Investment Become Gambling

[ZeroVinsonN]

~snip~

You don’t invest in a field you don’t know nothing about, that’s definitely one way to loose. Either you get used by the people whom are more inclined in the space or you make genuine beginner mistakes. That’s facts and it applies in all fields.

When they talk about doing some studies before investing in Bitcoin or cryptocurrency, it doesn’t necessarily mean you should go pro on it before being invested in it, no. You just need to under the very basics of it.

Lack of understanding is how you find people, beginners, novice in the space seeking out other persons to invest in Bitcoin for them and they get taken advantage of. This is something they can do by themselves but; their lack of “know how” makes them vulnerable. So, you need some level of education in the space at least.

You are mostly right, and yeah having some basic knowledge about Bitcoin is very crucial to kickstarting ones investments journey, and that's coz with basic knowledge can help folks be knowledgeable about certain things which can very well Help them to avoid certain(not all)  mistakes... For example someone who just rushed to invest in Bitcoin and he or she has no idea of it volatile nature,such ignorance can lead to them selling before reaching their original target simply because they assumed that long term growth may not be possible due to how the price is a waver...And that the more reason why basic knowledge is very important...

I think common sense will let a person know that if bitcoin was only ever going on the upward trend almost everyone would be holding it, though you can't fault a person for something they don't know unless we in a law court which we are not.
The point is that no one can talk about bitcoin without talking about it being volatile unless that person just wants to pass around false information, even an asset like land as a degree of volatility to it, nowhere near what we see with bitcoin but it's still there, just not that noticeable plus if there was really anything that guaranteed upward success then it would not be able to hold for long, the world simply doesn't work that way.

[Bigjoe33]

Exactly,learning bitcoin doesn’t really matter as a beginner,most persons have found excuses on the aspect of “ learning bitcoin before investing”.There’s absolutely no time to check time,procrastination kills determination.

You don’t invest in a field you don’t know nothing about, that’s definitely one way to loose. Either you get used by the people whom are more inclined in the space or you make genuine beginner mistakes. That’s facts and it applies in all fields.

When they talk about doing some studies before investing in Bitcoin or cryptocurrency, it doesn’t necessarily mean you should go pro on it before being invested in it, no. You just need to under the very basics of it.

Lack of understanding is how you find people, beginners, novice in the space seeking out other persons to invest in Bitcoin for them and they get taken advantage of. This is something they can do by themselves but; their lack of “know how” makes them vulnerable. So, you need some level of education in the space at least.

Zero knowledge isn't right anyways, as you wouldn't know what to do. And for Bitcoin investment, basic knowledge is encouraged. At least, knowing that Bitcoin is volatile and is always on the move. Knowing that you ought to buy with your Discretionary income and nothing more due to its volatility. How to buy and how to store. Fee of these informations can set you up for a cool start and while you keep investing, you gather more and better knowledge that will help you adjust better and invest peacefully. Where it becomes wrong is waiting to gather all knowledge before starting. This can keep you away from not starting at all

[Bit-Mj1014]

This kind of strategies are normally used by newbies who came to crypto just to make profit, yes everyone want to make profit but the most important thing is that know what you want to do then you will know how to go about it. Most of the people that are new in in cryptocurrency believe that it is a shortcut to success that is why they don't bother to even get the knowledge of what they are about to do. Even the real investors usually face a lot of challenges on which strategies to use to solve their problem. Getting knowledge is what should be considered first before you can talk of investment because without that it's like you are gambling, this does not also include only cryptocurrency it involve all the General investment.

To invest, we only need to know whether we have discretionary income or not and whether we are aware of basic knowledge or not. If a person is able to find $10 discretionary income, then he can definitely start investing. But yes, having willpower is very important for gaining knowledge. For gaining knowledge, waiting to invest is a complete waste of time and missing out on buying opportunities. You start investing first and along with this, investing and gaining knowledge in parallel will be good for you.

On the one hand, you say that we need to know whether we have basic knowledge to start investing. On the other hand, you say that delaying investing to gain knowledge is a complete waste of time. So what is your main point? Which one do you actually think is realistic?

I want to tell you that having the so-called basic knowledge at the beginning of investing is not a mandatory condition. Rather, as you were saying in the next line, "delaying investment to gain knowledge is a complete waste of time" is correct. Because the so-called basic knowledge can be learned even after starting investing. It is not that learning will stop once you start investing. Rather, you can learn from real experience along with investing. But if you tell an investor at the beginning that he needs to know whether he has basic knowledge, then he will not start investing in an attempt to find basic knowledge, but he may think that he cannot start without basic knowledge. For this, there is a need to be flexible in some matters and there are some things that need to be looked at strictly.

  Investing in bitcoin doesn't stop anyone from learning or gaining knowledge about bitcoin. Therefore, it will be a waste of time if someone decides not to start investing in bitcoin with the excuse that they want to gain necessary knowledge before they can start. The most crucial thing is that they can be able to figure out if they have discretionary income to start with. To avoid unnecessary procrastination,  knowledge about bitcoin investment can still be acquired while ongoing with bitcoin accumulation.

I see your point about just jump in, but honestly telling a complete beginner they don't need basic knowledge feels a bit risky. Crypto has a brutal learning process, and without understanding the absolute basics, a newbie is basically just flipping a coin. Taking a week or two to learn the fundamentals isn't procrastinating, it’s just protecting your hard earned money.
Experience is a great teacher, but it doesn't have to hurt that much.

[Tongley]

I see your point about just jump in, but honestly telling a complete beginner they don't need basic knowledge feels a bit risky. Crypto has a brutal learning process, and without understanding the absolute basics, a newbie is basically just flipping a coin. Taking a week or two to learn the fundamentals isn't procrastinating, it’s just protecting your hard earned money.
Experience is a great teacher, but it doesn't have to hurt that much.

Let's not confuse everyone by saying crypto. Crypto refers to all the currencies in the market, and let's all understand that Bitcoin is the only currency in which it is a good idea to invest. Hopefully we are not failing to understand the difference between Bitcoin and Shitcoin. If you say crypto, many new people can get confused and face losses by investing in fraudulent coins in the market. So it is better to say Bitcoin directly and save others from getting confused. Or if you try to compare Bitcoin and Shitcoin or think that they are the same, then you are definitely a fool or you do not have a real idea about Bitcoin

[MainIbem]

I see your point about just jump in, but honestly telling a complete beginner they don't need basic knowledge feels a bit risky. Crypto has a brutal learning process, and without understanding the absolute basics, a newbie is basically just flipping a coin. Taking a week or two to learn the fundamentals isn't procrastinating, it’s just protecting your hard earned money.
Experience is a great teacher, but it doesn't have to hurt that much.

Let's not confuse everyone by saying crypto. Crypto refers to all the currencies in the market, and let's all understand that Bitcoin is the only currency in which it is a good idea to invest. Hopefully we are not failing to understand the difference between Bitcoin and Shitcoin. If you say crypto, many new people can get confused and face losses by investing in fraudulent coins in the market. So it is better to say Bitcoin directly and save others from getting confused. Or if you try to compare Bitcoin and Shitcoin or think that they are the same, then you are definitely a fool or you do not have a real idea about Bitcoin

You're right we should know the right words to use so we don't also confuse beginners to thinking that investing in shitty coins is good, however Bit-Mj1014's point is valid to an extent although i don't think spending weeks learning about Bitcoin is the right way to go about it, common sense should let an investor know that discretionary fund is what they need to start owning Bitcoin then they can learn where to buy, how to buy, strategies to use and protecting the investment along the line instead of taking weeks or so just to learn something that would take just a day or two to grab then advance their knowledge about it on the long run.

[Tungbulu]

Let's not confuse everyone by saying crypto. Crypto refers to all the currencies in the market, and let's all understand that Bitcoin is the only currency in which it is a good idea to invest. Hopefully we are not failing to understand the difference between Bitcoin and Shitcoin. If you say crypto, many new people can get confused and face losses by investing in fraudulent coins in the market. So it is better to say Bitcoin directly and save others from getting confused. Or if you try to compare Bitcoin and Shitcoin or think that they are the same, then you are definitely a fool or you do not have a real idea about Bitcoin

You are right, most people don't really understand the difference between Bitcoin and Shitcoin, as they thought they are the same thing and this has mislead some into investing wrongly and for the benefit of others, it will be better to more clarity when talking about crypto, so that people will get better understanding and they can be able to make informed decision with that. And people should try and help themselves by knowing the right thing to do, either they can ask questions or do some research as it will also be of a good support to them.

[BluebloodCXVI]

I see your point about just jump in, but honestly telling a complete beginner they don't need basic knowledge feels a bit risky. Cryptohas a brutal learning process, and without understanding the absolute basics, a newbie is basically just flipping a coin. Taking a week or two to learn the fundamentals isn't procrastinating, it’s just protecting your hard earned money.
Experience is a great teacher, but it doesn't have to hurt that much.

What knowledge do they need again apart from being able to figure out the discretionary income which I believe they can do with their common sense?. The basic things a newbie investor should be worried about is knowing how to hold their bitcoin securely and also where/how to buy bitcoin and they need to understand that bitcoin is a volatile asset. After that, they can start their accumulation process without needing to first go and acquire any special knowledge before investing. And please be specific about the asset you’re talking about instead of using this vague term “crypto”.

[liasbaa]

I see your point about just jump in, but honestly telling a complete beginner they don't need basic knowledge feels a bit risky. Crypto has a brutal learning process, and without understanding the absolute basics, a newbie is basically just flipping a coin. Taking a week or two to learn the fundamentals isn't procrastinating, it’s just protecting your hard earned money.
Experience is a great teacher, but it doesn't have to hurt that much.

Let's not confuse everyone by saying crypto. Crypto refers to all the currencies in the market, and let's all understand that Bitcoin is the only currency in which it is a good idea to invest. Hopefully we are not failing to understand the difference between Bitcoin and Shitcoin. If you say crypto, many new people can get confused and face losses by investing in fraudulent coins in the market. So it is better to say Bitcoin directly and save others from getting confused. Or if you try to compare Bitcoin and Shitcoin or think that they are the same, then you are definitely a fool or you do not have a real idea about Bitcoin

Some investors are confused by the headlines about crypto at the beginning of their investment. For their information you must be aware that Bitcoin is a separate financial system that is decentralized and even a store of value. There are numerous shitcoins called crypto in the market most of which are designed to deceive you and there is a possibility of losing capital by buying. You need to understand the difference between Bitcoin and those shitcoins and not just on my advice analyze it yourself review the price history and you will see that Bitcoin is the best investment way. Do not be confused by buying risky crypto with the aim of making a profit. Accumulate Bitcoin regularly through discretionary income and be engaged in long term planning.

[Ashawowo(OS)]

Exactly,learning bitcoin doesn’t really matter as a beginner,most persons have found excuses on the aspect of “ learning bitcoin before investing”.There’s absolutely no time to check time,procrastination kills determination.

You don’t invest in a field you don’t know nothing about, that’s definitely one way to loose. Either you get used by the people whom are more inclined in the space or you make genuine beginner mistakes. That’s facts and it applies in all fields.

When they talk about doing some studies before investing in Bitcoin or cryptocurrency, it doesn’t necessarily mean you should go pro on it before being invested in it, no. You just need to under the very basics of it.

Lack of understanding is how you find people, beginners, novice in the space seeking out other persons to invest in Bitcoin for them and they get taken advantage of. This is something they can do by themselves but; their lack of “know how” makes them vulnerable. So, you need some level of education in the space at least.

Zero knowledge isn't right anyways, as you wouldn't know what to do. And for Bitcoin investment, basic knowledge is encouraged. At least, knowing that Bitcoin is volatile and is always on the move. Knowing that you ought to buy with your Discretionary income and nothing more due to its volatility. How to buy and how to store. Fee of these information can set you up for a cool start and while you keep investing, you gather more and better knowledge that will help you adjust better and invest peacefully. Where it becomes wrong is waiting to gather all knowledge before starting. This can keep you away from not starting at all

I do not necessarily agree that a new investor should know how to store their bitcoin before starting. It takes a long time to understand self custody, most of us got into bitcoin buying on an exchange and leaving it there until after a while before we knew it was the wrong way to store our coins. Besides, sending your coins regularly to the wallet can be expensive if the fees are high and the new investor would loose a lot on fees, so it is better they consolidate on an exchange for a while before sending to the wallet. They can use the exchange for a while as they're still new and along the line learn better non-custodial wallets to use in storing their coins properly and the right time to send those coins across which is when the fees are low or when they've consolidated for a while, maybe $500 worth of sats so they don't leave much coins on an exchange.

[Hardyrobust]

Exactly,learning bitcoin doesn’t really matter as a beginner,most persons have found excuses on the aspect of “ learning bitcoin before investing”.There’s absolutely no time to check time,procrastination kills determination.

You don’t invest in a field you don’t know nothing about, that’s definitely one way to loose. Either you get used by the people whom are more inclined in the space or you make genuine beginner mistakes. That’s facts and it applies in all fields.

When they talk about doing some studies before investing in Bitcoin or cryptocurrency, it doesn’t necessarily mean you should go pro on it before being invested in it, no. You just need to under the very basics of it.

Lack of understanding is how you find people, beginners, novice in the space seeking out other persons to invest in Bitcoin for them and they get taken advantage of. This is something they can do by themselves but; their lack of “know how” makes them vulnerable. So, you need some level of education in the space at least.

Zero knowledge isn't right anyways, as you wouldn't know what to do. And for Bitcoin investment, basic knowledge is encouraged. At least, knowing that Bitcoin is volatile and is always on the move. Knowing that you ought to buy with your Discretionary income and nothing more due to its volatility. How to buy and how to store. Fee of these information can set you up for a cool start and while you keep investing, you gather more and better knowledge that will help you adjust better and invest peacefully. Where it becomes wrong is waiting to gather all knowledge before starting. This can keep you away from not starting at all

I do not necessarily agree that a new investor should know how to store their bitcoin before starting. It takes a long time to understand self custody, most of us got into bitcoin buying on an exchange and leaving it there until after a while before we knew it was the wrong way to store our coins. Besides, sending your coins regularly to the wallet can be expensive if the fees are high and the new investor would loose a lot on fees, so it is better they consolidate on an exchange for a while before sending to the wallet. They can use the exchange for a while as they're still new and along the line learn better non-custodial wallets to use in storing their coins properly and the right time to send those coins across which is when the fees are low or when they've consolidated for a while, maybe $500 worth of sats so they don't leave much coins on an exchange.

I will never encourage anyone to store there bitcoin in an exchange because of the risk involved in it and also the stress that comes with storing bitcoin in an exchange. The exchange has total control of your bitcoin which they can decide to freeze your account or to even disable your withdrawal. There are so many things that can come up with storing bitcoin in an exchange, like they can come up with new regulations or requesting for a new verification id that they never requested during kyc. However, it is not essential for a newbie to first learn how to store bitcoin before they can start accumulating bitcoin when there is discretionary income available for that.

[Gost ms]

Exactly,learning bitcoin doesn’t really matter as a beginner,most persons have found excuses on the aspect of “ learning bitcoin before investing”.There’s absolutely no time to check time,procrastination kills determination.

You don’t invest in a field you don’t know nothing about, that’s definitely one way to loose. Either you get used by the people whom are more inclined in the space or you make genuine beginner mistakes. That’s facts and it applies in all fields.

When they talk about doing some studies before investing in Bitcoin or cryptocurrency, it doesn’t necessarily mean you should go pro on it before being invested in it, no. You just need to under the very basics of it.

Lack of understanding is how you find people, beginners, novice in the space seeking out other persons to invest in Bitcoin for them and they get taken advantage of. This is something they can do by themselves but; their lack of “know how” makes them vulnerable. So, you need some level of education in the space at least.

Zero knowledge isn't right anyways, as you wouldn't know what to do. And for Bitcoin investment, basic knowledge is encouraged. At least, knowing that Bitcoin is volatile and is always on the move. Knowing that you ought to buy with your Discretionary income and nothing more due to its volatility. How to buy and how to store. Fee of these information can set you up for a cool start and while you keep investing, you gather more and better knowledge that will help you adjust better and invest peacefully. Where it becomes wrong is waiting to gather all knowledge before starting. This can keep you away from not starting at all

I do not necessarily agree that a new investor should know how to store their bitcoin before starting. It takes a long time to understand self custody, most of us got into bitcoin buying on an exchange and leaving it there until after a while before we knew it was the wrong way to store our coins. Besides, sending your coins regularly to the wallet can be expensive if the fees are high and the new investor would loose a lot on fees, so it is better they consolidate on an exchange for a while before sending to the wallet. They can use the exchange for a while as they're still new and along the line learn better non-custodial wallets to use in storing their coins properly and the right time to send those coins across which is when the fees are low or when they've consolidated for a while, maybe $500 worth of sats so they don't leave much coins on an exchange.

I will never encourage anyone to store there bitcoin in an exchange because of the risk involved in it and also the stress that comes with storing bitcoin in an exchange. The exchange has total control of your bitcoin which they can decide to freeze your account or to even disable your withdrawal. There are so many things that can come up with storing bitcoin in an exchange, like they can come up with new regulations or requesting for a new verification id that they never requested during kyc. However, it is not essential for a newbie to first learn how to store bitcoin before they can start accumulating bitcoin when there is discretionary income available for that.

Holding in an exchange is not a good idea at all, I never agree with it. Last year in 2025, the Bybit exchange was hacked and many of its holdings were stolen. Holding in an exchange is not a good idea at all. There are many decentralized wallets that everyone can use. The safest is the hardware wallet.

Whenever we keep our holdings in an exchange, if a hacker hacks that exchange company, he can easily steal everyone's holdings. But if we use a decentralized wallet such as Trust Wallet, if we don't make any mistakes ourselves, we may not be a victim of hacking. If we don't make mistakes like the Seed phrase is stolen or if we enter a phishing link, etc., we may not be a victim of hacking.

[PremiumcryptoHub]

I see your point about just jump in, but honestly telling a complete beginner they don't need basic knowledge feels a bit risky. Crypto has a brutal learning process, and without understanding the absolute basics, a newbie is basically just flipping a coin. Taking a week or two to learn the fundamentals isn't procrastinating, it’s just protecting your hard earned money.
Experience is a great teacher, but it doesn't have to hurt that much.

Let's not confuse everyone by saying crypto. Crypto refers to all the currencies in the market, and let's all understand that Bitcoin is the only currency in which it is a good idea to invest. Hopefully we are not failing to understand the difference between Bitcoin and Shitcoin. If you say crypto, many new people can get confused and face losses by investing in fraudulent coins in the market. So it is better to say Bitcoin directly and save others from getting confused. Or if you try to compare Bitcoin and Shitcoin or think that they are the same, then you are definitely a fool or you do not have a real idea about Bitcoin

Actually it would be better for everyone to have more transparency when talking about crypto,What you have pointed out is correct because crypto refers to all currencies, so we should understand that there is a difference between Bitcoin and Shitcoin, however this kind of mistake may be made by many new members of our board, but they should do some research and learn about Bitcoin based on your own knowledge. Therefore at this stage its correct if people have the wrong idea then they might invest falsely and invest their hard earned money in shitcoins instead of investing in bitcoin, as a result, inexperienced members of this naija board may stall at the initial stages of investment.

[GIF-JOBS]

Let's not confuse everyone by saying crypto. Crypto refers to all the currencies in the market, and let's all understand that Bitcoin is the only currency in which it is a good idea to invest. Hopefully we are not failing to understand the difference between Bitcoin and Shitcoin. If you say crypto, many new people can get confused and face losses by investing in fraudulent coins in the market. So it is better to say Bitcoin directly and save others from getting confused. Or if you try to compare Bitcoin and Shitcoin or think that they are the same, then you are definitely a fool or you do not have a real idea about Bitcoin

You are right, most people don't really understand the difference between Bitcoin and Shitcoin, as they thought they are the same thing and this has mislead some into investing wrongly and for the benefit of others, it will be better to more clarity when talking about crypto, so that people will get better understanding and they can be able to make informed decision with that. And people should try and help themselves by knowing the right thing to do, either they can ask questions or do some research as it will also be of a good support to them.

We must have a clear idea about these issues, it is never right to compare Bitcoin with everything else, these can only create more confusion, and because of this misunderstanding, many people decide to invest without understanding the basics of the project and later face huge losses. So Bitcoin is one, and it should be understood correctly, Bitcoin's possibilities, risks, investment types, we must understand all these things well, after that we have to make an investment decision. The most important thing is to do your own research before making any investment, because if you do not have any understanding within yourself, then how can you overcome all the obstacles here and sustain yourself with Bitcoin in the long term? So it is important to understand about the investment, without this, it is not possible to survive in investment.

[ASloveapg]

It is not a bad idea for a newbie to learn or acquire knowledge about bitcoin as long as they are not waiting to gain the knowledge before starting to invest in bitcoin . It is only when a newbie decides to wait or delay investing in bitcoin with the idea that they want to learn about bitcoin before starting that's when it is wrong.

Knowledge shouldn't be a limiting factor to why a nood didn't get started it's more of an advantage because the more you know the more you feel like frontloading especially now that bitcoin is still at the dip. The knowledge of investing in bitcoin is as basic as saving in your traditional bank except that in bitcoin you hold full custody of your investment and that is way more better than letting a third-party do it for you. The best knowledge anyone can get from bitcoin is through experience so why not start now and build that experience catalogue so you not only have knowledge on bitcoin but how to make good use of opportunities when you one.

How do you mean when you say knowledge is not a limiting factor why someone should not start their Bitcoin investment, of course knowledge is a very big factor not only in Bitcoin investment but in every other Investment. However, I would have agree if you said someone doesn't really need to know everything before starting their Bitcoin investment because all that is needed to start is the fundamentals otherwise known as basic knowledge. Anyone who start any investment without the fundamentals stand a big chance of not succeeding.

If you want to start investing in Bitcoin without having any basic knowledge, then you will never be able to survive in this investment. Because in such a situation you will not be able to remain stable even in normal situations, it will force you to make wrong decisions even in the slightest instability, if you do not have even a little knowledge. Therefore, it is necessary for us to start investing with common sense, if we start without any knowledge, it is definitely more risky, then it can lead us to failure faster, in the first stage.

[JayJuanGee]

[edited out]

Holding in an exchange is not a good idea at all, I never agree with it. Last year in 2025, the Bybit exchange was hacked and many of its holdings were stolen. Holding in an exchange is not a good idea at all. There are many decentralized wallets that everyone can use. The safest is the hardware wallet.

Whenever we keep our holdings in an exchange, if a hacker hacks that exchange company, he can easily steal everyone's holdings. But if we use a decentralized wallet such as Trust Wallet, if we don't make any mistakes ourselves, we may not be a victim of hacking. If we don't make mistakes like the Seed phrase is stolen or if we enter a phishing link, etc., we may not be a victim of hacking.

Trust Wallet is not decentralized, and it is not open source.

Trust Wallet is owned by Binance and it is closed source.

I would not recommend Trust Wallet in terms of anything more than you might keep in a hot wallet..  so Trust Wallet would not be good for securing large amounts of funds to have confidence in privacy, security and/or getting rug pulled or funds frozen.

[SPIDERMAN008]

Let's not confuse everyone by saying crypto. Crypto refers to all the currencies in the market, and let's all understand that Bitcoin is the only currency in which it is a good idea to invest. Hopefully we are not failing to understand the difference between Bitcoin and Shitcoin. If you say crypto, many new people can get confused and face losses by investing in fraudulent coins in the market. So it is better to say Bitcoin directly and save others from getting confused. Or if you try to compare Bitcoin and Shitcoin or think that they are the same, then you are definitely a fool or you do not have a real idea about Bitcoin

You are right, most people don't really understand the difference between Bitcoin and Shitcoin, as they thought they are the same thing and this has mislead some into investing wrongly and for the benefit of others, it will be better to more clarity when talking about crypto, so that people will get better understanding and they can be able to make informed decision with that. And people should try and help themselves by knowing the right thing to do, either they can ask questions or do some research as it will also be of a good support to them.

We must have a clear idea about these issues, it is never right to compare Bitcoin with everything else, these can only create more confusion, and because of this misunderstanding, many people decide to invest without understanding the basics of the project and later face huge losses. So Bitcoin is one, and it should be understood correctly, Bitcoin's possibilities, risks, investment types, we must understand all these things well, after that we have to make an investment decision. The most important thing is to do your own research before making any investment, because if you do not have any understanding within yourself, then how can you overcome all the obstacles here and sustain yourself with Bitcoin in the long term? So it is important to understand about the investment, without this, it is not possible to survive in investment.

It is important to have an idea about such basic things before investing. However, you should not waste too much time to know all these things. It is necessary to know as much as you know so that you can invest correctly.There is risk in Bitcoin as well as success. Success will come only if you can overcome the risk. And how much risk you can avoid depends on your decision in this matter. Therefore, after starting the investment, you should keep a long-term mentality and take time and be patient in making any decision.

[The Founding Titan]

Let's not confuse everyone by saying crypto. Crypto refers to all the currencies in the market, and let's all understand that Bitcoin is the only currency in which it is a good idea to invest. Hopefully we are not failing to understand the difference between Bitcoin and Shitcoin. If you say crypto, many new people can get confused and face losses by investing in fraudulent coins in the market. So it is better to say Bitcoin directly and save others from getting confused. Or if you try to compare Bitcoin and Shitcoin or think that they are the same, then you are definitely a fool or you do not have a real idea about Bitcoin

You are right, most people don't really understand the difference between Bitcoin and Shitcoin, as they thought they are the same thing and this has mislead some into investing wrongly and for the benefit of others, it will be better to more clarity when talking about crypto, so that people will get better understanding and they can be able to make informed decision with that. And people should try and help themselves by knowing the right thing to do, either they can ask questions or do some research as it will also be of a good support to them.

It's very possible that most people dealing in shitcoins today are doing so because someone used the wrong word in a conversation and try picked up on thst without really understanding what was being said, in order to not mislead people like that it's better to use bitcoin when talk about bitcoin, there is no point in being vague, if a person is trying to communicate good information then they should be direct, saying crypto generalizes everything making people who don't know the difference see everything as being the same.

[Soldroplet]

And yes, you and your friend's story is just a typical example of why mental and behavioral control is not just that both are crucial, but it's what makes financial and risk management possible and worth it. Now you could note that why your two paths diverged at some point, even though both of you guys had the same goal at the start towards achieving a Bitcoin investment success, is that the only variable here is the change in your friends behavior or approach towards your individual investments.


When it comes to making investments, especially with digital assets, we should know that you should take your risk management  consideration because risk management will guide you into understanding and knowing how much you would lose in terms of your portfolio percentage allocation so you don't go and invest money you planned for some other things.

Secondly, your financial management matters a lot too because it tells your position sizing, how you should apply DCA, and keeping or setting up emergency funds at the very beginning.

Lastly, your behavioral control, even after applying risk management and financial control, would determine or decide whether you would actually do it. Let's say Bitcoin dumped to 20%-50%; would you panic sell or stick to your plan?

I agree with most of what you said, especially about behavioral control, emergency funds, and the importance of DCA. However, I think it would be a mistake to limit risk management to just portfolio allocation or potential percentage losses.

In my opinion, the biggest risk for investors in Bitcoin is becoming a forced seller. That is, if the market falls by 50% to 80%, and someone has to sell Bitcoin to pay bills, repay loans, or meet daily expenses, that is when the real problem arises. Therefore, the main goal of risk management should be to create a cash management and emergency fund that will help you accumulate Bitcoin for the long term and not let market volatility derail your plans. Because to be successful in the long term, it is not enough to just tolerate volatility, but also to not become a forced seller during volatility.

[Byebyebtc]

It is only when a newbie decides to wait or delay investing in bitcoin with the idea that they want to learn about bitcoin before starting that's when it is wrong.

I feel this is all about urgency or intension if I'm using the right word
If you want to get something done like Bitcoin investment, there is actually big deal to wait and get knowledge first before investing
Yes you will still get knowledge after investing, but the knowledge before investing is very important so as to not make silly mistakes in your investment journey especially emotionally. Time used to get knowledge is very important and it should not be overlooked, if one should wait to know well about Bitcoin before investing it's actually valid.
What matters is the person's urgency to be involved in the investment, it wouldn't take too much of time to achieve the goal of knowledge before investing.