This may make them feel a little anxious about getting involved in investing because they may not have much experience in investing so they only think about what will happen if they get involved. I think it's appropriate for them to approach this by learning about ways to gain a deeper understanding of investing. Ultimately after understanding this they will invest utilizing their knowledge regardless of what they gain during their investment learning period.
The most important thing is that they understand how to investing, so they will make much better decisions. A deeper understanding of Bitcoin investment can be gained through involvement. Why are so many people too afraid to get involved in investing? They generally don't understand how and don't have a good understanding of how to invest properly. I personally didn't have a good understanding of Bitcoin when I first started, but I had a strong belief in getting involved, so I tried to take a simple approach.
Right it better to start early than sitting down waiting for the right time to invest when truly there isn’t a perfect time to invest in bitcoin instead all time are perfect to invest it just depends on the investors strategies and mindset of how to hold the investment for.
Waiting is just us procrastinating our investment journey let start as soon as possible and keep the consistency in check with DCA method.
The question is, why wait? Is it because we
lack experience or knowledge about Bitcoin, or simply don't have the money to start? If we understand the reasons, it might be much easier to explain. For those without experience, it's wrong to decide not to get involved in investing, as there are so many lessons we can learn. For those without money, they have to wait until they can use the DCA method to start which will slowly increase their assets as long as they have the desire and consistency. This all depends on the level of desire, so the decision to get involved in investing should be the first step every time they make a decision, because looking for any excuse will only make them lack the confidence to start.
You are on the right track, lack of knowledge and lack of money will still likely result in a similar solution, and that is get started buying bitcoin on a regular basis, yet adjust the position size downward in order to account for the lack of knowledge and the lack of money.
Surely to invest into bitcoin, the knowledge level merely needs to be to the level of common sense.. .. which means having an ability to learn and also recognition that starting out slowly is important so that learning can be done along the way. Sure there could be practice and experience without money, yet putting some money into bitcoin (even if it is merely starting with $10) is going to help to incentivize both the preservation of the money (not losing it) and the desire to grow such money.
Many of us know with the money component of investing into bitcoin, there has to be at least enough money that is discretionary (which means that it is money that is not needed for expenses), and if all of the money that a person has is needed to cover expenses, then either the income needs to go up or the expenses need to get cut, to at least come up with $100 or $10 or whatever amount in order to get started... just getting started and figuring out from where to source coins, and also making sure that the money is not going to be needed for expenses may well be a learning experience, so then once a person might spend some time figuring out how to first buy bitcoin, there may be another decision that comes up the next week whether to continue to buy bitcoin every week, and if the reason continues to be that not enough money is available, then there may be a need to increase discretionary funds by increasing income and/or cutting expenses so that $100, or $10 or whatever weekly amount can be made available and perhaps to figure out ways to continue such ongoing buying of bitcoin on a weekly basis (or whatever other period might be reasonable) for 4-10 years or more..
In the end, there may well be a need for everyone and anyone who is able to figure out their discretionary income so that they can figure out how much they are able to put into bitcoin, an that will be a learning experience.. and yeah, of course, the weaker the cashflows, the less aggressive a person can be in their ongoing buying of bitcoin... and their managing of their cashflows with an attempt to strengthen such cashflows in order that they may well be able to buy bitcoin every week or whatever other period of time might end up working out for them.
[edited out]
I also agree that a small amount can help investors master discipline in investment, but that will work only if they understand the fundamentals of Bitcoin, but I wont want anyone to take the risk of using a very low amount to start their investment, an amount that dont make any difference. Most beginners say they are accumulating consistently, but when the market shift begins, vaolitlity start they often abandon the strategy they started with. Responsibility lies with the investor who made up his mind to start investing early. He must combine it with consistency, and whatever his expectations are, they should be realistic, not an imagination. Otherwise, it will be seen as buying without any intent or goal.
Risk tolerance is different. A responsibility of a beginner in Bitcoin investment is to find their own risk tolerance instead of doing what works for others. Because what works for others may not work for you.
You are speaking with a lot of arrogance and know-it-all vibe.
Even though you are correct about the need to stay consistent after starting, se are talking about investing in this thread and not trading, so the beginning does not need to be perfect.. and guys can start out with all kinds of imperfections and even very small amounts, yet sure, in the end, it is likely going to be better for them to ongoingly be buying (perhaps even for 4-10 years or longer, even if they might not be ready, willing or able to commit to 4-10 years or longer in the very beginning), especially if they are considering bitcoin as an investment rather than a trade.
So, a lot of fuck ups can likely be smoothened out for guys who are able to stick with their ongoing buying of bitcoin, even though down the road, they might end up regretting their lack of aggressiveness in the early years of their investing into bitcoin... yet in the end, the level of aggressiveness remains in the hands of each of us, and we have to be comfortable with whatever level of aggressiveness that we choose, since it can take time to get comfortable, and ongoing buying, such as weekly, can help to reinforce a practice of giving some level of priority to bitcoin, even if the weekly amounts might start out relatively low and work up to larger amounts at later dates.
Of course, it can be difficult to know what goes on with some guys who start out investing in bitcoin and then they later give up, and there might be some expectations about the BTC price going up that they would like to experience, which is the case for a lot of us, yet surely when we are in our bitcoin accumulation phase, it may well take 1-2 cycles or more, so it is likely best that we do not get too preoccupied with the price and largely attempt to ongoingly buy bitcoin.. while we are building up our stash. .which tends to take time, except for some guys (perhaps a small minority) who are able to front load their bitcoin investment.
By the way, DCA does not really take away any underlying risk with bitcoin, even though it does reduce risk in the sense of guys being able to reasonably adapt their weekly buy sizes to their budget, so I understand that guys are throwing out vague ideas in relation to risk management, yet if we are able to come to conclusions in relation to how much we are ready, willing and able to put into bitcoin that is an amount that we can afford to lose, then at least we may well realize that we are locking up such value and we might lose such value, and we are not taking that money from money that we need for either our expenses or for our comfort level that relates to the other ways that discretionary funds can be used for savings (back up funds) and/or discretionary consumption.
The most important thing is that they understand how to investing, so they will make much better decisions. A deeper understanding of Bitcoin investment can be gained through involvement. Why are so many people too afraid to get involved in investing? They generally don't understand how and don't have a good understanding of how to invest properly. I personally didn't have a good understanding of Bitcoin when I first started, but I had a strong belief in getting involved, so I tried to take a simple approach.
They may be afraid of their limited knowledge but if they do it without considering such things they will experience and gain knowledge once they dive in. Waiting while contemplating their knowledge is for us, a wrong decision.
If they don't think about it we believe they will gain extraordinary experience and knowledge as long as they continue without thinking about things that can make our minds increasingly closed to less important thoughts thus delaying investment. Therefore in this case I believe the decision to delay or start is up to each of us.
It is not that newbies start investing into bitcoin without knowledge and/or without desires to know more about bitcoin and matters that affect bitcoin's prices in the long, short and/or medium time frames, yet it is that each of us can adapt our position size to our comfort level and as we are buying bitcoin weekly (or whatever basis we choose), we can make adjustments to our position size as we become more comfortable, and even in the beginning, we should minimally be at least comfortable enough to get started buying bitcoin and to put in an amount of money that we can afford to lose, as we also make some kind of a tentative commitment to learn more in the future so that we can adjust our weekly (or whatever basis) buying size.
Surely there are some folks who are more time constraint than others, and there are some folks who learn faster than others, and there are some folks who are more organized in their finances than others, in terms of knowing their income and their expenses, so the amount of time and/or effort that any person might feel that they need to spend learning more about their own cashflow situation and/or learning about particulars about bitcoin is going to vary, and surely I would think that the more aggressive that anyone wants to be in their bitcoin investment, then it is likely to their own good to make sure that their investment level (or their increase in their investment level or their aggressiveness) matches with their comfort level so that they are largely investing without too much emotion rather than engaging in gambling and/or risky kinds of behaviors in which their investment level is not matching with their comfort level. None of us can tell anyone else how prudent they need to be or how much research they need to do or how organized they need to make their finances, since those are personal choices, and I am not going to presume that guys are going to overdo their investment into bitcoin or under do it, yet if they make mistakes, then they are going to be the one who pays the consequences in regards to any failure/refusal that they might have had in regards to matching their investment level to
their own particular circumstances.
I also agree that a small amount can help investors master discipline in investment, but that will work only if they understand the fundamentals of Bitcoin, but I wont want anyone to take the risk of using a very low amount to start their investment, an amount that dont make any difference. Most beginners say they are accumulating consistently, but when the market shift begins, vaolitlity start they often abandon the strategy they started with. Responsibility lies with the investor who made up his mind to start investing early. He must combine it with consistency, and whatever his expectations are, they should be realistic, not an imagination. Otherwise, it will be seen as buying without any intent or goal.
Risk tolerance is different. A responsibility of a beginner in Bitcoin investment is to find their own risk tolerance instead of doing what works for others. Because what works for others may not work for you.
If a person does not have basic knowledge about Bitcoin, then it is wrong for him to start investing. Among the things that a person needs to start investing, the most necessary is basic knowledge about Bitcoin. To start investing, we need basic knowledge and a source of discretionary income. If a person has this content, then it is not a good decision for him to wait to start investing. After starting investing, he can continue investing and gaining knowledge in parallel.
The thing that a person needs to start investing into bitcoin is discretionary funds. He can learn about bitcoin as he goes, especially if he has common sense he can figure out the extent to which he needs to know more about bitcoin or not. There is no need to patronize people in terms of our assumptions about what we believe he needs before investing into bitcoin. Common sense and discretionary funds is enough to get started investing into bitcoin.
If a person has basic knowledge and a source of discretionary income, but if he is risk-tolerant or afraid of market volatility, then it will be wise for him to start investing with a small amount of money. When he starts investing with a small amount of money and sees market volatility, he will gradually become risk-tolerant.
Of course, a person should adjust his starting out amount to his comfort level, and surely if some guys are nervous, then they either start with a smaller amount or they figure out what it is that they need to resolve in terms of their own perspective that is delaying them in terms of getting started, especially if they had already figured out that they have discretionary funds available. if they figured out that they have discretionary funds available for investing into bitcoin, whether that is $100 or $10 or some other amount, then they should be able to adjust the amount to an adequate level.. Let's say that they know that they have $100 available that they could invest, and maybe they know that if they don't go out to the club and/or buy cigarettes and drinks that they are going to save $100 that they could easily put into bitcoin... yet .. maybe they are still feeling new to bitcoin, so maybe they purposefully choose to put $30 into bitcoin rather than $100 and to look into the bitcoin matter further and to reassess the matter after a week or two..
and then when the following week comes, they might be faced with a similar question in regards to if their comfort level is the same or if it has increased or gotten worse, and if they might determine that their comfort level had not changed, then maybe they decide to stick with $30 per week until they have a chance to look further into the bitcoin matter (and perhaps even their own cashflow management matters to the extent that their cashflow management matters might be part of the reason that they are hesitating to invest more into bitcoin).. and perhaps if they have a very busy schedule, they might think about if they can dedicate 2 hours per week into bitcoin for the come several weeks until they increase their comfort level.... and how much they need to do or what they need to look into is part of their process of figuring things out, since many of us who are active in bitcoin realize that there are a lot of sources of information about bitcoin, and some of the information is good and some of the information is not so good, yet every person has some personal responsibilities to figure out how to sort through which information is good and which information is not so good... and from my own perspective, I consider that getting our own finances in order is a pretty big deal in terms of investing, yet any newbie might come to differing conclusions in regards to what matters need to be looked into or organized better before potentially increasing their weekly bitcoin investing amount from $30 to $100 (as in the example of a newbie that I had just provided above).
You are right, patience is very important, but it's not enough for your bitcoin investment to be a success if you don't put down measures like emergency and reserve funds in place to protect and safeguard your Bitcoin holdings.
Because patience has its limits especially when it comes to achieving success we need to have a reserve fund as a tool to help us when our Bitcoin investment position doesn't reach our desired level. Having an emergency fund ensures we don't have to dip into our investment which we've sometimes accumulated over several years. This means that our investment is safe with a reserve or emergency fund which acts as a tool to protect our invested Bitcoin eliminating the need to sell it. This is because this fund serves as a safeguard for our accumulated amount ensuring that our Bitcoin holdings remain intact secure and protected.
Huh?
Back up funds, such as emergency funds and reserve funds gives us a cushion so that we lessen the situations in which we might have to tap into our bitcoin at a time that we did not want to, but at the same times, those back up funds do not guarantee that our bitcoin will be 100% protected from all negative situations that we might enter into.. so ultimately we have to figure out various balances in which we may well be ongoingly buying bitcoin and building/maintaining our back up funds, and perhaps the odds become quite low that we are going to end up tapping into our bitcoin for 4-10 years or longer, especially if we can foresee some negative situations, such as decreases in our income and/or increases in our expenses.. and so we can adapt and keep ongoingly buiilding.. even though we might have some periods that are not as productive as other periods. We do our best.. and sometimes we might even make some mistakes.. and sometimes we might identify opportunities that we can increase our discretionary funds by increasing our income and/or decreasing our expenses... Some guys have more complications and drama and even family obligations can contribute, and sometimes they can figure out ways to deal with some of the complications that they have so that they are ongoingly building their bitcoin and/or building/maintaining their back up funds.
We mustn't learn everything before getting started, you can get started, and practice how to be consistent after you have studied your own cash inflow and figured it out, you can learn financial management as your are investing and building your bitcoin portfolio. Being focused and serious about your bitcoin investment will bring discipline with time.
Yes, as I said, it is not necessary to know everything about investing,
but if an investor has the ability to choose the right coins for investment, understands the security system of the wallet, has patience, and can keep himself calm with minor changes in the market, then an investor can start investing in a new situation.
Don't be retarded. We are not talking about shitcoins in this thread, and the extent to which anyone is investing time, money or energy into "other coins" or "the right coins" as you mentioned, they better limit such behaviors to perhaps less than 10 % the size of their bitcoin investment to the extent that they are unable to control their attraction towards trading and/or gambling rather than investing.
The only thing you need to understand about bitcoin is how to accumulate bitcoin And hold this is the basic and fundamental of Bitcoin investment, yes, you are correct when you have the correct mindset you will succeed in your bitcoin investment, someone we ask what are the correct mindset I should have in order to succeed in bitcoin investment? The correct mindset you should have in order to succeed in your bitcoin investment are
If you only know about how to accumulate Bitcoin without knowing how to sustain and protect that investment, you will fail as an investor. A lot of us started this way and ran into problems because we thought it was just about buying with every money we have without knowing that there are things that must be put in place before the investment can be protected. For instance, if you are unable to define discretionary income from which you are to make your investment, you may likely invest money meant for basic needs which is not right. In addition, if you want to hold for long, which is the right thing, then emergency funds need to be set up to protect the investment. These understanding are needed to be successful as a Bitcoin investor. Knowing how to accumulate is good but it does not end there, you need to protect the investment and even make it ongoing to achieve good target in terms of the quantity.
I agree with your points Moreno233, even though I would clarify that the things you mention about protecting your investment do not need to be in place when a newbie gets started, and there is likely value that each of us figures out our security and protection as our bitcoin grows, and surely in the beginning, we might be starting out with small amounts, and we are just getting accustomed to buying and how to manage our cashflows, yet as our bitcoin grows and continues to grow, it becomes more and more important that we are protecting and securing our coins, which also includes trying to keep a good portion (if not an overwhelming majority?) of our coins off of exchanges and away from third parties (except to the extent that we might be using some of the third party services - yet even so there is value in understanding the difference between self-custody bitcoin and paper bitcoin.. and the various problems that could come from having too much of our bitcoin value (to the extent that we might merely be trying to achieve exposure to bitcoin prices) with third parties and/or various third party bitcoin derivative products.
You don't need to rush; it's all about planning, and you don't need to invest the way others do because everyone is not financially the same. Instead, you should invest according to your financial strength.
Investing in Bitcoin isn’t something we need to rush into, rushing without the knowledge can lead to a mistake and losses of money. It shouldn’t be done because we wan to be among those who are holding bitcoin. It’s something we can do gradually, the market isn’t going anywhere, once we get the little knowledge and what it takes, we can start investing.
Getting started is important... and it seems problematic to start out by saying don't rush rather than starting out by saying get started. Again, the emphasis should be on getting started, and each newbie should be able to figure out how much planning he needs to do and/or what might be some of the gaps in knowledge and/or organization skills. I am assuming that most people have common sense and they don't need to be patronized - even though may people likely need to practice using their common sense and to develop and follow good habits while learning from any mistakes that they might make from time to time.
