Someone can start Bitcoin investment with only fundamental knowledge. Later on, they can further their understanding of Bitcoin. The basic knowledge needed is that Bitcoin investment is to know that bitcoin a volatile asset. Secondly, one should know how and where to buy Bitcoin to avoid scammers and understand the concept of wallets for investment.
With that knowledge, I believe it is okay to start Bitcoin investment. Waiting for deep knowledge about Bitcoin should be a gradual process, as waiting too long could lead to missed opportunities. I feel that trying to gain comprehensive knowledge before starting often makes people hesitate or give up on investing in Bitcoin.
However, if someone begins investing in Bitcoin with basic knowledge, it can motivate them to learn more about it. One crucial thing people should remember is to invest only what they can afford to lose. This mindset helps them avoid panic if Bitcoin decreases in price. Since the money invested is affordable to lose, it reduces fear and allows them to handle the risks better.On the other hand, even with proper knowledge, if someone invests more than they can afford to lose, they may panic and sell some or all of their Bitcoin during a price dip.
Exactly! That has always been one of my mottos “start first, then you can grow”. Whatever you intend to do take that bold step first coz knowledge without practice is worthless. Bitcoin investments is something you do with your discretionary money, and it’s something you can start with as low as $10(a good number of people can afford that) and grow from there, as you gather more knowledge you can expand/increase your investments.
Another thing is people wanting to take profits quicker than necessary, Why Discretionary money (money you can afford to lose) is advised is so you can leave your investments atleast 4-5years without having to worry about their money..
Bitcoin is more like a long term investment, so anyone putting his/her emergency fund is just taking a big risk, and it’s more like gambling which is not advisable coz when there’s an eventual emergency it becomes a crisis for the investor.
One thing about bitcoin investment is the decision to start. Many people are who are not into bitcoin investment so far depends on some factors like having the knowledge of bitcoin existence and also knowing that anyone can actually invest in bitcoin. Many people don't need to learn the step by step approach in bitcoin investment before investing. There's no border line to how much you can invest.
Investing with $10 is not bad but also understand that many beginners prefer starting below that. You can't assume that everyone would have up to $10 since not even all who has it would be willing to invest it even when it's their discretionary income. When introducing a beginner, you won't go as high as suggesting a $10 dollar starting amount. Let him know anyone can invest with any amount little above $1 and watch him even investing high above that.
Humans need no push, even when you're pushing them to success. When he sees you are not impulsive, he can invest as much as possible while you ensure he doesn't go beyond his discretionary income.