Can someone who doesn't know anything about bitcoin invest in bitcoin?

[7juju]

The answer to this question will totally depend what the person wants to achieve with their bitcoin. Firstly if the person have in mind to hold bitcoin for a long term, you might not really need to know everything about bitcoin before you can start investing in bitcoin. In this case if you have a close friend or family relative who is more more knowledgeable about bitcoin, they can help you buy your first few purchases, and you can gradually start learning the things you will need to know about bitcoin. Some people learn faster when they are following the process already.

But if you are someone that aims to go into trading you need to know the technical knowledge required before you can go into it, since trading is entirely different from holding.

[Jamestown70]

Generally,it is very important that when ever someone wants to invest in any kind of business either crypto,or personal business, you need to have an idea of what you want to invest in...

In management,there is something we call market survey...what does that mean?it simply means trying to have an idea of the particular business you want to go into.....and that includes finding out if a particular product will sell in a particular area...it also includes finding out what your competitors are doing to remain in business...
The reason for doing all these things is to know if can survive if you eventually starts the business.

Now that it is clear that one needs to have an idea of the business he or she wants to invest in, that's why l keep asking if someone can invest in bitcoin even when you don't have an idea of how it works?

I get your point of view, but then you need to understand that the reason those person that wants to invest in business do market survey is because of the cost of starting up the business. I guess before you’ll want to invest in Bitcoin, you must have overhead from your friends or the social media or whatever source it is you got to know about Bitcoin existence, they’ve told you about the potential of it over the years that spike your interest to invest, at that point all you need to know is how to buy and start accumulating. If you’re still skeptical about it, then you can start with a wimpy investment, and keep building your knowledge on Bitcoin ecosystem. When you’ve got to know all you need to know about Bitcoin, then you can start accumulating aggressively as the discretionary fund you’ve set aside for investing can accommodate.

[icebar]

Now that it is clear that one needs to have an idea of the business he or she wants to invest in, that's why l keep asking if someone can invest in bitcoin even when you don't have an idea of how it works?

If a person does not have the basic idea about Bitcoin, then he cannot invest in Bitcoin. In order to invest in Bitcoin, he must have some basic knowledge about how to store and buy Bitcoin. After that, if he wants, he can invest in it and gain a better knowledge about Bitcoin if he wants. Before investing in Bitcoin, the investor must also know about his financial situation and whether he can maintain the investment for the long term.

The possibility of loss is higher for those who will buy Bitcoin for short-term investment. These things should be known for new investors. Especially those who have a discretionary income will be able to maintain their investment in Bitcoin if they want to do it regularly.

[Hypnotizer]

Now that it is clear that one needs to have an idea of the business he or she wants to invest in, that's why l keep asking if someone can invest in bitcoin even when you don't have an idea of how it works?

Should I start with this phrase? “Investing in what you don’t understand is pure gambling” basically you must have an idea even if it’s a bit of an idea about how it works before you can invest..but if without any research someone just jumps into investing in bitcoin investment then they are high probability that that investment will definitely fail.

If you develop interest in investing in anything, it should be your first priority to fully understand and know what that is before you venture into it or else you’ll learn the hard way Sha.

[Fivestar4everMVP]

Generally,it is very important that when ever someone wants to invest in any kind of business either crypto,or personal business, you need to have an idea of what you want to invest in...

In management,there is something we call market survey...what does that mean?it simply means trying to have an idea of the particular business you want to go into.....and that includes finding out if a particular product will sell in a particular area...it also includes finding out what your competitors are doing to remain in business...
The reason for doing all these things is to know if can survive if you eventually starts the business.

Now that it is clear that one needs to have an idea of the business he or she wants to invest in, that's why l keep asking if someone can invest in bitcoin even when you don't have an idea of how it works?

Having an idea on how bitcoin works depends on the type of work you are talking about, like using a car as an example, there is knowledge of how a car engine works - this is not necessarily needed for one to learn and become a good driver, but then, understanding basic features and functionalities in a car and have good knowledge on how to use those features is an important knowledge to have to learn and become a good driver..

Same applies to bitcoin, there is the core deep knowledge of how the bitcoin blockchain works, like how bitcoins are mined, the processes involved in blockchain confirmation of transaction and so, this knowledge is not totally necessary to have before one could or can become a good and successful bitcoin investor..
But one definitely will have to get a good knowledge how to send, receive bitcoins, how to buy and sell bitcoin, how to bump a bitcoin transaction that is stuck on the blockchain without confirmation possibly due to very low fees by increasing the fees, you must know how to safely store your bitcoin wallet's seed phrase/private keys to ensure it doesn't get stolen by scammers/hackers, all this knowledge plus some more i didn't mention are very necessary to have to be a successful bitcoin investor.

[Yeesha]

The answer to this question will totally depend what the person wants to achieve with their bitcoin. Firstly if the person have in mind to hold bitcoin for a long term, you might not really need to know everything about bitcoin before you can start investing in bitcoin. In this case if you have a close friend or family relative who is more more knowledgeable about bitcoin, they can help you buy your first few purchases, and you can gradually start learning the things you will need to know about bitcoin. Some people learn faster when they are following the process already.

But if you are someone that aims to go into trading you need to know the technical knowledge required before you can go into it, since trading is entirely different from holding.

It is not advisable to invest in something you have little or no knowledge about, because it becomes difficult to make quite decisions or find opportunities for growth when you do not understand how it works. Just like trying to enter a room without knowing where the door is, investing without knowledge lead to confusion, mistakes, and unnecessary losses. Before putting your money, time, or energy into any investment, it is important to first gain proper knowledge or understanding through research, learning, and guidance. Because knowledge helps you recognize risks, identify opportunities and develop strategies that can protect and grow your investment. Without this foundation, you are simply relying on luck instead of planning, which is risky and unsustainable.

[Obim34]

Can someone who doesn't know anything about bitcoin invest in bitcoin?

Never go into investing in what you are ignorant.

I don't support investing in Bitcoin ignorantly, a very minor mistake can lead to unexpected loss.

Claiming ignorant won't bring back lost coins, moreover how much internet time will it take to study about the basics of Bitcoin.

[iBaba]

In any business you are venturing into, learn about the business first before your invest in the business for your to be able to avoid loss of capital. This also applies to investment and investing in bitcoin if I should be specific.

There are hackers and scammers that are waiting to steal coins from such a person. It is better you learn everything necessary before investing in bitcoin.

You have just put it in the most simple way to understand, you can not go into a journey you know nothing about. In most cases if you do so, you are at a high risk of going into a journey of no return. I know people might say it is possible to venture into a business you know nothing about then take your time and learn as you move, but what that means to me does not necessarily mean you should go into a business you don't understand but at least before you venture into a business, know the fundamentals, understand the very basic and rudimental part of it then you can go into it and learn more in the process. But It does not make any sense to me to go into a business you understand nothing about. You are most likely to fail in the process because your chances of making foolish mistakes are very high due to ignorance.

[Alonso_]

How do you even invest in something that you know nothing about, in any business that you are venturing into you have to learn about the business, the same thing is also applicable to investing into Bitcoin, you have to learn some basic knowledge about Bitcoin, most especially and importantly where to buy bitcoin, and how to starting buying and where to store bitcoin that would be more safer for us, this I think are just basic knowledge and understanding you require to start buying bitcoin, most individuals are just starting to understand that business or whatever business that you’re doing you will require to learn and know things about the business which is why it will make absolutely sense to keep learning while you have started.

But other businesses you have to learn and study this business, there is a reason why people goes to school to study about business, and you might likely learn from individuals as well, before you can start any business.

Obviously if you have to go into any business you have to learn about that business, same thing is also applicable to someone who wants to start buying and investing in Bitcoin, you will also require basic knowledge and understanding.

[Dechris_08]

It's not wise to go into something you have zero knowledge about.

Just as you said OP before you start a business one needs to do a business survey to know the business he's going into.

Bitcoin is not different before you put your hand earned money into any asset you need to do your personal research (survey) about the coins (Bitcoin).

Buying a coin with the hope that it will appreciate in future without really knowing why it will appreciate is pure gambling.

[yixichloro2xx]

As an investor is good to have understanding or knowledge about what you are putting your money into, even the slightest knowledge is okay. It is like you are gambling if you don't understand what you are putting your money into. Even simple knowledge changes decisions, timing, and emotions. You don't need to know it all or be an expert, it just you to know how Bitcoin works, why price moves, and the risks involved protects capital. And moreover if you have knowledge of Bitcoin you won't even panic especially when price is moving against you.

[Mr_Brilliant$]

The answer to this question will totally depend what the person wants to achieve with their bitcoin. Firstly if the person have in mind to hold bitcoin for a long term, you might not really need to know everything about bitcoin before you can start investing in bitcoin. In this case if you have a close friend or family relative who is more more knowledgeable about bitcoin, they can help you buy your first few purchases, and you can gradually start learning the things you will need to know about bitcoin. Some people learn faster when they are following the process already.

But if you are someone that aims to go into trading you need to know the technical knowledge required before you can go into it, since trading is entirely different from holding.

True talk, everything really depends on wetin the person wan achieve with Bitcoin…  If na long term holding the person get for mind, e no really compulsory make you sabi everything about Bitcoin before you start. As long as you get trusted friend or family member wey understand am well, dem fit help you make your first few buys, then along the line you go dey learn small small..  Some people sef dey understand better when dem don already dey inside the process.

But if the plan na trading which I nor go advice, na different game be that.. You no fit just jump inside without the technical knowledge, because trading no be by faith or vibes..  You need understand plenty things.. If not e go humble you..

[Josefjix]

Now that it is clear that one needs to have an idea of the business he or she wants to invest in, that's why l keep asking if someone can invest in bitcoin even when you don't have an idea of how it works?

Except that person has someone who he or she genuinely trust, who knows about Bitcoin investment. What the Bitcoin expert does is to walk such person through to creating Bitcoin wallet, stores secret keys and let the person be watching over his or her portfolio, checks when the value of his/her Bitcoin is appreciating or deprecating and then decides when to sell but as instructed by the expert.

This is the only point where an ill knowledgeable person can invest in Bitcoin without knowing anything about it. Over time, I've observed severally that people who has no idea how it works are truly those that benefited much from Bitcoin investment if they truly join in at last, they simply pour in bigger sum and grab bigger quantity of Bitcoin and then hold while using other income sources for survival.

[Sulegzy39]

Generally,it is very important that when ever someone wants to invest in any kind of business either crypto,or personal business, you need to have an idea of what you want to invest in...

In management,there is something we call market survey...what does that mean?it simply means trying to have an idea of the particular business you want to go into.....and that includes finding out if a particular product will sell in a particular area...it also includes finding out what your competitors are doing to remain in business...
The reason for doing all these things is to know if can survive if you eventually starts the business.

Now that it is clear that one needs to have an idea of the business he or she wants to invest in, that's why l keep asking if someone can invest in bitcoin even when you don't have an idea of how it works?

I agree with you, In any business that you want to invest in you have to go research have more information and ideas, understand the basic and rudimental part of it then you can go in to it and learn more in the process, I know people might say it is possible to venture into business you know nothing about but in my opinion, make sure you know everything first before put your self in to any business or any investment.

You might not no everything about bitcoins before starting invest in bitcoins, you should ask a friend or any relative that understand bitcoin, ask more and make sure you get some knowledge before investing, because online is not safe, if you have knowledge about bitcoins before you invest you won’t panic because you have already know how it works and how it is.

[Shadiq]

To start any business, it is important to have an idea, but the boundaries of the idea can be small and large in a particular field. At the beginning, you need to look at business and Bitcoin investment separately, two different things. One (business) is buying regularly and selling regularly. Another (Bitcoin investment) is buying regularly and holding for a long time.

In the case of business, before starting a business, you need to have deep knowledge and experience about that business, you should have a good understanding of the product and the place. But you do not need deep knowledge to start investing in Bitcoin. Start investing with basic knowledge and gain deep knowledge while investing. Because you do not need knowledge to hold, you can buy and hold Bitcoin only if you have an idea about Bitcoin and knowledge related to purchasing. To sustain long-term holding, you must necessarily gain deep knowledge.

[Cryptomultiplier]

Now that it is clear that one needs to have an idea of the business he or she wants to invest in, that's why l keep asking if someone can invest in bitcoin even when you don't have an idea of how it works?

Except that person has someone who he or she genuinely trust, who knows about Bitcoin investment. What the Bitcoin expert does is to walk such person through to creating Bitcoin wallet, stores secret keys and let the person be watching over his or her portfolio, checks when the value of his/her Bitcoin is appreciating or deprecating and then decides when to sell but as instructed by the expert.

This is the only point where an ill knowledgeable person can invest in Bitcoin without knowing anything about it. Over time, I've observed severally that people who has no idea how it works are truly those that benefited much from Bitcoin investment if they truly join in at last, they simply pour in bigger sum and grab bigger quantity of Bitcoin and then hold while using other income sources for survival.

There's obviously going to be the presence of a mentor or guide who directs an ignorant person on how to make a successful investment possible in Bitcoin and be safe about it, otherwise learning the name and how people have gotten rich from investment in Bitcoin without any further research into the knowledge, best practices and procedures to get to same level of wealth and insight, is going to be a disaster waiting to happen. 

A newbie to Bitcoin can be enthusiastic enough while trying to learn how to invest in it and stumble on this forum which would help greatly and that is saying it is possible at this point to invest in Bitcoin and have great benefits, otherwise, in reality it would be impossible to be successful at this venture of investment as a newbie without access to information and proper guidance.

[Agathamay]

Now that it is clear that one needs to have an idea of the business he or she wants to invest in, that's why l keep asking if someone can invest in bitcoin even when you don't have an idea of how it works?

You already know the answer to your question and why trying to confuse yourself ?
It is a total blunder to invest in whatever business you know nothing about because how on earth are you supposed to invest if you know nothing about it?

Bitcoin and cryptocurrency in general isn't expected in this case because the market is a volatile one and investing in it without a preliminary knowledge is like pouring sand in ocean which is a waste.

You should only invest in a business you're knowledgeable about atleast preliminaries.

[Jostern]

In any business you are venturing into, learn about the business first before your invest in the business for your to be able to avoid loss of capital. This also applies to investment and investing in bitcoin if I should be specific.

There are hackers and scammers that are waiting to steal coins from such a person. It is better you learn everything necessary before investing in bitcoin.

You’re absolutely right, how does someone invest in a business they know nothing about, and someone also investing into bitcoin when you don’t know anything about bitcoin.

When someone ventures into business that they absolutely know nothing about, there is every tendency they might end up loosing their capital and the business might end up crashing because of lack of understanding and lack of experience.

When someone is investing in bitcoin you need to have what we call basic knowledge and understanding about bitcoin, how to buy bitcoin, and where to safeguard our Bitcoin and keeping our Bitcoin safe from scammers because there are so many scammers out there.

When we have that basic knowledge about bitcoin then we can possibly hold bitcoin and accumulate successfully knowing that we also need discretionary income to invest in bitcoin and not money for our family expenses and having a backup up money available, all this will only know them when we have a basic knowledge about how to invest in bitcoin.

[Mate2237]

Just as you have mentioned what is needed as far as business is concerned is having a understanding of what you are going into that entails that you a have a clear and in depth knowledge of what you intend going into. Today there are many who are just driven by making money on a fast way so they just move into crypto without getting to know the  basis of what crypto entails. This is not advisable because over time it has been noted that those who has been discouraged by crypto currency are actually people who were not well abrest with the concept of crypto currency.



Bitcoin is like any other business venture so I will encourage those who are planning on getting into it to have a understanding of what it is all about, this is very important as it will help to clear the doubts of many who may be having doubts and don't understand how the market operates. The Bitcoin market is one that is not stable so knowing about Bitcoin will help unnecessary pressure which may come as a result of price fall.

[Chilwell]

It's not wise to go into something you have zero knowledge about.

Just as you said OP before you start a business one needs to do a business survey to know the business he's going into.

Bitcoin is not different before you put your hand earned money into any asset you need to do your personal research (survey) about the coins (Bitcoin).

Buying a coin with the hope that it will appreciate in future without really knowing why it will appreciate is pure gambling.

It is not proper at all for someone to venture into something they know nothing about. I don't know why some people always like to rush, since the money is there I think finding the knowledge will be very easy, people just get convinced when they mentioned money, that is why a lot of people call crypto a scam, all this happened because they don't have the knowledge and they just want to participate, because they see others doing it and they are doing fine, not knowing that they have sat down and study it before the getting involved.