JJG’s Outline of Bitcoin Investment Ideas

[Big Dirams]

Not just with the one you're earning Nwadiche, but you need to be sure you're having discretionary income from it, else you're only gambling with your portfolio since you may erroneously use funds meant for your expenses to invest if you're not specific with your cashflow management and attending to your expenses first, and when you are able to identify to having discretionary income, you need to divide it further into investing in bitcoin and building out backup funds simultaneously since backup funds serves as a layer of protection to your portfolio from bring tampered before maturity.

I agree that waiting to save some level of backup funds out prior to starting your investment journey is wrong, investors shouldn't waste much time doing that since they could still build it out simultaneously with their regular buys.

Before investing an investor should have the mindset of investing for long term because it the mindset of long term holdings that will determine if such investors needs to make provision for discretionary income or not. When the investor have the mindset of long term holding then discretionary income should be considered as an important aspect because that what really helps to keep our weekly or monthly accumulation in check.
  Wasting time to save funds before investing is really not a big move instead it just a procrastination, making provision for discretionary income will just helps to make things much easier and less stressful.

[Sim_card]

The more instability a person shows in order to get his profit the more his personal needs will come to the fore and they often say they will buy it again and then sell it and regret it later. I am not really interested in selling Bitcoin. I want to give an example that I am at the financial stage that allows me to focus on Bitcoin accumulation so far but it will not be easy for many poor people. I would rather keep my psychological preparation on the right track not to sell Bitcoin until I can complete a cycle and maintain my stable financial position and increase the amount of Bitcoin with the increase in discretionary income.

Even one circle is too small for you to build, grow and hodli your bitcoin investment because you will hardly have accumulated a good size of bitcoin in four years. I think the best thing for you is to set a bitcoin target that you will be able to achieve and stay focus on reaching your bitcoin target because you have the opportunity to do so now and not later.

If you decide to sell your bitcoin after one circle, you will go back to square one as a no coiner which is not an ideal way to be in the bitcoin ecosystem because bitcoin is a long-term asset and should be treated as one. The good thing about continuously buy with DCA overtime and hodli is that, your bitcoin portfolio will always be compounding in profit which you will not get if you buy and sell within one circle. That's a trader mindset. Think long-term as from ten years or more.

[Merit.s]

Newbies don't need to have an emergency fund in place prior to getting started.  As long as they have discretionary funds, they can start from where they are at and determine how much to put into bitcoin, and build their back up funds as they go.

Maybe this is the opinion of the master who tells beginners not to need emergency funds but what I need to ask is for example if beginners have prepared emergency funds what can they do by increasing the amount of their Bitcoin investment even though they come as beginners?

If a brand new investor wants to start his bitcoin investment and already has some kind of backup funds on ground, he can focus on buying bitcoin more aggressively. However, it depends on the amount of emergency funds available. If he already has up to three months of his expenses, he should focus on using 70% of his discretionary income to invest into and use 30% for his discretionary consumption.

However, you should know that it's not only an emergency funds that is a backup funds. We have the reserve funds which he can later set up after investing for straight three months.

[Odohu]

That's right mistakes are bound to happen and are very common especially with beginners but shouldn't get anyone discouraged because it's part of what makes you better investor. Making mistake is not the real problem but repeating the same mistake is the real problem, it shows that you ignore the mistake and will hinder your growth as an investor and thats not good for your investment.

Investing due to hype of an asset it not ideal and it will burn you out easily because it can easily lead to emotional decisions when the market is not favourable. People need to understand that the real purpose of investing is not to chase quick profits or react to hype but to build wealth steadily over time. Investing gradually with what you can afford to lose help to reduce the risk and maintain and that's what DCA does.

Mistake is a learning process even in Bitcoin investmemt. I have my own share of mistakes when I started and I'm happy those mistakes never discouraged me from continuing with Bitcoin, rather they gave me the courage to focus more on Bitcoin and avoid all these noise that comes with shitcoins. I started from the background of shitcoins, the time the quest for the next Bitcoin was high so we were jumping from new shitcoin the other hoping that some will pump and vomit so much profits. It was after losing so much money and time that we realised that we were chasing winds.

Assuming I concentrated in Bitcoin a lone, I would have done very well because then the price of Bitcoin was very low. Those mistakes were the motivation we had to take the investmemt process serious and more aggressive. It helped in many ways because I cannot be tossed about by anything that promises to give too much profit,  I'm ok with Bitcoin begause the risk is lower compared to shitcoins.

[Showlove01]

Not just with the one you're earning Nwadiche, but you need to be sure you're having discretionary income from it, else you're only gambling with your portfolio since you may erroneously use funds meant for your expenses to invest if you're not specific with your cashflow management and attending to your expenses first, and when you are able to identify to having discretionary income, you need to divide it further into investing in bitcoin and building out backup funds simultaneously since backup funds serves as a layer of protection to your portfolio from bring tampered before maturity.

I agree that waiting to save some level of backup funds out prior to starting your investment journey is wrong, investors shouldn't waste much time doing that since they could still build it out simultaneously with their regular buys.

Before investing an investor should have the mindset of investing for long term because it the mindset of long term holdings that will determine if such investors needs to make provision for discretionary income or not. When the investor have the mindset of long term holding then discretionary income should be considered as an important aspect because that what really helps to keep our weekly or monthly accumulation in check.
  Wasting time to save funds before investing is really not a big move instead it just a procrastination, making provision for discretionary income will just helps to make things much easier and less stressful.

In as much as I will love to say that long term is the key, I will also want you to understand that it is not only in long term discretionary income is needed rather even in short term (trading) discretionary income should be use because that is something anyone can afford to lose and it is very necessary to use it. Lastly, it is not just having the mindset to hold for a long term it is about following the principles and be consistent with accumulation because some people has the mindset yet they dont hold till that time.

[JayJuanGee]

beginner needs to be clear if he is coming into bitcoin just to gamble or he is coming into it with the mentality of building something meaningful for themselves and even a beginner that has common sense should know that investment is building for a while and should not be tampered before maturity, perhaps even if they're not clear with it, the can building a positive mentality down the road. It is part of the basic knowledge to also know that bitcoin performs better when you stay invested in it for long.  

I think your point is clear. Beginners should follow a path that can boost their careers when investing especially since it's intended to encourage them to do so with full concentration. Otherwise they may find it difficult to develop their personal skills in investing.

They must have basic knowledge because the first stage in investing is consistency and their focus in building their mentality when something happens that may not be in accordance with what they expected so that this incident for beginners is not surprised by their mental decline as beginners because many also stop investing after experiencing things they don't want one of which is their knowledge of how to start investing with the aim of doing it longer for what they invest so that with this knowledge beginners will be even more enthusiastic in investing for a long or long period of time.

I wonder why you keep imposing standards based on what guys "need to know or need to do" before they invest in bitcoin, when there are no such standards.  Guys can start from where they are at, and the main requirement is that they figure out whether they have discretionary income to get started, and it is important to get started a soon as practicable..

And, if we are going to presume that guy  are likely starting from different place, we can presume that most guys are mature with common sense and they are not retarded.  If they are retarded and they don't have common sense and/or abilities to control their emotions, then they have to identify and work on those kinds of basics, yet they still may well be able to get started by figuring out that they have discretionary funds that they are ready, willing and able to use to put into bitcoin, whether that is $100, $10 or some other amount that they are willing to start with.

Surely guys can have a lot of levels of mess in their personal finances and/or even their psychology, and it would seem to me that an overwhelming majority of normal people do not invest with a goal to lose money, so in order to figure out and learn strategies to minimize the extent to which they are going to lose money, they should adjust their initial investment size in a more conservative direction that will give them time to learn as they go and to make adjusts as they go.. .and yeah, if they are having various troubles along the way and difficulties controlling their emotions, then those would be signs to keep their investment size conservative as they are building up their comfort level.. and yeah, if they get caught up in emotion and/or acting too soon or spending beyond their budget, then they are the one culpable for lapsing into trading and/or gambling rather than investing..

and so it can take time to build good practices, yet we don't need to presume that guys have to have the good practices in place prior to getting started - even if some guys might not always realize that it is likely better to make sure that they are moderating their approach within their individual circumstances and perhaps also learning somewhere early on that bitcoin should be a 4-10 year or longer investment rather than a trade .. so they might have some difficulties getting into a longer term time horizon, since I surely don't recommend trading and/or gambling in bitcoin, and the idea of investing in bitcoin should be 4-10 years or longer...otherwise it is not investing. .it is trading and/or gambling, which is not the topic of this thread.

[edited out]

If an investor does not have an idea about emergency fund at the beginning of investment, then I think he will feel the need for emergency fund himself after continuing to invest continuously for a few days and then he can form a separate emergency fund to protect his investment.

It seems to me that newbies can and probably should start to invest into bitcoin from whereever that they happen to be, as long as they can verify that they have discretionary funds.

There will be some newbies who already have a practice of keeping 2-6 weeks of their expense in cash, yet even if we think of the worser cases of scenarios in which a guy has almost zero back up funds, he can still begin right away to invest in bitcoin and to build his backup funds at the same pace that he is building his bitcoin.  

In other words, there is no need to have any exact quantity of back up funds already in place before getting started, yet a guy cannot and probably should not be investing in any bitcoin if he has absolutely zero backup funds, since he would be at risk of investing beyond his discretionary funds, which means that he could have some basic and necessary expenses come up that he had not anticipated and that he has to pay prior to the receipt of his next pay check... so then if he has absolutely no other funds, he may well have to tap into his bitcoin at a time that would not have had been at his choosing... especially if he may well seriously understand the idea of investing is long term and not short term so something like 4-10 years or more would be the logical lock up period for any funds that are put into bitcoin.

Building trust in Bitcoin is very important. Trust plays the biggest role in maintaining your holdings in the long term. Because if we do not have trust in a thing or a person, then we will never value any words or other actions of that person. Similarly, if you cannot build trust in Bitcoin, then you will never be able to hold it in the long term, when you see a decline in the market, you may panic and sell your holdings.

Trust you mean? I think this should be about our mindset, before anyone has to invest in Bitcoin, such person would have been ready for the investment, you got your points but I still think that if someone does not trust a system, he will not want to invest in it, many people have their reasons why they will not want to hodl Bitcoin for a long-term, improper planing might be one of the factors that can trigger such decision, impatience which may arise as a result of quick money mindset, al these things i mentioned are the factors that we should be looking at, short term investors panic more and that is because of their target that often becomes unrealistic, dude lets be clear on this, any investor that sells his Bitcoin halfway due to panic may not have planned for long-term or they were never investing properly with their discretionary income.

Trust is not all or nothing .. it has gradients.

We can adjust the size of our investment in accordance with our level of trust and/or comfort.  It need not be an all or nothing proposition regarding whether we trust or not, but instead, our level of investment and our level of aggressiveness may well relate to our level of trust, and not about whether we have it or not.  

We may well enter bitcoin without very much trust, yet build our trust over time, and also based on our own interaction with it.

Furthermore, there could well be guys who are invested quite heavily in bitcoin and even who had taken somewhat aggressive investment practices, yet they still might not have 100% trust (including having levels of doubt that change from time to time depending on things that are happening).

Newbies don't need to have an emergency fund in place prior to getting started.  As long as they have discretionary funds, they can start from where they are at and determine how much to put into bitcoin, and build their back up funds as they go.

Maybe this is the opinion of the master who tells beginners not to need emergency funds but what I need to ask is for example if beginners have prepared emergency funds what can they do by increasing the amount of their Bitcoin investment even though they come as beginners?

I am sharing my opinions on these various matters related to bitcoin investing and cashflow management, so you can do with them what you will, and also in the end, there is a need for you and/or any beginner to adapt the ideas to their own thinking and their own comfort level in their practices... including potentially adapting systems and practices that they already have in place.

Of course, beginners are starting from wherever they are  at, and if they figure out that they have discretionary funds, they can get started.  If they have absolutely no back up funds, then they have to modify the amount that they put into bitcoin in order to assure that they do not spend beyond their discretionary funds.. so the lower their back up funds, the more risk that they are putting themselves into (and their bitcoin) that they might be spending beyond their discretionary funds (whether on purpose or inadvertently/accidentally).

Newbies have to figure out these matters, and if they are not sure if they have discretionary funds or enough back up funds to have confidence about the existence of discretionary funds, then they should not be buying any bitcoin until they make sure that they are not inadvertently spending beyond their discretionary funds.

I frequently also suggest that everyone try to invest into bitcoin as aggressively as they are able to without overdoing it, yet newbies may well have to purposefully invest way smaller amounts to assure that they do not accidentally overdo it and invest into bitcoin using funds beyond their discretionary funds.

Because I understand that saying this means that emergency funds are only permitted for those who no longer consider themselves beginners. This is just a general statement so for those who have held Bitcoin for a long time the language we're discussing won't be a problem.

Well we are talking about emergency funds in the context of protecting our bitcoin investment and/or figuring out how to manage our cashflows in the context of investing into bitcoin, so it may not necessarily refer to them as merely emergency funds, even though surely there may well be situations in which the term emergency fund helps for a better understanding for why back up funds may well be needed (and even more needed in a context of trying to both protect our bitcoin from being tapped into, yet also in a context that many of us (including newbies or not newbies) might want to ongoingly be building up their bitcoin investment no matter what fluctuations in their cashflow that might be simultaneously happening.

In some sense, most of us likely realize if push comes to shove, and real great emergencies happen, then even if we have a hierarchy of spending in place, we may well deplete a wide variety of back up funds, and perhaps get down to a point that we have to spend from our bitcoin holdings.

Also if we build up our bitcoin holdings to a large enough level (especially if we get to overaccumulation status), then we surely might not mind spending from some of our overaccumulated bitcoin, so we may or may not need to keep as much back up funds available based on the quantity of wealth that we had already built up or had gained through bitcoin price appreciation, if such a BTC price appreciation might have had played out after we had accumulated much of our bitcoin already.

Newbies also don't need to invest in bitcoin consistently, and they can choose their level of investing, their frequency, their level of priority they are giving to bitcoin, even though surely they are going to be able to build a better bitcoin holdings if they prioritize it.

This is because over time they will understand better because beginners will concentrate fully on what they're doing, especially since this is part of something that must be done consistently. Ultimately beginners will have a deeper understanding of how to actually invest in Bitcoin whether short-term or long-term. In other words this is to ensure that they are beginners' desire to build Bitcoin investments for the next few years.

My point had to do with choice, and bitcoin investors, whether newbies or not, can choose their level of aggressiveness, including their level of consistency.  Sure, some might choose to be consistent and/or aggressive and others may not, whether they are choosing based on learning or not can also vary since some people are more interested in self-reflection and improvements and others might not want to live like that.  They can do what they like, and their buying of bitcoin still could be called DCA whether or not they are consistent in terms of the amount and/or in terms of the frequency of buying bitcoin.

Another thing with DCA investing is that a guy can set his DCA towards whatever level of aggressiveness and/or frequency that he wants.. including the extent to which he might build up back up funds as he goes and how much priority he might give to bitcoin as compared with back up funds and/or discretionary consumption.

Their way for beginners in managing DCA strategy for a higher level I think this can be sustainable because when someone has started it can be ensured that they will delve deeper into how to do it in the future so that it does not make it difficult for them as beginners in terms of managing the pattern they want because as I said earlier they come even though as beginners of course they are more prepared both from the financial side or their mentality in doing either buying or how they hold when their position has accumulated BTC even with a small or large amount at least they are only in the language of beginners but from the mental side they may be more prepared either by having an emergency fund or their capital because the finances they have are certainly stable enough to start investing in Bitcoin.

I doubt that we can conclude what a newbie is going to do, and/or if any newbie is going to either stick with their investing into bitcoin and/or to become organized in their cashflow management practices.

There is a lot of variance with newbies.  Some have more experiences and knowledge than others.  Some have better income and/or capital than others. Some have more discipline, commitment and/or emotion control than others.

[Johnlomape]

In as much as I will love to say that long term is the key, I will also want you to understand that it is not only in long term discretionary income is needed rather even in short term (trading) discretionary income should be use because that is something anyone can afford to lose and it is very necessary to use it. Lastly, it is not just having the mindset to hold for a long term it is about following the principles and be consistent with accumulation because some people has the mindset yet they dont hold till that time.

I have forgotten most of the things I had read about discretionary income because i don't write much on this thread.
I will update my knowledge about that so I can discuss more on how to invest in Bitcoin and not become a victim of any dull moment.
There are so many people that called themselves investors but don't know how to invest wisely on Bitcoin especially making sure that that  have emergency funds available in case they have issues to settle that can be money demanding.

[JayJuanGee]

Not just with the one you're earning Nwadiche, but you need to be sure you're having discretionary income from it, else you're only gambling with your portfolio since you may erroneously use funds meant for your expenses to invest if you're not specific with your cashflow management and attending to your expenses first, and when you are able to identify to having discretionary income, you need to divide it further into investing in bitcoin and building out backup funds simultaneously since backup funds serves as a layer of protection to your portfolio from bring tampered before maturity.

I agree that waiting to save some level of backup funds out prior to starting your investment journey is wrong, investors shouldn't waste much time doing that since they could still build it out simultaneously with their regular buys.

Before investing an investor should have the mindset of investing for long term because it the mindset of long term holdings that will determine if such investors needs to make provision for discretionary income or not. When the investor have the mindset of long term holding then discretionary income should be considered as an important aspect because that what really helps to keep our weekly or monthly accumulation in check.
  Wasting time to save funds before investing is really not a big move instead it just a procrastination, making provision for discretionary income will just helps to make things much easier and less stressful.

Why are you creating a requirement for a person to get started in bitcoin?

Surely I agree that bitcoin investing is long term, such as 4-10 years or longer, and even would be 10 years or longer for most people unless they have some age or health consideration that might not allow them to commit to a 10 year or longer timeline.

Even though I understand that it would be preferable for newbies to already know that bitcoin investing is 10 years or longer, I cannot agree that newbies need to be able to commit to a long timeframe before they would be eligible to get started investing into bitcoin.

In as much as I will love to say that long term is the key, I will also want you to understand that it is not only in long term discretionary income is needed rather even in short term (trading) discretionary income should be use because that is something anyone can afford to lose and it is very necessary to use it. Lastly, it is not just having the mindset to hold for a long term it is about following the principles and be consistent with accumulation because some people has the mindset yet they dont hold till that time.

I have forgotten most of the things I had read about discretionary income because i don't write much on this thread.
I will update my knowledge about that so I can discuss more on how to invest in Bitcoin and not become a victim of any dull moment.
There are so many people that called themselves investors but don't know how to invest wisely on Bitcoin especially making sure that that  have emergency funds available in case they have issues to settle that can be money demanding.

Discretionary income is the money that you have left from your income after you have accounted for all of your basic expenses.

Discretionary income can be used to invest, save (back up funds) and/or discretionarily consume.

One of the better way to learn about the various terms is to put your own systems in place in which you are keeping track of your expenses, your income,  your investments and your savings.  You get more familiar with the ideas when you are practicing them - perhaps with goals to build up your bitcoin investment and'/or to strengthen your cashflow management practices (including building up your back up funds).

[Emjay24]

You point is clear and I definitely with you in your idea about active participation...Most folks here have been emphasizing about patience, trust, endurance, understanding, blah blah blah....But the truth is that none of these qualities can truely be attained if folks deliberately exclude themselves from Bitcoin for whatever personal reasons... That's why active participation is very important coz folks have a whole lot to benefit from it.... And folks can start their immediate participation as soon as they have their Discretionary income available regardless of the size it is at that very time, since they could always get to increase their discretionary income as they go...

Implementation is complete but no one can do it thoroughly. This may be a common thing for everyone to do whenever a regulation is implemented. In a context like this I think it's difficult to achieve something.

It is easier to achieve when you are dedicated and continually strive to be better at doing the right thing. When your focus is channeled towards the right practices in bitcoin investment and you're truly buying and holding and building out your backup funds in the process. It is true that it might be challenging in the beginning with respect to the investor's learning capacity and previous experience on investing. However, if the investor chooses to be consistent at doing the right thing, they would see for themselves that overtime, their efficiency increases with consistent practice while in the market and the one time very difficult task of consistency and good cashflow management practices starts feeling normal to them and the investor does it more effortlessly and can choose to increase his buying amount with his increased comfort and confidence in buying bitcoin.
Along the line the investor might be able to discover more ways of identifying more discretionary income which is being eaten away by unnecessary prioritization of wants, all these can be achieved if you remain dedicated and not run away or abandon your accumulation journey when you are faced with minor challenges in the beginning of your involvement in bitcoin.
No one comes into bitcoin or any investment fully ready or having everything figured out fully, you keep updating your knowledge and good practices as you advance in your accumulation journey, the initial difficulty should be viewed as an opportunity to learn better and master oneself and his cashflow appropriation mechanics and not a blockade to give up your investment journey

[Ashawowo(OS)]

Not just with the one you're earning Nwadiche, but you need to be sure you're having discretionary income from it, else you're only gambling with your portfolio since you may erroneously use funds meant for your expenses to invest if you're not specific with your cashflow management and attending to your expenses first, and when you are able to identify to having discretionary income, you need to divide it further into investing in bitcoin and building out backup funds simultaneously since backup funds serves as a layer of protection to your portfolio from bring tampered before maturity.

I agree that waiting to save some level of backup funds out prior to starting your investment journey is wrong, investors shouldn't waste much time doing that since they could still build it out simultaneously with their regular buys.

Before investing an investor should have the mindset of investing for long term because it the mindset of long term holdings that will determine if such investors needs to make provision for discretionary income or not. When the investor have the mindset of long term holding then discretionary income should be considered as an important aspect because that what really helps to keep our weekly or monthly accumulation in check.
  Wasting time to save funds before investing is really not a big move instead it just a procrastination, making provision for discretionary income will just helps to make things much easier and less stressful.

Why are you creating a requirement for a person to get started in bitcoin?

Surely I agree that bitcoin investing is long term, such as 4-10 years or longer, and even would be 10 years or longer for most people unless they have some age or health consideration that might not allow them to commit to a 10 year or longer timeline.

Even though I understand that it would be preferable for newbies to already know that bitcoin investing is 10 years or longer, I cannot agree that newbies need to be able to commit to a long timeframe before they would be eligible to get started investing into bitcoin.

I support that it would be more helpful for them to have come across the knowledge that bitcoin is better when approached on a long-term, because ignorance is a very big challenge of investors when they come on board and until they get armed with the right knowledge, they may gamble with their holdings for a while thinking it is the best shot, however I don't really think they should have that fixed mindset before getting involved, I believe along the line of staying in bitcoin, they would be able to figure it out by themselves and straighten themselves up even though they have come into bitcoin with the wrong mindset in the beginning, it forms again part of their learning experiences while investing into bitcoin instead of waiting to grab a lot of knowledge before starting, which makes it more important that they started first and fix their mindsets for maximum experience in bitcoin possible later on as they progress. Most people tend to understand better the need to stay in bitcoin for a long time only when they've started, stayed for a while and are continually buying and holding bitcoin.

[Big Dirams]

Before investing an investor should have the mindset of investing for long term because it the mindset of long term holdings that will determine if such investors needs to make provision for discretionary income or not. When the investor have the mindset of long term holding then discretionary income should be considered as an important aspect because that what really helps to keep our weekly or monthly accumulation in check.
  Wasting time to save funds before investing is really not a big move instead it just a procrastination, making provision for discretionary income will just helps to make things much easier and less stressful.

Why are you creating a requirement for a person to get started in bitcoin?

Surely I agree that bitcoin investing is long term, such as 4-10 years or longer, and even would be 10 years or longer for most people unless they have some age or health consideration that might not allow them to commit to a 10 year or longer timeline.

Even though I understand that it would be preferable for newbies to already know that bitcoin investing is 10 years or longer, I cannot agree that newbies need to be able to commit to a long timeframe before they would be eligible to get started investing into bitcoin.

That so inappropriate of me  though but wasn’t really creating a requirement though you got me wrong though. Was just giving some positive suggestions about how to make successful outcome from bitcoin investment though and we all know that having a long term mindset helps to push away our mindset from daily market volatility.

 All I was trying to prove was that long term mindset is a positive mindset to start a bitcoin investment with and such mindset has helped a lot of bitcoin holders.
And thanks for the corrections by the way and pointing out my mistakes.

[Baki202]

I have forgotten most of the things I had read about discretionary income because i don't write much on this thread.
I will update my knowledge about that so I can discuss more on how to invest in Bitcoin and not become a victim of any dull moment.
There are so many people that called themselves investors but don't know how to invest wisely on Bitcoin especially making sure that that  have emergency funds available in case they have issues to settle that can be money demanding.

discretionary income can be used to invest and a lot of people are coming up. With different ideas and this is why you have to even make plan things even before the income because that is what matters the most because when you don't put money into proper use it will result into waste, and knowledge is very important and how to make use of your money because he that does not plan is planning to fail at this point and we just need to know how to use money and all this still falls doing to DCA because any amount you get is what you will use to invest.

And there people that just buy and they don't buy anything again they just buy and start calling there self holders and we have to be careful with people like this and a lot of them are always implicating others so we have to be mindful of them and we have to act according to our own decisions because in this situation you have to work alone especially in your decision.

[As-Soon-As]

Not just with the one you're earning Nwadiche, but you need to be sure you're having discretionary income from it, else you're only gambling with your portfolio since you may erroneously use funds meant for your expenses to invest if you're not specific with your cashflow management and attending to your expenses first, and when you are able to identify to having discretionary income, you need to divide it further into investing in bitcoin and building out backup funds simultaneously since backup funds serves as a layer of protection to your portfolio from bring tampered before maturity.

I agree that waiting to save some level of backup funds out prior to starting your investment journey is wrong, investors shouldn't waste much time doing that since they could still build it out simultaneously with their regular buys.

Before investing an investor should have the mindset of investing for long term because it the mindset of long term holdings that will determine if such investors needs to make provision for discretionary income or not. When the investor have the mindset of long term holding then discretionary income should be considered as an important aspect because that what really helps to keep our weekly or monthly accumulation in check.
  Wasting time to save funds before investing is really not a big move instead it just a procrastination, making provision for discretionary income will just helps to make things much easier and less stressful.

It is foolish to waste time in the current position, because the money you have is worth as much as you invest in Bitcoin and take various steps to make your investment long-term, which will increase your chances of making a profit. Because the price of Bitcoin is constantly being corrected in the market, so if you can buy Bitcoin right now, then you will definitely save a lot on your purchase. However, in this case, those who are waiting for a discreet income are basically wrong because as you continue to invest, your source of income will be more, so it is better for you to continue investing in Bitcoin at the present time.
Because if you invest in Bitcoin following the DCA method, the investment method will definitely be successful and it will become easier for that person to keep it for a long time.

[JayJuanGee]

Not just with the one you're earning Nwadiche, but you need to be sure you're having discretionary income from it, else you're only gambling with your portfolio since you may erroneously use funds meant for your expenses to invest if you're not specific with your cashflow management and attending to your expenses first, and when you are able to identify to having discretionary income, you need to divide it further into investing in bitcoin and building out backup funds simultaneously since backup funds serves as a layer of protection to your portfolio from bring tampered before maturity.

I agree that waiting to save some level of backup funds out prior to starting your investment journey is wrong, investors shouldn't waste much time doing that since they could still build it out simultaneously with their regular buys.

Before investing an investor should have the mindset of investing for long term because it the mindset of long term holdings that will determine if such investors needs to make provision for discretionary income or not. When the investor have the mindset of long term holding then discretionary income should be considered as an important aspect because that what really helps to keep our weekly or monthly accumulation in check.
  Wasting time to save funds before investing is really not a big move instead it just a procrastination, making provision for discretionary income will just helps to make things much easier and less stressful.

Why are you creating a requirement for a person to get started in bitcoin?

Surely I agree that bitcoin investing is long term, such as 4-10 years or longer, and even would be 10 years or longer for most people unless they have some age or health consideration that might not allow them to commit to a 10 year or longer timeline.

Even though I understand that it would be preferable for newbies to already know that bitcoin investing is 10 years or longer, I cannot agree that newbies need to be able to commit to a long timeframe before they would be eligible to get started investing into bitcoin.

I support that it would be more helpful for them to have come across the knowledge that bitcoin is better when approached on a long-term, because ignorance is a very big challenge of investors when they come on board and until they get armed with the right knowledge, they may gamble with their holdings for a while thinking it is the best shot, however I don't really think they should have that fixed mindset before getting involved, I believe along the line of staying in bitcoin, they would be able to figure it out by themselves and straighten themselves up even though they have come into bitcoin with the wrong mindset in the beginning, it forms again part of their learning experiences while investing into bitcoin instead of waiting to grab a lot of knowledge before starting, which makes it more important that they started first and fix their mindsets for maximum experience in bitcoin possible later on as they progress. Most people tend to understand better the need to stay in bitcoin for a long time only when they've started, stayed for a while and are continually buying and holding bitcoin.

I am not going to presume that people are broken or that we need to patronize them.

There are so many guys that seem to want to create requirements and to suggest that newbies are not able to come to their own conclusions in their own best interest, and sure if we are talking with some newbie who is considering coming into bitcoin, we can give them our opinion, and if it appears that they need help in some kind of an area or they are inclined to trade or to get involved in shitcoins, we can let them know that bitcoin is an investment and not a trade and that getting involved in shitcoins is a bad idea unless they cannot resist, then maybe they can limit their exposure to 10% of their bitcoin holdings and to emphasize bitcoin, and sure there are going to be some newbies who get exposed to the wrong ideas, and they might need to learn from their mistakes, and hopefully they do not put too much money into their mistakes and they can learn from them.

Before investing an investor should have the mindset of investing for long term because it the mindset of long term holdings that will determine if such investors needs to make provision for discretionary income or not. When the investor have the mindset of long term holding then discretionary income should be considered as an important aspect because that what really helps to keep our weekly or monthly accumulation in check.
  Wasting time to save funds before investing is really not a big move instead it just a procrastination, making provision for discretionary income will just helps to make things much easier and less stressful.

Why are you creating a requirement for a person to get started in bitcoin?
Surely I agree that bitcoin investing is long term, such as 4-10 years or longer, and even would be 10 years or longer for most people unless they have some age or health consideration that might not allow them to commit to a 10 year or longer timeline.

Even though I understand that it would be preferable for newbies to already know that bitcoin investing is 10 years or longer, I cannot agree that newbies need to be able to commit to a long timeframe before they would be eligible to get started investing into bitcoin.

That so inappropriate of me  though but wasn’t really creating a requirement though you got me wrong though. Was just giving some positive suggestions about how to make successful outcome from bitcoin investment though and we all know that having a long term mindset helps to push away our mindset from daily market volatility.

Of course, long term is the right idea and it is better, yet it is not a requirement that newbies have that figured out before they get started.  We can agree to disagree, since I am not going to agree with you about having a long term to be a requirement because people can do whatever they like and if they are planning to trade rather than invest, then I may well tell them that long is preferable and long is investing rather than trading, but they have to choose their timeline, figure it out and learn from the consequences if they try to trade in bitcoin rather than treating bitcoin like an investment.

 

All I was trying to prove was that long term mindset is a positive mindset to start a bitcoin investment with and such mindset has helped a lot of bitcoin holders.
And thanks for the corrections by the way and pointing out my mistakes.

Of course.. long is best, and some newbies will start out thinking that they are investing in bitcoin, and they cannot even imagine investing for 4-10 years or longer, and they just want to try a year or two, so then they are not investing.. they are trading, even though they think that they are investing.  If we know such a person, we can let them know, but in the end they have to figure out their own timeline, and make the mistake of trading rather than investing...

By the way, I could be arguing with you about semantics rather than substance, since I am a big proponent of getting started and not really telling people what they gotta do, except perhaps to say that they gotta use discretionary funds, otherwise they would be gambling and/or trading... which is not a good idea... and surely there are some guys that start out with a short timeline, yet as they are getting used to bitcoin, they realize that bitcoin is an investment not a trade... yet their not knowing that should not preclude them from getting started and figuring out a starting amount that is suitable to their situation, whether it is $100, $10 or some other amount.

[Razmirraz]

That so inappropriate of me  though but wasn’t really creating a requirement though you got me wrong though. Was just giving some positive suggestions about how to make successful outcome from bitcoin investment though and we all know that having a long term mindset helps to push away our mindset from daily market volatility.

Of course, long term is the right idea and it is better, yet it is not a requirement that newbies have that figured out before they get started.  We can agree to disagree, since I am not going to agree with you about having a long term to be a requirement because people can do whatever they like and if they are planning to trade rather than invest, then I may well tell them that long is preferable and long is investing rather than trading, but they have to choose their timeline, figure it out and learn from the consequences if they try to trade in bitcoin rather than treating bitcoin like an investment.

Long term is not the only way to profit from Bitcoin, this is where beginners must understand their own goals and strategies. Simply put, long-term investments can be more stable and promising, but trading can also be an option if they understand the risks. So, transmission depends on the choice and understanding of the strategy used, because in my opinion, that is the main key in both investment and trading.
Personally, I prefer to see beginners choose long-term investment methods because this strategy has been proven (many investors have succeeded) because its high volatility makes trading riskier. It's best for beginners to understand the basics of Bitcoin before deciding whether to become an investor or a trader. It's also important to set up an emergency fund, determine your investment goals, and don't forget to never invest more than you can afford to lose.

[alankasman]

and so it can take time to build good practices, yet we don't need to presume that guys have to have the good practices in place prior to getting started - even if some guys might not always realize that it is likely better to make sure that they are moderating their approach within their individual circumstances and perhaps also learning somewhere early on that bitcoin should be a 4-10 year or longer investment rather than a trade .. so they might have some difficulties getting into a longer term time horizon, since I surely don't recommend trading and/or gambling in bitcoin, and the idea of investing in bitcoin should be 4-10 years or longer...otherwise it is not investing. .it is trading and/or gambling, which is not the topic of this thread.

And this is one idea they might need to consider before starting. If they're already practicing this kind of practice they'll no longer need time to develop an approach when they're overly aggressive. They're already in a position where they've already moderated their approach. This investment often occurs and it takes a long time, perhaps 8-15 years to wait after implementing the idea.

It's true that sometimes people don't realize what they're doing but in investing what needs to be understood is that after starting they must remain consistent in maintaining it. If not I believe this will lead to quite serious problems one of which is investment failure. Initially they're doing it in a way that wasn't often done by their predecessors meaning they're aggressive but lack protection. This is a very assumption-based approach to what's actually happening which makes a recommendation based on the idea that someone is doing it simply by considering what they've already done regarding the investment that they should have done without waiting for a long time.

[Bigjoe33]

That so inappropriate of me  though but wasn’t really creating a requirement though you got me wrong though. Was just giving some positive suggestions about how to make successful outcome from bitcoin investment though and we all know that having a long term mindset helps to push away our mindset from daily market volatility.

Of course, long term is the right idea and it is better, yet it is not a requirement that newbies have that figured out before they get started.  We can agree to disagree, since I am not going to agree with you about having a long term to be a requirement because people can do whatever they like and if they are planning to trade rather than invest, then I may well tell them that long is preferable and long is investing rather than trading, but they have to choose their timeline, figure it out and learn from the consequences if they try to trade in bitcoin rather than treating bitcoin like an investment.

Long term is not the only way to profit from Bitcoin, this is where beginners must understand their own goals and strategies. Simply put, long-term investments can be more stable and promising, but trading can also be an option if they understand the risks. So, transmission depends on the choice and understanding of the strategy used, because in my opinion, that is the main key in both investment and trading.
Personally, I prefer to see beginners choose long-term investment methods because this strategy has been proven (many investors have succeeded) because its high volatility makes trading riskier. It's best for beginners to understand the basics of Bitcoin before deciding whether to become an investor or a trader. It's also important to set up an emergency fund, determine your investment goals, and don't forget to never invest more than you can afford to lose.

Newbies who come into Bitcoin investment with a trading mentality may not grow rapidly in accumulation due to the fact that they buy and sell instead of HODLing which is the real deal when it comes to Bitcoin investment. No doubts that sometimes, traders can make gains, but little gains, but am sure those gains cannot be compared to an investor who bought and HODL for years or circles. Perhaps, anyone can do whatever they like with there finances, but investment is better off than trading. If he invests, he has the chances of learning better, understanding better the investment and knowing how to manage him income and allocation to ensure he HODLs for long term which increases his portfolio over time. While on the other hand, trading is just aimed at immediate gains and rise in price without planning for the future and your possession. I think investors shouldn't be decieved by the little gains trading offers in the moment, but should rather concentrate on building a large or better portfolio for themselves through investment plan. The risk involved in trading is just too much and may consume your investment if you run out of luck

[Sim_card]

Long term is not the only way to profit from Bitcoin, this is where beginners must understand their own goals and strategies. Simply put, long-term investments can be more stable and promising, but trading can also be an option if they understand the risks. So, transmission depends on the choice and understanding of the strategy used, because in my opinion, that is the main key in both investment and trading.

Trading isn't a good option for anyone especially, brand new investors whether, understanding the risk or not, or having the right strategies because in the long run, they will all end up in losses because traders think they're smarter and can make with the price wave of bitcoin unknown to them that they're gambling.

Long-term investment is the key to bitcoin investment because it gives you the opportunity to build and grow your bitcoin portfolio overtime while, you continue learning about bitcoin and how to have a good cash inflow management. With your discretionary income and the basic knowledge of bitcoin, you can get started.

Long-term investment has limited risk than trading. No matter the strategies that you use to trade, losses are inevitable.

[JayJuanGee]

That so inappropriate of me  though but wasn’t really creating a requirement though you got me wrong though. Was just giving some positive suggestions about how to make successful outcome from bitcoin investment though and we all know that having a long term mindset helps to push away our mindset from daily market volatility.

Of course, long term is the right idea and it is better, yet it is not a requirement that newbies have that figured out before they get started.  We can agree to disagree, since I am not going to agree with you about having a long term to be a requirement because people can do whatever they like and if they are planning to trade rather than invest, then I may well tell them that long is preferable and long is investing rather than trading, but they have to choose their timeline, figure it out and learn from the consequences if they try to trade in bitcoin rather than treating bitcoin like an investment.

Long term is not the only way to profit from Bitcoin, this is where beginners must understand their own goals and strategies. Simply put, long-term investments can be more stable and promising, but trading can also be an option if they understand the risks. So, transmission depends on the choice and understanding of the strategy used, because in my opinion, that is the main key in both investment and trading.
Personally, I prefer to see beginners choose long-term investment methods because this strategy has been proven (many investors have succeeded) because its high volatility makes trading riskier. It's best for beginners to understand the basics of Bitcoin before deciding whether to become an investor or a trader. It's also important to set up an emergency fund, determine your investment goals, and don't forget to never invest more than you can afford to lose.

You took the wrong point from my post, and this thread is not about trading... so it is not a good idea to be promoting trading or to suggest that it is a good idea to be fucking around with trading.  I frequently suggest that if guys are not able to resist trading (gambling) and/or shitcoining, then they should at least limit those activities to 10% or less of their bitcoin investment.. so at least they keep their desire for shiny objects within some kind of a reasonable restraint.

Part of the point that I was attempting to make is that a bitcoin newbie might not be willing to commit to longer term, such as 4 to 10 years or longer, and might not even know what investing is, so it may well take them some time to warm up to the idea that they are ongoingly building their bitcoin investment for a longer time...and o sure it could be that some of them do not come around to it and they are not even able to get through a whole cycle of accumulating bitcoin through buying and holding only.

and so it can take time to build good practices, yet we don't need to presume that guys have to have the good practices in place prior to getting started - even if some guys might not always realize that it is likely better to make sure that they are moderating their approach within their individual circumstances and perhaps also learning somewhere early on that bitcoin should be a 4-10 year or longer investment rather than a trade .. so they might have some difficulties getting into a longer term time horizon, since I surely don't recommend trading and/or gambling in bitcoin, and the idea of investing in bitcoin should be 4-10 years or longer...otherwise it is not investing. .it is trading and/or gambling, which is not the topic of this thread.

And this is one idea they might need to consider before starting. If they're already practicing this kind of practice they'll no longer need time to develop an approach when they're overly aggressive. They're already in a position where they've already moderated their approach. This investment often occurs and it takes a long time, perhaps 8-15 years to wait after implementing the idea.

The point (or goal) should be to attempt to build good systems so that the investor does not cross over the line into being over aggressive, and if he makes mistakes and becomes to aggressive he can reign himself back into more reasonable boundaries.. so that he is not over doing it.

It's true that sometimes people don't realize what they're doing but in investing what needs to be understood is that after starting they must remain consistent in maintaining it. If not I believe this will lead to quite serious problems one of which is investment failure. Initially they're doing it in a way that wasn't often done by their predecessors meaning they're aggressive but lack protection. This is a very assumption-based approach to what's actually happening which makes a recommendation based on the idea that someone is doing it simply by considering what they've already done regarding the investment that they should have done without waiting for a long time.

It seem to be a better practice to attempt to focus on the things that investors should be doing rather than the things to not do.  So in the beginning he is building his bitcoin and his back up funds and perhaps after he gets a decent quantity of back up funds, he can increase the level of his aggressiveness.  He may also have areas along the way in which he might get extra money that he can invest into bitcoin...and then later he might start to feel that he has enough bitcoin or more than enough bitcoin, so he can start to invest less aggressively...

Maybe you need to provide some example @alankasman in regards to what you mean about mistakes that guys might end up making along the way.

[B-BossMan]

Long term is not the only way to profit from Bitcoin, this is where beginners must understand their own goals and strategies. Simply put, long-term investments can be more stable and promising, but trading can also be an option if they understand the risks. So, transmission depends on the choice and understanding of the strategy used, because in my opinion, that is the main key in both investment and trading.

Trading isn't a good option for anyone especially, brand new investors whether, understanding the risk or not, or having the right strategies because in the long run, they will all end up in losses because traders think they're smarter and can make with the price wave of bitcoin unknown to them that they're gambling.

Long-term investment is the key to bitcoin investment because it gives you the opportunity to build and grow your bitcoin portfolio overtime while, you continue learning about bitcoin and how to have a good cash inflow management. With your discretionary income and the basic knowledge of bitcoin, you can get started.

Long-term investment has limited risk than trading. No matter the strategies that you use to trade, losses are inevitable.

Dude you are on the  line and I agree with you, despite some investors have tried the both bitcoin trading and bitcoin investment they cannot advise any newbies to begin thier cryptocurrency journey with trading, because  I see trading as a gambling, this is something that has higher risks, due to its approaches that is, buying and sell within a short period of time, I believe the trading actually offers a potential rapid gain or profits, but it's more riskier, so anyone that cannot exercise patience in accumulating bitcoin gradually or having mindset of buying bitcoin and holding it for long-term periods for like several years, aiming for long-term returns, definitely the person cannot invest in Bitcoin, but can go for trading with higher risks. However in terms of profitability, both are profitable but instead of risking it on trading, it's better to invest in Bitcoin that's risk worthy for a long-term asset for your own comfort.