Bitcoin for newbies like me

[Coyster]

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 transaction was not confirmed, Bitcoin transactions is not reversible once it has been confirmed and added into a block, but if it is still unconfirmed and in the mempool, then you can double spend the transaction by using the same input in another transaction that pays a higher fee, and send it back into your address.

Bitcoin unconfirmed transactions can also be purged out of the mempool if numerous nodes drop the transaction or it can turn "Local" if the node/server you are connected to drops the transaction, then you can be able to spend it again in another transaction.

[Rengga Jati]

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

And the possibility that the recipient will return it back to the initial wallet sent the BTC is very small. Because sometimes, we may not realize how much BTC we have in that wallet at that time. Unless it is a large amount, then it will be a really confusing one, whether to keep it without caring about the sender's feelings or immediately return it with a transaction fee deducted. So I thought, what would happen to us if we experienced the same thing, receiving transfers from unknown wallets for quite large amounts?

So, this is clear, whoever, we must be careful when sending Bitcoin or even altcoins to certain wallet. doing double check to the wallet address several time before clicking the transaction is a must. no need to hurry up in careless ways.

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

Just like on my enagra. Honestly, Bitcon is indeed legal as an asset commodity, but illegal if used as a payment transaction tool. However, if it is related to taxes, yes, we cannot escape taxes. and we are even obliged to pay taxes directly when we trade on local exchanges which are under the regulations of our government.

[Fiasem20]

For those of us who are new to the world of Bitcoin and
The more experienced members should share or add more informations concerning bitcoin on this.

1.Bitcoin is a digital decentralized currency that was invented by an unknown inventor that bears the name Satoshi Nakamoto in 2009.
2.It was created for financial freedom
3.The Bitcoin Blockchain network is transparent
4.The Bitcoin Blockchain network uses the proof of work to secure and verify transactions.
5.Bitcoin transaction is irreversible

[kawetsriyanto]

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.

You're right. Bitcoin never guarantees security, it also never guarantees for profits. For the security reason, we must understand how to manage the key phrase of the wallets and know where the best place to store Bitcoin. So far, non-custodial wallet is a better place for storing Bitcoin because we have a control of the wallet. But if we can't manage the private keys in a proper way, we also can lose the Bitcoin if we lose the private keys data.

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.

Bitcoin is a legal tender in El Salvador. Sure, it can be a payment tool in El Salvador. However, it doesn't mean Bitcoin is the only payment tool there, El Salvador still uses Dollars for the payment tool. Anyway, I think we can't claim El Salvador be a rich country when we have no data about this. Also, we don't if they succeed or not in Bitcoin investment.

[ndutndut]

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.

Everything you say is the first thing we have to know about bitcoin investment, because bitcoin investment is something that is very risky if you do not have adequate knowledge, especially about wallet security, this transaction error is a fatal error that can make your assets disappear instantly.

Additionally, perhaps you should add that since Bitcoin investments have high risks, you need to use cold hard cash. What is meant by cold money is money that will not be used in the near future or for daily needs. Because the purpose of using cold money is so that you do not increase the risk of investing when asset prices are falling. When the price goes down, don't panic and rush to sell because there is still a chance it will go up again. That way you can be more patient and not rush when making decisions

[Hamza2424]

<snip>

Yes buddy I can see that as a newbie you have done your best research on understanding the Bitcoin environment/Ecosystem and you have shared these beginning-level tips with those who are new to the forum and crypto space. But I would suggest you that if you are also new to the crypto industry so keep learning as this industry has a vast amount of knowledge to learn so the best is that always keep learning from the sources as you can find a lot of information from the internet.

Along with this buddy keep reading those informative threads that other users share here on the forum as they also contain informative as well and this thing will help you to grow quickly. The point that you shared is good to understand for the newbies so that they can avoid the miner mistakes in the crypto space.

[Cryptomultiplier]

<snip>

...
 The point that you shared is good to understand for the newbies so that they can avoid the miner mistakes in the crypto space.

Perhaps you could help expansiate on what the miners mistake is about, just to keep our newbies and myself well informed too.
If ones country of residence gets to accept and regulate BTC and other cryptos, they may have no better choice than to use it to enable they transact efficiently.

Even many recent movies, bother along the subject of cryptocurrency and wallets and anyone who is a newbie here, has already been a step ahead of others who are still struggling to understand the concept of cryptocurrency out there.

Crypto currency investment is a kind of investment that one has a choice on the mode to adopt to earn their profits. As it is gaining weight, so also it's knowledge becomes available and easily understood to use.

[Questat]

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. Avoid installing apps from Google Play Store, if not the majority but most of them are fake. You better download a wallet from their website.
2. Double-check the address before sending as it was hard to expect to be sent back.
3. Indeed it is unpredictable that is why you need to trust and don't get affected by the ups and downs of the trend.

Generally, taking responsibility is our priority, and learning about Bitcoin first is necessary because this is the best way to protect our funds and less mistakes.

[Peanutswar]

For newbies make a DYOR before entering the crypto world not all the time you are seeing within the social media. Many newcomers would like to invest and after they make a mistake they will blame others or the market itself, which leads them to quit doing crypto. Next is to invest in security you are in the internet, tons of hackers would like to attack and stole your funds, if you have money to invest in crypto you can have an investment with a good wallet and secure your device, seek for the potential coin or the builder coin and make a plan with your investment, not all the time its in the top, possible you will get ride with the psychology of market.

[Kristiyana]

I think every newbie need to start investing with bitcoin reason is because the risk involve in bitcoin investment is very low compared to the risk in other coins like meme and most of the altcoins, also as a newbie not only to invest in bitcoin but you need to know how to hold bitcoin for long term investment, because bitcoin investment is all about been patient to hold on to it, that's if you want to get profited from bitcoin investment you need to learn how to hold it for Long, However you should know that bitcoin investment is not a get rich quick scheme.

[Essential10]

Before starting any new Bitcoin investment, one of the most important things they need to do is to do a proper analysis of the market. You need to have the confidence to make the investment last, as you will see the price go up and down at times in the Bitcoin market. The more patience you have, the more successful you will be. Not only should you invest in bitcoins, but you also need to keep your bitcoin wallets safe. You will go to a point where you will find that you are very profitable from Bitcoin investment, but suddenly when you can't login to your wallet all the money will go to waste. So I would say for new investors, first of all keep your wallet secure so that you can recover it later, then start investing.

[Zanab247]

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.

Knowledge is very important before going into BTC investment, and if you lack the knowledge as a newbies, you will lose everything you have invest in BTC, which is the mistake some  newbies use to make in their investment.  

You will come across two seasons, which newbies need to know in their learning ground which are bear and bull season, and newbies must know how to use the tool to buy and sell from the market because if you want to buy from the market ensure bear run is on ground before you can buy, and if you want to sell your coins ensure the bull run is on ground before you can sell to make good profits.

Learn how to carry out research before investing in BTC, because you can confirm the information about the market price through your research, before you can take a final decision because there are some newbies who use to follow the information of social media to sell without carry out any research to know if it time to sell or not before marketing your coins.

[YOSHIE]

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

The meaning and understanding of Bitcoin or crypto can be interpreted broadly and variously, depending on what activities you use Bitcoin for and what purpose.
If you look at the transaction method, of course what you are asking is correct, but there are other insights into Bitcoin activities that can be done.
For example: trading, investing and so on, if that's what you're doing, of course you need to learn a lot about trading methods or market analysis and you have to learn more deeply and in detail about Bitcoin, so that you don't lose.

My understanding is that studying this is highly recommended, as is the title of your topic.
Bitcoin For Beginners (Updated 2024), important to read.

[Belarge]

For those of us who are new to the world of Bitcoin and
The more experienced members should share or add more informations concerning bitcoin on this.

1.Bitcoin is a digital decentralized currency that was invented by an unknown inventor that bears the name Satoshi Nakamoto in 2009.
2.It was created for financial freedom
3.The Bitcoin Blockchain network is transparent
4.The Bitcoin Blockchain network uses the proof of work to secure and verify transactions.
5.Bitcoin transaction is irreversible

Thanks for the vital information passed down. Atleast more people will acknowledge it and it will served different purpose for people in the space. No information is a waste and all counts for important targets. The above information are correct and this piece of information will definitely help one to become more explore in the space. I know everything is gradual process but we should also speeds things up when it comes to the market since it waits for nobody.