Understanding its potential is crucial from the outset. Realizing Bitcoin's immense profit-generating potential will spark interest in learning the basics. Learn what Bitcoin is, how to own it, and other fundamentals before proceeding. Everything we want to learn and explore further can be discovered throughout our investment journey, and once we experience the benefits, it will motivate us to continue accumulating more Bitcoin and achieving our long-term goals. This is why it's important to understand Bitcoin from the outset for the long term, giving us time to accumulate more Bitcoin, increase our knowledge, and increase our profits.
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Is bitcoin risky because it is volatile or for some other reason(s)?
Well if I am to answer the question of puloweh555, I will say yes, that's why it's risky but it can not be Risker than shitcoin despite it's ups and down. People just use the word risky because Bitcoin is a decentralized currency that is not controled by a centralized authority which means anything can happen depending on people decision, but however that is even enough reason why Bitcoin can not be much risky. Because Bitcoin would have been Risker if it was a centralized coin which can be manipulated and perhaps it may even fall to zero when man or centralized entity decide to manipulate it. But since it is not like that, I have every right to say Bitcoin is not a risky investment despite the claims of being risky. There is no force that can pull it down. The statement risky is just there toake people believe that anything can happen since it is an online investment but I don't see the possibility of any risk happening to Bitcoin even in the near future.
Your answer for puloweh555 is not a bad one, and so if there are a lot of unknowns in bitcoin, then perhaps if any of us invest time, energy and/or money into bitcoin, then we would measure how much we invest based on our concerns about the various unknowns and perhaps our studying the unknowns to cause them to become less frightening... yet we can still choose our position size, which would be fairly small and whimpy if we are really concerned (and for some people to refuse to get involved in bitcoin) and perhaps more aggressive if we are able to come to some comfort in our understanding of what brings value to bitcoin and perhaps some of the growth in the various
network effects that were outlined by Trace Mayer in 2014.
You believe that a newbie to bitcoin needs to learn about bitcoin before starting to invest into it?
I don't think so, they just need to have some basic knowledge and start right away than procrastinate or wait to be fully prepared before starting, as that will delay the time of investment since Bitcoin is not waiting for anyone. As time goes on the more Bitcoin is becoming more expensive than before, that is enough reason why people need to have the basic knowledge and start right away.
What are the basics that the newbie needs to learn about bitcoin before getting started?