Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Sukii on September 24, 2024, 04:17:29 PM
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
I have some questions for you and I hope you can answer them, then that's when I can give you a real route to follow so you don't do jack of all trades on crypto because it's a very wide niche that you can start from anywhere but it depend on where you want to start.
My first question is that do you have money to invest? If you do, then I urge you to learn about type of coin you want to buy and I will advice you start from doing DYOR(do your own research) regardless if you are going to be buying Bitcoin or altcoins, try and do research about the coins you want to buy.
If you don't have any money and you are looking for alternative ways to earn. There are but you have to be patient about them. Airdrop is your best bet, there are retroactive aidrops which pay more but since you might not have funds to interact onchain and bridge network, maybe you should try telegram mini games and see your luck perhaps you will get money like others are doing but don't forget to DYOR.
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Oh wow
In that case I will learn more about airdrop
Thank you very much
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Oh wow
In that case I will learn more about airdrop
Thank you very much
It is better that you invest in buying bitcoin and grow the amount of your bitcoin gradually using DCA method. Airdrops are everywhere and no one knows the one that is legit because majority of them so ll end up as scam. You are new to the cryptospace, therefore, you should start with something serious and invest for the future if you have extra cash that yoi can use to buy bitcoin. Most airdrops are waste of time and you might get frustrated when you end up with the scam ones.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Bitcoin is a currency in which you can invest in all categories without doing any deep analysis because Bitcoin is constantly breaking its old records and setting new records so if one sees the price of Bitcoin at least 40-50% down from its previous ATH then in Bitcoin A long-term investment should be made. Because later when Bitcoin makes a new ATH again, at least double profit will be available from here. A beginner investor would be better off following this topic to invest in Bitcoin in the beginning and later after gradually learning to do market analysis he can play Bitcoin with his new and own strategy.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
We look at first our own strength and weaknesses to asses whether a strategy would work perfectly for us or we need to improvise just to suit the specific expertise or skills we had with what we wanted to qchieve in Bitcoin investment. Acquiring enough knowledge will do the job well if we have it.
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Oh wow
In that case I will learn more about airdrop
Thank you very much
Your favorite thoughts are welcome.
However, not enough money is available from airdrops now because the main reason for this is the increase in the number of scam projects. We never want to discourage or disappoint a new crypto user. But the reality is you have to accept and work in crypto. But it is true that you can earn a lot of money from crypto by investing but for that you need to know the position in the crypto market. As bitcoin investment is always best for new crypto users. Because it is the world's first open-source cryptocurrency known as a decentralized digital currency. Since no financial institution or clearing house is required for transactions here, you can invest worry-free.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
First, determine your goal in entering the world of bitcoin, then choose the path you want to take ... If you only know cryptocurrency about trading and investment, and your goal is to become the richest person in the world ... you might get a recommendation to learn the basics of cryptocurrency first ... Binance Academy can help you ... there you will be explained the stages of the process that you can apply to become a professional in the crypto field ...
Be patient in learning, it is indeed very difficult ... but it is even more painful to be stupid and not be able to take any steps ... so, try to enjoy the process.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
I will start with what you should avoid. You should avoid at all cost the scams and frauds happening all over the cryptocurrency world and do not ever be enticed by the appeal to greed as scammers are offering you usually high ROI by just doing nothing and just giving them your money. I know there are many ways and strategies scammers and fraudsters are using to victimize people and you should educate yourself with them so you will not be a part of the statistics. Now, what you can do to get Bitcoin as a beginner? To be blunt, you must have the money in your pocket so you can buy all the BTC you are dreaming so you need to work hard and save money. I am hoping there is a legit and approved crypto exchange in your country where you can buy one. Now, if you don't have the money or don't want to invest some money, you must have the time and must exert effort and then participate in the tap-to-earn projects but always remember that this can be time-consuming and can also be tiresome and there is no guarantee that you will really receive something worth your time and effort invested. The most important thing is you keep yourself educated and updated with new opportunities that may come up your way.
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There have been plenty beginners before, so possibly whatever questions you have and the ones that arise are already answered, you just need to give a quick Google search for your query.
For your investment endeavor, I'd suggest using non-custodial and community trusted wallets such as mycellium and electrum to store your BTC, and where you to buy? Use reputed platforms in your country or obvious Binance comes to mind.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
okay so you want to start investing already i say you should establish first what kind of investment you want to do are you in it for the long term? will you want to trade etc etc
after establishing this the next thing i did was to basically find a wallet or an exchange to buy from and store my coins in there’s different types of wallet and exchanges there’s hot and cold wallet and there’s centralized and decentralized exchanges
hot wallets are basically connected to the internet and must be connected to if to be used while it is the opposite for cold wallets and centralized are basically platforms that are regulated by third parties and the opposite for decentralized ones
after choosing what type then you’d have to choose a specific one depending on your preference and goals
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
The first thing to do is to learn the basic knowledge about Bitcoin. And because you are asking about investment. This is what you should learn, Exchanges and Wallets. That is very important when we invest. There are many free lessons somewhere, just search it in youtube or google. Small information about Exchanges, it is the place where you can buy or sell cryptocurrencies, and the Wallets, it is a personal wallet where you can keep your assets more safely.
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I will start with what you should avoid. You should avoid at all cost the scams and frauds happening all over the cryptocurrency world and do not ever be enticed by the appeal to greed as scammers are offering you usually high ROI by just doing nothing and just giving them your money. I know there are many ways and strategies scammers and fraudsters are using to victimize people and you should educate yourself with them so you will not be a part of the statistics. Now, what you can do to get Bitcoin as a beginner? To be blunt, you must have the money in your pocket so you can buy all the BTC you are dreaming so you need to work hard and save money. I am hoping there is a legit and approved crypto exchange in your country where you can buy one. Now, if you don't have the money or don't want to invest some money, you must have the time and must exert effort and then participate in the tap-to-earn projects but always remember that this can be time-consuming and can also be tiresome and there is no guarantee that you will really receive something worth your time and effort invested. The most important thing is you keep yourself educated and updated with new opportunities that may come up your way.
The primary objective for any investor seeking profitability in the crypto market is to minimize losses. Without capital, generating returns becomes virtually impossible. Investors must proactively safeguard their assets against threats posed by hackers, scammers, and FOMO.
To expedite and streamline their crypto journey, investors should seek guidance from an expert or, at minimum, a seasoned market participant. Moreover, continuous learning within their chosen sector — whether it's trading, holding, or providing services to other investors—is imperative.
Achieving success in the crypto market demands a diverse skill set. However, several fundamental principles stand out: unwavering faith in Bitcoin, self-custody of crypto assets, a healthy skepticism towards others, and a strict aversion to leveraging investments.
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For a beginner the knowledge of choosing the right wallet and exchange could be the first choice but obviously before that they need to have basic understanding of what is Bitcoin to them in particular because based on that the answer differs from one to another user.
What is decentralisation
What is blockchain
What is mining
What is staking
What is custodial and non custodial wallets.
Are some of the terms they need to become familiar with before buying Bitcoin or any cryptos.
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The first thing to do is to learn the basic knowledge about Bitcoin. And because you are asking about investment. This is what you should learn, Exchanges and Wallets. That is very important when we invest. There are many free lessons somewhere, just search it in youtube or google. Small information about Exchanges, it is the place where you can buy or sell cryptocurrencies, and the Wallets, it is a personal wallet where you can keep your assets more safely.
For the beginner have understand basic way about bitcoin from deposit, withdrawing until how to purchase our fiat easily to invest in bitcoin. I think firstly information needed about exchange and OP have to see available or not with local exchange market in his country to make easily for depositing fiat and buy bitcoin.
I think too difficult if want make transaction trough P2P on top exchange market such as Binance or Bybit because beginner not understand well rule or regulation when making transaction trough P2P.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Price! ,
What you should pay attention to when getting to know Bitcoin is the price because the price of Bitcoin always goes up and down uncontrollably, no one regulates it and tends to be wild. When I first got to know Bitcoin, the price was also fluctuating and difficult to control. Many of my friends also warned me about Bitcoin, the price changes all the time, but I kept on learning about Bitcoin.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Everything can be searched online and so as where to start and how to start investing in Bitcoin. There are a lot of tutorials that you can go and see if the reference are helpful and as a person, you should be able to determine which is good and helpful and as well as the wrong and sketchy ones. You don't have to be gullible with everything other people say. Always put up a source and verify what have been told you.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Everything can be searched online and so as where to start and how to start investing in Bitcoin. There are a lot of tutorials that you can go and see if the reference are helpful and as a person, you should be able to determine which is good and helpful and as well as the wrong and sketchy ones. You don't have to be gullible with everything other people say. Always put up a source and verify what have been told you.
YouTube is practically one of the best resource to learning in this modern age. There are literally thousands of full courses in different areas, and I believe the OP will definitely find one relating to Bitcoin investment for beginners. And, I think as he comes across certain things, he should also try as much to ask questions on the forum, because there are chances that he might misinterpret certain information that he comes across from online resources.
And what I feel is most important, is that he should learn to make and take his own decisions. On this forum, we all give our own opinion based on what we think or feel, but that doesn't mean that everyone is right or wrong. So, he must learn to take certain decisions on his own while starting his own investment.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Cryptocurrency is very wide; it depends on what you want to do and the amount of money you get because crypto is all about having money to start what you want to do. The first thing you need is the knowledge; you must learn before you do everything in the crypto space. If you don’t have the knowledge, then don’t do anything because you will lose money. Learning is the first step you should take as a beginner in crypto that will be your guide in everything you want to do.
What you should avoid is the risk of the investment after learning. If you cannot take the risk, then leave it to avoid panicking at the end of the day. Make sure you learn a lot before you invest, and knowing the risk is one of the most important things you should know.
Avoid quick money. Don’t say you will invest because you want to get reach quickly; that is not happening, and that is some newbie mentality. Last but not least, don’t forget to invest what you can afford to lose, but the most important thing is learning first before you earn.
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Cryptocurrency is very wide; it depends on what you want to do and the amount of money you get because crypto is all about having money to start what you want to do. The first thing you need is the knowledge; you must learn before you do everything in the crypto space. If you don’t have the knowledge, then don’t do anything because you will lose money. Learning is the first step you should take as a beginner in crypto that will be your guide in everything you want to do.
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Yes Investing in cryptocurrency needs three things. Knowledge... caution... and patience. Before we start we should learn about risks and benefits. Cryptocurrency is complicated and unpredictable. Education helps us to make good decisions and avoid losses.
We do not expect to make money quickly means we think we will be a millionaire in one night yes we can but if we have a good luck. By the way instead of this invest carefully knowing potential dangers and only use money we can afford to lose.
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YouTube is practically one of the best resource to learning in this modern age. There are literally thousands of full courses in different areas, and I believe the OP will definitely find one relating to Bitcoin investment for beginners. And, I think as he comes across certain things, he should also try as much to ask questions on the forum, because there are chances that he might misinterpret certain information that he comes across from online resources.
And what I feel is most important, is that he should learn to make and take his own decisions. On this forum, we all give our own opinion based on what we think or feel, but that doesn't mean that everyone is right or wrong. So, he must learn to take certain decisions on his own while starting his own investment.
Yes YouTube has many helpful videos to learn about Bitcoin investing. But we do not just rely on videos also think critically and ask questions. To really understand check multiple sources and ask experts and learn to make own decisions. Getting advice is helpful but make sure to think for ourself. By learning online and doing our own research we will become smart Bitcoin investor able to make good choices. And if we will hold for long run so we will get huge profit.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
As somebody who's self-learned all the way and not being guided by any mentor whatsoever, I would always recommend crypto forums like this forum (Altcoinstalks) and the other forum (Bitcointalk), and at the same time, YouTube as your place to learn everything. As for YouTube, if you really want to learn, go watch those 1 hour documentaries out there that's explaining Bitcoin or cryptocurrency. You'll never regret it. Back when I was starting, I'm spending around 2-3 hours per day watching documentaries with regards to Bitcoin. If I can do it, you can do it as well. :)
As for the things that you should avoid? I would suggest avoid interacting with random strangers that are sending you a DM directly because 99.99% they're scammers. I would say that you need to learn more and make some research and along the way, you will know which are the ones that you should avoid of.
Good Luck OP, and I hope you will learn more about Bitcoin and crypto in general. ;)
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Yes Investing in cryptocurrency needs three things. Knowledge... caution... and patience. Before we start we should learn about risks and benefits. Cryptocurrency is complicated and unpredictable. Education helps us to make good decisions and avoid losses.
We do not expect to make money quickly means we think we will be a millionaire in one night yes we can but if we have a good luck. By the way instead of this invest carefully knowing potential dangers and only use money we can afford to lose.
We cannot make quick money from cryptocurrency without getting knowledge about their it works. I agree with this statement. But there are lucky people who have not knowledge but good friends who have good knowledge those lucky people just follow them and make millions not over night but they make quick millions. We can make money fast and can withdraw it fast anywhere in the world that's the main purpose of it.
As beginners, they should not only learn general things but technical things too because there they will learn different new things which will expand their thinking circle and they will think out side the box maybe some take crypto as their profession in the future.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
You need to start by learning about cryptocurrency, Bitcoin in general first before thinking of where to start from either investing in Bitcoin or altcoin.
Know about bitcoin, cryptocurrency, blockchain technology, and how dose Bitcoin or crypto transactions work before you start putting your money into crypto.
Also learn about wallets, exchanges both centralized and decentralized exchanges; know the difference and their purposes before you start your crypto journey.
you can learn from this website (http://learnmeabitcoin.com), and you can as well ask question here in case you need more clarifications.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
What you should do?
Choose top exchange and buy Bitcoin there on the trusted one, then, hold them until the price is getting much better as what you expect.
What should avoid?
Investing in hype coins, such as meme coins and other new coins based on hype that make some FOMO. This is very high risks.
It is better to invest in Bitcoin and top altcoins only, much better and wiser than the new coins that probably will end as shit coins.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
You must first understand what bitcoin is, how it operates, and how much it may make or lose. Before attempting to invest in or purchase bitcoin, you should educate yourself on all aspects of it, such as its price volatility and private and public keys. A digital asset, a Bitcoin can be kept in a digital wallet or at a cryptocurrency exchange. The current value of Bitcoin is represented by each individual coin, but you can also possess partial shares of each coin. Each Bitcoin has a smallest denomination known as a Satoshi, which is named after the person who invented the cryptocurrency. Owning fractional shares of Bitcoin is very popular, as each Satoshi is equal to a hundred millionth of a Bitcoin.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
If you do not understand what you are getting into, then take time to learn about it first, i.e. you need to know how to safely store your BTC, where to buy it and what to expect. Some people buy BTC and set unrealistic returns for themselves, this can lead to stress and disappointment, BTC is not a get rich quick scheme, so these are part of the things you must know.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
If you do not understand what you are getting into, then take time to learn about it first, i.e. you need to know how to safely store your BTC, where to buy it and what to expect. Some people buy BTC and set unrealistic returns for themselves, this can lead to stress and disappointment, BTC is not a get rich quick scheme, so these are part of the things you must know.
It's because they really think that it's best to go and buy right away without thinking how and when they going to store it. Then suddenly, if by chance they lost their coins or they have hack and they got disappointed.
Now, looking back I do agree that it's best to understand specially about wallets first, custodial vs non-custodial, open source. So if I would mentor something that is the first thing that I would teach.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
If you do not understand what you are getting into, then take time to learn about it first, i.e. you need to know how to safely store your BTC, where to buy it and what to expect. Some people buy BTC and set unrealistic returns for themselves, this can lead to stress and disappointment, BTC is not a get rich quick scheme, so these are part of the things you must know.
That's the problem right now. There are many people out there promoting Bitcoin as some kind of a way for them to earn money in the quickest way possible. This is the reason why many investors out there are losing money. Nowadays, learning when you're a newbie and alone is very hard because many are misinforming newbies along the way. This is why I would suggest to most newbies to have a friend that's been into cryptocurrency for quite some time.
I hope that OP will follow what we are saying. That he will take time learning, and learning before investing because the market can be harsh especially for those new investors.
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I'll just share my brother's experience learning Bitcoin or crypto a while back. He's in university right now and he was looking for some side jobs to earn money at that time. He stumbled upon airdrops so he's interested in doing that. He asked me about it and I told him he should learn a bit about wallet security first before dabbling in farming or trading crypto. So he downloaded an open-source wallet, and read some wikis and forums on how to make transactions, store passwords/seeds, etc. After that, he starts making exchange accounts on his own and getting familiar with 2FA, trading, and so on. I told him to avoid spending any money to buy crypto for a while though, because fomo is not a good thing.
I think you can do more or less the same thing as mentioned above (some members suggested the same thing in this thread). Get familiar with the basics such as choosing your wallet, getting to know what platform you can use to trade crypto, learning common scams to avoid, and so on. If you're still confused then ask more, so we can give better answers to your question. Asking "what I should do" is just way too broad and "learn more" is usually the right answer for that.
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Now, looking back I do agree that it's best to understand specially about wallets first, custodial vs non-custodial, open source. So if I would mentor something that is the first thing that I would teach.
Yeah, some newbies store their funds in centralized exchanges or in other custodial services and they think that it is the right thing to do, some people believe centralized exchanges are crypto banks and that it is safe to store their funds there. But that is not true, not your keys, not your coins, self custody is the only safe way to store your money.
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Now, looking back I do agree that it's best to understand specially about wallets first, custodial vs non-custodial, open source. So if I would mentor something that is the first thing that I would teach.
Yeah, some newbies store their funds in centralized exchanges or in other custodial services and they think that it is the right thing to do, some people believe centralized exchanges are crypto banks and that it is safe to store their funds there. But that is not true, not your keys, not your coins, self custody is the only safe way to store your money.
Your statements are right and I agree with the crypto bank because newbies think just like banks these exchanges are registered with some government level authorities and have legal allowance while with time when they get sued by the government authorities that they were not registered people panic by thinking they have been using an unregistered site so they start withdrawing, which causes a panic in the market.
Storing funds in centralized exchanges is not wise therefore we should give the knowledge of custodial and non custodial wallets and which one from both is better.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
You need to learn the basic knowledge about crypto and crypto investment first. There are a lot of sources, you can get the sources in this forum, Youtube (videos), or articles. If you have a mentor, it is also good but you need to ensure that the mentor is a trustable person. The problem is, it is not easy to find out the person who deserves to be our mentor.
I learn crypto myself, I can get the knowledge and experience with my own way. So even if you can't get the knowledge through a mentor, it is also no problem. But self-learning won't be easy, we need extra efforts.
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Now, looking back I do agree that it's best to understand specially about wallets first, custodial vs non-custodial, open source. So if I would mentor something that is the first thing that I would teach.
Yeah, some newbies store their funds in centralized exchanges or in other custodial services and they think that it is the right thing to do, some people believe centralized exchanges are crypto banks and that it is safe to store their funds there. But that is not true, not your keys, not your coins, self custody is the only safe way to store your money.
Newbies deposit their cryptos in exchange platforms it has some advantages but this is not the right place for them. From where they can easily hold or transfer crypto but forget that an exchange platform is insecure these can be hacked by which they lost their hard earned assets. As a new investor one can keep a small amount in one exchange platform but if he is thinking for long term planning and large investment then he must keep the assets under his own control but not others. If we don't have the keys there is a possibility of losing that assets in the long run. So I would like to say same thing that self custody is the safest way to secure assets.
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Firstly try and understand what you are about invest in , making researches and learning more about it . Seek knowledge from others try no to rush into it take your time and learn everything about it . Invest in bitcoins when you are buoyant enough not when you are not stable on income or capital.
Try and learn enough before getting into the bitcoin you can’t just rush into it .
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Firstly try and understand what you are about invest in , making researches and learning more about it . Seek knowledge from others try no to rush into it take your time and learn everything about it . Invest in bitcoins when you are buoyant enough not when you are not stable on income or capital.
Try and learn enough before getting into the bitcoin you can’t just rush into it .
You’re right, understand the nature of the investment you intend to go into is very crucial if you must be successful in that investment, that includes the best approach to use, how to protect your investments, how to mitigate losses, how to maximize profits, how to manage the risks associated with the investment, all these are just as important as the investment itself, and that’s why it’s important to first acquire these basic knowledges about the investment before starting, and the after you’ve started you ca gradually acquire the advanced knowledges of the investment.
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Firstly try and understand what you are about invest in , making researches and learning more about it . Seek knowledge from others try no to rush into it take your time and learn everything about it . Invest in bitcoins when you are buoyant enough not when you are not stable on income or capital.
Try and learn enough before getting into the bitcoin you can’t just rush into it .
I'm fan of learning as we go, if you try to be perfect before diving into things, you'll never be ready. Jump in the water and learn to swim, yes do not jump into the ocean directly though; i.e, invest little and learning will come naturally.
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Firstly try and understand what you are about invest in , making researches and learning more about it . Seek knowledge from others try no to rush into it take your time and learn everything about it . Invest in bitcoins when you are buoyant enough not when you are not stable on income or capital.
Try and learn enough before getting into the bitcoin you can’t just rush into it .
I'm fan of learning as we go, if you try to be perfect before diving into things, you'll never be ready. Jump in the water and learn to swim, yes do not jump into the ocean directly though; i.e, invest little and learning will come naturally.
Exactly my point learn , seek knowledge and do your own researches before trying to invest .
Some people just conclude one day and say since bitcoin is raising I will just invest in it without any knowledge or experience and later on they will be so frustrated and angry whereas you where the curse of it
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Considering studious to understand the volatile potentials, build your investor goals according to your sources of incomes exempting your Bitcoin assets.
Norture your emotions to befit the market sentiments.
Always make your researches at every given informations or Speculations before you acceptance.
And resist to be minded manipulated by anyone because scammers can come in both ways of trying to be genuine with you.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
For someone that is new into the soace, it’s better you learn about the advantages and disadvantages of investing in bitcoin. Part of the things you should take note of is your security of funds and privacy, those are two most important things you should not joke with as a bitcoin investor. After that, make up your mind to use only discretionary amount of your money to make the investment and be willing to wait a very long time before you’ll enjoy the fruits of the investment you’ve just made. Bitcoin investment is not a get rich quick scheme and should not be something you’ll invest in today and be taking out your profits immediately. Patience and diligence are the two top things you should take note of when investing in bitcoin.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
This is an interesting question that every newbie should ask when they are new and about to start their crypto journey; if you have the right orientation when joining cryptocurrency, you will hardly cry of lost funds, and you will surely get the right profit at the right time.
Note that crypto investment is not a get rich quick scheme that will guarantee you huge return within short period of time, it is an alternative to physical investment where you will have freedom and no one will knows you have such an asset.
Advices:
Start by learning the whole process before you start.
Don't be greedy, take the kittle profit you have.
Don't believe anything that is too good as an offer, it is a scam.
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The first thing you should do is to go to Coinamarketcap or Coingecko to time the price at which you will buy Bitcoin, whether you find it on a smaller or larger CEX or DEX exchange through the same sites where you can clearly see the list of offers for selling and buying Bitcoin. You can get Bitcoin by exchanging it with other coins or by direct purchase. You choose a free wallet, Enkrypt, which meets the level of security against hacking attempts. You can come through forum tasks and campaigns, also through bounty. Investments are efficient and not small, if you invested as much as you wanted at each exchange, you would make good profits.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Its a good question because there might be other newbies looking for the same answers but might be hesitating to ask this question.
I think to start investing in BTC you need funds as huge funds otherwise you will make lesser profit in a short period of time as BTC is not that volatile. But if you will trade with higher funds, you can make more profit and yeah more loss as well. After getting the capital problem solved, you must have an aim or mindset of how much you want to earn from your how much investment, and you must have enough knowledge of what factors can cause the price to go down.
It doesn't matter if you don't have technical analysis but fundamental analysis is necessary for the price speculations. Along with Capital and knowledge, dedication is also necessary because, without dedication and motivation, you won't succeed in any journey. The selection of exchange, the wallet, the tax system, the withdrawals, the sending system, the network, and Lighting Networks are things you will automatically learn when you will step in or you can simply start with tier 1 exchanges like Binance etc.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Bitcoin investment is not a get rich quick scheme and should not be something you’ll invest in today and be taking out your profits immediately. Patience and diligence are the two top things you should take note of when investing in bitcoin.
A new investor can get overly excited about Bitcoin. In his thoughts, the mentality of only profit can be created, due to which he does not give much importance to the basic things, so he makes a big mistake there. Investors must have good knowledge about Bitcoin before investing in Bitcoin. Especially as you mentioned that he must pay attention to wallet and security issues. If one is careless about these things then he can lose his investment. Also, investing in Bitcoin is not a get-rich-quick strategy. Here one can definitely get good returns on long term investment. But of course there are risks, he should be well aware of the risks before investing.
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If one is careless about these things then he can lose his investment. Also, investing in Bitcoin is not a get-rich-quick strategy. Here one can definitely get good returns on long term investment. But of course there are risks, he should be well aware of the risks before investing.
It is necessary to know how the Bitcoin market volume is so high that price fluctuations will occur quickly.
That way he can be vigilant not to panic and stick to his main target.
There are more and more beginners who are not vigilant and do not know what the risks will be.
In the end, they just panicked and sold at a low price.
Even though such a situation is normal and if you have money reserves, it is necessary to repurchase at a cheaper price.
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I think to start investing in BTC you need funds as huge funds otherwise you will make lesser profit in a short period of time as BTC is not that volatile.
i do not like rightly saying we need huge funds because i started in bitcoin with not much money either but it did not stop me from investing of course it will be advised to have more but if you do not have much money you should not be discouraged and instead think about dca or the buying of bitcoin at regular intervals basically buying little by little to let your funds grow
It doesn't matter if you don't have technical analysis but fundamental analysis is necessary for the price speculations.
technical analysis is a lot more difficult to master but fundamental analysis can be interpreted by anyone you just need to be updated with latest news and event not only in the crypto community but in the world in general economic or political events can have some impacts on the market
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I'm fan of learning as we go, if you try to be perfect before diving into things, you'll never be ready. Jump in the water and learn to swim, yes do not jump into the ocean directly though; i.e, invest little and learning will come naturally.
It is no problem to start if someone already knows the basic knowledge. But if someone still doesn't know anything and want to learn while doing trading, I think it is not recommended to do. Sure, it is impossible if someone wants to master anything before he starts. The main point is to know the basic knowledge first. We know many newbies hurry to start, they don't know anything but they expect to succeed instantly. This is the wrong way, they don't know that every thing needs a process.
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technical analysis is a lot more difficult to master but fundamental analysis can be interpreted by anyone you just need to be updated with latest news and event not only in the crypto community but in the world in general economic or political events can have some impacts on the market
Yes, it is much simpler and more complex. For beginners, it will be much easier to learn about the fundamentals first, and slowly start to explore TA. However, once again, it is a complex thing.
We do not only learn about how to read the graphs, but also some basics in technical analysis, which include Techniques, Indicators, and Applications. We must also be able to read Candlesticks and their patterns, understand about supports and resistances, and various other technical indicators that must be learned when analyzing.
Usually this is done mostly by traders, or short-term traders who in fact must focus on indicators based on time frame hours to find out where the market is likely to move. However, for long term holding, perhaps we will need more ability for fundamental analysis, although TA is still very necessary.
https://onetrading.com/blogs/crypto-technical-analysis-techniques-indicators-and-applications
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i do not like rightly saying we need huge funds because i started in bitcoin with not much money either but it did not stop me from investing of course it will be advised to have more but if you do not have much money you should not be discouraged and instead think about dca or the buying of bitcoin at regular intervals basically buying little by little to let your funds grow
I also started my journey in crypto with no money as I joined bounties, airdrops and then signatures and I started to accumulate BTC and also traded and invested in other alts and projects respectively from the earnings I made from crypto. So I agree with you that we don't need huge funds to start our journey but I did not wish to advice a beginner to follow this path I mean just was sharing the importance of capital but thanks for bringing this point to my sight because considering the alternative option is necessary as if newbies don't have funds at all then they might be demotivated.
technical analysis is a lot more difficult to master but fundamental analysis can be interpreted by anyone you just need to be updated with latest news and event not only in the crypto community but in the world in general economic or political events can have some impacts on the market
You are right we can get fundamental analysis from anyone but not from everyone, as finding the right person is also necessary otherwise, there are people who share fake information to create fud and FOMO that can cause huge losses.
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It is no problem to start if someone already knows the basic knowledge. But if someone still doesn't know anything and want to learn while doing trading, I think it is not recommended to do. Sure, it is impossible if someone wants to master anything before he starts. The main point is to know the basic knowledge first. We know many newbies hurry to start, they don't know anything but they expect to succeed instantly. This is the wrong way, they don't know that every thing needs a process.
Acquiring basic knowledge about Bitcoin is not a very difficult task in the current generation. Able to use wallet as basic knowledge to invest in Bitcoin i.e. short term investment/trade then we can call him qualified to enter Bitcoin. I think a person can get into bitcoin only if they know the answers to the questions of how to use a wallet to start investing and how to buy bitcoins. It is important to know the names of some trusted wallets. Such basic knowledge can be mastered in one day from an experienced person. After you get into Bitcoin it is important that you gain knowledge from the long term in this sector that you can do after getting in. An important point or warning for trading, never be tempted to take profit and keep yourself in check.
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technical analysis is a lot more difficult to master but fundamental analysis can be interpreted by anyone you just need to be updated with latest news and event not only in the crypto community but in the world in general economic or political events can have some impacts on the market
Yes, it is much simpler and more complex. For beginners, it will be much easier to learn about the fundamentals first, and slowly start to explore TA. However, once again, it is a complex thing.
We do not only learn about how to read the graphs, but also some basics in technical analysis, which include Techniques, Indicators, and Applications. We must also be able to read Candlesticks and their patterns, understand about supports and resistances, and various other technical indicators that must be learned when analyzing.
Usually this is done mostly by traders, or short-term traders who in fact must focus on indicators based on time frame hours to find out where the market is likely to move. However, for long term holding, perhaps we will need more ability for fundamental analysis, although TA is still very necessary.
https://onetrading.com/blogs/crypto-technical-analysis-techniques-indicators-and-applications
Yes, Technically analysis look more difficult in mastering how it works on the market but this is the most important aspect of getting involved on crypto trading especially as a regular or day trader.
I encourage the newbies to consistently read valuable books on Technical analysis and watch some useful videos lessons on YouTube, there are many of these video lessons over there.
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Yes, Technically analysis look more difficult in mastering how it works on the market but this is the most important aspect of getting involved on crypto trading especially as a regular or day trader.
I encourage the newbies to consistently read valuable books on Technical analysis and watch some useful videos lessons on YouTube, there are many of these video lessons over there.
Most useful for beginner always monitoring the Youtube channel always updating about technical in cryptocurrency trading, beside read as many possibilities with book valuable I think most important have knowledge or updating world economic condition. its important some time bitcoin and altcoin price depend significant what world happening such as last several days ago when war happening between Iran and Israel make bitcoin dropped significant.
Beginner must update any news related with cryptocurrency or world economic, its important how to analyze market or cryptocurrency price will up or down.
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Most useful for beginner always monitoring the Youtube channel always updating about technical in cryptocurrency trading, beside read as many possibilities with book valuable I think most important have knowledge or updating world economic condition. its important some time bitcoin and altcoin price depend significant what world happening such as last several days ago when war happening between Iran and Israel make bitcoin dropped significant.
Beginner must update any news related with cryptocurrency or world economic, its important how to analyze market or cryptocurrency price will up or down.
In a nutshell, what you're trying to say is that it's super important for beginner in bitcoin to always stay updated on latest trends, as well as conduct extensive research and also acquire as much knowledge as possible so as to being able to detect certain changes in the market and also know when and how to make certain adjustments and modifications in your investment strategy in other not to miss out on certain opportunities due to being outdated.
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Oh wow
In that case I will learn more about airdrop
Thank you very much
Learning about airdrops you mean? That means you want to waste your time and have unnecessary hopes that will never materialize. Many people who have leaned over to recent telegram airdrop mining instead of investing in Bitcoin are complaining bitterly of their wasted time in airdrops. I don't want you to feel disappointed as they did because it's heartbreaking to be given dust tokens as payments after months of having participated in different airdrops tasks for payment.
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We know many newbies hurry to start, they don't know anything but they expect to succeed instantly. This is the wrong way, they don't know that every thing needs a process.
Some people watch a lot of trading success stories on social media, and some of such stories are even fake, and due to these stories they see online, they think that trading and crypto is just a get rich quick scheme that they can make money from. Because of that, they are impatient and they rush to make mistakes and could leave the network after such.
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You have to start from reading, asking questions and browsing information about what you want to do. And after that you have to learn what is wallet and study the wallet you will like to use and if it is bitcoin then you study bluewallet. Though there is no big deal in it. Download it create your seed phrase keep it in a save place and copy the address. And if you know anyone to buy bitcoin then tell the person to sell for you by sending it to your address. This is the scanning I have just given to you. And if you don't know anyone to buy then install Centralised exchange and buy from there and send it to the bluewallet.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
I want to tell you first don't invest if you don't know about bitcoin because if you do analysis without knowing about bitcoin and invest you can face loss because even though bitcoin is the safest crypto currency it contains risks. So first of all I will tell you why bitcoin was created and its current status and get familiar with bitcoin halving. Since you will get familiar with bitcoin halving then you must also know about bitcoin mining. And then you have to select your strategy. If you are in long term strategy then you can follow DCA method for small investments in Bitcoin as a beginner. Since you asked for suggestions for beginners, I don't want to give you any suggestions about day trading.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
You need to start from learning what you don't know about bitcoin, you have to avoid been hasty to make money, you also need time in other to help you get to where you should be, you have to know about bitcointalk forum, then also know the basics of what is needed to start bitcoin, the trading aspect, the market price and speculations, the charts, investment plans and types, how to earn bitcoin, the blockchain technology, the bitcoin nodes, bitcoin transactions, bitcoin demand and supply, how to buy and sell etc.
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I want to tell you first don't invest if you don't know about bitcoin because if you do analysis without knowing about bitcoin and invest you can face loss because even though bitcoin is the safest crypto currency it contains risks. So first of all I will tell you why bitcoin was created and its current status and get familiar with bitcoin halving. Since you will get familiar with bitcoin halving then you must also know about bitcoin mining. And then you have to select your strategy. If you are in long term strategy then you can follow DCA method for small investments in Bitcoin as a beginner. Since you asked for suggestions for beginners, I don't want to give you any suggestions about day trading.
There is no way the OP will be able to make analysis on what he doesn't know/understand even if he stares at a Bitcoin chart for hours. The OP needs to follow the necessary steps, thereby taking the necessary steps one at a time, but starting with the beginner's. And you've just mentioned some certain things that is expected of newbies to understand such as Bitcoin halving, why it happens, when it happens, and why it needs to happen. With proper understanding of Bitcoin halving, the OP will definitely come across "Bitcoin cycles" and other things that are halving or price related. Truth is, there is no shortcut to doing anything especially when it comes to Bitcoin investment. The necessary steps must be taken so that he won't end up like those that things didn't work out for due to their failure to take appropriate steps.
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There is no way the OP will be able to make analysis on what he doesn't know/understand even if he stares at a Bitcoin chart for hours. The OP needs to follow the necessary steps, thereby taking the necessary steps one at a time, but starting with the beginner's. And you've just mentioned some certain things that is expected of newbies to understand such as Bitcoin halving, why it happens, when it happens, and why it needs to happen. With proper understanding of Bitcoin halving, the OP will definitely come across "Bitcoin cycles" and other things that are halving or price related. Truth is, there is no shortcut to doing anything especially when it comes to Bitcoin investment. The necessary steps must be taken so that he won't end up like those that things didn't work out for due to their failure to take appropriate steps.
Whenever you invest in a volatile crypto you have to remember that there will be risk and if you don't have any knowledge about analysis then you have to believe that you are not trading here you are gambling here. Gambling depends entirely on luck, just like those who trade without analysis knowledge, the profit or loss of their trading investment depends entirely on luck.
In this aspect Bitcoin is the same as others. But Bitcoin is the most trustworthy, so if someone wants to make an investment here, they can start DCA scheme for long term with knowledge about this.
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It is no problem to start if someone already knows the basic knowledge. But if someone still doesn't know anything and want to learn while doing trading, I think it is not recommended to do. Sure, it is impossible if someone wants to master anything before he starts. The main point is to know the basic knowledge first. We know many newbies hurry to start, they don't know anything but they expect to succeed instantly. This is the wrong way, they don't know that every thing needs a process.
I think the problem most newbies often have when they enter into the crypto space, especially in the trading aspect is the fact that they underestimate the importance foundational and basic knowledge of trading, simply because they see people trading online, they make the mistake of thinking trading is just all about guessing which way the trend is most likely to go without proper analysis. And when they approach trading with this misconception, it often leads to costly mistakes and financial losses.
You’re right that one needs to first master the basic concepts of trading and it requires a great deal of patience, willingness to learn and of course dedication, in order to master the required skills and knowledge to take the first baby step in trading.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Before you start investing, I recommend that you first understand how Bitcoin works. You can do this by first reading its whitepaper and doing transactions. People miss the most basic information about Bitcoin; they just invest for profit. Once you fully understand how Bitcoin works, you will have an insight into its potential and, thereby, whatever market condition you will know what action to take.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Before you start investing, I recommend that you first understand how Bitcoin works. You can do this by first reading its whitepaper and doing transactions. People miss the most basic information about Bitcoin; they just invest for profit. Once you fully understand how Bitcoin works, you will have an insight into its potential and, thereby, whatever market condition you will know what action to take.
As for Bitcoin, I'm not sure people will do it, but it's better if anything is studied first so that you can really understand what is being invested and also really understand the decision to put money here with full awareness and understanding. This is indeed important.
It's just that many people definitely don't do it, especially because we already believe in BTC, there's no doubt that it's just a matter of how we improve our financial management along with risk management plus emotions so that during investing, we can still do it wisely. Yes, with patience, and also by knowing how the market moves, its cycles, and so on. so that we can achieve the target profit as desired.
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It is no problem to start if someone already knows the basic knowledge. But if someone still doesn't know anything and want to learn while doing trading, I think it is not recommended to do. Sure, it is impossible if someone wants to master anything before he starts. The main point is to know the basic knowledge first. We know many newbies hurry to start, they don't know anything but they expect to succeed instantly. This is the wrong way, they don't know that every thing needs a process.
I think the problem most newbies often have when they enter into the crypto space, especially in the trading aspect is the fact that they underestimate the importance foundational and basic knowledge of trading, simply because they see people trading online, they make the mistake of thinking trading is just all about guessing which way the trend is most likely to go without proper analysis. And when they approach trading with this misconception, it often leads to costly mistakes and financial losses.
You’re right that one needs to first master the basic concepts of trading and it requires a great deal of patience, willingness to learn and of course dedication, in order to master the required skills and knowledge to take the first baby step in trading.
It's mostly a lack of patience and greed to earn more in crypto that would make a newbie start trading in crypto without first learning the simplest way to buy and hodl Bitcoin for long-term purposes. For someone who knows how risky and difficult trading can be, I wouldn't accept trading without gaining many years of expertise from it.
Since human beings are naturally greedy, you would see people who would neglect the warning of trading and still go on with it because they want to make huge money from trading within a short time
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It's mostly a lack of patience and greed to earn more in crypto that would make a newbie start trading in crypto without first learning the simplest way to buy and hodl Bitcoin for long-term purposes. For someone who knows how risky and difficult trading can be, I wouldn't accept trading without gaining many years of expertise from it.
Since human beings are naturally greedy, you would see people who would neglect the warning of trading and still go on with it because they want to make huge money from trading within a short time
Sometimes it may not necessarily mean it’s lack of patience and greed. Sometimes it can be as a result of misinformation, some newbies are eager and inquisitive to know everything all at once, they often get misinformed by people who make trading look like it’s the easiest path to success and financial freedom. Especially the social media influencers that flaunts wealthy lifestyles that may likely attract a lot of people, and naive newbies who see those kind of things delve into the trading sphere without actually considering the risks associated with trading, and when by the time reality actually hits them, it may have been too late to turn back.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
I assume that the investment you mean is closely related to price increases and taking profits... then the first thing a newbie can do is to know how to buy bitcoin... if you don't find any difficulties, then just buy bitcoin and try to observe and analyze the movement of the Bitcoin market.. by having Bitcoin first, you will have a more serious sense of alertness, so I think it greatly affects your intention to learn...
using a small amount first is highly recommended, because a newbie certainly does not understand the level of Bitcoin volatility.
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As for Bitcoin, I'm not sure people will do it, but it's better if anything is studied first so that you can really understand what is being invested and also really understand the decision to put money here with full awareness and understanding. This is indeed important.
It's just that many people definitely don't do it, especially because we already believe in BTC, there's no doubt that it's just a matter of how we improve our financial management along with risk management plus emotions so that during investing, we can still do it wisely. Yes, with patience, and also by knowing how the market moves, its cycles, and so on. so that we can achieve the target profit as desired.
Becuase most of the people of us when want to invest on the cryptocurrency we thought that it is a short path to earn a huge profit , And so they saw the past prices and bitcoin and current price and they just start their investment and currently most of new investor on cryptocurrency are only because of the hyped like bitcoin price was increasing and they also investing in the altcoins , memecoins without any knowledge about them so we should change our thought about cryptocurrency in the beginning then they can be wise trader or investor also.
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As for Bitcoin, I'm not sure people will do it, but it's better if anything is studied first so that you can really understand what is being invested and also really understand the decision to put money here with full awareness and understanding. This is indeed important.
It's just that many people definitely don't do it, especially because we already believe in BTC, there's no doubt that it's just a matter of how we improve our financial management along with risk management plus emotions so that during investing, we can still do it wisely. Yes, with patience, and also by knowing how the market moves, its cycles, and so on. so that we can achieve the target profit as desired.
Becuase most of the people of us when want to invest on the cryptocurrency we thought that it is a short path to earn a huge profit , And so they saw the past prices and bitcoin and current price and they just start their investment and currently most of new investor on cryptocurrency are only because of the hyped like bitcoin price was increasing and they also investing in the altcoins , memecoins without any knowledge about them so we should change our thought about cryptocurrency in the beginning then they can be wise trader or investor also.
Investing in cryptocurrency is as easy as it is difficult for those who invest without understanding. To invest we must have knowledge about cryptocurrency. Cryptocurrency is getting more and more popular day by day. Here are some mistakes that new investors make. Throw money in big risk. But I trust Bitcoin more than most to invest. Bitcoin investment is safe. There is no risk. If Bitcoin is invested for a long time, there is a chance to get profit.
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Investing in cryptocurrency is as easy as it is difficult for those who invest without understanding. To invest we must have knowledge about cryptocurrency. Cryptocurrency is getting more and more popular day by day. Here are some mistakes that new investors make. Throw money in big risk. But I trust Bitcoin more than most to invest. Bitcoin investment is safe. There is no risk. If Bitcoin is invested for a long time, there is a chance to get profit.
And do you know which mistakes we mostly do for starting trading ?
If you don't know let me say that is we got over confident that we know all about trading and start our investment and as a result we face loss. The reason I said we get over confidence is we start the investment before knowing what is trading and also about the trading analysis after doing few days learning we thought that we have now the ability to invest i.e. trading and what actually don't have. For able to have good trading analysis skill one may needs years so after giving lots of time here we should start the journey.
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using a small amount first is highly recommended, because a newbie certainly does not understand the level of Bitcoin volatility.
Yes, it is just as an initial learning and use the money that can afford to lose even if the amount is small.
Beginners can make a purchase and see what the price is at that time and see where the price is good.
Entering at the lowest support price will yield profits, so beginners also learn that a good entry price is to wait for the decline to touch the strongest support.
Don't just buy and make sure you already have basic trading knowledge so that it's not just guessing but there is an analysis done.
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Investing in cryptocurrency is as easy as it is difficult for those who invest without understanding. To invest we must have knowledge about cryptocurrency. Cryptocurrency is getting more and more popular day by day. Here are some mistakes that new investors make. Throw money in big risk. But I trust Bitcoin more than most to invest. Bitcoin investment is safe. There is no risk. If Bitcoin is invested for a long time, there is a chance to get profit.
Ordinarily, no one goes into any kind of business or investment without first gathering the necessary knowledge and information about that business or investment and cryptocurrency is not an exception. Failing to plan before delving into cryptocurrency investment simply means you’ve already planned to fail in your investment because you’ll definitely do, crypto isn’t completely like gambling where you need more of luck and less of skill, it’s in fact quite the opposite, you need all the knowledge and experience you can get before approaching the market else, you may end up in unimaginable losses.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Before you begin investing, make sure you set aside emergency funds and only invest what you can afford to lose. Do your own research to learn about the features and growth potential of various cryptocurrencies. You should also understand the risks involved because they are not governed by the government, and that is what makes them open to scammers.
Additionally, use a reputable wallet to keep your coin. Exodus, TrustWallet, Electrum, and Coinbase are just a few of the wallets that I can suggest to you, you can learn more about them. These wallets generate a private key, which is an alphanumeric key made up of letters and numbers. If you share or lose this private key, you will definitely lose all of your assets because there are crypto words that state that "not your key, not your coin." So save your private key.
In cryptocurrency, we have short-term and long-term investments. Most investors pick long-term investments because it is more profitable. You can do this by using DCA strategy, such as investing $100 every week for example just to attain your goal.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
Before you begin investing, make sure you set aside emergency funds and only invest what you can afford to lose. Do your own research to learn about the features and growth potential of various cryptocurrencies. You should also understand the risks involved because they are not governed by the government, and that is what makes them open to scammers.
That's why we really have to use free money when we are going to invest in the sense that the money will not be used for anything for a certain period of time. and when it turns out that our investment fails, it will not make our lives a mess at all. although of course when investing we don't want to lose the money. that's why we must first understand what we want to invest in. because it is related to money and we must not be careless and reckless.
And the importance of analysis before investing is very essential, mental readiness and also our knowledge in analyzing coins and also the market is also very much needed, this cannot be avoided because this is indeed our need, not someone else's.
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How about those for beginners who have a mentor or someone who can guide him? I think it's possible that he can invest big money in the beginning and have a individual who is close to him to make the right decision and be his teacher. I have heard such cases before, that someone heard about Bitcoin from his friends and even his family members and then he ask for guidance. Invested big amount maybe $1000 or higher, and then go and learn Bitcoin's volatility itself and make money. But if you haven't had any experience and then get your hands into the market and invested big amount, then it might be a different outcome for you and that you should really be very very careful, specially those hard earn money of yours that might go and loss in the market because of lack of knowledge.
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It is no problem to start if someone already knows the basic knowledge. But if someone still doesn't know anything and want to learn while doing trading, I think it is not recommended to do. Sure, it is impossible if someone wants to master anything before he starts. The main point is to know the basic knowledge first. We know many newbies hurry to start, they don't know anything but they expect to succeed instantly. This is the wrong way, they don't know that every thing needs a process.
I think the problem most newbies often have when they enter into the crypto space, especially in the trading aspect is the fact that they underestimate the importance foundational and basic knowledge of trading, simply because they see people trading online, they make the mistake of thinking trading is just all about guessing which way the trend is most likely to go without proper analysis. And when they approach trading with this misconception, it often leads to costly mistakes and financial losses.
You’re right that one needs to first master the basic concepts of trading and it requires a great deal of patience, willingness to learn and of course dedication, in order to master the required skills and knowledge to take the first baby step in trading.
I don't think that only the basic knowledge of trading is needed before you can start trading, because trading is very complex. You must also have reserved funds which you will need to start trading to understand the market by practicing, because trading is not just theory but more of practical for fast learning and having experience on how to get your own trading strategy that will favor you. This is one of the reason why I cannot think of trading but prefer to be a hodler who only needs to buy.
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I don't think that only the basic knowledge of trading is needed before you can start trading, because trading is very complex. You must also have reserved funds which you will need to start trading to understand the market by practicing, because trading is not just theory but more of practical for fast learning and having experience on how to get your own trading strategy that will favor you. This is one of the reason why I cannot think of trading but prefer to be a hodler who only needs to buy.
In as much as understanding the basics of trading is very important, it doesn't mean that the technical part should be exempted. Gone are those days when newbies wants to only practice with demo, thinking that it's clearly the only way of learning and being smart. Truth is, loss is inevitable in trading, so the earlier a newbie trader can get use to it, the better it becomes in handling such situation. The information in trading is definitely not what anyone can acquire in a month. I think even top traders still learn new trading strategies on a daily/weekly basis, so a Newbie shouldn't be an exemption.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
You got a lot of replies already and I assume you read at least a couple of them.
I assume you already know how and where to buy Bitcoin and I am sure you heard about the DCA method to invest in Bitcoin. I would like to suggest something else. As a beginner, You should avoid alternative cryptocurrencies. Stick with Bitcoin investment. If you are planning to invest in Bitcoin at this moment, you have to plan it for a long time. Because we are at on pre-bullrun at this moment. The market is likely to take some correction every few days. So, you have to be ready with your funds. Always invest the amount that you can afford to lose. Once you invest, do not sell if you are in loss.
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I don't think that only the basic knowledge of trading is needed before you can start trading, because trading is very complex. You must also have reserved funds which you will need to start trading to understand the market by practicing, because trading is not just theory but more of practical for fast learning and having experience on how to get your own trading strategy that will favor you. This is one of the reason why I cannot think of trading but prefer to be a hodler who only needs to buy.
Trading requires Knowledge, skill and experience right?
First you need to know what you're up against, know the risks involved, know the ins and the outs, and these are the basic knowledge you need, when you've acquired these knowledge then sure you're ready to go, because there are things you can learn about trading from someone else, you learn from experience and it is when you start that'll you'll have those experiences that'll teach you those things and help you develop your knowledge and skill, it is still the same experience you gain from taking that leap of faith that'll also help you tailor out your very own strategy after so many trials and failures.
And concerning having some funds to begin, yes everyome needs some funds to start trading, but as a newbie trader, it's advisable to first of all practice and gain more knowledge with the demo accounts, understand the market more before you delve into the market with real funds, else you may end up losing that little momey youve saved up or kept aside for trading, without even learning much or acquiring mucn knowledge, and then you proceed into making more deposits . I still believe all you need to begin trading is the basic knowledge and a demo account lol, and of course you'll need to see that demo account as a real one.
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It is no problem to start if someone already knows the basic knowledge. But if someone still doesn't know anything and want to learn while doing trading, I think it is not recommended to do. Sure, it is impossible if someone wants to master anything before he starts. The main point is to know the basic knowledge first. We know many newbies hurry to start, they don't know anything but they expect to succeed instantly. This is the wrong way, they don't know that every thing needs a process.
I think the problem most newbies often have when they enter into the crypto space, especially in the trading aspect is the fact that they underestimate the importance foundational and basic knowledge of trading, simply because they see people trading online, they make the mistake of thinking trading is just all about guessing which way the trend is most likely to go without proper analysis. And when they approach trading with this misconception, it often leads to costly mistakes and financial losses.
You’re right that one needs to first master the basic concepts of trading and it requires a great deal of patience, willingness to learn and of course dedication, in order to master the required skills and knowledge to take the first baby step in trading.
I don't think that only the basic knowledge of trading is needed before you can start trading, because trading is very complex. You must also have reserved funds which you will need to start trading to understand the market by practicing, because trading is not just theory but more of practical for fast learning and having experience on how to get your own trading strategy that will favor you. This is one of the reason why I cannot think of trading but prefer to be a hodler who only needs to buy.
But if you dare to start and at the same time learn, it will be more pronounced and you can know the weaknesses and strengths that can be done correctly for the next trade, what is feared is that there is no courage to start from the beginning.
With a small, nominal, although there is always a risk that can occur could at least from that risk we can continue to learn what we have done wrong. I agree with you, indeed, often a reserve fund is needed that we can always use when there is a mistake that might occur, but once again, learning directly rather than theory is more important in order to be able to explore what mistakes we make.
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With a small, nominal, although there is always a risk that can occur could at least from that risk we can continue to learn what we have done wrong. I agree with you, indeed, often a reserve fund is needed that we can always use when there is a mistake that might occur, but once again, learning directly rather than theory is more important in order to be able to explore what mistakes we make.
It is very important, because this will provide experience for trading that is carried out in real life, not just in theory but directly in practice.
I also did this at first, trying to trade directly with a small nominal, which I understood how the trading flow worked.
After that, start to understand how technical and fundamental analysis works, to deepen your trading knowledge to be better.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
You got a lot of replies already and I assume you read at least a couple of them.
I assume you already know how and where to buy Bitcoin and I am sure you heard about the DCA method to invest in Bitcoin. I would like to suggest something else. As a beginner, You should avoid alternative cryptocurrencies. Stick with Bitcoin investment. If you are planning to invest in Bitcoin at this moment, you have to plan it for a long time. Because we are at on pre-bullrun at this moment. The market is likely to take some correction every few days. So, you have to be ready with your funds. Always invest the amount that you can afford to lose. Once you invest, do not sell if you are in loss.
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But if you dare to start and at the same time learn, it will be more pronounced and you can know the weaknesses and strengths that can be done correctly for the next trade, what is feared is that there is no courage to start from the beginning.
With a small, nominal, although there is always a risk that can occur could at least from that risk we can continue to learn what we have done wrong. I agree with you, indeed, often a reserve fund is needed that we can always use when there is a mistake that might occur, but once again, learning directly rather than theory is more important in order to be able to explore what mistakes we make.
some people do like to practice to make it easier to understand something, but some people prefer to pay attention to existing theories to be able to improvise how to work in investment... it really depends on each individual for the learning style that can be applied...
to start from a beginner, of course what needs to be considered is learning something related to cryptocurrency, knowledge of the basics of cryptocurrency is very important and even more important because it is related to general knowledge... starting from small money is not a problem, because the stages of learning for each person are of course different.
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But if you dare to start and at the same time learn, it will be more pronounced and you can know the weaknesses and strengths that can be done correctly for the next trade, what is feared is that there is no courage to start from the beginning.
With a small, nominal, although there is always a risk that can occur could at least from that risk we can continue to learn what we have done wrong. I agree with you, indeed, often a reserve fund is needed that we can always use when there is a mistake that might occur, but once again, learning directly rather than theory is more important in order to be able to explore what mistakes we make.
some people do like to practice to make it easier to understand something, but some people prefer to pay attention to existing theories to be able to improvise how to work in investment... it really depends on each individual for the learning style that can be applied...
to start from a beginner, of course what needs to be considered is learning something related to cryptocurrency, knowledge of the basics of cryptocurrency is very important and even more important because it is related to general knowledge... starting from small money is not a problem, because the stages of learning for each person are of course different.
Every time we start something new, we need to be brave, mainly when the news thing relatable to what is unfamiliar to us. In the world of cryptocurrency, it is not a bad thing to take baby steps; the key is to take those steps knowingly. It is not a problem at all starting from the basics because when things start making sense to us, there is room for better of assuming more knowledge on whatever is being taught. Taking our time to learn and practise without pressuring ourselves we can create a good foundation. In this process, faith in our own staff becomes very valuable as every step will lead us toward the big picture and better decisions.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
First, you need to know the different types of crypto wallets, which is where to safe keep or store your Bitcoin. Learning how the wallets work, what wallet addresses are and key phrase. Then, how to safe keep the key phrase, cause they are more important than the password to that wallet. If you forget your password, it can be reset, but for key phrase, it can't be regained if lost.
What you need to avoid is misplacing your wallet key phrase
The next thing that will come in is exchange, where to buy these assets you desire to posses. You can't have it if you don't buy it from a seller, (and you can't sell it if you don't know where to get a buyer). Most times Peer-2-Peer (P2P) is the fastest and secured way to purchasing any of your desired coins, as a beginner in the crypto industry. Though, it has its rules in every exchange and by every seller or buyer.
You need to be careful in carrying out P2P trades, as most traders could be deceptive. Most exchanges has a support team to help every one.
If you want to start investing in Bitcoin, it is easier, as you can start earning from the market bull run. If you buy and just hold during the bull run, you can start earning or making profit.
But when it comes to all other crypto assets, you need to do your own personal research.
Patience is a vital tool as an investor in the crypto industry, due to the volatile up and down price movement.
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For someone who is new and has no idea on where or how to start investing in bitcoin where should we look at first and what should we avoid??
You got a lot of replies already and I assume you read at least a couple of them.
I assume you already know how and where to buy Bitcoin and I am sure you heard about the DCA method to invest in Bitcoin. I would like to suggest something else. As a beginner, You should avoid alternative cryptocurrencies. Stick with Bitcoin investment. If you are planning to invest in Bitcoin at this moment, you have to plan it for a long time. Because we are at on pre-bullrun at this moment. The market is likely to take some correction every few days. So, you have to be ready with your funds. Always invest the amount that you can afford to lose. Once you invest, do not sell if you are in loss.
Exactly. If you have invested in Bitcoin and not in altcoins, do not sell when you are at a loss. Bitcoin has a strong history of returning to its previous price levels. It's important to be patient and not to feel shaken by short-term losses because, over time, you are likely to recover your investment and even turn a profit.
By focusing solely on Bitcoin, you may find that you worry less about losses. This is why many crypto investors have more confidence in Bitcoin compared to altcoins, which they seem as, does not have the same level of reliability for future profits as Bitcoin
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But if you dare to start and at the same time learn, it will be more pronounced and you can know the weaknesses and strengths that can be done correctly for the next trade, what is feared is that there is no courage to start from the beginning.
With a small, nominal, although there is always a risk that can occur could at least from that risk we can continue to learn what we have done wrong. I agree with you, indeed, often a reserve fund is needed that we can always use when there is a mistake that might occur, but once again, learning directly rather than theory is more important in order to be able to explore what mistakes we make.
some people do like to practice to make it easier to understand something, but some people prefer to pay attention to existing theories to be able to improvise how to work in investment... it really depends on each individual for the learning style that can be applied...
to start from a beginner, of course what needs to be considered is learning something related to cryptocurrency, knowledge of the basics of cryptocurrency is very important and even more important because it is related to general knowledge... starting from small money is not a problem, because the stages of learning for each person are of course different.
Practicing through theory, or you can also practice directly in stages. It just depends on the readiness of each individual, because he knows the abilities that will be carried out before actually executing the investment. But I myself agree with what you said. As a beginner, you must first know everything related to crypto to make it easier and depends able to better understand what will be done. But once again the readiness to jump straight into investing does depend on the individual situation that can finally do it.