Balancing Financial security and Bitcoin Accumulation

[abaeze]

As you are investing make sure you are also learning , understanding what are investing in will help build your confidence more . The reason many are still having doubt about Bitcoin is because they don't understand the technology behind it, the purpose it was invented the first place .

No, I’m not saying you should go into some complex tech aspect of bitcoin before investing. You can start with just the basics, then with time you will advance as you accumulate. Doing so you will be able to build a better confidence in bitcoin and it will make embarking folks (those interested in bitcoin) easier too .

Investing is a process, so far someone is doing it the right way, the person would definitely learn new things on the long run, even if there's a mistake along the line you’ll learn from it an take correction. For instance those who stored their coins with coldcard would learn to store in a safer wallet by moving it to a wallet backed with passphrase.

What people need to start investing is discretionary funds, with common sense they can figured out other things and gain knowledge simultaneously while on the investment.

Agreed, but not all mistakes are corrected or can be safely learned from. In that case, a mistake can remain a lifelong cry. For example: A person has accumulated Bitcoin for 5 years but lost the coins due to incorrectly storing the seed phrase.Then there may be no opportunity to correct such a mistake. So I think it is important to have at least basic security knowledge before investing.

Start small by learning about the basics and security of Bitcoin then increase knowledge along with investing and the investment money shouldn't put daily needs, emergency funds or future essential expenses at risk. It is important for everyone to know these things. However, the more expensive the mistake, the more people will remember the lessons they learn from it for the rest of their lives.

[Brizi5000]

Agreed, but not all mistakes are corrected or can be safely learned from. In that case, a mistake can remain a lifelong cry. For example: A person has accumulated Bitcoin for 5 years but lost the coins due to incorrectly storing the seed phrase.Then there may be no opportunity to correct such a mistake. So I think it is important to have at least basic security knowledge before investing.

Start small by learning about the basics and security of Bitcoin then increase knowledge along with investing and the investment money shouldn't put daily needs, emergency funds or future essential expenses at risk. It is important for everyone to know these things. However, the more expensive the mistake, the more people will remember the lessons they learn from it for the rest of their lives.

Before investing, a beginner only needs a discretionary income, not Having basic security knowledge shouldn’t be a reason why they can’t start buying and investing In bitcoin. Basic security knowledge is good, but that is not what is required  to kickstart bitcoin investment . What is needed before investing in bitcoin is just a discretionary income and the moment newbies have a discretionary income then they can start investing in bitcoin. They don’t need to delay investing because of basic security knowledge, they can still learn about their bitcoin security even after they might have started investing in bitcoin as what matters most is if they have a discretionary income available to kickstart their investment journey. Basic security knowledge is not the requirement for startups, what is required is a discretionary income to use and start accumulating bitcoin and along the line they can learn every other thing and also through their experience while they are accumulating and investing In bitcoin.

[Gravitypull$]

. So I think it is important to have at least basic security knowledge before investing.

I don't think that it's important to have the basic security knowledge of bitcoin before you get started because the basic knowledge that you are saying might not be basic security knowledge to someone else and it might be a big deal to him which is why there is no need of that since, in the beginning of your bitcoin investment, you will be storing it in an exchange i.e your first purchased bitcoin since, you are DCAing.

All a brand new investor needs is his discretionary income and the exchange to buy his first bitcoin for him to get started with his bitcoin investment. He can learn everything he needs to know gradually, as he is building his bitcoin stash overtime. Let's not deprive ourselves from starting immediately, because delay is dangerous and bitcoin investment is a long-term which gives you enough time to learn and improve your knowledge overtime.

What really matters to leave the no coiner zone and become a low coiner.

[cocadalcan]

As you are investing make sure you are also learning , understanding what are investing in will help build your confidence more . The reason many are still having doubt about Bitcoin is because they don't understand the technology behind it, the purpose it was invented the first place .

No, I’m not saying you should go into some complex tech aspect of bitcoin before investing. You can start with just the basics, then with time you will advance as you accumulate. Doing so you will be able to build a better confidence in bitcoin and it will make embarking folks (those interested in bitcoin) easier too .

Investing is a process, so far someone is doing it the right way, the person would definitely learn new things on the long run, even if there's a mistake along the line you’ll learn from it an take correction. For instance those who stored their coins with coldcard would learn to store in a safer wallet by moving it to a wallet backed with passphrase.

What people need to start investing is discretionary funds, with common sense they can figured out other things and gain knowledge simultaneously while on the investment.

Agreed, but not all mistakes are corrected or can be safely learned from. In that case, a mistake can remain a lifelong cry. For example: A person has accumulated Bitcoin for 5 years but lost the coins due to incorrectly storing the seed phrase.Then there may be no opportunity to correct such a mistake. So I think it is important to have at least basic security knowledge before investing.

Start small by learning about the basics and security of Bitcoin then increase knowledge along with investing and the investment money shouldn't put daily needs, emergency funds or future essential expenses at risk. It is important for everyone to know these things. However, the more expensive the mistake, the more people will remember the lessons they learn from it for the rest of their lives.

If the device you are installing the wallet on remains intact for 5 years, you will not need the seed phrase. I have installed a non-custodial wallet on my phone and have written the seed phrase on paper in multiple places. I have not written down the security key anywhere, I just remember it. Every investor should pay attention to the security of their Bitcoin wallet because if the device on which it is stored is lost or damaged for any reason, you will have to restore that wallet.

I would tell a new investor to study about Bitcoin wallet security because after holding Bitcoin for a long time, if you lose your Bitcoin for any reason it will be an unexpected loss. In this age of information technology you can learn about everything you want to know online.

[I_Anime]

. So I think it is important to have at least basic security knowledge before investing.

I don't think that it's important to have the basic security knowledge of bitcoin before you get started because the basic knowledge that you are saying might not be basic security knowledge to someone else and it might be a big deal to him which is why there is no need of that since, in the beginning of your bitcoin investment, you will be storing it in an exchange i.e your first purchased bitcoin since, you are DCAing.

All a brand new investor needs is his discretionary income and the exchange to buy his first bitcoin for him to get started with his bitcoin investment. He can learn everything he needs to know gradually, as he is building his bitcoin stash overtime. Let's not deprive ourselves from starting immediately, because delay is dangerous and bitcoin investment is a long-term which gives you enough time to learn and improve your knowledge overtime.

What really matters to leave the no coiner zone and become a low coiner. Isola op

Many tends to mistake basic knowledge for something else , some folks even use it as a means to procrastinate. Basic knowledge about Bitcoin is literally knowing how to buy , where to buy , and how to store etc. I will always speak base on experience and reality . Yes some folks started their investment with the help of others without having to do much of the research themselves. I've helped many like that . While some stumble upon Bitcoin on their own and they had to make research thoroughly before investing .

I will just say this everyone are different . May be in your own journey you didn't have to do much when starting you had someone that was there to do it for you before you start learning as you further accumulate. While there others that stumble on it on their own , that's why I will always keep saying , as you go into bitcoin make sure you are familiar with the basic concept of bitcoin investment.

There are still some new folks in this forum that haven't started their bitcoin investment yet . Being here you have already have some edge more than those that are at there without any proper information. There are lots of valuable information here in this forum that won't take much time to go through it but will help one secure a smooth investment, thread like JayJuanGee 9 principle of investment. The goal is to stop procrastinating and start taken action in building a proper investment in bitcoin.

[Cgrexp]

Agreed, but not all mistakes are corrected or can be safely learned from. In that case, a mistake can remain a lifelong cry. For example: A person has accumulated Bitcoin for 5 years but lost the coins due to incorrectly storing the seed phrase.Then there may be no opportunity to correct such a mistake. So I think it is important to have at least basic security knowledge before investing.

Start small by learning about the basics and security of Bitcoin then increase knowledge along with investing and the investment money shouldn't put daily needs, emergency funds or future essential expenses at risk. It is important for everyone to know these things. However, the more expensive the mistake, the more people will remember the lessons they learn from it for the rest of their lives.

Before investing, a beginner only needs a discretionary income, not Having basic security knowledge shouldn’t be a reason why they can’t start buying and investing In bitcoin. Basic security knowledge is good, but that is not what is required  to kickstart bitcoin investment . What is needed before investing in bitcoin is just a discretionary income and the moment newbies have a discretionary income then they can start investing in bitcoin. They don’t need to delay investing because of basic security knowledge, they can still learn about their bitcoin security even after they might have started investing in bitcoin as what matters most is if they have a discretionary income available to kickstart their investment journey. Basic security knowledge is not the requirement for startups, what is required is a discretionary income to use and start accumulating bitcoin and along the line they can learn every other thing and also through their experience while they are accumulating and investing In bitcoin.

A new person does not need to learn everything about security to start investing. People usually learn as they start working and become more skilled over time. This also applies to Bitcoin. A new investor may not know the details of Bitcoin technology, private keys, seed phrases, or various types of security measures at the beginning. Not having complete knowledge of these matters should not delay starting investing indefinitely. Not having basic knowledge of security should not be an obstacle to starting investing. This does not mean ignoring security completely. A new investor does not need to know about all types of security measures at the beginning. But it is good to have an idea of ​​​​some of the necessary things to protect your assets. The important things to start investing in Bitcoin are financial preparation, realistic goals, and a learning mindset. It is not mandatory to know every aspect of security in advance. But it is also not right to avoid the responsibility of learning about the necessary security measures.

[Chinesebaby]

Investing is a process, so far someone is doing it the right way, the person would definitely learn new things on the long run, even if there's a mistake along the line you’ll learn from it an take correction. For instance those who stored their coins with coldcard would learn to store in a safer wallet by moving it to a wallet backed with passphrase.

What people need to start investing is discretionary funds, with common sense they can figured out other things and gain knowledge simultaneously while on the investment.

A mistake is one thing that you shouldn't give even the smallest chance when it comes to doing bitcoin investments. Because that smallest mistake you make can either results to you losing access to your coin forever or spend maybe high amount on fees unknowingly, simply because you are a complete newbie. However, despite the fact how knowledge about Bitcoin shouldn't be the primary factor that either encourage or discourage an individual from investing in it Bitcoin, knowing these two things is important, of which number one has to do with the Newbie knowing that bitcoin is a volatile asset, and he/she shouldn't be expecting to get rich quick from it. While another has to do with using a few percentage of your discretionary income.

[Charcol]

As you are investing make sure you are also learning , understanding what are investing in will help build your confidence more . The reason many are still having doubt about Bitcoin is because they don't understand the technology behind it, the purpose it was invented the first place .

No, I’m not saying you should go into some complex tech aspect of bitcoin before investing. You can start with just the basics, then with time you will advance as you accumulate. Doing so you will be able to build a better confidence in bitcoin and it will make embarking folks (those interested in bitcoin) easier too .

Investing is a process, so far someone is doing it the right way, the person would definitely learn new things on the long run, even if there's a mistake along the line you’ll learn from it an take correction. For instance those who stored their coins with coldcard would learn to store in a safer wallet by moving it to a wallet backed with passphrase.

What people need to start investing is discretionary funds, with common sense they can figured out other things and gain knowledge simultaneously while on the investment.

Agreed, but not all mistakes are corrected or can be safely learned from. In that case, a mistake can remain a lifelong cry. For example: A person has accumulated Bitcoin for 5 years but lost the coins due to incorrectly storing the seed phrase.Then there may be no opportunity to correct such a mistake. So I think it is important to have at least basic security knowledge before investing.

Start small by learning about the basics and security of Bitcoin then increase knowledge along with investing and the investment money shouldn't put daily needs, emergency funds or future essential expenses at risk. It is important for everyone to know these things. However, the more expensive the mistake, the more people will remember the lessons they learn from it for the rest of their lives.

It is not mandatory to have so-called basic knowledge before starting investing. Where you yourself do not know exactly how much basic knowledge you have. Buying Bitcoin in small amounts for the first time and storing a few years of savings in your wallet is not a one-time task. I am not saying that learning security issues is not important, rather I am saying that the so-called basic knowledge that people say can be a barrier to starting in most cases. Therefore, if someone has discretionary income, he can start without hesitation. In this, he gets the opportunity to learn based on real experience at the same time.