‎ Why Understanding the Technology Matters Before Buying

[VivaMan]

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.
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‎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.
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‎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.
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[I_Anime]

Going deep into Bitcoin technical aspect is not completely necessary when come to buying bitcoin.  Personally , understanding the technology will help you build more confidence in Bitcoin . Like you said many don’t really know the main purpose Bitcoin was created the first place . Being familiar with how Bitcoin works can also give you an edge in other areas, especially when it comes to security, self-custody and understanding what you actually own (Decentralize) .

When come to buying bitcoin . What you actually need is proper planing and good market insight too , understanding the market and also being familiar with historical data , knowing your risk tolerance , can play play major role  in buying bitcoin or how you approach your bitcoin accumulation.

[PostQuantumBTC]

You did not mention passphrase.

Passphrase is a very useful word extension that can be sued to extend your seed phrase in a way anyone that have access to your bitcoin will not have access to your bitcoin until the person know the passphrase. Making it long in character will make it harder to generate by hackers.

Newbies need to learn a good way of backing up their seed phrase and passphrase.

What I think bitcoin user can also know is how the mempool work and the fee need for transactions in a way they will not too much on fee.

[ZeroVinsonN]

OP you dropped good information but that doesn't make it a must know before you can start buying bitcoin, this is a very common misdirection and is responsible for why a lot of people are still wannabe bitcoin investors, because they ar busy telling themselves they don't know enough yet.
I actually think that if a person starts buying bitcoin it will serve as a motivation for them to actually learn more about it, especially about how it works as an asset and how best to protect what's theirs and at the end of the day more people who own bitcoin already learn more about it after than people who want to know about bitcoin first ever actually but bitcoin.

I'm looking for a quote that will fit this but 'necessity is the mother of invention' is all that's coming to mind.

[Odohu]

You no need sabi all these things before you start buying Bitcoin. When I started, I no sabi all these things, I just know about exchanges and how I fit buy from there. Na with time I begin learn about self custody and some of the tips you gave here. Make we no make starting very hard for new people because if you tell some people to go learn some of these things before them start, them go run. Make e be say them don already enter before you tell them to learn these things, that way their money don already dey inside so them go pay attention.

[DPHOR]

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.

[Lembo69]

Yes, it is certainly reasonable to want to understand the technology behind Bitcoin, as you have discussed. However, I would like to offer a slightly different perspective. Anyone who believes they must acquire deep technical knowledge—whether about technology in general or Bitcoin specifically—before getting started is mistaken. My advice is always this: if someone understands the basics of storing and securing Bitcoin, they should start investing without delay. You do not need to know a vast amount before investing in Bitcoin; a general understanding is sufficient to begin.

Keep in mind that both new and seasoned investors recognize Bitcoin as a digital currency. That is why experienced investors always advise investing only the amount of money one is prepared to lose. Anything can happen in the Bitcoin market; therefore, an investor's primary focus should be on securing their wallet and ensuring the sustainability of their investment.

[Primark]

Based on the title you gave, I advise you that it is not mandatory for you to know the technical aspects in depth before buying. There is a lot to know about Bitcoin, especially the technical aspects that you probably cannot learn very quickly. People do not know everything completely even after being involved with Bitcoin for years. If you are an investor, then you should not wait so long. As an investor, if you have discretionary income after covering all expenses, then you should not hesitate to start. Because talking about learning too much can actually be an excuse not to start. Because there are opportunities to learn even after starting. Especially when you start, you can gradually learn the ins and outs of Bitcoin through discussions in this community from real experience. That is why I advise you not to make hasty decisions about the technical aspects at the beginning. Start and take the opportunity to learn from real experience.

[ColdLava40]

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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.
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But you know say we no really need know too much about before you invest put for Bitcoin?

Bitcoin dey go with very simple knowledge. Watin you need na just knowledge on how to store your coins, better wallet way go keep your money for long secured because Bitcoin investment as we know am na long term something.

The only thing wey person go need to know na e be security and the proper way to store them. With just that one. You don dey good to go. Just dey updated with latest news and security update and you dey good to go.

[Tungbulu]

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…

[DiMarxist]

Op I believe that, there has been several threads that are similar to this your thread. And they have made it clear on the need for people to take their time to understand Bitcoin before investing. Especially when it comes to the area of security which is key for the safety of your funds, how to securely safe our seedphrase which is the key to our Bitcoin, wallet security because it's important that we know and understand the type of wallet we are using when saving our Bitcoin.

This what is needed the most, as others has already pointed out you don't necessarily need to know block chain technology and how it operates before investing. What you need to know is the security aspect which I have mentioned.

[Proty]

This I feel should be the reason why people are supposed to understand how bitcoin works before venturing into it. People mostly focus on the profit they will make from investing in bitcoin while neglecting  the basics.
It is important for someone that is buying bitcoin to be able to understand what a public address, seed phrase and private keys are , to avoid making unnecessary mistakes that can leads to loss of funds.

[CryptopreneurBrainboss]

‎‎Knowing and understanding all this go help you alot especially when buying to avoid mistakes and losses knowing it's unreversible.

Why person go want enter within him no know or understand abi na follow follow mentality they cause this one? You go go do work wey you no sabi when you know say you fit they waste your time because when you no get paid after you finish the rubbish wey you dey do, e no go worth am? Na so investing in Bitcoin be too, what you don't know you lesrn about and then only do it when you undertake what you're getting yourself into. People think investing in Bitcoin doesn't need understanding of the market but that's the same reason why we have people panicking whenever they see any red in the market. Assuming they understood the market they're in then they'll be relex and follow the market well. If you still need to be told not to invest in what you don't know then I don't think you're ready to invest into a market as volatile as the crypto market in general.

[Female King]

OP you dropped good information but that doesn't make it a must know before you can start buying bitcoin, this is a very common misdirection and is responsible for why a lot of people are still wannabe bitcoin investors, because they ar busy telling themselves they don't know enough yet.
I actually think that if a person starts buying bitcoin it will serve as a motivation for them to actually learn more about it, especially about how it works as an asset and how best to protect what's theirs and at the end of the day more people who own bitcoin already learn more about it after than people who want to know about bitcoin first ever actually but bitcoin.

I'm looking for a quote that will fit this but 'necessity is the mother of invention' is all that's coming to mind.

You dey right people no need sabi everything about bitcoin before them go fit start, for person to even know some thing more better e need to start am first that is after e don get small knowledge about am because if you say you wan sabi everything about bitcoin first e no go work and this thing go make the person to dey always dey postponed when e supposed start to dey buy bitcoin, as long as person get this common sense and e get money way e see say even if e loss the money e no go worry am then the person fit start to dey buy bitcoin and na through like this e go know more things about bitcoin investment.

[Marvelockg]

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‎Knowing and understanding all this go help you a lot especially when buying to avoid mistakes and losses knowing it's unreversible.

Believe this that most investors just want to know that the asset they are buying is safe and reliable even if they don't understand what guarantees that reliability. for those that are interested in the technical aspect of bitcoin maybe because what they are doing requires such knowledge, then it is okay to get the knowledge as a prerequisite tool in this niche. but not everyone needs that form of knowledge.

If you want to know everything there is to be known about bitcoin before buying, you are already doing a misplaced priority. basic foundational knowledge comes first afterwards, what you need is just the finance, willingness, and structures that protects your asset from hacks and scammers. every other thing is secondary.

[Achalugo BTC]

You dey right people no need sabi everything about bitcoin before them go fit start, for person to even know some thing more better e need to start am first that is after e don get small knowledge about am because if you say you wan sabi everything about bitcoin first e no go work and this thing go make the person to dey always dey postponed when e supposed start to dey buy bitcoin, as long as person get this common sense and e get money way e see say even if e loss the money e no go worry am then the person fit start to dey buy bitcoin and na through like this e go know more things about bitcoin investment.

Wetin you dey talk na true, no matter how learned person dey, e no fit sabi everything as e get some kind things wey e go dey learn as time go on, even if na the one wey dem sabi, e get as the thing go come self e go be like say na new thing and na e be why them talk say learning never stops. But even as no be say na everything person go sabi at once, na why e go make sense make person start small and always do research for confirmation just incase them no too understand something, as e go be for their own good.

[Sticky Bomb]

‎Knowing and understanding all this go help you alot especially when buying to avoid mistakes and losses knowing it's unreversible.

All these wey you mention na just the basics, and em make sense to understand these basics so dat you go get the slightest idea for wetin you dey put your money inside. Bitcoin technology involves a lot, from its cryptography, to dem dey derive de private key, public key and addresses, how mining operates and other advanced bitcoin wallet security practices.

As you learn de basics and understand them very well, you fit go ahead begin buy and hold, you go fit understand de oda advanced concept you as you remain in the market and dey committed to learning and understanding the investment wey you dey put your moni into.

[Crypto_Timothy]

‎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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Exactly, everything ties down to doing propal personal research before deciding to invest your money into it. You gave valid reasons why someone should care to learn more about Bitcoin technology, now I won't use the word must but you should care to learn more about where and what you want to put your money into even if the money you want to use and invest is free money, still try to learn more about it and it just might suprise you on different opportunities you can explore asides just buying and holding Bitcoin and again if this is all you want to do, that's still fine. That's basically the beauty of the technology, you can choose to explore whatever opportunities you feel, as long as you indeed show due diligence and learn about it, otherwise what is suppose to take you 2 years will take you 5 years, sometimes the difference is in the information available.

[abaeze]

If someone invested just $50 in Bitcoin in 2015 without knowing much about it, its price today is approximately $15,700, which means the price has increased by about 314X and if someone doesn't invest by knowing the technical aspects of Bitcoin in depth and seeing its volatility, we can easily understand what will happen to them. So, many times, excess knowledge can delay investment. So it is important to know the basic things such as: what is Bitcoin, why was it created, decentralization, self-custody and how to keep the wallet secure, but if you do not invest while gaining too much knowledge, it is a wrong decision.

So if someone holds it for a long time with a small amount of knowledge or continues to invest little by little, the results can be huge later. Finally, gaining knowledge is good, but investing shouldn't be delayed while gaining additional knowledge.

[Princess Leah]

All these wey you mention na just the basics, and em make sense to understand these basics so dat you go get the slightest idea for wetin you dey put your money inside. Bitcoin technology involves a lot, from its cryptography, to dem dey derive de private key, public key and addresses, how mining operates and other advanced bitcoin wallet security practices.

As you learn de basics and understand them very well, you fit go ahead begin buy and hold, you go fit understand de oda advanced concept you as you remain in the market and dey committed to learning and understanding the investment wey you dey put your moni into.

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.