JJG’s Outline of Bitcoin Investment Ideas

[ZeroVinsonN]

...

My friend what are you on about? Emergency funds is an obligation that you owe yourself, it’s for the safety of your investments and this are situations no one can predict happening, you don’t decide when an emergency will happen that’s why you plan for it.

The fact that we suggest that you can start investing even when you don’t have emergency fund doesn’t mean it’s not necessary or you’ll start without having some sort of backup.

Successful investing is inseparable from having an emergency fund. A person cannot succeed without it. There are times when emergency funds are desperately needed, especially when the time or situation is different. Having an emergency fund makes solving these problems easier.

The impact of not having an emergency fund is that the victim is only focused on the accumulated amount, which must be sold to resolve the problem. Therefore, an emergency fund is an obligation for those investing in Bitcoin, especially long-term investments. It must always be used when needed, as its purpose is to avoid dipping into the invested amount.

People who overlook having an emergency fund act like they're immune to emergency situations, my advice is that instead of playing God they should do the need regardless of how tough it may be for them cause humans would always face challenges that we can't tell when they'll occur and if we're not financially ready to solve them, we could end up using money meant for other things to solve it.

 Investing without an emergency funds is as good as doing nothing cause on the long run if an emergency situation occur, the investment might or would end up withdrawing too early from the investment to solve the situation so to avoid such complications in the investment it's good to have it sorted out.

You don't even need to be investing to have an emergency fund, this is the mistake most people make and that why even though they are probably buying bitcoin now they still don't see the need for having an emergency fund, they have this false belief that they will be able to handle whatever comes their way, forgetting to realize that the way to handle whatever comes their way is to have their emergency fund ready to handle those unexpected situations, emergencies are emergencies because no one knows when they will happen.

[Yablee0]

lol, I never though of Bitcoin as a religion to have much faith in first before a guy can get started in his investment base on how faith is defined, let’s assume a newbie has faith in Bitcoin that it’ll turn the way his faith has lead him to believe, and it doesn’t work out that way, what will be of his faith then. . If the newbie want, let him be overly religious  with Bitcoin, Bitcoin will still do it thing whenever it wants. Realistically speaking, a guy doesn’t believe or have conviction in a thing, until he has either tried it out or heard the other persons talk about it. But in this case, it’s best you start already with your discretionary fund and grow your conviction in Bitcoin as you go. In the stead of waiting until God knows when your conviction will get to a satisfactory level.

In my opinion having faith in bitcoin is understanding and believing that bitcoin is something we can rely on and hope on because it has proven itself to be a reliable projects with great potentials and it has proven it self many years to be something worth giving a shot. 
And however the transparency of bitcoin on how transactions are made publicly and how it isn’t an individual projects or a project govern by the government then we should have faith in it but still that doesn’t mean bitcoin can’t go for dips or highs just because we have faith in it.
The price movement of bitcoin is govern by many factors but mainly on supplies and demands so you talking about faith in religious way isn’t applicable to this at all.

Only those who don’t want to believe in Bitcoin will be the ones to doubt it, otherwise Bitcoin itself has proved itself for over a decade now. I don’t know why some people are still having negative views about it. Bitcoin is something that you and I do not have any power over, so we don’t know what the future holds. Everyone investing for the long term believes that it will be more profitable in the future than what we are seeing now because of the history it has made.

Of course, changes in price are a normal thing to happen. believing in its future value does not mean the price is not going to fall, we are going to experience dips as well because they are also part of the journey. even though a newbie believe that Bitcoin will be much greater in the future and later it does not turn out the way they expected, there is nothing they can do because right from the beginning they knew that risk is also involved.

Attaching religious faith to Bitcoin is like going to buy a car and you haven't been on the driver's seat in a moving vehicle (that's you don't know how to drive a car) but you have faith that as you are buying the car you will be able to drive it home. There's no point attaching religious faith to Bitcoin investment as it can lead some people into financial mismanagement or breakdown. In as much as you hope for profit from investing in Bitcoin in future that should have nothing to do with religious faith as that can be misleading

I still can't figured out what does religious faith or beliefs has to do with Bitcoin investment, Because if I'm not mistaken they have no business or whatsoever with each other. Bitcoin investment is what it is and nothing is changing that, perhaps you might be doing it the wrong way by investing outside your discretionary funds or by not setting up your emergency funds in place in case of unforeseen situations and be expecting some miracle to happen when in deep mess, capital NO because it won't work. Necessary measures most be followed to get it worked perfectly. Furthermore, despite the fact that we can always count on Bitcoin investment when on a long term plan, it's still not guaranteed therefore investing what we can always let go still remains the best decision any Bitcoin enthusiast can ever think of when dealing with it.

[johnsaributua]

You don't even need to be investing to have an emergency fund, this is the mistake most people make and that why even though they are probably buying bitcoin now they still don't see the need for having an emergency fund, they have this false belief that they will be able to handle whatever comes their way, forgetting to realize that the way to handle whatever comes their way is to have their emergency fund ready to handle those unexpected situations, emergencies are emergencies because no one knows when they will happen.

I think those who invest without an emergency fund are making a big mistake, even though the emergency fund isn't needed immediately. But every problem that arises without us realizing it is what allows us to solve it by having an emergency fund.

It will not be possible to succeed in investing if someone does not have the funds because investing without having the funds I think when a problem comes to them, of course one of the things they have to do is to touch the amount that we have collected, but it is different with the emergency fund, of course the amount that we have collected does not need to be touched again because we can solve the situation with the emergency fund, so the mistake of the current party in failing to invest is by not having the emergency fund, even though the emergency fund is not immediately needed, but we only prepare the situation to protect the amount that we have collected so that we do not need to touch it when a situation occurs that we have to solve.

[Stive009]

You don't even need to be investing to have an emergency fund, this is the mistake most people make and that why even though they are probably buying bitcoin now they still don't see the need for having an emergency fund, they have this false belief that they will be able to handle whatever comes their way, forgetting to realize that the way to handle whatever comes their way is to have their emergency fund ready to handle those unexpected situations, emergencies are emergencies because no one knows when they will happen.

Those who invest without an emergency fund are undoubtedly making a big mistake. In my opinion, investing in Bitcoin without a specific Emergency fund is not a strategic decision but rather a suicidal financial decision. An emergency fund is a liquid cash that can be withdrawn at any time. With which you can easily cover at least 3 to 6 months of basic expenses such as rent, food, electricity bills, medical or insurance expenses. Its sole purpose is to protect you when life suddenly stops, such as losing your job, sudden physical illness, etc.
What happens if you put all your money in Bitcoin and suddenly you lose your job in a bad market or a major medical emergency occurs? You will be forced to sell Bitcoin at a huge loss just to meet your daily expenses.
As a result, you have permanently accepted the loss and your entire investment is destroyed. An emergency fund saves you from this shock. It covers the cost of unexpected problems in your life so that you never have to sell Bitcoin during a bad market.
Without an emergency fund, even a 10% decline in the market price will feel like a life or death crisis for you. Because a decline in your portfolio means less money for rent or food. You can't sleep at night checking the charts again and again and in extreme mental stress you end up selling everything and running out of the market. And if you have an emergency fund no matter what happens on the charts you know that it won't affect your lifestyle for the next six months. This peace of mind will help you ignore short term fluctuations and stay patient even in a bear market and follow your DCA plan.
If an emergency suddenly arises and you don't have cash and you don't want to sell Bitcoin at a loss Your last resort is to take out a loan.
People are forced to use high-interest credit cards or personal loans. Meanwhile if the market continues to fall further the stress doubles. Trying to build wealth through Bitcoin, while accumulating high-interest personal loans, is like drawing water from a bucket. It is true that the purchasing power of money decreases due to inflation. But the job of an emergency fund is not to bring profit, but to provide security and reduce risk. The permanent loss that will be incurred by being forced to sell Bitcoin when the market is down 70%, compared to the small inflation loss of holding cash for 6 months is very insignificant.
[/quote]