Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Buy the DIP, and HODL!
by
Ruttoshi
on 13/07/2024, 19:38:43 UTC
⭐ Merited by JayJuanGee (1)
Most newbies don’t really have proper knowledge about bitcoin before they jump into it which is very wrong, that’s why they mostly lose, and some scammers brainwash them because  they can easily  be scammed. We shouldn’t be in a rush to invest in bitcoin, we should rather be in a rush to accumulate more knowledge, because if you are in a rush to invest, then you might end up losing at the end, which is equal to not investing at all, because what’s the point of investing if you still end up losing your investment?
Seeking knowledge before engaging in anything is very important so you get to know the in depth details of it and that way it will be difficult to get scammed. It is important to seek at least basic knowledge before investing and understanding how investments work but taking too long to invest could make someone miss out on certain opportunities of making some profit so since investing is not too risky and doesn’t really require doing any serious thing other than buying and holding I don’t think there is any reason to delay investing once you know how to manage and secure your wallet and have your investment plan setup. You can accumulate bitcoin and still improve your knowledge gradually just as everyone is doing here because there is no end to knowledge and there will always be new things to learn.
Yea, it is only the basic knowledge of bitcoin that a new beginner that wants to start his accumulating his bitcoin needs which is just to buy and hodli in a long term. Learning about wallets security of storing bitcoin should not be done before you start investing because you can learn that as you are investing and not before investing because you can keep your bitcoin in an exchange first for it to accumulate upto $500 and above before you send it to your self custody wallet to avoid many small output to become one input because no one knows if we will have a very high transaction fee in future to avoid transaction fee eating up all almost all your progit from your bitcoin investment.

Also you should not forget that since you plan to only buy and hodli, a good airgapped wallet is needed which it will be more difficult for a newbie to set up electrum cold storage wallet due to the technicalities in setting it up and buying a hardware wallet might still be a challenge for him as a newbie. The more the size of your bitcoin sizes increases, the more that investor will be looking for every means to make sure that his bitcoin are stored safely.