Life's first investment in Bitcoin by selling bicycles

[Iranus]

Great OP, although many people are not happy that selling assets to buy bitcoin is not advisable, but sometimes we need to make tradeoffs, and take risks to achieve greater things. If it is a house or other important assets, it is not recommended, but this is just a bicycle, I believe it will not affect your life too much, and you certainly have a plan for yourself.

The next thing you need to do is hold it long enough until you make a profit, and to do that, you need knowledge, knowledge is the only way to succeed.

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[fadhilz123]

Ever since many people talk about how to make a profit by investing in Bitcoin, I have been wondering when I can invest in Bitcoin. There is a lot of information about investing that I have tried to learn. And from various online platforms I got some information and ideas about investing.

As long as the information and ideas you have got can really help you to invest in Bitcoin, it doesn't matter if you continue to run it from now on. But what you need to know is if you only want to invest in Bitcoin and not take it into day trading, it is better for you to keep it in a trusted wallet and not even put it on an exchange even though it is a trusted exchange.

So I decided to sell my bicycle and invest in bitcoins. But since investing, the Bitcoin market has gradually started to decline. I invested with a small amount of money and from that small amount of money I lost like 5 dollars. But I am optimistic that I will definitely benefit from the amount I have invested.

Your decision to invest at this time is not wrong even if you sacrifice one unit of your bicycle for this. But as I said above you only need to keep Bitcoins safer if it is for investment and not for trading so losing $5 initially is very common in investing as you still have plenty of time to recover the lost $5 and even you will get better profits if you have enough patience in waiting for the best price for Bitcoin.

[fullhdpixel]

OP didn't mention if that bike is still in use or not. If it is no longer used, selling the bike for an investment is a good idea because the longer the bike is left, the more it depreciates in value over time. But if it's his day to day medium, then I would disagree with his opinion. Sustainable investment is from idle money, not from selling other assets to invest.

Investing is not always profitable, and having a job is the surest thing that can guarantee life as well as the future. Do not be too dependent on investment and think that it can bring us wealth without working.

Bikes are not like a real estate or other investment assets which value can appreciate overtime. Another factor which helps their value depreciate more is their material gets deteriorate over time but if you know how to do a maintenance on your bike like if you will paint them to prevent them from rusting then you can prolong their shelf life. These days in my neighborhoods, people are preferring cycles for commuting nearby as it got health benefits as well. So, selling bikes is somehow a new trend now for various reasons.

[DaNNy001]

Great OP, although many people are not happy that selling assets to buy bitcoin is not advisable, but sometimes we need to make tradeoffs, and take risks to achieve greater things. If it is a house or other important assets, it is not recommended, but this is just a bicycle, I believe it will not affect your life too much, and you certainly have a plan for yourself.

The next thing you need to do is hold it long enough until you make a profit, and to do that, you need knowledge, knowledge is the only way to succeed.

Hey bro i think to hodl your is coins is very simple,firstly just move it out of the centralized exchange (binance), because you not completely the owner of the coins when its in there. Then secondly look for a non custodial wallets like the electrum wallet, which has proven to be very good for hodling and safeguarding your coins and don't forget to keeps your seed phrase very secure and probably save it offline. Then the next big thing is that you totally shy away from the market trend because as a newbie the volatility of bitcoin can make you scared and want to sell off when the price eventually dips. Just be sure that the market will pump again. Try and save it for long because that's when you can actually get some tangible profits added to your investments. Again you can decide to sell off your coins but that totally is in your control but a long term investment is more advicable and preferable.

[ChiBitCTy]

As a financial advisor I have some worries here.  First off, it sounds like for you investing in something so volatile might not be the right thing.  Any proper financial portfolio should always first start out with a "foundation", meaning traditional assets and investments like stocks/bonds/money market accounts etc.  Then once you've got a solid foundation laid, and are on track to meet your retirement goals, THEN when you have some extra money, investing in more volatile 'investments" like bitcoin might be a good idea. 

Moral of the story, if losing $5 is a big blow for you personally, you shouldn't have bought any bitcoin.

[Smartvirus]

So I decided to sell my bicycle and invest in bitcoins. But since investing, the Bitcoin market has gradually started to decline. I invested with a small amount of money and from that small amount of money I lost like 5 dollars. But I am optimistic that I will definitely benefit from the amount I have invested.

Well, you've done yourself solid but, am not entirely sure it was a good move to have your belongings sold just to invest in bitcoin. It's not soke straight up idea and you better not be doing that. One principle to investing is that;

You invest with your spare money or that which you can afford to lose.

Now, having your belongings sold in other to invest simply means, you not using your spare money to make that investment and that is clearly something you can't afford to lose.

The bitcoin market is clearly one that you can gain from a long time of hodling but, the means to which you love used to acquire the sats which yiu are hodling now is one that could easily lead you into loses by putting you in the pressure for profits.
Like you've noted already, your $6 down of your original investment, you must as well have lost money from the sale of your bicycle as no one would want to buy it for its worth and  just like that, the loses are already coming.

Anyway, goodlyck to you but, I hope this be the last time you use this move in getting the funds you need for an investment.

[Sanitough]

But I am optimistic that I will definitely benefit from the amount I have invested.

You are right on this one!
Dont lose hope nor make yourself that in panic just because you had seen some negative.We do know that Bitcoin is volatile whether you could lose or earn basing up into its
price movement.Somehow its not that a total $5 lost because as long you arent selling it up then its just a paper loss and not totally been realized.Therefore, its better to find
ways on how to accumulate bitcoin as much as you could.Its not that you should sell goods more or something which you could also accumulate or buy on small amounts too.
You can find some extra jobs or something or whatever that gives you income.

The best way to be successful in your investment is to stay optimistic despite of the market crashes or correction. Whatever you see today is just temporary so never lost hope and get discouraged. Just continue to hold your bitcoin for long term, and never get panic and end up selling them at a lower price because that only makes you a loser in the end. And maybe, DCAing these days could be helpful if you want to increase the volume of your bitcoin in your portfolio, and just wait for the perfect time to sell so you can be highly profitable.

[The Cryptovator]

It's amazing that you bought Bitcoin. We love to see more Bitcoin investors as Bitcoin enthusiasts. Yet, I'm uncertain of whether you made the correct or wrong choice. In reality, everything depends on you. Selling something that wasn't necessary for you is a good thing, but if it were necessary, it wouldn't be the best. Since Bitcoin is a cryptocurrency with high volatility. You might have to wait a very long time to recover. Yet, if you are fortunate, you could always multiply your investment. Be sure your money is secure in a non-custodial wallet, though. These days, exchanges are not secure.

[KingsDen]

I have two great concerns about Op

1. Why do you have to sell your property to invest in bitcoin?
Don't you have any other need for the bicycle? Investment is done out of what you earn and not by selling properties, unless is the property you have no need of anymore.

2. Why almost every newbies first bitcoin investment is always on CEX, especially Binance? Can this trend everly change to the right thing?

[Ojima-ojo]

From the look of things, ops some is growing up in the knowledge that you need and while at that you are advised never to invest what you can not let go for a couple of years, Bitcoin is not a get-rich-quick scheme and at that, you need to have strong patient and motivation.

Unlike what you presented,  it seems you lack every attribute of a Bitcoin hodler.

And going forward I will like to advise you to avoid selling personal belonging to invest in Bitcoin, bitcoin investment should be based on spear cash because of its volatility.

[Finestream]

are you prepared for the always volatile market that can sometimes make you lose everything

Technically speaking, he can't loose everything on his btc investment. He can only loose it all if he starts futures/options or altcoins trading with his initial investment. Bitcoin can't just go to zero to make his 50$ worth null,
Also, @OP you must immediately transfer your investment to a safe self-custodial wallet if you are not going to trade with it.

That is a must as any exchange will only be good for trading, but not a safe place for saving our money. However, the market volatility or let’s say bitcoin volatility is what make us more profitable in the long run. But newbies seem to have fear on it instead. Moreover, as long as you did not sell when the price is declining, you will have nothing to lose. Just consider bitcoin as your long term investment, that way you will have no reason to sell whatever the price it is today.

[serjent05]

@OP, it is normal for the price of Bitcoin to fluctuate.  As we know it is still considered as highly volatile asset.  So don't worry if your stash is in negative at this moment.  We are still in a recovery phase, just wait a year or two and you will see a massive increase of your profit once Bitcoin rallies toward its new all-time high after this coming halving event.

I have two great concerns about Op

1. Why do you have to sell your property to invest in bitcoin?
Don't you have any other need for the bicycle? Investment is done out of what you earn and not by selling properties, unless is the property you have no need of anymore.

Well it is better to sell your bicycle than let it get old and become useless.  As you see bicycle value decrease as it gets older, selling it for a possible asset to double or triple in a couple of years is way smarter than having the bicycle and waiting for it to become worthless.

2. Why almost every newbies first bitcoin investment is always on CEX, especially Binance? Can this trend everly change to the right thing?

Binance is a popular exchange and possibly their mentor advice them to buy their first Bitcoin on Binance exchange.

[_BlackStar]

When you plan to make an investment, especially about long term investing - then plan how you keep your assets safe in the long term as well. No matter how small the investment value you have, privacy is the most recommended thing for you to protect, while you don't do it so that risks are always possible for you now.

In fact, you shouldn't even tell anyone online or offline about the value of your portfolio, that's just risky. Then, consider having wallet that you fully control so you're not forever trusting your money to an exchange.

[yhiaali3]

It is true that the amount is small and it was a loss the first time, but the experience itself is new and exciting.

It is exciting to see Bitcoin enter into the small details of our lives and become a part of it. In general, I support investing in Bitcoin, but I do not agree to sell the property that we need to invest in Bitcoin.

If the bike is redundant to your needs and you can give up, then this adventure is fine, but imagine if you sold your car or house, invested in bitcoin, and then lost? Such odds remain, so you should always risk only the amounts or things that you can afford to lose.

[Russlenat]

Welcome to the BitcoinTalk forum.
If you intend to invest in bitcoin in any legitimate way, then you are in the right place. Judging by your posts and merit points, it appears to me that you are doing well to be here. Good luck
I encourage and salute you for your courage to sell your bike to start investing with a small amount. This will be like a demo account to understand the basics of investing in a practical way and for a small amount. But the amount is too small to diversify your portfolio. I really hope that you will earn twice the amount you invested so that you can at least buy a new bike, so there is no problem in diversifying your savings.
I advise you first to look at the various topics that provide explanations on how to use a private wallet (not on Binance) and how to save your savings yourself. Secondly, never venture into investing what you fear of losing, no matter how safe that investment may seem to you.

Well, as long as your bicycle is not useful to you anymore, then it’s a good decision to sell and invest in bitcoin. But still, invest on the amount you can afford to lose. As bitcoin investment has still high risk of losing especially if you are not ready to invest for long term. Furthermore, do not keep your money in an exchange, whether you keep it on highly trusted exchange or not, still the risk of losing will always be there. Use an exchange if you plan to trade, but the rest of your money should be place on your non-custodial wallet so you can keep them safely for how long you want.

[Dr.Bitcoin_Strange]

Practically, there are some miles you can travel with your bicycle that can save you time compared to when you travel on foot. That's the purpose of your bicycle, and the purpose you sold your bicycle to invest in Bitcoin is to make profit. I hope you are aware of Bitcoin volatility before investing. You invested a small amount, so it's obvious that you need to hold for a long time, maybe not very long, depending on the profit you wish to take and also on the volatility of the market. It is always recommended to only invest money that you can afford to lose. There's also the story of a guy in the forum who had two motorcycles but sold one to invest in Bitcoin, but he still has one motorcycle to use. Do you mean you have no use of your bicycle any more?

[lalabotax]

So I decided to sell my bicycle and invest in bitcoins. But since investing, the Bitcoin market has gradually started to decline. I invested with a small amount of money and from that small amount of money I lost like 5 dollars. But I am optimistic that I will definitely benefit from the amount I have invested.

That is Bitcoin investment.
Well, firstly, congratulation on your first investment in Bitcoin, I am sure that this will become a never-forget moment in your life. Moreover, you decided to sell your bike and convert it to Bitcoin. I think that it is a brave decision to do it. We all know that the Bitcoin market is still in the bearish era, and the price still changes every day. The price may be declining as you said. But, it is no need to worry so much and become panic because Bitcoin investment will be very valuable in long term. Let's say that you only have that amount. if you can add more and more again later and you can wait for the long term, see the result of the bullish era. That will be awesome

[Distinctin]

Great OP, although many people are not happy that selling assets to buy bitcoin is not advisable, but sometimes we need to make tradeoffs, and take risks to achieve greater things. If it is a house or other important assets, it is not recommended, but this is just a bicycle, I believe it will not affect your life too much, and you certainly have a plan for yourself.

The next thing you need to do is hold it long enough until you make a profit, and to do that, you need knowledge, knowledge is the only way to succeed.

I guess OP is in the right track, congrats on your first accumulation of bitcoin. But in order to grow your bitcoin, you need to hold them as long term investment. Like 3-5 years, or even 10 years if you want, because the longer you hold them, the higher the returns. But also take time to sell in times of profits, as you are here eventually to make decent amount of profits. And don’t be comfortable saving your bitcoin into an exchange for long, have your own personal wallet so that you can manage your funds well.

[wiss19]

I like your dedication and ambition to gain profits by investing in Bitcoin, and let me tell you that you got nothing to worry about as you have just started and you have entered the market at not a very bad position. The price of Bitcoin is still pretty low for those who want to invest for the long term, and I believe you can hold your Bitcoins for long enough until they turn profitable.

The price of Bitcoin keeps fluctuating, so that isn't something you should be worried about. No matter how small your investment might be, it is not bad for a start, and you can always add more in the future when you can.

[abel1337]

Invest what you can afford to lose, Always remember that. I hope that you didn't need your bike in your daily life since If it is, I believe it is more important that having bitcoin. Don't risk too much especially that you are new to this industry, It a good thing that you did your first move as you are into cryptocurrency. Newbies tend to lose at first as they get a grasp of what they are entering into that's why we don't really recommend risking something that is important such as selling something that is needed on your daily lives.