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

[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.

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.

It seems you didn’t understand my comment. I said there’s no ignoring the learning process in bitcoin investment unless you’re not a serious person. A beginner can get started with just a basic knowledge of bitcoin and grow his knowledge as he grows his investment. He doesn’t have to wait until he acquires all the knowledge of bitcoin before he starts investing.

The fact he has decided to invest and has started is a good motivation for learning, cause no one will want to put their money into an investment and leave it like that. Learning is actually better when you’re having a practical experience than when your only learning theoretical.

[Freeveto]

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

If beginners wants to have good bitcoin experience and a perfect or less mistake investment journey, they should not be in a rush to invest because they see others are doing, they should be calm, take some time to learn about bitcoin before they start investing in bitcoin so that they can not make mistakes due to ignorance that will lead to lose of their investment.
Rushing to buy when you don’t have knowledge about wallets can be risky because you can easily lose money if you don’t understand wallets that much; therefore, taking your time to learn about them will help.

[Davidvictorson]

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

I can recall the book or place I read this quote from but I will paraphrase and use it in this context, it is that whatever amount you lost or lose to bitcoin or any cryptocurrency is the tuition fee you pay as lesson. The topic struck me the most because we hardly learn from the experiences of others. We are often delusional and think that we are smarter, wiser, more experienced or even cautious enough until it eventually happens to us and then we take the lesson seriously.

[Bigjoe33]

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.

I think your statements above shows clearly that there is still a way around it without learning too much before starting your investment. Of course, we can't deny the importance of learning or getting knowledge about something before starting it, and for Bitcoin investment, I believe basic knowledge is just enough to begin. Just like you asked, can one travel without knowing the way? I believe, somehow, it's still possible. If you know you are going to Lagos, but you don't know exactly how to get to Lagos, you can actually ask questions on how to get to Lagos, and you will get directions. Even in the park, the poeple there will give you directly immediately. You may not need to wait till you get a perfect direction before moving.

The same can also be applied to Bitcoin investment. Your basic knowledge about Bitcoin can just be enough to begin and then gradually you can learn more while investing. Just like you mentioned above, when you got into the forum, you only knew few things, and the more you read, you understood more things and now you know better. So also we can begin our investment and then gradually learn better ways to improve your investment and invest better and in safety.

[MainIbem]

There's nothing bad in buying Bitcoin when the discretionary fund is available, every other learning process can come along the line. Remember that acquiring knowledge/understanding it is a process so if they buy they're automatically practically the learning process and would still correct their mistakes along the line, those who stored in exchanges can still moves it to a better self custody wallet? The only major problem that many beginners do is investing like they're traders, I mean taking profits whenever there's a dip.

[Donk1]

Bitcoin is all about learning processes there is no shortcut, and there is obviously no quick profit. Considering the fact that folks often jump in without knowledge, it is a very risky mentality against the high market volatility and sophisticated scams that often occur due to low awareness validation of the mind. But that's why there are two ways to learn in the space you either take your time to study about Bitcoin or any other assets and stop looking at it like it's some gambling asset by risking your capital, or you end up risking your capital to the market. That way it would be up to you to start learning about the asset or give up. As Bitcoin is often seen as a long term tool that protects wealth, when you study you will find out that there is more to it than the eyes can see and the lips can tell, as both consistency and time are the first investment a newbie can put forward in this space.......

[Mate2237]

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 ).

most newcomers to crypto doesn't prioritize learning and having a full grasp of what investing means , simply due to the kind of information which they were fed with becoming coming into crypto currency. The truth is that there are allot of misinformation about Bitcoin in Nigeria even though Bitcoin has made a lot of progress when it comes to, gaining ground in the country. Most people till today see bitcoin as one thing that they can use in escaping poverty by just coming to putting money into it.


Most newbies come to the realization of what Bitcoin investment truly is after investing, and when their initial plan and views are not fulfilled they become discouraged and most of them leave the crypto space. It only takes a newbie who is ready to learn to stay put until we have a change in the current narrative about Bitcoin which should include the some of the misinformation about Bitcoin, we will still have people with wrong information about Bitcoin.

[Btcdeybodi]

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.

The only learning a beginner should learn is how to buy bitcoin through an exchange, how to open a non custodial wallet, send the bitcoins he bought from the exchange wallet to the non custodial wallet and how to secure his seed phrases. Any other leaning can come later while he has already started investing. Bitcoin is broad, therefore a beginner do not need intensive knowledge about Bitcoin because if he waits to acquire all the knowledge that is needed it will take him a lot of time before he starts to invest which will delay his accumulation stage and possibly cause him to miss out cheap buying opportunities.

[SmartCharpa]

You mentioned learning as if you are going to have everything perfect before you start investing. Don’t you think it is also a waste of time when you think learning everything is the best way to avoid the risks? The most important thing is to know what you are doing. If you want to be successful in your investment, you should take your eyes off the market and do not compete with anyone who is more financially stable than you to accumulate like they do. As a newbie, always invest according to your plan.

The process of investing is also part of leaning. The more we invest and experience how the market works, the better we understand it. But if you think you understand it better without investing, then you are wrong. Because you may have only heard about the dips, but you have yet to experience it and see how people react when they see the value of their investment drops below what they invested.

[Cleanshit]

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.

This your point about risk management and patience it of a great value, this because a lot of beginners just think of buying Bitcoin only they don't think of how they will manage their investment latter on. One most not be an expert first, but you do need the basic security principles to guide you through the journey. In other to avoid a mistake that is not worth bearing.