New to Bitcoin, is this a good way to start?

[Father111]

You can buy bitcoin now but make sure you do not sell even if you think you are losing.

Also, what was the biggest mistake you made when you first got into Bitcoin?

The biggest mistake that I made was that I was first trading and I lost money.

But the second mistake was that instead for me to continue holding bitcoin, I sold it in losses just because there was a drawdown. Bitcoin price later increased back after few weeks and it increased more. Bitcoin later got to 69000 from $7800 in less than 2 years.

That is the only way to archive some thing in Bitcoin investments, by not being in a haste of selling your Bitcoin within a short frame, to be a beneficial in futures to comes with Bitcoin investments, develop the sense of hold back no matter how Bitcoin price is in the market.

[buwaytress]

Not so much advice as lived experience here: how interesting you can find Bitcoin, and what you learn, can change significantly based on who you gain exposure from. So take this forum: you chat in "Speculation" and "Trading" and then you're looking quite a bit at speculators (self-explanatory) who are almost chiefly interested in financial gains.

Other than my initial faucet exploration days, I actually found a starting home in the Technical Discussion and general Discussion threads. You then notice particular users, and learn who gives you useful information. I spent my early cryptoworking years also talking a lot to people using Bitcoin -- met up with enthusiasts, artists, but also interviewed people really looking at Bitcoin as monetary solutions (where fiat is either broken or isolated in their countries). Very different perspectives, and you should dip into diverse sources to find where your true (or majority) interest lies in.

P.S. If you ain't got time for that and really just want financial exposure, a simple form of DCA is what I recommend. Slow, steady, but sans all the (pointless for most people) stress.

[michellee]

If you decide to buy small amounts over time, we calls that is DCA. DCA method works for those who wants to invests in Bitcoin and they prove that it works best for them. You can learn more about while you buying Bitcoin so you can practice the lesson and improves your knowledge.

I was late to know Bitcoin, if I aware of Bitcoin in 2010, I would have bought many Bitcoins as I had money that year. But I don't regret that as that happened already. But I have time to start accumulates Bitcoin and step ahead from other people who don't start.

[liasbaa]

Does that sound like a smart way to begin, or do you guys think a beginner should learn more first before buying any BTC at all. Also, what was the biggest mistake you made when you first got into Bitcoin?

You don't need to know much about Bitcoin to start with. Learn the basic knowledge about bitcoin and how to secure this digital asset and buy this asset. You don't even need to be super rich or have a lot of money.

Set an investment goal like 4 years and save Bitcoin regularly. Save Bitcoin with discretionary income that is consistent with your salary earned every week or every month for multiple cycles.

The initial period of Bitcoin investment was a very emotional time for me. The expectation was to get high profits in a short time. This was a trading mindset. But trading mindset was wrong. After a few months and learning more about Bitcoin, I got attracted to long term investment and I have been accumulating Bitcoin regularly in DCA method.

[Tmoonz]

If you decide to buy small amounts over time, we calls that is DCA. DCA method works for those who wants to invests in Bitcoin and they prove that it works best for them. You can learn more about while you buying Bitcoin so you can practice the lesson and improves your knowledge.

I was late to know Bitcoin, if I aware of Bitcoin in 2010, I would have bought many Bitcoins as I had money that year. But I don't regret that as that happened already. But I have time to start accumulates Bitcoin and step ahead from other people who don't start.

Even while we consider that there is no time that is late we can as well say that it is better to be late than never, alot of us feels the same way not knowing about Bitcoin before now but the best advice has always been not to live in so much regret, some people heard about Bitcoin earlier but never give any attention to it until now. However, Bitcoin still have a very long way to go that means we have alot to gain in the market by focusing on what can be achievable, it is never late or better to be late than never this should be a watch word and encouragement.

[Samlucky O]

Just as Akwaklara have said, that you should have proper knowledge of the type of asset you want to invest before embarking on it, I think he's right because without proper knowledge about Bitcoin investment you would never know the important or the risk involved in what you are investing on, you would not know the risk attached to it. Just have a proper knowledge of Bitcoin and invest wisely otherwise you will think Bitcoin is a scam when it doesn't meet your expectation.

[DanWalker]

I was late to know Bitcoin, if I aware of Bitcoin in 2010, I would have bought many Bitcoins as I had money that year.

If asked, most people would make the same statement. But honestly, I dont believe many people would have dared to buy it if they knew about Bitcoin at the time, even if they had a lot of money. We only dared to make that statement because we already knew the outcome. But if we were back in that scenario and knew nothing about the future, most people would choose to stay on the sidelines or sell off early out of fear.

[Die_empty]

If asked, most people would make the same statement. But honestly, I dont believe many people would have dared to buy it if they knew about Bitcoin at the time, even if they had a lot of money. We only dared to make that statement because we already knew the outcome. But if we were back in that scenario and knew nothing about the future, most people would choose to stay on the sidelines or sell off early out of fear.

Many people knew about Bitcoin from the beginning, and some of them bought it since it was cheap. Some people lost their coins because they misplaced their passwords or seed phrase. Another set of people sold their coins when they made some profit because they never knew the price would increase to this extent. The question now is whether most of us who regret that we are late would be able to keep our coin till date. Bearing in mind that at the early stage of Bitcoin, there was high FUD that could force people to sell off.

[Out of mind]

Since you are a new person, you need to learn better, there is no end to learning about Bitcoin and if you want to be a holder, you definitely need to know more. In my opinion, since you have recently started analyzing Bitcoin well, you certainly have hope for good plans for the future and you can implement them if you proceed properly. There is no such thing as getting rich quick in crypto, rather if you invest, you will definitely have to spend a long time here but you can be successful. Investing in Bitcoin for a short time will not give you any profit at all, so you should make a long-term plan that will lead you to success. People always make many mistakes before investing, so avoiding them is better, now it is better to buy using DCA before investing in Bitcoin. Again, during market volatility, many people cannot control their emotions, as a result of which they sell and suffer losses, so registering your emotions and being patient are important in investing.

[MusaPk]

Many people knew about Bitcoin from the beginning, and some of them bought it since it was cheap. Some people lost their coins because they misplaced their passwords or seed phrase. Another set of people sold their coins when they made some profit because they never knew the price would increase to this extent. The question now is whether most of us who regret that we are late would be able to keep our coin till date. Bearing in mind that at the early stage of Bitcoin, there was high FUD that could force people to sell off.

There are cases that early era investors of Bitcoin sold there Bitcoins recently for massive profit. They early era buyers got huge profit only because they not only bought Bitcoin at cheap price but also hold it for years. Today people buy Bitcoins and they sell it immediately if they see few bucks profit. Even if we buy bitcoins now and hold it for coming years then their is strong possibility that we will get good profit in future. May be 10 years from today, we might be regretting that we missed the opportunity to buy and hold Bitcoin when it was at 70,000$.

[promise444c5]

Don’t wait, start DCA. We’re currently in a dip, so think of it as buying the dip. For now, the discount is quite good, although we might still see more.
To avoid missing out, it’s advisable to start now..

Before you start, check the wallet part of this thread : https://bitcointalk.org/index.php?topic=5500358.0
That should be enough I believe, and if you are interested you can check this thread: https://bitcointalk.org/index.php?topic=5580932.0 ,

[Smack That Ace]

Also, what was the biggest mistake you made when you first got into Bitcoin?

Regardless of which strategy you choose, whether you buy while learning or thoroughly research everything before you start investing. You need to understand that every strategy has its own advantages and disadvantage, and making mistake in the investment journey is inevitable.

Therefore, all you need to do is choose the strategy or method that you think suits you best and persevere in pursuing it. Do not let other people's opinions influence your decisions and choices. Furthermore, as I said, mistake are inevitable, so do not get discouraged or give up just because you make a few mistake.

[Jegileman]

I haven’t made any mistake since I got to know about bitcoin or let me say since I got to venture into it. What I think about this whole thing is that when you’re informed, you won’t be misled and you’ll be guided towards the best part for your investment to be worth it. The market is not going to be for the weak and for those who seek to get rich quickly, so I don’t see the reason why they should be here in the first place. The market is kinda complicated but yet simple to understand until you get to know the basics and work towards making every of it worthwhile in the whole process. It is a gradual investment and one should not rush to think of a result coming out so soon.

[JiiBs]

I was late to know Bitcoin, if I aware of Bitcoin in 2010, I would have bought many Bitcoins as I had money that year.

If asked, most people would make the same statement. But honestly, I dont believe many people would have dared to buy it if they knew about Bitcoin at the time, even if they had a lot of money. We only dared to make that statement because we already knew the outcome. But if we were back in that scenario and knew nothing about the future, most people would choose to stay on the sidelines or sell off early out of fear.

Indeed, a lot of forks today do believe that, the days when Bitcoin was green is long gone but, if you look at it, we are just a decade and a little above 6 years into the industry and it’s an industry that is yet to attain mainstream or be at the hands of more people in the world which signals the potentials it’s got for growth, making the hold back at this time a huge mistake.

Rather than dwell on how we weren’t able to buy Bitcoin when it was a little above a dollar or was about $10 in value, let’s be conscious of the fact that, the sats we are able to acquire today has the potential to become very valuable in the future.

So, our DCA strategy shouldn’t be undermined.

[tygeade]

You have your mind in the right place, and you already know and understand things that most newbies don't, so you are surely on the right track. There is nothing wrong in making small investments right from the beginning even if you are still just in the learning phase. We call that the DCA method when you keep buying small amounts after a specific time interval like a week or a month, without worrying about the value, and it is definitely not a good idea to keep waiting for the *perfect moment* because there is none, you can never time the market perfectly, so it's better to keep doing DCA if you can continue doing that.

Keep doing that, and remember, don't get intimidated by people saying that you should get into trading and you will start making more money quickly, because that is not true, and it is definitely not a good idea to get into trading as a beginner. Once you spend enough time in the market, and learn everything, you will then be able to start making short-term trades because then you will understand the market more and you will know whether you can make profits by trading a specific cryptocurrency or not, but before that, don't go near trading and stick to making investments in Bitcoin only.

[YOSHIE]

New to Bitcoin, is this a good way to start?

If I speculate Bitcoin always provides new opportunities for newcomers, who speculates the price of Bitcoin from $120k down to $70k isn't this a sign of good opportunities for beginners.

In my experience, Bitcoin has never disappointed its users, unless the users themselves make mistakes and are impatient, only those who understand how Bitcoin works and are patient in long-term investments, they are the ones who seem to be successful.

So whether you believe it or not, this is now a good step and strategy if you consider Bitcoin.

[Rabata]

Does that sound like a smart way to begin, or do you guys think a beginner should learn more first before buying any BTC at all. Also, what was the biggest mistake you made when you first got into Bitcoin?

If an investor has acquired basic knowledge about Bitcoin, then he can start his investment. Rather than wasting a lot of time to learn about Bitcoin, if he keeps accumulating Bitcoins with his discretionary income, then this investment will be most effective for him. People's interest in Bitcoin is gradually increasing and it is gradually becoming more valuable. Therefore, if DCA is given priority without wasting time, then the investor will be able to profit in the long run. Those who wait for the Bitcoin dip will rather lose the opportunity. There are already some threads in the forum to learn about investing in Bitcoin, there are varies discussions on how an investor can succeed in investing in Bitcoin or profit from his investment.

1. Buy the DIP, and HODL!
2. Buy Buy Buy or Sell Sell Sell?
3. JJG’s Outline of Bitcoin Investment Ideas

[Sammye3]

I have been reading more about Bitcoin lately, and as a beginner I keep feeling interested, but also a bit confused about the best way to start. I am not trying to get rich fast, and I do not want to throw money in just because of hype, I am thinking more about starting small, learning as I go, and treating it like a long term thing. What makes Bitcoin interesting to me is that it seems different from most other things people invest in, but at the same time, the price moves a lot, and for someone new that can be a bit intimidating .So my idea was something simple, buy small amounts over time instead of trying to guess the perfect moment, and only use money I can afford to leave there for a while. Does that sound like a smart way to begin, or do you guys think a beginner should learn more first before buying any BTC at all. Also, what was the biggest mistake you made when you first got into Bitcoin?

I would never advise anybody to start their first investment with bitcoin because of its volatility and unpredictable price movements. Unlike other physical assets that can be controlled and manipulated for profits, bitcoin has no central authority; but can be manipulated by the big banks to their own interest.

Bitcoin is a nice investment that should yield profits in years to come, so it should be incorporated with other fast paying investments that also yield good profits. Aside bitcoin,  one could engage in other businesses too because bitcoin is a long term project. In this way, one would avoid cases of panic sell and focus more on their physical investments while their bitcoin grows exponentially.

[Ndabagi01]

Does that sound like a smart way to begin, or do you guys think a beginner should learn more first before buying any BTC at all. Also, what was the biggest mistake you made when you first got into Bitcoin?

As a beginner before you embark on your investment, there should be some certain things you should put in mind to know before you get to become better at your investment. Privacy and security are two major factors that you need to consider before venturing into bitcoin investment. You don’t need to know about them in-depth, but having a basic knowledge about them will help safeguard your investment and also make long term investment plans without having to bother about your portfolio being compromised.

As a beginner, once you’ve embarked on your Bitcoin investment, you should also know that getting yourself informed about the happening around the market is important because it helps you stay alerted of any possible threats on your portfolio, so don’t joke on that even as you’ve embarked on your investment journey.

[salad daging]

It sounds smart you start with a small amount from now on then apply the DCA strategy that many people recommend, because if you wait for the right moment at what price it will be difficult for beginners, so take action now while buying bitcoin and you continue to learn.

Usually the biggest mistake of many beginners - wanting a get-rich-quick scheme, they end up plunging into unclear investments such as ponzi schemes.

What you need to learn in the future is that you use a hardware wallet because your investment goal is long-term so keep bitcoin there, I always do not recommend investing assets on the exchange.