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stead.builders
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May 23, 2024, 03:14:43 PM |
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It is very important to make sure we have a good amount of money for emergencies before going into Bitcoin investment (especially when you are planning for the long term).
I will say that you do not need to establish your emergency fund prior to getting started in investing into bitcoin - especially if you are investing for the long term. With that, we can successfully invest in Bitcoin without selling any part of it just because we want to solve some kind of emergency issues. On Bitcoin investment there are some challenges an investor faces. The things there are, when you are not properly prepared for the long term investment, you can't afford to continue investing because you are not yet ready, and what makes you ready for investment is how much you are paid as salary and how much you already kept for emergency cases. Even if you are already investing before knowing this, you might not end well because there are things you failed to do/understand, and those things are:
*Making sure you have a good amount separately for emergency cases
*Knowing the best method you can use for your investment plans.
*Having good knowledge about the kind of investment you are in so that you will be able to strategize the kind of methods you can use for the investment.
I believe with these 3 points one can successfully know what and what's needed before investing in Bitcoin.
That information is good, but you do not need to establish all of that prior to getting started in bitcoin. You can simultaneously get started in bitcoin and get the stuff you listed into place. So you are wrong in terms of suggesting needs to establish those things prior to starting your investment into bitcoin. Well, it's quite funny how many people rush to invest in Bitcoin because they believe that we are in bull season, so they are expecting to accumulate Bitcoin before then. We all know fully well that it doesn't work that way, investment is a due process thing, and you will need to get knowledge from knowledgeable people or do your own research into it before you start investing. We don't have to rush into Bitcoin because we want to make profits so quickly.
Wrong. The error or an overwhelming number of most people is not getting started. First thing. Get started..do stuff.. and even if it is just $10 investment to start.. At least at that point you are started. Yeah you can work out the details later, and yeah you should be thinking 4-10 years or longer, so if you are planning on some kind of short-term then that is likely erroneous, so there are people with wrong mindsets, but that still does not necessarily mean that they should not get started, especially if they understand the foundation of investing into bitcoin as being 4-10 years or longer. Besides, one can not accumulate 1 Bitcoin if one's getting just $300 a month (that's impossible), so as Bitcoin investment is an asset, it's good to maintain the due process instead of rushing to invest, then you still end up making mistakes that are unforgettable.
Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. You need basic knowledge about bitcoin so that it will guide your bitcoin investment to success. If you invest in bitcoin without having any knowledge about it, you will not know that you are supposed to make provisions for reserve funds for at least three months that will help you solve your unforeseen problems in the future. And you should also have the knowledge that bitcoin is not a quick-to-get-rich thing so that you will know when it is suitable for you to start your bitcoin investment. Also, you should know how to protect your bitcoin wallet private key from people so that you will not lose your bitcoin and also know how to keep it safe.
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Hallroom
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May 23, 2024, 03:21:16 PM |
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It is very important to make sure we have a good amount of money for emergencies before going into Bitcoin investment (especially when you are planning for the long term).
I will say that you do not need to establish your emergency fund prior to getting started in investing into bitcoin - especially if you are investing for the long term. With that, we can successfully invest in Bitcoin without selling any part of it just because we want to solve some kind of emergency issues. On Bitcoin investment there are some challenges an investor faces. The things there are, when you are not properly prepared for the long term investment, you can't afford to continue investing because you are not yet ready, and what makes you ready for investment is how much you are paid as salary and how much you already kept for emergency cases. Even if you are already investing before knowing this, you might not end well because there are things you failed to do/understand, and those things are:
*Making sure you have a good amount separately for emergency cases
*Knowing the best method you can use for your investment plans.
*Having good knowledge about the kind of investment you are in so that you will be able to strategize the kind of methods you can use for the investment.
I believe with these 3 points one can successfully know what and what's needed before investing in Bitcoin.
That information is good, but you do not need to establish all of that prior to getting started in bitcoin. You can simultaneously get started in bitcoin and get the stuff you listed into place. So you are wrong in terms of suggesting needs to establish those things prior to starting your investment into bitcoin. Well, it's quite funny how many people rush to invest in Bitcoin because they believe that we are in bull season, so they are expecting to accumulate Bitcoin before then. We all know fully well that it doesn't work that way, investment is a due process thing, and you will need to get knowledge from knowledgeable people or do your own research into it before you start investing. We don't have to rush into Bitcoin because we want to make profits so quickly.
Wrong. The error or an overwhelming number of most people is not getting started. First thing. Get started..do stuff.. and even if it is just $10 investment to start.. At least at that point you are started. Yeah you can work out the details later, and yeah you should be thinking 4-10 years or longer, so if you are planning on some kind of short-term then that is likely erroneous, so there are people with wrong mindsets, but that still does not necessarily mean that they should not get started, especially if they understand the foundation of investing into bitcoin as being 4-10 years or longer. Besides, one can not accumulate 1 Bitcoin if one's getting just $300 a month (that's impossible), so as Bitcoin investment is an asset, it's good to maintain the due process instead of rushing to invest, then you still end up making mistakes that are unforgettable.
Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. You need basic knowledge about bitcoin so that it will guide your bitcoin investment to success. If you invest in bitcoin without having any knowledge about it, you will not know that you are supposed to make provisions for reserve funds for at least three months that will help you solve your unforeseen problems in the future. And you should also have the knowledge that bitcoin is not a quick-to-get-rich thing so that you will know when it is suitable for you to start your bitcoin investment. Also, you should know how to protect your bitcoin wallet private key from people so that you will not lose your bitcoin and also know how to keep it safe. This is the first level of knowledge as a Bitcoin holder, because if the wallet can hold its private key correctly, the holding will be vulnerable to hacking at any time. Wallet passwords are therefore very important, but holders in particular need to strengthen their plans more quickly. Hence any danger can actually protect their investment by their plan.
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Uhwuchukwu53
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★Bitvest.io★ Play Plinko or Invest
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May 23, 2024, 03:27:47 PM |
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It is very important to make sure we have a good amount of money for emergencies before going into Bitcoin investment (especially when you are planning for the long term).
I will say that you do not need to establish your emergency fund prior to getting started in investing into bitcoin - especially if you are investing for the long term. With that, we can successfully invest in Bitcoin without selling any part of it just because we want to solve some kind of emergency issues. On Bitcoin investment there are some challenges an investor faces. The things there are, when you are not properly prepared for the long term investment, you can't afford to continue investing because you are not yet ready, and what makes you ready for investment is how much you are paid as salary and how much you already kept for emergency cases. Even if you are already investing before knowing this, you might not end well because there are things you failed to do/understand, and those things are:
*Making sure you have a good amount separately for emergency cases
*Knowing the best method you can use for your investment plans.
*Having good knowledge about the kind of investment you are in so that you will be able to strategize the kind of methods you can use for the investment.
I believe with these 3 points one can successfully know what and what's needed before investing in Bitcoin.
That information is good, but you do not need to establish all of that prior to getting started in bitcoin. You can simultaneously get started in bitcoin and get the stuff you listed into place. So you are wrong in terms of suggesting needs to establish those things prior to starting your investment into bitcoin. Well, it's quite funny how many people rush to invest in Bitcoin because they believe that we are in bull season, so they are expecting to accumulate Bitcoin before then. We all know fully well that it doesn't work that way, investment is a due process thing, and you will need to get knowledge from knowledgeable people or do your own research into it before you start investing. We don't have to rush into Bitcoin because we want to make profits so quickly.
Wrong. The error or an overwhelming number of most people is not getting started. First thing. Get started..do stuff.. and even if it is just $10 investment to start.. At least at that point you are started. Yeah you can work out the details later, and yeah you should be thinking 4-10 years or longer, so if you are planning on some kind of short-term then that is likely erroneous, so there are people with wrong mindsets, but that still does not necessarily mean that they should not get started, especially if they understand the foundation of investing into bitcoin as being 4-10 years or longer. Besides, one can not accumulate 1 Bitcoin if one's getting just $300 a month (that's impossible), so as Bitcoin investment is an asset, it's good to maintain the due process instead of rushing to invest, then you still end up making mistakes that are unforgettable.
Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. You need basic knowledge about bitcoin so that it will guide your bitcoin investment to success. If you invest in bitcoin without having any knowledge about it, you will not know that you are supposed to make provisions for reserve funds for at least three months that will help you solve your unforeseen problems in the future. And you should also have the knowledge that bitcoin is not a quick-to-get-rich thing so that you will know when it is suitable for you to start your bitcoin investment. Also, you should know how to protect your bitcoin wallet private key from people so that you will not lose your bitcoin and also know how to keep it safe. That is why this thread is enhancing the people knowledge on how investment on Bitcoin is meant to be mostly the aspect of DCA Long term holding good knowledge help alot to safeguard investor for those provisions, such as emergency, reserve fund even also suggest one should engage in other such of income to be more of balance when challenges come to avoid anything that leads to easy tempering of the investment. Through this thread my eyes opened to know that one don't need jump into investment on btc unprepared one need certain planing and good sharing formula on how to keep the investment running by making certain provisions of reserve fund,and emergency as most challenges of man may be unforseen circumstances.
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Bravut
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May 23, 2024, 03:30:17 PM |
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They will only get confused if they don't fully understand what they are trying to learn. But if they could able to have focus on certain things that need to take care first like learning on how to execute well the DCA method then after they learn that they jump on technical aspects on bitcoin movement then for sure everything will be aligned according to the efforts and planned they do.
going into learning the technical aspect of Bitcoin isn't necessarily for most newbies to be honest, as someone that's not all that old in the system I understand how deficult it was when I tried doing all the self study because I needed to get all things figured out before even starting but along the line I got to know that it's better to just start with a simple amount and then look for what's happening in the system and then do your analysis from there should you use a bigger amount. What I mean is this, instead of telling a newbie to get all too complex about knowing everything about the price movement of Bitcoin before investing, what happens if he starts investing with an amount that's as small as $10? As his DCA amount while he follows up the process and grows in his mental knowledge while still investing. If you don't find a comfortable point to start before getting all the complex knowledge, there is no possibility that you will eventually start at all cause it might get to a point where investing into Bitcoin might seems too complex for you and quiting might look like the only available option. Till now, I don't really stress myself about the Bitcoin chat that relates the past movement of Bitcoin price with what's obtainable at this moment. I only have to know that Bitcoin has grown over the years from almost a zero value spot to what it currently his at this moment and that it has a higher potential of doing better than it currently his at the moment at that's just the basics I need. maybe other important issues that relates to my security, the best wallet to use and other important concepts can come with these but I must not necessarily know everything before eventually starting. If they don't fully understand bitcoin and how it move due to market volatility then maybe they should not jump on the idea that its time for them to invest since they are so very raw and they need to learn more first since they have huge chance to get affected for certain unexpected movement which it can affect their decision making.
the only condition that will possibly make the person to get bothered about what you call an unexpected movement should be if the person is HODling for the short term or investing into an altcoin or meme coin. If the person is fully investing into Bitcoin with long term plan, what you call unexpected event which to me is same as saying "bearish seasons" are added advantage that can help the fellow to accumulate a good chunk of Bitcoin at that time. Yeah, it's necessary they understand that Bitcoin is a volatile asset and that by that, there might be occasional correction that comes while they HODL but those kind of information makes more sense when the person's already have some quantity of Bitcoin in his portfolio. The best thing I feel every newbie that's ready to invest into Bitcoin should be made to know is that they shouldn't invest into Bitcoin for the purpose of seeing returns immediately. As long as they have accepted to go with you for at least a period of 4 years without talking about the need to take out there asset, then you don't have a course for alarm regarding any kind of issues that comes along the way. Well said. Seeking much information at times can be misleading, what I prioritize is, all newbie should have knowledge about money management and what investing in an asset really is especially Bitcoin Market, choosing a strategy that they can abide by with a plan, you're set to go. As you said, having a long term view of the market and holding for at least one cycle 4-10 years this won't only help in the accumulation journey but also helping them see how far they went with there plan, strategy and challenges face with a new alternative to improve on the situation. The market is unique with opportunities everyday.
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wmaurik
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May 23, 2024, 03:37:44 PM Merited by JayJuanGee (1) |
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Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount...
Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. You need basic knowledge about bitcoin so that it will guide your bitcoin investment to success. If you invest in bitcoin without having any knowledge about it, you will not know that you are supposed to make provisions for reserve funds for at least three months that will help you solve your unforeseen problems in the future. And you should also have the knowledge that bitcoin is not a quick-to-get-rich thing so that you will know when it is suitable for you to start your bitcoin investment. Also, you should know how to protect your bitcoin wallet private key from people so that you will not lose your bitcoin and also know how to keep it safe. What I'm wondering is who you are suggesting this to, because I don't think @JayJuanGee knows about it, and neither does @rachael9385. I am quite sure that these two people must already know very well about Bitcoin and are also very solid in their knowledge of Bitcoin so that it will not be so difficult for them to make an investment in Bitcoin because they definitely know how to use funds for Bitcoin. Moreover, if the reserve funds you are referring to can only be relied on for three months, at least it will not be enough for investors who have the aim of long-term investment in Bitcoin. Because for an investor who has a strong desire to be able to invest in Bitcoin, he will definitely look for a way to do this without interfering with his own activities in life. Because this difficulty usually occurs for those who are lazy and don't want to look for ways to invest in Bitcoin or for those who still don't believe in Bitcoin at this time and forever.
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Samlucky O
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May 23, 2024, 03:42:23 PM |
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Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Hmm, I get the point now.
Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. Exactly now you get the point.... it will be very stupid to wait and learn when the price of What you're learning keeps appreciating day by day. You wouldn't even say such word of being stupid to learn when the price of bitcoin is appreciating. Despite anything there is surely a need to learn before investing in bitcoin, just that you will only need to quick up the process by not over learning and not taken a bold step. There is a different between fast and slow learning process, some people may be fast to learn and start investing, but some people are dem too lazy to learn even the simplest thing, and may lost a reasonable amount why trying to invest. so in as much as we are trying to invest in bitcoin, we should start investing at the appropriate time when our brain is set to understand properly, hence no time is too late to invest because you might even delay to learn and Invest when the market is dip and you be advantaged over the early people that invested before you. so what am saying in essence is that investment shouldn't be in a hurry but should be done when a person is mentally and physically matured and knowledgeable and also stand a chance to bear the risk and HODL for a longer time. and also having a regular inflow of cash in his reserved, otherwise they might make a silly mistake and see bitcoin as being scam Once you're determined then the investment should started ASAP without any further delay and the best strategy beginners could use without even knowing anything about bitcoin is the DCA strategy , its simple and straightforward ... Besides, learning to me is a continuous process which might even take forever so waiting to learn before investing when you think you know it all :
Yes learning is a continuous process that we will get to know more as time goes on down to infinity, but I still maintain my stand that we shouldn't over look the beginning, because the beginning is the most difficult part of a new journey. Your positive and negative feelings is developed from the beginning. Some people who didn't do well in bitcoin investment was as a result of not well knowledgeable about bitcoin and what bitcoin entails, they rushed to invest Thinking it's a get rich quick scheme and after they invested and it didn't work that way they God disappointed and start looking for cheap shitcoin hoping for greater return as a form of short wealth expecially the newbies. So they need to be thought properly so that they will not rush in and rush out so quickly and see bitcoin as a slow way of achieving there goal.
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Troytech
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May 23, 2024, 03:43:29 PM |
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"Buying the dip and HODLing Bitcoins" is a popular strategy, but with inherent challenges. The difficulty lies in identifying the right dip – a temporary price drop before a rebound. While technical analysis can offer clues, the cryptocurrency market's volatility makes perfect timing nearly impossible. However, consistently buying smaller amounts (dollar-cost averaging) can smooth out price fluctuations. Additionally, Bitcoin's limited supply and potential as a borderless digital asset make it attractive as an inflation hedge. While its price swings can be dramatic, some believe its long-term trajectory could outpace inflation, offering a potential store of value. So keep buying Bitcoins and HODL as long as you possibly can! ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.ibb.co%2FThTc3b8%2Fv2-Bitcoin-Talk.png&t=665&c=ra1I0FSE_0BYfA) Welcome to the thread but I think you started off from a wrong foot, 95% of us knows this already and what you should have done is introduced yourself and tell us If you have already started accumulating bitcoin or not, the most important thing right now is not really about how much you know but how much Bitcoin you have accumulated and how long you have been in. Anyway your right about buying if it's used as an only strategy, but it can be used as a supplementary strategy to take advantage to accumulate more bitcoin so you and really have to wait for dips is your are using the DCA method.
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Sim_card
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May 23, 2024, 03:50:35 PM Merited by JayJuanGee (1) |
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They will only get confused if they don't fully understand what they are trying to learn. But if they could able to have focus on certain things that need to take care first like learning on how to execute well the DCA method then after they learn that they jump on technical aspects on bitcoin movement then for sure everything will be aligned according to the efforts and planned they do.
going into learning the technical aspect of Bitcoin isn't necessarily for most newbies to be honest, as someone that's not all that old in the system I understand how deficult it was when I tried doing all the self study because I needed to get all things figured out before even starting but along the line I got to know that it's better to just start with a simple amount and then look for what's happening in the system and then do your analysis from there should you use a bigger amount. What I mean is this, instead of telling a newbie to get all too complex about knowing everything about the price movement of Bitcoin before investing, what happens if he starts investing with an amount that's as small as $10? As his DCA amount while he follows up the process and grows in his mental knowledge while still investing. If you don't find a comfortable point to start before getting all the complex knowledge, there is no possibility that you will eventually start at all cause it might get to a point where investing into Bitcoin might seems too complex for you and quiting might look like the only available option. Till now, I don't really stress myself about the Bitcoin chat that relates the past movement of Bitcoin price with what's obtainable at this moment. I only have to know that Bitcoin has grown over the years from almost a zero value spot to what it currently his at this moment and that it has a higher potential of doing better than it currently his at the moment at that's just the basics I need. maybe other important issues that relates to my security, the best wallet to use and other important concepts can come with these but I must not necessarily know everything before eventually starting. If they don't fully understand bitcoin and how it move due to market volatility then maybe they should not jump on the idea that its time for them to invest since they are so very raw and they need to learn more first since they have huge chance to get affected for certain unexpected movement which it can affect their decision making.
the only condition that will possibly make the person to get bothered about what you call an unexpected movement should be if the person is HODling for the short term or investing into an altcoin or meme coin. If the person is fully investing into Bitcoin with long term plan, what you call unexpected event which to me is same as saying "bearish seasons" are added advantage that can help the fellow to accumulate a good chunk of Bitcoin at that time. Yeah, it's necessary they understand that Bitcoin is a volatile asset and that by that, there might be occasional correction that comes while they HODL but those kind of information makes more sense when the person's already have some quantity of Bitcoin in his portfolio. The best thing I feel every newbie that's ready to invest into Bitcoin should be made to know is that they shouldn't invest into Bitcoin for the purpose of seeing returns immediately. As long as they have accepted to go with you for at least a period of 4 years without talking about the need to take out there asset, then you don't have a course for alarm regarding any kind of issues that comes along the way. Well said. Seeking much information at times can be misleading, what I prioritize is, all newbie should have knowledge about money management and what investing in an asset really is especially Bitcoin Market, choosing a strategy that they can abide by with a plan, you're set to go. As you said, having a long term view of the market and holding for at least one cycle 4-10 years this won't only help in the accumulation journey but also helping them see how far they went with there plan, strategy and challenges face with a new alternative to improve on the situation. The market is unique with opportunities everyday. A newbie does not need to know much on bitcoin before he can invest, if not he will waste his time learning and learning instead of getting started immediately. I believe that one of the basic knowledge of bitcoin is that you should invest in long-term only your discretionary income and should know the type of wallet that he needs to use to store his bitcoin which is a cold storage open source wallet and how to buy bitcoin with fiat. I believe that alone is cool for a beginner to start investing. He can learn whatever he needs to know along the line as he is investing. For any new beginner that already understands or do practice financial management which find it easy to start investing without a problem, especially people that are already used to saving some part of their monthly or weekly income in the bank over a long period of time base on what they want to use the money to achieve in future. Bitcoin investment is better learnt by experience in the market, because no one will teach you how to control your emotions when there is a price fluctuation, or the price dips. I will advice a new investor to invest first with part of his discretionary and learn at the same time on any part of bitcoin that he loves to know. Some people will not learn until they have involved in that investment because they want to know more about what they are investing in. Bitcoin knowledge is very broad and the price of bitcoin keeps increasing in value which makes it better to invest first and learn along the road of building your investment to take advantage of the current price of bitcoin. It is good that as a beginner in your bitcoin journey, you should use a small about for your regular DCA for maybe 1-2 years and when you have the confidence and believe in bitcoin base on what you have learnt along the line, you can then increase the amount that you are using to DCA.
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Dailyscript
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May 23, 2024, 03:55:42 PM |
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The difficulty lies in identifying the right dip
Your first post in the forum happens to be in this discussion. Its not about jumping into a dialogue, perhaps if you have read through the thread you should have learnt that there is no point identifying the dip due to the price fluctuation. Going through your investment with DCA makes an investor not to think about timing the market because one could possibly not be able to buy if the dip do not come. Just like when we see a price increase at times so we may see price decrease. So we should be happy when the price dips and it shouldn't stop us form buying regularly through our preferred strategy. Buying the dip should be an extra strategy that would help facilitate the investment goal.
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Zackz5000
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May 23, 2024, 03:57:08 PM |
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It is very important to make sure we have a good amount of money for emergencies before going into Bitcoin investment (especially when you are planning for the long term).
I will say that you do not need to establish your emergency fund prior to getting started in investing into bitcoin - especially if you are investing for the long term. With that, we can successfully invest in Bitcoin without selling any part of it just because we want to solve some kind of emergency issues. On Bitcoin investment there are some challenges an investor faces. The things there are, when you are not properly prepared for the long term investment, you can't afford to continue investing because you are not yet ready, and what makes you ready for investment is how much you are paid as salary and how much you already kept for emergency cases. Even if you are already investing before knowing this, you might not end well because there are things you failed to do/understand, and those things are:
*Making sure you have a good amount separately for emergency cases
*Knowing the best method you can use for your investment plans.
*Having good knowledge about the kind of investment you are in so that you will be able to strategize the kind of methods you can use for the investment.
I believe with these 3 points one can successfully know what and what's needed before investing in Bitcoin.
That information is good, but you do not need to establish all of that prior to getting started in bitcoin. You can simultaneously get started in bitcoin and get the stuff you listed into place. So you are wrong in terms of suggesting needs to establish those things prior to starting your investment into bitcoin. Well, it's quite funny how many people rush to invest in Bitcoin because they believe that we are in bull season, so they are expecting to accumulate Bitcoin before then. We all know fully well that it doesn't work that way, investment is a due process thing, and you will need to get knowledge from knowledgeable people or do your own research into it before you start investing. We don't have to rush into Bitcoin because we want to make profits so quickly.
Wrong. The error or an overwhelming number of most people is not getting started. First thing. Get started..do stuff.. and even if it is just $10 investment to start.. At least at that point you are started. Yeah you can work out the details later, and yeah you should be thinking 4-10 years or longer, so if you are planning on some kind of short-term then that is likely erroneous, so there are people with wrong mindsets, but that still does not necessarily mean that they should not get started, especially if they understand the foundation of investing into bitcoin as being 4-10 years or longer. Besides, one can not accumulate 1 Bitcoin if one's getting just $300 a month (that's impossible), so as Bitcoin investment is an asset, it's good to maintain the due process instead of rushing to invest, then you still end up making mistakes that are unforgettable.
Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. You need basic knowledge about bitcoin so that it will guide your bitcoin investment to success. If you invest in bitcoin without having any knowledge about it, you will not know that you are supposed to make provisions for reserve funds for at least three months that will help you solve your unforeseen problems in the future. And you should also have the knowledge that bitcoin is not a quick-to-get-rich thing so that you will know when it is suitable for you to start your bitcoin investment. Also, you should know how to protect your bitcoin wallet private key from people so that you will not lose your bitcoin and also know how to keep it safe. You are right @Mayor of ogba investing into what you don't have basis knowledge can be very risky expecially when dealing with Bitcoin investment, most persons don't have any basis knowledge concerning Bitcoin investment but they do hear about Bitcoin they may not really know how it works, so having basis knowledge about Bitcoin investment will really help you in your investment journey and you can be learning more while you are already on it. At least one need to be knowledgeable concerning what emergency fund mean reserve and float and also know the best method to use when accumulating Bitcoin as a newbie in order to avoid much mistake in your in your Bitcoin investment journey. Even in business if you don't have any basis knowledge concerning the business you want to venture into you will definitely have a run down because you don't have any basis knowledge how the business works so I believe having basis knowledge in what so ever thing you want to do is very important. For I have seen someone that failed in business because he saw others doing well in and he decided to venture into such business without even having any basis knowledge about the business at the end the business collapse due to zero knowledge concerning such business.
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promise444c5
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May 23, 2024, 04:00:50 PM Last edit: May 23, 2024, 04:18:58 PM by promise444c5 |
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I don't think that really makes too sense, having a basic knowledge is far different from not having any knowledge and that sounds too awkward hence, acquiring a basic knowledge is what is required of before investmenting with hope of learning more on your way up, of which certain considerations or factor are very viable as to that regards which includes: There are basic knowledge one should get before venturing into any form of business or investment, it is going to be a disaster entering into any investment without any basic knowledge.
Read the post again..... the poster was not actually talking about completely zero knowledge about investment Besides 70% of what you listed which is 3 are what you ought to have know before even thinking of starting an investment in something like Bitcoin... 1. Your income flow (understand your the level of your disposable income) after taken care of your personal needs to a provitional emergency funds
So what are you insinuating here that someone should wait and learn his/her income flow ..... this isn't what you should learn it's what you ought to have understand before even thinking about investment... practically so are you telling people to wait and study their income flow that they have been experiencing for years... or they should wait to see if there will be any reduction in their income flow or probably you just meant they must get a stable income flow before they invest 2. Your risk tolerance level
How will a person who didn't or haven't invest learn about its level of risk tolerance ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) , besides it isn't what you learn its what you develop according to some factors like - capital for investment
- investment plan
- your portfolio size
and many more... inwhich 60% are determined when you opt-into investment 3. Methods of buying (lump sum or dca)
This is the only one you seem to be on the right side and I did mention a perfect option like the DCA Besides it isn't what you need to learn that much it's just what you need to adopt because I can decide to learn without adopting it ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) However, technically you rally need to learn about choosing a wallet and how you could keep it key safe as a basic knowledge because what's the point of investing continuously only for someone to steal it one day ... so its very important. Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Hmm, I get the point now.
Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. Exactly now you get the point.... it will be very stupid to wait and learn when the price of What you're learning keeps appreciating day by day. You wouldn't even say such word of being stupid to learn when the price of bitcoin is appreciating. Despite anything there is surely a need to learn before investing in bitcoin, just that you will only need to quick up the process by not over learning and not taken a bold step. There is a different between fast and slow learning process, Edited out
Yes learning is a continuous process that we will get to know more as time goes on down to infinity, but I still maintain my stand that we shouldn't over look the beginning, because the beginning is the most difficult part of a new journey. Your positive and negative feelings is developed from the beginning. No one is overlooking the beginning neither I'm I disputing the fact that learning us important, either you're fast or slow in learning, bitcoin does not give a f*ck as it won't wait for you to complete your learning process... there's no need to repeat my self about basic knowledge,check my comment above ...
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rachael9385
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May 23, 2024, 04:07:36 PM Last edit: May 23, 2024, 04:22:11 PM by rachael9385 |
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Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Hmm, I get the point now.
Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. Exactly now you get the point.... it will be very stupid to wait and learn when the price of What you're learning keeps appreciating day by day. Once you're determined then the investment should started ASAP without any further delay and the best strategy beginners could use without even knowing anything about bitcoin is the DCA strategy , its simple and straightforward ... Besides, learning to me is a continuous process which might even take forever so waiting to learn before investing when you think you know it all ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) ( that person must be a clown) is so dumb, although as a beginner you need to know some basics like choosing a wallet and keeping it keys safe( that can be learnt in just a day), he/she will be holding there's no need for getting too much In learning about the technicals as a beginner although understanding how transaction works while you invest could be a great idea so you won't get your self stucked up with alot of inputs on the long run, focusing on your DCA strategy will be the greatest advice for beginners too even when they already learn other strategies, a time will come when there will be a need for other strategies which is definitely not at the beginning of ones investment . If someone is ready to do something, even though the person is not aware of how the things are being done on time, he/she will be able to gather his/her own knowledge because along the line when he's doing what he/she is doing, that's the process he starts learning. Let's take this forum for an instance. If a newbie registers on the forum and he hasn't made any posts, he/she won't know how the forum works (unless he/she does something). So I have learned that once it comes to Bitcoin investment, without making an attempt to start something, you willn't be able to understand how Bitcoin works. Now for a better start, it's good to get started now than ever. Besides, if one is waiting to get Bitcoin investment knowledge before investing more, more opportunities will pass and it will be very hard for those opportunities to come back. Now let's also take this for instance, when Bitcoin was @$50k months back and someone who was interested in investing in Bitcoin was learning instead of investing alongside learning. Now, those times, Bitcoin was @50k has passed, and the person has missed the opportunity to buy when BTC was $50k and now, Bitcoin is in the range of $69k and $70k. So, this is also a good example that every minute is the perfect time to start investing in Bitcoin. You need basic knowledge about bitcoin so that it will guide your bitcoin investment to success. If you invest in bitcoin without having any knowledge about it, you will not know that you are supposed to make provisions for reserve funds for at least three months that will help you solve your unforeseen problems in the future.
Well, no doubt that you need to get the knowledge of investment, but here is where you get it wrong. If you are interested in investing in Bitcoin and you do not have any knowledge of Bitcoin, the first piece of knowledge you can get is when you have clicked on the buy button. Acquiring knowledge by buying Bitcoin is a gradual process and you can't rush it. As time goes on, you will learn more, especially when Bitcoin is going up and down and during your accumulation process. A newbie does not need to know much on bitcoin before he can invest, if not he will waste his time learning and learning instead of getting started immediately. I believe that one of the basic knowledge of bitcoin is that you should invest in long-term only your discretionary income and should know the type of wallet that he needs to use to store his bitcoin which is a cold storage open source wallet and how to buy bitcoin with fiat. I believe that alone is cool for a beginner to start investing. He can learn whatever he needs to know along the line as he is investing.
Perfectly said. If a newbie is planning to gather bitcoin knowledge before he starts to invest in Bitcoin, he will make a lot of mistakes and the worst of it all is the more he's busy learning about Bitcoin, the more time flies. However, getting Bitcoin knowledge is not a one-month thing, because as day comes, so more ideas are added and also the more Bitcoin goes up and down. A newbie shouldn't stress him/her self to get Bitcoin knowledge before investing in Bitcoin. Getting good bitcoin investment knowledge needs a practical solution, just like applying the DCA method and making sure that they have 3 or 6 months of emergency funds. Buying is always important in the Bitcoin world. A beginner at Bitcoin needs to buy and hold, then keep piling the investment up before he can get quality knowledge. Moreover, one can not fully learn the whole of Bitcoin investment knowledge.
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Mayor of ogba
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stead.builders
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May 23, 2024, 05:00:38 PM |
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Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount...
Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. You need basic knowledge about bitcoin so that it will guide your bitcoin investment to success. If you invest in bitcoin without having any knowledge about it, you will not know that you are supposed to make provisions for reserve funds for at least three months that will help you solve your unforeseen problems in the future. And you should also have the knowledge that bitcoin is not a quick-to-get-rich thing so that you will know when it is suitable for you to start your bitcoin investment. Also, you should know how to protect your bitcoin wallet private key from people so that you will not lose your bitcoin and also know how to keep it safe. What I'm wondering is who you are suggesting this to, because I don't think @JayJuanGee knows about it, and neither does @rachael9385. I am quite sure that these two people must already know very well about Bitcoin and are also very solid in their knowledge of Bitcoin so that it will not be so difficult for them to make an investment in Bitcoin because they definitely know how to use funds for Bitcoin. Moreover, if the reserve funds you are referring to can only be relied on for three months, at least it will not be enough for investors who have the aim of long-term investment in Bitcoin. Because for an investor who has a strong desire to be able to invest in Bitcoin, he will definitely look for a way to do this without interfering with his own activities in life. Because this difficulty usually occurs for those who are lazy and don't want to look for ways to invest in Bitcoin or for those who still don't believe in Bitcoin at this time and forever. I can see that you want to make me look like the bad one here so that you will be the good one. My suggestion was clearly for @rachael9385 because she said that people don't need any knowledge before they can start investing in bitcoin. Can someone who doesn't know anything about bitcoin start investing in it? The three months I mentioned for the reserve funds are the minimum months our reserve funds should serve us. You can keep reserve funds that will serve you for more than that if you are financially stable. I also want you to know that there's always room to rebuild your reserve funds so that it helps you accumulate the quantity of bitcoin you want and hold it until the expected year you want to sell your bitcoin.
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I_Anime
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May 23, 2024, 05:47:47 PM Merited by JayJuanGee (1) |
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I can see that you want to make me look like the bad one here so that you will be the good one. My suggestion was clearly for @rachael9385 because she said that people don't need any knowledge before they can start investing in bitcoin. Can someone who doesn't know anything about bitcoin start investing in it? The three months I mentioned for the reserve funds are the minimum months our reserve funds should serve us. You can keep reserve funds that will serve you for more than that if you are financially stable. I also want you to know that there's always room to rebuild your reserve funds so that it helps you accumulate the quantity of bitcoin you want and hold it until the expected year you want to sell your bitcoin Well the thing is that , is not like they don't require any knowledge before investing in Bitcoin. But having the basic knowledge of bitcoin one is good to go into investing in bitcoin without having any technical knowledge . All they just need is to have some good cashflow and some nice basic knowledge on how Bitcoin work. Just as time wait for no one that how the price movement wait for no one so if one decide to gather some deep knowledge and technical knowledge on how bitcoin before going into it , such individual will only endup missing out big time. That's why is better to start accumulating, and as time goes on one can decide to focus on gaining more knowledge while he or she are accumulating and holding . With such act the chances of them building a nice stash , is pretty high.
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Miles2006
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May 23, 2024, 06:06:02 PM |
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Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Hmm, I get the point now.
Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. Exactly now you get the point.... it will be very stupid to wait and learn when the price of What you're learning keeps appreciating day by day. Once you're determined then the investment should started ASAP without any further delay and the best strategy beginners could use without even knowing anything about bitcoin is the DCA strategy , its simple and straightforward ... Besides, learning to me is a continuous process which might even take forever so waiting to learn before investing when you think you know it all ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) ( that person must be a clown) is so dumb, although as a beginner you need to know some basics like choosing a wallet and keeping it keys safe( that can be learnt in just a day), he/she will be holding there's no need for getting too much In learning about the technicals as a beginner although understanding how transaction works while you invest could be a great idea so you won't get your self stucked up with alot of inputs on the long run, focusing on your DCA strategy will be the greatest advice for beginners too even when they already learn other strategies, a time will come when there will be a need for other strategies which is definitely not at the beginning of ones investment . For any new investor, the best they can do is invest and learn at same time because learning is needed at the same time investing is necessary. For example, my first time hearing about bitcoin investment I had no knowledge but as time goes on I got basic knowledge and I had to buy bitcoin as practice makes perfect. Learning never ends and surprising how I got bitcoin knowledge here about bitcoin accumulation and investing with a comfortable strategy is needed. Firstly I must agree while learning we should start as soon as possible, from my view the common knowledge anyone should learn first is building an emergency funds, reserve funds as this really affected my early journey because I never had any knowledge at first. These funds is just like a foundation supporting the investment to stand so any new investor should also build these funds at the early stage.
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JayJuanGee
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May 23, 2024, 07:06:29 PM |
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[edited out]
Perhaps you're probably correct, about your assumption that how much of your discretionary or disposable income is what determines how much you should invest rather than how much you earn, but I'd like to point out to you @Tmoonz that you're wrong from a different view point; bitcoin investment is not a default option in which you must invest what you have at your discretion; it's an important choice that should be taken seriously. It seems to me that sometimes folks get their investment into bitcoin wrong because they might prioritize it beyond their considerations of their disposable income.. so then they get into trouble. Sure, there is no problem prioritizing your investment into bitcoin, but it still has to come from your disposable income rather than some abstract decision to buy $100 per week of bitcoin no matter what - and then you end up not even having enough to cover your expenses or otherwise putting yourself into a predicament that could have had easily been avoided with a tad bit more appreciation regarding your budgetary (and psychological) balancing considerations. Perhaps when one talks about investing in bitcoin, it is supposed to be a very important part of one's life that is worth cutting other expenses to increase the rate and/or level of your investment; your lifestyle can wait for a moment, but bitcoin cannot, so you must sometimes not make yourself too comfortable by investing a small portion of your income in bitcoin, instead take it upon yourself to make a better portion of your income count by investing it in bitcoin.
There is nothing wrong with your ideas of cutting some of your discretionary expenses down to amounts that end up prioritizing bitcoin, but that is a different question in regards to whether you are prioritizing bitcoin beyond your discretionary income. Yeah, you may be able to drive a Toyota rather than a Lambo.. no problem. You may be able to go out to eat 1 per week rather than 3 times per week, and there are a variety of ways in which our own choices of expenses are deprioritizing investing into bitcoin, but that still does not mean that investing into bitcoin can either go higher than discretionary income or that it makes sense to cut some expenses that may well be important to your quality of life in other ways including that if you choose to eat really cheap food, you might end up with health problems that could have had been avoided.. or even there might be needs for you to take your girlfriend/wife out for dinner (or other ways of spending money on her) from time to time in order to preserve your relationship... or some kinds of normalcies in your life that sometimes involve expenses.. including in some of your social circles, you might sometimes need to spend money on friends/relatives, even though maybe they don't deserve it or appreciate your spending on them, but there might be some needs to preserve various relationships with people that sometimes will cost money and take away from your ability to buy as many sats as you might prefer to buy in that week (or that particular month). For instance, if you earn $200 per week and your weekly spending for the so-called lifestyle is $190, and you have roughly $10 in discretionary or disposable income, is that a good investment? Absolutely not! So it's basically how much you earn and a percentage you're willing to give for the future, rather than what's in your disposable income, because bitcoin isn't like shitcoin, where you can put whatever you want, but you decide how much of your income should be invested in your long-term investment scheme.
You seem to be fighting with the idea of discretionary income, which seems like a semantics fight rather than a substantive fight... since surely you seem to realize and recognize that there may well be limits on how much any of us is able to invest into bitcoin on a weekly/monthly basis and there are ways that we can attempt to prioritize our expenses.. or even work on ways to increase our income.. .. so yeah, no problem with providing examples in which priorities might be changed and still be within bounds of discretionary income in order to invest into bitcoin or however else a person might choose to invest his time, money and/or energies. [edited out]
If the investor can manage himself and his investment perfectly then I see no problem with it. Let's not just look at this from one angle which is the negative aspect of it. Let's look at the positive aspect of aggressive buying too, there are people in bitcoin history who invested aggressively and managed it very well and became successful in the end. Provided you have set up things that will help successful hold your bitcoin without selling it off premature. Let's look at the golden picture here for people who invest aggressively, they end up having lots of bitcoin in their possession and stand a better chance of profitability. There are reasons why some investors tries being agressive in their buy, it could be that the investor is starting his bitcoin journey late, and he want to meet up some level of bitcoin. Provided you have the means to sustain the investment and run his life off it. I agree with almost all of what you are saying Justbillywitt; however, I find very little value in any kind of idea that any of us should be striving and/or able to achieve perfection in terms of our bitcoin accumulation and/or our balancing of our priorities. Personally, I think that it is better to consider the matter in terms of some kind of a balancing of making decently good choices within a range of possibilities that give us more and more options the longer that we do it.. so that we are likely just trying to do a good and comfortable job rather than getting it perfect, and sure, I am not suggesting to be sloppy or anything like that since from time to time we might identify areas in which we can tweak one direction or another, and we can even choose whether or not to tweak, and maybe the tweak might not even be much better than our earlier set path, but we can still attempt to make various kinds of improvements from time to time, yet I doubt that we are necessarily achieving perfection, even while at the same time, we might feel that we are achieving a certain level of comfort in terms of balancing our own finances and psychology. [edited out]
You have to understand that what you use with your disposable income is optional, everyone has what they fancy more than the other, it's good if you prefer to use that money to build your bitcoin investment, but I still think you Don understand what a disposable income is. For instance if I earn up to 1000$ and i have bills i have to pay like my transportation, maybe School project I am running, food expenses, electricity bills this are all necessary expenses that must be attended to before investing in Bitcoin Let's say 100$ goes for transportation 400$ goes for project 150$ goes for food 50$ goes for electricity bill What's left of that is your discretionary income which is 300$ left, you could decide to keep 100$ for floats in case of unexpected or luxury expenses, and 50$ for an extra reserve cash or what ever other systems your building and depending on your financial situation, what's left can go to bitcoin at once for DCA and if eventually your floats isn't used up totally you can use it back for investing in bitcoin. Everyone financial needs are different and someone with same income would have more discretionary income after expenses has been removed. Churchillvv is not making a completely invalid point, since he might be saying that a guy who might have $100 in transportation expenses, might choose to buy a car or buy a lambo rather than a Toyota, so that guy might not be adequately grappling with his discretionary income because he is creating expenses that are higher than he needs, and he should be prioritizing bitcoin and cutting back on some of those expenses.. .which sure sometimes that may be possible and sometimes it might not be as practical as Churchillvv seems to be suggesting. Sure, another thing, which seems to be part of Churchillvv's point, is that some folks might consider their Lambo as a transportation expenses, which truly it is partly a transportation expense, but the Toyota might be more practical and there might even be instance in which it might be better to use public transportation, take uber or some alternative to actually owning a car - except maybe in the case of a business, the car might be specifically used for direct work reasons.
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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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GeorgeJohn
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May 23, 2024, 07:22:38 PM |
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Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Hmm, I get the point now.
Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. Exactly now you get the point.... it will be very stupid to wait and learn when the price of What you're learning keeps appreciating day by day. Once you're determined then the investment should started ASAP without any further delay and the best strategy beginners could use without even knowing anything about bitcoin is the DCA strategy , its simple and straightforward ... Besides, learning to me is a continuous process which might even take forever so waiting to learn before investing when you think you know it all . Are you aware that anything that has to do with bitcoin investment you need to absolutely precaution to comprehend the effect after investing and before investment, someone who has not know the protocols of bitcoin can not quick to invest when it has not know the preamble of bitcoin investment, at least you observe the situation or the condition of the market before investment, so therefore learning and observation is one of the major thing someone who is new in cryptocurrency and also in bitcoin have to do, do not dispute a fact that bitcoin price is accelerating everyday and that will deprived someone who is new into the system not to gather more knowledge of bitcoin before investment, I think that fact is not acknowledge-able from my perspective. I can see that you want to make me look like the bad one here so that you will be the good one. My suggestion was clearly for @rachael9385 because she said that people don't need any knowledge before they can start investing in bitcoin. Can someone who doesn't know anything about bitcoin start investing in it? The three months I mentioned for the reserve funds are the minimum months our reserve funds should serve us. You can keep reserve funds that will serve you for more than that if you are financially stable. I also want you to know that there's always room to rebuild your reserve funds so that it helps you accumulate the quantity of bitcoin you want and hold it until the expected year you want to sell your bitcoin Well the thing is that , is not like they don't require any knowledge before investing in Bitcoin. But having the basic knowledge of bitcoin one is good to go into investing in bitcoin without having any technical knowledge . All they just need is to have some good cashflow and some nice basic knowledge on how Bitcoin work. Just as time wait for no one that how the price movement wait for no one so if one decide to gather some deep knowledge and technical knowledge on how bitcoin before going into it , such individual will only endup missing out big time. That's why is better to start accumulating, and as time goes on one can decide to focus on gaining more knowledge while he or she are accumulating and holding . With such act the chances of them building a nice stash , is pretty high. to invest in bitcoin can be achieve very faster, but you have to know the rules and conditions that governors the rules, waking up one or one night to invest in bitcoin good decisions, but as someone who wants to prosper in bitcoin investment you have to acquire the knowledge first, because its knowledge that matters most for bitcoin investment, when someone that have wisdom or knowledge is accumulating bitcoin is different from someone who don't know when to accumulate bitcoin is accumulating bitcoin, so try to get the knowledge first.
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red4slash
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May 23, 2024, 07:35:23 PM |
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The concept is not like that buddy, regardless of what rank we are here, in the end we are free to argue and debate with anyone because there is no prohibition when we argue with people who are ranked higher and vice versa. This is a free forum where we can express ourselves towards the discussion that we are discussing even though it is legendary with a newbie I don't think it is a problem.
Back to the original topic. JJG I don't really understand the sentence you said, actually I agree with the sentence “Being able to invest into something like bitcoin is called having disposable income” But on the other hand isn't it when looking on the one hand when we start investing and making purchases in bitcoin isn't what we put in can also be called initial capital for us to be in bitcoin because even though this is a long-term investment, still recording initial capital is important so that we can find out how much we spend to buy bitcoin and how much profit (surflus) we will have in the future as part of the capital plus the profit earned. I'm a little confused, am I missing something here?
I agree with your point about anyone can argue or debate with whomever they want. Regarding your question about the idea of "initial capital," you can call your investment into bitcoin whatever you like, and if you are calling it disposable/discretionary income or you are calling it capital, it comes off as a bit strange if someone has an income of $500 per month and expenses of $400 per month, and they are putting $10 per week into bitcoin. Difficult (and seemingly misleading to me) to call that $10 per week initial capital, but you can call it whatever you like. Part of my point, and many guys here seem to "get it" is that if you are starting to invest into bitcoin, and the only thing that you have is some quantity of disposable/discretionary income that you are investing into bitcoin, then likely you are converting your disposable income into capital, especially after many years of investing into bitcoin, but part of the fact that you don't really have any extra money (except your disposable/discretionary income, it is seems strange and misleading to be calling that capital, even if it might later add up in such a way that the "capital" label will start to make more sense. Maybe if indeed when we enter the total monthly investment expenses plus our needs for 1 month it will seem to be misleading but in this case I personally distinguish the calculation notes to make it easier for myself to manage the finances that I do. For example, this month I have an income of around $300 a month and I spend $200 for personal needs and around $50 to buy bitcoin. I will make different notes for investments where indeed in the ledger the financial records will definitely remain $250 as this month's expenses but when talking about bitcoin we definitely need another record where there must be a record in the expenses we make for the purchase of bitcoin so that we know how much we have spent on bitcoin while we are here and that in my opinion is important as a consideration and as a belief that in the end being in bitcoin is profitable so that we don't not know how much of our money we spend on bitcoin and how much profit we can take. But indeed in the end maybe this depends on what we are comfortable doing because the most important thing in this case is that we don't mess around with the way we manage money regardless of the different ways that are done and the mention of something in the end the goal remains the same, namely bitcoin investment.
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promise444c5
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Keep Promises !
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May 23, 2024, 07:36:07 PM |
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Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Hmm, I get the point now.
Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. Edited out Are you aware that anything that has to do with bitcoin investment you need to absolutely precaution to comprehend the effect after investing and before investment, someone who has not know the protocols of bitcoin can not quick to invest when it has not know the preamble of bitcoin investment, at least you observe the situation or the condition of the market before investment, so therefore learning and observation is one of the major thing someone who is new in cryptocurrency The question every beginner must ask themselves if they really want observe before investing is I'm I in for the long-term or short term investment.... I wouldn't say more than that to avoid repetition
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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May 23, 2024, 07:58:51 PM |
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Waiting is not an investment strategy... whether your starting goal (ideas) is 1 bitcoin or some other amount... Hmm, I get the point now.
Even without any knowledge, one can still start investing in Bitcoin and in the process of investing one can learn. Exactly now you get the point.... it will be very stupid to wait and learn when the price of What you're learning keeps appreciating day by day. Once you're determined then the investment should started ASAP without any further delay and the best strategy beginners could use without even knowing anything about bitcoin is the DCA strategy , its simple and straightforward ... Besides, learning to me is a continuous process which might even take forever so waiting to learn before investing when you think you know it all ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) ( that person must be a clown) is so dumb, although as a beginner you need to know some basics like choosing a wallet and keeping it keys safe( that can be learnt in just a day), he/she will be holding there's no need for getting too much In learning about the technicals as a beginner although understanding how transaction works while you invest could be a great idea so you won't get your self stucked up with alot of inputs on the long run, focusing on your DCA strategy will be the greatest advice for beginners too even when they already learn other strategies, a time will come when there will be a need for other strategies which is definitely not at the beginning of ones investment . Sometimes too much in strategy will make beginners confused in carrying out their investments. I believe beginners need a basic foundation to carry out their strategic planning better and achieve the targets they want. The big difference may be in terms of knowledge about Bitcoin, which means beginners may need an approach to see the big cycles that Bitcoin has gone through. Yes, basically beginners can start with the DCA Strategy if they are not able to think about the distribution of funds for several other strategy practices. Even though investment success is triggered by individual self-confidence, in Bitcoin investment you must be able to know more about Bitcoin and why you are interested in buying and holding it. Sometimes people out there are still quite unfamiliar with Bitcoin and they don't understand enough and this is where an approach is needed for those who are really beginners in investing in Bitcoin. In essence, we are in the modern era and Bitcoin has the advantage of being a very promising investment for old age. Apart from that, the price of Bitcoin is very fluctuating and use it cold money that is ready to lose. I mean you don't have to worry if the price drops very deeply because you really don't need the money you invest in Bitcoin for other purposes in your life. Even though many large companies continue to buy Bitcoin, I think there are still many people who don't understand Bitcoin. Maybe because they miss out on information because they live in remote areas or have difficulty accessing the internet. Yes, for those of us who have bought on dips, keep the Bitcoin we have for the long term. The most basic things that beginners (newbies) need to know is about their own personal finances and not about bitcoin. So the main thing that they need to know is whether or not they have a discretionary income and a kind of ballpark idea of what it might be, and surely they might have really shitty financial circumstances, which would mean that they need to invest less rather than more while they are sorting out their particulars. There may be some need to figure out information regarding from where to source the first bitcoin purchases, yet in the very beginning there may well be absolutely no need to figure out how to achieve self-custody, even though self-custody may well be some kind of goal to get to that point in a fairly soon period of time after starting to invest into bitcoin (yeah, without self-custody it is price exposure and not ownership of actual bitcoin, yet knowledge of self-custody is not a prerequisite in terms of getting into bitcoin). [edited out]
What I'm wondering is who you are suggesting this to, because I don't think @JayJuanGee knows about it, and neither does @rachael9385. I am quite sure that these two people must already know very well about Bitcoin and are also very solid in their knowledge of Bitcoin so that it will not be so difficult for them to make an investment in Bitcoin because they definitely know how to use funds for Bitcoin. Moreover, if the reserve funds you are referring to can only be relied on for three months, at least it will not be enough for investors who have the aim of long-term investment in Bitcoin. Because for an investor who has a strong desire to be able to invest in Bitcoin, he will definitely look for a way to do this without interfering with his own activities in life. Because this difficulty usually occurs for those who are lazy and don't want to look for ways to invest in Bitcoin or for those who still don't believe in Bitcoin at this time and forever. Surely, I am not of the position that a newbie needs to learn about self-custody prior to getting started (with bitcoin price exposure), and I frequently suggest that the main things to know is about some ballpark ideas about your disposable income being enough to get started investing into bitcoin, whether that is starting with $100 per week or $10 per week or some other amount that fits into the newbie's financial/psychological situation.. and yeah, there may well be some needs to error on the side of conservative, if the newbie might not have a strong grasp of his disposable income beyond merely having ballpark ideas that he has a disposable income. Another thing that other forum members refer to is having conviction about bitcoin, and surely there might not need to be any kind of strong conviction to get started, yet the lack of conviction and/or knowledge about bitcoin may well justify investing less aggressively during any process to build such conviction.. so yeah, maybe there is enough of a conviction to start to invest $10 per week based on the recommendation of a friend, but then later there might be increased conviction that allows the same person to increase the weekly amount to $100 or some higher amount...or to take other investment actions depending on their actual disposable income and other aspects of their financial situation, including various considerations of their 9 factors that can be built upon and studies. .and even tweaked for years down the road, yet not even having strong grasps of all of the 9 factors would not prevent from getting started into bitcoin, but having strong grasp of the 9 factors could well justify becoming more aggressive in terms of bitcoin investing, if that is what the newbie considers to be a reasonable/prudent approach based on their assessment of those matters.. Even in business if you don't have any basis knowledge concerning the business you want to venture into you will definitely have a run down because you don't have any basis knowledge how the business works so I believe having basis knowledge in what so ever thing you want to do is very important. For I have seen someone that failed in business because he saw others doing well in and he decided to venture into such business without even having any basis knowledge about the business at the end the business collapse due to zero knowledge concerning such business.
One of the better things about bitcoin is that it is not a business, so you can choose your level of commitment with way less knowledge and/or skills. .and you can figure it out as you go. Bitcoin has a potential to open the door to a lot of folks who otherwise would not be in a very good position to invest. .but yeah, they still have to be careful to not overthink some of the comparisons.. and yeah, it can still take a long time to really get to know bitcoin (and still not really know it very well), but even with all of that, an overwhelming majority of the world's population remains either low coiners or no coiners, and perhaps somewhere in the ballpark of 99%-ish, so the default idea in regards to bitcoin is to get started rather than fucking around with comparisons that either do not fit very well or they suggest waiting or needs to study bitcoin more.... blah blah blah. [edited out]
Maybe if indeed when we enter the total monthly investment expenses plus our needs for 1 month it will seem to be misleading but in this case I personally distinguish the calculation notes to make it easier for myself to manage the finances that I do. For example, this month I have an income of around $300 a month and I spend $200 for personal needs and around $50 to buy bitcoin. I will make different notes for investments where indeed in the ledger the financial records will definitely remain $250 as this month's expenses but when talking about bitcoin we definitely need another record where there must be a record in the expenses we make for the purchase of bitcoin so that we know how much we have spent on bitcoin while we are here and that in my opinion is important as a consideration and as a belief that in the end being in bitcoin is profitable so that we don't not know how much of our money we spend on bitcoin and how much profit we can take.But indeed in the end maybe this depends on what we are comfortable doing because the most important thing in this case is that we don't mess around with the way we manage money regardless of the different ways that are done and the mention of something in the end the goal remains the same, namely bitcoin investment. In your example, if a guy is buying bitcoin with 25% of his expenses (50/200), then after about 4 years, the guy would have invested a whole year's worth of his expenses into bitcoin.. .So that would not be a bad place to be in terms of building a BTC holdings that has greater chances of getting him to fuck you status or some kind of a status in which he can start to employ sustainable withdrawal. I wonder how important your ideas about profit taking is? Sure we want to be in profits or even presume ourselves to be in profits with the passage of time, yet if the guy in your example continues with his practice of investing 25% of his expenses into bitcoin per year for 12 years, he has therefore invested 3 years worth of his expenses into bitcoin at the 12 year mark. So then maybe the other question might be how bitcoin ended up performing over that time in order to allow the amount invested to grow at least with the cost of living increases and perhaps more than that. ... even though there are no guarantees... So I am not necessarily going to presume regarding how much profits the guy might be in, yet I would suggest that the value of his holdings may well help to guide him in regards to whether he needs to continue to invest/accumulate bitcoin or if he might bd ready to start to employ some other strategies that might either be just maintenance or perhaps getting into various kinds of withdrawal practices, whether that would be time-based withdrawals and/or raking kinds of strategies. Surely we make our own assessments regarding where we are at and how we might want to replace and/or supplement our income with bitcoin withdrawals if we happen to get ourselves into such a position.
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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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