If you could teach a new Bitcoin user only 3 things, what would they be?

[Cookdata]

What I don't really get is the BTC transactions part. Are there different types of BTC transactions? I thought BTC transactions is all about sending and receiving BTC through your wallet address.

Bitcoin transaction IDs look the same in length, but they are not the same if you check the transaction details. We have different types of wallet addresses where Bitcoin is locked on their pubkey hash, and because of that, they do have different spending conditions. For example, there is a pay to public key, these were the early and common Bitcoin transactions where Bitcoin is locked to public keys, and just a signature can spend them to another public key, but because they lack privacy, today they are updated to pay to public key hash where Bitcoin is locked to a public key hash.

The transaction fee is also different in some transactions, like legacy transactions do not have witness, so they don't get discounted, unlike segwit transactions that do get discounted. What I would advise you to do is go to learnmeabitcoin, it is one of the easiest places you can learn about Bitcoin transactions, about standard Bitcoin addresses and signatures. You can also search for some threads on the forum, but some images are distorted, you may not see them clearly.

[Sunshine1525]

1. Understand what Bitcoin is all about
2. Focus of investment with Bitcoin
3. The security of the wallet.

Although I'm still learning about Bitcoin but from the knowledge i've gain so far, i can comfortably teach a newbie about those three things i mentioned but my major focus would be on the security of the wallet cause that's where Bitcoin is stored and if it's not stored properly then the owner is at risk of losing it.

[Russlenat]

For any beginner who wants to learn bitcoin, I will focus on sharing information about bitcoin's security and privacy, bitcoin's volatility, and how to make a perfect entry and exit in the crypto market to maximize bitcoin profits. However, tips and advices may not be reliable enough, one should experience all of these personally because learning becomes more effective when learning is done by doing.

And one more thing, experience remains the best teacher after all. Let any beginner creates mistakes, and eventually they will definitely learn from them.

[Nwada001]

📣I would definitely request you to gain knowledge 💡 about the following three things.🤔

 👉 What is Bitcoin and how does it relate to inflation❓

This will help them understand how the market works, and at the same time they won’t easily be moved and persuaded to react to every market reaction.

👉 What are centralized and decentralized systems❓

Many to date don’t even understand what decentralization means; they feel like anything that has to do with cryptocurrency is decentralized.

Another lesson that someone needs to learn is to know the difference between Bitcoin and altcoins. Bitcoin is only on the Bitcoin network; anything else found on other networks is not Bitcoin; they are altcoins.

👉  How to buy, sell and store Bitcoin safely❓

This includes everything that has to do with basic knowledge about Bitcoin; anyone who wants to get into Bitcoin should learn about wallets and the difference between self-custody and custodial services and open-source and closed-source wallets.

[Felicity_Tide]

There is a lot of information about Bitcoin, and I think this can make it difficult for beginners to know what they should learn first.
If you had to choose only three lessons for someone who is completely new to Bitcoin what would you choose?

Well, the first lesson that I can suggest is for you to go through as many Bitcoin terminologies as you can. A lot of them are used far more than the other, so getting used to the common ones and having a decent understanding of the less commonly used ones, is very important because they all sum up how Bitcoin works, or what Bitcoin is. I think they are often called 'Glossary' or something. Learnbitcoin[.]com is an example of a website where you can find list of Bitcoin terminologies, although, I used something else during my early days. Second lesson is for you to learn how to use your search engine even for questions that sounds irrelevant. And third, some of the most common terminologies are not as plain as they sound... They demand further research or even practice_{(take self custody for example)}.

[Silverstonez]

There is a lot of information about Bitcoin, and I think this can make it difficult for beginners to know what they should learn first.
If you had to choose only three lessons for someone who is completely new to Bitcoin what would you choose?

I am especially interested in answers based on real experience rather than just general advice. What did you understood when you first started?

Bitcoin is beyond just buying and holding or understand the price as most of us think, without knowing that there are different aspects of Bitcoin to learn. Therefore, someone who is completely new to Bitcoin should first of all focus on learning Bitcoin fundamentals, Bitcoin history if they want, thirdly Bitcoin technology if they know technical things, then proceed to learning Bitcoin security and Self custody, after that they can explore other aspects of Bitcoin such as Bitcoin mining, Bitcoin economics, Bitcoin transactions and fees and many more if  they want to.

[uche6215]

1. You learn before you earn... You have to first learn and understand every basic thing as regards Bitcoin at least, without necessarily delving deeper into an in-depth and technical Bitcoin knowledge to get things started on your crypto Journey. Do this first, then earning becomes a more viable option.

2. How to safeguard the seed phrase to your Bitcoin wallet in a manner you don't lose it because losing your seed phrase simply means losing your funds.

3. Taking into serious consideration of the fact that Bitcoin transfers cannot be reversed, canceled, or undone by a customer service department or bank once it has been sent to an address. So do well to always double-check the recipient address before you press send, and be extremely careful of online scams.

[Churchillvv]

All I have to teach a new bitcoin user is that bitcoin is not an escape from whatever financial situation he/she finds themselves but bitcoin can change alot if they invest in it,
secondly there is nothing better than private life with bitcoin, but security of bitcoin is the entry to privacy.
Thirdly you are the author of whatever you desire with bitcoin nobody is coming to save you or help out.

[IjawMan]

If I had met this op before stumbling on this d5000 thread: What should you know before recommending Bitcoin to a friend?, I might have gone ahead to share my own three cents as what I think every newbie should know first while becoming a bitcoin user. But all that could be suggested to be the most important to teach a newbie has been comprehensive put in detail in that thread in a very rich way.

[Ziskinberg]

Rather than focusing on what you can learn from others, I think its more rational if you can discover those lessons on your own and be a good and profitable bitcoin user. You don't have to learn quickly, but with more exposure and experience with bitcoin, you will slowly understand clearly how bitcoin works as an investment and a currency, and how to trade bitcoin even if it means your initial outcomes won't turn as profitable as what you want to expect.

[ruykeri]

All I have to teach a new bitcoin user is that bitcoin is not an escape from whatever financial situation he/she finds themselves but bitcoin can change alot if they invest in it,
secondly there is nothing better than private life with bitcoin, but security of bitcoin is the entry to privacy.
Thirdly you are the author of whatever you desire with bitcoin nobody is coming to save you or help out.

You have highlighted the 3 most basic and most important points. You have highlighted the entire issue of how a person should behave with Bitcoin. A Bitcoin holder should hold Bitcoin safely by maintaining maximum confidentiality. And Bitcoin does not make anyone rich overnight. Those who are attracted to Bitcoin with this kind of thinking are the ones who suffer losses. Entering Bitcoin with a trading mindset increases the possibility of losses. No one can accurately predict how much the price of Bitcoin will increase. if you hold Bitcoin with a long-term mindset, it has the potential to create good opportunities in the future. So a lot depends on a person's own decision making plan.

[Silikiem]

1. Understand what Bitcoin is all about
2. Focus of investment with Bitcoin
3. The security of the wallet.

Although I'm still learning about Bitcoin but from the knowledge i've gain so far, i can comfortably teach a newbie about those three things i mentioned but my major focus would be on the security of the wallet cause that's where Bitcoin is stored and if it's not stored properly then the owner is at risk of losing it.

In this sense, learning and understanding bitcoin is a continuous process and telling most newbies to understand all what bitcoin is all about before they can start investing in it might be a long way for them to get started as they can never understand everything about bitcoin. It is more understandable when they’re practically buying bitcoin and hold to gain more experience about what bitcoin is all about just the way you and every other person is learning even while accumulating bitcoin. I personally urge newbies to start investing in bitcoin if they have a discretionary income available and from there they will get to learn more through their experience while holding bitcoin. Discretionary income in the sense that they can comfortably afford to let go of because the market is highly volatile.

[savetheFORUM]

Only invest the money you do not need. That would be number one, because if you are going to need it in the short term, that is not good money to invest. After all, bitcoin in the short term is filled with unknowns; in a month, it could be down to half, or it could be double; we do not know. The second one would be "always look for the long term"; if you can't wait and want to get rich quick, get out. Way too many people are investing in shitcoins and memecoins because they want to get rich, or bitcoin but with 100x leverage or something.

If you are going to be one of them, get out now and never get in. If you want to make money in bitcoin, you should be able to buy and wait for many years, maybe a decade, and then you will get a great return you can never get anywhere else. And lastly, I would say that if you want to invest, do not listen to others and do your own research; just seeing something "interesting" on Twitter doesn't make it a good investment, no matter how many likes and retweets it got.

[Donk1]

Well my first advice would be learn about the asset ,my second would be gain experience from the market, and my third would be adapt to the market conditions. You see, a newbie's journey is one of mystery that words alone can't even express basically. I remember how many times I found myself lost in thought of if I was actually suitable to be in the crypto space, because even to study about this space wasn't easy. But then as a person, if you are able to adapt to fit situations, not to let situations fit you, you will realize your mistakes and learn from it. So to me it's all about personal determination as a newbie, not words or influence. Basically it's best to say experience is the best teacher that's all...

[Odusko]

Bitcoin investors in the beginners level need only one thing to thrive in their investments, which is knowledge, because is through knowledge building they gain all the features like security, wallet and privacy.
But another thing that needs to be worked on us the level of patience, for bitcoin investor, you need to be patience, because that is what protect your assets when volatile situation happens to prevent you from taking action because of FOMO.

[Charcol]

Only invest the money you do not need. That would be number one, because if you are going to need it in the short term, that is not good money to invest. After all, bitcoin in the short term is filled with unknowns; in a month, it could be down to half, or it could be double; we do not know. The second one would be "always look for the long term"; if you can't wait and want to get rich quick, get out. Way too many people are investing in shitcoins and memecoins because they want to get rich, or bitcoin but with 100x leverage or something.

If you are going to be one of them, get out now and never get in. If you want to make money in bitcoin, you should be able to buy and wait for many years, maybe a decade, and then you will get a great return you can never get anywhere else. And lastly, I would say that if you want to invest, do not listen to others and do your own research; just seeing something "interesting" on Twitter doesn't make it a good investment, no matter how many likes and retweets it got.

That's the point. If someone invests money in Bitcoin that they will need in the next month, they are not investing, but rather weakening their own financial situation. Because when that need arises, you will have no choice but to sell. Even if the market is below the purchase price, you may have to sell at a loss. You are right that you should have a long-term view in Bitcoin investment. Because a short-term attitude can often lead to losses and ruin your position in Bitcoin. The most important thing in investing is to gradually build up your position, not to buy and sell in the short term.

[Jasmyne]

I am especially interested in answers based on real experience rather than just general advice. What did you understood when you first started?

1. Financial discipline
2. Risk management
3. Profit isn’t guaranteed in bitcoin

Knowing this three things listed here is very important as a beginner.
Financial discipline will help you control your funds for your investment to be able to achieve your goal.

Risk management allows you manage risks, to make the right decision to take calculative risk, like investing with discretionary funds, building emergency funds and also holding for long term.

Lastly, profit in bitcoin investment is not guaranteed, it depend on your strategy since bitcoin is volatile in nature, most people experience lose when they sell during market dip. So we hold the power in our hands, not everyone that invested in bitcoin, ended up making profit.

[TedMosby]

This is probably an unpopular opinion and may spark pros and cons, maybe more cons than pros, but here is what I would tell them.

• Bitcoin is not just about buying low and selling high. It's not about hodling forever either. It's more than just a trading activity. You can even make it a productive asset. But for sure, it comes with risks. If you are not sure about it, it means you need to stay away from it.
• That 4 year cycle does not exist. It is just driven by people who think it exists. It is not a pattern, nor is it history repeating itself as some people say. Do not blindly follow people on the internet who claim they are pros at BTC trading, especially those who often share their futures trading PnL.
• Learn the basics, such as creating, using, and securing a non custodial wallet, sending and receiving BTC, and knowing how to read a block explorer.

[Obim34]

I am especially interested in answers based on real experience rather than just general advice. What did you understood when you first started?

Bitcoin is a crypto, but not all crypto is Bitcoin, and most crypto can be altcoins, those altcoins can also be shitcoins. We can start by differentiating Bitcoin from every other cryptocurrency, there should be no mix up somewhere.

Bitcoin is not all you need to become wealthy, don't expect life changing fortune, It's possible but not certain.

Certain mistakes are irrecoverable, get adequate knowledge before taking on any initiative.

[NewRevelation]

1. Understand what Bitcoin is all about
2. Focus of investment with Bitcoin
3. The security of the wallet.

Although I'm still learning about Bitcoin but from the knowledge i've gain so far, i can comfortably teach a newbie about those three things i mentioned but my major focus would be on the security of the wallet cause that's where Bitcoin is stored and if it's not stored properly then the owner is at risk of losing it.

In this sense, learning and understanding bitcoin is a continuous process and telling most newbies to understand all what bitcoin is all about before they can start investing in it might be a long way for them to get started as they can never understand everything about bitcoin. It is more understandable when they’re practically buying bitcoin and hold to gain more experience about what bitcoin is all about just the way you and every other person is learning even while accumulating bitcoin. I personally urge newbies to start investing in bitcoin if they have a discretionary income available and from there they will get to learn more through their experience while holding bitcoin. Discretionary income in the sense that they can comfortably afford to let go of because the market is highly volatile.

@Silikiem, you just made a great point.

I must say that that word(s) used there is rather too ambiguous and may deprive the would be investor from starting immediately. Imagine the newbie saying that he wants to learn properly and understand what Bitcoin is all about before starting. That leaves him with the option of not starting at all, because at a time, the market looks stable, and immediately, it moves to any direction of its will. This makes understanding how Bitcoin works very difficult due to its nature. The only thing to understand there is that Bitcoin is highly volatile and investors should only invest with what they can afford to lose(discretionary income).

Secondly, there are things you can never learn untill you get the first hand experience personally while already in the market. So, waiting and not starting because you want to learn may not give you the complete knowledge untill you start and get the personal knowledge. All newbie investors should know that there discretionary income is major for investment and they can start once they have this available.