In order to start investing in bitcoin all you need is discretionary funds.
There is no need to add additional and vague ideas about supposed "basic knowledge" that is needed since guys can use their own judgement figure out what they need or don't need as long as they have discretionary funds, they can get started buying bitcoin.
They can also learn whatever they need to learn as they are starting to buy bitcoin on a regular basis, perhaps weekly?
JayJuanGee, I know discretionary income is what is needed most in order to start investing in bitcoin, and people can learn whatever they need to learn as they are starting to buy bitcoin. However, there could be a scenario where a newbie who know nothing about bitcoin can start investing in bitcoin and the market crashes immediately he or she purchases his or her first bitcoin, and if this happens, don't you think that the newbie would be force to sell his or her bitcoin at of fear because he or she doesn't know that bitcoin is volatile? So I believe at some point it's necessary for newbies to know the basic knowledge of bitcoin before they start investing in bitcoin.
If the newbie has discretionary funds, it is up to the newbie regarding how much of his discretionary funds he wants to start with and whether he wants to start. The fact that he has discretionary funds gives him an ability to start if he wants to start. He does not have to have further knowledge in order to start, unless he determines for himself that he needs extra knowledge.
What is the extra basic knowledge that you presume he needs in order to get started?
If a newbie bitcoiner has adequately calculated that he has $100 per week that is available to invest into bitcoin, and then he purposefully decides to start out with $30 based on his being new, then what is wrong with that? Are you suggesting that he is not going to be able to figure out whether he should start out with somewhere between $30 and $100 on his own without some other knowledge that you think that he needs?
Why can't he figure out for himself how much he wants to start with and then just learn as he goes?
If you think that he needs to learn about volatility, then sure there is value in experiencing volatility rather than looking at a price chart, yet a newbie bitcoiner can look at a bitcoin price chart and then decide whether the the BTC price chart affects whether he should start with investing $30 or $100 or some other amount.
I am not sure what you are expecting a newbie needs to learn. Are you expecting that because we use the term bitcoin newbie, then we have to presume that the bitcoin newbie is 12 years old and does not have much if any life experience and/or maturity? I am not going to presume that. I am going to presume that bitcoin newbies have some abilities to make judgements for themselves in regards to what they might need to learn or not and that they are capable of adjusting their starting out quantity in accordance with their comfort level, and maybe I am just ongoingly emphasizing the importance of getting started especially for anyone who is able to calculate that they have discretionary funds available. They should be able to figure out a reasonable starting size and also what they feel that they need to learn about bitcoin and/or about cashflow management practices and the order that they need to learn it.
In order to start investing in bitcoin all you need is discretionary funds.
There is no need to add additional and vague ideas about supposed "basic knowledge" that is needed since guys can use their own judgement figure out what they need or don't need as long as they have discretionary funds, they can get started buying bitcoin.
They can also learn whatever they need to learn as they are starting to buy bitcoin on a regular basis, perhaps weekly?
JayJuanGee, I know discretionary income is what is needed most in order to start investing in bitcoin, and people can learn whatever they need to learn as they are starting to buy bitcoin. However, there could be a scenario where a newbie who know nothing about bitcoin can start investing in bitcoin and the market crashes immediately he or she purchases his or her first bitcoin, and if this happens, don't you think that the newbie would be force to sell his or her bitcoin at of fear because he or she doesn't know that bitcoin is volatile? So I believe at some point it's necessary for newbies to know the basic knowledge of bitcoin before they start investing in bitcoin.
It's not like anyone is denying the role of basic knowledge in bitcoin investment, I think that @JJG is more interested in the unnecessary delays that this basic knowledge can cause a person who's practically waiting to gain such knowledge before he can start his bitcoin accumulation. Some questions you should ask yourself is what actually defines "a basic knowledge" about bitcoin? Does this involve you as a beginner wanting to study volatility?
Most times folks who claim to be waiting to learn basic knowledge about bitcoin before investing only confuse themselves because they will be busy studying volatility that would keep them delaying unendingly.
As a beginner who's ready to invest in bitcoin, the moment you have your Discretionary income then you are good to go because there's no tech savvy that hasn't heard about bitcoin and also aware that it is a digital currency, all he needs to do is how to figure out his Discretionary income for the sake of long-term success. Once he is able to figure out his Discretionary income then there's no need to wait further. He can learn every other thing along the way and as long as he is truly investing with his Discretionary income, he has a high chances of success.
Just because a bitcoin newbie has discretionary funds, that does not mean that he can just do whatever he likes. He likely still needs to figure out how much of his discretionary funds he is going to use to buy bitcoin, how much he is going to save and how much he is going to discretionarily consume.
He is also not guaranteed success merely based on his having discretionary funds and that he decides to put some of those discretionary funds into bitcoin.
Many times bitcoin newbies will need to spend several years learning about bitcoin while they are ongoingly buying it, even though how much they choose to learn is also a discretionary matter in which each person determines how much he needs to learn based on how much he already believes that he knows, and the mere fact that he had decided to buy bitcoin does not mean that he does not have anything to learn, even though he still has to choose how much he is going to learn about bitcoin, which does not mean that he is going to come to the correct decision or that he might not otherwise make various mistakes along the way, yet anyone who is attempting to approach bitcoin with humility, then he will likely figure out that it is better to attempt to ongoingly learn about bitcoin and cashflow management practices rather than presuming that everything will take care of itself automatically.
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Can basic knowledge about Bitcoin save a person from fear? The only way to save yourself from selling your holdings out of fear is to build faith in Bitcoin. When you have faith in Bitcoin, you will be able to easily deal with the big falls in Bitcoin. It is very natural for a person to be afraid in the beginning, but it is not right to be so afraid in the beginning that he has to sell his holdings.
After starting investing, he can gradually gain knowledge and face small falls in the market, then he will gradually be able to deal with the big falls and build faith in Bitcoin.You sound like you are sure how the market would progress for a newbie. Like how sure are you that as a beginner joins bitcoin he will first encounter small fall and when he has gained experience he will then experience the big fall?
Bitcoin price is not predictable and big fall can happen at anytime. This is why you have to be investing with only your Discretionary income so that you will not worry about whether it's small fall or big fall that's occurring. Fear is a factor that influence some premature sales or selling when you think that price is going down, but the bigger reason that causes people to sell off their bitcoin prematurely or when the market is going down is, "investing outside your Discretionary income". If you can avoid the urge to invest more than you can afford to HODL then, you have a very good chance of making profit in the long-term.
You are correct about both the need to invest into bitcoin within the bounds of discretionary funds, and also discretionary funds are used for savings and for discretionary consumption. And, surely on an ongoing basis none of us are going to have high levels of confidence whether the BTC price is going to go up, down or sideways, yet we are still investing into bitcoin based on our own presumption and conclusion that in the long run bitcoin prices are going to tend to go upward - even if we know that it is not guaranteed that bitcoin prices will tend to go upward in the long run.
We also cannot know the extent that we might make various mistakes along the way, which also brings in preferences that we be attempting to pay attention to learn along the way and to improve our practices, yet guys make choices regarding how much attention and how much priority to give to their bitcoin investing and their learning about bitcoin investing and cashflow management.
Can basic knowledge about Bitcoin save a person from fear? The only way to save yourself from selling your holdings out of fear is to build faith in Bitcoin. When you have faith in Bitcoin, you will be able to easily deal with the big falls in Bitcoin. It is very natural for a person to be afraid in the beginning, but it is not right to be so afraid in the beginning that he has to sell his holdings.
Having faith in Bitcoin is good, but I bet you that you will still sell in panic if you invest what you cannot afford to lose. Most of us that invested in Bitcoin are still downplaying the effect of investing from our discretionary income, we don't know that the reason sir jayjuangee always advice that all investment in Bitcoin should be made from our discretionary income is that we are not going to fear or panic when our investment is not going as planned because we are investing what we can afford to lose, but once you invest what you cannot afford to lose, every dip will be a nightmare to the said person because he or she invested what they cannot afford to lose.
What you can afford to lose is generally going to be a subset of your discretionary income, and if guys are investing most if not all of their discretionary income into bitcoin, they might be crossing into territories that would be considered to be investing beyond their financial and psychological limits, which is a need to account for some of discretionary funds to go towards savings (back up funds) and some of discretionary funds to go towards discretionary consumption.
As someone who wants to start investing in bitcoin, you should be well aware that there is risk involved with investing in bitcoin, especially with an investment like bitcoin, considering the volatile nature of bitcoin is more important to invest in bitcoin considering long term investment to have an opportunity of having a successful investment, and you should also invest wisely by investing with a discretionary income, which means a leftover money, money that you can afford to loose, with the options I have mentioned which is investing with money you can afford to lose should be a good mindset.
Acquiring adequate knowledge about Bitcoin can be found online and I have been seeing paid PDF and ebooks that can help those that want to learn about Bitcoin to get the knowledge they are looking for paying tiny amount.
The challenges most investors are having about investing in Bitcoin is because they are not ready to seek for information online on how they can become a successful investor in the market. The
crypto market is not funny at all and any mistake can lead to severe loses that may be difficult to recover.
You are pretty vague about learning about bitcoin online. We are online right now, in this forum. But you are talking about something else apparently, but you are vague about it. Do you think that bitcoin newbies need to learn about bitcoin before starting or what?
Also we are not talking about shitcoins here. If you look at the title of the thread, we are talking about "investing in bitcoin," so I am not sure why you felt some need to mention "crypto" Maybe you don't know what bitcoin is, so you used the term "crypto" because you were trying to sound smart, but when you use the term "crypto" then you appear that you don't know what you are talking about since crypto clearly is not the same as bitcoin, including that in this thread we are talking about bitcoin and not shitcoins, so you probably should learn how to not be afraid to use the proper term, namely bitcoin... if you actually know what it is and how bitcoin differs from shitcoins.
I agree with you that having knowledge on how to go about your bitcoin investment is very important and a bit helpful in navigating your way while investing, but when it comes to eliminating fear when investing in Bitcoin, you need to invest from your discretionary income, which is a fund you can afford to lose, that way you will not fear or panic if their is a dip in the market or your investment is not going as expected, because you know that even though the worst happens, you will still be fine emotionally and financially.
Sure, investing in any asset must be with the money that we can afford to lose, it is including in Bitcoin. Investing with safe money will ensure us to have calm mind because it won't impact anything although we end up with losses. We should easily deal with any condition of
crypto market because we can think with calm mind. It will be so much different if we use unsafe money, we may panic because we can't lose the money.
Why the fuck would we be investing in crypto? That would be a waste of time, energy and value. No? And what does investing in crypto have to do with this particular thread?
But we should take note that fear and panicking can never be taken away once you invest what you cannot afford to lose regardless of wether you are a newbie or a veteran investor, so it's very important that we invest only what we can afford to lose, if we don't want to be emotionally attached to our investment.
As we said above, investing with unsafe money will burden our mind. Whether veterans or beginners, they must be panic if the market condition become worse than they expected. However, I'm sure the veterans won't try to invest in that way. Since they have sufficient knowledge, they must know how to invest in a proper way.
You might be correct in your assessment, but since you used the term "crypto" above, I question if you know what you are talking about.
