Buy Bitcoin and hold, end of story? Big mistake

[FortuneFollower]

^ It's not hard, but it's very very time-needy, imo.

If you can't wait for the results to be made - BTC is no choice for such a person.

[Y3shot]

It is very risky to invest in something that ypu know nothing about and a very big mistake after go into an investment and a research is not done ro know if the investment is a good one or not. 

One thing about investment even if you don't know what the the investment, you will still end up risking and losing your money . Understanding is the principal thing in every investment and when it is not their, it means the investment might end up being a failed one.

[Antona]

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.

You're right that you shouldn't delay, but I'd stress that the "basic knowledge" absolutely MUST include seed phrase security. Way too many stories of people buying, moving to a wallet, then losing the phrase or storing it digitally and getting hacked. Maybe the first step is just buying and leaving it on a major exchange while you spend a week binge-learning about cold storage and backup methods. Then make the move.

[purple_sparkles]

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.

You're right that you shouldn't delay, but I'd stress that the "basic knowledge" absolutely MUST include seed phrase security. Way too many stories of people buying, moving to a wallet, then losing the phrase or storing it digitally and getting hacked. Maybe the first step is just buying and leaving it on a major exchange while you spend a week binge-learning about cold storage and backup methods. Then make the move.

Bitcoin storage is a never-ending topic, just like any investment, there are always different risks involved. Exchanges are not that simple either, because the moment your bitcoins are not in your own custody, they no longer truly belong to you. There are countless stories of exchanges blocking users bitcoins under various pretexts. That’s why once we start building any kind of capital,  whether it’s bitcoin or something else, the question of how to store and grow it will always remain relevant.

[Z_MBFM]

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.

You're right that you shouldn't delay, but I'd stress that the "basic knowledge" absolutely MUST include seed phrase security. Way too many stories of people buying, moving to a wallet, then losing the phrase or storing it digitally and getting hacked. Maybe the first step is just buying and leaving it on a major exchange while you spend a week binge-learning about cold storage and backup methods. Then make the move.

There is a saying that it is much harder to protect freedom than to gain it. If you want to catch it, you can buy any amount of Bitcoin based on your financial situation, but it becomes very difficult for you to hold on to this amount of Bitcoin because you can sell it in any emergency situation or you can lose it due to your security weaknesses. So first of all, it should be ensured that how much he knows about wallet management and wallet security. And then he should start investing in Bitcoin and plan it for the long term. Only then can he hold on to Bitcoin.

[Floxynice]

I just learnt recently that people charge fees to teach people how to invest in bitcoin. It is not bad though, being a financial advisor is something people pay heavily for. However, my concern is on the greedy self acclaimed financial advisors who are only interested in their fees and not the welfare of the individual they are introducing Bitcoin to. Once you see anyone convincing you that bitcoin is a get-rich-quick scheme, you should know such a person does not mean well. He'll paint bitcoin to be without flaws without pointing out the risks factors influenced by volatility and activities of scammers on the internet. A true mentor, friend or advisor will  let you know what to expect as a newbie.

[Yamifoud]

I just learnt recently that people charge fees to teach people how to invest in bitcoin. It is not bad though, being a financial advisor is something people pay heavily for. However, my concern is on the greedy self acclaimed financial advisors who are only interested in their fees and not the welfare of the individual they are introducing Bitcoin to. Once you see anyone convincing you that bitcoin is a get-rich-quick scheme, you should know such a person does not mean well. He'll paint bitcoin to be without flaws without pointing out the risks factors influenced by volatility and activities of scammers on the internet. A true mentor, friend or advisor will  let you know what to expect as a newbie.

A true advisor will never just focus on the potential profits but definitely on the risks and losses as well, because you won't become a good investor if you are blind to it. However, its never new hearing that professional advisors charge fees whenever some newbies ask them to teach, I think its just valid, but teaching that only stick to the future profits without getting aware about the future losses, that alone is unreasonable. No good financial advisor will do that, he is only giving false hopes to the investor, not knowing anytime he will lose if he makes a single wrong move for bitcoin.

[Somto9Light]

It is very risky to invest in something that ypu know nothing about and a very big mistake after go into an investment and a research is not done ro know if the investment is a good one or not. 

One thing about investment even if you don't know what the the investment, you will still end up risking and losing your money . Understanding is the principal thing in every investment and when it is not their, it means the investment might end up being a failed one.

It is not right to invest in something that you know nothing about, sometimes it surprises me when I see people diving into something they don't know. you know when you invest in Something you know nothing about you're likely to loss all your money because there's no way you will do it perfectly like those that have the knowledge, which is why it's very important for one to know how Investment works before getting started because those who are making profit from that Investment does not start it with zero knowledge they also undergo the learning process.

[Floxynice]

I just learnt recently that people charge fees to teach people how to invest in bitcoin. It is not bad though, being a financial advisor is something people pay heavily for. However, my concern is on the greedy self acclaimed financial advisors who are only interested in their fees and not the welfare of the individual they are introducing Bitcoin to. Once you see anyone convincing you that bitcoin is a get-rich-quick scheme, you should know such a person does not mean well. He'll paint bitcoin to be without flaws without pointing out the risks factors influenced by volatility and activities of scammers on the internet. A true mentor, friend or advisor will  let you know what to expect as a newbie.

A true advisor will never just focus on the potential profits but definitely on the risks and losses as well, because you won't become a good investor if you are blind to it. However, its never new hearing that professional advisors charge fees whenever some newbies ask them to teach, I think its just valid, but teaching that only stick to the future profits without getting aware about the future losses, that alone is unreasonable. No good financial advisor will do that, he is only giving false hopes to the investor, not knowing anytime he will lose if he makes a single wrong move for bitcoin.

Yea, people are becoming more greedy this days that it is difficult to tell who is sincere or not. Everyone should be smart now whether it involves Bitcoin or not. When anyone brings any idea to them that will require them committing any amount of money, they should do personal findings beyond what they were told by the suppose mentor or advisors. There are quite alot of people in the streets misleading people for a fee. No one is ignorant of the fact that scammers exist, that is why they must not feel too relaxed. They must put in extra efforts to shield themselves from those who want to mislead them.

[henry_of_skalitz]

It is not right to invest in something that you know nothing about, sometimes it surprises me when I see people diving into something they don't know. you know when you invest in Something you know nothing about you're likely to loss all your money because there's no way you will do it perfectly like those that have the knowledge, which is why it's very important for one to know how Investment works before getting started because those who are making profit from that Investment does not start it with zero knowledge they also undergo the learning process.

They do it based on what they heard, be it BTC, or memes, or any other thing..

But without proper knowledge, they will fail, truly.

You can't fight the risks if you can't understand them.

[Alone055]

I just learnt recently that people charge fees to teach people how to invest in bitcoin. It is not bad though, being a financial advisor is something people pay heavily for. However, my concern is on the greedy self acclaimed financial advisors who are only interested in their fees and not the welfare of the individual they are introducing Bitcoin to. Once you see anyone convincing you that bitcoin is a get-rich-quick scheme, you should know such a person does not mean well. He'll paint bitcoin to be without flaws without pointing out the risks factors influenced by volatility and activities of scammers on the internet. A true mentor, friend or advisor will  let you know what to expect as a newbie.

Nowadays, online mentors and advisors are mostly like that, they are driven by greed and not passion to teach others what they know, and for this reason, it's not recommended for anyone to search for and hire advisors or mentors online, and this is not only about trading but anything in general. Genuine and actual mentors and advisors can be found offline, in the world around you, because when you meet someone in person, you can know if they actually are knowledgeable about what they teach or they are simply fooling people for money, and then you can decide whether to go for it or not.

Someone who makes posts about Bitcoin and its price, or talks about the future possibilies or cryptocurrencies in posted videos cannot be trusted to be knowledgeable, because some people are really good at reading scripts, and sounding like they are experts, but in reality, they are not, and that can only be guessed if that person is met face to face.

[Distinctin]

It is very risky to invest in something that ypu know nothing about and a very big mistake after go into an investment and a research is not done ro know if the investment is a good one or not. 

One thing about investment even if you don't know what the the investment, you will still end up risking and losing your money . Understanding is the principal thing in every investment and when it is not their, it means the investment might end up being a failed one.

Investment has certainly its risks, that's already given. So if you know more about the investment you have, you are more likely to lessen the risk and increase the chances to gain success in the long run. But if you are investing blindly, although you know how to increase your bitcoin portfolio but you don't know about the basics on how to secure your investment 24/7, still your investment has no guarantees to be highly successful in the end.

Its always safer to invest if you know your investment well, rather than relying to other people the safety of your investment.

[Baki202]

I just learnt recently that people charge fees to teach people how to invest in bitcoin. It is not bad though, being a financial advisor is something people pay heavily for. However, my concern is on the greedy self acclaimed financial advisors who are only interested in their fees and not the welfare of the individual they are introducing Bitcoin to. Once you see anyone convincing you that bitcoin is a get-rich-quick scheme, you should know such a person does not mean well. He'll paint bitcoin to be without flaws without pointing out the risks factors influenced by volatility and activities of scammers on the internet. A true mentor, friend or advisor will  let you know what to expect as a newbie.

And things like this did not start today and there people that will pay just for them to learn but if you should look at it the other way round they will give more value to it because they paid for it,  because if it for free they will not value it sometimes so people need to go extra for them to take it seriously. And investing in bitcoin it's even a easy there is no much stress compare to when it comes to trading since trading you have to do a lot of study and there is no way you won't study but when it comes to just  investment you don't have much stress is just for you to know when you are buying, that is the most important thing timing. And does that are collecting money to teach don't really care much about people that they are teaching because they are only looking for a way to make money and were you will see things like that is when it comes to trading that is when you see a lot of greedy people all around and we need to find a better way instead of encouraging people to meet with such people. And you can even learn on your own if you are a serious type.

[SOKO-DEKE]

If I were you, the advice I would give to the neighbor is to find the person who helped to purchase the Bitcoin, and the person who wanted to create a new wallet and move the Bitcoin to the new wallet. It will be from that person that, if they did not write the seed phrase down, we will know. It is possible that the person who helped the neighbor to buy the Bitcoin was able to write down the seed phrase and keep it for the neighbor, maybe because of the limited knowledge of your neighbor who knows? So, it is from the person who helped your neighbor to purchase Bitcoin that we are going to find the truth.

If I may say, even if they have lost the seed phrase and no longer have access to it again, I will not blame your neighbor too much. I would rather blame the person who helped the teach to buy  Bitcoin. Instead of the person helping your neighbor to buy Bitcoin, why couldn’t the person teach your neighbor about Bitcoin and allow your neighbor to buy the Bitcoin itself?

[batang_bitcoin]

Its always safer to invest if you know your investment well, rather than relying to other people the safety of your investment.

That's your money and that's why you need to know more and better than anybody. If you're not yet ready to invest and you only think that someone is there to save your investments, that's the mistake many investors think of. They're so dependent to other people that they'll make riches through them and with their knowledge which is a big mistake that they'd feel bad in the future. Do not invest without having to know it or if someone is testing it out, invest with little and to understand why it's important that it should be you have the decisions being followed by your investments.

[fredericktaylor]

It is very risky to invest in something that ypu know nothing about and a very big mistake after go into an investment and a research is not done ro know if the investment is a good one or not. 

One thing about investment even if you don't know what the the investment, you will still end up risking and losing your money . Understanding is the principal thing in every investment and when it is not their, it means the investment might end up being a failed one.

Without knowing or understanding Bitcoin, investing in the hope of making extra money increases the possibility of losing money. If an investor buy Bitcoin with a short-term plan just hoping for quick profit, the possibility of losing money increases manifold. We need to understand that Bitcoin long-term investment, and success cannot be achieved by investing in the short term. When we follow the right rules, consistently buy Bitcoin with a long-term plan, and hold on to it with confidence when the market conditions are bad, we can reach our destination. Before starting Bitcoin investment, it is very important for an investor to have basic knowledge about Bitcoin.

[tread93]

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.

This is the funniest thing I see on social media its those posts where people buy at the top like 126k and then they freak out when there is volatility lol. In this teachers case its kind of ironic that he is a teacher but didnt' think to educate himself on something as complex as bitcoin and at least get familiar with his wallet where he is keeping his money and most importantly keeping a safe copy of his seed. This is like pretty easy fundamental stuff here, but your description definitely makes sense. When people feel like they are missign out they hurry hurry hurry to get their money into the asset and not much thought is put into a good entry point, or good storage in this case and its too bad! An hour of research and an ounce of giving a fudge could have prevented this.

[CryptoYar]

[...]

Your point about people making buys when price is at its highest, such as $126,000, shows how fear of missing out causes them to lose their clear thinking and make poor buy. This is trap of rushing, which makes people ignore most important basic steps, including learning how to use digital wallet or write down their seed phrase, secret code that they will use to get back their money. Single hour of research would save thousands of dollars because it would show them that it is not safe to buy at all time high and that you can never see your secret keys again. It looks like clear case of person wanting to become rich without working hard and makes one wonder if social media is to be blamed for only showing winners and hiding news about people who lose it all.

[ndutndut]

It is very risky to invest in something that ypu know nothing about and a very big mistake after go into an investment and a research is not done ro know if the investment is a good one or not. 

One thing about investment even if you don't know what the the investment, you will still end up risking and losing your money . Understanding is the principal thing in every investment and when it is not their, it means the investment might end up being a failed one.

Investing in Bitcoin is very risky if you don't have adequate understanding, especially if you don't understand wallet security which can become a problem in the future. When learning about Bitcoin the most fundamental thing we need to understand is wallet security. Holding Bitcoin isn't actually that risky even if the price fluctuates significantly as long as you don't sell it when the price drops.

However what makes the risk even greater is wallet security. So before investing in Bitcoin, learn how to secure your wallet especially if you're investing in it for the long term. Likewise if you're investing in a family or close friend, the first thing you should teach them is how to secure their Bitcoin wallet for the long term. Many beginners overlook wallet security they only care about generating profits, even though wallet security is a key pillar of Bitcoin investment.

[red4slash]

Your point about people making buys when price is at its highest, such as $126,000, shows how fear of missing out causes them to lose their clear thinking and make poor buy. This is trap of rushing, which makes people ignore most important basic steps, including learning how to use digital wallet or write down their seed phrase, secret code that they will use to get back their money. Single hour of research would save thousands of dollars because it would show them that it is not safe to buy at all time high and that you can never see your secret keys again. It looks like clear case of person wanting to become rich without working hard and makes one wonder if social media is to be blamed for only showing winners and hiding news about people who lose it all.

For the hype and fomo crowd that may be true but there are many of us who bought at $120k or more with a different goal in mind where they started to be consistent in DCA or some other things like buying and storing without caring about the temporary price condition because they have a longer term goal in mind.

It's just that this condition is only a small part of the majority of people who are too fomo and they always end up saying they regret buying bitcoin or trying to sell even though the price is not very good because they sell at a loss.
Being in bitcoin is not only about how we have money but how we can manage emotions and how we believe that what we do is something that can really be relied on for the future even though it has risks.