What are the basics that the newbie needs to learn about bitcoin before getting started?
I think as a newbie what I need and require to start investing in bitcoin is a discretionary income and a little details and knowledge, how to buy bitcoin and also knowing a safe wallet to hodl our Bitcoin, discretionary income is very important, because some newbies makes that mistake of investing in bitcoin with money meant for paying for their expenses which I think it’s really not an effective way of investing into bitcoin.
I think we can be learning other things while we have already started investing into bitcoin.
You are right, in fact, to invest in Bitcoin, you must first have discretionary income. And you must have the ability to acquire knowledge. And that is, of course, maximum in humans. After that, you need to create a basic idea about Bitcoin for investment. The most important things to keep in mind when investing are Volatility, long-term vision, DCA(Dollar-Cost Averaging), risk management, security. If you invest patiently for 4 to 5 years, the possibility of making a profit is much higher. Every 4 years ends in a cycle. After that, the price of Bitcoin increases a lot. Which has happened in the past. So everyone should invest for at least 4 years after investment and complete a halving time .
What happens if a person starts to invest in bitcoin at or near the top of the cycle?
what happens if a person starts to invest in bitcoin after the top and as the price is going down?
What happens if a person starts to invest in bitcoin at the bottom of the cycle and/or as the price is going up?
Even though there are some guys who are able to start their investment with a lump sum or to front load their investment, into bitcoin, yet I imagine many would be investing into bitcoin in a regular way, such as weekly and such as dollar cost averaging.
Should the above described situations be treated differently, since a person might not know exactly where he is in the cycle. To get started does a bitcoin newbie need to learn bitcoin cycle theory?
It certainly No for an answer, yea! An interesting would be Bitcoin investor or a newbie must not learn all and/know about Bitcoin cycle theory to get started, that will only keep him guessing and tossing around without really getting started at all, perhaps, he is a newbie and knows nothing much about the market.
For me, the interest to start is the push. I stand in the place of buying at the point you meet Bitcoin, I mean at any cycle, be it at the top, bear or even rising, the point and aim is that you have began to gradually accumulate some stash for your self and that's what matters. If after you have settled basic necessities and then have your discretionary, it's should be used and budgeted to get the Bitcoin at the present cycle you meet it, you must not begging to make research about the present cycle and how much to save up first before you can start buying, this can delay or even kill your target and/or you might no longer buy anymore because the cycle you want might not come anytime soon or you might lose your supposed Bitcoin accumulation money kept to other live demands while Waiting for cycles or trying to lean cycles.
Basic knowledge about Bitcoin and discretionary can get you started all the way, and along the line, you learn better and from experiences too