JJG’s Outline of Bitcoin Investment Ideas

[Silikiem]

All this shouldn’t be complicated. If you are interested in bitcoin, all you have to do get yourself to be familiar with the basic concept. Then learn how to make good use of custodial  (buying) and your noncustodial (for storing ).

Then you can start with any amount you can afford at the moment, that won’t affect your emergency funds and backup funds allocation. With enough back up funds those that always have the urges to buy the dip , don’t need to wait for the dip before they start accumulating. They can literally save some backup funds to buy the dip .

You don’t have to be Rigid towards your bitcoin investment. As an investor you have to flexible in order to adopt to any situation or condition. Sometimes your inflow might reduce and you won’t have to reduce your accumulation amount what you will just have to do is to make some adjustments in your spending to adopt .

You’re right but I still think that newbies can start buying and Investing in bitcoin once they have a discretionary income available even without learning about custodial or non custodial. What other basic concepts are you trying to proclaim that newbies should get themselves familiar with before they can start investing in bitcoin. For me it sounds more like they are likely going to enroll in some lessons before they could learn the basic concepts meanwhile they can actually start to invest when they have a discretionary income available for them to start buying bitcoin. If the discretionary income is ready then they should start and along the line they will be able to learn more and familiarize themselves with the investment through their experience while accumulating bitcoin and hold.

Learning about custodial and non custodial can equally come later also when they have started buying bitcoin, newbies cannot necessarily know about custodial or non custodial before they can start, with the common sense of having to get a discretionary income then they can go ahead to start buying their first bitcoin at least and along the line start learning and acquaint themselves about their bitcoin security and privacy of using a non custodial to store their bitcoin.

[samadam007]

All this shouldn’t be complicated. If you are interested in bitcoin, all you have to do get yourself to be familiar with the basic concept. Then learn how to make good use of custodial  (buying) and your noncustodial (for storing ).

Then you can start with any amount you can afford at the moment, that won’t affect your emergency funds and backup funds allocation. With enough back up funds those that always have the urges to buy the dip , don’t need to wait for the dip before they start accumulating. They can literally save some backup funds to buy the dip .

You don’t have to be Rigid towards your bitcoin investment. As an investor you have to flexible in order to adopt to any situation or condition. Sometimes your inflow might reduce and you won’t have to reduce your accumulation amount what you will just have to do is to make some adjustments in your spending to adopt .

What basic concept of Bitcoin does a beginner have to learn first that is more important than figuring out his discretionary income and kickstarting his accumulation journey immediately? From the beginning to the end of your post is vague.

Obviously you don’t know that emergency funds is a type of backup fund. You seem to be separating the two. So if you’re saying folks should save some “backup funds” to buy dip(that may or may not come). You’re indirectly encouraging them to buy dips with emergency fund.

Maybe you wanted to say reserve fund? It is also a type of backup fund; but flexible unlike emergency fund. You can buy dips with it and also use it to take care of emergencies before tapping from your real emergency savings if it is not enough.

[Umulala-alala]

Sure you can start without emergency funds at the beginning because as you start buying Bitcoin you can as well begin keeping emergency funds but not waiting until a good amount of Bitcoin is first accumulated, waiting until you accumulate a good amount of Bitcoin can become a temptation that might or will lead to selling your Bitcoin asset too soon. Any investor waiting to have good amount of Bitcoin before starting to keep emergency funds is actually a big joker.

People who overlook their emergency fund would likely disrupt their investment on the long run, the emergency fund shouldn't be bargained, although it doesn't stop an investor from starting, in the sense that the person shouldn't wait to finish building an emergency funds before investing because it can be built together with the investment.
 It has an important role to play which is why it should be take more seriously so when the purpose of having it intact occurs, the investor won't disrupt his/her investment to solve the problem. The biggest jokers are those who end up using their emergency funds to buy dip.

All this shouldn’t be complicated. If you are interested in bitcoin, all you have to do get yourself to be familiar with the basic concept. Then learn how to make good use of custodial  (buying) and your noncustodial (for storing ).

Then you can start with any amount you can afford at the moment, that won’t affect your emergency funds and backup funds allocation. With enough back up funds those that always have the urges to buy the dip , don’t need to wait for the dip before they start accumulating. They can literally save some backup funds to buy the dip .

You don’t have to be Rigid towards your bitcoin investment. As an investor you have to flexible in order to adopt to any situation or condition. Sometimes your inflow might reduce and you won’t have to reduce your accumulation amount what you will just have to do is to make some adjustments in your spending to adopt .

you must not have enough back up funds before you can start accumulating bitcoin. Buying the dip should not be used as the main strategy for buying bitcoin because it involves waiting and which isn't good for someone that still trying to build their portfolio in bitcoin.
I think for someone that is just starting the most important thing is if they can be able to figure out their discretionary income and not waiting to learn or know how to used custodial or non custodial wallet. Also it is good to invest based on our financial situation to avoid using money that is meant for our basic needs and putting ourselves into financial pressures. Sometimes we may end up selling at loss because we have invested money that isn't our discretionary income.

Those who has their back up funds such as reserve funds can buy more bitcoin during the dip while those who don't also have doesn't have to kill them self over nothing, anybody who isn't buying consistently and then wait for the dip to buy more isn't doing themselves good they are only delaying their investment progress. With the dca strategy and some available discretionary income an investor can start buying gradually without waiting for the dip and then probably buy more during the dip if there are such reserve funds.

[Sammysmart001]

I think for someone that is just starting the most important thing is if they can be able to figure out their discretionary income and not waiting to learn or know how to used custodial or non custodial wallet.

As a newbie trying to learn almost everything about hardware wallet and seed phrases before deciding to buy their first $10 of Bitcoin, they will end up overwhelmed and never start. The only requirement needed is for you to sort out your discretionary income.

For a start you can buy little amount from an exchange first and then gradually as time goes you take your time to learn how non custodial wallets works before moving to self custody. Perfect knowledge is being beaten by action cause if you should want to wait until you know it all, you are going to continue to wait forever.
 

[Son Of Blockchain (SOB)]

Those who has their back up funds such as reserve funds can buy more bitcoin during the dip while those who don't also have doesn't have to kill them self over nothing, anybody who isn't buying consistently and then wait for the dip to buy more isn't doing themselves good they are only delaying their investment progress. With the dca strategy and some available discretionary income an investor can start buying gradually without waiting for the dip and then probably buy more during the dip if there are such reserve funds.

Many dips would still happen in the future so not being able to seize an opportunity in a particular one is not the end of the world but some people can't quite being opportunists and would end up using the wrong funds to buy dips and complicate the investment along the line, it's even worst than waiting for the dip.
 Although waiting for the dip is never a good strategy cause it gives room for procrastination and wrong market timing, the market is unpredictable and no one can tell the exact price it would drop before recoverin.

[AYOBA]

Many dips would still happen in the future so not being able to seize an opportunity in a particular one is not the end of the world but some people can't quite being opportunists and would end up using the wrong funds to buy dips and complicate the investment along the line, it's even worst than waiting for the dip.
 Although waiting for the dip is never a good strategy cause it gives room for procrastination and wrong market timing, the market is unpredictable and no one can tell the exact price it would drop before recoverin.

Your right the lack of understanding is what make most people misused their opportunity they get from beginning, and this is part of what lead some investors to use their wrong funds to buy dips thinking that it will be a great thing for them in future. Those investors who choose the dips has their favorite way of getting the best price on the market, some are now regretting after they realized that keep waiting for the dips is not the best strategy most of them are have learn from their mistakes; whereby some are still there confusing themselves.

[ejikeme24]

Then you can start with any amount you can afford at the moment, that won’t affect your emergency funds and backup funds allocation. With enough back up funds those that always have the urges to buy the dip , don’t need to wait for the dip before they start accumulating. They can literally save some backup funds to buy the dip .

Maybe you wanted to say reserve fund? It is also a type of backup fund; but flexible unlike emergency fund. You can buy dips with it and also use it to take care of emergencies before tapping from your real emergency savings if it is not enough.

The sole purpose of building a backup funds isn't for buying the dip but it is for unexpected emergencies that will help in the future, obviously @ Anime seem to be mixing up backup funds in place of reserve funds because our reserve funds can be use to buy Bitcoin when there's dip that's if guys does not have enough discretionary income at the time, or they feel that the amount of discretionary income they have is not enough for them to buy as aggressive as they planned. But as for the backup funds apart from emergency needs our backup funds should not be spend in any other thing.

[OsaiEmma]

In a situation with much responsibilities, before investing, you need to have a good cash-inflow that can satisfy all your responsibilities and have a considerable reserve left. You just can't invest whenever, however, and wherever. The thought of "start investing now, don't wait" is a delusional thought to me, and it won't be sustainable or feasible along the line.

It is your judgement, ultimately.  I understand that some guys are in quite tough circumstances, and I can recall going through times (especially 30-ish years ago when I was younger) in which I did not have extra income, and surely I was lucky to be able to go to school and to get some certifications and even some connections that allowed me to get promoted and then all of a sudden to have way more extra money.  Not everyone is able to figure out how to do it or even to have abilities to increase their job prospects, which then results in higher income.. and sometimes with higher income, we might choose to continue to keep our expenses low (which was the case with me), which then allows to invest much, if not most, of the additional income... so yeah.. some times it can be difficult to get additional income or even to cut expenses and also sometimes guys have age, health and even some family relationship situations that greatly limit what they are able to do in terms of increasing income and/or cutting expenses.

The bolded point somewhat adds a nuance to my so called "theory"—which is subjective btw, and in no way a standard. Cutting off some (or most) of your budget/responsibilities, such as some unnecessary subscriptions, things you don't really need (just as you explained earlier with need versus want), stacking up unnecessary bills and other avoidable expenses, can somewhat create a sense of abundance and thus create more discretionary funds that can be allocated to ones Bitcoin investment. Just as you shared your experience, I also applied same principle in my journey too (I just can't understand why it completely slipped my mind to include this). So...yeah, I completely agree with you on this and I think I'll refine my "theory": cutting down disposable responsibilities/unnecessary expenses can also give one more leeway to invest.

[Baristotle]

The sole purpose of building a backup funds isn't for buying the dip but it is for unexpected emergencies that will help in the future, obviously @ Anime seem to be mixing up backup funds in place of reserve funds because our reserve funds can be use to buy Bitcoin when there's dip that's if guys does not have enough discretionary income at the time, or they feel that the amount of discretionary income they have is not enough for them to buy as aggressive as they planned. But as for the backup funds apart from emergency needs our backup funds should not be spend in any other thing.

Okay let’s set the emergency fund amount aside for a moment cuz i’m still confused about one thing, Suppose I’m buying 100 usd worth of Bitcoin, and right now the price is around $81,474 and as a long term investment, I’ll keep buying this same 100 usd  every month, so this actually means  that im not trying to buy a fixed amount of Bitcoin, im spending a fixed amount of money exactly 100 usd every single month, no matter what the price is doing, so the question is should i rise the amount of my investment to keep up with inflation ?

[Perfect-World]

In a situation with much responsibilities, before investing, you need to have a good cash-inflow that can satisfy all your responsibilities and have a considerable reserve left. You just can't invest whenever, however, and wherever. The thought of "start investing now, don't wait" is a delusional thought to me, and it won't be sustainable or feasible along the line.

It is your judgement, ultimately.  I understand that some guys are in quite tough circumstances, and I can recall going through times (especially 30-ish years ago when I was younger) in which I did not have extra income, and surely I was lucky to be able to go to school and to get some certifications and even some connections that allowed me to get promoted and then all of a sudden to have way more extra money.  Not everyone is able to figure out how to do it or even to have abilities to increase their job prospects, which then results in higher income.. and sometimes with higher income, we might choose to continue to keep our expenses low (which was the case with me), which then allows to invest much, if not most, of the additional income... so yeah.. some times it can be difficult to get additional income or even to cut expenses and also sometimes guys have age, health and even some family relationship situations that greatly limit what they are able to do in terms of increasing income and/or cutting expenses.

The bolded point somewhat adds a nuance to my so called "theory"—which is subjective btw, and in no way a standard. Cutting off some (or most) of your budget/responsibilities, such as some unnecessary subscriptions, things you don't really need (just as you explained earlier with need versus want), stacking up unnecessary bills and other avoidable expenses, can somewhat create a sense of abundance and thus create more discretionary funds that can be allocated to ones Bitcoin investment. Just as you shared your experience, I also applied same principle in my journey too (I just can't understand why it completely slipped my mind to include this). So...yeah, I completely agree with you on this and I think I'll refine my "theory": cutting down disposable responsibilities/unnecessary expenses can also give one more leeway to invest.

Yea, this is right, because some investors tend to spend too much and extravagantly on wants instead of needs, and this generally affects there investment indirectly. Some, in the name of living a good life, put more money on things that may not be of basic necessity to them and this reduces there discretionary and in turn, affects there available discretionary to buy Bitcoin and also for building there back up funds.

This is why having the ability of proper income management and allocation is very important. If an investor has a scale of preference, and attends to his needs rather than jump into catering for wants, it will help him to do a proper allocation, so that at the end of the day, all necessary things are attended to, including buying Bitcoin, building back up funds and also his discretionary consumption.

Okay let’s set the emergency fund amount aside for a moment cuz i’m still confused about one thing, Suppose I’m buying 100 usd worth of Bitcoin, and right now the price is around $81,474 and as a long term investment, I’ll keep buying this same 100 usd  every month, so this actually means  that im not trying to buy a fixed amount of Bitcoin, im spending a fixed amount of money exactly 100 usd every single month, no matter what the price is doing, so the question is should i rise the amount of my investment to keep up with inflation ?

Note that you buy Bitcoin using your Discretionary income, so it's not just money you pick from anywhere. So you can't just raise the money used for buying Bitcoin monthly as you explained to beat inflation, nope. The major point here is that you are buying Bitcoin consistently and that what matters.

You can only increase your buying amount above your fixed $100 monthly buy if you have an increased discretionary or reduced expenses for that month and you noticed you have more more money at hand, then you can buy more. But increasing your buy just to beat inflation when you discretionary is the same may affect your investment because you may end up reducing the amount you out into other aspects, maybe your emergency funds or even discretionary consumption which might be worries.

[NewRevelation]

 i’m still confused about one thing, Suppose I’m buying 100 usd worth of Bitcoin, and right now the price is around $81,474 and as a long term investment, I’ll keep buying this same 100 usd  every month, so this actually means  that im not trying to buy a fixed amount of Bitcoin, im spending a fixed amount of money exactly 100 usd every single month, no matter what the price is doing,

Firstly, it's okay to have a fixed amount of buys monthly or weekly if your Discretionary allows it. But sometimes, there could be periods where there might be more expenses, or a poor income flow, and which may not allow you to meet up with your fixed monthly buys. At such period, there is nothing wrong if you lower your amount of buys to what suits your available discretionary. The DCA makes it easy for us to buy with low amounts as we can afford. So yea, you can buy fixed amounts as you can afford, and when it's not looking like it, you can reduce you DCAing price also. What matters is that you are buying.

, so the question is should i rise the amount of my investment to keep up with inflation ?

Nope, you don't necessarily need to do that. This is because while you are investing from your discretionary income, there other things you also do with that same discretionary income. Your Discretionary income is used to buy Bitcoin, save up back up funds, and also used for your discretionary consumption. So, if you raise your accumulation amount just to keep up with inflation, you might be suffering the other aspects of your discretionary.

However, there are situations you can increase your buying amount also. If there is an increase in your discretionary, maybe an increased pay at work, and your expenses remain the same, then you can put some more amount into your monthly or weekly buys. Sometimes too, there could be reduced expenses for that month, then you can also buy more, or perhaps, there are Dips, and you have some extra cash in form or reserve funds, you can also buy more to increase your portfolio size. But just outrightly increasing your buying amount because you want to catch up with inflation is not right because it will greatly affect other areas of your allocation which may put your investment at risk in the future.

[Joeboy]

~snip~

Okay let’s set the emergency fund amount aside for a moment cuz i’m still confused about one thing, Suppose I’m buying 100 usd worth of Bitcoin, and right now the price is around $81,474 and as a long term investment, I’ll keep buying this same 100 usd  every month, so this actually means  that im not trying to buy a fixed amount of Bitcoin, im spending a fixed amount of money exactly 100 usd every single month, no matter what the price is doing, so the question is should i rise the amount of my investment to keep up with inflation ?

DCA accommodates flexibility, so you don't necessarily have to invest a fixed amount of money if you cannot afford to do so... Always be considerate about first taking care of your basic needs and responsibility and when that is done whatever amount left can be invested into Bitcoin insofar as it is your discretionary income...As for increasing your investment to keep up with inflation, well I don't think you have to make that a compulsory requirement.. Coz that could very well place one under a whole lot of stress as well as even make you neglect your financial responsibilities, especially if your discretionary income doesn't seem to be consistent flowing...

[abaeze]

[edited out]

However, it is not wise to invest all the extra money, except for emergency savings in Bitcoin because if someone needs money in an unexpected situation, he/she may be forced to sell Bitcoin during unexpected moment or a market crash.

Are you reasonably distinguishing guys who have already built up large back up funds, including emergency funds and/or reserve funds and those who have not?

I agree with you that it is very important to differentiate between those who have already built up a sufficient backup fund and those who are still building it. Not everyone should feel that they need to add money to their emergency fund or reserve fund indefinitely. Once these funds reach a sufficient amount, a person can invest more of their discretionary income in Bitcoin and you have discussed these issues in detail.

However, in my opinion, the main thing is to understand how much savings is enough according to their financial situation, and I hope you will agree with this. Someone who has a stable income and already has sufficient savings can be comfortable taking more risks than someone with limited savings or an uncertain income. However, people with uncertain and limited income should not assume that they will get money in the future, even if it is possible, because there is no doubt that if the money is delayed or does not come as expected, it will cause financial stress.

Therefore, the appropriate balance between Bitcoin and a backup fund will vary according to each person's financial situation and our goal should be to accumulate Bitcoin in such a way that we are not forced to sell it in adverse times.

[blackisbeauty]

The sole purpose of building a backup funds isn't for buying the dip but it is for unexpected emergencies that will help in the future, obviously @ Anime seem to be mixing up backup funds in place of reserve funds because our reserve funds can be use to buy Bitcoin when there's dip that's if guys does not have enough discretionary income at the time, or they feel that the amount of discretionary income they have is not enough for them to buy as aggressive as they planned. But as for the backup funds apart from emergency needs our backup funds should not be spend in any other thing.

Okay let’s set the emergency fund amount aside for a moment cuz i’m still confused about one thing, Suppose I’m buying 100 usd worth of Bitcoin, and right now the price is around $81,474 and as a long term investment, I’ll keep buying this same 100 usd  every month, so this actually means  that im not trying to buy a fixed amount of Bitcoin, im spending a fixed amount of money exactly 100 usd every single month, no matter what the price is doing, so the question is should i rise the amount of my investment to keep up with inflation ?

Not at all my dear. We don't have to put ourselves under pressure of meeting up with inflation and increasing our price that we want to use to buy Bitcoin. For me, I just try to first figure out my discretionary income, and if I have done this, then I just use the DCA strategy to buy little amounts as I can afford because I know that am not soposed to use all my discretionary income to buy Bitcoin, there are still other places it is sopose to function. Just use DCA and be buying small small and creating your emergency funds too. No need to pressure yourself. Bitcoin investment is not a competition with anybody.

[Saltysugar99]

Many dips would still happen in the future so not being able to seize an opportunity in a particular one is not the end of the world but some people can't quite being opportunists and would end up using the wrong funds to buy dips and complicate the investment along the line, it's even worst than waiting for the dip.
 Although waiting for the dip is never a good strategy cause it gives room for procrastination and wrong market timing, the market is unpredictable and no one can tell the exact price it would drop before recoverin.

Your right the lack of understanding is what make most people misused their opportunity they get from beginning, and this is part of what lead some investors to use their wrong funds to buy dips thinking that it will be a great thing for them in future. Those investors who choose the dips has their favorite way of getting the best price on the market, some are now regretting after they realized that keep waiting for the dips is not the best strategy most of them are have learn from their mistakes; whereby some are still there confusing themselves.

Perfect dip can never be predicted. Another mistake of an investor is to change his aggressiveness by looking at the price. The accumulation amount of investment in Bitcoin should be fixed depending on the financial ability. And buying Bitcoin with the wrong fund is even more risky. Especially the work of the emergency fund is to prevent bitcoin from forced selling in emergency situations. And if someone invests in bitcoin with his necessary fund or backup fund, only because the price of bitcoin has decreased then it is a wrong investment strategy. And even if a fund can be set aside for the Dip then if the price of Bitcoin does not decrease further with time then the amount of fund that was waiting to buy in the Dip for the long term will be wasted both time and opportunity. Losing the long term holding capacity by obsessing over the dip is a very risky decision, where it will not be possible to do bitcoin DCA in the long term.

[GhostOfBitcoin]

The sole purpose of building a backup funds isn't for buying the dip but it is for unexpected emergencies that will help in the future, obviously @ Anime seem to be mixing up backup funds in place of reserve funds because our reserve funds can be use to buy Bitcoin when there's dip that's if guys does not have enough discretionary income at the time, or they feel that the amount of discretionary income they have is not enough for them to buy as aggressive as they planned. But as for the backup funds apart from emergency needs our backup funds should not be spend in any other thing.

Okay let’s set the emergency fund amount aside for a moment cuz i’m still confused about one thing, Suppose I’m buying 100 usd worth of Bitcoin, and right now the price is around $81,474 and as a long term investment, I’ll keep buying this same 100 usd  every month, so this actually means  that im not trying to buy a fixed amount of Bitcoin, im spending a fixed amount of money exactly 100 usd every single month, no matter what the price is doing, so the question is should i rise the amount of my investment to keep up with inflation ?

Not at all my dear. We don't have to put ourselves under pressure of meeting up with inflation and increasing our price that we want to use to buy Bitcoin. For me, I just try to first figure out my discretionary income, and if I have done this, then I just use the DCA strategy to buy little amounts as I can afford because I know that am not soposed to use all my discretionary income to buy Bitcoin, there are still other places it is sopose to function. Just use DCA and be buying small small and creating your emergency funds too. No need to pressure yourself. Bitcoin investment is not a competition with anybody.

First off, yes! You are right on the majority of these things! My advice around Dollar Cost Averaging and building your emergency fund was spot-on!

However, there’s where we have slight disagreements in this case, on the topic of using all your discretionary income/surplus savings to invest in Bitcoin.

This would be ideal for people who can afford to take risks and understand Bitcoin’s long term value as well… But no other traditional asset class has been able to outperform inflation quite like Bitcoin.

We should not be comparing ourselves to each other though. That’s why my main advice around investing in Bitcoin was that we need to make sure we are investing in accordance with our own investment portfolio and financial capacity.

[Stive009]

Perfect dip can never be predicted. Another mistake of an investor is to change his aggressiveness by looking at the price. The accumulation amount of investment in Bitcoin should be fixed depending on the financial ability. And buying Bitcoin with the wrong fund is even more risky. Especially the work of the emergency fund is to prevent bitcoin from forced selling in emergency situations. And if someone invests in bitcoin with his necessary fund or backup fund, only because the price of bitcoin has decreased then it is a wrong investment strategy. And even if a fund can be set aside for the Dip then if the price of Bitcoin does not decrease further with time then the amount of fund that was waiting to buy in the Dip for the long term will be wasted both time and opportunity. Losing the long term holding capacity by obsessing over the dip is a very risky decision, where it will not be possible to do bitcoin DCA in the long term.

Trying to time the market to buy the dip is akin to gambling. For traders attempting to predict exactly when a market dip will occur is both foolish and reflects a gambler’s mindset. If someone invests their emergency fund money meant for critical needs into Bitcoin in hopes of catching a market dip they are effectively sabotaging themselves. An emergency fund is meant to serve as a safeguard ensuring that you never have to sell your Bitcoin during a personal crisis

It's a negative strategy to hold onto cash until there's a dip in the market. Inflation will dilute the value of your fiat currency while on the other hand if the market keeps going up you will lose the chance to buy the dip and won't even get to enjoy the growth of the market. So it would be better to buy bitcoin gradually and systematically than to chase dips.

It doesn't matter if the market goes down or if there is a dip. The optimal strategy is to buy bitcoins over time and regularly which is often referred to as DCA. Don't use your emergency fund to purchase Bitcoin since this could lead to the need to sell your investments when you have an emergency.Just invest as much as you can and try to buy Bitcoin for the long term 4 to 10 years. That is the true path to success

[Sobz]

I think for someone that is just starting the most important thing is if they can be able to figure out their discretionary income and not waiting to learn or know how to used custodial or non custodial wallet.

As a newbie trying to learn almost everything about hardware wallet and seed phrases before deciding to buy their first $10 of Bitcoin, they will end up overwhelmed and never start. The only requirement needed is for you to sort out your discretionary income.

For a start you can buy little amount from an exchange first and then gradually as time goes you take your time to learn how non custodial wallets works before moving to self custody. Perfect knowledge is being beaten by action cause if you should want to wait until you know it all, you are going to continue to wait forever.
 

You mentioned about seed phrase and i think priorising good security, i meen knowing how to handle the seedphrase is even one of the basic things because if you dont handle your keys well someone will help you take the keys from you. Protecting the seed phrase and understanding how important it is, is very important because it makes ones investment safe. For me i believe it is necessary for one to know this as they invest in bitcoin and as they continue with the investment, there is still good opportunity to have more knowledge aboit bitcoin.

[Bluedrem]

Not at all my dear. We don't have to put ourselves under pressure of meeting up with inflation and increasing our price that we want to use to buy Bitcoin. For me, I just try to first figure out my discretionary income, and if I have done this, then I just use the DCA strategy to buy little amounts as I can afford because I know that am not soposed to use all my discretionary income to buy Bitcoin, there are still other places it is sopose to function. Just use DCA and be buying small small and creating your emergency funds too. No need to pressure yourself. Bitcoin investment is not a competition with anybody.

The main advantage of investing in Bitcoin using discretionary income is that you can hold onto your Bitcoin portfolio for a long time. But when you invest in Bitcoin without an emergency fund or using other important funds, you may need to sell your Bitcoin investment at short notice. Since Bitcoin investment is a long-term plan, i.e. you have to maintain your portfolio for a long time to be ultimately profitable, it is necessary to use the money that you could have managed your life well even if you did not have it. That is where discretionary income comes in, discretionary income is an income that comes from the money left over after meeting your basic needs.
To be honest, I support what you said in your statement. Yes, a person can invest in Bitcoin using the majority of his discretionary income if he wants, but it must be remembered that emergency funds are also important for making Bitcoin investment funds long-term.

[Mansoveh]

Many dips would still happen in the future so not being able to seize an opportunity in a particular one is not the end of the world but some people can't quite being opportunists and would end up using the wrong funds to buy dips and complicate the investment along the line, it's even worst than waiting for the dip.
 Although waiting for the dip is never a good strategy cause it gives room for procrastination and wrong market timing, the market is unpredictable and no one can tell the exact price it would drop before recoverin.

Your right the lack of understanding is what make most people misused their opportunity they get from beginning, and this is part of what lead some investors to use their wrong funds to buy dips thinking that it will be a great thing for them in future. Those investors who choose the dips has their favorite way of getting the best price on the market, some are now regretting after they realized that keep waiting for the dips is not the best strategy most of them are have learn from their mistakes; whereby some are still there confusing themselves.

Do you know why some people prefer the dip over long term investment? It has to favour them before and they think they will be lucky with it every time. To predict the market is not a nice thing, buying with the wrong funds is another wrong decision to ever make. Mistakes can happen sometimes, and some people realized their mistakes after putting the wrong funds to ensure they didn’t do it again in the future, whereby some will choose timing the market to play smart than every other person, instead of buying regularly for their own sake.