I do not need permission to spend my money even if it is for a risky investment.
This is why I will always have a huge % of my portfolio in bitcoin.
Bitcoin is the only money/asset/currency/whateverthatis that is truly mine. No politican, no judge, no law, no woman, no dictator, nobody can transfer without my consent (or my keys).
do not have to pay comissions or ask for authorization to transfer it. If I die my heir can take it freely.
This is why I will always have it. This is why it is valuable to só many peopIe
Bitcoin already changed the world.
I think that is the biggest things for me when I was going through my panic. Something which gives the freedom to transfer as much as you want without any one else interfering is something that will always be valued and that is why I am confident Bitcoin will continue to be valued in the future.
Wow man, that sure is exciting! But you need to relax and just think about the long term. Yes you might have just bought at this years bottom (I believe so personally) but shit might happen and there might be a 6 month bear market. But just be patient.
In the end, BTC will either go to zero or it will be a great success. If the latter, you will be rich. Absolutely rich.
Also, sad to hear about your buying experience. That also depends on your country and on the bank. For me personally things are very different. I live in the NL and I have a crypto friendly bank. I lent money from them twice, once a commercial loan in 2014 and then a second mortgage in 2020 to buy BTC, and both times they agreed it was a good idea. I have never had any troubles whatsoever sending or receiving money from exchanges. I don't know what amounts we are talking about here, but in my case car-amounts, not house-amounts.
Its easier to say to relax than to do it. I nearly backed out of this a couple of times but I can confirm most of my panic is gone. I do have a lot of nerves still and I have found myself looking at the news about Bitcoin more closely then before which has not been healthy, It has not been 24 hours yet and I have had multiple news induced panics. I had a big think about this before doing it and I planned on doing it before the recent crash in price which I am not sure how my mental health would have survived after just depositing all that money into Bitcoin but I think I might have bought at the exact right time. I cannot see Bitcoin dipping like it has recently again.
I am not rich by any measure but percentage wise I am all in but the emergency funds I mentioned. It was big enough for the bank to have a problem with I do not know if this was because it was cryptocurrency from a well known exchange or if it was because of the amount maybe both? The guy on the phone was concerned I did not understand the risks of cryptocurrency more then he was worried about the amount. I would ask who your Bitcoin friendly bank is but I do not think I will be needing them anymore.
This is great to read. Congratulations on making the greatest financial decision, perhaps of your life to-date. As others have said, don't get panicked by dramatic price movements (either up or down). Perhaps put a significant amount of your BTC into cold storage so you're not tempted to panic sell at any point. And remember that nobody who has held BTC for at least four years has ever seen the value of their holdings go down in fiat terms. Well done, go spread the word (EDIT - to clarify: spread the word about the superiority of BTC, but probably keep to yourself the fact that you own BTC, for now).
Thank you for that great advise I have most of it on a hardware wallet atm but I might think about putting some in a air gapped wallet and keep a 50/50 split between the two just because I am a little nervous about messing up and losing it. I am confident in my security but when you invest completely in you start to doubt whether you are secure enough. I will be spreading the word most of my family know I am invested in Bitcoin but they do not know I am invested all of my money into it I will not be sharing that information.
I appreciate your description, but seems that you would have already established a decently sized bitcoin investment over the past 7+ years that you have been a forum member, no?
When I got into bitcoin in late 2013, I largely front-loaded DCA'ed for a year, and then at some point towards the end of 2014, I had contemplated cashing a portion of my 401k into bitcoin, and that would have largely doubled my BTC investment at that point.. and also brought down my average cost per BTC quite a bit.
After I considered the matter for about one or two weeks, I decided NOT to go through with such a large transfer of value into BTC, and part of my rationale was that I concluded that I had already established a pretty damned large amount of exposure to BTC - including considering that in relation to my various fiat related investments (which would have also included my 401k)..
I don't regret my decision.. even though I could have doubled the size of my BTC stash at that time because I made such decision based on my sense of my total situation and the information that I had in front of me at that time.
Of course, I have a lot of posts on this forum, so in some sense, members can see various ways that my ideas about bitcoin have changed over the year, and largely it seems to me that bitcoin is quite a bit of a better investment these days than it was in either late 2013 or late 2014.. even though we have had a whole hell of a lot of BTC price appreciation between late 2014 and present... so in that regard, whether you doubled your BTC stash or you increased it by some other amount - even 10% or 20%, there is some value in going through a process of considering the totality of your own financial circumstances. which surely would include considering your cashflow, your other investments, your view of bitcoin as compared with other possible investments, your timeline, your risk tolerance and your skills, time and abilities to learn along the way and to tweak your strategies along the way which may also include considering reallocating from time to time, trading and/or the use of financial instruments (including margin), and for me, I have never really been a big advocate of any kinds of gambling techniques, so I am frequently concerned about making any moves that are on the relatively BIGGER side of things.
Hopefully things go well for you, and I hope that your investment timeline for this additional injection is at least 4-10 years, and in that regard, I would have more confidence in the whole situation rather than if you might have been considering the possibility of turning much if any of your additional investment in less than 4 years.
Yes I have been invested in Bitcoin for years but I have sold at times and missed out on the bull runs a couple of times. The main thing for me was changing circumstances in my personal life which led me to think f*ck it and go all in. I was sick of saving up money and then the adjustment of cost of living taking the benefit of saving up all these years paying into a pension which is not going to benefit me much because of the inflation of fiat. I came into Bitcoin thinking I could make a little but I never expected to be investing all of my savings into it. My opinion of Bitcoin like yours has changed over the years I was very excited about Bitcoin at 1st but over the years I have become less interested but I needed a waking up to reignite that passion and clarity that Bitcoin is special and could be the reason why I am not working at 75 years old because my pension is shit and inflation has f*cked me.
I hope to keep this investment in for at least 5 years I took my age into count and I have a number which I would take half out. I think I will look to keep a % of my wealth in Bitcoin at all times and only withdraw from it when I need to because I have seen how inflation is destroying my wealth in anything except Bitcoin.
I do not know if I have made the right decision yet and I guess I wont know that until I keep the investment for 5 years or I hit my target before then. I have been a slave all my life looking to make as much money as possible working overtime regularly so I will have a comfortable life when I am no longer able to work and my children will have a good start in life but the recent inflation and taxes because of covid and the adjustment to cost of living has proven I was living a pipe dream and the only way I will be able to provide for the future is if I take more risks.
I had a small amount of Bitcoin anyway but I would have had to hope for Bitcoin to hit a very price to become comfortable in later life. That is why I wanted to invest a large amount and hopefully bring that target price of Bitcoin down to a more realistic level. We are no where near yet but I hope in 5 years we will be or close.
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