hand over a $20, then your change should be $5.75.

And sure, common sense might also suggest that if you had been hearing about bitcoin for quite a long time, but you really have no clue about what it is, then you watch some program on the television about bitcoin that seems to suggest that bitcoin is a good investment, so it causes you to consider if you should start to buy some bitcoin, then you should perhaps start to look into the matter.. and even determine the extent to which you have money to be able to buy bitcoin, even if you can figure out from where to buy it, to the extent that the program on the television did not inform you in terms of ways to buy it.

For example, the price of Bitcoin is very volatile, here, there is a high probability of profit if you invest for a long time, while there is a possibility of loss if you trade for profit in the short term.

Common sense does not tell you to know the difference between investing and trading.  You might have to learn that, yet you might not need to know the difference between investing and trading in order to get started buying bitcoin.

In this case, to invest in the long term, you should invest with money that is not needed for daily life needs.

Sure.. using money that you don't need (and having discretionary funds) seems to be something that needs to be identified as important in terms of getting started, and it is likely that the newbie should either be able to calculate whether they have discretionary funds, and if they are unable to figure out whether they have discretionary funds, then they might need to spend some time figuring out that part first, and common sense should help them to identify the extent to which they understand the idea or maybe they need to learn math?

In that case, you should continue to invest with discretionary income. The knowledge that is needed to understand this matter is called common sense.

There are quite a few examples of common sense, and common sense does not necessarily relate to any specific knowledge, since normal people could be put into quite a bit of variety of situations, and sometimes there could be cultural components related to common sense, yet if a person is considering buying some bitcoin, then they might need to figure out some basics related to the beginning purchases, and surely some folks are good at finding information on the internet and other people are not, so there could be some challenges for people who are not used to getting information to be able to get information about bitcoin, even though they might not need information about bitcoin, except for sourcing it, even though they might need information regarding their income versus their expenses, yet they would not need a computer to figure out that kind of information, and they might come to bitcoin and already have systems in place in which they are keeping track of their income and expenses.  Perhaps?  yet they might need to improve their skills after they start buying bitcoin, even though they might not need to have high level skills to start buying bitcoin as long as they can figure out that they have discretionary funds.

And the mental ability to understand it is to have common sense.

Sure.. for example, if a person is walking to cross the street.  Common sense might suggest that he should look both ways before crossing.

And economic capacity is what you said about having discretionary income and giving importance to creating a backup fund along with it. All these refer to the economic and mental capacity to invest in Bitcoin.

If a person is determining whether he has discretionary funds, and then if he is going to use some or all of the discretionary funds to buy bitcoin, then it would seem apparent that common sense would inform him to consider when is going to be the next time that he expects to get paid, and to not use all of his money, since he has to have enough money to cover any expenses that he might have until he next gets paid... so yeah, he may well come to realize that back up funds are going to be helpful in terms of buying bitcoin and having goals to hang onto the bitcoin without prematurely selling the bitcoin that he had bought.