What are things to consider before someone go into investment?

[Pikiboy]

You did the right thing because, before someone would decide to go into bitcoin they should have something doing so that their basic needs and expenses would be taking care of. They also need to have an emergency savings before investing in bitcoin because, emergency can happen unexpectedly. Do your own research to understand the risks involved and make informed decisions before investing your money.

This is something that a lot of people that are trying to get into Bitcoin investment neglect, having a source of income or something doing that brings money is very important, this is what's basic before thinking about having an emergency fund which is also very important for Bitcoin investors to have. An emergency fund needs to be set aside but without an income there's no way that anyone investing would be able to do this successfully.

To be honest investment sounds so simple but for someone to make a successful investment plans they must also know what that is involved in doing investment because, one can't think of making investment without having other sources that would be helpful to them while waiting patiently for their investments to yield something that is promising. Whomever that knows how to make investment would never venture into investment without them having an alternative to their investments. Such funds serves as their emergency funds, cushion funds and also savings.

[Sonia_123]

Before investing in bitcoin one should understand that it takes time to mature and has high risk but unique because you must definitely get a good reward at the end, know that Bitcoin does not operates with a third party, therefore your security and performance relies heavily on you

As a beginner, you  should be able to invest in Bitcoin base on his/her financial goals, he should be able to tolerate and understand the risk involved and how it works since it needs care in handling the investment so that you don't end up being a trader

A beginner should always start buying Bitcoin little by little using the dca strategy to avoid stress, timing the market since it will help you buy bitcoin with fixed amounts on a regular bases either daily, weekly or monthly to ease high price volatility.
They should also note that bitcoin investment is for a long-term holding of 4-10 years and not a short-term holding to be able to achieve your goals.

Lastly it's not a quick money medium therefore you should be patience in accumulating and holding and don't rush to sell whenever the market is not favourable or when you have some financial challenge until you reach your over accumulation stage.

[Lembo69]

Lastly it's not a quick money medium therefore you should be patience in accumulating and holding and don't rush to sell whenever the market is not favourable or when you have some financial challenge until you reach your over accumulation stage.

Yes, I agree with you that Bitcoin is not a means of making quick money. I think before investing in Bitcoin, one should ask his own soul whether he can invest in the long term or not. He should think about whether he has enough patience or not. Because investing in the long term is a matter of patience which not everyone can do. And those who have less patience become traders. Rushing is never the nature of investment, it is the nature of a trader. In Bitcoin investment, an investor should always invest from his discretionary income and plan it for a specific cycle time and then invest. For example, his time can be 4-10 years or more. And until he reaches the cycle according to his plan, he cannot be left behind from investing.

[Tony Adams]

Before investing, we must follow a goal that is long-term. I think that if we invest in Bitcoin, we will not get much profit in the short term. Therefore, investing in Bitcoin should be done according to a long-term plan, so that we can benefit a lot in the future. It is very important for us to be able to take risks before investing and to control our emotions. Moreover, it is important to do good research and gain knowledge, and then consider inflation. After investing, store them in a safe place, and use a safe wallet to control risk, especially in the case of Bitcoin.

[Bluebird1357]

~snip
If it was you what would you do at this point, allow him to invest or what?
Your input are needed, maybe who knows I could share some post here with him to know that I was doing him right thing.

Since he is new and interested in investing, I would tell him to understand where you want to invest first because before investing in anything, you need to understand the risks of the place where you are investing and the volatility of Bitcoin. I would initially tell him something about this, especially the possibility of a sudden 30% to 40% drop in price and its risks, then when he was finished explaining it, I would ask him, so are you ready to invest in Bitcoin now, or should you wait a little longer? In that case, I think your friend has made the right decision. It is not right to invest without understanding anything or without gaining a good idea or knowledge about where you are investing because it can lead to loss or loss of investment. One thing to remember is that before you can profit from investment, you should first have knowledge of how to protect your investment and how to avoid loss.

[Patrol69]

However, in some cases, if we can motivate investors, they may be more interested in investing in the right way.
For example, if an investor does not have a stable income but has a random income, he still wants to invest. In this case, we cannot disappoint him, but we can advise him to first monitor that unstable income and his expenses carefully and if he sees that he still has some money left after meeting his needs, then he can initially start investing. Actually, not much money is needed to start investing, rather, an investor can start investing if he has a certain amount of extra money within his means. No amount of investment should be underestimated, but for those whose income is unstable but still they are able to try and set aside some money, this is certainly commendable.

[danieldavidd]

For me with my little experience that I've seen from my dad when I was a kid my dad was financial ok he was into property lands and timber and the business was moving smoothly in Nasarawa state then he relocate to Gombe state and everything starts falling apart about his business he's not longer making much profit than before, the reason behind is that the location he chose to invest there is the wrong choice he made sometimes is not just the capital is about chosing the right location too better your investment.

[WhoYouCantKill]

Since he is new and interested in investing, I would tell him to understand where you want to invest first because before investing in anything, you need to understand the risks of the place where you are investing and the volatility of Bitcoin. I would initially tell him something about this, especially the possibility of a sudden 30% to 40% drop in price and its risks, then when he was finished explaining it, I would ask him, so are you ready to invest in Bitcoin now, or should you wait a little longer? In that case, I think your friend has made the right decision. It is not right to invest without understanding anything or without gaining a good idea or knowledge about where you are investing because it can lead to loss or loss of investment. One thing to remember is that before you can profit from investment, you should first have knowledge of how to protect your investment and how to avoid loss.

Exactly…
The first thing about investing is understanding the asset you’re investing in, the risks involved and the rules that guides such investments. For many people who have the interest in investing, they only go into the investment simply because they heart it's profitable, and without really taking time to look into what is required of the investor. This often make people expect short term profit from investments that was initially meant to be long term investments, taking bigger risks simply because they need bigger returns that may not even be assured…

[Abuobyda218]

If you think about profit in the beginning of any investment, you will not be able to earn good profits from that investment. Investment is a test of patience and those who pass this test can earn good profits at the end of a period. For example, if we talk about Bitcoin investment, you can compare the case of those who invested in Bitcoin at the beginning and held it till the present in terms of investment patience. They were patient, so they are now enjoying the results of their patience. But those who invested in the beginning and lost patience and sold their investment and made a small profit, it is very easy to understand how big a profit they have missed. Therefore, the prerequisite for investing and the only important decision is that you have to be patient and in some cases, if there is excessive greed, you must abandon it.

[ASloveapg]

Since he is new and interested in investing, I would tell him to understand where you want to invest first because before investing in anything, you need to understand the risks of the place where you are investing and the volatility of Bitcoin. I would initially tell him something about this, especially the possibility of a sudden 30% to 40% drop in price and its risks, then when he was finished explaining it, I would ask him, so are you ready to invest in Bitcoin now, or should you wait a little longer? In that case, I think your friend has made the right decision. It is not right to invest without understanding anything or without gaining a good idea or knowledge about where you are investing because it can lead to loss or loss of investment. One thing to remember is that before you can profit from investment, you should first have knowledge of how to protect your investment and how to avoid loss.

Exactly…
The first thing about investing is understanding the asset you’re investing in, the risks involved and the rules that guides such investments. For many people who have the interest in investing, they only go into the investment simply because they heart it's profitable, and without really taking time to look into what is required of the investor. This often make people expect short term profit from investments that was initially meant to be long term investments, taking bigger risks simply because they need bigger returns that may not even be assured…

Those who decide to invest in Bitcoin only by looking at the profits of others or only considering profits are definitely wrong. In such a situation, they think that Bitcoin is definitely profitable and it will only go up over time, they do not do any research about volatility, they do not do any research on how to survive against volatility, without doing any research, they are just investing in Bitcoin for sure success with their own greed, but such investments collapse only when they face a major market DIP due to volatility. This is natural, because they do not understand in advance that despite Bitcoin's volatility, it will go up again over time, and due to not knowing this, they panic during volatility and then they sell their holdings at a loss due to panic, and this is the biggest mistake. In order to ignore such a situation, it is necessary to know about Bitcoin, it is necessary to consider its risks. Since nothing brings guaranteed profits, everything involves risk, so you should consider these risks first and invest with a proper understanding of the strategy for holding Bitcoin properly, then there will be less chance of the investment unexpectedly falling into failure.

[Mehmet69]

If you think about profit in the beginning of any investment, you will not be able to earn good profits from that investment. Investment is a test of patience and those who pass this test can earn good profits at the end of a period. For example, if we talk about Bitcoin investment, you can compare the case of those who invested in Bitcoin at the beginning and held it till the present in terms of investment patience. They were patient, so they are now enjoying the results of their patience. But those who invested in the beginning and lost patience and sold their investment and made a small profit, it is very easy to understand how big a profit they have missed. Therefore, the prerequisite for investing and the only important decision is that you have to be patient and in some cases, if there is excessive greed, you must abandon it.

Before starting investment, we have to remember many things. But I think we have to remember 2 things in particular before starting investment. The first is to invest regularly. When you start investing, be consistent in that investment, it can be in any matter. Deposit the investment money at a specific time. And the second thing is not to think about breaking the investment for any small need. I have seen investors waste their investment most of the time because they are not able to handle these 2 situations. We have to be especially honest with our investment. The specified time cannot be allowed to pass in any way. And do not think about the invested money only when it is time to recover from any small need. Because the invested money only asks for time from you. If you can give it the right time, it will take you to such heights that you could not even imagine. So I think that if you take good care of these 2 things, the investment will be successful.

[Taricoins]

I have read alof of the post replies but I didn't see the area am about to post so I stand to be corrected.
Another thing you should really consider is, Are you really investing for yourself or because of mass stream opinion ? I think that's what I battled with it my journey to start, it felt like I wanted to invest because everybody around me was talking about investment and focusing on other people opinion can actually shut your eyes from seeing your inadequacies as well redunct your own personal investment plans

[SmartCharpa]

Before investing, we must follow a goal that is long-term. I think that if we invest in Bitcoin, we will not get much profit in the short term. Therefore, investing in Bitcoin should be done according to a long-term plan, so that we can benefit a lot in the future. It is very important for us to be able to take risks before investing and to control our emotions. Moreover, it is important to do good research and gain knowledge, and then consider inflation. After investing, store them in a safe place, and use a safe wallet to control risk, especially in the case of Bitcoin.

In order to succeed in Bitcoin investment, we should have a long term goal. In the world we are living today, I wonder why we keep on having some people who want a quick profit. Even though we didn’t experience the Bitcoin growth, at least we see its history and how it has succeed over many years. Back then when Bitcoin was launched, if were not for the lack of internet access that some people had, I believe a lot of long term holders would be among early investors in Bitcoin.

Moreover, doing your own research isn’t going to help you alone, after you do a little research, you can start investing. Don’t wait to get everything perfect. You’re right, allowing your emotions to get over you will only lead to a bad decision. I’ve seen many people who sold their holdings due to fear, I believe they never believed the history of Bitcoin.

[Gentle_Soul]

Had some discussion with a friend of mine who happened to be an old time friend during our school days back then, I mean during our secondary school and he asked what business I'm into currently and I told him I do some scalping and also, buying of cryptocurrencies and he said he would want to join to me. That is not even the case but he kept asking what amount of money he should be gaining in a specific time interval. I told him in bitcoin investment you must exercised patient before you could at least see something from your investment and even as that, you would be holding for at least 2-4 years time before you could see profits from your investment.

Then question he asked that how is he gonna sustain till then? I said to him, look bro if you must ever go into bitcoin investment you wouldn't use your last money to invest with the mindset that you gonna make it within 24hrs that this is not a Ponzi scheme. I have tried to explained to him about the whole thing but he kept insisting that he would put his money into bitcoin just to at least to have some dividend when time comes.

Lastly, I told him before you must join anything investment you must have work at your hand to do before joining bitcoin investment because through your work and salaries you would be able to sustain yourself without having to temper with your investment, and he said is that so serious? and I said yes. On his own he started seeing me as someone who doesn't want him to start his investment, however I decided to bring up this discussion over here since he has been seeing me as someone who doesn't want him to start up the investment.

If it was you what would you do at this point, allow him to invest or what?
Your input are needed, maybe who knows I could share some post here with him to know that I was doing him right thing.

For me I honestly think that an investor who can not invest for a longer period of time should not even think of making a huge profit from investing in Bitcoin because he or she could be disappointed at the end of the day, Bitcoin investment requires that you are a patient and a consistent investor who does not invest to get instant profit but to hold for a period of time.
Convincing someone to invest in Bitcoin seems a bit hard especially when they completely new to Bitcoin but then it is necessary that they know how it works before investing so they don't invest with the mindset that they would get rich in a blink.

[Jasmyne]

I have read alof of the post replies but I didn't see the area am about to post so I stand to be corrected.
Another thing you should really consider is, Are you really investing for yourself or because of mass stream opinion ? I think that's what I battled with it my journey to start, it felt like I wanted to invest because everybody around me was talking about investment and focusing on other people opinion can actually shut your eyes from seeing your inadequacies as well redunct your own personal investment plans

Thank you for bringing this idea up I believe some people who are investing in cryptocurrency today actually invested because some people around them are always talking about investments so they do not want to be left alone so they rushed to invest not that they invested because of their own self conviction. Basically, I think it is unwise for someone to invest in anything because if what people are doing not minding if he is doing the right thing or not but if you truly understood the importance of what you are investing in you may not really make up your mind at first but after investing you may later become very happy that you listened to people and when they were investing.

[Nwada001]

I think he should be allowed to come in and experience it first.. but with an amount of money he can afford to risk losing.

The goal should be offering him proper exposure, allow him to understand how it works, observe the process and learn from the experience without putting himself under  pressure.

He should start small, understand the risks.

Start small and understand the risk is acceptable, but that’s not an offer for everyone. There are those who don’t need convincing if their mind is too fragile; let them be. Just give them the basic knowledge, and never give them the advice or encouragement to even start.

Allow them to make that decision on their own; just serve as their guide whenever they need a helping hand, but don’t be the one who suggests, because the market reacts in an unexpected way. Even the small you recommend for them to start with can cause a serious misunderstanding when you give the advice to the wrong soul.