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.