Quote from: teamsherry on Today at 12:29:51 AM

Quote from: JayJuanGee on February 03, 2024, 11:52:58 PM

I agree that it is good to learn those various areas, yet at the same time they can be learned as you go rather than prior to getting started. Anyone can get started investing into bitcoin with bare minimum knowledge, and they can invest $10 per week while they figure out more specifics, including honing in on their own budget and financial management.

Now off the top of their head, even if they are not very good at finances, most people have ballpark ideas about whether they can afford $10 per week or not. Now they might not know how to manage their budget, and they might have a lot of debt and they might be having emergencies every month or maybe several times a year because they are not sufficiently spending lower than their income and/or keeping track of their cashflow versus expenses.. .but these are things that people can improve, even while starting to invest into bitcoin.

Now if they are not exactly clear about the level of their disposable income, they may need to get more specific ideas prior to starting to invest more aggressively into bitcoin, such as increasing their investment to $100 per week or performing a lump sum investment of $5k... so the more aggressive that they choose to be, then the more they are going to need to know, and also if they build up their investment amount, then the more that they have invested, the more they could end up getting tempted to cash out at the wrong times or to engage in gambling behaviors rather than investing behaviors.. so most people can learn those kinds of things as they go, even though sometimes they are their worse enemy by doing before knowing.. so if the amounts are small enough, then it might not make a BIG difference, so that would mean that they have their risk management under control by not investing very much, but they may fail to realize their potential because they are not being as aggressive as they could be, including likely needs to pay attention to their whole cashflow situation and to make sure that they are spending reasonably within their discretionary income while maintaining some kind of an emergency fund, float and reserves. which becomes even more important as the investment into bitcoin grows. including accounting for the price changes that bitcoin can go through during the period in which someone is starting to invest into it.

I agree with you, sir, that it would be impossible to try to learn everything before beginning to invest. A lot of lessons and strategies can only be understood through practice and experience. A novice may not even know much about strategies like dip buys or how to take advantage of dips, and in the process of trying to learn everything, they may become entangled in other information that diverts them from the fundamental knowledge of investing, which is the DCA method, which is simple to use and the only beginner-friendly strategy that logically supports low income.

I believe that if someone starts investing, figuring out the other requirements won't be too difficult because we have to attend class before learning those lectures. Therefore, I believe that the first step, even before learning much, should be to start with DCA and accumulate emergency funds; the other benefits of being a bitcoiner can be discovered later.

I'm of the same opinion as you and I can actually recur my case when I started applying the DCA method as prior to that time, I had just little knowledge of Bitcoin and never in-depth. My knowledge then was just limited to knowing how to buy and store my Bitcoin and other minor knowledge that enable my find my way around it. The core technical terms were alien to me but I know that Bitcoin will surely be worth something considering where it was coming from. This was my biggest motivation to continue accumulating Bitcoin. The DCA method really made the entire thing easier for me, eliminating most of the entry challenges I was facing that most times make me miss buying because I was waiting for price at a certain point.

Full knowledge is something I'm working on while already being invested in Bitcoin. My financial commitment even make it necessary to inquire about more things as regards to Bitcoin. I think, just like you rightly said, the DCA method is suitable for all financial classes, knowledge class and indeed all types of people who desires a more systematic approach to Bitcoin investment.