Quote from: Ambatman on July 16, 2024, 07:37:02 PM

Quote from: Jewan420 on July 16, 2024, 05:00:16 PM

I totally agree with you. No knowledge is required to start investing in Bitcoin. Only wallets and exchanges can be used.

An element of knowledge is required to invest in any asset an Bitcoin ain't an exception
Knowledge on security of your Bitcoin
Exchanges to be used must be known including wallets
Not all exchanges especially CEX and wallets usually closed sourced are advisable.
One of the most important knowledge to know that can help in DCA is, don't take the dollar priced value of a Bitcoin as it's true value.
If you have a BTC for $60K
Even if it rises to $100K or falls to $40K
It is still a BTC.
Just don't loss focus of why you holding and accumulating because of short gains.

Knowledge is important in every business and like you said, Bitcoin investment also require some sort of knowledge called basic knowledge. Basic because they are the necessary requirements that ensure the investor knows what he is doing and is able to protect his investment against theft and other negative vices. However, where I tend to differ with people is when they stress knowledge to the point that they make successful investment in Bitcoin tied to getting expert knowledge of Bitcoin and without those complex technical and fundamental knowledge, someone cannot invest in Bitcoin. I have seen new investors who are discouraged by the fact that they could not predict the price of Bitcoin using the chart and I was like, what do you need such skills for if your target is to invest for long term? Perhaps they are coming from the background where they emphasize technical analysis so much that they feel without it, entry will be a problem.

Quote from: Ambatman on July 16, 2024, 07:37:02 PM

Quote from: Miles2006 on July 16, 2024, 07:27:18 PM

Secondly if referring to altcoins I will advice you avoid altcoins and from my view all altcoins fall into the category of shitcoins and you might end up not making any profit with the pump and dumb scheme, bitcoin is totally different and safe for investing for both newbies or experienced investors.

Trading is a scam to me
I personally feel like is a fancy form of gambling especially with altcoins coins
Now people are mentioning Hold Bitcoin Hold Bitcoin here
This doesn't apply to altcoins
If you plan on holding an alt for years
There's a very high chance than the developers or hype or something might have lead to the project death
Before you realise.

I'm not even talking about holding altcoins, I'm talking about not investing in it because the risk is just too high. More people lose money in altcoins be it long term investors or short term traders because within few minutes some of those coins can dump and investment will turn to nothing. What then is the point of taking such risk when there are better alternatives. On the contrary, no long term investor lose money in Bitcoin, only short term traders. Therefore, instead of taking this risk with altcoins, I recommend investing in Bitcoin only and avoid the pains that comes with altcoins.