Quote from: Kemarit on April 24, 2024, 11:32:53 PM

Quote from: Troytech on April 24, 2024, 11:20:18 PM

Quote from: Sexylizzy2813 on April 24, 2024, 08:47:58 AM

Quote from: JayJuanGee on April 24, 2024, 05:03:57 AM

Each person should be tailoring his investment to his situation, and surely there should be less ability to aggressively invest into bitcoin if you are brand new to investing and brand new to bitcoin, and so if you don't have your shit together, including having some consideration of the 9 individual factors.

That's what we do talk about on the Forum on how newbies rush into Bitcoin just because they have a little knowledge of it and they forget that they still need to learn more about Bitcoin, no plan no strategy and they engage in it because they see others benefiting from it, they feel is easy and they too can gain more than they invest, things don't work out that way in the crypto space, seeking for mentorship and advise helps a lot.

I don't really believe there is much to know before getting started to buy bitcoin, all a newbie has to know is how to buy at first and them the next to hold, if there is any knowledge I consider compulsory is knowing how to manage his finances and know what he need to allocate to bitcoin without choking out himself and eventually selling off so early when he can't keep up any longer, and another thing is to have an emergency funds in place.

You still need to understand how it works though, being a investment platform, anyone entering the market should learn how to make money out of the market. It's not just you will buy it and then what? Although it's very easy as it's just the basic buy and hold and sell when we are on top. But others, might not have that idea in the beginning and thinks that Bitcoin is a get rich quick scheme.

Quote from: Troytech on April 24, 2024, 11:20:18 PM

Yeah I can understand that a lot of persons actually get into bitcoin thinking it's a money making machine and tend to engage into short term investment and all that, and some even tend to get frustrated when holding in the bear market and might also sell of their bitcoin due to fear or panic, but what is most important for anyone to learn how to buy bitcoin and hold it.

That's what I'm saying, their could be newbies who think it's a magic internet money, that you will make a lot effortlessly. And probably this is also the reason why some newbies quit early because it fails their expectations.

Before anyone would consider buying bitcoin I think there is a level of interest they should have and knowledge have already acquired and its not as if for someone to be successful in investing in bitcoin there is a rocket science kind if information he/she needs to have about it.

What do I need to know if I want invest in bitcoin,

1. How much can I invest without putting a stress on my finances: this is what I consider the most basic cause you have a balance in what you are doing, this money must be yoir disposable income and money you won't be needing during your investment time. So you don't end up putting yourself in a state of panic and have to sell some bitcoin so early than you planned to.

2. What buying method would be okay with me, considering how my income comes. DCA would be recommended for newbies since its the easiest to understand and dose involve any technical knowledge, just buying.

3. Building an emergency funds if you don't already have one.

And this are basic knowledge that doesn't require much to learn, it's just personal management skill and that's all. Although it still does guarantee that anyone would be successful as a holder cause you must still have to build yourself not to sell so easily due to news or due to bear market.