What you need to understand about Bitcoin

[Sky_T]

Before getting started with Bitcoin, there are few things you actually need to understand. First you need to know that the Bitcoin ecosystem allows you to exchange and transact money in so many different ways than you normally do. so before using Bitcoin for any serious transaction, you should be well knowledgeable about how the Bitcoin system works and be fully aware of the problems associated with the fiat system.

Also note the following
1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.
2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.
3. It requires your own effort to protect your Bitcoin.

[Hazink]

I will also recommend this useful links:

Bitcoin information and resources
Bitcoin security and resources
Security checklist
Reminder: do not keep your money in online accounts
Bitcoin Q&A: Not your keys, not your coins
Awesome crypto trading

2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.

Bitcoin is volatile and will continue to be volatile. Saying it’s “still” makes it sound as if it will come to a point where the price will remain stable.
 

[Churchillvv]

I guess this your own way of teaching yourself! because basically almost every one in this forum understand this basic part of bitcoin knowledge.

I suggest that you should learn more than teach.

Regards.

[Catenaccio]

1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.

Bitcoin transactions are irreversible and because of that, you need to be more careful when copy and paste address to broadcast a Bitcoin transaction by yourself or to submit a withdrawal request on a centralized exchange.

Irreversible transactions
How to lose your Bitcoins with CTRL-C CTRL-V

[Awaklara]

3. It requires your own effort to protect your Bitcoin.

I think keeping our own money with our own security is better than giving our money to a third party. Maybe you can get a little benefit from a third party, but it won't be greater than what the third party gets from managing the money you put with them.
By owning Bitcoin, you have complete control over the money you own, there is no interference from any party. Never be fooled by banking systems that are made to look easy and online.

[C10H15N]

I guess this your own way of teaching yourself! because basically almost every one in this forum understand this basic part of bitcoin knowledge.

I suggest that you should learn more than teach.

Regards.

lol - not going to fault a new guy for attempting to make a quality post unless he says something wrong or damaging - and he didn't.  👍

while rudimentary, well known, and covered ad nauseum, what he stated was fundamentally sound. I'll take that over another scam or gambling post any day. 😉

[mirakal]

3. It requires your own effort to protect your Bitcoin.

I think keeping our own money with our own security is better than giving our money to a third party. Maybe you can get a little benefit from a third party, but it won't be greater than what the third party gets from managing the money you put with them.
By owning Bitcoin, you have complete control over the money you own, there is no interference from any party. Never be fooled by banking systems that are made to look easy and online.

Not your keys, not your coins, as simple as that. If you let the third party manage your coins, you are giving them the permission to own your coins later on, so as much as possible keep your coins in your own wallet, and be cautious and extra careful in making transactions so that its safety and security will never be at risk. Bitcoin is a highly valuable asset, so you need to hold it tightly and give its best protection so that hacking and scamming will always be prevented.

[SatoPrincess]

This is not exactly new information to us here on the forum but it could be helpful in your real life when talking about Bitcoin with friends. You asked a question in your previous topic and I think this is a good way to introduce Bitcoin to your client.

[Yatsan]

I guess this your own way of teaching yourself! because basically almost every one in this forum understand this basic part of bitcoin knowledge.

I suggest that you should learn more than teach.

Regards.

He's more of sharing his knowledge and I cannot see anything wrong with that. Maybe these are the things that made him understand Bitcoin more, we cannot take the credit out of him if that's the case simply because this topic is subjective. Of course majority if not all, are aware of these things but why do people still are having negative impressions towards this industry in general? Because they lacking the emphasis on simple things like its concept.

3. It requires your own effort to protect your Bitcoin.

I think keeping our own money with our own security is better than giving our money to a third party. Maybe you can get a little benefit from a third party, but it won't be greater than what the third party gets from managing the money you put with them.
By owning Bitcoin, you have complete control over the money you own, there is no interference from any party. Never be fooled by banking systems that are made to look easy and online.

Not your keys, not your coins, as simple as that. If you let the third party manage your coins, you are giving them the permission to own your coins later on, so as much as possible keep your coins in your own wallet, and be cautious and extra careful in making transactions so that its safety and security will never be at risk. Bitcoin is a highly valuable asset, so you need to hold it tightly and give its best protection so that hacking and scamming will always be prevented.

Definifely, and this supports the idea I mentioned above. Many of us are aware of what Bitcoin is, and where will it be used but there are still people who are doing things in a wrong way. Sharing is caring as many of us are saying.

[Churchillvv]

I guess this your own way of teaching yourself! because basically almost every one in this forum understand this basic part of bitcoin knowledge.

I suggest that you should learn more than teach.

Regards.

lol - not going to fault a new guy for attempting to make a quality post unless he says something wrong or damaging - and he didn't.  👍

while rudimentary, well known, and covered ad nauseum, what he stated was fundamentally sound. I'll take that over another scam or gambling post any day. 😉

Sometimes you just have to point people to the right way...

Of course I prefer this post to most of the post I see on different boards this days, but op still have to do more works on himself and the knowledge which he already has.

[Zlantann]

1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.

Confirmed transactions are irreversible.  Nevertheless, transactions that have not been confirmed can be Replaced by Fee or Double-Spent. This is why you need to ensure there is at least one confirmation before releasing your funds or goods in any Bitcoin transaction.

2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.

Bitcoin price is the most stable in the crypto space. You cannot compare its volatility with the prices of altcoins. Even some country's fiat currency is more unstable than Bitcoin. Anyway, it is important to tell newbies that the price is highly unstable.

3. It requires your own effort to protect your Bitcoin.

The security of your coin depends more on you than any other party. This is why it is not recommended to keep your Bitcoin in centralized platforms such as exchanges or other custodian services.

[re-start]

Maybe tweeting this post will be better. Most of the users here have sufficient/complete knowledge about Bitcoin. It might be better to add some YouTube links or create a high-quality video on YouTube. Anyway, I recommend YouTube to newbies because the information will be better understood in the audience's mind and they will have a complete understanding of Bitcoin, transactions, security, and transfers.

[seoincorporation]

1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.

Bitcoin transactions are not reversible once the transaction is confirmed in the blockchain, but while your transaction isn't confirmed, you can spend those coins again with a bigger fee to give more priority to the new transaction, and that way you avoid or reverse the first transaction. Is not a common practice nowadays but it is still possible to do, and even you can find some papers that talk about double spend.

And a 51% attack could revert a transaction too, but for that, you need more than half of the bitcoin mining.

[OcTradism]

Bitcoin transactions are not reversible once the transaction is confirmed in the blockchain, but while your transaction isn't confirmed, you can spend those coins again with a bigger fee to give more priority to the new transaction, and that way you avoid or reverse the first transaction. Is not a common practice nowadays but it is still possible to do, and even you can find some papers that talk about double spend.

And a 51% attack could revert a transaction too, but for that, you need more than half of the bitcoin mining.

There is risk of 51% attack on Bitcoin network but fortunately, with very high network hash rate and its good decentralization, risk of 51% attack can be considered as very low or can say impossible.

How many Bitcoin confirmations is enough

Tools show that with more confirmations, more than 1 confirmation, risk becomes smaller and smaller.
https://jlopp.github.io/bitcoin-confirmation-risk-calculator/
https://web.archive.org/web/20181231045818/https://people.xiph.org/~greg/attack_success.html

Bitcoin network is stronger and more secured than altcoin networks, only saying about Proof of Work altcoin networks.
https://howmanyconfs.com/

[pooya87]

First you need to know that the Bitcoin ecosystem allows you to exchange and transact money in so many different ways than you normally do.

What do you mean by this?
When using Bitcoin, you can only transfer bitcoin and only in one way (on-chain transactions and by sending coins to one or more destination addresses by spending one or more inputs). Any other methods (eg. using altcoins) is not a Bitcoin related way.

[Questat]

This is not exactly new information to us here on the forum but it could be helpful in your real life when talking about Bitcoin with friends. You asked a question in your previous topic and I think this is a good way to introduce Bitcoin to your client.

Precisely, not new but still very significant most especially for beginners here who are more motivated to get to know bitcoin and how to use it at our highest advantage. So this makes still relevant to the forum itself. However, experience would always be the best teacher. Just buy and hold a small amount, once you gain clear understanding about bitcoin and its transaction. And one thing also, patience matters a lot in bitcoin. If you are not patient, you will never see the essence of bitcoin in the long run.

[josgandosbro]

Bitcoin is best once of the savings in your future. We can't easy to understand the bitcoin. Most of the details in the bitcoin. It not easy lear. So Frist know about the bitcoin. Bitcoin give the more knowledge.

[Dunamisx]

Also note the following
1. Note that Bitcoin transaction are irreversible. Therefore one need to be extra careful while doing transaction.
2. The price of Bitcoin is still volatile i.e it does not have a fix price for it market price.
3. It requires your own effort to protect your Bitcoin.

Bitcoin is not what anyone could just decided on investing without seeking first on how to achieve having it's knowledge, we have to think about what we are investing and how we can make profit about it, that doesn't end here, we need to know moee about the network itself and how it operates, what we should do and not, the right time for an investment and the appropriate time for selling, all will make it a profitable investment on us if we understand them.

[Catenaccio]

First you need to know that the Bitcoin ecosystem allows you to exchange and transact money in so many different ways than you normally do.

Please don't tell me that other ways are with Wrapped Bitcoin tokens?

Like you deposit your bitcoin and choose Wrapped Bitcoin token as your withdrawal methods to get cheaper withdrawal fee. It is possible to save fee but this has big risk with Wrapped Bitcoin tokens that are not bitcoins.

What do you mean by this?
When using Bitcoin, you can only transfer bitcoin and only in one way (on-chain transactions and by sending coins to one or more destination addresses by spending one or more inputs). Any other methods (eg. using altcoins) is not a Bitcoin related way.

Bitcoin on chain and off chain like Bitcoin Lightning Network. There are Bitcoin side chains for considerations too.

I am more keen on Bitcoin on chain for transactions because it is a most secured way but I have to plan my fund movement well to avoid unnecessary expensive transaction fee if I have no plan and sudden need to move my fund. As a Bitcoin investor, I don't actually have need to move my Bitcoin fund too often.

Sidechain Observer - Bitcoin L2 Projects & current state of development

[HajiBagi]

I guess this your own way of teaching yourself! because basically almost every one in this forum understand this basic part of bitcoin knowledge.

I suggest that you should learn more than teach.

Regards.

You are right about everyone in this forum understanding this basic part of Bitcoin knowledge but for me I don’t see anything wrong with what he said, looking at his profile you will see that he is a newbie and a newbie he or she will try to bring a topic that will make him learn more about bitcoin, this post might not be that helpful to you but some people will join the forum newly and will read this post and learn more from it, we can never be the same and we can never be perfect because no one is perfect, you may know some things and you may not know some and that’s how life is all about.

Here in the forum, we should let everyone express their opinion on what they know so that we can correct in some way they have mistakes, I’m not saying what you said is wrong but we should also understand that newbies in the forum are the to correct and teach them some things that they don’t understand, some words we say can discourage them from posting in the forum next time they want to post.