I am just thinking that now this sounds quite good, they are paying their debts and nothing is happening to the price of bitcoin.
The what if question I have is, what if other institutional investors decide to follow suite will anything happen to the price of bitcoin in the long run.
I may be wrong but isn't this not the same as whale selling-off their bitcoins.

I agree with your initial statement, so I paid attention to it.
To support your argument even further, I will point out that without economic power, which is the foundation upon which political power is formed, it will be challenging for individuals, groups, businesses, governments, and entire countries to achieve any worthwhile aims and objectives.
Consider for a moment that during the COVID-19 era, the nations who suffered the most in terms of being able to offer relief supplies and palliatives for their inhabitants were those that lacked the economic might of their governments.

You can understand thus why I concur with the OP's first premise.

Like you, I have also given up.
They look at me like an alien whenever I bring up the subject of cryptocurrency at the dinner table. It just seems ridiculous that the currency I am talking about I cannot show them a physical one whenever they ask me to produce it so that they can make a proper comparison with the local currency. I have already vowed that one day I am going to get the 1 bitcoin coin and show it to tell. But for now, I just keep doing my thing.

True, there's is more reward in crypto trading than in stock trading. And the reason is quite obvious. Stability in the stock market compared with the crypto market. Lower risks in the stock market, compared with the crypto market.
Although, I like to think that we would see the crypto market looking more like the stock market if eventually it becomes regulated. We would see less volatility, meaning less risks.

For me, the singular most important reason why I want Bitcoin to stay is Financial freedom. Nothing beats that.
In the past couple of years as a result of investing in Bitcoin, I have experienced financial freedom in the shortest time beyond my wildest imagination.
I have gone from looking forward to a paycheck at the end of every 28 days to having employees in my payroll.
I don't even worry about inflation. What's that? I am living my best life (a digital nomad) not a perfect one but a happy one filled with fulfilment and satisfaction because of Bitcoin. This is why I want Bitcoin to stay.

Current number of post (Including this one): 799
Rank: Sr. Member
bech32 address: bc1qvpmd0ax99vvzvvvlpenu9yg0fcklaxg0ctey3m
Merit earned in the last 120 days: 41

I agree if corruption is taught at a young age, it can be nipped in the bud before it blooms. Parents, uncles and aunts serve as role models for kids to follow. They first teach them the appropriate way to behave in the society and how the society frowns on individuals who are of bad behaviours.High school kids can first be taught about upholding the moralistic values of the society and then damming impact of corruption in the society. But I believe that this education has to begin with the family. As a high school kid one of the subjects I took was civic education. It served as the foundation for anti-corruption studies, law.and society, accountability, and integrity.

Hey OP you seem like a very thoughtful person.
And by now I think you should have gotten the answer to your question. But just to highlight the main points in case you missed it.
- Your financial responsibility towards your family comes first and must be attended to. Sort out 90% of your financial obligations and have some emergency savings in place. After which you can use the extra, which would ultimately be the money you can afford to lose to invest in bitcoin.

- The dollar-cost averaging method is perfect strategy for you since you are also concerned about the price volatility. The remainder after you have kept some money in your emergency savings could serve as the fixed amount you can invest in bitcoin at regular intervals irrespective of the price change.

 

Current number of posts (including this one): 796
Rank: Sr. Member
Merit earned in the last 120 days: 41

Del

A financial loss can be very painful, filled with regrets of what should have or have nots and that is the nor human reaction to such a situation. But isn't these all part of life's experiences because like they say, experience is the best teacher. Isn't it? Through such experience, though painful we are able to improve.
During this time, do not stay alone, whining. Seek for help. It will provide you with the foresight you need to strategically position yourself so that the same loss doesn't reoccur. I hope you come back strong and have a successful investment in the future.

Great points were raised by you.
Only someone who has really used a credit card can decide whether it is prudent to do so in the end. Meaning, based on experience. It is a two-edged sword, as you mentioned. There are both positive and negative aspects to it.
It's like to putting the wagon before the horse by creating a budget to track your expenses after using a credit card. In order to ensure that you can make the payments on time and prevent late fees or other penalties, it would be good to first establish a budget.

If you struggle to put food on your table or you struggle to have shelter, it is a terrible idea to invest in bitcoin because you have not solved your basic need - food, shelter, clothing. Thus, the number one priority for you should be to solve you immediate
basic need first before any other thing else. There is no two aways about this or no other way that this can be said.

You shouldn't go ahead to advise him to invest in bitcoin. It is not your call. It wouldn't help.
How well do you know your friend?
There are tons of reliable resources out there that you can provide your friend with. Let him read it. Let him understand more about the market together with the risks involved in investing in bitcoin just like he did with his altcoin. From there your friend will come out well informed enough to know if he can handle and manage the risks involved.

Friends and colleagues who trade together win and are successful together. There's always more benefit when you are with a group of people with the same aim. Imagine getting personal tips and strategies from people with years of trading experience. Imagine being part of a group where you access trading knowledge and expertise free or charge. Imagine getting the emotional support and encouragement you need when it seems you hit a brick wall in your trading journey.
Well my two cents on joining a trading community are to join one where you know one or two persons personally who are in the group and are doing well. It is a clear pointer that you will find what you are looking for there.

The tone of the day is set by having a morning routine. It enables you to get going ahead of everyone else. If you have a strict pattern and stick to it as a trader, you nearly always have the ability to forecast or engineer the day you desire. I'm aware that some market forces are out of your control,
 but at least you have some control over your feelings and how you respond to each situation the market presents to you.

Its sad that the efforts you are making to save seems as if it is being washed down the drain. For now, if you can focus on your studies. Use whatever income you have to sustain yourself. Do not worry too much about saving because it may lead to financial anxiety and stress. Let your education be on the top of the list.

Saving is good but saving to be rich doesn't get you rich.
Rather saving for investment is what gets you wealthy. It is called - using money to make more money. This is what the rich do.
Proper budgeting will help you to have a proper balance between your savings and your expenses. You will be able to spend without worrying about overspending and you will be able to save without worrying about underspending. Besides, if you have your budget and still there is no balance between your savings and expenses, then it may be that you have an income problem. Another source of income could be the solution.

I rarely make payments with bitcoin or any stable coin locally.
There have been only two instances where I made payment with bitcoin locally and it was just to serve as an illustration to some people who didn't believe in its fast payment. So I bought a bottle of my favourite Vodka and paid for it with bitcoin.
Another instance of using bitcoin locally, was also to prove to some audience that bitcoin was money as well and can be used for good purpose.
I do most cross-border payment in bitcoin. Especially importation. It is fast, cheaper, reliable, and efficient. First was buying a mac book and paying for it and its shipping fee in bitcoin.

Your story is an interesting one. And it is obvious that not everyone has the same way they started. Simply by starving your distractions and focusing on your goals you were able to make do with the little you had and have turned into something great. We should have zero tolerance for excuses.
This week, I am going to be sharing your story with some folks who think that because they didn't come from privilege it will be difficult to invest or make it in bitcoin.