JJG’s Outline of Bitcoin Investment Ideas

[Nwaswago]

After searching, I found this topic on Bitcoin holding related in the Trading Discussion section. I spent some time reading many posts. Where most of them are advising to buy Bitcoin and hold it for a long time. I recently installed the exchanger and set it up. So yesterday I decided to buy some Bitcoin for the equivalent of $240. So today when I entered the exchange, I noticed that the price of Bitcoin has dropped further. If it continues to drop like this, it is not known when it will increase. In that case, I am a little uncertain whether it is better to buy Bitcoin now or wait a little longer and buy when the price starts increasing, then I can make more profit?

Also I have some questions, how do those who have been holding Bitcoin for a long time actually keep their mentality stable when the price drops? Where I am a little afraid before buying Bitcoin .

And if I buy Bitcoin and hold the price is likely to increase. If I buy Bitcoin now, how long will it take for my fund to become 30% profitable?

welcome mate.
You’re already doing good taking a good step,you actually bought. Most people stay stuck in the should I wait? loop forever.

On buying now vs waiting for the bounce,Don’t wait for the green candles. That $240 you put in yesterday is already working for you. If you have mory discrietionary income with time, just buy more. Trying to catch the exact bottom or only buy when it’s going up is how people end up buying higher later. Price can keep dropping for weeks or reverse tomorrow, nobody knows. Just keep adding when you can.

How long-term holders stay calm when it drops is that they stopped looking at the daily price years ago. Seriously. Most of long term holders check the chart way less than we used to. The ones who survive every cycle just treat Bitcoin like a long-term savings account, not a lottery ticket. When it drops they either do nothing or buy a little more if they have a discretionary income available. Fear is normal at the beginning, it fades the longer you hold through a couple of big swings.

Finally there is No honest answer to how long until +30%. Could be 3 weeks, could be 8 months, could be longer. Bitcoin doesn’t run on a schedule. Anyone giving you a confident timeline is guessing. The only real plan is to keep stacking when you can and forget the short-term %. You are early in this Keep it simple,buy what you can afford to hold for years, ignore the daily noise, and don’t stress the dips. You’re already ahead of 90% of people just by having some sats.

[Gragebox]

Emergency funds are important, but, should be built alongside Bitcoin investment,

This the balance most many of our newbies are missing, it not about to build emergency funds first or start Bitcoin first it the both together.

The problem with most of us is that we try to reinventing the wheel for reasons that does not even make sense. It has been sufficiently explained that emergency fund is money needed to protect the investment from sudden sell off, more like a protection for the investment.  If that be the case, there ought to be investment before the need for the protection will arise, meaning that the investor has to get started first then start planning on how to set up emergency funds to protect what he has started. If we continue going back and forth in this, mamy people will even forget the right thing and possibly wonder away.

In my opinion, the most important point is that any kind of financial planning must not be a factor of future delay of all decisions related to investment. Besides, the emergency fund does not need to wait until a bitcoin bag grows sufficiently big. Both should be in the steady formation based on one's financial power. For a person with a low income, it may make sense to just start with a small DCA allocation and emergency fund formation for now. The key point is not to dedicate the money for any income to cover your rent, shopping, healthcare, and some other essential things, and the bitcoin for a long-term investment. There are emergencies that will not wait for an investment case to be created. Smart financial planning will help to handle both tasks without selling the invested bitcoin under an unfavourable condition.

[cocadalcan]

The problem with most of us is that we try to reinventing the wheel for reasons that does not even make sense. It has been sufficiently explained that emergency fund is money needed to protect the investment from sudden sell off, more like a protection for the investment.  If that be the case, there ought to be investment before the need for the protection will arise, meaning that the investor has to get started first then start planning on how to set up emergency funds to protect what he has started. If we continue going back and forth in this, mamy people will even forget the right thing and possibly wonder away.

Instead of wondering which would be started first, how about building both together? What stops a beginner from building both together?Maybe many of you don't know that both can be built together which is why you wonder whether to start the investment before building the emergency funds along the line.
 To be honest i used to be among those who get confused on which to start first untill i learnt that the both cab go together so far the funds for them is available.

If you have extra funds available at the beginning, you can use it as an emergency fund. In that case, you can accumulate lot of Bitcoin from the beginning. And if you do not have a reserve fund at the beginning, you can build up two at the same time but in this case the amount of weekly Bitcoin accumulation may be slightly reduced. If you accumulate Bitcoin regularly through discretionary income, divide this fund into 3 parts and keep one part for Bitcoin one part for emergency fund and the other part as cash with you to meet family and personal extra needs. The more cash funds you have with you while accumulating Bitcoin the more likely it is that your Bitcoin holdings will be safe.