Bitcoin for newbies like me

[HajiBagi]

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.

Good, you are also a newbie but you have already known some things about Bitcoin, this is how every newbie should learn not in any other way than coming to the forum and asking about how to get merit and how to make money in the forum, the one that I will said you should take very important serious and important is number one, which stated that you have to secure your wallet, secure your wallet is very important and before investing in bitcoin or buy bitcoin you should have a very secure wallet that no one will have access to it except you, another person having access to your wallet is a problem is not safe.

Secondly, number two stated that you should know the transaction is irreversible once you confirm unless the receiver decides to send it back. No matter how lazy you are pls try to check on your transactions before confirming them, this day, you will find it difficult to have someone who is God fearing and return your coin, it will be difficult with this kind of hard economy, during the transaction process make sure the wallet address is correct before you went and send the coin to another person because if you do that’s the end of the coin.

[Crypt0Gore]

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.

You are a newbie, still new to all these am I right? I think you should not focus on what you know already, instead try looking out for what you don't know, there are many things a newbie need to know about how to keel their wallets safe.

Also there are different type of Bitcoin wallet, while some are not a good idea for storing your Bitcoin.

There are closed source bitcoin wallet, and also online Bitcoin wallets, these type of wallets are bad for storing Bitcoin.

If you don't know this already I suggest you should start looking forward into learning more about Bitcoin before you can consider yourself as someone who can teach others.

The best Bitcoin wallets are those that are noncustodial and also fully open source, for example Electrum and Trezor hardware wallet.

[Franctoshi]

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.

Security of your funds is very important, in fact you might have thousands ,Millions and Billions in crypto and not have anything if you didn't take security measures seriously, because scammers can run you down at anytime when you didn't properly secure your funds, As a Bitcoin enthusiasts, You should first learn how to store your funds safely, and secure it from possible scammers,and this is something we shouldn't even play with as we take charge of our funds in the digital space and this revolution of money.

[mvdheuvel1983]

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.

Take note so you don't make mistakes, it is not a bad idea to listen to the opinion of others but the most important thing to do is to always verify every information to be true before making use of it. There are useful informations online and in social media but based on the level of scams that has been experienced by people that is why doing a personal research before doing an investment is mandatory.

Having knowledge in bitcoin before investing helps to reduce the risk of in losing money so no matter the nature of the investment, master what you want to invest on, learn from others first before doing your research and focus on a long term investment especially for newbies to avoid panic when the market is not going well as you predicted.

[Pandu Geddon]

Having knowledge in bitcoin before investing helps to reduce the risk of in losing money so no matter the nature of the investment, master what you want to invest on, learn from others first before doing your research and focus on a long term investment especially for newbies to avoid panic when the market is not going well as you predicted.

In my opinion, long-term investment is not suitable for beginners. Knowledge is important for beginners, it provides a broad picture of the investment they will make.
but to make long-term investments not only requires knowledge but also experience. and experience that beginners rarely have, although they can get it from the experience of others.

I think beginners would be better off investing in the short term or medium term. because beginners still tend to panic more quickly about market conditions, they must take advantage of the profits they get, even though they are small. it is to give novice investors experience with the market. To be able to withstand the long term, beginners need a good experience process.

[FinePoine0]

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.

It is most important to be cautious in any aspect, here we are going to be the most cautious when it comes to Bitcoin transactions. Because once you move to another address by mistake, it is impossible to go back, so you should keep calm and complete the transaction only when you have enough experience. I certainly support your rules and find it most important to try to follow them.

[Dunamisx]

Before starting anything that has to do with crypto investment, we must make sure that we have already secured a certain learning ground for ourself, this will help us have various ideas in knowing what next to do and what to avoid doing, but its a pity that many of the newbies does not go through the required learning process before investing, and such occurs along the line that they cant withstand any market challenge, while some often fall a victim to scam because they don't understand how to prevent such from happening.

[Moreno233]

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.

Bitcoin is indeed a currency in El Salvador but it is not the only currency as it is existing side by side with fiat the Salvadoran Colón (SVC). Another country that have legalized Bitcoin is Central African Republic (CAR), here it is also existing together with their local currency. So I support you that Bitcoin is now a currency in some countries even though they did not replace their fiat with Bitcoin. Assuming it were today that country like Zimbabwe abandoned their currency, they would have simply adopted Bitcoin instead of the confusion they had allowing their citizens to use any foreign currency.

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.

In many countries where Bitcoin is banned, it is still being used secretly. I remember China and Bangladesh all not being friendly with Bitcoin yet people still find their way to use Bitcoin. Recently Nigeria have joined them yet people are still using Bitcoin in large volume. There is really little the government can do in stopping the total usage of Bitcoin.  

[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.

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.

Yeah..some persons today do depend on people research and  that is one of the things that failed some of bitcoin investors because they basically rely or depend on information extract by someone else..if you what to scale through in cryptocurrency investment and mostly in bitcoin and some of the potential altcoins you have to make a research and compare your research with any other person that you think that he or she the information will yield positively to what you think that will elevate you.

[IceLincoln]

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.

Mr. Andreas Antonopoulos, I’ve heard about him, they call him the Greek bitcoin guy because he talks about bitcoin. I’ll check him out, thanks for the mention

[nakamura12]

If the person decided to send it back then the amount won't be the same as before if the person who is going to send it back deduct some btc from the amount that the person received for transaction fee. I am sure you get what I mean that if you sent 1 btc to me by mistake and I decided to return it then it won't be 1 btc that you will receive unless I spend my own money to return exact amount that you mistakenly sent to me (that depends on the person but for me, I'd rather not use my own funds just to return the btc after all, it isn't my fault for sending it to the wrong address. Regarding the explanation above, it is important that you should always triple check the details before sending.

[CryptoHeadlineNews]

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

From my little experience, I must confess that Bitcoin transaction is actually reversible, but that is if only the transaction fee is not enough so as to enable it have a slot in the next consecutive blocks, because I have had a transaction which got reverse before, after staying pending for over a week and on the 7th day It was cancelled due to low fee to grant it's space in the Bitcoin blocks.

4. You should know that despite bitcoin not been any countries currency, some countries might still attach tax and other commissions.

But that can only be possible if Bitcoin is regulated in that country, because if Bitcoin is not regulated, it will be very hard for it to be taxed.

[Mrcool75]

I think Bitcoin is a very good cryptocurrency.  Bitcoin does not compare to other cryptocurrencies.  Bitcoin is very valuable to everyone whether you are new or old.  Those who managed to hold on to Bitcoin around 2012-13 are now profiting.  Many may be regretting now.  Because the price of Bitcoin is increasing day by day.

[IceLincoln]

From my little experience, I must confess that Bitcoin transaction is actually reversible, but that is if only the transaction fee is not enough so as to enable it have a slot in the next consecutive blocks, because I have had a transaction which got reverse before, after staying pending for over a week and on the 7th day It was cancelled due to low fee to grant it's space in the Bitcoin blocks.

That is because your transaction was not confirmed, it was pending for 7days because no enough transaction fee and it didn’t go through, once your payment goes through it cannot be reversed unless the receiver is a good person and decides to send it back. This is to say that carefulness should be considered when inputting addresses,in order to avoid been in such situations.

[Kelward]

Adequate knowledge of Bitcoin is very important before a person will embark on it's investment or trading, because as some members have noted on this thread, many people believe that Bitcoin is a get rich quick scheme, and that is why they're scammed into buying shitcoins, thinking that all cryptocurrency is Bitcoin. I've seen adverts on social media in my country advertising Bitcoin mining gadgets that if you want to become a millionaire within months that you should contact them, and these scammers are scamming people that don't have Bitcoin knowledge everyday. Knowledge is power to achieving greatness.

[knowngunman]

That is because your transaction was not confirmed, it was pending for 7days because no enough transaction fee and it didn’t go through, once your payment goes through it cannot be reversed unless the receiver is a good person and decides to send it back. This is to say that carefulness should be considered when inputting addresses,in order to avoid been in such situations.

I think there are ways to recover coins mistakenly sent to a wrong address and also stollen coins but I actually don't know how legit those services are. The best thing is to be very careful when sending out coins by checking and reconfirming the address. Even with our traditional banking system, if you mistakenly send money to a wrong account number, you can not just get it recovered without the consent of the person. In crypto, you can hardly know the person behind the wrong address you send your coins to before thinking of talking to them for reversal. Only few people will be considerate to return such coins.

I think Bitcoin is a very good cryptocurrency.  Bitcoin does not compare to other cryptocurrencies.  Bitcoin is very valuable to everyone whether you are new or old.  Those who managed to hold on to Bitcoin around 2012-13 are now profiting.  Many may be regretting now.  Because the price of Bitcoin is increasing day by day.

Price of bitcoin does not increase day by day, it's a mixture of both downtrend and uptrend market on a daily basis. If it only increases day by day, Bitcoin price would have reach millions of dollars by now. Don't FOMO and end up investing in bitcoin blindly just because you think it price increases daily. There things to know about it before you choose to invest your money in order to avoid regrets in the end. Bitcoin is actually a good investment for those who understand the risk involved and ready for it.

[traderethereum]

Securing your wallet is the first lesson for anyone who wants to learn bitcoin. They can find many ways and practice them.
But before everything is done, beginners need to learn first what Bitcoin is and other things so that they are not confused and know what they want to do. By seeking more correct information, his knowledge about bitcoin will also increase and that will be useful for him.
The more someone learns about bitcoin, the more they will understand how to use bitcoin well. He can also have an investment in bitcoin as something valuable for his future. Don't immediately believe offers to invest in other programs because investing in bitcoin requires a wallet and storing it in that wallet and not in programs like that.

[Tmoonz]

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.

1. every biginners must  also know that Bitcoin is best performanced when view on long term perspective.

2. You must have a source of income

3. You must understand your risk tolerance level

4. You must know and understand how much of your discretional/disposable income

5. Prepare you emergency funds

6. You must take care of your personal needs

7. You must be self convinced that Bitcoin is a coin that is worth investing on by not getting involved because it ai what everyone else is doing or talking about.

8. You must only invest according to your financial situation by not doing more than yourself.

9. You must be patient enough to achieve your investment goals and objectives by staying focused and determine.

[Jon pyagbara]

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.

We have a lot to learn as newbies, I make research and I also navigate the forum, most times I don't post I just take my time and follow up threads and read posts made by senior colleagues here,  and I must say am actually gaining alot of knowledge, there are also some short forms like DIP, HODL, ATH, DCA and the rest that I have come to be familiar with I'm my cause of reading and making research, so we just have a lot to learn and with time grow to be like them.

[reagansimms]

Bitcoin does not guarantee security for you, as long as you are able to maintain the seed phrase properly and store it in a safe place, the Bitcoin stored in your wallet will be safe. So the security of Bitcoin stored in your wallet is your responsibility.
As far as I know, El Salvador has adopted bitcoin as a legal means of payment and became the first country to officially accept Bitcoin as a means of payment since September 2021. El Salvador policies made them the richest country, this is a significant change for Bitcoin's reputation since it was launched to the public.