Things you need to know before investing in Bitcoin

[rachael9385]

There are lots of things one should know before venturing into bitcoin. The most important thing you have as a cryptor investor is Patience especially when you are focused on Bitcoin, lack of patience can result in losses. There are people that sell their tokens when that market is going through a dip because they don't have enough patience to wait for that price to go back up and even make profit. Another thing you should work on before Investing in Bitcoin is to have a source of income seperate from what you make , this is going to serve as a backup, don't put all your eggs in one basket

[Gost ms]

We always like to call Bitcoin Bitcoin. We never like to call Bitcoin Cryptocurrency. Because there are many fraudulent currencies in the market if we call it Cryptocurrency then Bitcoin will be compared with all those fraudulent currencies. So it will never be right for us to call Bitcoin Cryptocurrency.

You do not need much to invest. If you have a discretionary income, basic knowledge about Bitcoin and faith in Bitcoin then you can start investing. If you do too much research before starting investing then you can miss out on many buying opportunities. So first you need to start investing. Along with investing a person can learn everything

[ASloveapg]

Bitcoin enthusiasts think in different ways and are confused about what is right and what is wrong. If you are in this situation, then first you should know about Satoshi Nakamoto's cryptocurrency. Why and for what reason the journey of cryptocurrency started. No matter which sector you invest in, there will be risks, to be risk-free, you should first know and understand Bitcoin well. You should do more research about Bitcoin. Because Bitcoin is known as the best currency of the present time. And Bitcoin is also in high demand. There are Bitcoin investors in all countries of the world. So before investing in Bitcoin, you should keep your mind and eyes and ears open. Because there are many possibilities of hacking in Bitcoin and the cycle is endless. People think more about how they can steal your money. You should always be careful. When investing in Bitcoin, you need three things.
1/ Money
2/ Patience
3/ Caution (Being Active)
You cannot invest without money. So whatever you do, try to keep some money aside for investment.

If you invest without patience, you can lose your money. Suppose you have invested for 4 years. But after a year, your patience waned, and you sold your investment in hesitation, due to which you will fail in your investment. However, if you can invest patiently, you may be successful. Try to invest as long as possible, it will be more profitable if possible.

Caution, whatever you do, first of all, caution is needed, such as using a helmet while riding a bike for caution. To make life risk-free. Or wearing a seatbelt before driving a car is also a precaution, so that the risk of death in an accident is low. So you have to be careful in any work. The same is true in investing.

Do more research about Bitcoin, I hope it will be profitable for you.

Your comments in terms of caution and motivation are right for new investors. When someone invests in Bitcoin, they should first ask themselves why they are investing just because of the popularity of others or with hopes for the future. If they invest only because of the popularity of others and thinking about the profit, when the market falls, they will be mentally broken and face financial losses. But when they start investing with a goal in mind and hope for the future, they will remain steadfast in that goal and will not deviate from the investment in any market situation. Therefore, before starting to invest, they should also have an idea about their goals, market conditions and global policies. Investment is not an emotion. Therefore, a real investor should enter into investment based on logic and information.

[Christianatyohuna]

One thing about Bitcoin, Bitcoin is not own or controlled by any instruction or by government and is digital currency and Bitcoin exist only in electronic form and only 21 million Bitcoin will ever exist.

[WhoYouCantKill]

It is essential to note why the reason for creating Bitcoin investment and the risks involved, before investing in it. To successfully invest three things are required: money, patience and caution. Lack of patience, you might sell off too quick, without caution, you may fall victim to frauds or hacks. Long-term holding, detailed research and security awareness is sure to give you the best opportunity to succeed.

[Youngrebel]

1/ Money
2/ Patience
3/ Caution (Being Active)

This things go become slogan in dis local board oh, because every newbie want to come others how to invest in bitcoin or cryptocurrency. I don't know if dem no see how people dey discussed here on the board? There are Full Members, Sr. Members, Hero Members and finally Legendary Members yet newbies dey tell dem how to invest in bitcoin or cryptocurrency e no make sense. Newbies need to read others posts so dem go do well.
Those things wey the Op stated e no go far but na shallow ones. Technically first thing to know na even wallet because you know throw way ur money for ground. And which of the wallets u go use. And the security measures of the wallet, where I go buy bitcoin. Them dey many to know but let me stop here.

[Fiasem20]

1/ Money
2/ Patience
3/ Caution (Being Active)

To be honest, both knowledge and money are essential for investing in Bitcoin.Having extensive knowledge about Bitcoin is useless without the capital to invest,and having capital without basic knowledge can lead to being vulnerable to crypto hackers.Therefore,I believe both knowledge and capital are crucial for successful Bitcoin investment.
Patience plays a crucial role in Bitcoin investing.Without it, investors may suffer significant losses in the short term.The need for patience stems from Bitcoin's long-term appreciation trend, which can be hindered by impulsive decisions based on short-term market fluctuations.

[Marykeller]

First thing you actually need before investing in Bitcoin is knowledge, you can have the money and still end up doing the wrong thing which might cost you your capital...Take out some time to work on learning about that crypto market so that you would be able to identify things that are fraudulent so you don't fall for a Bitcoin scam...patience is key and without it you might not benefit much from it

I don't know why OP, forgot to mention "knowledge'' that serves as the basic thing one should know before investing in Bitcoin. Without knowledge, I don't think one could hodl their Bitcoin for long periods without making a mistake that could cost them a lot to lose their Bitcoin to scammers.

Actually, patience is the key to Bitcoin investment, but without basic knowledge of Bitcoin your hands and emotions can be burned up when the bearish market strikes the crypto market or scammers send unsolicited links, promising a huge return on investment if you can invest with them

[Pablo-wood]

I don't know why OP, forgot to mention "knowledge'' that serves as the basic thing one should know before investing in Bitcoin. Without knowledge, I don't think one could hodl their Bitcoin for long periods without making a mistake that could cost them a lot to lose their Bitcoin to scammers.

Actually, patience is the key to Bitcoin investment, but without basic knowledge of Bitcoin your hands and emotions can be burned up when the bearish market strikes the crypto market or scammers send unsolicited links, promising a huge return on investment if you can invest with them

Knowledge cannot be neglected although most people leverage on their successful mentors to make investment decisions, but in real sense when both gets combined the bigger picture as regards decision making gets even clearer. Patience and the right knowledge strikes a cool balance. When it comes to volatile assets like bitcoin one just have to make up their mind to have enough patience but for knowledge they can leverage on those that have succeeded. We can all attest to the fact bitcoin rewards well on a long term goal.

[Mate2237]

The basic foundation for bitcoin investment is to first build knowledge about the market and taking the time to study the market well enough before buying your first bitcoin, and as you proceeded make sure that you keep researching and studying various timing in bitcoin market volatility and put aside emergency funds that will make you less pressured when the market goes against your predictions, since at this point most people expect positive reactions from bitcoin since bitcoin already build a name for itself around over the years.

First and foremost capacity is what everyone needs who is coming into crypto and that is getting the basic idea and knowledge that is needed by anyone who has interests in crypto because that is what is going to sustain anyone in this crypto journey understanding what Bitcoin is is very important especially as it concerns the market and the factors that play direct or indirectly in shaping Bitcoin.



Money, patience and caution are good but you can't be investing in something that you have no or little idea about so the first thing that is needed by any investor in Bitcoin is knowledge

[GIF-JOBS]

I don't know why OP, forgot to mention "knowledge'' that serves as the basic thing one should know before investing in Bitcoin. Without knowledge, I don't think one could hodl their Bitcoin for long periods without making a mistake that could cost them a lot to lose their Bitcoin to scammers.

Actually, patience is the key to Bitcoin investment, but without basic knowledge of Bitcoin your hands and emotions can be burned up when the bearish market strikes the crypto market or scammers send unsolicited links, promising a huge return on investment if you can invest with them

Knowledge cannot be neglected although most people leverage on their successful mentors to make investment decisions, but in real sense when both gets combined the bigger picture as regards decision making gets even clearer. Patience and the right knowledge strikes a cool balance. When it comes to volatile assets like bitcoin one just have to make up their mind to have enough patience but for knowledge they can leverage on those that have succeeded. We can all attest to the fact bitcoin rewards well on a long term goal.

In fact, if you do not have proper knowledge about Bitcoin and do not have faith in Bitcoin, it is very difficult to hold Bitcoin in the long term, because if you cannot trust Bitcoin, then during the volatility you will easily decide to sell Bitcoin, because you will think that it will never recover. But when you have real knowledge about Bitcoin, then you will have faith that Bitcoin will recover again in the long term and continue to grow bigger, due to which you will decide to accumulate more instead of selling during the volatility. Accumulating and holding with patience is the most important thing in Bitcoin investment, and it is important to prepare your mentality properly for this.

[Dzwaafu11]

First thing you actually need before investing in Bitcoin is knowledge, you can have the money and still end up doing the wrong thing which might cost you your capital...Take out some time to work on learning about that crypto market so that you would be able to identify things that are fraudulent so you don't fall for a Bitcoin scam...patience is key and without it you might not benefit much from it

Yeah. Knowledge is the key to success, although newbies don’t really take the learning part very seriously at first. Before doing anything in the crypto space, they don’t know it’s the most important, especially the market part. It’s very important that they know, secondly, how to store the bitcoin safely in their wallet; then any other thing can follow, but people don’t really take those things seriously. Even when they know it’s the first thing to do, they just focus on the money, and it’s wrong.

[Odogwu-Blockchain]

Money, patience and caution are good but you can't be investing in something that you have no or little idea about so the first thing that is needed by any investor in Bitcoin is knowledge

This goes for everything worth investing in, so many peoples business had failed because they venture into a business that is trending when they have no knowledge how it works, the leakages and hole that needs to be caged should be known, the number of time for endurance should be known, the check and balance, advantages and disadvantages and many more.

Truly business that succeed needs a little capital where the capital generates more over time, a case where large sum of money is used to start a business usually collapse because investor wants to jump throught the process, like getting it overnight.

[Ojima-ojo]

Money, patience and caution are good but you can't be investing in something that you have no or little idea about so the first thing that is needed by any investor in Bitcoin is knowledge

This goes for everything worth investing in, so many peoples business had failed because they venture into a business that is trending when they have no knowledge how it works, the leakages and hole that needs to be caged should be known, the number of time for endurance should be known, the check and balance, advantages and disadvantages and many more.

Truly business that succeed needs a little capital where the capital generates more over time, a case where large sum of money is used to start a business usually collapse because investor wants to jump throught the process, like getting it overnight.

Knowledge is an essential tool to growing in business this is why we need knowledge even more than we need the capital to start up a business, most times what affects small business start ups is the fact that their fail to first of all learn the business before the jump starts into that business this effect their overall performance in that business.

[Gost ms]

There are lots of things one should know before venturing into bitcoin. The most important thing you have as a cryptor investor is Patience especially when you are focused on Bitcoin, lack of patience can result in losses. There are people that sell their tokens when that market is going through a dip because they don't have enough patience to wait for that price to go back up and even make profit. Another thing you should work on before Investing in Bitcoin is to have a source of income seperate from what you make , this is going to serve as a backup, don't put all your eggs in one basket

Basically we like to call Bitcoin Bitcoin and never like to call Bitcoin Crypto. Because by Crypto we mean all the currencies in the market. There are many types of currencies in the market that are associated with fraud. If we compare Bitcoin with all those fraudulent currencies, then it will not be right at all.

We need a discretionary income to invest. If we have a source of discretionary income, then we should start investing as much as possible. After investing, a person can learn everything they want. So along with investing, you can learn everything and gain many types of experience.

[Achalugo BTC]

First thing you actually need before investing in Bitcoin is knowledge, you can have the money and still end up doing the wrong thing which might cost you your capital...Take out some time to work on learning about that crypto market so that you would be able to identify things that are fraudulent so you don't fall for a Bitcoin scam...patience is key and without it you might not benefit much from it

True, if one has the knowledge and understanding of investing in Bitcoin will not find it hard to navigate or move through challenges and can't fall into the trap of scammers so easily. For knowledge is indeed power that makes things more easier, if only apply rightly.
They can also be able to make a well informed decisions or strategy that will improve the growth of their investment.

[Sticky Bomb]

1/ Money
2/ Patience
3/ Caution (Being Active)
You cannot invest without money. So whatever you do, try to keep some money aside for investment.

Money dey important but without knowledge you ko go fit get the kind results way you dey find. Na lack of sufficient information nai make people dey throway money for shitcoins and anything way get hype so for me, the order way I go take place them be say knowledge go come first, then money before patience, and caution.

Omo that shitcoins matter dey whine newbies wetin no good. Some of them fit dey reason say na every coin wey dem see wey dey new go pump like Bitcoin, but them no know say Bitcoin no actually pump, it grew across years to to reach where e dey today.

Knowledge still depends where you dey get am from, most people wey depend on social media dey go astray. Pump and dump schemes don do people shege come make them begin think say everything about crypto na scam. We way dey this forum get advantage say we meet the right information.

Bro I still agree with you because na who get knowledge dey invest money wisely.

[Ever-young]

It is essential to note why the reason for creating Bitcoin investment and the risks involved, before investing in it. To successfully invest three things are required: money, patience and caution. Lack of patience, you might sell off too quick, without caution, you may fall victim to frauds or hacks. Long-term holding, detailed research and security awareness is sure to give you the best opportunity to succeed.

Another thing about Bitcoin investment is that, most people who delve into it, fail to realise that Bitcoin investment is a long term game and it's mandatory for in editors to maintain a long term perspective about Bitcoin as this is the only way to effectively navigate through the complexities of investing in Bitcoin. Those who only focus on the short term profits of Bitcoin often end up missing out on potential benefits of hodling for the long term, due to making wrong decisions as a result of selling prematurely when the time isn't yet right.