Buy Bitcoin and hold, end of story? Big mistake

[Findingnemo]

~
If you don't understand BTC, you wouldn't be able to hodl it properly, people would sell it off due to panic or a bit of red on their portfolio.

That's why they are not real bitcoiners.

Not necessarily, one should invest an amount that they are ready to lose and have experience with other investments can just hold the bitcoin they bought atleast for years and they just need to use the price chart to see why they will less likely to loss money when they hold bitcoin. But just because of holding they become real bitcoiners when they even lack the basic concept of decentralization?

[AGogi2003]

If you have no other reason to invest in Bitcoin than getting rich I suggest you don't, because there are many things that comes along with holding Bitcoin, it is not as easy as you are been told.

What other reason will someone have, if not to be rich? The majority of us are investing in Bitcoin for the reason of being rich(same as you). Don't think that a newbie who doesn't have basic knowledge of Bitcoin shouldn't dream of being rich with Bitcoin someday. They should dream of that in the future, as they get to know about Bitcoin as time goes on. That lies on us to teach them about that because most of the mistakes made by newbies you hear of, mainly are from the wrong mentality and no much explanation was given to them to know about Bitcoin investment and they should deal with it for a successful investment journey

Everyone is investing in bitcoin because they should be profitable even do you are not that rich with it but you will be balance. Bitcoin is among the best investment that you can be doing without too much of risk involves. Many people that hear about bitcoin and what he turn many people into have make them to have loved for bitcoin and they won't like to lose by opportunity they get to invest and misused it. The way people get profit in bitcoin when people have not get much knowledge about bitcoin can he pump such way in the future.

 I get the believe that if bitcoin didn't pump well he will always increase gradually and you will be profitable. Is just for you to be patient enough to wait for your rewards. Complaining when you have invested in Bitcoin will always make you well your coin at a wrong time because you won't be comfortable with the investment anymore and anytime the price decrease you will be scared and sell the coin quickly so that you won't lose your capital.

[jaberwock]

This is very common for average investors, just buy and hold, without taking some time to do extra research on how to make their investment safe and secured 24/7. They just do what's basic, that's it. And when some lapses arise, some problems occur, they start to panic when all the solutions are very simple.

There is a very big difference if you invest clueless compared to those who invest with sufficient knowledge. They make their own initiatives and discover things on their own, without asking help from others.

To be fair, the information they need is "buy bitcoin and store it safely and do not sell for many years", not sure if they need more. OP talks about seed phrase recovery and such, like that is somehow part of the strategy, of course store it safely, but that doesn't mean we have to mention this, of course you have to do it, it's so evident.

If someone buys bitcoin, no matter when, even at peak all time high price, and then keep it for 20 years, you think they won't profit? I bet they will profit more than anything else in the world could profit, and that is why it's a smart move, and do not require that much research. If they fail, and sell early, then they are at mistake, if they forget their seed or wallet, that's their mistake, if they just do what they suppose to, they will guaranteed to profit.

[Justbillywitt]

If not that your neighbour needed to give his old phone to his daughter, I think he has done well for himself by holding the bitcoin for that long without losing it. And I am sure that he will be in profit since you said he bought the bitcoin many years ago. If I were you would have advised him to give his daughter the new phone that he bought and keep his old phone that has his bitcoin wallet.

I don't have a problem with people buying bitcoin with little or no knowledge about it. They can learn everything they need to know along the line. Just like your neighbour who just learnt few things from you. Imagine if he waited to learn everything before buying bitcoin probably by now he wouldn't have been a holder.

[Yorubek]

I think everyone is buying Bitcoin so it's foolish to buy Bitcoin on impulse, it is very important to gain good knowledge about Bitcoin before investing and then it is wise to manage the investment. There are many people who invest based on someone's words without knowing about Bitcoin and understanding it, which is not right at all, all the money can be lost in an instant due to a little mistake. By gaining knowledge about Bitcoin and managing investments, the risk of losing money can be reduced many times and by consistently managing investments with a long-term plan, inflation can be avoided in the future and profits can be expected in the long term.

[bitzizzix]

~
If you don't understand BTC, you wouldn't be able to hodl it properly, people would sell it off due to panic or a bit of red on their portfolio.

That's why they are not real bitcoiners.

Not necessarily, one should invest an amount that they are ready to lose and have experience with other investments can just hold the bitcoin they bought atleast for years and they just need to use the price chart to see why they will less likely to loss money when they hold bitcoin. But just because of holding they become real bitcoiners when they even lack the basic concept of decentralization?

You're right, you don't need to understand or learn everything. Bitcoin is a very simple investment, and the most important thing is knowing how to invest properly, which I believe applies to almost any form of investment. And the only thing you need to know about Bitcoin is that it's a very promising long-term investment. You just need to buy it, know how to buy it, and hold it, which I think is enough. Keep buying periodically, or when you have money you can afford to lose. It's very simple, and long-term goals will also help you if you want to learn more and understand more about Bitcoin and the other things you can gain over time. And there's an even easier way, and if you can afford it, you can buy in bulk when the price is low and forget about it for a few years, only to return when you know the Bitcoin price is very high and provide very large profits.

[m2017]

"Buy Bitcoin and hold, end of story? Big mistake" - No, that's not the end of the story. Can continue like this: own it and use it. And also, manage to profit from a timely sale.

A teacher who is my neighbour came to me today to ask how he can move his Bitcoin wallet to a new phone because he wanted to give the old phone to his daughter that's going back to college in few days, he didn't even know how to import his recovery seed from a wallet to another, I started asking questions and he said he bought Bitcoin because a friend told him to.

Friend's advice is generally good. But if he's a friend, he should have told a little about the features of bitcoin. Of course, if he knows at least the basics of bitcoin himself.

No research was done and it's been a year now, he followed his friend advice and make a full stop on that, just deposited the Bitcoin and went back to his normal life, now he can't even find where he wrote down his recovery seed, did I wrote it down? He is asking me.

It can be difficult for ordinary people to master bitcoin, but can't blame them for that. Nor can blame them for laziness, since most of them aren't eager to learn new, useful things.

I had to help him extract the recovery seed from the old wallet and lectured him about the importance of recovery seed, he said my friend never told me all this.

I don't blame his friend but him who refuse to do extra research on his own.

What's the point of blaming them? Because such people won't change, even after losing access to their wallet due to a lost seed phrase or a lost \ broken phone. Therefore, for mass adoption, bitcoin should be simpler, more understandable, and more accessible to ordinary people, but this would contradict BTC's principles. I see only one solution: the current generation will change and be replaced by younger people who are more flexible and adapt to new technologies more quickly. Therefore, mass adoption will require a generational shift.

People invest in what they don't know, they are told to invest in Bitcoin and that's what they did, but they have no reason why they did than....

1. Someone told me that I will become rich in a year or two if i buy Bitcoin.
2. My family friends are also buying so I feel like I should join them.
3. I know a familiar face who got rich with Bitcoin.

Did you invest in bitcoin with lofty intentions? Almost everyone sees financial gain in this asset, initially. Only later, with a growing interest in this financial instrument, does a passion for the technology emerge.

But I agree that ordinary people are indifferent to the technical aspects of bitcoin, and only an emerging problem (for example, sanctions and cross-border payments that bitcoin  allows one to circumvent) might force them to become interested.

This is all they know about Bitcoin, they hold to get rich, people blindly invest in what they don't understand, this needs to stop, and when something happens they brand Bitcoin as scam.

So how do you plan to put an end to this? Limit bitcoin purchases to only the "chosen few", the "truly" dedicated geeks? This market will sort things out on its own.

Bitcoin is already being called a scam and a criminal enterprise. So what? Whatever they call it, you and I know it's all a lie.

If you have no other reason to invest in Bitcoin than getting rich I suggest you don't, because there are many things that comes along with holding Bitcoin, it is not as easy as you are been told.

"Getting rich" is probably the most important reason for most people (and companies) to invest in bitcoin. There's nothing you can do about it.

Reserches need to be done, about your private keys and type of wallets you should use, also other ways to avoid losing your Bitcoin, the risk of holding are in numbers.

Words spoken correctly. But most ordinary people won't "hear" them. Unfortunately.

[Fullcoinese]

If you have no other reason to invest in Bitcoin than getting rich I suggest you don't, because there are many things that comes along with holding Bitcoin, it is not as easy as you are been told.

There are certainly many beginners who experience problems like that. They are only interested in investing because of advice from friends. Without conducting their own research and lacking knowledge, they recklessly put their money into Bitcoin and hope to make a big profit in a few years. 
But unfortunately, they are unaware of the risks if they lose their device or access to their wallet before they manage to sell the Bitcoin they have held for several years.

[SFR10]

I had to help him extract the recovery seed from the old wallet and lectured him about the importance of recovery seed, he said my friend never told me all this.

I don't blame his friend but him who refuse to do extra research on his own.

You have a point, but I also blame his friend... If someone persuades a friend who's somewhat of a tech-illiterate person to invest in bitcoin without teaching them the important parts, they should also be blamed for unintentionally portraying the wrong picture here ^{[e.g., a tech-illiterate person would not seek more information until someone gives them a reason to]}.
^{- Unfortunately, bitcoin has been attracting the wrong type of attention from newcomers (especially in the past few years), and I hope it stops before something bad happens to these types of users.}

[Luzin]

You have a point, but I also blame his friend... If someone persuades a friend who's somewhat of a tech-illiterate person to invest in bitcoin without teaching them the important parts, they should also be blamed for unintentionally portraying the wrong picture here ^{[e.g., a tech-illiterate person would not seek}

There are very complex and numerous things related to Bitcoin. I think those who are starting should be brave enough to ask questions and try. For example, joining a forum like this is certainly a good thing. It means that newcomers should be active in learning to ask questions, of course from reliable sources. From a moral responsibility standpoint, those who invite others should continuously provide guidance and direction to prevent problems that could ultimately lead to losses. This situation will only harm how they build friendships.

[Baki202]

I think everyone is buying Bitcoin so it's foolish to buy Bitcoin on impulse, it is very important to gain good knowledge about Bitcoin before investing and then it is wise to manage the investment. There are many people who invest based on someone's words without knowing about Bitcoin and understanding it, which is not right at all, all the money can be lost in an instant due to a little mistake. By gaining knowledge about Bitcoin and managing investments, the risk of losing money can be reduced many times and by consistently managing investments with a long-term plan, inflation can be avoided in the future and profits can be expected in the long term.

I agree with you. I don't see a reason why anyone should be forced when it comes to buying, because they have eyes and they have ears, and they see what is happening in the market, so they need to be more serious if they really want to invest, instead of just making choices. When it comes to choices like these, you don't create them for people, and it will be in the best position for them to decide if that is what they actually want. And people don't know how to make advantage of opportunities, and that is why they are losing opportunities like this when they are meant to be investing in Bitcoin.

When it comes to investing, knowledge is quite simple because there are many videos available that may assist with whatever information one may require. They can't claim that they don't have enough information because of all of these factors. We know that investing can be challenging at times, but having everything in the appropriate channel shouldn't be an issue. We also understand the reasons behind people's reluctance to invest. They are afraid of losing money, therefore all they want to do is keep an eye on their bank account.

[nemesis_incarnate]

You have a point, but I also blame his friend... If someone persuades a friend who's somewhat of a tech-illiterate person to invest in bitcoin without teaching them the important parts, they should also be blamed for unintentionally portraying the wrong picture here ^{[e.g., a tech-illiterate person would not seek}

There are very complex and numerous things related to Bitcoin. I think those who are starting should be brave enough to ask questions and try. For example, joining a forum like this is certainly a good thing. It means that newcomers should be active in learning to ask questions, of course from reliable sources. From a moral responsibility standpoint, those who invite others should continuously provide guidance and direction to prevent problems that could ultimately lead to losses. This situation will only harm how they build friendships.

Most newbie-related questions would be already answered for them if they search hard enough or ask any AI model to search the forum for answers

[Pandorak]

First of all, i can't understand how he could not understand basic knowledge such as seed phrases.

Let's assume that the person who told him did not teach him anything other than telling him to buy, but shouldn't he have been at least a little curious about the asset he wanted to invest in? At the very least, he should have known the history of the asset so that he could have confidence in the asset he was holding.

There are many similar cases, where people invest in Bitcoin not because of personal desire, but because they are affected by FOMO, perhaps because a friend told them about the profits or potential for huge profits that can be made in the future. The problem is, when you don't have any knowledge, you often end up confused and panicked, especially if you are a newcomer. When you see the price drop, you may rush to cut your losses, which will cause unnecessary losses.

[Fuso.hp]

We often see many interested people who want to invest in Bitcoin, but at the beginning they do not have enough idea about investment. So I always advise all these people that you should not be in such a hurry and learn about investment first and also know how to store your money safely after investing. Now if I do not warn him about these things but just see his enthusiasm and invite him to invest in Bitcoin and if I ask him to start investing, then later it will be seen that he is getting excited due to some pumping dumping in the market and later he is not able to hold the investment. Another problem of new investors is selecting coins and selecting the right wallet. The important thing before investing is to ensure a safe wallet. In this case, the best choice for investors may be hardware wallets. If the investor can invest in Bitcoin in a safe place as well as store Bitcoin in a new situation, then he will definitely be able to move forward with his investment and make his investment long-term.

[fuguebtc]

First of all, i can't understand how he could not understand basic knowledge such as seed phrases.

Let's assume that the person who told him did not teach him anything other than telling him to buy, but shouldn't he have been at least a little curious about the asset he wanted to invest in? At the very least, he should have known the history of the asset so that he could have confidence in the asset he was holding.

There are many similar cases, where people invest in Bitcoin not because of personal desire, but because they are affected by FOMO, perhaps because a friend told them about the profits or potential for huge profits that can be made in the future. The problem is, when you don't have any knowledge, you often end up confused and panicked, especially if you are a newcomer. When you see the price drop, you may rush to cut your losses, which will cause unnecessary losses.

Many people don't care because the only thing they care about is the value of fiat money. They don't care how many bitcoins they own, what they care about is whether the value of fiat money goes up or down. So it is no surprise that they never take the time to learn about the term seed phrase, non-custodial wallet.

Also, people who invest on the advice of others or due to FOMO, they think that bitcoin is like a bank account or online gold investment. So they think just 1 centralized platform, deposit and convert to bitcoin and that's it, no need to complicate the matter. It can be said that this is the common situation of investors today. Many people don't even know what bitcoin is and what its purpose is.

[BlackBoss_]

Many people don't care because the only thing they care about is the value of fiat money. They don't care how many bitcoins they own, what they care about is whether the value of fiat money goes up or down. So it is no surprise that they never take the time to learn about the term seed phrase, non-custodial wallet.

Also, people who invest on the advice of others or due to FOMO, they think that bitcoin is like a bank account or online gold investment. So they think just 1 centralized platform, deposit and convert to bitcoin and that's it, no need to complicate the matter. It can be said that this is the common situation of investors today. Many people don't even know what bitcoin is and what its purpose is.

Investment should not be by FOMO and people only can hold their bitcoins if they made good starts without FOMO effects. Buying is buying but how people purchased bitcoins are very differently.

People who learned about Bitcoin, bought bitcoin with good financial, investment capital and also risk management actually had good starts that make them more easily to hold bitcoins a long time. The other people who have such things not good, but too bad, will have higher risk of bad financial status, weak mentality and very unstable emotion so that they mostly likely can not hold their bitcoins in a long time for profit.

[woez]

Investment should not be by FOMO and people only can hold their bitcoins if they made good starts without FOMO effects. Buying is buying but how people purchased bitcoins are very differently.

People who learned about Bitcoin, bought bitcoin with good financial, investment capital and also risk management actually had good starts that make them more easily to hold bitcoins a long time. The other people who have such things not good, but too bad, will have higher risk of bad financial status, weak mentality and very unstable emotion so that they mostly likely can not hold their bitcoins in a long time for profit.

I agree, and we should avoid this. Investing should be approached with careful consideration. While the OP's title above sounds appealing, "Buy Bitcoin and hold, done?" That's a big mistake, and I don't think it's worth it. The key here is the intention to buy. After buying, determine your investment direction. If your financial situation is good, then enter. The important thing is to relax and not rush, otherwise you'll be affected by emotions caused by market fluctuations.

Investing in Bitcoin doesn't require much technical expertise, and we aren't miners who need specialized tools and equipment with high-spec computers capable of supporting it. Over time, we'll figure it out on our own through self-study. Importantly, if you want to buy, ask someone who already knows how to store your assets safely and access them anytime. If you want something simple for beginners, you can buy on a trusted exchange. Once you understand that, use a specific method to store them in a dedicated location/wallet.

[wakier]

If a friend told him to buy Bitcoin, why would he choose to come to you to transfer his Bitcoin wallet and not to his friend directly?
Even though it's been going on for the past year, shouldn't he still have his contact and contact his friend? If this was indeed his friend's order, I think his friend was also wrong because he told him to invest in Bitcoin without providing a more detailed understanding of how to store it safely for the long term and how to store the phrase key because this is the most important chapter in Bitcoin investment, not just buying and storing it for the long term. I think he was also too careless because he invested without doing further research and too much faith that storing Bitcoin and ignoring it could make them suddenly rich if one day he remembered he had bought Bitcoin 

I think this is why Bitcoin is called spam by some individuals who may have experienced losses or not done research in investing in Bitcoin, even though investors before they became rich they also studied the history of Bitcoin regularly. Sometimes it is experiencing a bearish season, sometimes it is a bullish season, so we must be able to analyze well and must be supported by market conditions so as not to buy at the highest price.

[Publictalk792]

Investment should not be by FOMO and people only can hold their bitcoins if they made good starts without FOMO effects. Buying is buying but how people purchased bitcoins are very differently.

People who learned about Bitcoin, bought bitcoin with good financial, investment capital and also risk management actually had good starts that make them more easily to hold bitcoins a long time. The other people who have such things not good, but too bad, will have higher risk of bad financial status, weak mentality and very unstable emotion so that they mostly likely can not hold their bitcoins in a long time for profit.

Your point is totally right. Ability of investor to hold Bitcoin in long term is completely dependent on good start without being affected by FOMO that makes people buy high and lose money that they cannot lose and then sell in panic when market drops. Successful people are ones who get taught about Bitcoin and invest their money that they do not need at moment, and take their risk in right way, which will give them with mental strength to hold their Bitcoin during big price changes, but those who fail to establish solid base will have extremely unstable emotions and will most likely sell their Bitcoin at wrong moment out of fear.

[Zanab247]

If not that your neighbour needed to give his old phone to his daughter, I think he has done well for himself by holding the bitcoin for that long without losing it. And I am sure that he will be in profit since you said he bought the bitcoin many years ago. If I were you would have advised him to give his daughter the new phone that he bought and keep his old phone that has his bitcoin wallet.

I guess the man have experienced a lot of profits from BTC hodling because is not easy for someone to just decide to give his phone out to his daughter, now that phone are very expensive in the market. Maybe the man have other sources of income, because that is the easiest way to hodl BTC for long years without thinking of selling them in a bear run, and it will create more opportunities that will cause him to earn plenty of profit from BTC.

I don't think that is a good advise to someone to give out his phone that contain BTC to another person, because the BTC will not be safe in that person hand even though she is your daughter.