Quote from: Odusko on Today at 12:26:27 AM

Quote from: JayJuanGee on October 15, 2024, 07:47:26 AM

There is no need to figure out the bitcoin wallet prior to getting started investing in bitcoin, yet of course, any bitcoin that is purchased through third parties such as an exchange is not really your bitcoin until you move it to a private wallet, so it is good to learn about various kinds of private wallets and figure out how to get into the practice of keeping most of your BTC off of exchanges, yet at the same time, you don't need to learn those things right away.. It is probably better to get started first and then figure out the order in which you want to learn things, while at the same time learning that there are risks in keeping your BTC with any third parties, including but not limited to exchanges and/or also getting lured into products that tell you that they will hold your bitcoin and pay you yield.. Newbies have to be careful to avoid those kinds of ways of custodying their BTC and/or getting too greedy trying to earn money with their BTC prior to just building up their BTC stash and figuring out ways to hold it privately and also holding their BTC in ways that they UTXO sizes are not too small. .. so UTXO management can become an issue and a concern, even though it is not something that has to be learned right away and before buying bitcoin. Of course the more BTC that you buy in the beginning, then the more justifiable it is to make sure that you are not holding it on exchanges, especially if you start out buying several thousand of dollars of BTC or several months worth of your income/expenses worth of bitcoin.

Very well needed to get started first before figuring out whichever wallet to use to store you Bitcoin as a start off new Bitcoin investors, the most important thing in safeguarding Bitcoin for a newbies Bitcoin investor is to first get hold of a wallet that he can have total control of the Bitcoin in it, and along side also a third party exchange wallet where he can use to buy and store Bitcoin along the way, this is why in most time's some of the newbies tend to make a good solid start off, while few others still make the mistakes of taking third party exchange wallet to hold all they Bitcoin assets, and thinking that their are holding Bitcoin not knowing that I. Realities, they are not in control of those Bitcoin as long as it in an exchange wallet, so for a start, having such a mindset of temporary usage of exchange and there after transferring the Bitcoin back to your own personal wallet if possible a cold hardware wallet, since that the most secured, so once there is already a long term investment approach, it becomes easier to combine Bitcoin investment and building security of funds along the way, this is mostly very important at all time and one need not to get carried away with the simplicity that comes with exchange wallet, don't get carried away a d always have your Bitcoin transfered to you own wallet in other to be in full control of the Bitcoin.

There is likely a difference between what a newbie needs to know to get started and what would be to his advantage to learn after he has already started, so if the person is starting out investing into bitcoin and using an exchange or some place like that to hold his initial BTC purchases, then sure it is likely good to realize that those are not actual bitcoin but instead vouchers for bitcoin rather than bitcoin, but even vouchers for bitcoin provide BTC price exposure, and some people may or may not graduate into holding their BTC, even though they would be more empowered by owning their own BTC and also it is better for BTC if more people hold their own BTC, yet at the same time, new investors do not need to custody their own BTC in order to get started... and they might choose to never custody their BTC, and that is to their disadvantage, but it is also their choice.

I believe that there is a lot of value in self-custody of BTC, and some self-custody solutions are easier and some are more difficult, and even if it is preferred that bitcoiners learn about self-custody, they might not want to and that is their choice and also there is no prerequisite that they have to learn about self-custody prior to investing into bitcoin, even if many of us might proclaim that they are not buying real bitcoin unless they hold such bitcoin in self-custody, they still might choose to not custody their bitcoin and take chances in regards to various aspects of having their coins with 3rd party custodians, whether an exchange or whatever other kind of BTC exposure they buy, such as BTC shares in a spot ETF.

Quote from: Sanitough on Today at 01:45:36 AM

Quote from: sotelorene on October 15, 2024, 07:40:55 PM

* Know how to manage your investment very important, this will help you scale through some challenges

What kind of management we talkin' about here anyway? We're in it for the long game, HODL mode activated. Not phased by market swings, not even by those dramatic dumps, because history’s shown us they’re just temporary speed bumps. Let’s not forget, Bitcoin’s "died" 477 times and yet here we are, sitting on one of the most successful assets of our generation.

When it comes to managing your investment, it’s more about how much fiat you're willing to put in. Whether you're buying small during dips or going all in, the key is holding it long term.

Managing your BTC is not ONLY about figuring out how much you are going to buy, since how you balance your life, your dollars, your other investments and your bitcoin may well be considered a moving target.

Sure, you have been registered on the forum since early 2016 so getting close to 8 years so maybe you have had time to accumulate bitcoin, and you may or may not be done with you BTC accumulation, yet you might go through a maintenance stage where you are neither buying BTC and you are also not selling it either, yet you still should be purposefully considering how you are managing your BTC in that regard.. and what your expectations might be in regards to your BTC. Whether you don't yet have enough, or you are getting close to having enough or you have more than enough can affect how you choose to manage your holdings, which also may include considerations where to keep it, which could end up being a combination of places that may or may not be shared with others and ideas about whether you have figured out succession strategies too.. or if you are going to just die with your bitcoin.

Quote from: Sanitough on Today at 01:45:36 AM

Honestly, I wrestle with how much to invest myself, but once it's in my wallet, I’m in for the ride. It just waits there, knowing one day it’ll be worth so much more. Bitcoin’s growth is inevitable, especially with big names that once hated it now slowly coming onboard.

You kind of sound like a guy who is in a long term trade rather than an investment, since you seem to have not considered how much bitcoin you need (or want to accumulate) and then you seem to not really know what your target is.. Are you just going to sell all of it when it reaches a certain price, or maybe you have ideas about how much you are selling at various price points?

I am not suggesting that you need to know all of these matters, but you should try to figure out some of the parameters in regards to how you are planning to treat your BTC. and if you are still accumulating then how much more do you need or want? Sure there are some guys who might mostly be done accumulating BTC on a regular basis, but they still might choose to pick up more on dips... so there can be quite a few variations in regards to how to manage your BTC holdings.

Quote from: Sanitough on Today at 01:45:36 AM

Look at the USA, they used to think Bitcoin was just for shady stuff, but now they’re regulating it and even approving ETFs for the big players.

This is only the start, just the beginning of Bitcoin's climb. You might be tempted to cash out, but when Bitcoin skyrockets, you might regret it. That’s why HODL’s the word.

So you seem to not have any exact target for how many BTC you want or need, except you just buy it from time to time, and then wait for the day that it goes to the moon? When it goes to the moon, then what are you going to do? Sell at that point? You seem to have a pretty vague approach in regards to your bitcoin stash, no?

Quote from: MainIbem on Today at 03:02:10 AM

As we can see, Bitcoin is gradually heading to another possible ATH so it's best to Hodl than take profits cause of these sudden upsurge.

Even though you use the term "investor" at various points of your post, you have the mentality of a trader, not an investor.

Once you take profits, then what you going to do with such profits?

Quote from: Ricardo11 on Today at 06:22:01 AM

Quote from: JayJuanGee on October 15, 2024, 07:47:26 AM

Quote from: GIF-JOBS on October 15, 2024, 06:36:01 AM

Just to invest in Bitcoin, we don't need to have complete knowledge about Bitcoin, we can start investing only if we know the basics.

Preliminary planning is always very important before starting a new investment. A novice should take firm decision before starting investment, he should not think about profit, his plan should always be long term. If a new investor makes a proper plan and believes in the future potential of Bitcoin and buys Bitcoin for a long period of time, then he can definitely make a profit in the future.

There is no guarantee of profits, yet at the same time, if the bitcoin investor does not use leverage and merely buys bitcoin on a regular basis, then the most that any investor into bitcoin can lose is 100%. So each person investing into bitcoin should be using money that he does not need for his expenses and realize that his bitcoin investment is not guaranteed to go up... yet if he is investing for a long time into bitcoin he can continue to learn about bitcoin and hopefully gain more and more confidence in both investing into bitcoin and also managing his bitcoin investment, which includes hopefully learning how to self-custody most of his bitcoin rather than leaving his bitcoin with third parties in the event that he might be buying bitcoin through bitcoin exchanges.

I also agree with you, there is no 100% guarantee that bitcoin will bring us profit in the future. We can only predict the future by researching past data and it may be right or wrong. But we can never be sure. Those who are experienced and well versed in crypto know very well that no one can predict Bitcoin or other currencies with 100% certainty.

But researching the past of Bitcoin shows that there is a high probability that Bitcoin will become much more valuable in the future than today and everyone believes it, so every investor is investing and holding Bitcoin as much as they can, and thus given the popularity and demand of Bitcoin are day by day increasing. As a result, there is a high probability that Bitcoin will definitely become very expensive in the future. And those who are buying DCA and "hodly" for long term, they will stand to benefit immensely in the future.

You still seem unable to get absolutes out of your head and your way of expressing your ideas? Why do you need to use the word "definitely" in your post (and in your thinking)? You cannot feel good about investing into bitcoin unless it is "definitely" going to become more expensive in the future?