nara1892
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November 21, 2023, 08:42:25 PM |
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Many people think that investing in bitcoins doesn't require much learning, yes investing in bitcoins doesn't require much learning, if there are some minimal ideas to invest.
As it was explain by @Jay on the previous messages above, so putting it on my own understanding, in as much as learning is important we can never compare learning and a beginners who has started investment and at the same time learning, so however in times of investment telling a beginner to focus more on learning could discourage him but however if they were able to start investment it make it more interesting and easier for them because they are seeing everything they need to know, so lets not allow learning clound our judgment in times of investing on bitcoin. However using my school days for instance, there are some practical courses we normally do and whenever our lecturers tries to explain it theoretically without practical it becomes difficult to understand but when he took us to the workshop things that we were feeling was difficult when he was explaining in the class became so easy more than even the way he was explaining it so in times of investment when a beginner learns from his investment it enhances his knowledge to easily understand what investment is all about. That makes sense, sometimes someone might think that all learning is the same, they might not see in terms of what learning is done whether it is theoretical only or together with practice, why? it is because in general the perspective of society in seeing learning is all good actions even though there are several factors that can actually affect whether or not they can understand what they are learning. And one of them is like what you discussed here, honestly I quite agree that indeed students together with real practice will definitely be easier to understand than we just sit in class and just listen to the teacher explain. Do you ever feel when you come home from school or college all the knowledge explained by your teacher/lecturer is lost in your head instantly/unconsciously? honestly in my opinion everyone who has been to school will definitely experience something like that, one reason that makes sense is because you don't see directly the physical form or just a picture of what you are learning, meaning you only use your ears to learn and don't use your sense of sight which basically it will help encourage your memory to be higher. So the point is learning is good in any way or method but in my opinion when you learn something together with practice of course it will make your memory even higher and indirectly it will be a real experience that is easy to remember while continuing to learn and carry out the best investment plan according to you. Overall, I honestly agree with your statements and suggestions for the problem of good learning methods, especially for beginners who are just getting involved in bitcoin accumulation, and yes in addition to having a good enough learning method and that can accelerate your understanding on the other hand, don't let you only be busy on one thing, because there are still other things that are no less important, such as good financial management, emotional management and control that is in yourself. We must remember that usually beginners are very prone to making mistakes, not all of them are ready to face unexpected things (losses), and it will greatly disturb the spirit and planning that they have formed from the beginning, which is why it is not uncommon for beginners to just give up when experiencing losses. Therefore I hope they have to consider everything before finally getting involved, don't let you only be ready for the profit opportunities but you also have to see that behind the profits there will always be a level of risk that can even exceed the percentage of profit, and from the beginning they must already understand all the possibilities that are very likely to occur in their accumulation journey. I think this needs to be emphasized more, because not everyone, especially beginners, is ready to face such conditions.
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Churchillvv
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November 21, 2023, 09:22:35 PM |
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~Snip~
Actually in as much as I will agree with you on the importance of learning but I will also have to disagree with you on the aspect you mentioned that investment on Bitcoin requires a lot of learning, on the contrary the little I understand from Bitcoin investment is that we don't need too much learning about Bitcoin before we could start investment but however is mostly required to have a basic knowledge about Bitcoin investment after then you can start investing. Because if serious learning was much involved most beginners would have find it difficult to invest, don't get me wrong because I'm not disputing the fact that learning is not important but the point I'm only trying to state is that Bitcoin doesn't involve much of learning, all you only need is just the basic then you are good to start. I agree with you that Bitcoin does not require much learning before one can start a Bitcoin investment. Once newbies have the basic knowledge of Bitcoin and also understand that Bitcoin is not a get-rich-quickly scheme, that it is a long-term hold for like 4-5 years before the real profit will come. I think when newbies know these basic things about Bitcoin, whenever they are ready to invest in Bitcoin they will use the money they will not need soon to invest in Bitcoin with the DCA strategy because they know Bitcoin is a long-term hodl. They can continue to learn about Bitcoin after they have made their investment in Bitcoin. It doesn't require much of learning as you said but the little learning as framed by you is quite deeper and wider that it seems. lol, you will only understand when you are already investing. The sentence/or statement that is in bold, is quite confusing or contradict what it is intended to hold, it should either be rephrased to give it's meaning or be clarified because if anyone understand that Bitcoin is not a get rich quick scheme rather a long-term holding investment they can get involved with the DCA method of accumulation if they can't afford to buy larger scale. Even what you consider as long term investment is quite not long enough as discussed in the earliest part of this thread, if you read through you will find out that it is more a good long-term investment when hold for a period of 10-20 years and above. ~Snip~
How can you be motivated to invest in Bitcoin if you don't know about Bitcoin investing? Don't you know that the more experienced you are with Bitcoin the more successful you are. Because you don't know what to do about Bitcoin? There are ideas. Because of course our education about bitcoin is very important because if I don't have knowledge about bitcoin then investment is definitely ricks. Only after knowing the information should we awaken our ability to take risks, and invest in Bitcoin to the best of our ability as we move forward into the future. So I definitely prioritize learning about Bitcoin and gaining knowledge about investing. From what I observed in this conversation the the misunderstanding between you and and the quoted @Fauderz is hanged around hitting the nail at the head, he/she in his/her definite understanding is trying not to dispute the fact that no knowledge is a waste rather learning and practicing is the real learning. permit me to say that your arguments here is kinda blind but you know what exactly you want to say but the skill of putting it in the right direction is what you lack here. when you made mention of the word (Experience) I believe you know the true meaning or you just use the word without a deep understanding of it, Cuz if you say experience you must put learning and practicing that makes up experience which is what the quoted was really implying but you either do not understand or do not want to understand either ways. For anyone to be well acquainted with the knowledge of Bitcoin and it's investment he/she must have put in to practice what has been learnt and this process is what brings experience or should I say it is the experience itself. so your conclusion that you prioritize learning about Bitcoin and gaining knowledge about investment is vague and not properly justified. the knowledge which you admire to gain in Bitcoin investment is majorly and/or solely dependant on practicing which is absolutely investing and leaning at the same time.
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Odusko
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 21, 2023, 10:25:29 PM |
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Many people think that investing in bitcoins doesn't require much learning, yes investing in bitcoins doesn't require much learning, if there are some minimal ideas to invest.
As it was explain by @Jay on the previous messages above, so putting it on my own understanding, in as much as learning is important we can never compare learning and a beginners who has started investment and at the same time learning, so however in times of investment telling a beginner to focus more on learning could discourage him but however if they were able to start investment it make it more interesting and easier for them because they are seeing everything they need to know, so lets not allow learning clound our judgment in times of investing on bitcoin. However using my school days for instance, there are some practical courses we normally do and whenever our lecturers tries to explain it theoretically without practical it becomes difficult to understand but when he took us to the workshop things that we were feeling was difficult when he was explaining in the class became so easy more than even the way he was explaining it so in times of investment when a beginner learns from his investment it enhances his knowledge to easily understand what investment is all about. Overall, I honestly agree with your statements and suggestions for the problem of good learning methods, especially for beginners who are just getting involved in bitcoin accumulation, and yes in addition to having a good enough learning method and that can accelerate your understanding on the other hand, don't let you only be busy on one thing, because there are still other things that are no less important, such as good financial management, emotional management and control that is in yourself. We must remember that usually beginners are very prone to making mistakes, not all of them are ready to face unexpected things (losses), and it will greatly disturb the spirit and planning that they have formed from the beginning, which is why it is not uncommon for beginners to just give up when experiencing losses. Therefore I hope they have to consider everything before finally getting involved, don't let you only be ready for the profit opportunities but you also have to see that behind the profits there will always be a level of risk that can even exceed the percentage of profit, and from the beginning they must already understand all the possibilities that are very likely to occur in their accumulation journey. I think this needs to be emphasized more, because not everyone, especially beginners, is ready to face such conditions. Bitcoin investment should be taken as a journey, the same way we take our studies as a journey, to become a professional in your field you need to build knowledge and experience, and through that knowledge and experience you will be able to make the right choices and decisions as you journey ahead in your career, same goes with investment and any form of business, the best way to go about starting up anything that involves risk, is by first of all knowing the nature and risk of what you are venturing into. Bitcoin is one of those investment that before you can be well grounded to make the right decision, you must first of all have adequate knowledge about Bitcoin, it market cycles and how volatility have it hold on the assets, all this you need to put into consideration before you make any decisions as to either buy the DIP and Hodle or make a break, hold back and have a reflections on the price deciding to either wait and keep holding your already starched Bitcoin or accumulate some more. This aspect of market analysis is most important to avoid jumping in at the wrong time and also limiting your amount of waiting time for the price of Bitcoin to at least come close to what you have desired it to be a safe price benchmark for your Bitcoin holdings.
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Makus
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November 21, 2023, 11:20:05 PM Merited by fillippone (1) |
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After investing, one can continue to learn more, but this should not impact the fundamental thing that each investor does in the long run. hodl for a long time and sell at a later profit after the bull run.
I would hate to imply that anyone should be thinking about selling all of their bitcoin, because then the just get into fucking around with trading and trying to figure out when to get back in if the goal is to continue to hold bitcoin but just to buy more cheaper... and so if you end up being 5-20x in profits then why would it matter so much if you trim off 10% of your holdings at 5x or 20x.. or maybe you figure out some way of managing your holdings so you never really end up selling all of it, even if there might be some periods in which you might choose to sell larger portions, such as 30% of your holdings (which if you are greatly in profits might constitute several times the amount that you initially invested).. so why sell it all, unless you are planning to die soon? if you do sell it all, then where are you going to put it that would be better than being in bitcoin? I haven't kept my eyes off this discussion, no matter the fact that I am not always here to discuss, but I read every line of each comments on this discussion. However, it is a good thing not to sell all the holding in the wallet. Selling the whole BTC in the wallet is not a good one. Moreover, what is the essence of holding the BTC when the investor still sells them all at last? Although the investor might have gotten some profits, it is still better not to sell all the BTC in the wallet. If an investor sells 50% or 70% of the BTC in his or her Bitcoin wallet, I don't think that there will still be enough Bitcoin that will suit the investor (no matter the achievements he might have gotten). I think the other aspects of Bitcoin are to pass over to the next generation, mostly those that are aged. So, even if an investor wants to die and the investor already knows, then there is no need to sell all the BTC he or she has, but it will be good if the investor passes it on to his or her child that already knows what Bitcoin is all about, even if it is a little knowledge that the child has. I don't actually think selling all of your bitcoin is a good idea, even if the initial idea was to accumulate and then use the money to buy or settle some things its still not worth the risk of selling all of your bitcoin, but rather I stand with the opinion that say, pass bitcoin to the next generation. Maybe before our grand children will start using using bitcoin, the price has already gone up to some millions in dollar, and you still retaining up to half a bitcoin would be considered a wise grand PA who used his wisdom during his time. But failure to retain some BTC is just like a salary earner whom after receiving his pay, he enters into a gambling casino and spend all his money before arriving home. Yes, its as worse as using gambler to compare one who sells all his bitcoin without retaining some for the next generation before he/she dies. Talking about selling of bitcoin, next year we would be experiencing the halving event and this is not the right time for any one to think about selling, even if his intention is to sell after the bull run then wait for the dip before buying again, how sure are you that after selling your coins that wouldn't be the least amount the price of bitcoin would fall to? So I not in support of the idea to even sell and buy again because you might be experiencing some loses if it happens just as I have stated.
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Mayor of ogba
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November 21, 2023, 11:57:35 PM Last edit: November 22, 2023, 07:39:51 AM by Mayor of ogba |
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Actually in as much as I will agree with you on the importance of learning but I will also have to disagree with you on the aspect you mentioned that investment on Bitcoin requires a lot of learning, on the contrary the little I understand from Bitcoin investment is that we don't need too much learning about Bitcoin before we could start investment but however is mostly required to have a basic knowledge about Bitcoin investment after then you can start investing.
Because if serious learning was much involved most beginners would have find it difficult to invest, don't get me wrong because I'm not disputing the fact that learning is not important but the point I'm only trying to state is that Bitcoin doesn't involve much of learning, all you only need is just the basic then you are good to start.
I agree with you that Bitcoin does not require much learning before one can start a Bitcoin investment. Once newbies have the basic knowledge of Bitcoin and also understand that Bitcoin is not a get-rich-quickly scheme, that it is a long-term hold for like 4-5 years before the real profit will come. I think when newbies know these basic things about Bitcoin, whenever they are ready to invest in Bitcoin they will use the money they will not need soon to invest in Bitcoin with the DCA strategy because they know Bitcoin is a long-term hodl. They can continue to learn about Bitcoin after they have made their investment in Bitcoin. Even what you consider as long term investment is quite not long enough as discussed in the earliest part of this thread, if you read through you will find out that it is more a good long-term investment when hold for a period of 10-20 years and above.
Mate, that is why I said that after newbies have started their journey in Bitcoin investment when they have gained the basic knowledge of Bitcoin they should continue learning about Bitcoin to have a better knowledge of Bitcoin and be able to figure out how long they will hodl their Bitcoin. A newbie that does not have a good knowledge of Bitcoin can not hodl his Bitcoin for up to 10-20 years because once he/she sees a little profit from his Bitcoin investment he/she might be tempted to sell his Bitcoin holding without knowing that the longer you hodl your Bitcoin the more you see a bigger profit from you Bitcoin investment.
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Agbamoni
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 22, 2023, 04:59:49 AM |
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Actually you have said it all because for a beginners to have develop passion on investing on bitcoin is when he is being shown the practical aspects of the learning as such that if his normal intentions is for accumulating using $10 on a weekly basis but however since he is still getting use to the basis of bitcoin he could start with $5 weekly accumulation at least to get use to the bitcoin investment then later he can continue with his normal amounts he intend to use in his accumulation.
So perhaps if a beginners is investing, it could help enhance or encourage him the more in times of learning about bitcoin and investment instead of going through all the learning without really knowing or seeing what investment is all about perhaps the beginner may be discouraged on the process because in times of investment is always wise to be learning as you are investing because that would be your propelling factor or motivation
Investing in Bitcoin fulfills many hopes of an investor. I wanted to share this topic but it was not shared but today I feel that I should share this. A few days ago a member created a topic in the Bitcoin Discussion section and he headlined his topic Paid for my wedding by investing in Bitcoin. The member probably invested in Bitcoin when it was worth $25K and after $37k he sold his investment and paid for his entire wedding with the money he made from his investment in a short period of time. When the member invested $25K he didn't even know that he would be able to pay for his wedding with his investment profits. But the member did not fix his marriage on the basis of his investment profit but his marriage might have been fixed and he might have managed the money for his wedding expenses in some other way. But she/he invested and she made a profit from her investment and paid for her wedding with a portion of the profit, where she did not need to manage money in any other way. In conclusion, the investment in Bitcoin fulfilled a small dream of his, if he was not married at that time, the member might have held his investment for a longer period of time in the hope of profit, and if he had held his investment for a longer period, his profit might have been more. One of the factors that determines an investor is determination, Goals and commitments, so however as an investor who saw a great potential on bitcoin or a particular investment and you decided to invest on the bitcoin, perhaps you should be committed and have a determination that no matter the circumstances you will stick to your investment and use other source of income to settle those needs while allowing your investment to grow. Actually I'm not disputing his decision on selling off his bitcoin to marry his wife but on the contrary he has no determination as an investor because after spending all his bitcoin on the wedding he will be left with know option but to start all over again and maybe the bitcoin price may have gone up that he will find it difficult to buy again. Perhaps as an investor what he should have done is to adjust the wedding so that he could workout the money from other source instead of selling his bitcoin, I'm saying this because I'm a business man and trust me I can never close my business to pay for my wedding because what if after selling closing your business and after the wedding you have no money to feed your wife what will become your faith. Perhaps there is a saying that he who fails to plan, plans to fail. Thats good statement. The wedding can wait for more years and proper planning should be made toward it. It's hard to believe that people will jeopardize their plans for the future by selling off their Bitcoin for a one-day event. If we look at it again the persona here was clearly into Bitcoin for the short term. Because am certain that someone investing in Bitcoin for decades/long term should behave differently from someone investing with the intention to pay for a wedding event in a year or two from now. The fact that he has to sell his Bitcoin for a wedding means he had some improper planning. Someone is planning for a wedding should have gotten a wedding fund account, which means whenever he receives his income he can allocate some money into the account, in a more preferrable manner he could decide to reduce the percentage of money he allocates for Bitcoin and emergency fund and set saving goals based on the budget for his wedding. The main idea is to invest the amount of money you know you can afford to lose, so you won't have to sell your Bitcoin. If a person ends up selling his/her Bitcoin because of a life invent even if sometimes life can be unfair, it indicates that they have invested more than they were comfortable risking.
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Hatchy
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November 22, 2023, 06:12:10 AM Merited by JayJuanGee (1) |
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The main idea is to invest the amount of money you know you can afford to lose, so you won't have to sell your Bitcoin. If a person ends up selling his/her Bitcoin because of a life invent even if sometimes life can be unfair, it indicates that they have invested more than they were comfortable risking.
I don't believe he invested more than he was comfortable risking. It's evident he wasn't aiming for long-term profit, and his lack of a well-thought-out investment strategy likely led to selling off his Bitcoins. For those looking to invest in Bitcoin, it's crucial to plan and diversify investments wisely, allocating an amount not needed in the short term. While it's understandable to sell some Bitcoins for emergencies, it's advisable to establish a separate savings fund for unforeseen circumstances during the investment period. Effectively dividing your income based on monthly expenses is essential.
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Rabata
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November 22, 2023, 06:27:31 AM Merited by JayJuanGee (1) |
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Thats good statement. The wedding can wait for more years and proper planning should be made toward it. It's hard to believe that people will jeopardize their plans for the future by selling off their Bitcoin for a one-day event. If we look at it again the persona here was clearly into Bitcoin for the short term. Because am certain that someone investing in Bitcoin for decades/long term should behave differently from someone investing with the intention to pay for a wedding event in a year or two from now. The fact that he has to sell his Bitcoin for a wedding means he had some improper planning. Someone is planning for a wedding should have gotten a wedding fund account, which means whenever he receives his income he can allocate some money into the account, in a more preferrable manner he could decide to reduce the percentage of money he allocates for Bitcoin and emergency fund and set saving goals based on the budget for his wedding.
The main idea is to invest the amount of money you know you can afford to lose, so you won't have to sell your Bitcoin. If a person ends up selling his/her Bitcoin because of a life invent even if sometimes life can be unfair, it indicates that they have invested more than they were comfortable risking.
The most important thing here is an investor's plan. If I make a visionary plan with Bitcoin, I must think of Bitcoin. I know everyone has their own thoughts but those who can apply those thoughts correctly will get a better reward in the future. Marriage is important for every person but the cost depends on the person. If he is not financially sound then he should have taken the time to think about how he will carry out his program while holding on to the bitcoins. We often say that we need to plan for the long term with Bitcoin but not all of us can hold Bitcoin for the long term. Moreover, the mistake we often make is that the money we can lose should be invested in bitcoin. The money should not be invested which cannot be held for a specified period of time. We all have a positive opinion about Bitcoin but if we don't invest in it without plan then we will have more chances of loss than profit.
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Litzki1990
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You seem not to understand were market analysis is being used, so however when you talk about investor to understand the market analysis, you are indirectly moving away from your major point of view because there is no relationship between investment on bitcoin on holding and being able to understand the market analysis before investing, so it seem a bit contracting from what you are saying.
But however weather professional or not investment on bitcoin doesn't require any analysis or perhaps you were referring to traders because they are the only ones that need market analysis but for for us we are focusing only on holding and not analysis.
Since an investor is investing in a long-term plan, he does not need to analyze much about the Bitcoin market before investing because he can see such changes in the market almost after investing. As trading is done in short term plan so before trading a trader should analyze the market but if investing in long term plan an investor does not need so much to analyze the market. Bitcoin market is now between $35000 to $37000, investing $35000 for a long term plan will not affect an investor's investment as much as $37000 will not affect an investor's investment much. Although long-term investing does not require market analysis, an investor needs to have sufficient patience. We have to make our minds in such a way that we can easily take the general changes in the market. After investing in a long term plan, if the market goes from $37,000 to $30,000 even then we should not get excited because if we wait for a few days or so, we will see that the market has returned to normal levels. Holding Bitcoin for the long term is one of the great virtues of an investor, meaning that investing in money can usually be done by anyone, but not everyone can hold on to that investment for the long term. If we can't hold our investment for long then we should look at those who have invested more than us and who are investing more than us and holding for longer. Because if we follow them, we may be encouraged to hold our investment for a long time. It may be challenging for a new investor to hold his investment for a long time but if he can accept the challenge and hold for a long time then he will not have any problem in holding his investment later on.
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| | . Duelbits | │ | | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | █████ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ █████ | ██████████████████████████████████████████████████████ . PLAY NOW . ██████████████████████████████████████████████████████ | █████ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ ██ █████ | |
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Mayor of ogba
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November 22, 2023, 08:14:51 AM Merited by JayJuanGee (2) |
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The main idea is to invest the amount of money you know you can afford to lose, so you won't have to sell your Bitcoin. If a person ends up selling his/her Bitcoin because of a life invent even if sometimes life can be unfair, it indicates that they have invested more than they were comfortable risking.
I don't believe he invested more than he was comfortable risking. It's evident he wasn't aiming for long-term profit, and his lack of a well-thought-out investment strategy likely led to selling off his Bitcoins. For those looking to invest in Bitcoin, it's crucial to plan and diversify investments wisely, allocating an amount not needed in the short term. While it's understandable to sell some Bitcoins for emergencies, it's advisable to establish a separate savings fund for unforeseen circumstances during the investment period. Effectively dividing your income based on monthly expenses is essential. Even due someone is investing in Bitcoin for the short term or the long term, it is advisable the person should have a source of income so that he/she will not rely on selling his Bitcoin holding to solve his life challenges. Fomo can also make someone to sell his Bitcoin holdings because he/she invested in Bitcoin to get some profit in an estimated time but when the profit doesn't come and the price of Bitcoin dips, that person might be forced to sell off his Bitcoin even at a loss.
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Odohu
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November 22, 2023, 08:31:46 AM Merited by JayJuanGee (1) |
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However, it is a good thing not to sell all the holding in the wallet. Selling the whole BTC in the wallet is not a good one. Moreover, what is the essence of holding the BTC when the investor still sells them all at last? Although the investor might have gotten some profits, it is still better not to sell all the BTC in the wallet.
Those that sell their entire Bitcoin are those who do not make provision for emergency fund that @JayJuanGee spent quality time to explain. Without making provision for funds that will support you when things you don't plan for happens, the last resort will always be your assets and considering Bircoin is easier and faster to sell than other forms of investment, it is usually the victim of such situation. Indeed, it is never a good practice to invest in Bitcoin without planning well on how to hold it for long and part of that planning involves setting aside this emergency funds. I think the other aspects of Bitcoin are to pass over to the next generation, mostly those that are aged. So, even if an investor wants to die and the investor already knows, then there is no need to sell all the BTC he or she has, but it will be good if the investor passes it on to his or her child that already knows what Bitcoin is all about, even if it is a little knowledge that the child has.
This aspect was a hot topic in one of the thread and the discussion there shows that it is not everyone that is invested in Bitcoin that is thinking in that direction. Some that are, have not figured out how to achieve it. While many suggestions have been given, I think every one involved in Bitcoin must put that into consideration. Other forms of physical investments are easier to transfer to heirs unlike Bitcoin that requires some level of secrecy.
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Riginac111
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November 22, 2023, 12:38:59 PM |
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You seem not to understand were market analysis is being used, so however when you talk about investor to understand the market analysis, you are indirectly moving away from your major point of view because there is no relationship between investment on bitcoin on holding and being able to understand the market analysis before investing, so it seem a bit contracting from what you are saying.
But however weather professional or not investment on bitcoin doesn't require any analysis or perhaps you were referring to traders because they are the only ones that need market analysis but for for us we are focusing only on holding and not analysis.
Since an investor is investing in a long-term plan, he does not need to analyze much about the Bitcoin market before investing because he can see such changes in the market almost after investing. As trading is done in short term plan so before trading a trader should analyze the market but if investing in long term plan an investor does not need so much to analyze the market. Bitcoin market is now between $35000 to $37000, investing $35000 for a long term plan will not affect an investor's investment as much as $37000 will not affect an investor's investment much. Although long-term investing does not require market analysis, an investor needs to have sufficient patience. We have to make our minds in such a way that we can easily take the general changes in the market. After investing in a long term plan, if the market goes from $37,000 to $30,000 even then we should not get excited because if we wait for a few days or so, we will see that the market has returned to normal levels. Holding Bitcoin for the long term is one of the great virtues of an investor, meaning that investing in money can usually be done by anyone, but not everyone can hold on to that investment for the long term. If we can't hold our investment for long then we should look at those who have invested more than us and who are investing more than us and holding for longer. Because if we follow them, we may be encouraged to hold our investment for a long time. It may be challenging for a new investor to hold his investment for a long time but if he can accept the challenge and hold for a long time then he will not have any problem in holding his investment later on. Do you know that benefits of investment is when you invest when bitcoin price is low and you will be expecting to make profit when it goes higher, that is why most people do invest whenever the price of the market is dip, you can't expect an investor to invest when the market is all over showing green or the market is fluctuating, their is some certain things we are suppose to know or understand for this investment. Neither you are investing long-term or short-term investing at most you have to make sure you have know the strategies of investment before you invest, currently the price of bitcoin is between thirty seven thousand and thirty six thousand [37-36k] so if you are investing with this price ratio or range I don't think that you need to bother yourself much since is a long-term investment. But for the fact is long-term investment I don't think you have much problem but the process is a short term, I will tell you to watch well before you invest because what gives profit for bitcoin investment is when you buy when it's dip and sell when it's High, so short term investment can not give you anything good.
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Ruttoshi
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November 22, 2023, 12:49:21 PM Last edit: November 22, 2023, 03:02:57 PM by Ruttoshi |
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it market cycles and how volatility have it hold on the assets, all this you need to put into consideration before you make any decisions as to either buy the DIP and Hodle or make a break, hold back and have a reflections on the price deciding to either wait and keep holding your already starched Bitcoin or accumulate some more. This aspect of market analysis is most important to avoid jumping in at the wrong time and also limiting your amount of waiting time for the price of Bitcoin to at least come close to what you have desired it to be a safe price benchmark for your Bitcoin holdings.
A beginner that has the intentions to invest in a long term bitcoin investment don't need to know about market analysis because that is not important for him. All he needs to know is the amount that he can use from his income that wouldn't be a barrier for him not to be able to invest in a long term. If he has sorted that out, then start his bitcoin journey with regular DCA with maybe 10% or 5% based on his cash inflow. What matters is his commitment to grow his investment by buying every week or monthly to increase the size of his investment. DCA strategy don't need any focus on the market because your are buying frequently irrespective of the price of bitcoin at that moment. Discipline, patients and commitment towards his bitcoin target is important than much knowledge because as he is on the ride in his bitcoin journey he will learn through experience and he will also learn other aspect that he is interested in. Regular DCA limits the risk in bitcoin investment and a newbie is good to get started with regular DCA. While it's understandable to sell some Bitcoins for emergencies.
This is a wrong investment strategy on long term goal bitcoin investors because that investor has failed to plan properly, and he has invested aggressively which has made him to be short of funds. For one to be able to achieve his long term goal, he must have funds in reserve for any emergency that will occur in the long run and he must also set aside funds for his monthly expenses so that he doesn't go back to sell the bitcoin that he bought. Selling some fraction of your bitcoin due to emergency, will distract you and delay you to achieve you bitcoin target. What if bitcoin price dips below your entry point, it means that you will sell at loss which makes it unethical and not advisable. Only use the money that wouldn't affect your income so that you don't end up selling your bitcoin due to tension and at the wrong time.
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Roseline492
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November 22, 2023, 01:23:57 PM |
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The main idea is to invest the amount of money you know you can afford to lose, so you won't have to sell your Bitcoin. If a person ends up selling his/her Bitcoin because of a life invent even if sometimes life can be unfair, it indicates that they have invested more than they were comfortable risking.
I don't believe he invested more than he was comfortable risking. It's evident he wasn't aiming for long-term profit, and his lack of a well-thought-out investment strategy likely led to selling off his Bitcoins. For those looking to invest in Bitcoin, it's crucial to plan and diversify investments wisely, allocating an amount not needed in the short term. While it's understandable to sell some Bitcoins for emergencies, it's advisable to establish a separate savings fund for unforeseen circumstances during the investment period. Effectively dividing your income based on monthly expenses is essential. I think you are getting it all wrong because there is know way he would no that investing on bitcoin within some certain months will be able to yield profit for him, when we know that in times of bitcoin nothing is certain for a short time considering the volatility or how the price can just maintain a certain level for longer period of time, just like what the price did earlier this year by maintaining a certain zone for months, so if I may ask, if truly his investment was just targeted for a short time and it happens that bitcoin drops instead of increasing would he be able to sell it?. So perhaps i think his plan was for long time investment but however considering what the profit has turn out, he decided to channel it on his wedding, which is not investment wise.
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Aanuoluwatofunmi
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November 22, 2023, 02:22:57 PM |
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Even due someone is investing in Bitcoin for the short term or the long term, it is advisable the person should have a source of income so that he/she will not rely on selling his Bitcoin holding to solve his life challenges. Fomo can also make someone to sell his Bitcoin holdings because he/she invested in Bitcoin to get some profit in an estimated time but when the profit doesn't come and the price of Bitcoin dips, that person might be forced to sell off his Bitcoin even at a loss.
You're right, some Invested in bitcoin as their one and only last means for financial breakthrough and all minds are on it, what we should have done is to make sure that bitcoin Investment is not the only thing we do, we have to create time and efforts on other assets to complement each other because bitcoin may not be as this always on the bullish and we may needed to sell while the market is unfavourable at dip all because we are in need of money to carter for other things in demands.
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rachael9385
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November 22, 2023, 03:30:58 PM Last edit: November 22, 2023, 03:49:48 PM by rachael9385 Merited by JayJuanGee (1) |
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However, it is a good thing not to sell all the holding in the wallet. Selling the whole BTC in the wallet is not a good one. Moreover, what is the essence of holding the BTC when the investor still sells them all at last? Although the investor might have gotten some profits, it is still better not to sell all the BTC in the wallet.
Those that sell their entire Bitcoin are those who do not make provision for emergency fund that @JayJuanGee spent quality time to explain. Without making provision for funds that will support you when things you don't plan for happens, the last resort will always be your assets and considering Bircoin is easier and faster to sell than other forms of investment, it is usually the victim of such situation. Indeed, it is never a good practice to invest in Bitcoin without planning well on how to hold it for long and part of that planning involves setting aside this emergency funds. As we already know, the major thing is not to invest in Bitcoin, but can you hodl for long and secure your seed phrases. However, one of the things that can make one secure his or her seed phrase is only if he or she can hold for a long term (but not only that). Talking about not selling off all the coins in the wallet, although it is not a good endeavor and I don't buy such ideas. Holding Bitcoin is good and that is one of the things that will make an investor profit from the investment. Selling off all the coins in the wallet is just another way of short-term holding or being scared to invest again (will I say it is Bitcoin retirement? ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) No it is not). I think the other aspects of Bitcoin are to pass over to the next generation, mostly those that are aged. So, even if an investor wants to die and the investor already knows, then there is no need to sell all the BTC he or she has, but it will be good if the investor passes it on to his or her child that already knows what Bitcoin is all about, even if it is a little knowledge that the child has.
This aspect was a hot topic in one of the thread and the discussion there shows that it is not everyone that is invested in Bitcoin that is thinking in that direction. Some that are, have not figured out how to achieve it. While many suggestions have been given, I think every one involved in Bitcoin must put that into consideration. Other forms of physical investments are easier to transfer to heirs unlike Bitcoin that requires some level of secrecy. Passing the knowledge of Bitcoin or some of your Bitcoin to a family member who already has little knowledge about Bitcoin is a good idea because Bitcoin is already for everyone, but people must accept it by acquiring the knowledge of Bitcoin, but if it is given to someone that doesn't know the importance of Bitcoin, then it will be misused. You seem not to understand were market analysis is being used, so however when you talk about investor to understand the market analysis, you are indirectly moving away from your major point of view because there is no relationship between investment on bitcoin on holding and being able to understand the market analysis before investing, so it seem a bit contracting from what you are saying.
But however weather professional or not investment on bitcoin doesn't require any analysis or perhaps you were referring to traders because they are the only ones that need market analysis but for for us we are focusing only on holding and not analysis.
Since an investor is investing in a long-term plan, he does not need to analyze much about the Bitcoin market before investing because he can see such changes in the market almost after investing. As trading is done in short term plan so before trading a trader should analyze the market but if investing in long term plan an investor does not need so much to analyze the market. Bitcoin market is now between $35000 to $37000, investing $35000 for a long term plan will not affect an investor's investment as much as $37000 will not affect an investor's investment much. Although long-term investing does not require market analysis, an investor needs to have sufficient patience. We have to make our minds in such a way that we can easily take the general changes in the market. After investing in a long term plan, if the market goes from $37,000 to $30,000 even then we should not get excited because if we wait for a few days or so, we will see that the market has returned to normal levels. Holding Bitcoin for the long term is one of the great virtues of an investor, meaning that investing in money can usually be done by anyone, but not everyone can hold on to that investment for the long term. If we can't hold our investment for long then we should look at those who have invested more than us and who are investing more than us and holding for longer. Because if we follow them, we may be encouraged to hold our investment for a long time. It may be challenging for a new investor to hold his investment for a long time but if he can accept the challenge and hold for a long time then he will not have any problem in holding his investment later on. Do you know that benefits of investment is when you invest when bitcoin price is low and you will be expecting to make profit when it goes higher, that is why most people do invest whenever the price of the market is dip, you can't expect an investor to invest when the market is all over showing green or the market is fluctuating, their is some certain things we are suppose to know or understand for this investment. Neither you are investing long-term or short-term investing at most you have to make sure you have know the strategies of investment before you invest, currently the price of bitcoin is between thirty seven thousand and thirty six thousand [37-36k] so if you are investing with this price ratio or range I don't think that you need to bother yourself much since is a long-term investment. But for the fact is long-term investment I don't think you have much problem but the process is a short term, I will tell you to watch well before you invest because what gives profit for bitcoin investment is when you buy when it's dip and sell when it's High, so short term investment can not give you anything good. I am pretty sure that it is not only by buying at the dip before one can make a profit, waiting for the dip might make you not to think about investing at all, because if the price of Bitcoin continues to increase, one might think that it is too late (even nowadays, many people are thinking that it is too late for them to invest as Bitcoin is already at $36k±). You would not even know the right time for the dip. You might be right, but I don't accept it that way. Imagine if you have the money to buy Bitcoin, but you are still waiting for the price to dip, and letter it didn't dip, then after using the money you have for something else, then the price dipped. With my little time in the Bitcoin world, it is good not to wait for the dip, but as long as you have the money to buy Bitcoin, just click on the buy button and don't wait, the money in your hand can be tempting to use for something else most times. The long term hodl is good for profits because on that process of holding you will have to accumulate enough btc, one of the things that can make a long-term investor achieve what he or she wants only if they don't put selling in their mind. With that, they can hold for long and still accumulate Bitcoin. If one is able to reduce his or her expenses and constantly buy $50 or $100 worth of BTC every weekend for 3 years, that means the process of achieving a whole BTC during the halving season might be somehow sure.
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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November 22, 2023, 04:55:55 PM |
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[edited out]
Thats good statement. The wedding can wait for more years and proper planning should be made toward it. It's hard to believe that people will jeopardize their plans for the future by selling off their Bitcoin for a one-day event. If we look at it again the persona here was clearly into Bitcoin for the short term. Because am certain that someone investing in Bitcoin for decades/long term should behave differently from someone investing with the intention to pay for a wedding event in a year or two from now. The fact that he has to sell his Bitcoin for a wedding means he had some improper planning. Someone is planning for a wedding should have gotten a wedding fund account, which means whenever he receives his income he can allocate some money into the account, in a more preferrable manner he could decide to reduce the percentage of money he allocates for Bitcoin and emergency fund and set saving goals based on the budget for his wedding. The main idea is to invest the amount of money you know you can afford to lose, so you won't have to sell your Bitcoin. If a person ends up selling his/her Bitcoin because of a life invent even if sometimes life can be unfair, it indicates that they have invested more than they were comfortable risking. I do keep having a dilemma about the wedding example, and there are likely ways to attempt to accomplish both short term and also long term, and maybe there was a time in which a guy might have had been investing in bitcoin, but also trying to figure out what to do with saving for a wedding.. and so there could be ways to dedicate part of the funds to each, rather than selling all of the bitcoin.. so some is long term and some is short term.. so there would be kind of like overinvesting in bitcoin, but at the same time, we likely realize that whenever we bet on short term BTC price moves, then we are trading and/or gambling rather than long term investing.. so then questions might revolve around how to apportion such matters and whether that kind of discussion is really related to topics in this thread. Sure the longer term portion of the investment would likely be carried out with the same kinds of ideas of this thread with setting targets and also considering the balancing of lump sum investing, DCA and buying on dip. .and also HODL whether in the periods of going up or going down and running out of money. Surely one of the disadvantages of pulling money out of any longer term investment is losing out on the compounding effects.. but if some of the money had been put in on purpose as a kind of overinvestment, then maybe the portion related to the overinvestment could be pulled out. Maybe if we try to go over an example that might show how someone might attempt to accomplish such overinvestment and front loading and then be able to pull out the overinvested portion. For example, let's say that someone had been in bitcoin for the last 4 years, and they had been investing $100 per week, so then there current investment portfolio would be around $21k invested and around 1.13 BTC.. which is not really any kind of bad place to be, but if such person put some extra into BTC around 1 year ago and maybe ended up buying an extra 0.4 BTC for around $9k (so that would be an average price of a bit more than $22k per BTC for those 0.4BTC), then surely when that portion of the BTC went up to $37k, it could have had been cashed out for around $15k.. so about a $6k profit.... so that could possibly help to supplement a wedding or pay for most of the wedding with the principle plus the profits. and maybe there are some cases in which the $6k profits could pay for most if not all of the wedding costs without necessarily drawing from the long term BTC stash... .and whether it is realistic or not might be another story, but there could be situations in which someone might have some kind of a separate wedding fund that they put into bitcoin (which may or may not be considered gambling based on how they do it.. because if the BTC price moves against them, would they still end up cashing out or would they let the situation ride and either get the wedding funds from another source or postpone the wedding?)... there are a variety of ways to deal with the whole situation without necessarily violating some of the notions that many of us have about BTC being mostly a long term investment rather than something that you fuck around with in the short term.. but at the same time, why should any of us either be so strict or haters upon people who might be playing the possibility of UP (and then be ready to cash out of UP if it ends up happening).. while at the same time attempting to have some contingency plans that might not necessarily involve selling any BTC if UP happens to not end up playing out? Don't get me wrong. I am not suggesting that anyone should be lightly getting into overinvestment scenarios, but I also don't find them to be completely repulsive as long as you have adequately prepared for the price moving against you.. that does not involve selling the thing that you invested into in the first place (which is BTC in this case. and what we are talking about in this thread)... so when (or if) the price does end up moving against you, you likely end up losing in several ways: 1) by not gaining from BTC price moving up, 2) the value of your whole bitcoin holdings (and likely networth) ended up going down 3) you have to scramble to get funds from other areas and perhaps depleting or severely restricting those funds.. but don't make the situation worse by having 4) selling your BTC, even though that may well be what you end up wanting to do.. and maybe you should have plans in place that you are actually buying more BTC when the price is moving against you. even though you are losing in those other various ways too... which might be another cost that you have to account for being able to buy more BTC if the price goes down even though you are otherwise getting poorer in several ways as the BTC price is going down and sometimes it ends up going down BIGGEDly and staying down for a long time, when you had been expecting it to go up. The main idea is to invest the amount of money you know you can afford to lose, so you won't have to sell your Bitcoin. If a person ends up selling his/her Bitcoin because of a life invent even if sometimes life can be unfair, it indicates that they have invested more than they were comfortable risking.
I don't believe he invested more than he was comfortable risking. It's evident he wasn't aiming for long-term profit, and his lack of a well-thought-out investment strategy likely led to selling off his Bitcoins. For those looking to invest in Bitcoin, it's crucial to plan and diversify investments wisely, allocating an amount not needed in the short term. While it's understandable to sell some Bitcoins for emergencies, it's advisable to establish a separate savings fund for unforeseen circumstances during the investment period. Effectively dividing your income based on monthly expenses is essential. Even due someone is investing in Bitcoin for the short term or the long term, it is advisable the person should have a source of income so that he/she will not rely on selling his Bitcoin holding to solve his life challenges. Fomo can also make someone to sell his Bitcoin holdings because he/she invested in Bitcoin to get some profit in an estimated time but when the profit doesn't come and the price of Bitcoin dips, that person might be forced to sell off his Bitcoin even at a loss. This is the place where a person should attempt to have a contingency plan so that s/he does not have to sell his/her bitcoin. There are ways to play on UP but also don't play it so hard that you don't have a contingency plan, and even if you might end up losing or not profiting if UP does not end up happening, you are not necessarily damaged as badly as having to sell your BTC at a loss... It is not an easy balance, I admit, but it also likely shows that those people who are not able to develop and have in place sufficiently strong contingency plans, then they likely should not be investing as much as they are into bitcoin.. so each of us should ONLY be overinvesting if we are fairly certain that our contingency plan is going to play out and the contingency plan is not that we have to sell our bitcoin. Even due someone is investing in Bitcoin for the short term or the long term, it is advisable the person should have a source of income so that he/she will not rely on selling his Bitcoin holding to solve his life challenges. Fomo can also make someone to sell his Bitcoin holdings because he/she invested in Bitcoin to get some profit in an estimated time but when the profit doesn't come and the price of Bitcoin dips, that person might be forced to sell off his Bitcoin even at a loss.
You're right, some Invested in bitcoin as their one and only last means for financial breakthrough and all minds are on it, what we should have done is to make sure that bitcoin Investment is not the only thing we do, we have to create time and efforts on other assets to complement each other because bitcoin may not be as this always on the bullish and we may needed to sell while the market is unfavourable at dip all because we are in need of money to carter for other things in demands. If we are talking about beginner investors, then you are likely not correct Aanuoluwatofunmi. A beginner investor will likely start out with at least having some kind of a dollars (fiat) savings and so even if the ONLY investment that he has is bitcoin, he would likely be able to balance those initial times in regards to his dollars. So as time goes on there may be some justifications in diversification, but that could take several years to build up to a point in which diversification is even needed to be considered.. especially for a beginner. I think that we should presume that we are talking about beginners, and then work our way up to the more complicated and sophisticated situations, and actually the more complicated and sophisticated situations are going to account for their other investments when they are deciding whether to get into bitcoin and then presuming they decide to get into bitcoin then they decide how much they want to get into bitcoin and what will end up being their allocation into bitcoin as compared with their other investments and then how are they going to get to their target levels, which even target levels could be a bit of a moving target even if the non-beginner is still in fairly early stages of building the total values of his/her investment portfolio, so if the goal might be to get to $2 million in 30 years, and s/he is 5 years into building an investment portfolio, but the investment portfolio is still around 20% less than 1 year's salary (which maybe we might consider to be around $50k per year). But if we get back to the newbie, then such newbie might not be needing to consider diversification until s/he gets to 30% to 50% of his/her annual salary (or whatever other threshold in which s/he might believe that diversification might be some kind of a potential concern) If the beginner is very aggressive and already investing 30% of his/her annual income per year, then that person might be in a better place to diversify as compared with the more typical investor who might be struggling to get to any place more than 10% per year, and even with 10% per year invested into bitcoin or anything else, it would take 10 years to get up to a full year's salary having had been invested into the asset(s). If one is able to reduce his or her expenses and constantly buy $50 or $100 worth of BTC every weekend for 3 years, that means the process of achieving a whole BTC during the halving season might be somehow sure.
That's a pretty BIG assumption rachael9385.. If you had invested $250 per week into bitcoin over the last three years, you would have invested close to $40k and you would have had gotten nearly 1.4 BTC (currently worth about $51k.. not a bad place to be). I get the sense that such opportunities to reach a whole BTC in three years with $250 per week has likely passed, but you might be able to get to 1 whole BTC over 10 years if you invest $200 per week. If you are ONLY investing $100 per week into bitcoin, it may well take you 15-20 years and maybe you might never be able to reach a whole bitcoin at that $100 per week rate of investment into BTC... not that you will need a whole BTC 20-40 years down the road in order to still potentially have a lot of advantages from BTC, even if a whole BTC might not be fuck you status in some places in the next 20-30 years (I am revising my fuck you status chart to be more conservative and it appears that a western level fuck you status for 1 BTC might not be reached until 2060.. which maybe I am being overly conservative).
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1) Self-Custody is a right. There is no such thing as "non-custodial" or "un-hosted." 2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized. 3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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Dr.Bitcoin_Strange
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November 22, 2023, 07:12:31 PM Merited by JayJuanGee (1) |
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Actually in this situation I think it is optional. We do need to learn about what bitcoin is and how to invest in bitcoin but we don't need to learn too much about investment theory if we really want to start because in the end this kind of theory will only make you struggle in learning but not dare to try. I do not deny that learning is something very important but you should also try to directly practice what you learn because after all we can also still learn by doing so that the theory we learn is directly in the form of action in practice so that you know that what you learn is true or not.
How can you be motivated to invest in Bitcoin if you don't know about Bitcoin investing? Don't you know that the more experienced you are with Bitcoin the more successful you are. Because you don't know what to do about Bitcoin? There are ideas. Because of course our education about bitcoin is very important because if I don't have knowledge about bitcoin then investment is definitely ricks. Only after knowing the information should we awaken our ability to take risks, and invest in Bitcoin to the best of our ability as we move forward into the future. So I definitely prioritize learning about Bitcoin and gaining knowledge about investing. I think @Fauderz is not denying the fact that learning about Bitcoin before investing is bad, but what he means is that you don't actually need to spend a very long time learning about Bitcoin before you can invest in it. For example, if you want to get a B.Sc. degree in any course, it might take you to keep studying and writing exams for up to 3 or 4 years, but when you want to invest in Bitcoin, you don't need to stay up learning for like four years before you can invest. You can hear just a few characteristics of Bitcoin, and you may just be convinced to invest the fiat money you have been holding for years in Bitcoin because you know that you will keep holding the money for more years. If you invest in Bitcoin, you know that normally you can hold it for the next bull market, and you will not need any prophet to convince you so much at that moment. So, while you have invested and are holding your asset, you can keep learning about Bitcoin. That's the point.
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salad daging
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 22, 2023, 07:33:17 PM |
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Even due someone is investing in Bitcoin for the short term or the long term, it is advisable the person should have a source of income so that he/she will not rely on selling his Bitcoin holding to solve his life challenges. Fomo can also make someone to sell his Bitcoin holdings because he/she invested in Bitcoin to get some profit in an estimated time but when the profit doesn't come and the price of Bitcoin dips, that person might be forced to sell off his Bitcoin even at a loss.
If a person invests in BTC while they themselves do not have a source of income, their investment path will not reach their destination or be long term. Life is full of challenges so a source of income is important if you only rely on investment alone then it will not be profitable while we know the price of bitcoin will not directly increase in a short time of course this requires a long time process so in addition you invest then on the one hand a source of income must exist to fulfill your life. People who have invested while there is no source of income then undoubtedly the ownership will not be long will definitely sell in the middle of the road whether it is because of the needs of life, or fomo, it could be because the price dropped and sold it for fear of loss. But with you there is already a source of income at least there is no pressure on your bitcoin ownership, so this can still survive to hold BTC.
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Roseline492
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
November 22, 2023, 10:14:10 PM |
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Even due someone is investing in Bitcoin for the short term or the long term, it is advisable the person should have a source of income so that he/she will not rely on selling his Bitcoin holding to solve his life challenges. Fomo can also make someone to sell his Bitcoin holdings because he/she invested in Bitcoin to get some profit in an estimated time but when the profit doesn't come and the price of Bitcoin dips, that person might be forced to sell off his Bitcoin even at a loss.
You're right, some Invested in bitcoin as their one and only last means for financial breakthrough and all minds are on it, what we should have done is to make sure that bitcoin Investment is not the only thing we do, we have to create time and efforts on other assets to complement each other because bitcoin may not be as this always on the bullish and we may needed to sell while the market is unfavourable at dip all because we are in need of money to carter for other things in demands. Actually there is a saying that putting all your eggs in one basket is a very risky one because if anything should happen to the basket all the eggs are gone, so relating it to what you are saying, however you are correct because as an investor or a business man is never an ideal to have only one single investment because if anything should happen to it, you will be hit back starting from square one. So as a bitcoin investor in as much as bitcoin is one of the best and reliable investment I will not encourage someone to have only one source because we know it takes a longer time before seeing a profits on your bitcoin investment since you are holding. So perhaps having other source of income will serve as an appetizer that will take care of your daily needs while your bitcoin investment is up and running.
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