Balancing Financial security and Bitcoin Accumulation

[Obulis]

Though basic knowledge maybe enough for anyone to start investing in bitcoin but there is always need for one to increase there knowledge about bitcoin as they continue with there accumulation of bitcoin.
Without having a good investment plan on how to go on with bitcoin accumulation, it maybe impossible to hold bitcoin for long term despite having the mindset for long term holding.

Maybe you should clarify Hardyrobust?  What do you expect guys to know before starting and then what about after already investing in bitcoin?

Just trying to define what basics are for a newbie on a general ground: Figuring out discretionary funds, knowledge of wallet and exchange, approaches (long-term), investment methods (DCA...) and maybe others...

The point about more knowledge is that as soon as you are involved in Bitcoin already, other things to know will continually evolve at different time and frequency...
Take the forum for instance, some came with no knowledge and confidence are about Bitcoin but has gathered so much knowledge at different times and frequency.and are also gathering Bitcoin.  Some came with little knowledge but has increased and I guess few came with good knowledge about Bitcoin.

[JayJuanGee]

Though basic knowledge maybe enough for anyone to start investing in bitcoin but there is always need for one to increase there knowledge about bitcoin as they continue with there accumulation of bitcoin.
Without having a good investment plan on how to go on with bitcoin accumulation, it maybe impossible to hold bitcoin for long term despite having the mindset for long term holding.

Maybe you should clarify Hardyrobust?  What do you expect guys to know before starting and then what about after already investing in bitcoin?

Just trying to define what basics are for a newbie on a general ground: Figuring out discretionary funds, knowledge of wallet and exchange, approaches (long-term), investment methods (DCA...) and maybe others...

The point about more knowledge is that as soon as you are involved in Bitcoin already, other things to know will continually evolve at different time and frequency...
Take the forum for instance, some came with no knowledge and confidence are about Bitcoin but has gathered so much knowledge at different times and frequency.and are also gathering Bitcoin.  Some came with little knowledge but has increased and I guess few came with good knowledge about Bitcoin.

I cannot see any of those as prerequisites, except a newbies ability to figure out whether they have discretionary income and if they have common sense.

If the newbie has common sense, then they can figure out for themselves what they need or don't need to know.  if they do not have skills that are enough to figure out whether they have discretionary income, then they cannot get started.  I have trouble understanding how the newbies need to know about bitcoin wallets.  Sure, newbies might figure out that bitcoin wallets exist and that bitcoin can be stored privately rather than being stored on exchanges, yet why would knowing about bitcoin wallets be required prior to getting started? Can't the newbie figure out the pace at which he needs to learn about wallets and when he might want to move bitcoin to a private wallet rather than holding on exchanges, so why does he need to know about wallets to get started? unless maybe his first transaction will be with a friend or with a bitcoin ATM, then in those cases a bitcoin wallet is likely going to be needed.  Then he would need to have some basic ideas about wallet options in order that he could choose one.

Most people with common sense would not want to lose money, yet that inclination should not stop them from being able to get started and figuring out if they want to start out by putting  $100, $30, $10 or some other amount into bitcoin, but doesn't common sense lead them to figure out what they want to do in relation to options available to them? or how much they need to know about bitcoin before they choose how much to put in? It is different if they might be starting out with $10k rather than $10, so are we presuming that they are starting out with $10k?

I continue to have hesitations when guys are trying to describe basic knowledge that newbies supposedly need to know before getting started that goes beyond just their having common sense to figure out what knowledge they need in order to figure out how much to start out with.  Of course, the more life experience they have, then they start with their life experience to figure out what parts they might need to look into or if they read some article or they get some description off of an exchange.  If they decide to start out by buying bitcoin on an exchange, then why do they need to know about bitcoin wallets, except maybe they hear that bitcoin wallets exists and that they will need to learn about that later, yet they don't necessarily need to know about wallets prior to getting started.

It seems to me that guys frequently patronize others and presume that they don't know anything merely because they are new to bitcoin, but then what is the description of the person who they are presuming to be the newbie so that they can proclaim what he needs to know or not know before getting started?

[I_Anime]

Most people with common sense would not want to lose money, yet that inclination should not stop them from being able to get started and figuring out if they want to start out by putting  $100, $30, $10 or some other amount into bitcoin, but doesn't common sense lead them to figure out what they want to do in relation to options available to them? or how much they need to know about bitcoin before they choose how much to put in? It is different if they might be starting out with $10k rather than $10, so are we presuming that they are starting out with $10k?

That’s why many kept saying basic knowledge is what need before going into bitcoin investment and the basics knowledge may include (how to start , how to purchase , how to store etc .) and as time go they may  choose to learn more about bitcoin and not just its investment aspects , which will actually help them to build more confidence in building and give them more zeal to keep holding, because those that don’t understand bitcoin don’t actually know the potential it have . So they are always the ones that always sell off their bitcoin first .

[Silikiem]

Most people with common sense would not want to lose money, yet that inclination should not stop them from being able to get started and figuring out if they want to start out by putting  $100, $30, $10 or some other amount into bitcoin, but doesn't common sense lead them to figure out what they want to do in relation to options available to them? or how much they need to know about bitcoin before they choose how much to put in? It is different if they might be starting out with $10k rather than $10, so are we presuming that they are starting out with $10k?

That’s why many kept saying basic knowledge is what need before going into bitcoin investment and the basics knowledge may include (how to start , how to purchase , how to store etc .) and as time go they may  choose to learn more about bitcoin and not just its investment aspects , which will actually help them to build more confidence in building and give them more zeal to keep holding, because those that don’t understand bitcoin don’t actually know the potential it have . So they are always the ones that always sell off their bitcoin first .

Apart from the investment aspect what else will an investor of bitcoin whose aim is focused on accumulating and investing in bitcoin and hold for long term aim, I don’t know what else you will want such person to learn. Personally I think that an investor only needs to learn to figure out his discretionary income to use and buy bitcoin regularly and hold for his long term purpose. Except you are trying to learn how to trade bitcoin because if you’re not buying and investing In bitcoin then you’re probably trading bitcoin for quick gains.

[Joeboy]

If the newbie has common sense, then they can figure out for themselves what they need or don't need to know.  if they do not have skills that are enough to figure out whether they have discretionary income, then they cannot get started.  I have trouble understanding how the newbies need to know about bitcoin wallets.  Sure, newbies might figure out that bitcoin wallets exist and that bitcoin can be stored privately rather than being stored on exchanges, yet why would knowing about bitcoin wallets be required prior to getting started? Can't the newbie figure out the pace at which he needs to learn about wallets and when he might want to move bitcoin to a private wallet rather than holding on exchanges, so why does he need to know about wallets to get started? unless maybe his first transaction will be with a friend or with a bitcoin ATM, then in those cases a bitcoin wallet is likely going to be needed.  Then he would need to have some basic ideas about wallet options in order that he could choose one.

I still really cannot fathom why folks would want to delay their investments just coz they about learning about Bitcoin wallets, when they are yet to kickstart their investment.. Definitely they have the right to know that wallet exist but then they don't need to spend months or years delaying their investments just coz they are trying to learn/ figure out about  Bitcoin wallets.. If the funds(discretionary income) is there then folks could very well begin at the pace that they seem to be quite comfortable with, and by doing so, this will afford them the opportunity to learn other things they think is necessary for them to learn...

[NewRevelation]

Accumulating can only get difficult when you don’t plan properly, many just go in to investing without making any proper plans , their minds are just fixed in the profits they are going to get later on in the future , and some do endup being over aggressive and messed up their  investments in the process .

Many usually make that mistakes, bitcoin accumulation is not a race , you don’t have to rush it , you have to take your time and build it properly if you are ready to hold for long.

The matter of HODLing for long shouldn't even be an issue of debate or wether you want to Hodl or not, nope. It should be that everyone coming into Bitcoin investment should initially come in with such long term mindset, as such mentality will help them plan better and possibly reap better rewards from bitcoin since it has proven to be a diligent rewarder of long term investment, though it offers no guarantee, but history has proven it over time. Traditing bitcoin is not encouraged,  it one bit, and thus, the best and possible way to go about your investment is long term investment plan, and thats why it is important and more beneficial and rewarding if a investor comes in with such an already existing mentality, this makes it easier for him to adapt to easy and simple or gradual investment plans Ans building up all necessary backup funds from your discretionary income to enable you invest peacefully and HODL for long term.

Take for instance two individuals who come into bitcoin investment with different investment mentality.
Mr A comes with long term mentality while
Mr B comes in with short time or trading mentality.

Having began there investment for over 2-3 years till date, and then there is Dip along the line, who do you think will panic more or hurriedly sell off unplanned?

It's very clear that Mr B will sell off immediately since the market is not dancing to his tone of little increase and fast sell to make profit(thirty time Investors or traders).
While on the other hand, Mr A, haven bought consistently with the DCA strategy using his discretionary income will relax, planning of buying more or even aggressively if he has the financial strength to do so, while waiting for years since he hasn't reached his investment target.

Amongst these two investors, if fortunately in the future, bitcoin price in the market doubles or even more appreciates, who make more gains and profit then? He who has more coins wine the glory, and that's  Mr A

[Proty]

If the newbie has common sense, then they can figure out for themselves what they need or don't need to know.  if they do not have skills that are enough to figure out whether they have discretionary income, then they cannot get started.  I have trouble understanding how the newbies need to know about bitcoin wallets.  Sure, newbies might figure out that bitcoin wallets exist and that bitcoin can be stored privately rather than being stored on exchanges, yet why would knowing about bitcoin wallets be required prior to getting started? Can't the newbie figure out the pace at which he needs to learn about wallets and when he might want to move bitcoin to a private wallet rather than holding on exchanges, so why does he need to know about wallets to get started? unless maybe his first transaction will be with a friend or with a bitcoin ATM, then in those cases a bitcoin wallet is likely going to be needed.  Then he would need to have some basic ideas about wallet options in order that he could choose one.

I still really cannot fathom why folks would want to delay their investments just coz they about learning about Bitcoin wallets, when they are yet to kickstart their investment.. Definitely they have the right to know that wallet exist but then they don't need to spend months or years delaying their investments just coz they are trying to learn/ figure out about  Bitcoin wallets.. If the funds(discretionary income) is there then folks could very well begin at the pace that they seem to be quite comfortable with, and by doing so, this will afford them the opportunity to learn other things they think is necessary for them to learn...

yes you are right, it is not a wise thing for anyone to delay buying bitcoin just because they want to learn about bitcoin wallets. Having a basic knowledge of bitcoin is enough for anyone to get started. This won't take a long time and the best way to learn more about wallets and other bitcoin technical related issues is by starting to get involved with bitcoin by investing in it. It won't just be theoretical knowledge but it will be coupled with practical knowledge and this will increase learning faster.

[SmartCharpa]

Every investment has its own risk and of which bitcoin investment is not an expection. There is no investment that is guarantees of success in the future. However, it is good to have a basic knowledge of bitcoin before starting to invest in bitcoin. Though basic knowledge maybe enough for anyone to start investing in bitcoin but there is always need for one to increase there knowledge about bitcoin as they continue with there accumulation of bitcoin.
Without having a good investment plan on how to go on with bitcoin accumulation, it maybe impossible to hold bitcoin for long term despite having the mindset for long term holding.

Despite the fact that we believe the future of Bitcoin will be greater than way it is now, we should not convince anyone to invest by saying it future success is guarantee. Anything that has advantage also has the disadvantage, we need to understand that it Involves a lot of risks as well, even though its past has been great. Because people say that the risk in Bitcoin is lower than in the other coins, and some newbies assume it is something that will keep increasing without going down.

However, there is no way we can have a proper understanding right from the beginning of our investment if we never experience how it feels to invest. It is easy say to talk about holding, while some people find it difficult to do. We gain more knowledge along the journey, like holding our coins during the dips, and avoiding unnecessary risks to buy more than we can afford, so we can be balance with our accumulation.

[Qhunman]

yes you are right, it is not a wise thing for anyone to delay buying bitcoin just because they want to learn about bitcoin wallets. Having a basic knowledge of bitcoin is enough for anyone to get started. This won't take a long time and the best way to learn more about wallets and other bitcoin technical related issues is by starting to get involved with bitcoin by investing in it. It won't just be theoretical knowledge but it will be coupled with practical knowledge and this will increase learning faster.

An investor who wants to invest in bitcoin doesn't need to learn about bitcoin technicals to invest instead what he must learn is the basics knowledge and a discretionary income. It takes time to understand bitcoin technical and this would delay them from starting their bitcoin investment on time. Everyone learning abilities isn't the same, while some people are fast learning others may find it difficult to understand in a short time. New investors should begin with the basic knowledge before investing in bitcoin as deeper knowledge isn't mandatory for a beginner.

[Cgrexp]

yes you are right, it is not a wise thing for anyone to delay buying bitcoin just because they want to learn about bitcoin wallets. Having a basic knowledge of bitcoin is enough for anyone to get started. This won't take a long time and the best way to learn more about wallets and other bitcoin technical related issues is by starting to get involved with bitcoin by investing in it. It won't just be theoretical knowledge but it will be coupled with practical knowledge and this will increase learning faster.

An investor who wants to invest in bitcoin doesn't need to learn about bitcoin technicals to invest instead what he must learn is the basics knowledge and a discretionary income. It takes time to understand bitcoin technical and this would delay them from starting their bitcoin investment on time. Everyone learning abilities isn't the same, while some people are fast learning others may find it difficult to understand in a short time. New investors should begin with the basic knowledge before investing in bitcoin as deeper knowledge isn't mandatory for a beginner.

Investors must figure out their own limitations and skills. If someone is immature to invest in Bitcoin, they must admit it. They must be able to grow up and take responsibility for their decisions. What we need in Bitcoin is common sense and basic math skills, so that we can understand whether we have a discretionary income and how to adjust different things. There should be common sense that investing in Bitcoin is more effective than trading. Of course, some people can trade and play with their Bitcoin. If someone cannot resist trading, then they should not trade more than 10% of their Bitcoin investment. Everyone can make decisions independently, but it is not right to get involved in Bitcoin investment emotionally. If an investor has common sense and basic math skills, they are able to find a way to invest. A new investor will first make sure that he has discretionary funds, otherwise he is not in a position to start financially.

[Sticky Bomb]

Most people with common sense would not want to lose money, yet that inclination should not stop them from being able to get started and figuring out if they want to start out by putting  $100, $30, $10 or some other amount into bitcoin, but doesn't common sense lead them to figure out what they want to do in relation to options available to them? or how much they need to know about bitcoin before they choose how much to put in? It is different if they might be starting out with $10k rather than $10, so are we presuming that they are starting out with $10k?

That’s why many kept saying basic knowledge is what need before going into bitcoin investment and the basics knowledge may include (how to start , how to purchase , how to store etc .) and as time go they may  choose to learn more about bitcoin and not just its investment aspects , which will actually help them to build more confidence in building and give them more zeal to keep holding, because those that don’t understand bitcoin don’t actually know the potential it have . So they are always the ones that always sell off their bitcoin first .

Apart from the investment aspect what else will an investor of bitcoin whose aim is focused on accumulating and investing in bitcoin and hold for long term aim, I don’t know what else you will want such person to learn. Personally I think that an investor only needs to learn to figure out his discretionary income to use and buy bitcoin regularly and hold for his long term purpose. Except you are trying to learn how to trade bitcoin because if you’re not buying and investing In bitcoin then you’re probably trading bitcoin for quick gains.

There are other important things a new investor learns as he advances on his accumulation journey such as correct handling of his cashflows and consistency of his investment schedules. It really takes a new investor some time to arrive at such maturity of having an expenses budget, proper identification of discretionary income, putting the right amount into his bitcoin buys and building out his backup funds simultaneously and overall remaining consistent in his regular buys.

investors are not immediately experienced, so they tend to make some errors in the beginning stages prior to when they start getting used to the whole process and can handle their cashflows properly without having some confusions regarding apportioning of funds to relevant sections and surely these learning curve may take a good time depending on the learning speed of the investor.

[PhilosopherKing]

investors are not immediately experienced, so they tend to make some errors in the beginning stages prior to when they start getting used to the whole process and can handle their cashflows properly without having some confusions regarding apportioning of funds to relevant sections and surely these learning curve may take a good time depending on the learning speed of the investor.

yes you are right. The beginning stage of a ongoing investment can be the most tough time since it is a time where newbie can make some errors and are still struggling with believing in bitcoin. At times they can even doubt if bitcoin will be as promising as the past.

It is at the beginners stage that many dude sometimes fuck up by giving up from ongoingly investing because their beliefs gets to fade when they experiences volatility.

But what this lots fail to realize is that the beginners stage shiuld be a time to invest less and learn more. And if less amount is use to invest, it becomes a hell of a lot easier for them to be more confident to stay and learn along the way.

[aNot!FicaT!on]

yes you are right, it is not a wise thing for anyone to delay buying bitcoin just because they want to learn about bitcoin wallets. Having a basic knowledge of bitcoin is enough for anyone to get started. This won't take a long time and the best way to learn more about wallets and other bitcoin technical related issues is by starting to get involved with bitcoin by investing in it. It won't just be theoretical knowledge but it will be coupled with practical knowledge and this will increase learning faster.

An investor who wants to invest in bitcoin doesn't need to learn about bitcoin technicals to invest instead what he must learn is the basics knowledge and a discretionary income. It takes time to understand bitcoin technical and this would delay them from starting their bitcoin investment on time. Everyone learning abilities isn't the same, while some people are fast learning others may find it difficult to understand in a short time. New investors should begin with the basic knowledge before investing in bitcoin as deeper knowledge isn't mandatory for a beginner.

I agree with you, it is not mandatory to have deep technical knowledge to start investing in Bitcoin. Many times, new investors spend so much time trying to learn the technical aspects of blockchain, complex terms or various analyses that they delay starting to invest. However, such complex knowledge is not required to start. What is Bitcoin, how to buy it safely, how to store it in a safe wallet and how to consider the risks in investing. Only by knowing these basic things will a person be able to gradually gain better knowledge as soon as he deposits Bitcoin, but many people cannot start in this simple and easy way, but rather they throw this simple starting thing into something much more complicated at first, due to which they only fall behind. The most realistic method is to first acquire basic knowledge and start on a small scale. Then over time, by increasing experience, more in-depth topics can be gradually learned. By learning in this way, investors can understand many important things not only through theory, but also through practical experience.