Bitcoin for newbies like me

[IceLincoln]

For those of us who are new to the world of Bitcoin and cryptocurrency ;

Bitcoin offers a new and improved way of transaction and before getting into it, you should keep your self highly informed

Before going into bitcoin what you should know:
1. You have to secure your wallet: it is very important you protect your funds and transactions. Bitcoin provides you with strong security measures when used correctly.
2. You should know that bitcoin transactions are irreversible once confirmed unless the receiver decides to send it back.
3. The Price of bitcoin is unpredictable though certain conditions, news and information when utilized well can help u make proper predictions
4. You should know that despite bitcoin not been any countries currency, some countries might still attach tax and other commissions.
5. Bitcoin transactions are recorded in a ledger known as Blockchain and its made public to users, as such lies can’t be told Concerning a transactions.

The more experienced members should share or add more informations concerning bitcoin on this.

[Upgrade00]

One small correction is that Bitcoin is the currency of El Salvador at the moment, so at least one country uses it as a legal tender.

This doesn't however matter much cause Bitcoin does not need legal approval from governments to function and those taxing it see it as an asset or a commodity.

[GiftedMAN]

Op, don't forget to get knowledge first before embarking on Bitcoin investments or any other investment else you will end up gambling with your funds, remember to always invest with your spare money because Bitcoin investment is not like Ponzi scheme where you invest today and expect to make ×5 of your investment capital. Always do your own research and don't believe every information you see on the Internet because the media has always been against the progress of Bitcoin, remember to keep your seed phrase as a secret there should be no room for a third party to your seed phrase.

[hd49728]

One small correction is that Bitcoin is the currency of El Salvador at the moment, so at least one country uses it as a legal tender.

There are two nations where Bitcoin is legal tender and El Salvador is one of them. Another country is Central African Republic.

https://coinmarketcap.com/legal-tender-countries/

Not all citizens in a country where Bitcoin legal tender, feel happy if other citizens use Bitcoin as a payment method. They have to accept it because of legal tender status but they can feel unhappy if they are not ready to hold bitcoin for a while, can not bear on chain transaction fee and some other things.

Only citizens who are Bitcoin investors can feel more comfortable and happy with Bitcoin legal tender status in their country.

[Upgrade00]

Not all citizens in a country where Bitcoin legal tender, feel happy if other citizens use Bitcoin as a payment method. They have to accept it because of legal tender status but they can feel unhappy if they are not ready to hold bitcoin for a while, can not bear on chain transaction fee and some other things.

Businesses want to maximize profits however the cash flow is coming in. They can set up a payment processor, converting Bitcoin to fiat immediately the payment is made. This is what most businesses, which do not want to hold Bitcoin but still want to give a option to those who use it, do.

My reservation with El Salvador is the citizens being forced to use a particular service to use Bitcoin. That's not the freedom Bitcoin is about.

[IceLincoln]

One small correction is that Bitcoin is the currency of El Salvador at the moment, so at least one country uses it as a legal tender.

This doesn't however matter much cause Bitcoin does not need legal approval from governments to function and those taxing it see it as an asset or a commodity.

Ohh thank you Sir, I probably didn’t know about it, that’s why we get to learn everyday.
Now I’ve read about it, there’s also Central African Republic. Thanks for your input.

[Lucius]

There are two nations where Bitcoin is legal tender and El Salvador is one of them. Another country is Central African Republic.
~snip~

It seems that a lot of people think that Bitcoin is legal tender in the CAR, but that idea has long ceased to be a reality, which is not surprising considering the economic/financial state of that country.

In April 2022, the mineral-rich African country became the first on the continent and second in the world to adopt bitcoin as legal tender, following in the footsteps of El Salvador... But this spring, the Central African Republic decided to repeal its law enabling Bitcoin adoption altogether, arguably ending its experiment before it even began.
Although there are plenty of reasons why bitcoin adoption never got off the ground in the country, it’s not only tied to poor infrastructure, low internet penetration, and a population that is still learning what bitcoin or satoshis are – much less where they can be used for in the country.

Op, don't forget to get knowledge first before embarking on Bitcoin investments or any other investment else you will end up gambling with your funds...

This is certainly one of the best pieces of advice that can be given to any beginner. First, you need to familiarize yourself with what you are going to invest in, only then start with small amounts, and of course never invest more than you can afford to lose.

[Lida93]

The more experienced members should share or add more informations concerning bitcoin on this.

1. Bitcoin is not a get rich quick financial investment. In other words, it's not a ponzi scheme that newbie investors should be expecting to make profit so short.

2. As a newbie try to eliminate greed if you will want to stay long and profitable in this industry. Scammer prey easily on greedy investors as they are easily caught up in the net of scammers when out of greed they jump into an offer that is too good to be true. Example: (offers that promises a 100% ROI).

3. Avoid free money. There's no free money anywhere in this crypto space, it's either you render a service for money you earn or you execute a task or in anyway worked for it. A lot of persons has lost the little sum they had in pursuit for free money online, don't add to the number as a newbie. Etc.

Stay safe

[Marykeller]

Op, don't forget to get knowledge first before embarking on Bitcoin investments or any other investment else you will end up gambling with your funds, remember to always invest with your spare money because Bitcoin investment is not like Ponzi scheme where you invest today and expect to make ×5 of your investment capital. Always do your own research and don't believe every information you see on the Internet because the media has always been against the progress of Bitcoin, remember to keep your seed phrase as a secret there should be no room for a third party to your seed phrase.

In addition, bitcoin can be used as a store of value and as an investment tool. Don't Invest in bitcoin with the belief that it will make you rich in the short term. Invest because you believe in the future of digital currency that it is better to have your assets or money stored in bitcoin than have it kept in the bank, that it will lose value over time.

[Asuspawer09]

For those of us who are new to the world of Bitcoin and cryptocurrency ;

Bitcoin offers a new and improved way of transaction and before getting into it, you should keep your self highly informed

Before going into bitcoin what you should know:
1. You have to secure your wallet: it is very important you protect your funds and transactions. Bitcoin provides you with strong security measures when used correctly.
2. You should know that bitcoin transactions are irreversible once confirmed unless the receiver decides to send it back.
3. The Price of bitcoin is unpredictable though certain conditions, news and information when utilized well can help u make proper predictions
4. You should know that despite bitcoin not been any countries currency, some countries might still attach tax and other commissions.
5. Bitcoin transactions are recorded in a ledger known as Blockchain and its made public to users, as such lies can’t be told Concerning a transactions.

The more experienced members should share or add more informations concerning bitcoin on this.

I mean this was really necessary for a lot of new traders for sure to have some knowledge before even starting doing invest in cryptocurrency, you don't really want to put money on something that you don't really have any idea right, it would actually going to be a huge disaster for sure if your going to do that and your end up losing a huge amount of money in the end. Knowing what is Bitcoin is probably going to be the basics, then learn about the wallet, and the whole cryptocurrency space if possible, then you could proceed probably on how you are going to trade, or profit on your trading, like analysis, prediction, etc.

Your lucky actually you are here in the forum, there you go you anything that you don't have any idea just ask it here in the forum, a lot of experience members are here in the forum that could easily help you with your problem and issue about cryptocurrency, your not going to have any issues for sure, learn form other mistakes.

[GeorgeJohn]

Actually you are making a point from your article but the thing is that sometimes majority of people who is into cryptocurrency investment or bitcoin investment is not supposed to obtain or adhere to any information that she online it is better and Wise for anyone who come him into cryptocurrency investment to make it on research without depending on research of anyone before investment, I'm not talking to you as a beginner but I am talking to you based on my observations towards investment because there is every tendency that you are already existing in this platform before now because your point you made is not actually want of beginners because you have the experience.

[kentrolla]

I do see you have covered some points and other forum members have added further like El Salvador's legalization of Bitcoin. But the most important thing which is basic of Bitcoin is people should know why it was created ? It was created for decentralized P2P transfer without any third party's involvement be it bank or financial institutes but not it has been used as a mere investment scheme hence educating newbies on basics will be important.

[Alphakilo]

Op, don't forget to get knowledge first before embarking on Bitcoin investments or any other investment else you will end up gambling with your funds, remember to always invest with your spare money because Bitcoin investment is not like Ponzi scheme where you invest today and expect to make ×5 of your investment capital.

Knowledge of bitcoin or any other investments fortifies the individual to be confident about their investments. In the hierarchy of things knowledge comes first then, investments and then diversification. And getting knowledge is so easy in today's world that we have no excuse for making a bad investment decision.

Always do your own research and don't believe every information you see on the Internet because the media has always been against the progress of Bitcoin, remember to keep your seed phrase as a secret there should be no room for a third party to your seed phrase.

Absolutely right. The internet is full of lies and very deceptive people who want you to invest in their projects or whatever. And as soon as the individual does, their whole investments are wiped out. Anyone who does their own research will easily spot the lies and see a patter thereby avoiding a costly mistake.

[Ojima-ojo]

Actually you are making a point from your article but the thing is that sometimes majority of people who is into cryptocurrency investment or bitcoin investment is not supposed to obtain or adhere to any information that she online it is better and Wise for anyone who come him into cryptocurrency investment to make it on research without depending on research of anyone before investment, I'm not talking to you as a beginner but I am talking to you based on my observations towards investment because there is every tendency that you are already existing in this platform before now because your point you made is not actually want of beginners because you have the experience.

Good advice, doing your own research and depending on your knowledge and not the advice of others most especially random online forks is a risk, that is why we have to accept the fact that before investing in bitcoin both for long term or short term base is best to invest more of that time in research and gaining knowledge about how the market works and what are the way to reduce the risk that come along with bitcoin investment.


Bitcoin as an investment and asset need to be studied by the investors so that they can make informed decisions along the lines.

[IceLincoln]

1. Bitcoin is not a get rich quick financial investment. In other words, it's not a ponzi scheme that newbie investors should be expecting to make profit so short.

2. As a newbie try to eliminate greed if you will want to stay long and profitable in this industry. Scammer prey easily on greedy investors as they are easily caught up in the net of scammers when out of greed they jump into an offer that is too good to be true. Example: (offers that promises a 100% ROI).

3. Avoid free money. There's no free money anywhere in this crypto space, it's either you render a service for money you earn or you execute a task or in anyway worked for it. A lot of persons has lost the little sum they had in pursuit for free money online, don't add to the number as a newbie. Etc.

Stay safe

Yes thanks for your input especially the get rich quick scheme, people think once they get into bitcoin they’ve made it and they want it quick so they can flex before their peers and this mindset often leads to greater loss.
One has to be careful, patient smart and very informed. There’s nothing free even in free town and as such you have to work for your money and make wise investments.

[boyptc]

Yes thanks for your input especially the get rich quick scheme, people think once they get into bitcoin they’ve made it and they want it quick so they can flex before their peers and this mindset often leads to greater loss.
One has to be careful, patient smart and very informed. There’s nothing free even in free town and as such you have to work for your money and make wise investments.

That's one thing that the nocoiners think about Bitcoin, it's a rich quick scheme. Those that don't do research think that's how people make money from here.

That, upon investing in Bitcoin, profits shall come asap. But no, it's the same in the real world that money don't grow in the trees and so with that expectation, from a newbie like you needs to be patient and research as much as you can at most times.

[SatoPrincess]

5. Bitcoin transactions are recorded in a ledger known as Blockchain and its made public to users, as such lies can’t be told Concerning a transactions.

You need knowledge to succeed in the crypto space because even though transactions are visible on the blockchain, only someone with basic understanding of bitcoin and blockchain will know how to use block explorers to track transactions. I think every newbie looking to learn more about Bitcoin should follow Andreas Antonopoulos. His content is very interesting and simple to understand.

[tbct_mt2]

I think every newbie looking to learn more about Bitcoin should follow Andreas Antonopoulos. His content is very interesting and simple to understand.

Newbies can try with other resources to learn about Bitcoin, for average joe.

Learnmeabitcoin.com for beginners. It has an advanced page too.
Bitcoin information & resources

With newbies, learning about security is important too.
Security checklist

[Nheer]

Bitcoin offers a new and improved way of transaction and before getting into it, you should keep your self highly informed

Most Newbies join cryptocurrency without really knowing much about it thinking it is something they can venture into without actually learning about it and make quick money from it, and that is the mistake they make which is why most of them lose a lot of money at that time. Because people make money from cryptocurrency doesn’t mean it is that easy, ask them how much knowledge they acquired before making money from it and you will understand it requires lots of time and effort. My advice for newbies is to not skip the learning process as it will come in handy for them and will help them in their journey.

1. You have to secure your wallet: it is very important you protect your funds and transactions. Bitcoin provides you with strong security measures when used correctly.

This is also an important step in the crypto world because scammers are everywhere looking around for victims who fail to secure their wallets properly. Wallet security is very important because they hold your crypto assets and without securing it properly you risk losing your assets and when lost you are not an investor anymore and your goal of profiting from your investment will end. Your crypto assets is the most valuable thing so securing where they are stored should be your first priority to keep it out of reach for scammers.

2. You should know that bitcoin transactions are irreversible once confirmed unless the receiver decides to send it back.

All these are things you know as you are learning about bitcoin and that’s why it is important to always double check the receiver’s address before making transactions. A single mistake will make you lose your coin and there is no way to recover them unless the recipient decides to send back as Op has stated.

3. The Price of bitcoin is unpredictable though certain conditions, news and information when utilized well can help u make proper predictions

To achieve this one needs to study alot about bitcoin to understand its behavior properly and the market movement and how the market gets manipulated at times. Bitcoin’s volatility makes it difficult to predict it movements but with a lot of studying you can actually get better at predicting it next movement.

In General one cannot escape learning and studying bitcoin if they truly want to succeed in cryptocurrency because alot need to be learned to increase the chances of success in crypto.

[hd49728]

Businesses want to maximize profits however the cash flow is coming in. They can set up a payment processor, converting Bitcoin to fiat immediately the payment is made. This is what most businesses, which do not want to hold Bitcoin but still want to give a option to those who use it, do.

If it is big business or just medium one, it is true and feasible for them to receive Bitcoin in their business payments from customers. If it is small or very small business, business entrepreneurs will see this payment method is harmful than helpful.

My reservation with El Salvador is the citizens being forced to use a particular service to use Bitcoin. That's not the freedom Bitcoin is about.

Is it what Legal tender about?

If people want legal tender, they must know what it is and what they will have to obey if Bitcoin is legal tender in their country or the globe.

Not all El Salvadorians support Bitcoin but Bitcoin already became legal tender in their country years ago and they have to deal with it.