‎ Why Understanding the Technology Matters Before Buying

[Queen Julie]

These things too much na for person way just wan start to dey buy bitcoin. We sef sabi put pressure on the new ones body. Newbie way see dis post go think say na must to sabi everything bout bitcoin before e go start to dey buy small small. Not knowing say the little knowledge way concern security of the bitcoin na watin be d most important one for the things d guy mention.

I almost wan say dis go mislead many people but as na advice you dey try give e no too look negative but make we no dey make d tin sound too difficult for newbies. Bitcoin na sometin almost everyone suppose dey tink of to buy for long term financial benefits. E fit no dey certain but e sure me say people way put better money inside bitcoin go rip better profit when the bull run come. Dis na patience and consistency way dey needed.

[Josefjix]

The technical part of Bitcoin is not for everyone to study, it's for those who are interested in knowing it, because it's the complex section in Bitcoin development while the majority doesn't care about the technical problems that may come with it but the outcome that looks sweet in the outside is what drives many.

You don't need to understand the technology behind it before buying, let those who care about it care about it.

[Creeper0]

This is general knowledge about Bitcoin technology that a beginner should know at the beginning. Where Bitcoin is stored and how Bitcoin transactions are completed and how transaction fees are determined. There are some other technical knowledge that every beginner should know. Even knowing about a decentralized wallet is basic technical knowledge. It is not possible to survive in investing with only Bitcoin investment knowledge, transaction fees play a big role in investing, so it is also important to have knowledge related to fees to evaluate your money, which is part of technical knowledge.

[Dareo]

Actually, the point is that investing and understanding technology are two different things. For example, there are many people who invest in Bitcoin only to make a profit. They have no idea about Bitcoin technology. I myself have not much idea at all. And those who trade can just open an account on an exchange and trade there. Here too, they may not need to know about technology. But those who will mainly work as Bitcoin developers should definitely know about Bitcoin technology, They should know about wallets, wallet security how to protect them from quantum, I don't think ordinary people like us should know so much about technology. It is enough for us to just open a basic wallet, how to open a wallet and how to store the wallet properly.

[Silikiem]

Alot of people dey like to  invest in Bitcoin because of watin then hear about Bitcoin, the price and the growth, but na only few people dey take their time to really understand block chain build on.
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‎Bitcoin dey operates on a blockchain, a decentralized digital ledger way dey record transactions. Rather than being controlled by a single or central authority, this network is maintained and the transactions is already verified by nodes.
‎
‎Transactions dey secured especially when you use cryptography.
‎Another thing na Bitcoins proof of work  e dey help the system protect network and confirm transactions.
‎
‎Cryptographic keys control your Bitcoin and your public address can be shared to receive Bitcoin, meanwhile your seed phrase is your personal asset to keep secretly because it gives control over your money.
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‎Knowing and understanding all this go help you alot especially when buying to avoid mistakes and losses knowing it's unreversible.

True true waitin you talk no Dey far from the truth because that issue of seed phrase na one thing many people no really know say dem suppose take am serious as dem Dey invest for bitcoin make dem no come loose guard their coins to criminals and those online hackers. But the main thing there be say anybody wey get money wey him no go fit need for a long time or money wey be say e remain after you don take care of every other thing wey Dey you important wey English people dey call Discretionary income, the person no need to delay or waste time to invest with am even if the person never really understand how the seed phrase take Dey work or any other technology wey concern bitcoin. Waitin be d most important tin wey newbies must need to know and get before dem go start bitcoin investment na just that money wey English people Dey call discretionary money so that e go enable dem to start to buy bitcoin first before market go dey somehow because for this business the market no Dey wait for anybody so if you delay you fit Dey regret tomorrow.

[Gost ms]

The technical part of Bitcoin is not for everyone to study, it's for those who are interested in knowing it, because it's the complex section in Bitcoin development while the majority doesn't care about the technical problems that may come with it but the outcome that looks sweet in the outside is what drives many.

You don't need to understand the technology behind it before buying, let those who care about it care about it.

It is not necessary to understand the technology before buying Bitcoin, but if a person has some idea about the technology then it becomes very easy for him to build trust in Bitcoin. Because a new person may have a question in his mind that if Bitcoin is ever hacked then all our Bitcoins can be stolen and we can face losses. To protect ourselves from such thoughts or misconceptions, it is good to have knowledge about Bitcoin technology.

However, if a person finds a source of discretionary income then he can start investing and after starting investing he can continue to gain all the knowledge in parallel. Knowledge is definitely very important for maintaining long-term holding. If someone does not have knowledge then he will never be able to hold it for long.

[MainIbem]

Actually, the point is that investing and understanding technology are two different things. For example, there are many people who invest in Bitcoin only to make a profit. They have no idea about Bitcoin technology. I myself have not much idea at all. And those who trade can just open an account on an exchange and trade there. Here too, they may not need to know about technology. But those who will mainly work as Bitcoin developers should definitely know about Bitcoin technology, They should know about wallets, wallet security how to protect them from quantum, I don't think ordinary people like us should know so much about technology. It is enough for us to just open a basic wallet, how to open a wallet and how to store the wallet properly.

Someone who embrace Bitcoin doesn't need to be a developer before understanding wallet security and other technical aspect of Bitcoin before buying. It's something they can learn on the long run in the process of investing, learning is a constant process so instead of waiting to learn all those the person, especially those who choose Bitcoin for investment purpose should just figure out their discretionary fund buy then gather more knowledge about Bitcoin on the long run.

[Cossyblack]

As far as person understands how to buy Bitcoin and where to store am properly eh dey okay to go ahead with em investment but one of the most important na make the newbie figure out part of the remaining money after em done settle important expenses wey oyibo dey call discretionary funds.

Because even though the person understand the basic wey you talk about but use the wrong money for investment, eh fit hinder the progress of the investment with time that why every new investor suppose understand the actual money wey good to use invest in Bitcoin, eh dey very important for the progress of the investment.

Wetin You write na the truth,person only need discretionary income to invest in bitcoin. This na because, discretionary income na the only appropriate money wey we fit use buy bitcoin and hold am for the long-term

I dey see some people wey dey use the money wey dem keep to buy their foodstuffs and other basic needs take buy bitcoin and dem dey do am on a steady which dis thing wey dem dey do dey very wrong. The reason why I say so na because dem fill later sell their bitcoin when dem no fit manage the hungry anymore.

Money wey be for our basic needs no be wetin we suppose use dey invest in bitcoin, when you com use am buy bitcoin,wetin You go come chop na? You reason am,so the thing no make sense at all and that is why discretionary income na be the best to use invest in bitcoin. You no go dey hungry or deprived yourself of good things if you use your discretionary income invest

[Bigjoe33]

Alot of people dey like to  invest in Bitcoin because of watin then hear about Bitcoin, the price and the growth, but na only few people dey take their time to really understand block chain build on.
‎
‎Bitcoin dey operates on a blockchain, a decentralized digital ledger way dey record transactions. Rather than being controlled by a single or central authority, this network is maintained and the transactions is already verified by nodes.
‎
‎Transactions dey secured especially when you use cryptography.
‎Another thing na Bitcoins proof of work  e dey help the system protect network and confirm transactions.
‎
‎Cryptographic keys control your Bitcoin and your public address can be shared to receive Bitcoin, meanwhile your seed phrase is your personal asset to keep secretly because it gives control over your money.
‎
‎Knowing and understanding all this go help you alot especially when buying to avoid mistakes and losses knowing it's unreversible.
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Hmmm! You get Grammer for mouth ooo, Lol.

So if Dem call u now, tell you to explain all dis Grammer wey u blow there for a layman to understand am, u fit do am? Or maybe, as newbie wey u just enter online come see this Grammer, u go fit make anything out of am? Ur Grammer too much ooo my brother.

To understand Bitcoin good ooo, but na small small person dey use Sabi something. E for better say u use small small talk dis your point make person fit understand am sharp sharp. Because this Grammer fit pursue or confuse newbie oo

Well, for me, as you dey invest, you go learn small small. U no really need all the plenty knowledge before u start. So if you don fit Sabi your discretionary income, u go fit start to dey buy small small with DCA strategy.

[PVequalNRT]

The technical part of Bitcoin is not for everyone to study, it's for those who are interested in knowing it, because it's the complex section in Bitcoin development while the majority doesn't care about the technical problems that may come with it but the outcome that looks sweet in the outside is what drives many.

You don't need to understand the technology behind it before buying, let those who care about it care about it.

The technical part is not for everyone to study but if you know it, there is benefit to doing it. One of the reason why many people lost their Bitcoin to scammers is because they don't understand the technical aspect of Bitcoin. Some people gave their Bitcoin they willingly buy with their money to scammers because they don't have the basics understanding because there is no reason to give your Bitcoin to get double of that money..

Some people were scam with Bitcoin mining, they ask people to buy mining space with them and when they do, they will be earning some Bitcoin from them andayer it turned out to be scam. If they have some knowledge about mining, I don't think scammers will get through them.

[Dreadboost]

Alot of people dey like to  invest in Bitcoin because of watin then hear about Bitcoin, the price and the growth, but na only few people dey take their time to really understand block chain build on.

It is only a few people that use Bitcoin because of the blockchain. A non-technical person won't care about Bitcoin blockchain if they are aware of the other part of Bitcoin that is most popular. The topic of blockchain is a vast one. It is not recommended to first learn the blockchain aspect of Bitcoin before buying. The process of buying is an easy one. Learn the basics and kick start the journey.

Cryptography is not a topic that can be understood within a few weeks. There is a lot to know in cryptography. People buy online courses and meet mentors to learn about cryptography. Practically, cryptography is the study that teaches Bitcoin blockchain, essentially.

[SuperBitMan]

Understanding, bitcoin, technical part and everything concerning bitcoin is actually very importantbefore you go into bitcoin investment.
It is actually useless and senseless for you to go into or invest your money on something you don’t know very well.
I know some people usually do it, when they see that Something is actually giving some set of people good amount of money they rush into it without even understanding anything, those set of people that rush in that way usually rush at quickly and with them losing some of their money.

If you understand how bitcoin works very well before investing there’s 90% chance of you succeeding.

[Yeesha]

The reason why e dey very important for person to understand technology before buying bitcoin na because, bitcoin dey operates fully through technology. Bitcoin no bi physical money wey you go fit hold for hand, na digitally e dey exit and na through technological tools you go fit access am, for example wallets, Internet, computers or phones. E no dey compulsory say you must know everything before you start. But at least you suppose get little knowledge and also understand technology, so dat you go fit know transactions, security and other things dey take work, before you go invest your money for bitcoin.

[MisFoxie]

Most people invest in Bitcoin to make a profit. There are very few people who gain knowledge about Bitcoin and they become so attracted to Bitcoin that they do not have as much trust in any other currency as they have in Bitcoin.

If every person gained knowledge about Bitcoin in my opinion it's value would be double what it is now because those who only buy Bitcoin for profit sell it and leave as soon as they make a profit or wait again to buy. But those who actually know and have knowledge about Bitcoin will hold Bitcoin for a longer time like some people hold their fund in bank.

[Franctoshi]

You've listed quite a couple of things, However, there are lot of features that made Bitcoin what it's today which attracts different investors to invest in Bitcoin. Some bought because they want to hedge against inflation and that's their only reason, some want freedom and privacy, whereas some is security, transparency, where some  love decentralisation or self custody.

These are part of reasons why many people that get to know what Bitcoin all about, it becomes so hard for them to leave it.

[9ja Amaka]

Na y me dey always advise people say e better to know wetin you wan go into before you go do am, because you fit think say you don get the right knowledge about wetin concerns their investments. See, Many people sabi preach and also many people sabi romance talks, e fit be say wetin dey on board hard to understand but based on say dem hear as odas dey talk fit make them feel say the matta just easy for mouth as them think am.
First, learn and understand things wey involved that investment before jumping, and the most important  thing be say, no allow any person pressure you at all.

Normally, no matter how person try to educate or teach you about something especially if na something wey involve to put money inside, e go be better mumu to just enter am wey be say you no first go observe am on your own to find out whether the thing correct or whether you fit actually run am, and no be just to make decisions based on wetin person talk or how them sugarcoat the talk…

I swear my brother. This na true talk. E no get how that thing one sure reach way go make me no do research concerning that thing. Anytin we make me put my money inside that tin  just know say ah done make peace with my health say if i lose the money ah go bear am and if the thing later turn out to dey profitable ah go dey happy. See as e dey easy for us to look this perspective. Unlike some people way be say dem no go even wan look up few information for d thin before dem rush put money inside.

[AYOBA]

Alot of people dey like to  invest in Bitcoin because of watin then hear about Bitcoin, the price and the growth, but na only few people dey take their time to really understand block chain build on.
‎
‎Bitcoin dey operates on a blockchain, a decentralized digital ledger way dey record transactions. Rather than being controlled by a single or central authority, this network is maintained and the transactions is already verified by nodes.
‎

Some people don’t know that understanding is the first key before everything. When they heard that Bitcoin is decentralized which has been created for while and up to today it’s doesn’t dis value, but increase values every blessing day that is the main reason why a lots of people find the Bitcoin so much interesting to invest.

But I don’t see a reason why some don’t want to seek for understanding about the Bitcoin and the Blockchain before investing, Bitcoin is a decentralized not mean without knowledge of the blockchain technology they will be successful in their investments, knowing about the blockchain is matter a-lots when coming to buying bitcoin.

[Agathamay]

Alot of people dey like to  invest in Bitcoin because of watin then hear about Bitcoin, the price and the growth, but na only few people dey take their time to really understand block chain build on.
‎
‎Bitcoin dey operates on a blockchain, a decentralized digital ledger way dey record transactions. Rather than being controlled by a single or central authority, this network is maintained and the transactions is already verified by nodes.
‎
‎Transactions dey secured especially when you use cryptography.
‎Another thing na Bitcoins proof of work  e dey help the system protect network and confirm transactions.
‎
‎Cryptographic keys control your Bitcoin and your public address can be shared to receive Bitcoin, meanwhile your seed phrase is your personal asset to keep secretly because it gives control over your money.
‎
‎Knowing and understanding all this go help you alot especially when buying to avoid mistakes and losses knowing it's unreversible.
‎
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This one wey you talk na true but you no also think say e no go bad if as we Dey learn all these things wey you mention, make we still Dey buy and hold this coin ?
This na random question wey I just Dey ask because because I don see a lot of threads wey Dey always talk say, people no suppose put money or invest for bitcoin when dem never get all the knowledge especially the technical knowledge but me I no Dey see am like that, because me I Dey see am say, we fit Dey learn, make we still pack am incase money wey we invest don Dey make us smile.