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Whether you end up poor or rich in life isn't predestined. It's not about how many years you've been working, but how cleverly you've been working. It's often better to be in charge of your own business because in that 20-year period, you could have created your own business.
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I like to think about the non-steady income in a couple of parts.
The first part is just figuring out what is your worst-case scenarios, what are your best case scenarios and what is your average... So then with that information you can try to project ahead, and most likely mostly using some combination of the worst-case scenarios and the average in order to figure out how much money you need to keep in your emergency fund in order to cover those situations in which the worst-case scenarios ended up playing out rather than the average case scenarios.
So, even though not necessarily likely worst-case scenarios could end up playing out for 6-12 months or more, and so the emergency cash fund should be able to cover the gap between what you need to live and what kind of income is coming in. Hopefully, you are already spending (your monthly expenses) somewhere less than your average case scenario which should then cause for an ability to invest (or DCA) with part of the amount that you are living below your average case scenario. and sure if the worse case scenario persists for a long time, you may well end up needing to either reduce or eliminate your DCA purchases of bitcoin, but if you have planned in advance you should not necessarily need to stop your DCA, and for sure, you do not want to end up putting yourself in a position in which you end up having to sell any of your BTC during periods in which worse case scenarios are playing out.. which likely would mean that you had not sufficiently prepared in terms of your emergency fund and/or the ways that you had been choosing to live in order to make sure that you are generally living below the amount of your average case scenarios rather than spending more than that.
Another factor can be based on the increase in price of goods and services in a country, whereby the persons salary no longer meets the requirements of the things that is needed to sustain one's self. I think that have enough effect to alter one's DCAing in accumulating Bitcoin That does not really change anything that I say.. if the change comes from changes in income or changes in expenses, there still are likely going to be needs to reassess from time to time, and some people still are going to have much more steady income as compared with others, and some people might have erratic extremes that cause their worse case scenarios to be $0.. and maybe they are always living on the edge too.. so they are barely able to meet their monthly expenses, and maybe some of those people should not be investing into bitcoin (even though the choice is theirs to make, but sometimes people make bad choices that amount to gambling, but they believe that they are investing.. but they do not really have enough of a cash flow or even an emergency fund to be in a position to be able to invest anything, but sometimes they still will invest and their choice to invest might end up being the wrong decision, even though everyone is free to make their own decisions, even when they make bad decisions and believe that they are working to make themselves better when they are not). I see the points you are making, also same reason why most people sells of there investment because they have no left over money to carry out some expenses or emergencies . The best way they think of is to sell out there investment which is not helping due to wrong decision at the very beginning |
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Today. Which one would you rather be? The one who has 20 BTC has much greater profits 3x more profits since his cost are only around $333 per BTC as compared to the one with 100 BTC and a cost that is 3x higher per BTC. Total portfolio value is $520k for the one with 20 BTC and $2.6 million for the one with 100 BTC.
I will rather be the second guy who used DCA to accumulate 100BTC because it is an easy way for you do accumulate without facing many challenges on the price movement of bitcoin. The only challenge that someone using DCA method is when the source of income is not steady, but if it is, you will worry less because you are sure of accumulating a significant amount in a long period of time. Another thing that I observe is that those that prefer to buy at the dip, are not prepared to increase the number of their portfolio with a significant amount because nobody knows when bitcoin price will dip. But they think it is the wisest strategy unknown to them that the dip will come like a thief in the night, when they have spent the money, they intend to use because they have giving up on waiting for bitcoin price dip or an unforeseen circumstance came to devour the fund planned to use for DCA. This is the reason why I said that they are like people that are not prepared or ready to invest due to the current price of bitcoin at that moment. There is no beed emphasizing too much on the benefits of having a large Bitcoin reserves and it potential profits merging compared to having just few bitcoin, i was DCA with almost 100% of my monthly income before, because have hard free supplied of almost everything and leaved in my parent house, so it was so easy for me to put down all my earning into for my Bitcoin accumulations for some time almost 2 year accumulations with 100%all in funds that speed up my accumulation process, and within that time i have hard series of profits increases in proportion to my total accumulated amount of Bitcoin. But few months ago i started living in my own apartment, and since then my Bitcoin accumulation has dropped below 30% of my monthly earning,s, and taken records of my profits merging within that space of time, it can't be compared in any way with what I use to earn as profits when I was all in 100% monthly, which is normal considering the amount I am investing in Bitcoin at the current stage. But all the same, the DCA approach has become one of the most useful Bitcoin accumulation tools that have helped many investors to be able to accumulate Bitcoin all the way down while taking chances in the various discounted prices presented by Bitcoin from time to time. A live of a bachelor is never easy, this is just you living alone just for some few months and your level of Bitcoin accumulation has dropped drastically to a ratio of 3:10 I am wondering how it will become, once you start making babies and have a home, maybe it will get below the 3:10 accumulation. You got to try brother, the responsibility is much to what we receive as salary. I like to think about the non-steady income in a couple of parts.
The first part is just figuring out what is your worst-case scenarios, what are your best case scenarios and what is your average... So then with that information you can try to project ahead, and most likely mostly using some combination of the worst-case scenarios and the average in order to figure out how much money you need to keep in your emergency fund in order to cover those situations in which the worst-case scenarios ended up playing out rather than the average case scenarios.
So, even though not necessarily likely worst-case scenarios could end up playing out for 6-12 months or more, and so the emergency cash fund should be able to cover the gap between what you need to live and what kind of income is coming in. Hopefully, you are already spending (your monthly expenses) somewhere less than your average case scenario which should then cause for an ability to invest (or DCA) with part of the amount that you are living below your average case scenario. and sure if the worse case scenario persists for a long time, you may well end up needing to either reduce or eliminate your DCA purchases of bitcoin, but if you have planned in advance you should not necessarily need to stop your DCA, and for sure, you do not want to end up putting yourself in a position in which you end up having to sell any of your BTC during periods in which worse case scenarios are playing out.. which likely would mean that you had not sufficiently prepared in terms of your emergency fund and/or the ways that you had been choosing to live in order to make sure that you are generally living below the amount of your average case scenarios rather than spending more than that.
Another factor can be based on the increase in price of goods and services in a country, whereby the persons salary no longer meets the requirements of the things that is needed to sustain one's self. I think that have enough effect to alter one's DCAing in accumulating Bitcoin |
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The main reason I came here was to learn how to manage my Bitcoin and other cryptocurrencies. I started earning them from my work as a product designer and web developer because a client started paying me in Bitcoin and USDT instead of my local currency. So, I needed to figure out how to handle and grow my Bitcoin. That's when I discovered that I could offer my services here and find more clients who would pay me in cryptocurrency.
Being part of the forum has taught me a lot more than I expected. Conversations with knowledgeable members, like JJG and others, have helped me make better use of my Bitcoin holdings. Also, discussions with you, Odohu, have been engaging and interesting, leading to valuable topics in this community.
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Na why pipo no dey call all these security people wen dem get wahala. Last week, person steal my generator. The next two days, after I don scratch everywhere gather money make I go buy new one because light dey very important. As I reach house, I see for the estate WhatsApp group say dem see generator for gutter wey person wan thief. I rush there, show them the receipt and everything wey dem need, and dem confirm say nah my gen. Normally, the security people beat the guy and collect money from me. Before I know, dem call police. I follow them go station, but dem talk say make I go pay for fuel money and statement money. In fact, e con be like say nah me thief my generator. Since that day, anything wey happen wey I no fit solve by myself, I just dey waka pass.
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From the first time way me i see all diz kind of connection to carry reduce cost for generation use, Nia me I already dislike the idea, and one thing about this our country be say we they sabi over do something, diz things suppose just they for experiment stage where people for still they study am they reason how them for make am less harmful
Na the difference wey dey between us and other countries no be small thing. No vex, ah no dey compare, but na the truth. If you look other countries, dem fit use the same method, but e no go be like the way we dey do am here. Dem fit don build gas cylinder wey fit attach to the generator with better material, because dem wan reduce the wahala wey fit happen. But for our country, anything wey we see, we just dey use am. Some people sef dey use gas cylinder wey no good at all. If you look most of those countries, e dey compulsory say every house suppose get fire extinguisher and the number wey you fit call fire fighters. Abeg, how many of us fit talk say dem get fire extinguisher for house or dem sabi fire fighter number for Nigeria? I think say we suppose dey look the wahala wey fit happen, since we no get solution to any wahala wey fit show face. Because even if the wahala no affect you, e fit cause damage to the person wey get the house or hin neighbors. |
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That's the point I want to make in this case, even though in the end everyone has some views and lum slump is also the way of some people but if we really want good results then focus on being in a strategy that has a very high chance of being with DCA because in the end when we are at the starting point for investment DCA is one of the strategies and methods that are very good to do and it has been tested by some of our predecessors who have done the same strategy so in this case DCA is like a good benchmark especially for beginners.
It does not mean that we should not do lum slump like some other people who do it but it is better to focus on the most possible conditions for ourselves now. I don't have any problem if other people do lum slump because they also have their own strategies but for us as people who can be said to be new, it would be better to do the DCA strategy because this has a better probability for us as a beginner in bitcoin.
Having a strategy and not rushing into things is important. I'm always thinking about the future, and I don't believe in investing just for quick profits, especially with Bitcoin. I like that many people here focus on long-term goals. One reason I don't invest a large sum all at once is because it's better to start early when you have the money and not wait for the huge capital to be there. If I try to save up a big amount to invest later, I might end up spending it on something else. So, I prefer to invest $100 from each paycheck, spreading it out over 3-12 months. This way, I can accumulate more Bitcoin over time. Well that's right guys, maybe there are some players who come without having any strategy and they might just see what other people have managed to get (big profits), I think that can really encourage them to enter this investment world, especially in bitcoin. But well I say maybe they will just throw money away if they come without bringing any fishing gear, I mean it's pretty stupid if you come with strong determination but not based on knowledge, while any risk can really happen to them (big losses). I feel pity for anyone that jump into the Bitcoin market without a plan, you'll likely run into problems quickly. It's not a good idea to start investing in Bitcoin without knowing a lot about it and figuring out a strategy that suits you. Investing in Bitcoin isn't like being john wick you're not invincible. If you make bad choices and don't have a good investment plan, you'll end up losing your money bit by bit, and before you know it, you could lose everything. With DCA everything looks simple especially if your goal is for the long term, but well you have to stay consistent over time.
Got into Bitcoin in 2021, DCAing to this day. I know the benefit of holding. A way that I flip my mind on dips is by looking at them as better buying opportunities. It improved the way I looked at things. So, then I win either way! But also, I focus on my long term, I know I want to accumulate X amount of bitcoin in the future I’ll make sure I make the right choices. People just want the benefits in short term, but things doesn't get grown in short time, it needs time and nurture to grow. We have the bitcoin halving to look forward to! It is always sure to skyrocket Bitcoin's price. It's up to anyone who wants to sell. I'll be on my chair watching the market while others sell. All I know my Bitcoin is a great long term hold for my future! |
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Aggressive buying is mostly during an overly discounted Bitcoin market period, and do so should be done with funds that have no need for for as long as the time can take to make adequate profits in the long term,
It seems a little normal as we are perceived to be able to afford much larger purchases and with our greed in mind, these thoughts will always be there. But on the other hand, this kind of aggressiveness will actually disrupt your rhythm especially when doing DCA. because indeed when discussing consistent DCA, the emergence of thoughts of being too impulsive will cause our DCA to be disrupted which makes this a little risky. I previously made mistakes like this especially when bitcoin was at the price of $20k at that time, even though it was still profitable from a calculation point of view but on the other hand my DCA was disrupted because of the impulsive nature that I did so I had to change from the beginning of the DCA concept that I did and it was actually a little troublesome. Lum sump? Well, that thought will be on our minds especially when the price falls significantly when there is spare money, I want to buy lum sump but I undo that intention and put more principles on the DCA strategy. In fact, I don't want to be aggressive with buying at once even though this is a good way to also buy below at once but DCA will be a little chaotic and between once a week it becomes vulnerable to distance because it has bought below, my mind is that even if it continues to DCA with every week it will also be better and will not be a burden. Now I want to be like flowing water in a river, no matter what the price is, I will try the DCA method. That's the point I want to make in this case, even though in the end everyone has some views and lum slump is also the way of some people but if we really want good results then focus on being in a strategy that has a very high chance of being with DCA because in the end when we are at the starting point for investment DCA is one of the strategies and methods that are very good to do and it has been tested by some of our predecessors who have done the same strategy so in this case DCA is like a good benchmark especially for beginners. It does not mean that we should not do lum slump like some other people who do it but it is better to focus on the most possible conditions for ourselves now. I don't have any problem if other people do lum slump because they also have their own strategies but for us as people who can be said to be new, it would be better to do the DCA strategy because this has a better probability for us as a beginner in bitcoin. Having a strategy and not rushing into things is important. I'm always thinking about the future, and I don't believe in investing just for quick profits, especially with Bitcoin. I like that many people here focus on long-term goals. One reason I don't invest a large sum all at once is because it's better to start early when you have the money and not wait for the huge capital to be there. If I try to save up a big amount to invest later, I might end up spending it on something else. So, I prefer to invest $100 from each paycheck, spreading it out over 3-12 months. This way, I can accumulate more Bitcoin over time. |
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TBH, if you were to ask me the same question multiple times, my answer would remain the same Bitcoin, Bitcoin, Bitcoin. I've always had a keen interest in technology, leading me to acquire various technological skills such as UI/UX design and development. However, at a certain point in time, when Satoshi introduced blockchain technology and people started embracing this new phenomenon, I became curious. I felt the need to immerse myself in blockchain technology and the cryptocurrency that pioneered it, which is no other than Bitcoin.
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Ted Cruz seems to genuinely believe in Bitcoin, and it doesn't appear to be just a political move. Although we can't be entirely certain since we're not Ted Cruz, his actions suggest that he might consider making Texas more Bitcoin-friendly, especially with its many mining facilities.
Some skeptics might argue that politicians often make promises they don't keep, and once they're in office, they could change their stance. However, Cruz has emphasized the advantages of Bitcoin mining for the Texas energy grid. Texas has the potential to become a major Bitcoin mining hub, which could lead to growth and greater Bitcoin adoption in the United States.
Listening to discussions on the "What Bitcoin Did" podcast about Bitcoin's role in Texas has been eye-opening. Bitcoin miners can help stabilize the energy grid by buying excess energy that would otherwise go to waste. This benefits both the grid's stability and Bitcoin mining. It's also worth noting that Ted Cruz appears to be optimistic about Bitcoin.
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Well, the longer one stays in Bitcoin, the calmer one gets because times somehow make us understand the possibilities, potential and the future in Bitcoin. So I always advice everyone to give it time.
Your absolutely right buddy. I'm actually enjoying the waiting time. It lets me make plans and gather more Bitcoin. Plus, I'm using this time to learn from contributions here, and I have to say, dealing with Bitcoin has made me a lot smarter than i was. So, my advice is to be patient. In a few years, you'll see some huge gains. I've been through several cycles in the Bitcoin world, and I can tell you that if you're patient, stay strong, and believe in it, you'll be handsomely rewarded. You both have spoken well, now that it is believed that we are in the dip with the current market price, don't be surprised that this may not be the last we are going to have until we arrived at the bull season, whereas we may also finds it the least bear we may have before we begin to launch into the bull market as well, what now should be our main focus, we are to take every buying opportunity as an investment considering the all time high we ever had, where we are presently and the proposed future bull market coming soon, you could actually see that if one should invest and buy today is never a lost because we can keep expecting bear henceforth and be seing bull, which means the market is totally unpredictable.
The longer it takes for the next bull run, the more time you have to buy it cheap. So don't wait any longer, just rejoice in how cheap you are buying it now. |
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DCA is good for those people who have enough disposable income that comes in regularly every week/month. But for a pleb like me, I need to pick good price levels where I could get the most of my limited capital. Plus read the news.
 TBH even a pleb who has been dollar cost averaging bitcoin is now in profit no matter when they first started DCA'ing as long as they maintain the frequency of purchase. I know the chart shows summary for daily DCA'ing but it still works well for weekly or monthly depending on plan. You should know what you can afford to invest in the next 12 months. Then divide that amount by the frequency you want to set (weekly, daily, whatever). Set automatic orders and that’s it. Why would I buy now if I know there's some probability that some macro-economic and geo-political events will crash ALL markets all over the world?
As long as the Federal Reserve is not turning on the money printer, economies and markets will eventually crash back down again.
As a bitcoin investor I believe you should be acquainted with the fact that the economic state of our country does not do us any good but rather make things difficult. Just take a look at current regulations and discussions in Europe regarding btc/internet. As long as people in power see bitcoin as a threat and deny progress, I don't think there will be major changes. Sure, they can't stop Bitcoin because there are lots of enthusiast like you and I, but they can make it a lot more uncomfortable for all of us. So, we should be focused and removed fear that might affect our strategies. |
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SIM swapping can happen when someone who works for your mobile service provider isn't well-trained or well-paid. This can lead to security issues sometimes.
The company that provides your SIM card should take responsibility because they are in charge of their employees. In the end, the company is more responsible than the individual employee, especially if the employee has to do shady things to make extra money outside of their job. This problem often occurs when someone loses their SIM card.
One way to prevent this is by setting a PIN for your SIM card on your phone. I do this, and it asks me for my PIN whenever I restart my phone. I think even a mobile service representative would need to know my PIN to access my SIM card. Does this protect against SIM swapping? I thought it did, but I'm not entirely sure.
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If you treat Bitcoin like a treasure worth holding, your mindset will significantly change. First, you will be more focused on accumulating more of it rather than bothering about the price. Indeed, it is very emotionally draining to be worried about Bitcoin price. From personal experience, one tend to look more on the price of Bitcoin when one is so curious about quick profits and not long term HODL. O
Bitcoin will always be like the special money for the internet. I'm impressed by how people are investing in it, but it's important not to buy it just because everyone's talking about it or because some die-hard Bitcoin Maxist say it's the only way to go without a well thought plan. The truth is, Bitcoin's value could keep going up forever, or it could crash to nothing. So, I've spread out my Bitcoin investments across different wallets to make sure I won't lose everything if it goes downhill. I'm thinking long-term, like decades. On the other hand, having a futuristic mindset with Bitcoin will eliminate this burden of looking at price always because the focus will be on how to accumulate certain quantity of Bitcoin by a certain year. This is where DCA comes in and am happy a lot of people are already applying same thereby eliminating some of the psychological burden that comes with buying Bitcoin without a well-thought out plan.
Here's the idea buddy, You hold onto your Bitcoin for as long as you can work and support yourself with your body. When you can't do that anymore, you use your Bitcoin savings to take care of yourself. That's why they say money is like energy. it's supposed to replace the energy your body can't give you when you're old. In the end, you'll have this digital asset that can't be taken away from you, and it won't lose its value because of one person. What you choose to do with your Bitcoin is up to you. You can give it to your kids or spend it when you're older. |
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It's quite simple and understandable. You can talk about Bitcoin in different ways, like calling it a currency or an asset. When you refer to Bitcoin as a currency, you should follow the usual currency format where the symbol comes before the amount, just like in most countries. This makes sense because it's what people are used to.
But when you're thinking of Bitcoin as an asset, the order of the symbol and the amount doesn't really matter. Personally, I wish Satoshi, the creator of Bitcoin, could give some guidance on this for clarity. However, this is just my opinion on how to use symbols when talking about Bitcoin. If I'm wrong or if there's a better way, please feel free to correct me.
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must say you're quite lucky and very attentive to details. Imagine if you weren't observant; you could have lost even more money. To be honest, I don't think the extension was the sole reason for this issue. Most extensions usually require authorization before they can run in your browser, like Chrome or others. I'd like to know, did you ever give authorization to the Google Sheets extension? Or are you suggesting that it gained permission without your consent? If it's the latter, it's clear that any extension that doesn't ask for your permission should be avoided, as it seems to be a scam extension. This is a serious matter, as I also have several extensions on my device, some of which I downloaded from websites I don't fully trust. I think I'll go back and check those extensions to be on the safe side.
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Making reckless decisions in the hope of getting rich quickly is essentially what greed is all about. Whether someone is poor or not doesn't really change this fact. Especially when they're not aiming to make money for essential needs, but rather to buy luxury items like a fancy car.
Anyone seeking overnight riches is mistaken, not just in this context but in general. Even if you invest early in Bitcoin, you might make a decent profit, say But to make huge or great profit, you usually need to wait for several years and hope that a market downturn doesn't wipe out your gains.
Greed often leads people to hold onto their bitcoin without cashing out any profits, and they might end up selling when the market is at its lowest, which is basically buying high and selling low. It's better to set realistic goals for your investments to avoid chasing unrealistic dreams.
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I wont be sentimental on this because getting rich is a choice and as well getting poor is a choice. You choose which one you want to be. This question is kind of tricky to me but il solve problems for everyone for everyone class in the country. Something that would benefit both the rich and the poor. Wealth and income aren't limitless, although the hope is that they can become larger in the future than they are right now.
Also, while rich people getting richer doesn't inherently harm the poor, that doesn't imply that there aren't ways the rich might get richer that do harm the poor, either intentionally or as a side-effect. I don't see inequality as a problem and at that even it is it affects both the poor and rich so why not solve problems for both.
Given that you don't seem to recognize inequality as an issue, I'm not sure whatever element of inequality speaks to you. According to what I've read in the responses thus far, inequality has been shown to hinder economic progress, exacerbate poverty, foster societal mistrust that can lead to the dissolution of social ties, and even threaten the democratic process itself. Even if they see some income growth, the poor nonetheless suffer from high inequality since it raises their cost of living. Luxury and useless products are frequently purchased by wealthy people in search of higher returns, which drives up prices particularly for things like housing, faster than the wages of the poorest. Do you disagree that high inequality creates these problems and makes it harder for the poor even while they obtain some part of growth? |
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OP I have read serially with deep understanding on what another member has responded about this topic. Because I was curious to see what they have to say and what they believe as an investor. Am not an expert but what am certain is that you can't call someone an investor when they haven't put capital on a particular thing either for long time with the sole aim of getting profit in return. Traders are also an investors since they invest money to Bitcoin before they trade it.
I get your perspective, buddy, but I don't fully agree. I wouldn't categorize traders as investors, instead, I'd call them gamblers. Trading involves predicting the price of an asset and quickly stake your money to make a profit. On the other hand, investment is about evaluating an asset's potential and putting your funds into it for better long-term returns. On the hand they have one thing in common which is they staking of your capital |
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We should understand that holding Bitcoin might not be suitable for everyone, especially if you're not financially stable. Your ability to hold Bitcoin largely depends on your source of income. For example, if you have only $100 worth of Bitcoin and you plan to hold it for a long time, you need to consider the market's high volatility. A 10% drop in Bitcoin's price could result in a loss of your funds.
If you're thinking about holding Bitcoin for an extended period, it's advisable to have at least 50% of one whole Bitcoin. This way, you'll be more confident in holding it for the long term. It's almost certain that the price of Bitcoin will increase over time, so if you have the funds, you can consider buying and holding. Luckily, the next Bitcoin halving is expected in 2024, which could be a favorable time to invest.
Always remember that any time can be a good time to buy Bitcoin, especially if your intention is to hold it for the long run.
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