Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
Rockstarguy
on 28/10/2024, 07:39:48 UTC
Yeah, that's what I am saying about basic knowledge. Understanding that Bitcoin is moving quickly and prices vary from time to time.

It's true that they can buy and just understand it later. But in general speaking about investing, someone shouldn't get into an investment that they don't totally understand even the basics of it.
At least a little understanding is very necessary because they cant start investing if they do not know the safest exchange and how to buy it form them and send it to their wallet. The process of buying and storing should be the most important thing they learn fast then how to manage their investment and other knowledge can be learned later. It's just like going to cultivate without any tool, while it's essential to have a tool and know how to use it manually before thinking of buying bigger engines that can facilitate and modify the process.

I see any other knowledge that we ought to learn after investing as sustainable knowledge. That is what triggers us to hold on to our investment as long as we want to.
One of the principal things that needs to be understood is to have the understanding of exchanges are not reliable and if one must buy it must be exchange that is well recognised, and bitcoin must be sent to self custodial wallet immediately. And one needs to also have the understanding that the market is volatile and can't be predicted, so that when investing bitcoin you don't need to have expectation from the market. There is also need to understand investing in Bitcoin must be long-term because it is not possible for one expect good profit in a short time, profit can only be made if one hodl bitcoin.

Another thing that needs to understand their is no perfect time to invest bitcoin, the more you wait to invest the opportunity to miss and yo don't need to wait to save huge sum of money but can start with DCA method of investing.