Buy Bitcoin and hold, end of story? Big mistake

[goldkingcoiner]

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.

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.

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.


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.

Investing into ANYTHING without doing the proper research first is always a recipe for disaster.
I would never recommend that somebody invest into an amazing investment, even such as Bitcoin, without knowing how it works and why most people think the value will go up over the years.

But I would never make promises of riches withing x days/months/years. I am no fortuneteller and I do not pretend to be one.

[Achalugo BTC]

Investing into ANYTHING without doing the proper research first is always a recipe for disaster.
I would never recommend that somebody invest into an amazing investment, even such as Bitcoin, without knowing how it works and why most people think the value will go up over the years.

But I would never make promises of riches withing x days/months/years. I am no fortuneteller and I do not pretend to be one.

You have said it all, if some persons would be that patience to learn and know all what it takes for one to succeed in crypto, it will really prevent them and guide them to being doing or involving themselves into what will destroy their investment.
Which is why, people should never be in a hurry because there is always time to invest in crypto, no time is early and no time is late. So, instead of people to be in a hurry and wants to start investing in crypto, so that they can start having profit, which doesn't work like that and neglecting the protocols of crypto will make them to learn in a hard way.

[Vaculin]

Investing into ANYTHING without doing the proper research first is always a recipe for disaster.
I would never recommend that somebody invest into an amazing investment, even such as Bitcoin, without knowing how it works and why most people think the value will go up over the years.

But I would never make promises of riches withing x days/months/years. I am no fortuneteller and I do not pretend to be one.

You have said it all, if some persons would be that patience to learn and know all what it takes for one to succeed in crypto, it will really prevent them and guide them to being doing or involving themselves into what will destroy their investment.
Which is why, people should never be in a hurry because there is always time to invest in crypto, no time is early and no time is late. So, instead of people to be in a hurry and wants to start investing in crypto, so that they can start having profit, which doesn't work like that and neglecting the protocols of crypto will make them to learn in a hard way.

However, as long as there is money involved, newbies will always chose to hurriedly invest in bitcoin because they have been hearing successful bitcoin stories and they want to ride the future all time high, that's why they end up investing at loss because of lack of knowledge and experience in the market. But there are who also learn the process while they are investing, some works, while others have failed their first investment with bitcoin, but there are always second chances for those who are willing to learn how to navigate bitcoin and the crypto market.

[Omj1014]

First of all investing in Bitcoin is never a bad Idea no matter what your reason for investing is.

Secondly from your short story I think your neighbors friend has a shalow Idea of Bitcoin too, and your neighbor didn't invest much in Bitcoin.
Thats the reason there shortcomings.

[Onyeeze]

If someone told you that you'll become rich between one year after you have invested in Bitcoin, do not believe the person because bitcoin is not meant for you to be rich the purpose bitcoin was created is to be used as a general currency across every nation it is not for you to make money or to be rich, before people know about Bitcoin some experience bitcoiners they do Advice people that they should do take bitcoin investment as a side hustle not a real Hustle because of the risk that is involved for bitcoin investment, but today people are seen bitcoin as process to multiply their wealth, but it is not like that invest in Bitcoin at your covenant time if you really want to invest in Bitcoin I know that two things are involved for investing Bitcoin you can lose and you can profit

[wmaurik]

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.

Who are these Bitcoin experts you're referring to?
I think if it's all about attacking each other and blaming each other, why would anyone learn about Bitcoin, and why would anyone tell anyone about it? Because buying Bitcoin and investing it as a long-term investment for ourselves is a personal decision that has nothing to do with anyone else, including the person who taught us. So it seems strange to me that entering the wrong wallet password could lead to such a backlash and blame game that there's no longer any advice for a beginner.

[Antona]

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.

Who are these Bitcoin experts you're referring to?
I think if it's all about attacking each other and blaming each other, why would anyone learn about Bitcoin, and why would anyone tell anyone about it? Because buying Bitcoin and investing it as a long-term investment for ourselves is a personal decision that has nothing to do with anyone else, including the person who taught us. So it seems strange to me that entering the wrong wallet password could lead to such a backlash and blame game that there's no longer any advice for a beginner.

You're right it's a personal decision but the community's vibe matters. If the first contact a newbie has is people getting shredded for honest errors they'll just leave. Patient help is way better for adoption than keyboard warfare lol.

[@nn@_pen9]

Yes, it's important to fully learn about Bitcoin before buying it. By studying independently or asking a friend directly, we can compare the two pieces of information we've gathered to see if there are any similarities. If we find a match or accuracy in the information we've learned, then we can start buying Bitcoin. Don't buy something you don't understand the basics or have no knowledge of it's the same as knowing nothing about Bitcoin or this investment.

[qurbanshah02]

Yes, it's important to fully learn about Bitcoin before buying it. By studying independently or asking a friend directly, we can compare the two pieces of information we've gathered to see if there are any similarities. If we find a match or accuracy in the information we've learned, then we can start buying Bitcoin. Don't buy something you don't understand the basics or have no knowledge of it's the same as knowing nothing about Bitcoin or this investment.

Obviously, when we do not know anything about Bitcoin, then we cannot keep Bitcoin in it for a long time. If we invest in Bitcoin only because it is profitable, then looking at the situation now, he will say, I did not know all this about Bitcoin. Therefore, we must understand Bitcoin in every way and gain all kinds of knowledge about it so that we do not have to lose or worry at any point. Yes, even a little knowledge about Bitcoin will not be enough for the entire Bitcoin journey, so we have to learn and see something about it. It is better to know about Bitcoin first because there will be no worries later. If we invest and later find out that it is like this, we will sell Bitcoin out of fear. Bitcoin is quite good and big, so we have to learn about it from quite big people and make it easy.

[ruykeri]

Yes, it's important to fully learn about Bitcoin before buying it. By studying independently or asking a friend directly, we can compare the two pieces of information we've gathered to see if there are any similarities. If we find a match or accuracy in the information we've learned, then we can start buying Bitcoin. Don't buy something you don't understand the basics or have no knowledge of it's the same as knowing nothing about Bitcoin or this investment.

You should never invest or use anything without knowing about it. I knew about Bitcoin before coming to this forum, but I did not know so much information about how to keep it safe, how to increase the security of Bitcoin, and which would be the right way to invest. But later I started investing after learning all this. If someone loses their Bitcoin wallet due to security reasons or it goes under someone else's control after investing in Bitcoin, then I would say that this is due to their own lack of knowledge and negligence.