Buy Bitcoin and hold, end of story? Big mistake

[freedomgo]

I guess the most common reason why people decide to enter bitcoin investment is to get rich not overnight, but after years of buying and hodling bitcoin patiently. So there's no wrong with that, what makes it bad is when you invest without knowing the risks and on how to secure the safety of your bitcoin. But we all know, everything can be learned in time. We just need a little bit more efforts especially when we are still starting to invest, so we can be more knowledgeable and skillful at some point on how to fix things when bitcoin is being compromised.

[JiiBs]

I guess the most common reason why people decide to enter bitcoin investment is to get rich not overnight, but after years of buying and hodling bitcoin patiently. So there's no wrong with that, what makes it bad is when you invest without knowing the risks and on how to secure the safety of your bitcoin. But we all know, everything can be learned in time. We just need a little bit more efforts especially when we are still starting to invest, so we can be more knowledgeable and skillful at some point on how to fix things when bitcoin is being compromised.

Undoubtedly, this has been the driving force in recent times. Early investors didn’t see it this way or at least not the hight it has attained and are amazed still and with recent investors haven’t seen its potential, it’s fair game to try their most if they could benefit off it.
Institutional investors have even made it more prominent and are taking the frontlines of this investment for profit initiative which a lot of persons just have to buy into.

[topbitcoin]

I guess the most common reason why people decide to enter bitcoin investment is to get rich not overnight, but after years of buying and hodling bitcoin patiently. So there's no wrong with that, what makes it bad is when you invest without knowing the risks and on how to secure the safety of your bitcoin. But we all know, everything can be learned in time. We just need a little bit more efforts especially when we are still starting to invest, so we can be more knowledgeable and skillful at some point on how to fix things when bitcoin is being compromised.

I don't think so because some of us especially the fomo's and the beginners always associate this as a short-term gain and they start to panic when things don't go their way.
It is not uncommon for this to indicate that there is a hope that they can excel quickly even though many of them realize that the long term is always the goal of most investors but they must have experienced the thought of having a large and short profit.

Buy bitcoin, hodl until our goal is achieved is the most common way to explain briefly but of course conditions like this are not as easy as imagined so even though things like this are still considered a mistake for some others but I think I prefer simple things like this where I buy and continue to buy while I can and still hold my bitcoin without being touched by any party.

[stadus]

I guess the most common reason why people decide to enter bitcoin investment is to get rich not overnight, but after years of buying and hodling bitcoin patiently. So there's no wrong with that, what makes it bad is when you invest without knowing the risks and on how to secure the safety of your bitcoin. But we all know, everything can be learned in time. We just need a little bit more efforts especially when we are still starting to invest, so we can be more knowledgeable and skillful at some point on how to fix things when bitcoin is being compromised.

Whether you tend to buy bitcoin for investment or as a payment currency in the future, its important to know the basics before risking your funds. Bitcoin is only complex to those who never take the efforts to study, but if you have been learning for long in the forum, you will know that bitcoin is just easy and not hard to manage.

However, there are still people that still fall as having bitcoin as get rich quick. That is very impossible. Even in learning bitcoin, nothing happens in an instant. You need to devote a lot of your precious time, same thing to do if you invest and hold, it takes a lot of years of patience and understanding the market.

[Antona]

I guess the most common reason why people decide to enter bitcoin investment is to get rich not overnight, but after years of buying and hodling bitcoin patiently. So there's no wrong with that, what makes it bad is when you invest without knowing the risks and on how to secure the safety of your bitcoin. But we all know, everything can be learned in time. We just need a little bit more efforts especially when we are still starting to invest, so we can be more knowledgeable and skillful at some point on how to fix things when bitcoin is being compromised.

Undoubtedly, this has been the driving force in recent times. Early investors didn’t see it this way or at least not the hight it has attained and are amazed still and with recent investors haven’t seen its potential, it’s fair game to try their most if they could benefit off it.
Institutional investors have even made it more prominent and are taking the frontlines of this investment for profit initiative which a lot of persons just have to buy into.

Yeah it's mainstream now. The "benefit" is more accessible, but also more diluted. You're not betting on an idea, you're betting on a financial product. The potential is still there, but the explosive, life-changing gains for small investors? That window is arguably much narrower now.

[GeorgeJohn]

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,

Two things are involved to do such, in his new phone, he can download a fresh bitcoin and copy the new wallet address and paste to the column given to send a bitcoin from the old wallet, after paste the address and the amount, then he clicks OK and inputs his password it move success to the new wallet...

But a process whereby he doesn't have access to the old phone and he wants to move the bitcoin to another wallet, he has to import the wallet and seed phrase will be required to import the bitcoin...but a process whereby he lost his seed phrase, his bitcoin is gone forever.
 

[Fara Chan]

Yeah it's mainstream now. The "benefit" is more accessible, but also more diluted. You're not betting on an idea, you're betting on a financial product. The potential is still there, but the explosive, life-changing gains for small investors? That window is arguably much narrower now.

Why are the profit opportunities for small investors narrower?
If you think it's because Bitcoin's price is already too high, perhaps the answer is yes. But that's not the only challenge small investors can overcome as long as they have the time to implement a gradual buying method, which seems to accumulate Bitcoin while holding it for years to come. Investors without large capital can certainly implement a method that can perfectly balance the pressure, so using small capital isn't a problem for those still considered small, although those still considered small investors need more time if they want to change their lives for the better.

[Antona]

Yeah it's mainstream now. The "benefit" is more accessible, but also more diluted. You're not betting on an idea, you're betting on a financial product. The potential is still there, but the explosive, life-changing gains for small investors? That window is arguably much narrower now.

Why are the profit opportunities for small investors narrower?
If you think it's because Bitcoin's price is already too high, perhaps the answer is yes. But that's not the only challenge small investors can overcome as long as they have the time to implement a gradual buying method, which seems to accumulate Bitcoin while holding it for years to come. Investors without large capital can certainly implement a method that can perfectly balance the pressure, so using small capital isn't a problem for those still considered small, although those still considered small investors need more time if they want to change their lives for the better.

The opportunities are different now. Its less about speculation and more about saving a small investor wont get rich quick, but they can build a meaningful hedge against inflation and potentially a solid nest egg.

The barrier isn't the price, it's the psychological hurdle of accepting that slow, steady progress is still valid success

[Tinubu]

🤣 Really....just "Buy and hold" is against Bitcoin's reality...

Bitcoin is very volatile....as we all know... Bitcoin can lose almost half of its value and stay low for a very long time...
There was a time...some years back when Bitcoin was sold for $69k...if you had buy then,you would've probably had to wait till around 2024.. Maybe..to get your money back😂....and most people really don't have that patience....so they might sell at the wrong time (via panic)..

And what makes "buy and hold" a problem is.....the period whereby you're waiting patiently for the Bitcoin market to stabilize,your money would've been invested into a much more profitable use somewhere...asides that.....what if you have an emergency that urgently needs Cash..🙄

So I think "you shouldn't put all your eggs in one basket"☺️.....make plans ahead of time like (when to sell) if it doubles...and you can also take some of your profits when Bitcoin rises...and maybe buy back later...if you choose to

In essence...you need a plan with Bitcoin....not just hope ☺️

[Satofan44]

^ 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.

You could say that if there were other alternatives that provide guaranteed returns in less time. There is no such a thing. No fast or easy money stuff exists. Being lucky does not count. Therefore, all proper investments require time. I don't like to say patience in this context, because that implies a target goal. Bitcoin is the exit door, not a temporary vessel with which one comes back right from where they tried to escape from. Remember, Bitcoin is the end it is not the means!

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.

Most people invest in things that they know nothing about. Reading a few articles about a company like Tesla does not mean that you know something about it. This is the confusion that arises from the sad state of affairs from modernity. People are so addicted to consumption that they believe reading a little bit of content makes someone knowledgeable about something. Therefore since most people are already investing this way, this is not a reason that can be used against Bitcoin. Those that want to learn, will learn. Everyone else are lost cases, you can't force someone to get educated.

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.

Very few people in Bitcoin and even fewer in other shitcoins know anything about those concepts, so writing things like this is useless. Yes they should be done, and no most people are not going to do them. Does that mean that they can't hold Bitcoin before they familiarize themselves with those topics? No, that is incorrect.

[Plutomanian]

I guess the most common reason why people decide to enter bitcoin investment is to get rich not overnight, but after years of buying and hodling bitcoin patiently. So there's no wrong with that, what makes it bad is when you invest without knowing the risks and on how to secure the safety of your bitcoin. But we all know, everything can be learned in time. We just need a little bit more efforts especially when we are still starting to invest, so we can be more knowledgeable and skillful at some point on how to fix things when bitcoin is being compromised.

Bitcoin investment is not for everyone, you and I know this and we know the level of risks involved when we decides to choose the path of crypto. Those category of people that set their mind on Bitcoin, they bought Bitcoin at good price and now they're enjoying the gigantic rewards that comes with it. There's something we ought to know in this space, bitcoin will take us far to the top and we know the level of grinding that comes with it.

[summonerrk]

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.

There are many people I call "unqualified investors." But they're doing everything right. Because everyone knows Bitcoin will definitely break its ATH in the future. This has happened many times already. Coming from stock trading, I was surprised after the first two ATHs that Bitcoin had such a rebounding ability. And I was always afraid to invest heavily in it. But now it's clear that Bitcoin has only success and continued growth ahead, despite corrections. After all, Bitcoin is digital gold. And you can buy it either at a direct deposit or in a single payment. The only thing is, the investor doesn't spend it later, but rather saves it.

[hero_the_bossman]

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.

There are many people I call "unqualified investors." But they're doing everything right. Because everyone knows Bitcoin will definitely break its ATH in the future. This has happened many times already. Coming from stock trading, I was surprised after the first two ATHs that Bitcoin had such a rebounding ability. And I was always afraid to invest heavily in it. But now it's clear that Bitcoin has only success and continued growth ahead, despite corrections. After all, Bitcoin is digital gold. And you can buy it either at a direct deposit or in a single payment. The only thing is, the investor doesn't spend it later, but rather saves it.

A qualified investor in BTC is the man who understands why it's valuable, for it stands for, and why it's hitting ATH after ATH

[lizarder]

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 kind of approach is completely wrong and can also affect a person's consistency in seeing opportunities to start investing in Bitcoin. Let's say it's true that investing in Bitcoin can bring someone wealth in the next two or four years, but the question is how much capital is needed to be able to stay in that cycle before the ATH arrives. If you start investing with a small amount, it's impossible to achieve maximum profits in one period because even if the price of Bitcoin increases by a large percentage, the value of your assets won't be that significant.

Capital can be enough to determine investment steps with an understanding of how to quickly achieve wealth,, but it's bad if done by someone who doesn't understand Bitcoin. Investing requires knowledge, so even if people don't have a lot of capital, they always find a way to start slowly. This is the reason why in Bitcoin we often say that financial freedom is not just a matter of pursuing wealth without the support of large capital.

[Popkon6]

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.

The advice you gave him is certainly good advice, but he needs to do more research about Bitcoin. Since he has become involved in Bitcoin investment, he also needs to be attracted to gathering enough knowledge about it. Because he definitely needs to be explained how important the wallet key is, but I agree with your advice that it is best to write down the wallet key neatly in a notebook. However, if he does research about Bitcoin, then he will definitely be able to gather more knowledge and will not be sure how profitable it is to hold Bitcoin. As a result, people will be more attracted to the modernity of Bitcoin.

[purple_sparkles]

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.

The advice you gave him is certainly good advice, but he needs to do more research about Bitcoin. Since he has become involved in Bitcoin investment, he also needs to be attracted to gathering enough knowledge about it. Because he definitely needs to be explained how important the wallet key is, but I agree with your advice that it is best to write down the wallet key neatly in a notebook. However, if he does research about Bitcoin, then he will definitely be able to gather more knowledge and will not be sure how profitable it is to hold Bitcoin. As a result, people will be more attracted to the modernity of Bitcoin.

Before investing anywhere, it’s important to have at least a basic understanding of the topic, even if it’s something completely different from what existed before. Today we live in a time when we have access to an oгpoм amount of information, so it’s not difficult at all to study something like bitcoin and rely not only on what acquaintances say, but also on your own understanding and common sense. It’s important to surround yourself with very successful people, by listening to them, we can learn about new opportunities, and by communicating with them, we ourselves become more productive.

[john_egbert]

🤣 Really....just "Buy and hold" is against Bitcoin's reality...

Bitcoin is very volatile....as we all know... Bitcoin can lose almost half of its value and stay low for a very long time...
There was a time...some years back when Bitcoin was sold for $69k...if you had buy then,you would've probably had to wait till around 2024.. Maybe..to get your money back😂....and most people really don't have that patience....so they might sell at the wrong time (via panic)..

And what makes "buy and hold" a problem is.....the period whereby you're waiting patiently for the Bitcoin market to stabilize,your money would've been invested into a much more profitable use somewhere...asides that.....what if you have an emergency that urgently needs Cash..🙄

So I think "you shouldn't put all your eggs in one basket"☺️.....make plans ahead of time like (when to sell) if it doubles...and you can also take some of your profits when Bitcoin rises...and maybe buy back later...if you choose to

In essence...you need a plan with Bitcoin....not just hope ☺️

We need to put into BTC what we are okay to not use in case of emergencies, that fixes the issue by allowing us to not look at our stacks of sats in case of a disaster that may come.

We never know what awaits us or our closed ones.

[marywill9020]

Most people treat Bitcoin like a lottery ticket not a technology. If your only plan is buy and hold without understanding private keys wallets risks or market behavior you are gambling not investing. Bitcoin is not magic it’s math and code. If you skip the homework you lose it’s that simple. Patience alone does not protect you knowledge does.

[Antona]

Most people treat Bitcoin like a lottery ticket not a technology. If your only plan is buy and hold without understanding private keys wallets risks or market behavior you are gambling not investing. Bitcoin is not magic it’s math and code. If you skip the homework you lose it’s that simple. Patience alone does not protect you knowledge does.

You summed it up Bitcoin rewards those who do the work it's unforgiving if you don't. The math and code don't care about your hopes patience is important, but it's the layer on top of knowledge, not a replacement for it

[Pauldesaints]

What else has he done wrong aside the misplacement of his wallet seed phrase? Somebody has enough to take care of his family as well as investing for long time future like Bitcoin your criticizing him.now that he come across you as an expert in Bitcoin I haven't seen a experts advice you gave to him but only to come here to blast him.its very unfortunate.