Yes, as you gain knowledge, your confidence in Bitcoin will increase. But if you wait and spend a long time before investing in Bitcoin to gain proper knowledge, I think it will not be a good decision. If you have a basic idea before investing, especially how to store it in a safe wallet, I think you can start investing regularly from then. Because the price of Bitcoin can increase from current price at any time and the current price can be a dip. There is definitely no alternative to gaining knowledge when it comes to being a good investor. If you continue to gain knowledge about Bitcoin along with regular investment, then your knowledge in investing in Bitcoin will increase and at the same time your portfolio will increase. After gaining more knowledge, you should start investing in Bitcoin without delaying.
For a newbie who’s desirous to invest in bitcoin, I especially recommend that it’s better to get started first in accumulating bitcoin once you’re able to figure out your discretionary income because that’s just what’s needed to start investing in bitcoin. Your idea is good but I still think that most newbies will find it complicated or rather seems misleading when they read through the line where you said “the price of Bitcoin can increase from current price at any given time and the current price can be a dip”. This would seems as though you’re saying and encouraging they should only invest when bitcoin price dips. It’s better you let them know that they should get started immediately they are able to figure out their discretionary income no matter what the price of bitcoin is because they mustn’t buy all the coins. With their discretionary income available, they can adopt the DCA method of accumulating bitcoin and buy bit by bit either on weekly or monthly basis no matter what the price is using just their available discretionary income with the right strategy of investing for the long term goal of consistently, persistently accumulating bitcoin and hodl.
I also used to think that when the price of Bitcoin drops, you should buy more because the price of Bitcoin always fluctuates. I used to think like this too, that we should create a separate fund where we can save money to invest when the price of Bitcoin drops. Later, I realized that we should actually get rid of the word DIP from our minds because during long-term investing, we should get rid of this kind of thinking that the price of Bitcoin will drop or rise. So if the price of Bitcoin doesn't drop significantly in the future, I'll regret not investing the funds I created to buy it in DIP earlier.. So I completely agree with you. We should You should build your own emergency fund and reserve fund and invest in Bitcoin by following the monthly or weekly DCA method.
https://x.com/cryptonewspod_/status/1950914989276967320
If we look at the statistics, we can see that so far 97% of people who have HODL Bitcoin have made a profit and are in a profitable position. Only by holding can we get the real profit of science. The longer we can hold, the longer we can invest regularly, the more we will benefit. So if someone wants to invest in Bitcoin, first of all, he has to fix the mentality that I will invest in Bitcoin for the next 4 to 10 years. Later, he should focus on fund management. He will create a reserve fund and an emergency fund so that he can continue to buy Bitcoin if he faces any economic problems in the future.
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Fair enough, so many others have also been in this shoe, including myself when I first started. So the good thing is, bitcoin investment gives you the opportunity to learn and unlearn as you continue with your bitcoin accumulation and that’s why it’s been always emphasized that is better to get started first in accumulating bitcoin once you’re able to figure out your discretionary income than waiting to acquire all the knowledge, skills etc before investing. It’s practically impossible to time the market, you cannot tell or decide when is dip so that you will start accumulating bitcoin that time, so the best time to invest and accumulate bitcoin or purchase anything is when you have the money to do so, and the good thing is when it comes to bitcoin investment all you need is just your discretionary income to start investing and accumulating, you must not buy all the coin, with just a discretionary income you can be able to invest in bitcoin for the long term goal of consistently or persistently accumulating and hodl, and build up your portfolio.