Habitual Bitcoin Buyer-Not what you think

[Darker45]

This is still a world of fiat. You have to remember that. My guess is that your regular bills and mortgages can't even be paid in Bitcoin yet. When health emergency comes, your hospitals probably still don't accept Bitcoin yet. If your kids are already in school, my guess is that tuition fees in your local schools can't yet be paid in Bitcoin as well. When the family eats out together, it's most likely that you'll have a hard time looking for a restaurant which accepts Bitcoin.

The point is you have to have fiat. Going all-in with Bitcoin, a volatile currency, is highly risky and, in your case, even irresponsible.

[Tony116]

Accumulating bitcoin is good, but if you put all your fiat money in bitcoin while you have family and kids, that is quite risky. Fiat is depreciating rapidly but right now we cannot live without fiat money, our utility bills and our children's school fees...In life, there are always surprises so a savings from fiat is really necessary.
DCA into BTC every week is not a problem if you are a single guy but for a married man you should renew your DCA plan at the end of the month instead of weekly.

[Jawhead999]

Fiat is depreciating rapidly but right now we cannot live without fiat money, our utility bills and our children's school fees...In life, there are always surprises so a savings from fiat is really necessary.

Just convert your Bitcoin to fiat, problem solved. There are no reason to savings as you said inflation is inevitable, the correct is invest what you can afford to lose and still have cash in hand to pay food, bills etc. If you're live where Bitcoin already got accepted as legal tender, then you can directly pay with Bitcoin. At least you're need to be consistent if you do DCA.

[TheUltraElite]

Having little savings in the bank would be bad, unless you can liquidate your bitcoin quickly in case of an emergency. The need of the savings and liquid cash is this itself, and failing to do that you could end up in a problematic situation. So manage this fund properly for a start.

Bitcoin if an investment from your side, does not need to be bought every week. Buy it when it drops below a per-determined price during a bear market. This price will be chosen based on your current experience and the existing S/R levels that you feel are significant.

Dont be an obsessive collector, you will fall in trouble. Remember that you are collecting bitcoin to profit, not to show off. So you have to sell on the bull market and recycle the cash back.

Keep these three things going for now and see how it goes. In case you are having problems controlling your hoarding tendency, then I would say that you need to stop trading bitcoin for your own mental peace.

[ncentrepreneur.investor]

Every one of us earns money, but that's not enough to gain some extra gain, to be honest. Proper management of the money is quite important. We always need Liquidity for life, we can't ignore that. So always should keep some USD or any fiat to manage emergency situations. Some funds should hold in the wallet to catch the dip. On the other hand, you may buy some sat regularly after filling your needs from the savings. That's how I try to manage. But sadly when I use my holding funds during the dip, sadly it becomes more dips, and can't take advantage. But that's how I am managing earnings.

What I learned about buying the dip is example I allocated an amount to buy ($500), the i laddered in on a chart by diving the $500 up into 10 buys. Even $50, divide by 10. Starting at the next support level and ladder down with limit orders. Or an easier way is to put a limit order every 5% decrease in price 10 times. And just leave it there. They eventually fill. Those that don’t, you can re-allocate or send the remainder back to your bank. When we had those major red candles down recently before trading sideways, I caught all of that all the way down to $25,500. It’s exciting to watch. You don’t have to spend a lot. Just divide it up.

[bayudndy]

I also went through some long periods of DCA with BTC, but maybe a better one with OP because I can be well-off and comfortable with my money and hardly care when it will come. get profit. But, from 2019 to now, I've made a lot of money and learned a lot about sustainable things and the best time to buy and balance them in my current life. With a pleasant feeling, I have defined the concept of investing for myself when I do not always see an immediate opportunity that is created by ourselves.

[ncentrepreneur.investor]

Having little savings in the bank would be bad, unless you can liquidate your bitcoin quickly in case of an emergency. The need of the savings and liquid cash is this itself, and failing to do that you could end up in a problematic situation. So manage this fund properly for a start.

Bitcoin if an investment from your side, does not need to be bought every week. Buy it when it drops below a per-determined price during a bear market. This price will be chosen based on your current experience and the existing S/R levels that you feel are significant.

Dont be an obsessive collector, you will fall in trouble. Remember that you are collecting bitcoin to profit, not to show off. So you have to sell on the bull market and recycle the cash back.

Keep these three things going for now and see how it goes. In case you are having problems controlling your hoarding tendency, then I would say that you need to stop trading bitcoin for your own mental peace.

Yep, I’m ok. To be honest, I just need to develop new habits by refraining. The weekly DCA of $50 is not a problem for me, it all the extra 100’s I get my grubby hands on in between. I’ve started putting it into savings this past week. Any extra cash after bills at the end of the month is going into savings. Just have to control my emotions. I’m self employed so I always have to worry about the phone ringing. Worse case, I have a way fast to liquidate if I need to. Transfer to Crypto.com exchange and top up my card. I don’t need to yet, just accumulating cash.

[KaliLinux]

ok, I know for a fact that I am not the only one, but Im having an issue with it. I discovered several months ago, that I had a personal liquidity issue. My income is decent, but have little to no liquid savings. If I save a few hundred bucks, by the end of the month, it has gone into bitcoin. The ideal picture is to have an emergency cash savings and to have some dry powder on the sides to buy the dips or DCA into my bags, however, I end up DCA-ing anything I have left over or think that I might have left over after bills and even then, sometimes, I may sacrifice $100 of a $300 bill knowing it does not have to be paid for another week.
I want to stack as many sats as possible especially at its current price range, but it has become almost a destructive behavior or a sickness. I DCA into BTC everyweek on a schedule, but there is alot of extra being bought. You would think I was in a hurry or something like its going to go to 500,000 and never come back. (mental perception)lol. I know I need to instill some discipline and get cash plush especially with our economic outlook right now and be able to weather the storm if it comes without having to sell to cover an emergency or a bill. If I was single with no mortgage and no kids, I wouldnt care but.....

How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.

I believe there should be a balance here. from what you earn know what percentage is there that will go into Bitcoin investment and reserve for daily spending considering that most of our spending is still very much dependent on fiat currency since there are not many readily Bitcoin-accepting stores around. I believe every Business/investment is a gradual thing and build it up slowly over time so you don't have to go all-in every time.

[fortuner]

ok, I know for a fact that I am not the only one, but Im having an issue with it. I discovered several months ago, that I had a personal liquidity issue. My income is decent, but have little to no liquid savings. If I save a few hundred bucks, by the end of the month, it has gone into bitcoin. The ideal picture is to have an emergency cash savings and to have some dry powder on the sides to buy the dips or DCA into my bags, however, I end up DCA-ing anything I have left over or think that I might have left over after bills and even then, sometimes, I may sacrifice $100 of a $300 bill knowing it does not have to be paid for another week.
I want to stack as many sats as possible especially at its current price range, but it has become almost a destructive behavior or a sickness. I DCA into BTC everyweek on a schedule, but there is alot of extra being bought. You would think I was in a hurry or something like its going to go to 500,000 and never come back. (mental perception)lol. I know I need to instill some discipline and get cash plush especially with our economic outlook right now and be able to weather the storm if it comes without having to sell to cover an emergency or a bill. If I was single with no mortgage and no kids, I wouldnt care but.....

How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.

I believe there should be a balance here. from what you earn know what percentage is there that will go into Bitcoin investment and reserve for daily spending considering that most of our spending is still very much dependent on fiat currency since there are not many readily Bitcoin-accepting stores around. I believe every Business/investment is a gradual thing and build it up slowly over time so you don't have to go all-in every time.

Indeed investment is not a quick thing for us to get results because over time there will always be changes in price.
So we need a great sense of patience when we want to invest in anything because sometimes what we invest doesn't turn around quickly.

[mr_enoc]

ok, I know for a fact that I am not the only one, but Im having an issue with it. I discovered several months ago, that I had a personal liquidity issue. My income is decent, but have little to no liquid savings. If I save a few hundred bucks, by the end of the month, it has gone into bitcoin. The ideal picture is to have an emergency cash savings and to have some dry powder on the sides to buy the dips or DCA into my bags, however, I end up DCA-ing anything I have left over or think that I might have left over after bills and even then, sometimes, I may sacrifice $100 of a $300 bill knowing it does not have to be paid for another week.
I want to stack as many sats as possible especially at its current price range, but it has become almost a destructive behavior or a sickness. I DCA into BTC everyweek on a schedule, but there is alot of extra being bought. You would think I was in a hurry or something like its going to go to 500,000 and never come back. (mental perception)lol. I know I need to instill some discipline and get cash plush especially with our economic outlook right now and be able to weather the storm if it comes without having to sell to cover an emergency or a bill. If I was single with no mortgage and no kids, I wouldnt care but.....

How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.

I buy Biitcoin when i save something then leaving my entire investment. I prefer to save a portion from my salary and consider it as my savings in the form of cryptocurrency.

[stomachgrowls]

ok, I know for a fact that I am not the only one, but Im having an issue with it. I discovered several months ago, that I had a personal liquidity issue. My income is decent, but have little to no liquid savings. If I save a few hundred bucks, by the end of the month, it has gone into bitcoin. The ideal picture is to have an emergency cash savings and to have some dry powder on the sides to buy the dips or DCA into my bags, however, I end up DCA-ing anything I have left over or think that I might have left over after bills and even then, sometimes, I may sacrifice $100 of a $300 bill knowing it does not have to be paid for another week.
I want to stack as many sats as possible especially at its current price range, but it has become almost a destructive behavior or a sickness. I DCA into BTC everyweek on a schedule, but there is alot of extra being bought. You would think I was in a hurry or something like its going to go to 500,000 and never come back. (mental perception)lol. I know I need to instill some discipline and get cash plush especially with our economic outlook right now and be able to weather the storm if it comes without having to sell to cover an emergency or a bill. If I was single with no mortgage and no kids, I wouldnt care but.....

How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.

I dont see anything wrong with this as long you could able to provide the needs of your family and able to have some back up plans whenever you are in need of money since you know that you do have crypto investments but you should really make yourself get aware with the risk because anything that you had put up might ending up nothing in the future(less likely to happen but its possible).

Lucky for you that you do have a decent income which you could really put up on bitcoin on every week basis which is something that not all do able to do so.
In speaking with opportunity taking then this would vary into each person.

Not all are capable on doing DCA and not all would really be having that positivity towards bitcoin.

[famososMuertos]

The current issue is that we always talk about volatility in the essence of bitcoin but we forget that volatility has a correlative associated with variance, and although variance is volatility they are not the same, so if you can measure this current dispersion you could have an idea of ​​estimation of losses, beware, remember that it is an estimate but that way you can more accurately measure the risk of the money at stake. What I am telling you is not investment advice.

[Tony116]

Fiat is depreciating rapidly but right now we cannot live without fiat money, our utility bills and our children's school fees...In life, there are always surprises so a savings from fiat is really necessary.

Just convert your Bitcoin to fiat, problem solved. There are no reason to savings as you said inflation is inevitable, the correct is invest what you can afford to lose and still have cash in hand to pay food, bills etc. If you're live where Bitcoin already got accepted as legal tender, then you can directly pay with Bitcoin. At least you're need to be consistent if you do DCA.

Let's say you only have bitcoin savings and no fiat savings, when you need to use fiat, we just need to convert bitcoin to fiat. But what if you saved your bitcoin at $50k last year and now the bitcoin price is at $29k, do you think you will be brave enough to go ahead and convert them to fiat for $29k. I don't think anyone has the guts to do that. I will continue DCA bitcoin but will always have a fiat savings as I think it is essential for my investment as well as my life.

[ncentrepreneur.investor]

Yep, it is imperative to have a cash cushion. I am working on that now. It will just take some time. I set a goal to be where I want to be cash wise for August 2022. Will take some dedication and hard work. But I know I will sleep easier knowing that my security does not depend on what the market does.

[buwaytress]

My sympathies and I guess that's one form of addiction that's really hard to describe much less prevent.

It doesn't happen to me just like that, though. I don't buy but earn, and I can tell you in the early days of earning, I'd sell less than I actually needed, a little less each time, leaving off bills and stuff, thinking, hey, I might sell when it goes up, pay those off plus fines and penalties, and have more on the side. Timing my sells really.

Worked out sometimes, didn't other times. Stressful and wish I'd learnt sooner, at least after the 2017 peak, as it cost me a tad more than I'd have had if I kept it to simple DCA.

^ The cash cushion for sure. And that's key, I think. Keep the amount fixed, AND have something in the bank as regular savings.

Trust me, you want to be happy and comfortable, with a regular heartbeat for when you CAN enjoy the next peak.

[danadc]

Fiat is depreciating rapidly but right now we cannot live without fiat money, our utility bills and our children's school fees...In life, there are always surprises so a savings from fiat is really necessary.

Just convert your Bitcoin to fiat, problem solved. There are no reason to savings as you said inflation is inevitable, the correct is invest what you can afford to lose and still have cash in hand to pay food, bills etc. If you're live where Bitcoin already got accepted as legal tender, then you can directly pay with Bitcoin. At least you're need to be consistent if you do DCA.

Let's say you only have bitcoin savings and no fiat savings, when you need to use fiat, we just need to convert bitcoin to fiat. But what if you saved your bitcoin at $50k last year and now the bitcoin price is at $29k, do you think you will be brave enough to go ahead and convert them to fiat for $29k. I don't think anyone has the guts to do that. I will continue DCA bitcoin but will always have a fiat savings as I think it is essential for my investment as well as my life.

So that something like that happens does not happen, the money must be diversified, if the person has their savings in Bitcoin and only in Bitcoin it is not bad, but there is an action plan, that is, you have to have fiat money not to suffer when there are Boldist season, gives pain that Bitcoin has to change for money Fiat when the price is low, but everything is an learning, if you did not take these forecasts, unfortunately it has to change part of its bitcoin to Fiat, you have to comply with the obligations, the Family should never wait, but you already have an experience and you can't let it happen more.

[amihada]

Many invest in bitcoin people who have a lot of money they make bitcoin as an asset for the future.
I don't have much money I only set aside a part of my salary for bitcoin investment I believe the path I chose is the right path for future savings.

[virasog]

ok, I know for a fact that I am not the only one, but Im having an issue with it. I discovered several months ago, that I had a personal liquidity issue. My income is decent, but have little to no liquid savings. If I save a few hundred bucks, by the end of the month, it has gone into bitcoin. The ideal picture is to have an emergency cash savings and to have some dry powder on the sides to buy the dips or DCA into my bags, however, I end up DCA-ing anything I have left over or think that I might have left over after bills and even then, sometimes, I may sacrifice $100 of a $300 bill knowing it does not have to be paid for another week.
I want to stack as many sats as possible especially at its current price range, but it has become almost a destructive behavior or a sickness. I DCA into BTC everyweek on a schedule, but there is alot of extra being bought. You would think I was in a hurry or something like its going to go to 500,000 and never come back. (mental perception)lol. I know I need to instill some discipline and get cash plush especially with our economic outlook right now and be able to weather the storm if it comes without having to sell to cover an emergency or a bill. If I was single with no mortgage and no kids, I wouldnt care but.....

How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.

Many people are doing the same and they save money only to invest in bitcoin for the long term. The method which you have explained is good but you should not consider the price of bitcoin when you buy bitcoin. For example, if you decide to buy 100$ worth of bitcoin every month, buy only 100$, no more no less.
Do not buy more in some months thinking that the price is low. This way, you will only use your extra money which you have allocated every month for bitcoins buying, and not end up buying bitcoin with the money you need for day to day purposes.

[Oilacris]

ok, I know for a fact that I am not the only one, but Im having an issue with it. I discovered several months ago, that I had a personal liquidity issue. My income is decent, but have little to no liquid savings. If I save a few hundred bucks, by the end of the month, it has gone into bitcoin. The ideal picture is to have an emergency cash savings and to have some dry powder on the sides to buy the dips or DCA into my bags, however, I end up DCA-ing anything I have left over or think that I might have left over after bills and even then, sometimes, I may sacrifice $100 of a $300 bill knowing it does not have to be paid for another week.
I want to stack as many sats as possible especially at its current price range, but it has become almost a destructive behavior or a sickness. I DCA into BTC everyweek on a schedule, but there is alot of extra being bought. You would think I was in a hurry or something like its going to go to 500,000 and never come back. (mental perception)lol. I know I need to instill some discipline and get cash plush especially with our economic outlook right now and be able to weather the storm if it comes without having to sell to cover an emergency or a bill. If I was single with no mortgage and no kids, I wouldnt care but.....

How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.

Many people are doing the same and they save money only to invest in bitcoin for the long term. The method which you have explained is good but you should not consider the price of bitcoin when you buy bitcoin. For example, if you decide to buy 100$ worth of bitcoin every month, buy only 100$, no more no less.
Do not buy more in some months thinking that the price is low. This way, you will only use your extra money which you have allocated every month for bitcoins buying, and not end up buying bitcoin with the money you need for day to day purposes.

Sometimes its not bad when you do make yourself go beyond your limit specially for us that could alter out our plans or limits whenever we do see some opportunity which i could say that this is something

that cant really be avoided most of the time specially if you've been here on this market for a while then you are aware on how things do possibly work or happen thats why we cant really just afford to miss another opportunity for you to take and in regarding with op's situation then it isnt bad as long you do able to do your role as a  family man.

[OgNasty]

How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.

I like being cash poor.  It keeps me from doing stupid things like buying a Lamborghini or a $200K watch (OK, I still buy dumb cars and jewelry).  I think if I were to cash out all my investments I'd find myself living in a hotel in the Bahamas staring at the ocean for months on end.  Staying cash poor keeps me active with my investments and grounded with my spending.  Sometimes you need to be a little motivated to toss some ramen on the stove instead of hitting up Uber Eats.  

That being said, instead of investing all your money into crypto, make sure you have some traditional investments as well.  Sure, getting 3% per year might not seem sexy, but once your portfolio grows large enough you can use those dividends as spending money while investing your excess earnings into crypto or more stocks.  A balanced portfolio that generates crypto and cash is far better than having just one or the other.

Cash poor > Cash rich

Broke people stay broke trying to look rich.  Rich people stay rich by investing and diversifying.