10 things you need to know before investing in Bitcoin.

[VivaMan]

OP, i'm not trying to discourage your efforts but sometimes you people should make use of the search bar or use talksearch.io to find out if a topic has existed before so that you don't make a duplicate of same topic. If you have new point you want to make you can just bump the previous thread and continue making post from there instead of creating new topic again. A lot of threads in the local board are becoming too repetitive, and it doesn't make any sense.

This topic you created has already been made before:

3 things to know before investing in Bitcoin

Things you need to know before investing in Bitcoin

You are actually very correct but I think getting new knowledge from others sources can also help the thread. reason being that Alot of people has forgotten some specific reasons, but repharing and reminding with a vital knowledge will really help the forlum. Alot of Newbies just joined the forlum which am one , and hasn't really come across such topic but with this now it can help for me to re-learn.

[Makus]

The 4th point you made is the most important one, a lot of people only plan to make an investment in Bitcoin without having plans to have an emergency fund. Sometimes there are unforseen circumstances that one might fall into, those that don't have emergency funds for this end up using their Bitcoin investment which affects their plan to make profits at the end of the day. The first thing one should consider even before considering to buy Bitcoin even before emergency funds is an inflow of money, if you don't have a source of income it would be difficult.

[Yeesha]

2.Only invest money that you can afford to leave untouched for years.
3.Think in years, not weeks.
4. Emergency funds and daily expenses should always come before Bitcoin investments.

8. Emotional decisions often lead to poor results.

All the things you mentioned are valid points, everything is correct actually, reasonable and worth considering. But the most important considerations should be 2, 3, 4, and 8, because they are the main point that everyone must understand before even thinking of investing in Bitcoin. Making your emergency fund and daily expenses your priorities is actually very crucial to prevent your life from being complicated, bitcoin investment is a good thing but the best thing is to ensure your stability. Investing with your emergency fund is same as investing with what you cannot afford to lose and this decision can only make your financial situations worse especially if care is not taken, and most importantly don't let your emotions overtake your senses of reasoning, because it can easily affect your career and mental wellbeing, you have to be patient and gradually you will be able to overcome every situation.

[Alonso_]

Your point is very valid and with that I have come to a conclusion to understand that you can only possibly invest in bitcoin when you have that discretionary income, likewise basic knowledge is also important before you get started with investing in bitcoin.

Person when I started investing in bitcoin what I just needed was a discretionary income and basic knowledge and how to understand what bitcoin is all about, however we have this little details it could actually be enough getting started with investing in bitcoin.

[CryptopreneurBrainboss]

Bitcoin can be a powerful long-term investment, but only for those who approach it with knowledge and realistic expectations.

There are many things that we can say new investors need to know before they should invest in Bitcoin but what I will say is that they don't necessarily have to wait until they know everything about Bitcoin before they can start buying, it is very okay to learn along the road as you embark on the journey. Many of us here didn't have all the knowledge before we started our investment but as we grow more in the industry we began to understand other things. For a newbie what I think is most important is determination and commitment that you should have as that will help you to stay longer in the industry, you should first understand that Bitcoin isn't a get money quick scheme, investing isn't gambling and then you should learn and understand how to operate a Bitcoin wallet then you can begin investing.

[Tetu100]

Bitcoin can be a powerful long-term investment, but only for those who approach it with knowledge and realistic expectations.

There are many things that we can say new investors need to know before they should invest in Bitcoin but what I will say is that they don't necessarily have to wait until they know everything about Bitcoin before they can start buying, it is very okay to learn along the road as you embark on the journey. Many of us here didn't have all the knowledge before we started our investment but as we grow more in the industry we began to understand other things. For a newbie what I think is most important is determination and commitment that you should have as that will help you to stay longer in the industry, you should first understand that Bitcoin isn't a get money quick scheme, investing isn't gambling and then you should learn and understand how to operate a Bitcoin wallet then you can begin investing.

That's true because waiting to understand everything about bitcoin investment before starting isn't a brilliant idea at all, it can cause delay and sometimes even hinder you from investing. Bitcoin knowledge is way bigger and deeper than we can ever imagine and we can't be able to learn much in a short time despite our learning capability. Therefore, their is always a possibility learning alongside your investment process as earlier said by CrptopreneurBrainboss. Moreover, waiting to acquired every single knowledge of bitcoin before getting started is another way of procrastinating in disguise and this can only do more harm than good to the person in question.

[Cryptomultiplier]

Inasmuch as I would like to believe this post bears similarities to others that have been created in the past, it doesn't make the message it aims to pass across outdated in anyway.

This post hammers on the absolute principles to bear in mind when investing in Bitcoin and trading and not just Bitcoin investment alone, but any worthwhile investment out there that others may be rushing into or trying to convince you to invest in.

The potential Bitcoin wields makes it more of a great asset and that's why it is so much talked about, all thanks to the genius idea by Satoshi and all the developers working behind the scene to keep it immutable, self sovereign and decentralized in the original sense of how it was created to function and thrive.

[Antotena]

Your point is very valid and with that I have come to a conclusion to understand that you can only possibly invest in bitcoin when you have that discretionary income, likewise basic knowledge is also important before you get started with investing in bitcoin.

Person when I started investing in bitcoin what I just needed was a discretionary income and basic knowledge and how to understand what bitcoin is all about, however we have this little details it could actually be enough getting started with investing in bitcoin.

There is nothing that is greater than knowledge, the knowledge can be fundamental or technical, just go and learn that thing about Bitcoin and you will have some unknown answers that you have on your mind. This will also save you from scammers. Many times that you hear people loss their money to scammers, they are mostly people that understand nothing about Bitcoin, they don't know anything than just money instead of having some quality knowledge.

There are plenty of people that like centralized exchanges and I sometime do consider such people as investors that doesn't not have any knowledge about Bitcoin. If you are not a trader that love to open position on Bitcoin market everyday and also engage in p2p for business, your asset have nothing to be doing on the exchange but people that don’t have knowledge don't know the consequences of leaving coins on the the exchange.

[Agbam]

You have mentioned almost basic knowledge, but you have not mentioned one of the most important things, which is discretionary income. Every person should continue to invest through their discretionary income. Although you have said that investing the amount that you can keep in the long term, some people may be confused.

Emergency fund is created through our discretionary income. Creating an emergency fund from our source of income is not at all the right decision. The amount of money that remains after deducting all our expenses will be our discretionary income. From this discretionary income, we should keep money for emergency fund investments and additional expenses.

I think he must not necessarily mention discretionary income or money before you know what’ he’s talking. He talked about it when he said invest with only what you can afford to leave for a long term.
Make we no dey too confuse ourselves with words and words when we know wetin we dey talk.

OP don actually try with him research and findings, as a beginner or a newbie, he has listed almost all that is necessary to go on the bitcoin investment journey.

You’re also correct in what you’re explaining but I think you failed to grasp the OP.