The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment.
That's right. Nativity can indeed be a major barrier and can hinder the progress of an investment. This is why it is always good to always stay updated on matters that concerns your asset class (in this very case Bitcoin) as an investor. Some people rush into Bitcoin without truly understanding the technology, yes it's true that one cannot acquire all the knowledge from the beginning, it's a gradual process, but it's crucial to first understand the investment you're going into, even before you make the first step of entering, because you might end up failing even before you started.
In order not to fall prey to making naive and ignorant decisions, investors or enthusiasts need to first understand the technology, as well as how it works, then you can start and develop your strategy and also acquiring some necessary knowledge on the process.
I have had these arguments with members previously, and surely I believe that there isn't a need to know details of bitcoin's technology prior to getting started investing into it, and one of the most important things to know is your own personal cashflow management and if you have discretionary income.
You can learn various aspects of bitcoin's technology as you go, and surely if you are uncomfortable with the level of your technical knowledge of bitcoin, then you likely would ned to adjust your position size down until you reach a higher level of confidence about your level of knowledge being aligned with your level of investment.
Sure, it can be helpful to understand some of the basics or maybe some of the overview ideas that bitcoin solved the double spend problem and/or that bitcoin becomes difficult to attack in regards to computing power because there are guesses being made and the difficulty of guessing right number adjusts every two weeks to keep the blocks approximately every 10 minutes...and the details might not need to be known, especially in the beginning...and especially in terms of getting started buying $100 per week or $10 per week or whatever amount seems reasonable to the person and within their discretionary income.
Yeah, one doesn't necessarily need to be an expert in Bitcoin's technology or have all the knowledge before they can get started, what I meant was that, to get started, there are some basic knowledge that one needs, and without having these basic knowledge it'll become difficult to make better investment decisions. It's just like you said in your previous post some time ago, that one needs basic maths knowledge, and few other things, I believe that's exactly what I'm trying to say. There are a few other basic knowledge that are essential before one gets started, like understanding your personal cash flow, knowing how to set aside your discretionary income, amongst others, and as you advance in your investment, so will your knowledge too and you can also get better.
It's more than okay to learn about Bitcoin's technology as one advances in his investment, and one can also choose to make certain adjustments in their position size, based on how much confidence they've been able to build in the knowledge they've acquired along the way. All it takes is just to have the basic understanding of the key concepts of Bitcoin, such as securing their asset to avoid losses. It's really not important to know everything, especially when you're just a beginner.
And for someone planning to get started or have already gotten started with a regular investment plan, like choosing to buy $10 or $100 worth of Bitcoin on a weekly basis, I believe the most important thing in this situation would be to understand their own financial situations, as well as their risk tolerance level, and then maybe refine their strategy or plan as they advance to suit their current financial situation.
The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment. The reason why some investors won't go forward or make progress in their investments is covetousness, some of them are not always contented with what they have even though that is the only thing they can afford at that point in time and anyone who wants to exceed there capability or capacity will definitely learn in the hard way because there is a saying that " you can not be faster than your shadow"
People are investing above their limits and this causes them to panic when the market is experiencing some discomfort. Investing isn't supposed to be fast so you can't be think about't investing today and be expecting to be cashing out tomorrow. I won't say people don't understand this but they're just too greedy to care, they want to make money so fast without giving it time to mature and it's not like when they get the money that they'll be able to manage it well to multiply it further instead they burn the whole money and go back to square one to start hustling again. Your Bitcoin accumulation pool shouldn't be extravagant that you go broke because you'll still get to sell your stash prematurely and that's the biggest problem of Bitcoin investors this days.
I usually have people come to me for help on how to make some money online, this first thing I usually tell them is that, if they're looking for a way to make quick profits online, then I don't have it, but if they're seeking for a way to gradually build wealth overtime, then I'd be happy to help them. Nigerian economy is messed up and everyone is looking for an escape route from the hardship and that's why majority of the people who go into the market are mostly very interested in taking quick profits, not like I blame them them for that, but it'll only result to unnecessary panic and pressure just as you've rightly stated, whenever the market declined, they feel they're losing their money, and even when the market is in an upward trend, and theyre making some pretty cool profits, they'd also feel like taking their profits and this only means they lack that long term outlook and also missing the big picture while chasing small profits.