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Author Topic: How you start a particular journey matters a lot.  (Read 203 times)
Rockstarguy
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December 15, 2023, 09:30:06 AM
 #21


I have attended a lot of business seminars and one of the key advice we receive most of the time is not to start up a business with borrowed money as it will put us under unnecessary pressure and the outcome doesn't always end up well and although selling an asset to start up a business or in this context, buying of bitcoin isn't directly borrowing, but it goes a long way to show how unprepared you are, venturing into that business.
Borrowing money to start up bitcoin investment is not a good idea because of howvthe market is unpredicted,  borrowing money for bitcoin can leave one with a regrettable mistakes the market can't give you profit  exactly when you want it, and expecting and been so desperate to make profit from the market can make someone to be very emotional.

Bitcoin investment is something of preparation and it can be easy when their is available and steady of source of income,  investing bitcoin with no source of income can make the investment to be a failed investment.  When their is source of income you don't need to depend on your investment for profit, you will be able to have patience to wait when ever the market value increases to give profits.

R


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December 15, 2023, 09:58:12 AM
 #22

I've read so many threads where people assert that they sold or intend to sell an asset just because they want to invest in Bitcoin, while this might present the person as someone who believes so much in Bitcoin and even went to the extent of selling an asset just to invest into it, is it the right thing to do?

Despite being one of the most valuable assets in the world, selling other properties to invest in bitcoin is not the wisest course of action. We should not ignore the risks involved, even if we all know it has a great potential to increase in value over time. Even cryptocurrency experts will advise us not to invest money that we cannot afford to lose, since selling property to invest in bitcoin already indicates that you are investing money that you cannot afford to lose.

And I guess this is the reason why a lot of people can't hold their bitcoin for a while before selling it off in times of minor challenges.
Indeed, I don't think someone who can sell a property to purchase bitcoin can hold onto it for very long because they would likely sell it the moment they encountered a small financial setback. These individuals can't hold onto it for a long time especially when the price is declining, they will panic and sell off their investment because they invested what they don't want to lose.

R


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lovesmayfamilis
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December 15, 2023, 11:13:54 AM
 #23

As you can see already on the second page, opinions differ. This means that everything depends on the position of the person himself. Someone, who is more at risk, will always insist on his idea, will take a loan, and will probably be able to pay it back since the idea is a success. But some people will not go out of their comfort zone and will prefer to have what they have to avoid further losses. This means that those who want more must not only be experienced and confident in their ideas but also to some extent courageous to do it now. They always say that “it’s better to do it and regret it, don’t try it and regret it.”
But we must understand that the advice here should not be specific to a specific person, since we all have different lives, and they are always different from the lives of others.

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December 16, 2023, 07:25:31 AM
Merited by $weetne$$ (3), fillippone (1)
 #24

I think there is risk in every investments or every journey as if their is no risk how do you measure your success, definitely there should be risk involved so first we need to understand the risk management control.
In terms of selling off properties to buy Bitcoin, this can be seen from different perspectives.

Firstly it depends on the worth and usefulness of that property. There are properties which are worth selling off to use the money to invest as those properties stands as liabilities to the owner, so it is best to sell them and use the money in doing something better.

Secondly can be when you are financially stable and you plan to get a new property and sell off the old one, this money gotten from selling the old property is worth investing in Bitcoin. For example a car is always a liability and what is the essence of having two card when only one will be in function, the car will stay there and begin to develop fault so selling and investing the money Is a better option

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