Basic knowledge is enough.

[Razmirraz]

Basic knowledge in investing in Bitcoin includes a combination of understanding the concepts or information and the technical skills or practices needed to buy, store, and manage Bitcoin safely. Beginners can start investing in Bitcoin with confidence and safety by equipping themselves with basic information or concepts and fundamentals such as what Bitcoin is, why its value is so volatile, its decentralization and security, and DYOR. Skills are also essential, such as choosing a trusted exchange when making buy and sell transactions, understanding wallet security between Hot Wallets and Cold Wallets, and keeping Private Keys out of reach of anyone. Once you have mastered the basic knowledge, you can slowly develop it while on your investment journey. You can also apply the CDA strategy because this strategy is the safest for beginners to reduce the impact of volatility.

[Arenga pinnata]

If the goal is simply to invest, then basic knowledge is sufficient. But if it’s about trading, then more in-depth knowledge is still required such as risk management, money management, and emotional management. Because we need to know when to stop and when to keep going. And because we also need technical insight to analyze at what price we can enter the market,
But many are self-taught yet ultimately succeed.

[MystMoney]

What are this foundational information and practicable skills in Bitcoin investment?

Basic is really simple: You need some type of regular income with at least a bit of extra money left over from each payday. Then start buying BTC every time, whether the current price seems high or low. With some experience, buy less when a huge rally is getting extreme, and buy as much as you can when everyone tells you it's going lower before the pain ends.

[Adams0001]

That trading is not for everyone. Because there are people who think that when they have basic knowledge about Bitcoin, they can go for trading already just like what they see with others who are flaunting with their wins. But little did they know, the losses of those people have been more than what they're sharing and they're just happy to share some small wins that they're getting. And starting from the most basic, it's all about knowing what you're investing and specifically with Bitcoin. They have to know how very volatile it is.

Sure, trading can not be for everyone because not everyone can be patient enough to handle the challenges involves in it, but if you believe and ready to learn about trading you can probably succeeded in it because anything need believe and if you can get patient and ready to take risk in trading you can get more experience and he will favour you at last. But you can't just think because you get some knowledge about bitcoin that can give you profit in trading, he can't be possible you need to study about trading first before you can handle it and know how to used your funds when trading. You will notice many people are more focusing on investment more then trading because investment is more preferable and minimise risk then trading.

[Awaklara]

If the goal is to invest, actually a simple understanding of Bitcoin can be enough to start. But the most important thing that is often forgotten when recommending someone to invest in Bitcoin is the mental readiness of the person who wants to start.
Simply, when you want to inform beginners who want to invest in Bitcoin, I believe that a beginner is not someone who truly knows nothing, they must have sought out some information beforehand. You might guide them on how to buy and sell, how to store it safely, or other understandings. But the psychology and mental state of holders facing the market must also be understood by beginners.

[Frankolala]

Everyone can easily find the basic knowledge on the internet, there are many sources of information that can be found very easily and completely, the question now is whether they want to do that or not before they start investing, for me personally, honestly, there is no need to beat around the bush, the basic knowledge that must be had is understanding that there are still risks in this activity, patience, discipline and consistency to continue allocating money and not using money that will be used for other needs in life, that's all.

I think basic knowledge is similar to common sense. If you are the type that already understand your financial situation, you will know the right amount of money to assign for your weekly/monthly DCA purchases. Bitcoin investment isn't a get rich quick scheme. It requires patience, sacrifice and commitment to build your portfolio and hodli for long term.

[Shadiq]

For example, before putting a product in the market, knowing the production, qualities, supply, purchasing process, warehousing process or safe storage process, sales process and profit taking process is basic knowledge. Similarly, in Bitcoin investment, being aware of the buying and selling, safe storage and qualities of Bitcoin is basic knowledge.

Nothing should be started without basic knowledge. Just like - knowing the basic knowledge about turning on, operating and turning off the device to operate a device. Among them, the important knowledge is knowing how to turn off, so that even if you cannot operate the device, you can turn it off.

[Zigabel]

Basic knowledge of Bitcoin may not have a direct definition but explanation of it can answer the question and help someone(newbies) who needs it to start their Bitcoin investment journey.
When you say basic knowledge, it means foundational requirements in informations and practicals necessary to get started in a particular thing or area of life.
Talking of Bitcoin, that means foundational information and practicable required to start Bitcoin investment, that's the basic knowledge of Bitcoin investment.

You must not have a degree in Bitcoin or years of learning before you can invest in Bitcoin. Basic knowledge is enough!
So
What are this foundational informations and practicable skills in Bitcoin investment?
As in,
what are the basic knowledge in Bitcoin investment?

One information i find as basic and think a beginner should have is that they should understand how to acquire, store and secure their assets as a beginner, if they have all of these three basics at a start, they can then go on to further learn other things that may be needed for them to become better Bitcoiners, either as treader or investors. If yo know how to acquire Bitcoin, store it and secure it, i believe you are good to go for a starter or a beginner in the space. the cycles, and other technical information about Bitcoin can always be learnt later provided you have your asset well stored and safe.

Always know that even when you become an experienced Investor, storage will always be key to your activities because it is only when your asset is safely stored that you will be looking to get profits from your Investment. As an investor always have it in mind that you will also have to continually learn as you continue with your investment in Bitcoin.

[WatChe]

I think basic knowledge is similar to common sense. If you are the type that already understand your financial situation, you will know the right amount of money to assign for your weekly/monthly DCA purchases. Bitcoin investment isn't a get rich quick scheme. It requires patience, sacrifice and commitment to build your portfolio and hodli for long term.

Its very important to understand that Bitcoin won't make you rich in short duration but it will take time. Those who invest in Bitcoin with intention that they will become rich overnight end up losing money. Once you understand this fact the next step is to identify the right strategy and so far DCA has proven to be a successful strategy over a period of time. With DCA all you need is to remain consistent with our accumulation strategy and after 5 years you can see the results.     

[The Cryptovator]

You must not have a degree in Bitcoin or years of learning before you can invest in Bitcoin. Basic knowledge is enough!
So
What are this foundational informations and practicable skills in Bitcoin investment?
As in,
what are the basic knowledge in Bitcoin investment?

Haven't you answered your own question? You really don't need degrees for Bitcoin investment; 'basic' means really basic. For investing, really, you don't need any foundational skill; you just need basic knowledge. But for trading you will need skill definitely; otherwise you may have to lose your funds.

To me, basic means you have to know what Bitcoin is, how it works, and most importantly, how to store your crypto. You have to know how Bitcoin would be secured in your wallet. Also, you have to learn how to buy and sell your Bitcoin when necessary. So basic knowledge could be gained pretty simply, and then slowly you can go deeper.

[ndutndut]

You must not have a degree in Bitcoin or years of learning before you can invest in Bitcoin. Basic knowledge is enough!
So
What are this foundational informations and practicable skills in Bitcoin investment?
As in,
what are the basic knowledge in Bitcoin investment?

In my opinion, basic knowledge alone isn't enough you must be able to control your emotions, be patient and learn discipline. Because basic knowledge is very easy to obtain these days especially in this era where information about Bitcoin is very accessible, with thousands of videos and beginner's guides on YouTube. So, anyone can learn about Bitcoin, blockchain, the history of halvings, wallet security and more in just a matter of days.

But the main problem people fail at investing in isn't a lack of basic knowledge, but rather a lack of mentality, risk management, patience and discipline. These are the things that truly determine whether someone will succeed or suffer significant losses in Bitcoin investing. I mean, if knowledge alone were enough to invest in Bitcoin we probably wouldn't have heard of anyone failing.

[TheUltraElite]

Basic knowledge of bitcoin should be about how it works and how to keep yourself safe from losing your coins. Trading comes later, which is a different ballgame, dont think bitcoin = trading, it is not so.

First one should understand these basics and then choose a wallet, secure their devices and then head out to understand how trading works and how moneu is made from it (or not).

Basic knowledge is enough, you don't need to be a dev in bitcoin core to use it.

[taufik123]

Basic knowledge of bitcoin should be about how it works and how to keep yourself safe from losing your coins. Trading comes later, which is a different ballgame, dont think bitcoin = trading, it is not so.

First one should understand these basics and then choose a wallet, secure their devices and then head out to understand how trading works and how moneu is made from it (or not).

Basic knowledge is enough, you don't need to be a dev in bitcoin core to use it.

It should have been, in 2016 when I was first introduced to Bitcoin I was looking to find out what Bitcoin really is and how it works.
Not only that, I figured out how to buy it and then created a Bitcoin wallet, which can be purchased on a centralized exchange and stored in a private wallet with my own key and self-control.

Then came my thought on how to secure this Wallet so that it cannot be hacked or exposed by others, so this becomes an important priority how far one learns and starts their Bitcoin journey,
because basic knowledge must also be supported by good and correct security.

And at the next level is a level of more expertise on how Bitcoin is developed and how to be a developer like how to be a developer of Bitcoin Core, it's a more complicated thing.



Source: generate with Gemini: https://gemini.google.com/

[maydna]

The basic knowledge about Bitcoin investment will be needed before you starts. You can use Google to finds what you need to know but you can also asks people what you want to know but still, you need to search by yourself. People know much about Bitcoin but you search for other things related to Bitcoin so you search to find out the info.

You need to know about the wallet to keep Bitcoin, how to get Bitcoin, hodl Bitcoin in a safe way, preventing not to panic, and many others. You need to search following what you want to know  so you can improve your knowledge about Bitcoin investment.

[Luke3bird]

The basic knowledge about Bitcoin investment will be needed before you starts.

First basics to know for starting is about Bitcoin. Before understanding fundamentals of Bitcoin, it's risky to start investment. After understanding about Bitcoin fundamentals, then it is time for learning about Bitcoin investment.

The first step of learning about Bitcoin fundamentals is like a foundation for investment later.

[EarnOnVictor]

-Snip-
what are the basic knowledge in Bitcoin investment?

They are, of course, the introductory knowledge about Bitcoin investment. For me, they are not enough because they are too basic. Following the basic knowledge about Bitcoin alone cannot trade, and even if we limit it to investment alone, it may not survive what Bitcoin is doing right now.

Although Bitcoin continues to hold on to it's tradition and principles, many things are gradually changing, and I wonder how basic knowledge would handle that.

This also applies to the security, as things are changing and evil are get wiser.

[nara1892]

Everyone can easily find the basic knowledge on the internet, there are many sources of information that can be found very easily and completely, the question now is whether they want to do that or not before they start investing, for me personally, honestly, there is no need to beat around the bush, the basic knowledge that must be had is understanding that there are still risks in this activity, patience, discipline and consistency to continue allocating money and not using money that will be used for other needs in life, that's all.

I think basic knowledge is similar to common sense. If you are the type that already understand your financial situation, you will know the right amount of money to assign for your weekly/monthly DCA purchases. Bitcoin investment isn't a get rich quick scheme. It requires patience, sacrifice and commitment to build your portfolio and hodli for long term.

It makes sense and I think everyone should be aware of how good their financial situation is, they should know whether they are worthy or not to start investing and also know how much money they can set aside to start their DCA, I think your idea about "investing is not a get rich quick scheme" should be emphasized more especially by beginners because in most cases people often come because they are motivated by the success of other investors without knowing how they struggled in the process.

[SOKO-DEKE]

To my own understanding, when we talk of basic knowledge, it is the knowledge that is very important. If someone has it, they will not likely make a wrong decision when investing in Bitcoin.First, anyone who wants to invest in Bitcoin should know the risks involved. They should understand that it is volatile in nature; the price is always going up and down and never stays in one direction. With this knowledge, they will know that Bitcoin is not something that can make a person rich quickly. Because of this, they will not invest more than they can afford to lose.Another important thing a beginner should know before investing in Bitcoin is how to properly secure their investment. They should learn about the best wallets to use to keep their Bitcoin safe, and the safest places to buy Bitcoin without falling for scammers.Once beginners have this kind of knowledge, I believe they can start their Bitcoin investment. As they continue to invest, they will keep learning more over time.

[Agathamay]

edited out

edited out
Satoshi's lesson
Bitcoin and me (Hal Finney)

welcome to the forum

Welcome to the forum?

He has 700 activity point, and is not a newbie member in the forum by joining the forum since January 2024, making 1215 posts, and gaining 700 activity points.

i guess i missed that very details and yes he isn't new at all.
as a trader be it either day trader, or any other type of crypto trader, what matters most is that you apply the right risk management technique if you want to last in the industry and since op isn't a newbie, he ought to know these things except he wasn't visiting the trading section that frequently and in all you do as a trader, always try not to go into the market with emotions but rather with actual skills as skills pays over emotions

[SquallLeonhart]

Majority of the community here started just with basic knowledge. Once we enter the markets, our experience teaches us a lot of things and if we remain consistent, we will soon master the field. It is same for every human being. Only the thing is, people lack motivation and lose faith very soon. If they stick to their routine, they will soon learn enough to earn a better life. Investing in the initial stage might not always give profit. One will have to brace himself for loss as well because that is inevitable with just the basic knowledge. But take this as a learning opportunity and learn as much as possible from your mistake.

You can start exploring the markets with basic knowledge, but I would still recommend you consider learning more in advanced to make profits out of the industry. You can survive with basic knowledge, but you can't progress.