‎ Why Understanding the Technology Matters Before Buying

[Jostern]

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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Op do you really think you need all of this things you’ve mentioned to get started with investing in bitcoin ? All you need is a discretionary income and some basic knowledge on how and where to buy bitcoin and keeping your bitcoin safe and secured, what are you learning about blockchain technology before you can start investing in bitcoin, you will just be wasting your time trying to learn all this things that are totally unnecessary instead of focusing on things that are important, which is having a discretionary income.

There are so many qualities of bitcoin which I think that most of the qualities of bitcoin is something that is well documented for a long time, a decentralized network that you have control over your assets, where the transaction is top notch, I don’t think it’s necessary to understand the fundamentals of the technology of bitcoin before you can start buying bitcoin.

[Charcol]

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

It is certainly important to know about Bitcoin. But there is no guarantee that someone will be successful if they know about Bitcoin well. Maybe if an investor knows about Bitcoin well, there may be fewer mistakes. But that does not create any specific possibility of success in investment. I assume that you know blockchain, Proof of Work, private key very well. But even then, if you buy Bitcoin with money that you may need in a few weeks, then technical knowledge will not save you from loss. Because you may have to sell it at a time when the market is bad due to your urgent need. So I am not saying that it is not necessary to know the technical aspects. Rather, if people have technical knowledge, they can keep their wallets safe. There are even various other benefits.

[Perfect-World]

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.
‎
‎

Op do you really think you need all of this things you’ve mentioned to get started with investing in bitcoin ? All you need is a discretionary income and some basic knowledge on how and where to buy bitcoin and keeping your bitcoin safe and secured, what are you learning about blockchain technology before you can start investing in bitcoin, you will just be wasting your time trying to learn all this things that are totally unnecessary instead of focusing on things that are important, which is having a discretionary income.

There are so many qualities of bitcoin which I think that most of the qualities of bitcoin is something that is well documented for a long time, a decentralized network that you have control over your assets, where the transaction is top notch, I don’t think it’s necessary to understand the fundamentals of the technology of bitcoin before you can start buying bitcoin.

I understand that learning and knowledge about a thing is good, but how far can you gather such knowledge without been part of it? I believe that the best learning processes are when one is already involved or part of the process. At that time, you can learn most of the things, and if there are mistakes, you also learn from it and make possible corrections and move on. All that the OP listen is good to be known, but I think it's gonna be very difficult for a newbie investor to understand it. Just like you said @Jostern, if he can get some basic knowledge and has some money to start, I think he is good to go

[Itz-prisigold]

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.

Imo, I think the two can be a good mix though. As a starter it's fine if you don't know everything about bitcoin before buying your first small amount. However, when you have finally made a decision to invest big money, it's then that you need to take learning seriously.  But there are some important basic details you need to know about bitcoin, such as making sure you confirm the address, not to send money to the wrong network, and know the most frequent things scammers use, so that you'll not be a victim to them.

That is why I believe that a person does not have to learn everything before buying, learning can actually grow as you get more experience on Bitcoin.  So it's okay to start with the simple things, but it really becomes a problem if one remains ignorant once he or she begins..

[9ja Amaka]

Imo, I think the two can be a good mix though. As a starter it's fine if you don't know everything about bitcoin before buying your first small amount. However, when you have finally made a decision to invest big money, it's then that you need to take learning seriously.  But there are some important basic details you need to know about bitcoin, such as making sure you confirm the address, not to send money to the wrong network, and know the most frequent things scammers use, so that you'll not be a victim to them.

That is why I believe that a person does not have to learn everything before buying, learning can actually grow as you get more experience on Bitcoin.  So it's okay to start with the simple things, but it really becomes a problem if one remains ignorant once he or she begins..

My point on this topic is for people to stop using learning Bitcoin as an excuse not to buy bitcoin. They never wanted to buy bitcoin at all, but without anything to use as an excuse, learning about Bitcoin has always been the statement used to defend their unwillingness to buy bitcoin.

At any time, a person can learn the basics, the technical part of bitcoin, or both at the same time. The basics are needed to start investing. In due course, the investor has the right to learn the technical part of bitcoin if he wants to.

[Cityhunter34]

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

Omo, wetin you dey talk na true, but we suppose know say learning dey continue. We no suppose sabi everything finish before we go start to buy Bitcoin, because no way you go fit figure out everything for one day.

Na still gradual process, nothing more than that, because this kind thing don make people fear well well. You just need to stay focused on buying your Bitcoin, then as time dey go, na so you go dey learn them one by one. E just be like that.

[Qhunman]

Op do you really think you need all of this things you’ve mentioned to get started with investing in bitcoin ? All you need is a discretionary income and some basic knowledge on how and where to buy bitcoin and keeping your bitcoin safe and secured, what are you learning about blockchain technology before you can start investing in bitcoin, you will just be wasting your time trying to learn all this things that are totally unnecessary instead of focusing on things that are important, which is having a discretionary income.

There are so many qualities of bitcoin which I think that most of the qualities of bitcoin is something that is well documented for a long time, a decentralized network that you have control over your assets, where the transaction is top notch, I don’t think it’s necessary to understand the fundamentals of the technology of bitcoin before you can start buying bitcoin.

You only need your discretionary income to invest in bitcoin and not basic knowledge. Basic knowledge can come later as you as you invest. Basic knowledge is  gain through practical,so it is not important to begin with instead what is important is having your discretionary income available. Once you have your discretionary income to invest, every other things like having basic knowledge or learning about blochain technology can be learn while you are investing. However, there is also nothing bad to learn about blochain technology but it shouldn't be a mandatory requirement for investing in bitcoin.

[Oyoyoma_yu]

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.

In Bitcoin knowing how Bitcoin works is very important for beginners, this will enable you to endure volatility, and be patient with your investment, another important thing to understand is the security of your investment, knowing how to protect your investment using a secured wallet. Becoming conversant with the technology of Bitcoin is not wrong but for a bigginner I don't think it is necessary to know all that before venturing into Bitcoin investing. There are many people out there who made money from Bitcoin without the technical knowledge of it , but it is absolutely very difficult for any investor to scale through Bitcoin investing without knowing how Bitcoin itself behave both in the short term, and also in the long term.

[Byebyebtc]

Yes understanding Bitcoin before investing is important.

But with the context of your post, do you expect what you have explained here to be simply understood by your targeted audience? At least you would have made it more better by dropping links where Bitcoin newbies could get a better knowledge from, you assumption of your target audience understanding some words you used here is mediocre.

Meanwhile one doesn't have to understand much to be qualified for Bitcoin investment, with some basic knowledge about Bitcoin you will be able to invest, but you do also have to chase deeper knowledge about Bitcoin even when you have invested.

[Silverstonez]

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.

I was too quick to merit your post, before discovering the bold part.  Knowing the technical aspect of bitcoin doesn’t make you immune to scams, you can’t even identify every scam with that technical knowledge of yours.  Those who are knowledgeable or who are technically skilled can still fall victim to scams, what I can say in this case is that, understanding bitcoin’s technicalities is an advantage not a guarantee of safety.

[MainIbem]

In Bitcoin knowing how Bitcoin works is very important for beginners, this will enable you to endure volatility, and be patient with your investment, another important thing to understand is the security of your investment, knowing how to protect your investment using a secured wallet. Becoming conversant with the technology of Bitcoin is not wrong but for a bigginner I don't think it is necessary to know all that before venturing into Bitcoin investing. There are many people out there who made money from Bitcoin without the technical knowledge of it , but it is absolutely very difficult for any investor to scale through Bitcoin investing without knowing how Bitcoin itself behave both in the short term, and also in the long term.

Yeah, you're making sense mate, beginner don't need to understand everything before starting what beginner need is discretionary funds and common sense to know how to buy, every other thing can be learnt along the line, Bitcoin investment is long term so before someone would even hold for about 4 years the person must have understand it to a certain level. That's why learning everything before investing is bot advisable cause while on that Bitcoin could progress to a higher value and make the person miss buy opportunities at lower price.

[Fiasem20]

E no really matter if na only the basic knowledge wey you get about bitcoin,to learn the technical aspects of bitcoin no be something wey you fit catch up for short period of time and if you wan start to buy bitcoin dey hold for the long term that technical knowledge wey you wan acquire go stand as delay.So the basic knowledge wey you gats acquire na how bitcoin dey work like how e dey decentralized and no be government dey control the network.Then wetin you suppose know again na how to secure your bitcoin holdings because many newbies no know the difference between wallet and exchange,most newbies dey go save their bitcoin for exchange and person wey dey save ehn bitcoin for exchange dey thesame with who dey save money for bank because for exchange you no get full control over your assets.

[Cryptomultiplier]

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.

I was too quick to merit your post, before discovering the bold part.  Knowing the technical aspect of bitcoin doesn’t make you immune to scams, you can’t even identify every scam with that technical knowledge of yours.  Those who are knowledgeable or who are technically skilled can still fall victim to scams, what I can say in this case is that, understanding bitcoin’s technicalities is an advantage not a guarantee of safety.

There's no guarantee to safety when it comes to Bitcoin investment because we see even how using cold wallets these days can easily be hacked, talk less of using any available wallet be it on an exchange or not.
Bitcoin is based on self soverignty. The owner bears the brunt of keeping it safe in any way or manner they think they can and where they don't want to bear the responsibility of keeping their Bitcoin investment safe by themselves, the other option is to buy into spot ETF which transfers this responsibility to a company.

Joining this forum should be the first step to learning so much more than just technicalities involved in Bitcoin investment and it's adviced to always learn and upgrade in knowledge once the first step has been taken to buy Bitcoin because in the end, if you lose your seed phrases, you lose your coins and that's the bottom line.

[Nasdel4]

I'll tell you this for free guys... "You have to LEARN before you EARN" It has always been this way, you can't maximise profit without adequate knowledge. Take for instance you buy bitcoin at $78k then few days later it drops to $74k, if you're not aware of bitcoin's volatility you'll definitely panic sell and end up in losses but if you gained the required knowledge you'll know that bitcoin is very volatile and you don't have to panic sell just because price went down because it'll still rise. So it's advisable to always learn before diving into any investment, another reason is that if you're well informed then you'll definitely know that you need a strategy.

[osasshem]

A very good piece of information you dropped here OP, it is required for a child to know how to seat, before learning how to crawl, but there is a little difference in it when it comes to Bitcoin investment. As much as knowing how Bitcoin works is very important, it may reduce the interest for people who may not be technically inclined to know/understand the process, therefore scaring them away, but knowing the major basics of what to secure/keep safe and not to be accessed by anybody else is one that is more required and can help boost the interest of investing.

If a newbie has invested, the process of learning can develop over time, but when waiting to know everything that he/she may not make use of will make the process/interest to be slim, and possibly reducing the chances of investing.

[Doan9269]

People actually inclined to learning or they are only motivated to make profit without doing the normal procedure expected of them, there is nothing hard about bitcoin network or even cryptocurrency as long as we can give it all it demand to learn at the cost of our time, doing this is the proper way to start well and to also experience better in anything we are doing concerning cryptocurrency, the more we know the better for us, this is where I will always admit that our first security start with how exposed we are in Bitcoin knowledge.

[ruykeri]

People actually inclined to learning or they are only motivated to make profit without doing the normal procedure expected of them, there is nothing hard about bitcoin network or even cryptocurrency as long as we can give it all it demand to learn at the cost of our time, doing this is the proper way to start well and to also experience better in anything we are doing concerning cryptocurrency, the more we know the better for us, this is where I will always admit that our first security start with how exposed we are in Bitcoin knowledge.

we have started giving ideas about Bitcoin to newbies by making this price change issue time from the beginning to now . And this is why people are interested in learning about Bitcoin in the hope of making a profit. Now based on the purpose for which a person is interested in learning about Bitcoin, he can try to get an idea about Bitcoin. Now if someone wants to invest in Bitcoin then he should start investing by learning the fundamentals of Bitcoin. After that he can also gradually learn about the technical aspects of Bitcoin. Because it will take a lot of time to learn the technical aspects of Bitcoin. So if we stop starting investing at this time then time and opportunity will be wasted. But before starting investing that person should know the security issues. Because once the Bitcoin fund is lost it will not be possible to recover it in any way.

[Hyphen(-)]

People actually inclined to learning or they are only motivated to make profit without doing the normal procedure expected of them, there is nothing hard about bitcoin network or even cryptocurrency as long as we can give it all it demand to learn at the cost of our time, doing this is the proper way to start well and to also experience better in anything we are doing concerning cryptocurrency, the more we know the better for us, this is where I will always admit that our first security start with how exposed we are in Bitcoin knowledge.

What do you expect from people that just want to know about crypto just because they see people making money from crypto, did you expect them to learn that much? No.
They will only focus on how to make money which is why they always fail because not as they expected, Bitcoin is never something they feel it is, they are only looking for what will make them rich.

Some set of newbies do have the intention of learning to understand, so that they can decide weather to invest or not, they do have limited knowledge because the popular exchanges are what they are introduced to; they need to also learn and understand that it is far beyond what they think, it is something very simple and easy to invest even if they don’t have big money, they can use NCA to be buying gradually.

We are lucky to have this forum that makes understanding easy for us, many people out there knows nothing about decentralized system, they only take it is something you will just buy and watch the price grow. They really needed orientation to give them a better picture of everything about Bitcoin.

[Odusko]

People actually inclined to learning or they are only motivated to make profit without doing the normal procedure expected of them, there is nothing hard about bitcoin network or even cryptocurrency as long as we can give it all it demand to learn at the cost of our time, doing this is the proper way to start well and to also experience better in anything we are doing concerning cryptocurrency, the more we know the better for us, this is where I will always admit that our first security start with how exposed we are in Bitcoin knowledge.

The slogans that there is free money in crypto make people focus so much on how much they can make from the market and forget to place priority on the things that matter to their own well being in the cryptocurrency market, instead them to learn about the volitility, the privacy advantage and how anonymous they can send and receive money through cryptocurrency, all of this make it them to miss out on the important aspect and focus on unnecessary things like quick money that never comes.

[yixichloro2xx]

Knowing all those technical part of bitcoin isnt my priority for now and I don't have any use for it , for now. What I am only focused on right now is the investment side , because my goal is  to make money or profit from Bitcoin in the future after holding for a long period of time.  What I am supposed to know is understanding the risk and wallet security, financial management and planning, and how to have a strong investment mindset.  I know that everyone have different reasons for getting into Bitcoin, some people might want to build something with Bitcoin like Crypto developers ( those kind of people are the ones that the technical knowledge fit's the most) while the other for solely investment purpose. I hope any new investors doesn't get the idea that they need to learn this technical part about bitcoin before investing, it's good but not necessarily, instead they should focus on starting their accumulation first before they decide to learn more about Bitcoin.