Balancing Financial security and Bitcoin Accumulation

[JayJuanGee]

Are you proclaiming that something needs to be learned before getting started buying bitcoin, and if so then what needs to be learned before getting started?

I'm not saying what have not been discussed within the forum, so i was only supporting the motion that newbies needs to learn one or two things on how go about his Bitcoin investments and how it actually works too, so this is the reason why i made such statement, that newbie learning Bitcoin is not a bad idea because any newbie that has not acquired the basic knowledge on how to go about with his Bitcoin portfolio can end up losing money on the process, all in the name of practicing what he doesn't have idea on, so on the second thought, i don't extremely mean that newbies should learn everything before they could investing, know, i don't meant it that way because Bitcoin is keeps upgrading on a daily basis, so as a newbie you don't have to wait to learn everything before investing.

You responded to me, yet at the same time, you still did not say what you believe newbies need to learn.

How to go about bitcoin investments?  What is that? 

How bitcoin works?  what is that? 

and basic knowledge?  what is that? 

Why does the bitcoin newbie have to learn these vague things that you listed before he starts?  Why can't the bitcoin newbie start and learn as he goes? 

Are you presuming a newbie bitcoiner to not know anything? 

What if he knows that he has discretionary income?  Shouldn't that be enough to get started?

Why can't the bitcoin newbie just choose his position size?  What if he knows that he has $100 per week that he could use to buy bitcoin, yet since he is a bitcoin newbie, he purposefully chooses to ONLY invest $30 per week while he learns. What is wrong with that?

Before starting to invest in Bitcoin, investors should find their source of Bitcoin. They should compare the sources so that they feel comfortable. Investors should have enough common sense to balance their considerations regarding the source and their comfort.

Source of Bitcoin! The word seems new to me, I have never heard such a word before. I have tried to find the meaning of this word, but I have not found the relevant meaning yet.

If you mean "source of Bitcoin" to refer to information related to Bitcoin or to general knowledge about Bitcoin, then I think we should not spend too much time looking for the source of Bitcoin. If you have discretionary money, then do not look for any excuse to start investing, but start investing immediately. You can freely search for any source and compare it while investing.

Why can't you figure out what a source is?

If a person is new to bitcoin, is he going to start by buying bitcoin on an exchange, or is he going to buy peer to peer or is he going to go to a bitcoin ATM?  How is he getting his coins, and does he feel comfortable from where he is going to get his bitcoin?  Do you think that the bitcoin newbie might need to decide from where he is going to get his bitcoin?  Each person who gets started buying bitcoin has to make sure that he is comfortable.  Sure, it is important to get started, but also guys have to figure out if they have enough information or not, and if they are comfortable with what they are doing.  Of course, if they use a small enough amount they can also learn as they go, but they also have to figure out what they know and what they don't know, and they are likely learning as they go and keeping their position size reasonable as they are learning, and as they become more comfortable, then they likely can increase the amount of bitcoin that they are buying each week or whatever might be their buying frequency.

[ZeroVinsonN]

[edited out]

The idea of learning is not totally a bad idea, because according to what you said earlier that once you are opportune of knowing how to read and understand that you are capable of investing in Bitcoin, i don't argue with you about that but Bitcoin is more than reading with being able to know the basics things without being shown on how to go about because there are some kind areas of Bitcoin you as newbies don't need to guse about how it works, so if newbies say that he knows to learn, he is not totally wrong about and the process of learning he can still consider to buy once the investors that introduced he to Bitcoin has been able to show him how to go about his investment and attach to with the one he might gotten from the forum and research too.

Are you proclaiming that something needs to be learned before getting started buying bitcoin, and if so then what needs to be learned before getting started?

Guys used to get the wrong idea about investing most of the time. They think they need to know everything and get everything figured out before they can started to be investing, but that's just wrong. Person must not have everything figured out before the person cannot start to be investing. With discretionary income and common sense, guys can start to be investing ongoingly, little by little and then they can figure out other things along the way.

Guys should just get the fuck started, and quit delaying.

Once a person has figured out their discretionary income the next smart move for then to make it to start buying bitcoin, anything else the want to figure out can be done along the way but their investment should be what takes priority, the more they delay the less likely they are to actually start buying bitcoin, people think they have time only to realize that time doesn't wait for anyone, the more time they waste the more buying opportunities they will keep missing and no investor wants to miss buying opportunities when they have their discretionary income available to them for them to invest with.

[Rockson1]

Folk don't need to go deep in knowledge like knowing everything about bitcoin before they are ready to invest rather they only need discretionary income and basic knowledge. It is a wast of time studying to have complete knowledge when folks can get started using their discretionary fund. If folk have the basics knowledge there's no need knowing everything about bitcoin because doing so might delay them from kickstarting their bitcoin accumulation journey. Since what folks needs is only their discretionary and basics knowledge to get started there's no reason why they should wasting further time trying to know everything about bitcoin rather they should get started at once, they will learn more as they invest.

Of course newbies just need the basic knowledge to start their Bitcoin acumulation, bitcon investment is a practical thing, guys do not have to know all that relates to it before they can start, it is done gradually as they continue to invest, the knowledge does not have come once, guys that wants to gain all the knowledge before starting might be discouraged to invest, it could also lead to delay, I'm not against learning but every investment has a way it is been followed, for Bitcoin investment, discreationary income is the most important thing for a beginner and every other investors, once a beginner has it, he has no excuse than to start investing, people should ask themselves question about the early adopters of Bitcoin, if they had waited to have all the knowledge, would they have had it any Bitcoin, learning does not stop as far as it is bitcon, so nobody should limit themselves just because of getting advanced knowledge which will eventually fall in as time passes by.

[Ishicryptic]

There’s no reason for folks to start complicating things for themselves, like thinking you need to go deep in to learning how bitcoin works (with the technical aspects), before you can get started . In what such mindset you are already wasting time and missing good buying opportunities because the Market prices wait for no one , what you actually need is the basic knowledge (like where to buy , where to store , ).  which wouldn’t take much time to grasp , as time goes you can decide to go further in your learning as you accumulate to build more understanding and confidence.

Folk don't need to go deep in knowledge like knowing everything about bitcoin before they are ready to invest rather they only need discretionary income and basic knowledge. It is a wast of time studying to have complete knowledge when folks can get started using their discretionary fund. If folk have the basics knowledge there's no need knowing everything about bitcoin because doing so might delay them from kickstarting their bitcoin accumulation journey. Since what folks needs is only their discretionary and basics knowledge to get started there's no reason why they should wasting further time trying to know everything about bitcoin rather they should get started at once, they will learn more as they invest.

I cannot say that it is a waste of time for any folks to want to study deep about Bitcoin knowledge before they start to invest in it, it is not necessary yet I wouldn't call it a waste of time to aquire deep knowledge before starting. If some folks decides to keep their money aside and wants to equip themselves with the technical knowledge of Bitcoin to perhaps satisfy their curiosity about it I believe that they are entitled to it.

I however agree that it is not necessary to know the technical aspects of Bitcoin technology before starting it's investment, what is key is to know reliable sources to buy from and understand that Bitcoin is volatile. Buy with your discretionary funds and choose one or more accumulation strategies that should include DCA or do DCA alone then hold for many years, possibly up to 10 years or more if you can.

[Frankolala]

I cannot say that it is a waste of time for any folks to want to study deep about Bitcoin knowledge before they start to invest in it, it is not necessary yet I wouldn't call it a waste of time to aquire deep knowledge before starting. If some folks decides to keep their money aside and wants to equip themselves with the technical knowledge of Bitcoin to perhaps satisfy their curiosity about it I believe that they are entitled to it.

I however agree that it is not necessary to know the technical aspects of Bitcoin technology before starting it's investment, what is key is to know reliable sources to buy from and understand that Bitcoin is volatile. Buy with your discretionary funds and choose one or more accumulation strategies that should include DCA or do DCA alone then hold for many years, possibly up to 10 years or more if you can.

There are many reasons why it's a waste of time to start learning deep about bitcoin before buying when you have your discretionary income available.

1. You will be busy learning without anything to show for it because you learn better by practical which is from consistent buying.

2. You will miss a lot of opportunities to build your bitcoin portfolio to a significant size.

3. You will end up buying bitcoin more expensive than assuming you just started buying and learn at the same time because bitcoin price increases overtime and no one knows when you will start buying.

4. Waiting steals the opportunity you are supposed to use to pile up wealth for yourself and you will not be in a better position financially compared to when you just start buying and learn simultaneously.

[Audrey Simmons]

Are you presuming a newbie bitcoiner to not know anything? 

Literally, some don't know anything. Ignorance is no excuse when mistakes happen, It's does not undo coin lost.

Why we say learn the basics, Basics:
Buying with exchanges
Where to hold, either on exchanges or non custodial wallets - wallet protection.
How to make transaction, withdraw and deposit.
And understand about Bitcoin volatility.

All of these can be learnt in one day, mastered along the process.

[JayJuanGee]

Are you presuming a newbie bitcoiner to not know anything? 

Literally, some don't know anything. Ignorance is no excuse when mistakes happen, It's does not undo coin lost.

Sure, there might be some who fit the category of not knowing anything, yet I would presume an overwhelming majority (maybe 97% or so?) have common sense and they are not retarded.

Do you think that they know math? and if they don't know math can they learn basic enough math to figure out whether they have discretionary funds?

How old are you presuming the newbie to be?  Are we at least presuming them to be an adult?  At least 18 years old?

Sure on the internet we have guys participating who are not 18 years old, so they could be 12 years old to 18 years old but do we need to presume them to be less than 18 years old?  I don't think so.

If we are presuming mostly adults from 18 years old to 75 years old, then how the fuck are you going to presume that they don't know anything, as long as we might presume that they are not retarded?   Many of them would have had already balanced their own budgets and determined how much they are able to spend each week and/or month based on their expenses.  Some of them would have had already been investing.  It is a bit presumptuous to believe that they don't know anything and/or to talk down to (patronize) them, merely because they are newbies to bitcoin.

Merely because they are newbies to bitcoin does not mean that they are newbies to life.

Why we say learn the basics, Basics:

You are talking about yourself as a "we?"

Buying with exchanges
Where to hold, either on exchanges or non custodial wallets - wallet protection.

I will grant you that any newbie has to figure out the source in which they are going to buy their bitcoin, and from where they source their bitcoin would then end up contributing to the amount of other information that they might need to learn.  There are going to be differing resources available based on regions, and so if they end up with an exchange, then the exchange would describe a lot of their own wallet process, and so if a newbie is reading through the exchange information about their wallet, they may well make determinations regarding how much they trust the exchange to hold whatever amount of bitcoin that they are starting with, so surely they can either adjust the size of their initial purchases, and/or they might choose to look into other possible funding sources, so that they can compare/contrast and figure out which one(s) they want to start with and how much they might want to start with.

If they buy in some private way that causes them to have to obtain their own self-custodial wallet, then they may well have to figure out how wallets work, and surely many of us recommend open source wallets, so they could make mistakes in terms of how they end up choosing a wallet, and so they may well want to be concerned about how much bitcoin they buy in the beginning if they are not confident about how secure their chosen wallet is.

How to make transaction, withdraw and deposit.

You think that they need to learn each of these before starting?   I would agree that any person who gets into something, like bitcoin, would want to get some assurance that they are able to get out, if they change their mind, yet I am not sure if they need to know how to transact prior to getting started, except for the purpose of getting in and out.

And understand about Bitcoin volatility.

What is it that they need to know about volatility?  They can look at a chart and see that it is volatile.  They can also understand that they should not be buying with any money that they cannot afford to lose, so they are buying with discretionary money, but also discretionary money that they are not overly attached to financially or psychologically, so for example, if the bitcoin newbie makes a quickie assessment that he has $100 per week that he is able to use to buy bitcoin, maybe he will start out with $30 per week while he is learning more, and then he will ONLY increase his weekly bitcoin buy amount after he becomes more comfortable.

All of these can be learnt in one day, mastered along the process.

You already know how long it will take for a newbie to become confident enough to get started?

Your list did not even include figuring out discretionary funds as a prerequisite to getting started buying bitcoin.  Did you skip that on purpose? or do you not believe the figuring out of discretionary funds to be important for the newbie prior to getting started?

[Jostern]

Are you proclaiming that something needs to be learned before getting started buying bitcoin, and if so then what needs to be learned before getting started?

I'm not saying what have not been discussed within the forum, so i was only supporting the motion that newbies needs to learn one or two things on how go about his Bitcoin investments and how it actually works too, so this is the reason why i made such statement, that newbie learning Bitcoin is not a bad idea because any newbie that has not acquired the basic knowledge on how to go about with his Bitcoin portfolio can end up losing money on the process, all in the name of practicing what he doesn't have idea on, so on the second thought, i don't extremely mean that newbies should learn everything before they could investing, know, i don't meant it that way because Bitcoin is keeps upgrading on a daily basis, so as a newbie you don't have to wait to learn everything before investing.

You responded to me, yet at the same time, you still did not say what you believe newbies need to learn.

How to go about bitcoin investments?  What is that?  

How bitcoin works?  what is that?  

and basic knowledge?  what is that?  

Why does the bitcoin newbie have to learn these vague things that you listed before he starts?  Why can't the bitcoin newbie start and learn as he goes?  

Are you presuming a newbie bitcoiner to not know anything?  

What if he knows that he has discretionary income?  Shouldn't that be enough to get started?

Why can't the bitcoin newbie just choose his position size?  What if he knows that he has $100 per week that he could use to buy bitcoin, yet since he is a bitcoin newbie, he purposefully chooses to ONLY invest $30 per week while he learns. What is wrong with that?

In the situation that have been mentioned I don’t think anything is wrong if a newbie, would have to invest $30 out from $100, considering the newbies expenses, and how much discretionary income that I think that the newbies would have to come up with because we would never know anyone wants to have to control with his bitcoin investments.

I think bitcoin investments is quite important for us to have a discretionary income, because discretionary income is very important, and when we have a discretionary income we still need a certain basic knowledge for us to buy and  investing in long terms as a bitcoin investors, we would definitely keep learning as time goes on as we keep buying and investing in bitcoin.

Most newbies knows what they’re doing when it comes to investing in bitcoin for a long term purpose:

Knowing a discretionary income and knowing where to buy bitcoin from that should be more important when it comes to buying and accumulating bitcoin.

[JayJuanGee]

Are you proclaiming that something needs to be learned before getting started buying bitcoin, and if so then what needs to be learned before getting started?

I'm not saying what have not been discussed within the forum, so i was only supporting the motion that newbies needs to learn one or two things on how go about his Bitcoin investments and how it actually works too, so this is the reason why i made such statement, that newbie learning Bitcoin is not a bad idea because any newbie that has not acquired the basic knowledge on how to go about with his Bitcoin portfolio can end up losing money on the process, all in the name of practicing what he doesn't have idea on, so on the second thought, i don't extremely mean that newbies should learn everything before they could investing, know, i don't meant it that way because Bitcoin is keeps upgrading on a daily basis, so as a newbie you don't have to wait to learn everything before investing.

You responded to me, yet at the same time, you still did not say what you believe newbies need to learn.
How to go about bitcoin investments?  What is that?  

How bitcoin works?  what is that?  
and basic knowledge?  what is that?  

Why does the bitcoin newbie have to learn these vague things that you listed before he starts?  Why can't the bitcoin newbie start and learn as he goes?  
Are you presuming a newbie bitcoiner to not know anything?  

What if he knows that he has discretionary income?  Shouldn't that be enough to get started?
Why can't the bitcoin newbie just choose his position size?  What if he knows that he has $100 per week that he could use to buy bitcoin, yet since he is a bitcoin newbie, he purposefully chooses to ONLY invest $30 per week while he learns. What is wrong with that?

In the situation that have been mentioned I don’t think anything is wrong if a newbie, would have to invest $30 out from $100, considering the newbies expenses, and how much discretionary income that I think that the newbies would have to come up with because we would never know anyone wants to have to control with his bitcoin investments.

You seem to be fighting with the hypothetical.  I provided an example in which a bitcoin newbie has already done the calculations and concluded that he clearly has $100 per week (every week) that would clearly be within his discretionary income that he could use to buy bitcoin, and he purposefully chooses to start buying bitcoin with $30 per week.  He purposefully chooses to buy an amount of bitcoin ($30 per week) that is much lesser than the $100 per week that he knows that he has available.

I think bitcoin investments is quite important for us to have a discretionary income, because discretionary income is very important, and when we have a discretionary income we still need a certain basic knowledge for us to buy and investing in long terms as a bitcoin investors, we would definitely keep learning as time goes on as we keep buying and investing in bitcoin.

Ongoingly I have been claiming that basic knowledge is different from common sense, and the only basic knowledge that a person needs in order to get started buying bitcoin is an ability to figure out that he has discretionary funds, and in my example, I described a bitcoin newbie who had done the calculations and figured out that he has $100 per week that he can use to buy bitcoin, yet his common sense (good judgement) helped him to choose to ONLY invest $30 per week while he is learning and getting more comfortable about bitcoin.

Surely I have not identified any areas that the bitcoin newbie needs to learn, yet it is quite likely that a lot of people need to learn, yet it is up to them to figure out what they need to learn, and starting out slow makes sense, and surely many of us know that there are likely a lot of things that can be learned about bitcoin and about cashflow management, so practicing in the buying of bitcoin on a weekly basis can also help in the learning process both in terms of how to actually buy bitcoin and potentially other matters related to holding bitcoin and/or transacting in bitcoin, and also practice can help a newbie to see how the removal of $30 per week of funds from his discretionary amounts (to put into bitcoin) affects him psychologically and/or financially.

Most newbies knows what they’re doing when it comes to investing in bitcoin for a long term purpose:

I am not presuming that newbies know anything about the differences between long term and short term (investing and trading) and/or that they even know the difference between bitcoin and shitcoins, yet if they start to buy bitcoin, they likely would be incentivized to learn about bitcoin and perhaps even to figure out that there is a meaningful and significant difference between bitcoin and shitcoins and also that bitcoin is an investment and not a trade, yet surely it could take some time for the newbie to figure out these matters, and the newbie might even make some mistakes along the way, and hopefully if the person has common sense, he will not be lured into gambling, trading and/or fucking around with shitcoins, yet surely there will be some newbies who make BIGGER mistakes than others, and hopefully they will figure out how to stay focused on bitcoin, even if they also might be tempted into wanting to trade and/or fuck around with shitcoins.

Knowing a discretionary income and knowing where to buy bitcoin from that should be more important when it comes to buying and accumulating bitcoin.

The options of where to buy bitcoin are likely going to vary from location to location, and personally I have never been a fan of high fees, yet there could be some areas in which the options to buy bitcoin might be limited.  We cannot necessarily presume that some folks might not get frustrated by whatever bitcoin buying sources that they perceive themselves to have available and even get frustrated by trying to figure out what bitcoin buying sources might be available to them.

Of course, I am not personally on the ground in Nigeria, and I had heard that there in past years there had been all kinds of drama around Binance in Nigeria, even though surely some folks had wanted to use Binance, even though there could be some solutions that are available in some locations, but not available in other locations, and frequently cities have more options than rural areas, and sometimes buying and selling directly can be good, yet there can be difficulties with those kinds of matters, too.

[I_Anime]

Are you presuming a newbie bitcoiner to not know anything? 

Literally, some don't know anything. Ignorance is no excuse when mistakes happen, It's does not undo coin lost.

Why we say learn the basics, Basics:
Buying with exchanges
Where to hold, either on exchanges or non custodial wallets - wallet protection.
How to make transaction, withdraw and deposit.
And understand about Bitcoin volatility.

All of these can be learnt in one day, mastered along the process.

Firstly I will use my experience as an example, then during my newbie era I was familiarized with some basic knowledge pretty fast . Then I was only using exchanges to trade yes by when the price low and sell high that kind of trading I was losing big time cause I was lacking the right skill and knowledge.

So when I came to this forum I saw many talking about bitcoin as a long term investment , so due to the fact that I was already familiar with some basic knowledge it didn’t took me much time to grasp . I started accumulating bitcoin using dca cause I knew how the exchange works to an extent . But still I knew there where much to learn so as time goes on i began to learn how bitcoin investment works not just to be familiar with it but also to build my confidence in it too.

[Decimetre]

Are you presuming a newbie bitcoiner to not know anything? 

Literally, some don't know anything. Ignorance is no excuse when mistakes happen, It's does not undo coin lost.

Why we say learn the basics, Basics:
Buying with exchanges
Where to hold, either on exchanges or non custodial wallets - wallet protection.
How to make transaction, withdraw and deposit.
And understand about Bitcoin volatility.

All of these can be learnt in one day, mastered along the process.

Firstly I will use my experience as an example, then during my newbie era I was familiarized with some basic knowledge pretty fast . Then I was only using exchanges to trade yes by when the price low and sell high that kind of trading I was losing big time cause I was lacking the right skill and knowledge.

So when I came to this forum I saw many talking about bitcoin as a long term investment , so due to the fact that I was already familiar with some basic knowledge it didn’t took me much time to grasp . I started accumulating bitcoin using dca cause I knew how the exchange works to an extent . But still I knew there where much to learn so as time goes on i began to learn how bitcoin investment works not just to be familiar with it but also to build my confidence in it too.

Bitcoin investment is something that is not supposed to be very confusing to newbies who mean to come into bitcoin with long time holding. This is because, no matter how ignorant a person is, he understands the meaning of "Buy with the money you won't need anytime soon" and he also understands the meaning of "don't sell your investment for at least 4 to 10 years". So what more does such person need to learn when he has his secured wallet already? Time wastage among the beginners set in the moment they decide to understand the bitcoin price movement, to analyse if actually the price won't go down further after investing their money or to consider how fast their profit is coming. This is not supposed to be the worry of a beginner, what a beginner should be more focused on is owning more bitcoin quantities and not the price of bitcoin because the longer they focus on the chart, the longer it'll take them to start investing and they may end up not inviting at the end.

[abaeze]

Surely I have not identified any areas that the bitcoin newbie needs to learn, yet it is quite likely that a lot of people need to learn, yet it is up to them to figure out what they need to learn, and starting out slow makes sense, and surely many of us know that there are likely a lot of things that can be learned about bitcoin and about cashflow management, so practicing in the buying of bitcoin on a weekly basis can also help in the learning process both in terms of how to actually buy bitcoin and potentially other matters related to holding bitcoin and/or transacting in bitcoin, and also practice can help a newbie to see how the removal of $30 per week of funds from his discretionary amounts (to put into bitcoin) affects him psychologically and/or financially.

That's right, I agree with you. Buying, storing, and transferring Bitcoins little by little is much more effective than just reading books or watching videos, it provides real practical learning, which is not possible to achieve by just reading books or just taking advice from someone. And in this, new users can learn from their own mistakes and the financial risk of those mistakes is also limited.

Also, another important point is that it is not realistic for a new Bitcoin user to try to learn everything at the beginning. Rather, the most important thing is to learn slowly and gain experience through practice. Because Bitcoin is not just an asset but also a new type of financial system. So while using it, naturally, an idea about wallets, private keys, security, backups, on-chain transactions, fees, UTXOs, and even personal cashflow management is gradually formed, and I think it is the responsibility of every Bitcoin HOLDER and user to know these things.

[BluebloodCXVI]

Literally, some don't know anything. Ignorance is no excuse when mistakes happen, It's does not undo coin lost.

Why we say learn the basics, Basics:
Buying with exchanges
Where to hold, either on exchanges or non custodial wallets - wallet protection.
How to make transaction, withdraw and deposit.
And understand about Bitcoin volatility.

All of these can be learnt in one day, mastered along the process.

I don’t think that learning all this things that  you mentioned in your write up will automatically prevent a newbie from making costly mistakes with their coins.

A newbie can know how to buy and withdraw bitcoin, or even how to send a transaction but still lose their coins by falling for phishing sites, sending coins to the wrong network, failing to verify a recipient address or even exposing their seed phrase and these are the kind of mistakes that usually cost people losing the coins especially newbies.

You can’t learn everything about bitcoin in one day so it should not be treated as such because bitcoin is constantly evolving with new adaptations and people usually build good security habits over time.

Don’t worry yourself with trying to know everything before you start but focus on understanding well enough to allow you to begin investing safely.
Use small amounts to invest and keep improving your knowledge as you gain more experience.

[JayJuanGee]

Surely I have not identified any areas that the bitcoin newbie needs to learn, yet it is quite likely that a lot of people need to learn, yet it is up to them to figure out what they need to learn, and starting out slow makes sense, and surely many of us know that there are likely a lot of things that can be learned about bitcoin and about cashflow management, so practicing in the buying of bitcoin on a weekly basis can also help in the learning process both in terms of how to actually buy bitcoin and potentially other matters related to holding bitcoin and/or transacting in bitcoin, and also practice can help a newbie to see how the removal of $30 per week of funds from his discretionary amounts (to put into bitcoin) affects him psychologically and/or financially.

That's right, I agree with you. Buying, storing, and transferring Bitcoins little by little is much more effective than just reading books or watching videos, it provides real practical learning, which is not possible to achieve by just reading books or just taking advice from someone. And in this, new users can learn from their own mistakes and the financial risk of those mistakes is also limited.

Of course, a person who clearly knows that he has $100 per week of discretionary income is in a better position to get started right away as compared with a person who is way more unclear about his cashflow situation and even when he goes to try to figure out whether or not he has discretionary funds, then he is not certain, and sure even the uncertain guy might want to get started as soon as possible to clarify and figure out his cashflow/discretionary funds, and even that guy might not want to start buying bitcoin if he really continues to be uncomfortable about the amount of discretionary funds that he has available to him on a weekly/monthly basis.

Another thing that so many folks seem to focusing so much on some specific need to know more about bitcoin, even though the more important question tends to be the extent to which they have discretionary funds available and even if they have discretionary funds available on a regular basis and even that many times, normal people are going to be advantaged in getting themselves more organized in understanding their cashflows, even though many times guys here (including myself) tend to suggest that they can get started buying bitcoin and figuring out more specifics about their cashflows, including making sure to have back up funds (a cash cushion) as they are building up their bitcoin stash size.... .. which still tends to bring guys into feeling like they need to know more about bitcoin before they can even start, and so it is difficult to continue to suggest that guys can learn about bitcoin as they stack it since that kind of a recommendation does not seem intuitively logical to them, even though wrapping action with studying tends to be a preferable way to go since many times we are both willing and even able to learn better when we are attempting to actively interact with the topic rather than thinking about the topic in abstract ways that are not including the action component.

Also, another important point is that it is not realistic for a new Bitcoin user to try to learn everything at the beginning.

That is true.. and a lot of people seem to get caught up upon points of wanting to study first.. and they even advocate for studying first.. so they are reluctant to really adopt the idea of starting small, adjusting their beginning position down so that they can learn and buy at the same time.. and learning and buying at the same time seems to be something that folks are reluctant to accept as a good way to get started.. which tends to be good for both becoming more comfortable with bitcoin and also with becoming inspired to strengthen cashflow management practices/systems... so that the back up funds and the bitcoin holdings are growing at a similar rate even if each of them might start out seeming to grow quite slowly, yet at the same time after 6-12 months or even more and more passage of time, there are tendencies to start to feel quite amazed and empowered by having had gone through an ongoing and persistent building process, even though the weekly (or whatever the time period) amounts might have had seemed to have had been relatively small.

Rather, the most important thing is to learn slowly and gain experience through practice. Because Bitcoin is not just an asset but also a new type of financial system. So while using it, naturally, an idea about wallets, private keys, security, backups, on-chain transactions, fees, UTXOs, and even personal cashflow management is gradually formed, and I think it is the responsibility of every Bitcoin HOLDER and user to know these things.

It can take a long time to learn several of the areas, and even guys who have been in bitcoin for a while tend to have needs to continue to look into certain areas, so even we might consider how we might prioritize learning some of the basic areas, such as personal cashflow management, and then if we choose to learn one or two of the bitcoin areas at a time, then it may well be likely when we learn one area then we end up having to add one or two other areas that we might feel that we need to add to our list of things that we need to learn down the road.

Literally, some don't know anything. Ignorance is no excuse when mistakes happen, It's does not undo coin lost.
Why we say learn the basics, Basics:
Buying with exchanges
Where to hold, either on exchanges or non custodial wallets - wallet protection.
How to make transaction, withdraw and deposit.
And understand about Bitcoin volatility.

All of these can be learnt in one day, mastered along the process.

I don’t think that learning all this things that  you mentioned in your write up will automatically prevent a newbie from making costly mistakes with their coins.

A newbie can know how to buy and withdraw bitcoin, or even how to send a transaction but still lose their coins by falling for phishing sites, sending coins to the wrong network, failing to verify a recipient address or even exposing their seed phrase and these are the kind of mistakes that usually cost people losing the coins especially newbies.

You can’t learn everything about bitcoin in one day so it should not be treated as such because bitcoin is constantly evolving with new adaptations and people usually build good security habits over time.

Don’t worry yourself with trying to know everything before you start but focus on understanding well enough to allow you to begin investing safely.
Use small amounts to invest and keep improving your knowledge as you gain more experience.

You have identified another sticking point @BluebloodCXVI.

There is no problem that if we are starting out investing with $100 that we might want to make sure that we are prepared for that $100 to go up to $1k, so that we might want to make sure that we are comfortable with our system protecting $1k even though we are merely starting out with $100... so then it is likely that we are learning and learning, and maybe it takes us several months to go up from $100 to $1k and so the higher and higher that our bitcoin grows in value then the more comfortable that we are going to want to feel in how we are securing that value... yet at the same time, we do not need to prepare for $100k in security when we only have $100 in value, and so it may well take us longer to get up to $100k and even higher amounts, so it is likely that we need to learn about how to secure (or feel comfortable securing) those higher amounts, yet we do not need to know those security of $100k value before we get started buying $100 worth of bitcoin.

There may well be guys who know that they have a budget and they make a tentative plan for how much bitcoin they are going to buy, so they might see that they have $100 per week that is going to be available so maybe they will be reaching around $2,600 invested into bitcoin after 6 months and $5,200 after a year, and sure the amount might go up or down, since they are not exactly locked into their tentative plan, but they have some guidelines for themselves.  Maybe that same person has  been earning $30k per year for the past 10-ish years and he had been investing into other things, and maybe he has $30k in other investments, and so he had been thinking that if he invests $100 per week into bitcoin and if he continues to study bitcoin, then maybe 3-6 months down the road, he might be willing to transfer $5k to $10k of his other investments into bitcoin, so he has some potential plans to transfer larger amounts into bitcoin, yet he also is not going to execute any plans to transfer any extra amounts into bitcoin, besides his already authorized $100 per week, until he becomes more and more comfortable with bitcoin and whatever security systems that he is setting up for himself in the event that he later decides to transfer more value into bitcoin.

Part of my point is that guys can both think in stages and also act to be buying bitcoin at the same time that they are thinking about various future scenarios and how those future scenarios might change as they go and change as their situation changes.

[BluebloodCXVI]

You have identified another sticking point @BluebloodCXVI.

There is no problem that if we are starting out investing with $100 that we might want to make sure that we are prepared for that $100 to go up to $1k, so that we might want to make sure that we are comfortable with our system protecting $1k even though we are merely starting out with $100... so then it is likely that we are learning and learning, and maybe it takes us several months to go up from $100 to $1k and so the higher and higher that our bitcoin grows in value then the more comfortable that we are going to want to feel in how we are securing that value... yet at the same time, we do not need to prepare for $100k in security when we only have $100 in value, and so it may well take us longer to get up to $100k and even higher amounts, so it is likely that we need to learn about how to secure (or feel comfortable securing) those higher amounts, yet we do not need to know those security of $100k value before we get started buying $100 worth of bitcoin.

There may well be guys who know that they have a budget and they make a tentative plan for how much bitcoin they are going to buy, so they might see that they have $100 per week that is going to be available so maybe they will be reaching around $2,600 invested into bitcoin after 6 months and $5,200 after a year, and sure the amount might go up or down, since they are not exactly locked into their tentative plan, but they have some guidelines for themselves.  Maybe that same person has  been earning $30k per year for the past 10-ish years and he had been investing into other things, and maybe he has $30k in other investments, and so he had been thinking that if he invests $100 per week into bitcoin and if he continues to study bitcoin, then maybe 3-6 months down the road, he might be willing to transfer $5k to $10k of his other investments into bitcoin, so he has some potential plans to transfer larger amounts into bitcoin, yet he also is not going to execute any plans to transfer any extra amounts into bitcoin, besides his already authorized $100 per week, until he becomes more and more comfortable with bitcoin and whatever security systems that he is setting up for himself in the event that he later decides to transfer more value into bitcoin.

Part of my point is that guys can both think in stages and also act to be buying bitcoin at the same time that they are thinking about various future scenarios and how those future scenarios might change as they go and change as their situation changes.

Surely it is a good thing to know about security practices early, but folks should not fail to recognize the difference between being prepared and overcomplicating the process of starting their investment journey.

A person that is holding $100 dollar worth of bitcoin might not necessarily need the same setup as someone who is holding $100k, especially if they are actively learning and trying to improve their security practices over time.

I feel like it’s best for folks to have a mindset of continuously upgrading their knowledge of bitcoin’s security and self custody practices as the value of what they hold(bitcoin) increases.

[POPOLUV]

You responded to me, yet at the same time, you still did not say what you believe newbies need to learn.

How to go about bitcoin investments?  What is that?  

How bitcoin works?  what is that?  

and basic knowledge?  what is that?  

Why does the bitcoin newbie have to learn these vague things that you listed before he starts?  Why can't the bitcoin newbie start and learn as he goes?  

Are you presuming a newbie bitcoiner to not know anything?  

What if he knows that he has discretionary income?  Shouldn't that be enough to get started?

Why can't the bitcoin newbie just choose his position size?  What if he knows that he has $100 per week that he could use to buy bitcoin, yet since he is a bitcoin newbie, he purposefully chooses to ONLY invest $30 per week while he learns. What is wrong with that?

I'm not kicking against how important and necessary for a newbie should always get started and not to wait once there is available discretionary income which regulate on how deep newbies or investors commit themselves in buying Bitcoin aggressively or gradually by gradually and at the same time learn more while he proceed with his investment journey, so what  i was really emphasizing on was that, a newbie should know or learn before get started, he needs to create a digital wallet exchange and get himself registered and this creation of digital wallet exchange stuff is something that every newbies should be very careful of because any mistakes can lead to lost of fund because i can remember on how deal with copying the wrong phrase of my wallet, when i was still coming up as a newbie, so I'm just suggesting that a should be careful with anything connected to wallets.

[PhilosopherKing]

You responded to me, yet at the same time, you still did not say what you believe newbies need to learn.

How to go about bitcoin investments?  What is that?  

How bitcoin works?  what is that?  

and basic knowledge?  what is that?  

Why does the bitcoin newbie have to learn these vague things that you listed before he starts?  Why can't the bitcoin newbie start and learn as he goes?  

Are you presuming a newbie bitcoiner to not know anything?  

What if he knows that he has discretionary income?  Shouldn't that be enough to get started?

Why can't the bitcoin newbie just choose his position size?  What if he knows that he has $100 per week that he could use to buy bitcoin, yet since he is a bitcoin newbie, he purposefully chooses to ONLY invest $30 per week while he learns. What is wrong with that?

I'm not kicking against how important and necessary for a newbie should always get started and not to wait once there is available discretionary income which regulate on how deep newbies or investors commit themselves in buying Bitcoin aggressively or gradually by gradually and at the same time learn more while he proceed with his investment journey, so what  i was really emphasizing on was that, a newbie should know or learn before get started, he needs to create a digital wallet exchange and get himself registered and this creation of digital wallet exchange stuff is something that every newbies should be very careful of because any mistakes can lead to lost of fund because i can remember on how deal with copying the wrong phrase of my wallet, when i was still coming up as a newbie, so I'm just suggesting that a should be careful with anything connected to wallets.

Person that is A No coiner should have not business delaying just because the person wants to be learning about which wallet they can use and which shouldn't. Wasting time to start learning about good wallet is so not productive because at that time person do yet have any bitcoin stash to protect.A no coiner goal is to start accumulating and keep on accumulating ongoingly using their discretionary income for a long time that is a above four to ten years  Beginners make mistakes in the beginning, so it is good for beginners to start small and be increasing it along the way

[JayJuanGee]

You responded to me, yet at the same time, you still did not say what you believe newbies need to learn.

How to go about bitcoin investments?  What is that?  

How bitcoin works?  what is that?  

and basic knowledge?  what is that?  

Why does the bitcoin newbie have to learn these vague things that you listed before he starts?  Why can't the bitcoin newbie start and learn as he goes?  

Are you presuming a newbie bitcoiner to not know anything?  

What if he knows that he has discretionary income?  Shouldn't that be enough to get started?

Why can't the bitcoin newbie just choose his position size?  What if he knows that he has $100 per week that he could use to buy bitcoin, yet since he is a bitcoin newbie, he purposefully chooses to ONLY invest $30 per week while he learns. What is wrong with that?

I'm not kicking against how important and necessary for a newbie should always get started and not to wait once there is available discretionary income which regulate on how deep newbies or investors commit themselves in buying Bitcoin aggressively or gradually by gradually and at the same time learn more while he proceed with his investment journey, so what  i was really emphasizing on was that, a newbie should know or learn before get started, he needs to create a digital wallet exchange and get himself registered and this creation of digital wallet exchange stuff is something that every newbies should be very careful of because any mistakes can lead to lost of fund because i can remember on how deal with copying the wrong phrase of my wallet, when i was still coming up as a newbie, so I'm just suggesting that a should be careful with anything connected to wallets.

So you don't want newbies to start before they learn some things, including learning about bitcoin wallets.

[Tonimez]

You responded to me, yet at the same time, you still did not say what you believe newbies need to learn.

How to go about bitcoin investments?  What is that?  

How bitcoin works?  what is that?  

and basic knowledge?  what is that?  

Why does the bitcoin newbie have to learn these vague things that you listed before he starts?  Why can't the bitcoin newbie start and learn as he goes?  

Are you presuming a newbie bitcoiner to not know anything?  

What if he knows that he has discretionary income?  Shouldn't that be enough to get started?

Why can't the bitcoin newbie just choose his position size?  What if he knows that he has $100 per week that he could use to buy bitcoin, yet since he is a bitcoin newbie, he purposefully chooses to ONLY invest $30 per week while he learns. What is wrong with that?

I'm not kicking against how important and necessary for a newbie should always get started and not to wait once there is available discretionary income which regulate on how deep newbies or investors commit themselves in buying Bitcoin aggressively or gradually by gradually and at the same time learn more while he proceed with his investment journey, so what  i was really emphasizing on was that, a newbie should know or learn before get started, he needs to create a digital wallet exchange and get himself registered and this creation of digital wallet exchange stuff is something that every newbies should be very careful of because any mistakes can lead to lost of fund because i can remember on how deal with copying the wrong phrase of my wallet, when i was still coming up as a newbie, so I'm just suggesting that a should be careful with anything connected to wallets.

A beginner do not have all the days to spending learning how to copy a seed phrase and should not waste his time further because the process of wallet creation is also seamless that at the stage of seed phrase, it is clearly stated and even after copying the seed phrase, a trial is given to confirm that you have rightly copied the correct seed phrase before you can proceed with the final creation.  So as a beginner you don't need all the years to be able to learn wallet security. Other security measures can be learned in the process.

The reason is that when a newbie has decided to start investing in bitcoin, if he has figured out his Discretionary income, it is better to go into buying the bitcoin immediately because if he keeps saving the discretionary income waiting until he has studied things that he can also invest and learn in the process, he may loose the discretionary income to unplanned expenses.

The most important thing a beginner needs is to figure out his Discretionary income and then invest immediately. The initial goal should be to breakout of the initial fear that comes with investing in digital currency which is very necessary to go from a no coiner to a bitcoin owner.

[Sticky Bomb]

You responded to me, yet at the same time, you still did not say what you believe newbies need to learn.

How to go about bitcoin investments?  What is that?  

How bitcoin works?  what is that?  

and basic knowledge?  what is that?  

Why does the bitcoin newbie have to learn these vague things that you listed before he starts?  Why can't the bitcoin newbie start and learn as he goes?  

Are you presuming a newbie bitcoiner to not know anything?  

What if he knows that he has discretionary income?  Shouldn't that be enough to get started?

Why can't the bitcoin newbie just choose his position size?  What if he knows that he has $100 per week that he could use to buy bitcoin, yet since he is a bitcoin newbie, he purposefully chooses to ONLY invest $30 per week while he learns. What is wrong with that?

I'm not kicking against how important and necessary for a newbie should always get started and not to wait once there is available discretionary income which regulate on how deep newbies or investors commit themselves in buying Bitcoin aggressively or gradually by gradually and at the same time learn more while he proceed with his investment journey, so what  i was really emphasizing on was that, a newbie should know or learn before get started, he needs to create a digital wallet exchange and get himself registered and this creation of digital wallet exchange stuff is something that every newbies should be very careful of because any mistakes can lead to lost of fund because i can remember on how deal with copying the wrong phrase of my wallet, when i was still coming up as a newbie, so I'm just suggesting that a should be careful with anything connected to wallets.

Person that is A No coiner should have not business delaying just because the person wants to be learning about which wallet they can use and which shouldn't. Wasting time to start learning about good wallet is so not productive because at that time person do yet have any bitcoin stash to protect.A no coiner goal is to start accumulating and keep on accumulating ongoingly using their discretionary income for a long time that is a above four to ten years  Beginners make mistakes in the beginning, so it is good for beginners to start small and be increasing it along the way

A newbie can start from a CEX and keep holding there while he/she remains committed to learning and updating their knowledge about bitcoin and proper storage with non'custodial wallets, including best choice of wallet and proper security of funds through storing seed phrases offline and securely and not trusting a third party with it. These might take a while to properly learn it and a newbie should not postpone their investment starting because they want to gain these knowledge, if they do, they would be delaying their investment unnecessarily and they may even use the first wallet they learn from social media which might most likely be Trust Wallet of which is closed source or even Ledger and may be a victim. they would also spend so much on fees if they withdraw weekly which might scare them a lot if the fees are high at the time they get into bitcoin.

It is best they take their time to properly learn about these things while they continue buying and holding/consolidating on an exchange, perhaps if they are buying $50 weekly, they can consolidate up to $500 for 10 weeks and withdraw their coins to self-custody wallets, 10 weeks might be a good timeframe to learn some wallet concepts properly while they didn't miss out on starting and maintaining their consistency because they were pursuing extra knowledge about bitcoin safe preservation.