Does the DCA strategy inspire newbies to invest?

[UpTober]

Let's get some things straight up, there is going to be or create a different level of consciousness and sense of awareness and reasoning when a newbie has already developed that mindset of accepting that bitcoin is what is suitable for the long term, we can't write off about this as a necessity even though most investors came off as for the short term profit and later figured out that it is best on the long term while they have already gotten involved, there is nothing wrong telling a newbie the importance of developing a long term mindsets without allowing them to figure this out themselves, in my slangs I usually say that anyone thinking Bitcoin should think long term, trust me this will be registered in the mind of anyone thinking about Bitcoin.

Indeed, there is nothing wrong with educating newbies and prepping them on what lies ahead, but telling them that these things are a must have before they can get started in bitcoin investment is what is wrong, that is what is meant for them to figure out thmeselves, because the truth is that you can't really control people, and not like you are meant to sugar coat or sweet talk newbies to compel them to invest, No that's not it, but you really don't wanna compel anyone to make any decisions they are not ready to make.

In a new situation, if an investor has some basic ideas about investment and wallet and if the investor's income and expenses are known, as well as if the investor knows the discretionary income, then the investor can start investing. Those who think that they will start investing after getting a complete idea about investment have such an idea wrong and if they sit with such an idea, they may not invest because an investor will never have a complete idea about investment because there is no end to human knowledge and learning. It would be best if an investor invests and tries to learn while investing. That is, I know some basics about investment and if I start investing with a small amount of money in the beginning and if I increase the amount of investment continuously, then that will be good for me but if I do not invest and try to gain only theoretical knowledge about investment, then that education will not be useful to us, so practically education is more necessary for us.

[Abu-Naim]

You should know that the moment an investor with common sense and is using his common sense will be properly careful to make sure that he doesn't lose his bitcoin the moment his bitcoin investment is increasing in size and that will make him look for a more secured way to store his coins. Since he is DCAing and learning at the same time, he will have the chance to learn about noncustodial wallet and which one will suit him best.

That’s true, but learning first is very important before you start investment, it will gist you nothing to have basic knowledge before you invest, but newbies and new investors don’t care about intensive learning anymore, they are after just buying, and since the exchanges have wallets and they used the exchanges to buy instead of p2p, some feel too lazy to learn further in order to send their funds to their personal wallets which is very bad because not your keys, but your Bitcoin.

However, buying some using DCA method and leaving them in the exchange before you learn about non-custodial wallet is good, at least you will be investing and be learning at the same time.

One advantage of piling up your purchased bitcoin in an exchange till it gets to $500 and above before sending it to your self custody wallet is to avoid having too many small small transactions that might end up eating majority of your profit in future if transaction fees becomes extremely high.

Is there any problem with having multiple transactions? If so then why the DCA method that allows you to buy with the amount you have at that time.
What if the exchange shot down with your funds, what will be you excuse! You want to accumulate before sending to your wallet?

It’s better to send any amount you have out immediately to be safe. Your privacy is important.

[Jamestown70]

Buying through the DCA techniques isn’t something we should be considering as a new investor, and I think most of the people who are more interested in buying bitcoin through the dip are those who are interested in short term gains and getting profits, because they knows there is always going to be a dip with so they will be speculating about the price of bitcoin in the market, I believe someone who is interested in long term investment would not be interested in buying bitcoin when the price must have dropped, consistent buying and accumulating of bitcoin should be the most priority as a long term investor.

Is it that you made a mistake while typing or your write up about not considering DCA strategy as a newbie is what you’re trying to piece together cause if that’s the case, the beginning of your write up is contradicting the last sentence of your write up.

As a newbie, the most suitable and pocket friendly strategy folk should think of is the DCA strategy, cause it eases the stress of monitoring the market price or getting pressure or panicked base on Bitcoin price volatility, reverse is the case when it comes to Buying the dip, cause folk will have to monitor the price action until it has gotten to their desired entry price, which is not recommended for a beginner investor.

[adultcrypto]

You should know that the moment an investor with common sense and is using his common sense will be properly careful to make sure that he doesn't lose his bitcoin the moment his bitcoin investment is increasing in size and that will make him look for a more secured way to store his coins. Since he is DCAing and learning at the same time, he will have the chance to learn about noncustodial wallet and which one will suit him best.

However, buying some using DCA method and leaving them in the exchange before you learn about non-custodial wallet is good, at least you will be investing and be learning at the same time.

Encouraging someone to store his bitcoin in a centralized exchange is a wrong advise. What happened to self custody which you ought to consider as a right? Choosing the right way to store the purchased bitcoin is part of basic knowledge and the earlier a new investor learns about self custody, the better. The danger of storing bitcoin in CEX are huge, imagine if something happens and the new investor loses his bitcoin in the CEX, do you think it will be easy for him to forget and continue investing? He will be traumatized and think that bitcoin is too risky. This risk of losing money can be avoiding in the early stages if new investors are encouraged to go for self custody rather than use CEX for storage. 

[JayJuanGee]

Every person can get started accumulating bitcoin provided thy have the basic knowledge,.discretionary income and long-term mindset to accumulate bitcoin.

The above bolded part isn't really necessary for a newbie, even if he doesn't have that conviction yet, he can still get started, because it is mostly that personal conviction that mostly makes investors develop that long term mindset, and most of the time, this doesn't build up at the first stages of the investment. This is because most investors who get started often do so with the intention of sticking around for a short time, make some profits, withdraw and zoom off, so you can't tell them they can't invest, because sooner or later, they could figure out the right way themselves.

So what you are trying to say is that newbies don't need to know anything before they get started because this is what your write up entails. How logical does that sounds to you?

Basic knowledge on Bitcoin and discretionary income to start with is very important for a start, and after starting you can go for more knowledge on what is needed to be able to hold strong, like putting down emergency and reserve funds in place, just in case of real life emergencies, so I am surprised at your statement that it's not necessary to have a basic knowledge and discretionary income before starting as a newbie.

You don't need basic knowledge in order to start to buy bitcoin.

You need discretionary funds and common sense.

Your common sense will help to inform you the extent to which you need to know more things, or gain more skills or to look into matters or not.

What is the basic knowledge that you expect that normie newbies need to know in order to get started buying bitcoin besides being sure that they have discretionary funds in order to make their first purchase?

Let's say that some normie newbie was in the middle of carrying out his weekly drinking, smoking and going to bars, and usually it costs him around $200, and so he had the $200 in his pocket and then before he got went to the first bar and bought his first pack of cigarettes, he ran into a friend who told him about bitcoin and told him to get started buying bitcoin, and the friend told him to buy his first bitcoin on Binance.  So the guy decided to agree with his friend, and instead of spending $200 this week on his fun.. he was only going to spend half of it, and save the rest, and he would buy his first $30 of bitcoin.  What is wrong with that?  What more does he need to know?  The guy used his budget to buy $30 worth of bitcoin (at least bitcoin representations since he does not have them in self-custody, but is instead going to hold them on Binance).

Of course, the common sense of any person might guide them in realizing that they might need to look into one particular thing or another, yet each newbie can decide what those things that he may or may  not need to look into might be, since there is no exact basic knowledge as long as the newbie has figured out that he has discretionary funds that are available and he figured out a starting amount.  Sure, if he does not know from where he is going to buy his bitcoin, then he probably would need to figure that out, but in the example that I gave the guy spoke with a friend who told him to start with Binance, which is good enough to get started with $30, no?  What more does he need to know in order to start?  Can't he look into the details later?  Maybe next week?

[Nuel0717]

You don't need basic knowledge in order to start to buy bitcoin.

You need discretionary funds and common sense.

Your common sense will help to inform you the extent to which you need to know more things, or gain more skills or to look into matters or not.

What is the basic knowledge that you expect that normie newbies need to know in order to get started buying bitcoin besides being sure that they have discretionary funds in order to make their first purchase?

I also used to think that basic knowledge is a requirement asides discretionary fund for starting but now I totally understand better that they're different things altogether. With common sense an investor would know that he just need to figure his discretionary funds to start.

However he can apply the basic knowledge on the long run after he's started already like knowing how to secure the coin from scammers, knowing about the different strategies and how to apply them etc correct me if I'm wrong on this Sir.

[alankasman]

I also used to think that basic knowledge is a requirement asides discretionary fund for starting but now I totally understand better that they're different things altogether. With common sense an investor would know that he just need to figure his discretionary funds to start.
However he can apply the basic knowledge on the long run after he's started already like knowing how to secure the coin from scammers, knowing about the different strategies and how to apply them etc correct me if I'm wrong on this Sir.

Once you start you immediately know what's really needed. With your new experience perhaps when matters arise regarding requirements you'll already have a basic understanding. Why do I say this? I often find that people sometimes misunderstand this concept especially some who say it's more important to study first before starting. Perhaps you immediately clarify that it's better to get involved first to understand what's really needed. I completely agree with what you said because basic knowledge will provide a better understanding. There are two things we involve and in those two things someone will no longer follow when someone says it's better to study first to meet the main requirements before being able to start. In my opinion the main requirement is to get involved first and then understand the requirements. Besides having additional funds it's true that someone wants to strive to understand investing. This is also often done by some investors because they certainly do it with common sense not just by in-depth knowledge based on guesswork.

This is something that does not need to be clarified anymore because someone immediately gets involved after understanding a little of the basic knowledge so that after that they immediately apply a long-term method in starting an investment to secure coins from fraudsters. This is because the knowledge already exists and they already understand or know various strategies in implementing it so that the person's goal is to secure coins from fraudsters.

[Futurexxx]

You should know that the moment an investor with common sense and is using his common sense will be properly careful to make sure that he doesn't lose his bitcoin the moment his bitcoin investment is increasing in size and that will make him look for a more secured way to store his coins. Since he is DCAing and learning at the same time, he will have the chance to learn about noncustodial wallet and which one will suit him best.

However, buying some using DCA method and leaving them in the exchange before you learn about non-custodial wallet is good, at least you will be investing and be learning at the same time.

It's only ignorance that will make a Bitcoin investor to buy and hold his Bitcoin in an exchange because if anything happens to that exchange he is holding the Bitcoin, then the chances of him losing his asset is very high, so it's not a wise decision to hold your Bitcoin in an exchange, and it's only ignorance that will make a Bitcoin investor to do such. I have held my Bitcoin in an exchange before in the past when I was ignorant of how dangerous and risky it is, but the moment I knew how dangerous it was, that was when I redirected it all to a self custodian wallet for for safety, that's why I believe that no investor will want to hold his bitcoin assets in an exchange if not because of ignorance.

[JayJuanGee]

You don't need basic knowledge in order to start to buy bitcoin.
You need discretionary funds and common sense.

Your common sense will help to inform you the extent to which you need to know more things, or gain more skills or to look into matters or not.
What is the basic knowledge that you expect that normie newbies need to know in order to get started buying bitcoin besides being sure that they have discretionary funds in order to make their first purchase?

I also used to think that basic knowledge is a requirement asides discretionary fund for starting but now I totally understand better that they're different things altogether. With common sense an investor would know that he just need to figure his discretionary funds to start.

However he can apply the basic knowledge on the long run after he's started already like knowing how to secure the coin from scammers, knowing about the different strategies and how to apply them etc correct me if I'm wrong on this Sir.

Largely I am not against the idea of guys having knowledge or basic knowledge of various aspects of life, and I am even assuming that guys have various levels of knowledge, experience and skills when they first hear about bitcoin, so they still have to consider from a perspective of where they are at in terms of things that they might need to know or learn besides the only real basic thing that guys need in order to get started is discretionary funds.

One of the values in bitcoin tends to be getting started from where-ever a guy is at, and there are so many guys lecturing about supposed things that guys need to know about bitcoin before they can get started, and it may well not be the case that they need to learn all the things that guys are suggesting prior to just getting started based on their determination of whether they have discretionary funds.

Now it may or may not be the case that a guy can easily figure out his discretionary funds, and it could be a sign that if a newbie is struggling to figure out whether he has discretionary funds or not, then he might not be ready to get started and to make his first bitcoin purchase.  

Another important aspect of common sense is for guys to be able to determine how much to start with and to start out conservatively as they learn (or at least to put amounts in at the level of their comfort level), yet in the end, it is still up to each guy to figure out how organized he is in his cashflow management and how much he can start out with in his bitcoin investment (perhaps weekly buys?), if anything.

[Jamestown70]

Encouraging someone to store his bitcoin in a centralized exchange is a wrong advise. What happened to self custody which you ought to consider as a right? Choosing the right way to store the purchased bitcoin is part of basic knowledge and the earlier a new investor learns about self custody, the better. The danger of storing bitcoin in CEX are huge, imagine if something happens and the new investor loses his bitcoin in the CEX, do you think it will be easy for him to forget and continue investing? He will be traumatized and think that bitcoin is too risky. This risk of losing money can be avoiding in the early stages if new investors are encouraged to go for self custody rather than use CEX for storage. 

 Are you insinuating that learning about a custodial wallet as a newbie is a must learn before going into Bitcoin accumulation?. Part of the basic knowledge I know about before getting started in Bitcoin accumulation is investing with your discretionary funds, learning how to buy and sell. Making use of Centralized Exchange for the main time shouldn’t be a benchmark before starting Bitcoin accumulation. CEX is more easy to learn and utilize for a start, then as time goes on you can simultaneously learn about custodial form of storage while investing.

Abu-Naim was not encouraging newbie to leave their Bitcoin investment in CEX for long, he’s emphasizing on using it for the main time while getting knowledge about custodial wallet

[Obulis]

Buying through the DCA techniques isn’t something we should be considering as a new investor, and I think most of the people who are more interested in buying bitcoin through the dip are those who are interested in short term gains and getting profits, because they knows there is always going to be a dip with so they will be speculating about the price of bitcoin in the market, I believe someone who is interested in long term investment would not be interested in buying bitcoin when the price must have dropped, consistent buying and accumulating of bitcoin should be the most priority as a long term investor.

What a self contradictory point of view! Jostern you said DCA strategy isn't something a new investor should consider and went on to saying that consistent buying and accumulating of bitcoin should be the most priority as a long term investor. So I want to ask, since buying of Bitcoin through DCA strategy isn't something to be considered by newbie investors, how will they buy consistently? I hope you get the contradiction you made? DCA enables an investor to consistently buy Bitcoin without attention to market price.

Also saying that "you believe someone who is interested in long term investment would not be interested in buying bitcoin when the price must have dropped" is not correct because price drop is an opportunity for a long-term investors (definitely using DCA) to buy aggressively, not that they waited for price drop.

[SuperBitMan]

You should know that the moment an investor with common sense and is using his common sense will be properly careful to make sure that he doesn't lose his bitcoin the moment his bitcoin investment is increasing in size and that will make him look for a more secured way to store his coins. Since he is DCAing and learning at the same time, he will have the chance to learn about noncustodial wallet and which one will suit him best.

However, buying some using DCA method and leaving them in the exchange before you learn about non-custodial wallet is good, at least you will be investing and be learning at the same time.

It's only ignorance that will make a Bitcoin investor to buy and hold his Bitcoin in an exchange because if anything happens to that exchange he is holding the Bitcoin, then the chances of him losing his asset is very high, so it's not a wise decision to hold your Bitcoin in an exchange, and it's only ignorance that will make a Bitcoin investor to do such. I have held my Bitcoin in an exchange before in the past when I was ignorant of how dangerous and risky it is, but the moment I knew how dangerous it was, that was when I redirected it all to a self custodian wallet for for safety, that's why I believe that no investor will want to hold his bitcoin assets in an exchange if not because of ignorance.

Yes, it is only ignorance that will make someone to accumulate and hold his or her bitcoin in exchange, I know of a family relative that was using an exchange to invest his bitcoin he was accumulating and holding all his bitcoin in an exchange and he never knew the risk in doing that, when we are talking about bitcoin investment, and he mentioned it that was when I explained the risk involved in holding or investing bitcoin in an exchange when I explained everything to him, he now understand the risk involved and that was how he stopped using exchange and started using wallet, Some people don’t know the risk involve in it especially those who are new in bitcoin investments. Keeping your bitcoin in exchange is very risky because that exchange can be easily attacked by hackers and when it is attacked, your bitcoin is gone.

[Sticky Bomb]

~

Once you start you immediately know what's really needed.  

Nope, you should know the basics that is needed before starting, starting is not a guarantee for having basic knowledge, for example if you're not yet able to identify to having discretionary income, then you should not start because you'll surely be using funds meant for your expenses to invest and that is gambling with bitcoin rather than investing, so as basic as ensuring you've discretionary income is required before you start, and then you can go ahead to consistently accumulate bitcoin with DCA and go long-term in it, while you build out your backup funds alongside buying bitcoin to shield your portfolio in case of emergency situations.

In my opinion the main requirement is to get involved first and then understand the requirements.

Your opinion is wrong, the main requirement is having a discretionary income, when you're sure you'll be investing from your discretionary income, then you are set to start.

[sotelorene]

You should know that the moment an investor with common sense and is using his common sense will be properly careful to make sure that he doesn't lose his bitcoin the moment his bitcoin investment is increasing in size and that will make him look for a more secured way to store his coins. Since he is DCAing and learning at the same time, he will have the chance to learn about noncustodial wallet and which one will suit him best.

However, buying some using DCA method and leaving them in the exchange before you learn about non-custodial wallet is good, at least you will be investing and be learning at the same time.

It's only ignorance that will make a Bitcoin investor to buy and hold his Bitcoin in an exchange because if anything happens to that exchange he is holding the Bitcoin, then the chances of him losing his asset is very high, so it's not a wise decision to hold your Bitcoin in an exchange, and it's only ignorance that will make a Bitcoin investor to do such. I have held my Bitcoin in an exchange before in the past when I was ignorant of how dangerous and risky it is, but the moment I knew how dangerous it was, that was when I redirected it all to a self custodian wallet for for safety, that's why I believe that no investor will want to hold his bitcoin assets in an exchange if not because of ignorance.

That is why basic knowledge is necessary before starting Bitcoin investment because with the basic knowledge one will be able to know the difference between exchange and wallet and also know that exchange is no better place to store or keep our Bitcoin. So missing the basic knowledge about Bitcoin before starting is a big disadvantage because it will affect an investor in one way or the other. However, the basic knowledge also help an investor to adapt and understand fast while accumulating.

[avp2306]

The above bolded part isn't really necessary for a newbie, even if he doesn't have that conviction yet, he can still get started, because it is mostly that personal conviction that mostly makes investors develop that long term mindset, and most of the time, this doesn't build up at the first stages of the investment. This is because most investors who get started often do so with the intention of sticking around for a short time, make some profits, withdraw and zoom off, so you can't tell them they can't invest, because sooner or later, they could figure out the right way themselves.

So what you are trying to say is that newbies don't need to know anything before they get started because this is what your write up entails. How logical does that sounds to you?

Basic knowledge on Bitcoin and discretionary income to start with is very important for a start, and after starting you can go for more knowledge on what is needed to be able to hold strong, like putting down emergency and reserve funds in place, just in case of real life emergencies, so I am surprised at your statement that it's not necessary to have a basic knowledge and discretionary income before starting as a newbie.

You don't need basic knowledge in order to start to buy bitcoin.

You need discretionary funds and common sense.

Your common sense will help to inform you the extent to which you need to know more things, or gain more skills or to look into matters or not.

What is the basic knowledge that you expect that normie newbies need to know in order to get started buying bitcoin besides being sure that they have discretionary funds in order to make their first purchase?

Let's say that some normie newbie was in the middle of carrying out his weekly drinking, smoking and going to bars, and usually it costs him around $200, and so he had the $200 in his pocket and then before he got went to the first bar and bought his first pack of cigarettes, he ran into a friend who told him about bitcoin and told him to get started buying bitcoin, and the friend told him to buy his first bitcoin on Binance.  So the guy decided to agree with his friend, and instead of spending $200 this week on his fun.. he was only going to spend half of it, and save the rest, and he would buy his first $30 of bitcoin.  What is wrong with that?  What more does he need to know?  The guy used his budget to buy $30 worth of bitcoin (at least bitcoin representations since he does not have them in self-custody, but is instead going to hold them on Binance).

Of course, the common sense of any person might guide them in realizing that they might need to look into one particular thing or another, yet each newbie can decide what those things that he may or may  not need to look into might be, since there is no exact basic knowledge as long as the newbie has figured out that he has discretionary funds that are available and he figured out a starting amount.  Sure, if he does not know from where he is going to buy his bitcoin, then he probably would need to figure that out, but in the example that I gave the guy spoke with a friend who told him to start with Binance, which is good enough to get started with $30, no?  What more does he need to know in order to start?  Can't he look into the details later?  Maybe next week?

Yeah they can consider those things you have mentioned and there's really nothing wrong for starting up using small amount of their funds. What's important is the used their discretionary funds and not the money intended for their rent, emergency funds and utility bills.

For newbies, the real basic information that they need to learn is.

To know which platform they buy their Bitcoins.

To accept Bitcoin is volatile asset so it moves up and down from time to time. So they need patience here.

Don't store their coins on third party platforms, always use non custodial wallets to make sure that they have control and their funds safe

Other than those information or deeper knowledge about Bitcoin can be learn thru step by step process of their investment. So what's important is their first step, because nothing good will happen if they keep waiting for something.

[Charcol]

The above bolded part isn't really necessary for a newbie, even if he doesn't have that conviction yet, he can still get started, because it is mostly that personal conviction that mostly makes investors develop that long term mindset, and most of the time, this doesn't build up at the first stages of the investment. This is because most investors who get started often do so with the intention of sticking around for a short time, make some profits, withdraw and zoom off, so you can't tell them they can't invest, because sooner or later, they could figure out the right way themselves.

So what you are trying to say is that newbies don't need to know anything before they get started because this is what your write up entails. How logical does that sounds to you?

Basic knowledge on Bitcoin and discretionary income to start with is very important for a start, and after starting you can go for more knowledge on what is needed to be able to hold strong, like putting down emergency and reserve funds in place, just in case of real life emergencies, so I am surprised at your statement that it's not necessary to have a basic knowledge and discretionary income before starting as a newbie.

You don't need basic knowledge in order to start to buy bitcoin.

You need discretionary funds and common sense.

Your common sense will help to inform you the extent to which you need to know more things, or gain more skills or to look into matters or not.

What is the basic knowledge that you expect that normie newbies need to know in order to get started buying bitcoin besides being sure that they have discretionary funds in order to make their first purchase?

Let's say that some normie newbie was in the middle of carrying out his weekly drinking, smoking and going to bars, and usually it costs him around $200, and so he had the $200 in his pocket and then before he got went to the first bar and bought his first pack of cigarettes, he ran into a friend who told him about bitcoin and told him to get started buying bitcoin, and the friend told him to buy his first bitcoin on Binance.  So the guy decided to agree with his friend, and instead of spending $200 this week on his fun.. he was only going to spend half of it, and save the rest, and he would buy his first $30 of bitcoin.  What is wrong with that?  What more does he need to know?  The guy used his budget to buy $30 worth of bitcoin (at least bitcoin representations since he does not have them in self-custody, but is instead going to hold them on Binance).

Of course, the common sense of any person might guide them in realizing that they might need to look into one particular thing or another, yet each newbie can decide what those things that he may or may  not need to look into might be, since there is no exact basic knowledge as long as the newbie has figured out that he has discretionary funds that are available and he figured out a starting amount.  Sure, if he does not know from where he is going to buy his bitcoin, then he probably would need to figure that out, but in the example that I gave the guy spoke with a friend who told him to start with Binance, which is good enough to get started with $30, no?  What more does he need to know in order to start?  Can't he look into the details later?  Maybe next week?

Don't store their coins on third party platforms, always use non custodial wallets to make sure that they have control and their funds safe

I would also agree with you that we should use custodial wallets. So that we have our own control and the funds are safe. But for those who are completely new and are not yet fully aware of the wallet and even not prepared for their own security, if it is mandatory at the beginning of investing, many times they may delay starting or make mistakes. It is not a bad idea to let the exchange accumulate for some time by doing a small DCA. This does not have to pay fees repeatedly. Even he gets time to learn about custodial wallets and non-custodial wallets or other aspects of Bitcoin. Then when he is ready to handle his own security, he will use his own wallet. The main thing is that using the exchange in the initial stage is part of learning. But the ultimate goal is always to control himself.

[Bright0515]

That is why basic knowledge is necessary before starting Bitcoin investment

Honestly understand your point clearly but I don't think you literally need basic knowledge to buy Bitcoin. Based on my perspectives I believe the most important thing first is to have discretionary income and common sense to start, basic knowledge can be acquired with time if you keep on accepting Bitcoin frequently. If we keep on talking about the fact that beginners need to learn first before they start buying or let's say investing into Bitcoin, it is obvious that we are all trying to create and unnecessary delay for them. Honestly I think knowledge is earned through practice, and for them to practice it, they need to start buying and obviously, learnimg without putting it to practice is of no good use and it can reduce the chances of the person being motivated to continue. So my point is that if they should acquire knowledge first there's a higher chance that they will be delayed to start buying Bitcoin, and they might also miss out good opportunities from the market. In case you have forgotten that Bitcoin is volatile, I show inform you that knowledge can not even guarantee investors profit from Bitcoin investment.

[Sim_card]

Part of the basic knowledge I know about before getting started in Bitcoin accumulation is investing with your discretionary funds, learning how to buy and sell.

How to sell your bitcoin isn't part of the basic knowledge of bitcoin because you are only to be buying consistently with DCA to keep your bitcoin accumulation ongoing till you reach your bitcoin target. Selling is the last part of it and that should be done when you have reached your over accumulation stage. What do you want to learn how to sell for when you don't even have any bitcoin yet, or are you planning to be a trader, I guess not.

Even if you have reached your over accumulation stage, you don't just sell any how so that, you don't end up selling too many bitcoin too soon and put yourself back to accumulation stage. You are to use the sustainable withdrawal method which you can withdraw using a time or bitcoin price.

I would also agree with you that we should use custodial wallets. So that we have our own control and the funds are safe.

No, it's not a custodial wallet that should be used to store your long-term bitcoin holdings because you are not in full control of the private keys. Let me throw more light on custodial wallet and non custodial wallet.

Custodial wallet is own by a third party and they manage your private keys for you which means that they're in full control of your funds. An exchange like Binance is a typical example.

Noncustodial wallet is the opposite. Only you have the private keys to the wallet and you are in full control of the wallet which is what we should use to store our bitcoin for the future. Examples trezor hardware wallet, passport hardware wallet. Electrum wallet, blue wallet etc.

[Primark]

You should know that the moment an investor with common sense and is using his common sense will be properly careful to make sure that he doesn't lose his bitcoin the moment his bitcoin investment is increasing in size and that will make him look for a more secured way to store his coins. Since he is DCAing and learning at the same time, he will have the chance to learn about noncustodial wallet and which one will suit him best.

However, buying some using DCA method and leaving them in the exchange before you learn about non-custodial wallet is good, at least you will be investing and be learning at the same time.

It's only ignorance that will make a Bitcoin investor to buy and hold his Bitcoin in an exchange because if anything happens to that exchange he is holding the Bitcoin, then the chances of him losing his asset is very high, so it's not a wise decision to hold your Bitcoin in an exchange, and it's only ignorance that will make a Bitcoin investor to do such. I have held my Bitcoin in an exchange before in the past when I was ignorant of how dangerous and risky it is, but the moment I knew how dangerous it was, that was when I redirected it all to a self custodian wallet for for safety, that's why I believe that no investor will want to hold his bitcoin assets in an exchange if not because of ignorance.

That is why basic knowledge is necessary before starting Bitcoin investment because with the basic knowledge one will be able to know the difference between exchange and wallet and also know that exchange is no better place to store or keep our Bitcoin. So missing the basic knowledge about Bitcoin before starting is a big disadvantage because it will affect an investor in one way or the other. However, the basic knowledge also help an investor to adapt and understand fast while accumulating.

It is not mandatory to have so-called basic knowledge before starting Bitcoin investment. Although some people will start arguing against me here. But I think what a person needs at the beginning of investment is discretionary income. If someone has discretionary income, then he can definitely start. If you start with a small amount from discretionary income at the beginning of investment, you will have enough time to learn about exchanges, wallets, seed phase, fees and self-custody. Therefore, having so-called basic knowledge at the beginning is not mandatory. I think the important thing is that the new investor actually starts investing with his discretionary money. If it happens that he starts investing with the money he needs and has big expectations in a short time, then it can definitely be a mistake. And there is a possibility of the investment collapsing in the end. But basic knowledge is not something that without it, the investment will collapse at the beginning. Although I myself do not fully know the definition of basic knowledge to this day.

[B-BossMan]

Every person can get started accumulating bitcoin provided thy have the basic knowledge,.discretionary income and long-term mindset to accumulate bitcoin.

The above bolded part isn't really necessary for a newbie, even if he doesn't have that conviction yet, he can still get started, because it is mostly that personal conviction that mostly makes investors develop that long term mindset, and most of the time, this doesn't build up at the first stages of the investment. This is because most investors who get started often do so with the intention of sticking around for a short time, make some profits, withdraw and zoom off, so you can't tell them they can't invest, because sooner or later, they could figure out the right way themselves.

So what you are trying to say is that newbies don't need to know anything before they get started because this is what your write up entails. How logical does that sounds to you?

Basic knowledge on Bitcoin and discretionary income to start with is very important for a start, and after starting you can go for more knowledge on what is needed to be able to hold strong, like putting down emergency and reserve funds in place, just in case of real life emergencies, so I am surprised at your statement that it's not necessary to have a basic knowledge and discretionary income before starting as a newbie.

You don't need basic knowledge in order to start to buy bitcoin.

You need discretionary funds and common sense.

Your common sense will help to inform you the extent to which you need to know more things, or gain more skills or to look into matters or not.

What is the basic knowledge that you expect that normie newbies need to know in order to get started buying bitcoin besides being sure that they have discretionary funds in order to make their first purchase?

 I agree with this that person or newbies doesn't actually need technical knowledge before buying thier first bitcoin, the truth is, once your discretionary income is ready with invest and works with your common sense, so i don't really see the need of acquiring knowledge or be knowledgeable about Bitcoin investment before buying bitcoin or invest. The most important thing alos is to invest what you can afford to lose, understanding the bitcoin nature that its volatile on nature, and know the risks involved, so as you said JayJuanGee, common sense can actually tells you what's next to do,the best strategy to use, common sense will definitely guide them towards learning more about bitcoin over time, supposing one have interest on Bitcoin investment growing, there's no need for acquiring knowledge first before buying.

However,I believe everything else can be learn easily along the way than wasting thoer time acquiring knowledge about Bitcoin investment, in fact, alots people nowadays actually learn more better after they have already invested or own/hold a small amount of bitcoin because they become more engaged steadily. So newbies should always think of starting first and be learning along the way and they will also have some practical aspects while buying smal-small and investing gradually.