Buy Bitcoin and hold, end of story? Big mistake

[henry_of_skalitz]

Look at the bright side, maybe after next few years when he remember with his coins, his investment would be worth much. Because some people can't be patient enough to hold their coins, they usually choose to sell even the price only increase for 20%.

There is nothing bright about that because personally I know someone who claimed he wants to just buy and let the bitcoin be without giving or prioritising it based on checking and other stuffs like increasing the size of the bitcoin total he has no clue of the keys to the Waller, but he definitely can track and see how much the wallet balance is left but can't use it, he tried to contract people on the dark web to brute force the wallet but no way, so in my opinion there is no bright side you could loss it in the process.

That's just sad, imo.. Not only he lost his keys, he got his money to somebody that would probably just keep them ;(

[maydna]

Many people forgot the important things related to their Bitcoin investment. They think that buying Bitcoin is enough. They must research more to find how to keep Bitcoin safe, and keeping it in the exchanges is not a good idea.

Getting suggestions from friends isn't enough. You also need to do more research. I wonder what you do to your friend, @OP? Can he move his funds?

[Mallampue]

That thinking is too constant and fast by assuming investing in bitcoin, then storing longer after that getting rich because of big profits let alone relying on others to do this without understanding the basics of what bitcoin is and how to use a non-custodial wallet properly especially in storing the seed phrase.

I know now many people want to invest in bitcoin without learning it first, what they do is buy on the exchange and leave their coins there and don't think about the risks of storing on the exchange most beginners like that.
Don't be surprised there are many cases like this where they have bitcoin but can't send it or secure their own bitcoin.

[Alone055]

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.

Why? There is nothing wrong with someone investing in Bitcoin or cryptocurrencies to become rich or make money; most people do it only for that these days. What do you think has made cryptocurrencies so popular? It wasn't because some of them have features like decentralization and privacy, but it's because they provide people with the possibility to make money through investments, and that's the biggest reason for the rising adoption around the world. If you do a survey and ask people around the globe about why they are into cryptocurrencies, more than 90% of people will say they are in them for monetary gains and nothing else.

So, the problem is not the thought process or mindset, but that people don't learn before they get involved. Even if you are getting into something for monetary gains, it's important for you to first understand everything about it, know the dos and don'ts of the industry you are getting into, and most specifically, learn how you can keep your assets safe if the investment involves assets that you need to take care of. That's why, people don't need to stop investing in Bitcoin because they only want to make money from it, but they should start focusing on the learning aspect as a first.

[fikrett]

Many people forgot the important things related to their Bitcoin investment. They think that buying Bitcoin is enough. They must research more to find how to keep Bitcoin safe, and keeping it in the exchanges is not a good idea.

Getting suggestions from friends isn't enough. You also need to do more research. I wonder what you do to your friend, @OP? Can he move his funds?

Valid points.

Research is needed in any way, even if the closest person to you says X, you should analyze what lies behind said X..

[Cgrexp]

It is good to have knowledge in the field of investment. However, there are many who delay the investment time while gaining additional knowledge or observation about investment or Bitcoin. As a result, they lose opportunities. While acquiring theoretical knowledge, they lag behind practical experience. Again, many enter the investment without having any basic knowledge and as a result, they panic and sell in the market fluctuations. There is a possibility of financial loss in panicking and selling at the wrong time. Therefore, it is better to start investing with basic concepts so that it is possible to continue investing safely and confidently while maintaining risk tolerance. And it is wise to start with a small amount and practice, increase experience and increase the amount step by step.

[livingfree]

Many people forgot the important things related to their Bitcoin investment. They think that buying Bitcoin is enough. They must research more to find how to keep Bitcoin safe, and keeping it in the exchanges is not a good idea.

Getting suggestions from friends isn't enough. You also need to do more research. I wonder what you do to your friend, @OP? Can he move his funds?

To be honest, buying bitcoin is already enough if they have a belief on it.

But that's true that it shouldn't end there and they will not know at least some couple of background about it.

We tell, to buy and hold and it should be added now that they also need to do their research ones they're now holding it.

Or much better to just say they have to DYOR before owning one and that's the common tip we also say to them.

[Fivestar4everMVP]

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.

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.

Well, I definitely discourage people from investing in bitcoin without proceeding to at least, get a basic knowledge of what bitcoin is all about and how to endure their investment in it is as secure as it should be.. It is usually not enough to simply buy bitcoin or any other crypto assets and forget it completely, as much as this is a really good idea when it comes to avoiding panic selling and all that stress and anxiety of watching your investment going down in its price, it's still dangerous in other areas as well.

Like for example, In 2017, I help one of my friend to invest in an altcoin, I taught him how to download a specific type of download, how to set up the wallet, the importance of the wallets seed phrase and how to write it down and securely store it and all.. He then invested In a altcoin he personally choosed himself after I educated him on both that alt and bitcoin, the altcoin was below $0.02 at the time.

Fast forward to 2023, this altcoin's price has risen significantly to above $5, by this time, I've relocated to another state, and according to how much of this altcoin we bought that time for below $200, he should have over $5000k by this time the token was now trading about $5 each..
I called him up to congratulate him on his new found wealth but he did not understand, I asked him if he hasn't sold the token his bought in 2017, he said no, that he didn't even remember I helped him buy some tokens in that year, I told him to go and sale that the price has risen significantly, he told him me he changed his phone, relocated and no longer have idea what wallet he stored the tokens and neither does he even know where to find the seed phrase.. This is how this dude lost over $5k till date..

[tottong]

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.

Besides your friend being ignorant in explaining the correct investment pattern, you probably don't understand how to invest in Bitcoin. Bitcoin won't make you rich in two years, especially if you only buy small amounts. When you look at the Bitcoin cycle, it doesn't happen in two years; you need to wait four years.
I don't want to highlight the storage of assets, as in your last paragraph. Instead, you need to consider the involvement of investing in Bitcoin using the correct method.

Bitcoin does provide financial freedom for anyone, but it's not as simple as you describe. It requires consistency in buying approach so that your investment can continue to grow and develop and if your understanding of investment is not very good, it will be very problematic when Bitcoin experiences a sharp decline, as is happening in the current period.

[Patikno]

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.

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.

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.

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.

Well, I think everyone has their own path to getting involved with Bitcoin, whether it is because someone told them to, or because they are attracted to the potential wealth that comes with holding Bitcoin, etc. I think everyone has their own story, and everyone has the right to use Bitcoin for their own purposes. However, ideally, everyone should understand what they are investing in, and when it comes to Bitcoin, they should at least learn the fundamentals, especially how to use the technology behind it, including how to securely back up their Bitcoin holdings, so they can avoid potential mistakes that could lead to regret. In essence, everyone must learn first before practicing, if they practice first before learning, then most of them will make mistakes, and I think that is not wise.

[Rabata]

Just buying Bitcoin and holding it for a long time does not do everything. If a person has accumulated his Bitcoin for a long time but is not able to monitor whether he is able to keep that Bitcoin in his own possession or not, then having that asset will be like having nothing. Before investing in Bitcoin, one should definitely have at least a basic idea. You should know how and where to deposit your assets to keep them safe. However, there is no need to delay holding. If you invest in Bitcoin with basic knowledge, you can later hold it and gain knowledge about various things related to Bitcoin. It is always better to keep your coins under your own control. If you store Bitcoin through any third party, there will be risks.

[NurseHub]

Look at the bright side, maybe after next few years when he remember with his coins, his investment would be worth much. Because some people can't be patient enough to hold their coins, they usually choose to sell even the price only increase for 20%.

There is nothing bright about that because personally I know someone who claimed he wants to just buy and let the bitcoin be without giving or prioritising it based on checking and other stuffs like increasing the size of the bitcoin total he has no clue of the keys to the Waller, but he definitely can track and see how much the wallet balance is left but can't use it, he tried to contract people on the dark web to brute force the wallet but no way, so in my opinion there is no bright side you could loss it in the process.

That's just sad, imo.. Not only he lost his keys, he got his money to somebody that would probably just keep them ;(

Exactly, in my opinion it's just best to know and take good care of your investment in bitcoin by regularly checking on your wallet or maybe have a glance on how well you kept the secret phrase, but however it's important that we note that we can buy and hold and just leave it at the buy phase without much of in and out of the portfolio ( I mean sell or buying more) especially for those who did the lump sum type of purchase hence they can just keep their secret phrase or probably update their bitcoin safety as much as updates are  moving up.

[Fiasem20]

If he had lost he's bitcoin then probably the individual who introduced him to bitcoin would be blamed for not giving more insight.Anyways ignorance is not an excuse,do you think buying and holding bitcoin doesn't require some basic knowledge about the safety of your coins.Many random persons that have zero interest about Bitcoin only think they can stop at only holding but it isn't true at all, there are further knowledge to acquire on how to keep your seed phrase and holdings safe from scammers online.Most mentors only educate novice on the financial aspect,so don't be reluctant or rely on your mentor to tell you every detail on how things are done here,do your own further findings.

[Anthony Bill]

How can someone saved coins in his wallet and he cannot move them from his old phone or laptop to new phone. Why can't him buy a new phone to her daughter and keep the phone that hold the coins at home, because it will not allow scammers to break into the wallet to steal the coins. Never you save your coins on phone you are moving from one place to another.

[Powerjumboo]

Look at the bright side, maybe after next few years when he remember with his coins, his investment would be worth much. Because some people can't be patient enough to hold their coins, they usually choose to sell even the price only increase for 20%.

That will only be considered to be a bright side if, after holding for those years, the person is able to access the bitcoin. Holding and living your life as if you don't owe anything is good, but the person should be able to know how to securely safeguard their wallet access key. With the kind of way the person described in the OP is acting, there is a high probability of him losing access to that wallet before ever being ready to sell and take profit.

Here, the person described in the OP actually invested in Bitcoin on the words of someone else, he may have heard a little about Bitcoin, he has not gained any experience, he has invested in Bitcoin directly without gaining experience. However, the person who bought him Bitcoin should have stored his wallet seed phrase in a good place. If he could have stored the wallet seed phrase in a good place, maybe the person described in the OP would not have been in this problem. In any case, the person described in the OP is at a lot of risk because he may have shown his wallet's Bitcoin to not one or two people, but many people, and the wallet seed phrase may even be stolen by people, so his investment is not really safe and he may lose access to the wallet.

[Natalim]

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.

[Kasabus]

As far as I know, we all invest here to earn money and make profits. That's why we can't blame others why they rush to invest even without prior knowledge about bitcoin. But hey, everything can be learned in time. Its just that some are procrastinating things and did not make any efforts on how to level up and increase their future profits. And some just settle on what's easier for them, and when they face crisis, that's when they start taking things seriously and start learning.

I was like that before, until things get clearer to me and seriously find every means just to keep improving as an investor.

[puloweh555]

Your friend's big mistake was recklessly investing in Bitcoin without learning about wallet security. This is like saving money in a bank without knowing the ATM password and losing their passbook. That's why it's crucial that when we teach someone to dive into investing especially Bitcoin we provide them with detailed and thorough information including wallet security.

Investing in Bitcoin carries no risk at all as long as our goal is long term. The risk arises when forgetting the seed phrase as it is the lifeblood of our assets. If we forget or lose access to our wallet our assets will also be lost.

In the case you raised both are wrong the person who taught us about Bitcoin investment failed to teach us the importance of wallet security, and your friend was also wrong because he accepted what was said without researching what preparations needed to be made before investing in Bitcoin to ensure the long term security of his assets. All of these cases serve as lessons for us all wallet security is a fundamental foundation that we must learn before investing.

[Findingnemo]

You no need to know about bitcoin principle, how to keep them in a wallet or importing, nodes or miners and everything. They can simply buy bitcoin from an exchange and just let it sit there until they decide to sell it just like stocks or other kind of centralized assets. I am not saying this is the right way but many people does this and claim themselves as bitcoiner.

Just saying,"Not your Keys, Not your cryptos".

[melinoe]

You no need to know about bitcoin principle, how to keep them in a wallet or importing, nodes or miners and everything. They can simply buy bitcoin from an exchange and just let it sit there until they decide to sell it just like stocks or other kind of centralized assets. I am not saying this is the right way but many people does this and claim themselves as bitcoiner.

Just saying,"Not your Keys, Not your cryptos".

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.