Quote from: Justbillywitt on Today at 03:11:44 PM

Quote from: Pi$$ on September 10, 2024, 11:52:06 PM

Bitcoin is easy to understand, a beginner does not need in-depth knowledge nd understanding of Bitcoin.

"I think that it is important to point out that no one is really rejecting the idea of having knowledge or even suggesting or promoting the idea of ignorance"
These were the exact words @JayjuanGee used when he was addressing similar post as this your statement here in this thread last week. And I think there is enough sense in what he was saying. In as much as some newbie can make his first investment in bitcoin without having adequate knowledge in bitcoin, does not mean that such investor should stand on his ignorance and make it look like it is the right thing to do. To successfully hold his investment, there are things he needs to figure out immediately before making his subsequent investments, especially if he is buying through DCA. Knowing his disposable income and and separating it from his reserve, emergency funds and daily expenditures funds are very important thing he need to figure out. These things forms part of the in dept knowledge that an investor need to have and they are crucial to the investor.

I think that part of these points about knowledge and/or how much knowledge is needed or how much is prerequisite, a lot of them are discretionary, which means that it is up to the person to figure out how much knowledge that he wants to have in order to protect his income, and to get started most of the knowledge is not needed beyond just knowing whether he has some extra money within his disposable/discretionary income (whether it is $10 or some higher amount) to put into bitcoin to get started. Surely, to call it an investment rather than a trade, then there are likely going to be more requirements of knowledge that may well need to be built along the way in order to make the investment successful, so surely we have a bit of presumption that we would like our investment into bitcoin is going to be successful in terms of putting us in a better position for having had invested in bitcoin as compared with the position we would have had been in if we had not invested into bitcoin.

Maybe even getting started the person buying BTC might not even be sure if he is investing or trading, since he might not have had even established that he is going to be able to put his money into bitcoin for 4-10 years or longer, yet I would argue that if he ends up not being able to commit to 4-10 years or longer then he is more likely engaging in trading rather than investing, yet I doubt that there is any requirement that he establishes those kinds of parameters upon himself right from the start. It may well take an investor 6 months to 12 months or even longer to figure out that he is going to be investing 4-10 years or longer, even though many of us would likely argue that the guy is going to be better off to engage in some planning rather than just being whimsical about his investment, since the more likely that he has not set any parameters, then the more likely he is either going to engage in trading behaviors including having more likelihoods to be scared (or greedy) in selling his BTC without committing to any kind of longer timeline, in which a longer timeline would likely end up being more to his advantage.

The more knowledge we gain along the way, then the more likely we will be able to tailor our BTC investment plan in long term kinds of ways, yet we still may well realize that there are various levels of knowledge about BTC, and even the DCA investor does not need to have a lot of knowledge about bitcoin as compared with other investments in order to still set a DCA plan and even to consider himself investing into bitcoin merely based on his belief that bitcoin has number go up technology built in... which is not even really a very informed kind of way of thinking about bitcoin, yet there might not need to be much more knowledge than that in order to invest into bitcoin and build, establish and maintain a bitcoin position.

Surely, a lot of the bitcoiners also consider that a lot of the value that comes from bitcoin relates to its individual sovereignty attributes, so in that sense it seems that a lot of bitcoiners will need to hold their own keys for bitcoin in order to retain its value, yet each individual does not need to engage in self-sovereignty behaviors of building knowledge and/or employing self-sovereignty practices in order to still profit from getting price exposure to bitcoin, including holding bitcoin on exchanges, or through ETFs or other third party investment mechanisms, and yeah, some of us might argue that they are not really participating in bitcoin, even though they are engaging in practices to get price exposure to bitcoin and they might be running risks of rugpulls, and that is their choices (even a choice if they want to even learn about the difference between holding actual bitcoin or holding bitcoin through 3rd parties). Of course, personally I believe that it is better to hold most if not all of your BTC in self-custodial kinds of ways, yet I am not going to argue that all individuals need to make those kinds of choices or engage in that kind of learning prior to their buying BTC (or buying BTC price exposure).

When DCA investing into bitcoin, a person might not need to know very much about bitcoin in particular, yet they may need to know some particulars about from where they are sourcing their bitcoin, and know whether they are buying manually or automatically, whether weekly or otherwise, and surely they need to know that they are spending within their discretionary income otherwise they may well make the mistake of spending money that they need for their expenses whether in the short-term or further down the road.. So there may need to be some knowledge of current and/or future cashflow and expenses in order to assure not getting put into a position of having to sell some or all of his bitcoin investment at a time that was not of his complete own choosing.