I think research is of different intensity and that clearly explains what a research means for someone new to Bitcoin. In another word, "a newbie who fails to gather basic knowledge of Bitcoin can make a wrong decision", the basics in this case is the research they actually needs to do not necessarily gathering the whole Google or wikipedia.
I don’t know why you people are giving all these unnecessary speeches about researching,when you’re supposed to be focused on if the investor has their discretionary income.Discretionary income is that one important requirement for accumulating bitcoin because it’s the money left after a person has handled their bills. And while investing you can also learn about Bitcoin
It is good to do research before starting to invest.
What are you going to research?
Because even with a lot of knowledge, in some cases you may be weak and you are not aware of things about investing that are very important for long term Bitcoin.
like what is necessary to know?
It is not the case that you can stay in Bitcoin accumulating only if you have discretionary income.
Yes you can. If a person figures out that he has discretionary funds, then he can choose whether to invest and how much or he can figure out the extent to which he needs more information. There is no further information that he has to know about bitcoin before he gets started once he figures out that he has discretionary funds.
If he is not sure from where he is going to get bitcoin, then maybe he has to figure that out. Yet, maybe he already knows that part.
If you are telling me that he needs to know from where he is going to source his coins, then sure, I understand how that makes sense. If he passes by a bitcoin ATM machine, and then he notices that it sells bitcoin, then maybe he looks in his pocket to see if he has any money to buy some bitcoin. If the ATM issues a piece of paper that is one thing, but if he is required to have his own wallet, then he might need to get a wallet.
To stay in investment you need strong morale and you need to move away from your unnecessary expenses and focus on increasing the amount of discretionary income.
Huh? He needs to take a morale test before he can start to invest in bitcoin?
You should not be bothered to listen to the advice of other experienced investors because there are some important elements for long term investment that you may not be aware of. Many important things can be found from the advice of experienced investors.
He should seek out an experienced investor before getting started? He cannot start on his own?
By the way, I would consider that there is a little bit of a difference between making the very first purchase, and then making subsequent purchases, yet even subsequent purchases involve figuring out if the newbie investor has discretionary funds or not, so then they are investing from their discretionary funds, and surely at the same time, the more and more that any newbie continues to invest, then I would think that his common sense would help him to realize that he might need to learn more about bitcoin the more that he continues to invest... yet how urgent his need to consider his need to research might depend on the size of his discretionary funds, and so if his discretionary funds are $1k per month, and he is investing $10 per week (which would be about $43.30 per month), then he might not be too worried about it, yet if a whole year had gone by, and he had ended up investing $520 into bitcoin (over 52 weeks) then maybe he might start to get concerned, even though his yearly discretionary income is right around $12k, so he is only investing around 1.73% of his income, so he is not feeling anything too urgent about engaging in further research (investigation), and those are personal choice, even though I would speculate that the more that a person is investing into bitcoin and the longer that they are investing into bitcoin, then the more inspired they would be to research further into the matter.
In the first place not doing research is a wrong decision already and investing in Bitcoin and trading Bitcoin has never been the same thing.
A trader after losing their resources already has an experience to learn from and the mistake there is getting carried away with quick gains.
An investor after selling on a loss because of selling too quick out of no preparedness for emergencies, that is an experience and a mistake to learn from.
Researching about bitcoin isn't an issue but how long because some people might stay on Google for a year researching about bitcoin and by the time they are satisfy with their research they may not have discretionary income to invest anymore. If they have interest to invest in bitcoin and they are able to figure out they have discretionary income they should invest first,then continue researching. if they keep on researching on google to know all about bitcoin,they won't not invest in bitcoin, they can't learn everything or gain all the knowledge because it infinite.
What someone
needs to start their Bitcoin investment is the basic knowledge on how to go about Bitcoin and every other knowledge one seek can be gotten later while they are accumulating so researching can be consider a waste of time because an investor doesn't really need too much knowledge because Bitcoin investment doesn't demand for that level of knowledge but rather trading does and folks who is interested in digging for more knowledge apparently they are trying learn to start up trading, the techniques to follow but trading is very risky therefore I will always recommend Bitcoin investment.
I get your point that trading likely takes more knowledge because presumptively a guy is buying and selling, yet if he merely just buys and then gives himself a target when to sell, then he sells.. so then he might not need very much knowledge to just do one trade like that.
Regarding the basic knowledge of bitcoin, I don't know what that is.. are you referring to something specifically that a newbie needs to know about bitcoin in order to start? Maybe give an example or give some context for this basic knowledge that you are saying a guy needs to invest in bitcoin? and why he needs such basic knowledge before getting started?
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As important as discretionary funds as the major requisite for Bitcoin investment, a newbie might not be fully aware of buying strategies say DCA strategy, volatility and long-term holding.
Why does he need to know the different buying strategies in advance? He has some money in his pocket and maybe he will buy and maybe not, yet you are going to tell him that he needs to know about the various buying strategies first?
and what specifically does he need to know about volatility? He can glance at a chart and see that the BTC price goes up, down and sideways.. What does he need to know about that? You mean he should look at a chart before starting?
And, does he need to commit to long term before he starts? I understand that if he is buying bitcoin for less than 4 years, then he is likely trading rather than investing, but does he need to know that before he gets started? Does he need to know the difference between trading and investing before getting started?
Just like the normal assumption I go about initially and I guess others has had the same assumption of Bitcoin making people to get rich quick of which it's easily attached to getting quick gains aka trading unknowingly, so fully knowing the pros and cons of trading can likewise be part of what a newbie needs to know haven figured out their discretionary funds the major requisite.
Where is he going to go in order to learn the differences between investing and trading? Are you telling me that this newbie is coming to bitcoin without any knowledge of anything? I would presume that most people coming to bitcoin has a context for how they heard about bitcoin, so maybe some of them are coming to bitcoin with good information, and others are coming to bitcoin with bad information, so they have to learn about the difference between buying and trading before they start? Sure if someone tells me that they want to invest in bitcoin, then they tell me that they are planning to sell in less than 4 years, then I would question their understanding of the term investing, yet are we going to presume that they don't already know? What they know may well depend upon how they heard about bitcoin, so they may or may not be starting with bad information, but can we presume that they don't know?
I will grant you that there are a lot of people who don't know the difference between investing and trading, but it seems a bit presumptuous for any of us to proclaim that they have to know the difference between investing and trading before they get started. I am going to presume that most newbies are adults with common sense, especially if they have determined that they have discretionary funds, so they should be able to figure out why they are in bitcoin, and when they put money into bitcoin what they are trying to achieve with that. Sure some of them, might not know and they merely go for trying to get dollars out of it, yet when they put money into bitcoin, they should be inspired to learn about what they are buying and why, even though they don't necessarily need to know the answers prior to getting started, especially if they have figured out that they have discretionary funds and they have common sense.
And then some might also need to know how to source their coins of which knowing about exchange with an introductory info on how to is a basic learning chance.
Sure. They need to know how they are going to source their coins, in the event that they don't already know.. So then how long will that take for them to figure it out? Do we have a context to make some recommendation without knowing where they are at? I am not opposed to the idea that they need to figure out from where they are going to get their coins before they can start, since we do not necessarily have a context in regards to their having a source for their coins, so there is nothing wrong with adding that they need to know from where they are going to source their coins before they can start... Is there anything they further need to know about that, from your point of view? Or can they exercise their common sense based on how much they are going to start to put in, whether they start with $100, $10 or some other amount?
What someone needs to start their Bitcoin investment is the basic knowledge on how to go about Bitcoin and every other knowledge one seek can be gotten later while they are accumulating so researching can be consider a waste of time because an investor doesn't really need too much knowledge because Bitcoin investment doesn't demand for that level of knowledge but rather trading does and folks who is interested in digging for more knowledge apparently they are trying learn to start up trading, the techniques to follow but trading is very risky therefore I will always recommend Bitcoin investment.
To start investing, we need to know about two things. Whether we have discretionary income or not, and whether we have basic knowledge about Bitcoin. If you have basic knowledge and if you do not have discretionary income, then if you invest from your source of income, then your investment may die prematurely. Just as a person needs basic knowledge about Bitcoin to invest, he also needs discretionary income.
What is this "basic knowledge about bitcoin that we supposedly need before getting started?
Bitcoin investment doesn't demand for that level of knowledge
The knowledge of the investor is needed. After starting investing, an investor can take investment and knowledge acquisition in parallel. When a person gains knowledge about investment, he can easily find out what is needed for his investment or what needs to be done to deal with his investment from unexpected financial disasters. So if a person gains knowledge after starting investing, it will be a very good thing for him.
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Sure. Of course, it would seem like a good idea to learn about the thing that you are buying, yet I would imagine the urgency regarding how much to learn or how fast to learn might relate to how much they are buying relative to their income (and/or their discretionary funds). It would seem that the more that they are buying, then the more inspired they would be to learn more and to learn faster.
