The Most Expensive Bitcoin Lesson Is the One You Refuse to Learn

[Sammysmart001]

Allot of our beginner would just want to go on with buying Bitcoin first, and would want to skip the learning part. Smiles😊 I do understand with them, I was once in their shoes. But the true fact about Bitcoin is that you can't skip the learning part, because if you do your mistakes will surely collect his fee later.

Going ahead to buy Bitcoin without understanding transaction fees,self custody, scams, and the basic principle. It just as if leaving everything for the market and expect a better outcome, you can just imagine travelling without knowing the way. Before joining the forum, I see Bitcoin as just a digital money. And also at the other hand thought exchanges were Bitcoin wallet.

As I spend time studying different discussio, my perspective changed. From different discussion from members sharing their wins, losses, technical breakdowns and also security tips. This made me to understand that for Bitcoin to be of value to self, you have to embrace patience and knowledge then for you to rush it. So I had a different perspective about Bitcoin that, then for me to be wanting quick profits, I should understand how bitcoin works first.

And another lovely part is that asking questions are actually free, but mistakes are do expensive. Have come across different discussion were users lost their Bitcoin because of clipboard malware, fake wallet apps and poor backups. In every cases, this mistakes would have being avoid if they do learned at the first place.

Keeping pride aside when it comes to Bitcoin. It very important ,this those nor mean that you will be rich over night. But will save you allot from mistakes, Looking back the knowledge have gained here in the forum is one of the most biggest valued gained. 

Question
Looking back to the first time you bought your Bitcoin, what the lesson you wish you have learnt before buying then ?

For my newbie/beginners or anyone, that want to avoid mistakes, here I have with me Bitcoin security guide by Jameson Lopp, it has a lot to learn from. It do covers allot of basic information beginners should understand before investing. It covers backups, malware, wallet security and lot more.

https://www.lopp.net/bitcoin-information/security.html

[Merit.s]

The basic knowledge of bitcoin is enough for a newbie who wants to start his bitcoin investment because he is only going to be buying without selling at the start. He can learn every other aspect of bitcoin as he has started buying bitcoin because a pleb who isn't a tech savvy might find it difficult to understand how to differentiate a fake app and a real app.

Buy and learn as you go is the best so that, your knowledge increases simultaneously with your bitcoin investment. In bitcoin investment practical is the best teacher because it gives you the real life experience and not theory. Only traders need deep knowledge of trading.

[I_Anime]

As a crypto enthusiasts priorities learning . I will use trading as a reference, many come into trading with the sore aim of becoming profitable (which is normal ). But first don’t let it cloud your mindset to the extent that you will start thinking that without diving deep into the learning aspect you will be able to pull it off . The moment you start with that mindset, that’s the beginning of you wasting valuable resources that would have yield something far better when the time comes for earning (which is after learning ).

[coinlary]

Learning can continue  along with investment journey .  Learning how to invest properly (right steps and the appropriate resources needed ) is essential before starting anything .

Other stuffs are just technicals including fee , right from basic to intermediate and advance stuffs that could be unnecessary to most investors . Some need to be learned as soon as possible but in most cases, they are simple stuffs that can figured in a week .

[thesebassv]

Question
Looking back to the first time you bought your Bitcoin, what the lesson you wish you have learnt before buying then ?

My biggest lesson was the importance of keeping your password in a safe place. I lost the password to one of my wallets and I'll never be able to recover the money in it. Since that day, I make two copies to make sure it doesn't happen again

[Ndabagi01]

The basic knowledge of bitcoin is enough for a newbie who wants to start his bitcoin investment because he is only going to be buying without selling at the start. He can learn every other aspect of bitcoin as he has started buying bitcoin because a pleb who isn't a tech savvy might find it difficult to understand how to differentiate a fake app and a real app.

Buy and learn as you go is the best so that, your knowledge increases simultaneously with your bitcoin investment. In bitcoin investment practical is the best teacher because it gives you the real life experience and not theory. Only traders need deep knowledge of trading.

Learning while also applying what you’re learning is one of the best ways for you to reach an understanding of what you’ve been trying to venture into it. The basic knowledge of bitcoin as I’ve always said is knowing more about the principles of privacy and security of your funds, any other one can come later as time goes on as you learn through the market. Not only your bitcoin investment can you use this kind of approach, you can also do the same while trading using demo accounts readily available to learn your skills from to know how good you’ve become in your trading journey.

[Slimzeee]

Understanding the basics and asking relevant questions is key.
Things like strategies to invest (such as DCA), methods of earning from crypto (whether holding long term or trading), what you need to know about holding, and how to control your emotions during the volatile rise and fall of Bitcoin. There’s so much to learn.

The truth is, Bitcoin rewards patience and discipline more than shortcuts. If you take time to learn before acting, you’ll save yourself from costly mistakes and build confidence in every decision you make.

But if you’re someone who already made the mistake of buying Bitcoin before learning about it, don’t be ashamed. At least there’s a second chance to understand how crypto truly works

[AYOBA]

Question
Looking back to the first time you bought your Bitcoin, what the lesson you wish you have learnt before buying then ?

My biggest lesson was the importance of keeping your password in a safe place. I lost the password to one of my wallets and I'll never be able to recover the money in it. Since that day, I make two copies to make sure it doesn't happen again

Seriously that is the biggest mistake some of the people made when they comes to invest, a lots of peoples lost their coins because they refuse to keep their security’s to their wallets in a safe place and as newbies learning how to keep their seed phrase and private keys is also among the first things they need to know before everything else starts, because a moment some misplaced he’s security’s to wallet that’s all there’s not they can able to recover it back; this is the reason why it’s very important to keep the data safe from hackers who also.

[gracreavix]

Most people think that experience is the only best teacher. When you make the mistakes yours you learn. But we can learn from others people mistakes. When learning Bitcoin we should keep a balanced mindset. Which is maintaining a steady emotion which is confidence that won't lead to overconfidence.

Another thing is that learning never stops. There's this adage that says the day you stop learning, you start dying. Even with this knowledge we also need action. Knowledge without action is as dead as anything. Another logical gap is that knowing self custody and not moving your coins off centralised platform is another form of unapplied knowledge.

[Chinesebaby]

Keeping pride aside when it comes to Bitcoin. It very important ,this those nor mean that you will be rich over night. But will save you allot from mistakes, Looking back the knowledge have gained here in the forum is one of the most biggest valued gained. 

Question
Looking back to the first time you bought your Bitcoin, what the lesson you wish you have learnt before buying then ?

For me, one thing I wish I knew before buying my first Bitcoin was knowing that the "Dollar Cost Averaging" method of accumulating Bitcoin did actually existed. Because before then I always thought in other to get involved with Bitcoin, one needed a huge sum of money to start to its price value back then, as I never know you could buy and own a fraction of it, without needing to buy the whole one full Bitcoin. And to be honestly speaking, ever since I noticed yo could equally buy a fraction and hold, that has always been my major goal with all my Bitcoin investments. And I'm happy I took the right decision for it. However, in other to start investing in Bitcoin, it's always good if you are a complete newbie, you get someone who already have about it, or probably watch some videos and read articles that teaches that, so that you don't end up spending too much on fees, whe you could easily adjust it.

[Sammysmart001]

The basic knowledge of bitcoin is enough for a newbie who wants to start his bitcoin investment because he is only going to be buying without selling at the start. He can learn every other aspect of bitcoin as he has started buying bitcoin because a pleb who isn't a tech savvy might find it difficult to understand how to differentiate a fake app and a real app.

Buy and learn as you go is the best so that, your knowledge increases simultaneously with your bitcoin investment. In bitcoin investment practical is the best teacher because it gives you the real life experience and not theory. Only traders need deep knowledge of trading.

No doubt I do agree with you that one can be learning and investing side by side especially if it a small amount of funds. But my own point and concern is for those who will just rush in completely without having the knowledge of basic security. and about technical details, yes beginners most not know everything about it, but they do have to understand some basic safety such as fake wallet apps, self custody, seed phrase and so on. All this are necessary, before they go make a mistake that can’t be reversed. After all this little basic, the rest of the knowledge can come later in the investment journey.

[Hypnotizer]

No doubt I do agree with you that one can be learning and investing side by side especially if it a small amount of funds. But my own point and concern is for those who will just rush in completely without having the knowledge of basic security. and about technical details, yes beginners most not know everything about it, but they do have to understand some basic safety such as fake wallet apps, self custody, seed phrase and so on. All this are necessary, before they go make a mistake that can’t be reversed. After all this little basic, the rest of the knowledge can come later in the investment journey.

That’s actually a valid concern because understanding the basics is very important for every beginner, you mustn’t master everything but atleast understand the fundamental basics.  That’s the same thing @Merit.s  was saying but this kinda reminders like in the OP is essential for beginners because some of them rush things and start investing without even knowing the basics about security which is a very crucial aspect for keeping the investment safe.

The basic knowledge of bitcoin is enough for a newbie who wants to start his bitcoin investment because he is only going to be buying without selling at the start.

Learning about security is also very important even at that point that he’s just going to be buying, because he needs to know the right place to store his bitcoin. The security risks doesn’t comes with only selling or moving the coins from one place to another.. even buying bitcoin has its own security risks.

[Egii Nna]

Learning can continue  along with investment journey .  Learning how to invest properly (right steps and the appropriate resources needed ) is essential before starting anything .

Other stuffs are just technicals including fee , right from basic to intermediate and advance stuffs that could be unnecessary to most investors . Some need to be learned as soon as possible but in most cases, they are simple stuffs that can figured in a week .

Learning is always continuous, not only in bitcoin, but also in life. Knowing basic knowledge like managing your risk, setting a goal for yourself, and having patience needs to be learned even before investing a dime into bitcoin.

Brushing off other stuff might hunt you down along the line, such as fees and technical steps, which also need to be learned before putting your own money into it. For instance, high fees can eat up your profits over time. That is why in some exchanges you will mostly see a demo account, which gives you the opportunity to learn with fake money before you start putting your own money in.

Although that is for trading, if you are going for investment, all you have to do is know the amount to invest in (money you can afford to lose, so that you will not withdraw it even in emergency), have patience, and understand that you are holding it for a very long time.

[Merit.s]

you can also do the same while trading using demo accounts readily available to learn your skills from to know how good you’ve become in your trading journey.

You cannot do this in trading because you will lose all the money that you are using to trade unlike, investing that the money will just be piling up. If you think that you are getting experience about the market through demo account to trade, you are missing it.

Demo no emotion or losses are attached to it but in real money trading, you will run at loss because it's always a different experience of the market from demo trading. You will still be like a novice if you haven't learned any trading strategy.

[Qhunman]

You cannot do this in trading because you will lose all the money that you are using to trade unlike, investing that the money will just be piling up. If you think that you are getting experience about the market through demo account to trade, you are missing it.

Demo no emotion or losses are attached to it but in real money trading, you will run at loss because it's always a different experience of the market from demo trading. You will still be like a novice if you haven't learned any trading strategy.

demo trading is basically for beginners, so that they can learn how to trade since they have not yet mastered trading. Because it will too risky for them to venture into trading when they haven't yet understood how they can analyse the market. It isn't like they can learnt everything  through demo account but the experience that they will gather during that period will help them not make too much mistakes or lose much money in the real market.

[Humblevirus]

Question
Looking back to the first time you bought your Bitcoin, what the lesson you wish you have learnt before buying then ?

My biggest lesson was the importance of keeping your password in a safe place. I lost the password to one of my wallets and I'll never be able to recover the money in it. Since that day, I make two copies to make sure it doesn't happen again

It seems your knowledge was so limited that period and that may lead to the result of not taking good care of your seed phrase. If you had learned more about non custodial wallets, you would have known that once a seed phrase is lost, that is the end of the wallet. It is possible that if you had known this at an early stage, before this happened, you would have made the same decision you made after losing your wallet by keeping it indifferent place that well safe.

This is why it is always advisable for every newbie to stay calm, learn, and gain some level of knowledge before starting their Bitcoin investment. It is not only  to know how to buy, sell or move coins out of an exchange only basic knowledge,Newbies also need to understand how their funds can be properly secured. There are some people who are making a profit from Bitcoin investment, but they cannot access their wallets because they later discovered that their seed phrases had been lost.

[Agbam]

OP I don’t think newbies or beginners into bitcoin who start buying are wrong, and there’s no skipping learning part in bitcoin investment because it’s a gradual process and the most important thing is for you to get started. Learning can be done as you grow in your investment or even simultaneously as you start. Telling beginners to wait to learn everything is just delaying their progress.

The mere Decision of wanting to invest in bitcoin comes with the common sense that you’ll acquire basic knowledge and that is enough to carry you as you go along with your investment.

[Abdulzuruku01]

OP I don’t think newbies or beginners into bitcoin who start buying are wrong, and there’s no skipping learning part in bitcoin investment because it’s a gradual process and the most important thing is for you to get started. Learning can be done as you grow in your investment or even simultaneously as you start. Telling beginners to wait to learn everything is just delaying their progress.

The mere Decision of wanting to invest in bitcoin comes with the common sense that you’ll acquire basic knowledge and that is enough to carry you as you go along with your investment.

In my opinion it's very, very wrong. How could a beginners ignore learning process and start investing? What if they invested their bitcoin maybe In an exchange and the exchange collapse, who is to be blamed? And investing in wallets also not a guarantee that your Bitcoin is 100 percent safe, if you cannot handle your keys with care, because not your keys not your coins. No any investment is risk free that's why it's very important to have knowledge before you put in your money.

[Gozie51]

Going ahead to buy Bitcoin without understanding transaction fees,self custody, scams, and the basic principle. It just as if leaving everything for the market and expect a better outcome, you can just imagine travelling without knowing the way. Before joining the forum, I see Bitcoin as just a digital money. And also at the other hand thought exchanges were Bitcoin wallet.

Sometimes mistake is what you even need to learn about how not to make mistake investing in Bitcoin. You can't understand all those you need while you are outside or just reading. Making mistakes isn't foolishness actually but you have to make minimal mistakes that won't discourage you further and that is what reading and learning from other people too teaches you. Most people here have one or two stories to tell about there start-up but not necessarily that they lost money, maybe they asked questions they shouldn't have asked and that is part of learning. So there are basic things that you have to do by yourself to understand them, like if you want to learn how to trade. If you want to learn how to trade, then you have to know how to transfer your coins to exchange and know the particular address to send them to. So you have to understand bitcoin wallet address and other crypto addresses so that your coins don't get lost. Learning is not only about avoiding to make mistakes but to also try certain things out yourself. For example, transferring your bitcoin from your personal wallet to exchange wallet, you can reduce the quantity to transfer at the first time to ensure you transferred it rightly and incase you didn't, then you won't feel very bad and disappointed because you only sent a little amount for testing your knowledge.