Well said, which is why every new investor ought to acquire basic knowledge of investing in Bitcoin, both its pros and the cons of it before deciding on an investment method because without verify the information they receive, they will keep making mistakes by applying the wrong principles which could ruin their plans, which will help them to remain responsible and disciplined kos that's how small investors can profit from their investment.
Huh? What is the "basic knowledge" that you believe newbies need to learn before getting started?
Do they have discretionary funds?
Do they know from where they are going to buy?
Do they have an ability to make reasonable choices for themselves? or you want to treat them like a 12 year old merely because they are new to bitcoin? Do you presume the bitcoin newbie to be 12 years old?
I think the questions already raised here by JJG explains it all. Off course, that one is a Bitcoin newbie doesn't mean they know nothing or have no human sense and/or reasoning, and thus, they could still reason and know how best to do what is okay and keep there investment safe provided they have the ability to make reasonable decisions.
What's major is the ability to figure out there discretionary. Once this is done, then every other thing as regards starting is secondary. They could begin buying gradually while they personally discover some other things while in the market already. Trying to look at basic knowledge as a criteria to starting in a broader perspective might seem to ambiguous as many may be looking at it from the angle of learning or knowing a whole lot of things before getting started.
Whereas, the concept of basic knowledge simply connotes you having been able to figure out your Discretionary and a common sense.Basic knowledge is not figuring out discretionary funds and common sense.
Basic knowledge is a vague and ambiguous standard that other people try to proclaim to be required for others, and others do not need anything besides discretionary funds and perhaps knowing from where they are going to buy their first bitcoin. They do not need to know anything else, except to the extent that they might impose requirements upon themselves. That is their choice not something imposed by others, since if a guy has discretionary funds and he knows from where he can buy bitcoin, then he can get started and buy his first bitcoin (satoshis).
Well said, which is why every new investor ought to acquire basic knowledge of investing in Bitcoin, both its pros and the cons of it before deciding on an investment method because without verify the information they receive, they will keep making mistakes by applying the wrong principles which could ruin their plans, which will help them to remain responsible and disciplined kos that's how small investors can profit from their investment.
Huh? What is the "basic knowledge" that you believe newbies need to learn before getting started?
Do they have discretionary funds?
Do they know from where they are going to buy?
Do they have an ability to make reasonable choices for themselves? or you want to treat them like a 12 year old merely because they are new to bitcoin? Do you presume the bitcoin newbie to be 12 years old?
This is the summary of what is needed by newbies to get started already and I love how you made it easy for everyone to understand. So long as the answer to the questions you asked are affirmative, then a newbie is all set to get started and while at it, he will begin to see the need for other things... this is called learning on the process.
If a bitcoin newbie sees something that raises a red flag or feels that he needs to know something besides his having discretionary funds and knowing from where he is going to buy his first bitcoin, then that is up to him to decide the extent to which he is comfortable or not and whether he can either start buying or maybe to reduce the amount or maybe he will decide not to buy any until he resolves some issue that he believes is important to resolve. There are no "basic knowledge" requirements, as guys keep proclaiming to be the case.
It is not right to assume that newbies need all the knowledge of Bitcoin from the very beginning, that is not even possible because Bitcoin is broad and anyone waiting to understand everything before getting started may not even get started. There is really no replacement for experience and that can only be gotten when someone is already involved in doing the job already.
I keep giving the example of a guy who knows that he has $100 available each week to buy bitcoin, yet on purpose he determined that he is only going to buy $30 per week until he gets more comfortable. Why can't he do that? What is it that he needs to know before he can start to buy $30 per week and to learn along the way? If someone gives some example, then maybe we might see some circumstances that a guy might not be able to get started, yet I hardly accept that there is some amorphous "basic knowledge" that a person needs to have before he decides for himself whether to get started and how much he is going to start with, whether $100 per week, $10 per week or some other amount.
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a new investor doesn't have to wait until they know everything about bitcoin before getting started. however, i think that besides having discretionary income, understanding selfcustody wallet and how to secure them properly is also essential
if they still find selfcustody too complicated, then they are probably not ready to invest. because btc held on an exchange doesn't fully belong to them. what is the point of investing if you put your money in but can't be sure the asset truly belongs to you?
if we don't even know how to keep our asset safe, how can we expect to make money from them?
protecting your capital should always come before chasing profit.
You think that a person who starts out with $100 per week, $10 per week or maybe $30 per week has to learn self custody before making his first bitcoin purchase?
How about a grandma or a 70 year old?
Do you think that everyone has to learn self custody in order to be qualified to start buying bitcoin?
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To Achalugo BTC, I would like to start by saying that in my short experience, it will take a long time for an investor to develop the knowledge needed to be responsible, patient and disciplined about investing. This is not possible without some long-term investment experience.
And JayJuanGee as per your question I would say Beginners do not need much knowledge before investing. They can start small by identifying your extra money, deciding where to buy Bitcoin, and determining the amount to buy according to your ability.
After meeting the necessary expenses, a common person can easily calculate whether there is real extra money. And without extra money, I do not think it would be right to invest in Bitcoin.
And it certainly does not take much time to learn where to buy Bitcoin. If I speak for myself, I have known this for a few years before coming to this forum.
I am not going to presume anyone knows where to buy bitcoin, and there is likely local variation. Some people might need to spend time figuring out from where they are going to buy bitcoin, and let's say that they check through one possible buying source, and then they find some red flags, they might want to continue to check for other possible places to buy bitcoin. Even though several of us (including yours truly) considers it important to get started buying bitcoin as soon as possible, I doubt that we can put a time frame on how long we believe it is reasonable for any particular person to have had been able to look into from where they would initially start to buy some bitcoin.
An adult should be considered to have this ability about money management . If he doesn't have this kind of common sense, then I don't think he needs to invest in Bitcoin.
Knowing how to do math or to calculate income versus expenses and figuring out how much discretionary funds are left over is not part of common sense. Not everyone knows math and not everyone is comfortable with math, so if a bitcoin newbie sucks at math, they might have to spend some time figuring out how much income they have and how much expenses they have so that they can determine the extent to which they have discretionary funds that could be used to buy bitcoin.
From my point of view, common sense is not about knowing anything in particular, yet a person who does not know math, they might have common sense to know that they have to learn math in order to be able to figure out the extent to which they have sufficient discretionary funds in order to get started buying bitcoin.
Another thing is that I would consider that folks with common sense would not want to throw away money or to be scammed, so they might have various alerts that they have so that they feel comfortable that they are not throwing away money, especially if they might not be a very rich person.
Anyone who has heard the name Bitcoin and decided to invest in it must have this kind of understanding that it won't take him long to understand it or that he is not so incapable that he will be like a 12-year-old child. And if he doesn't have this kind of brain development, then he is nothing but a madman.
I think that there are a lot of people who hardly know what bitcoin is, even if they had heard the word bitcoin, so I am not going to presume that any beginner has any clue about bitcoin, yet they do not need to know much about bitcoin in order to get started buying bitcoin. So yeah, they have to use some judgement in regards to what they know and what they do not know. I doubt that our audience here are kids who are younger than 18 year olds, even though at the same time, anyone who can read can get on the internet, and if a person is younger, then they are susceptible of being scammed, yet I am not going to presume that our audience here are a bunch of snot nosed 12-year olds or even snot nosed 15-year olds, and sure part of the dangers with teenagers is they sometimes start to believe that they know way more than they know, so if there are younger people who are trying to figure out how to get involved in bitcoin, they likely need to be careful based on their age so that they are not presuming themselves to know more than what they know, even though teenagers have tendencies to act like that and even to get emotional or to have hormones guiding them into questionable judgement calls.
Huh? What is the "basic knowledge" that you believe newbies need to learn before getting started?
Do they have discretionary funds?
Do they know from where they are going to buy?
Do they have an ability to make reasonable choices for themselves? or you want to treat them like a 12 year old merely because they are new to bitcoin? Do you presume the bitcoin newbie to be 12 years old?
Well they are not necessarily 12 year olds but sometimes they act worse than them blinded by many emotional factors such as fear and greed. I cant generalise all investors in bitcoin to have a 12 year old like mentality but many of them make mistakes a 12 year old would make mainly because they are new and mostly because they are greedy and fearful.
Personally, I am not going to patronize newbies.
in fact newbies need to be responsible for their actions, so they have to make decisions with common sense and not act retarded.
I presume around 97% of normies have common sense, even if they might need some practice in exercising such common sense that they already possess.
So them getting bitcoin’s knowledge is beneficial, it is not a matter of if they need it or not but extra knowledge before investing is always better than less knowledge as more knowledge always helps us in taking well calculated decisions. But acquiring knowledge shouldn’t stop one from starting investing, they should continuously learn while have already started investing to not lose their opportunity in buying bitcoin.
I think that newbies should be able to get started right away from where they are at as long as they have figured out their discretionary funds and then they can adjust their starting out amount, whether that is $100, $10 or some other amount. They can also learn as they go. They don't have to learn prior to getting started as long as they already know that they have discretionary funds.
You going to treat an adult that you meet in person the same way? as you treat people on the internet and presume all newbies to be like 12 year olds?
you are probably doing yourself a disservice to be trying to take on the role as teacher rather than promoting the idea of self-responsibility.
