I discussed the final investment decision directly with my family. People in my family don't know about Bitcoin but when I told them about Bitcoin and explained it to them for a while they got some idea about Bitcoin. I explained them about Bitcoin in such a way that they supported my investment. It's not like I misled my family into investing, I gave my family a real picture of Bitcoin investing which they really liked.
My family members have assured me that I am planning my future where other children take money from their parents and buy drugs and other bad things with that money. They were happy with my plan and said that they would help me financially or otherwise in terms of investment.
It is good that you have convinced your family members to invest in Bitcoin but have you told your family that investing involves risk. If you haven't informed them about this, you should discuss it with them and not just Bitcoin investment. I agree if you are willing to invest in Bitcoin, look for money accordingly but you should think before investing and do proper planning and judgment analysis before investing. Many people like you are interested in investing in Bitcoin with the help of their families in the new situation.
It turns out that you have been investing in your bitcoins for months and suddenly the price of bitcoins has dropped, will your family help you continue your bitcoin investment or do you have enough opportunities to invest without their help. Prepare yourself to invest in Bitcoin in such a way that you can continue your investment properly even if there are hundreds of hurdles. Investing in bitcoin requires a lot of patience and long time which will take you to your destination.
Everyone who studies the world of investment must understand that in this world all investments have their own risks. It's just that there are certain levels of risk in each different investment field.
But basically the risks that exist in every investment field can be minimized by developing our knowledge in the field we are going to enter.
Trust me if we invest in property that is said to have low risk. But for us it can be very high risk if we don't understand and study it first before entering it.
For example, if we buy property in a disaster-prone area. Then it's the same as us throwing away our money. Because the price will continue to fall. especially if it is land prone to landslides and so on. Which even the previous owner would have left behind.
But when we understand it properly and study it carefully first. Then we can minimize the risk as small as possible. Because we already know which ones have potential and which ones don't. Which ones are worth entering and which ones are not. Because basically investment is about seeing potential in the future.
So now we apply it in Bitcoin. Indeed, Bitcoin is also an asset that has a high level of volatility because its price fluctuates. And yes, this makes many people say that Bitcoin has a fairly high level of risk. But actually, some things are true and some are not.
Because it depends on how deep one's insight into bitcoin itself. If someone can enter Bitcoin investment at the right time after going through a lot of analysis and he has seen the potential in the future. So he can minimize the risk of loss because he entered at the right time. that is, when there is a decline. And then he plans to get out when the bull market comes.
But for beginners who don't study it in more depth. So they tend to enter without taking into account or without careful investment planning due to limited knowledge. This can make the beginner considered investing with high risk. Because he has entered in a field that he is not good at. So the conclusion is high risk is for those who enter in fields that they do not study. And the risk is low for those who enter a field they have mastered.
Bitcoin investment is not like you think and you don't need to deep knowledge on bitcoin before you can invest and not run at loss. This is because, a new investor who just want to start his bitcoin investment journey is on a long term and when you are investing on a long-term, maybe 4-10yrs, you don't need any deep knowledge, but only the basic knowledge of bitcoin which is how to buy and send to your self custody wallet, precis a cold storage, since you are only accumulating and not selling.
There is no best time to buy for a new beginner in his long term bitcoin accumulation goal because he just started and needs to keep on accumulating bitcoin to his portfolio regularly using DCA method so that he can reach his bitcoin target overtime. This is why the DCA method is best recommended for beginners because it gives them the opportunity to buy bitcoin always irrespective of bitcoin price. What a new beginner needs to figure out is how much of his discretionary income that he can use to buy bitcoin that he can be consistent with, so that he can continue buying with such amount regularly without stopping, and at the same time build his emergency funds from the other part of his discretionary income because it is very necessary, to become a successful long-term bitcoin hodler. A new beginner can start investing into bitcoin and learn about bitcoin at the same time, because in bitcoin accumulation experience is the best teacher than mere theory. Also the time that he will delay in learning cannot be recovered, that is why those that are just starting should not waste any time but start right away as long as they have the money.
It is impossible to learn everything about bitcoin in just one year so learn is a gradual process, and there is no need to have majority of the knowledge, because as time passes by the price of bitcoin will not remain the same.