Beginners, you don't need Bitcoin first

[Victorik]

Great talk. The take home here is to first invest in yourself before even thinking of investing in Bitcoin. Besides if you don't have a job before buying BTC, you might not really be able to hold, except you are getting additional source of income.

[1715406767]

1715406767

[someone703]

Of course, any job related to the market requires you to have a large amount of knowledge and if you invest, you must also have a certain amount of assets. In fact, everyone has the right to decide how to use and invest their money as they see fit.

For those who do not have a lot of money, it is better to save and invest part of their money in bitcoin. After learning a lot about this market, you will have an accurate view and decision about your investment.

[Franctoshi]

I even feel a little sorry for modern newcomers coming to the crypt, as they do not see the crazy bull market of growing altcoins that we saw in about 2019. I mean ICO, when literally wherever you invest money, you will succeed everywhere, the only question was how much the investment will grow. Back then, benches were not a frequent occurrence. And on the other hand, now there are other possibilities in everything, even if the time of multiaccounts has passed rapidly, nevertheless it was also a way of earning money.
Therefore, as I stated earlier, the best thing for beginners is to keep bitcoin on the wallet and wait. And it's even better to have some money in fiat so that you can buy the number one cryptocurrency if the Bitcoin exchange rate drops.

It was indeed a great experience during those crypto bubbles in 2019, The cryptocurrency industry (Altcoins) was still in its growing stage as compared to the awareness it has today, and it's now clear that Bitcoin is the king of cryptos and reason to stick with investing in Bitcoin. During those days, people could just throw money anyhow in altcoins and come out with it, But now they look at the projects with use cases and with promising future.

[RockBell]

Hey @Z390, Absolutely spot on! I appreciate the grounded perspective you're offering to newcomers in the crypto realm. It's tempting to dive headfirst into the world of digital currencies, especially when you hear the success stories. But as you rightly pointed out, those stories don't always touch on the stability and security a consistent income can bring.

Before investing in bitcoin, all of the guiding principles should be taken into account. As you mentioned, the first is financial stability. The second is knowledge, which will prevent you from being taken advantage of during the introduction process. The third is to take security seriously and know how to activate good security measures.  Returning to financial stability, you stated that if you don't have other sources of income, you will use your investment as a repository for an emergency fund, which is bad for business.  and  since investing in bitcoin is a long time business patience is another factor to be considered.

[Furious 7]

If a beginner entering this industry has a regular job it is possible to say that he has the ability to start buying bitcoin. Because he has a resource that he can do the DCA too to save bitcoin.

But if a newbie buys that she doesn't have a regular job or any sideline job that is stable, I don't think it's a good option to do, but if there is a small business that can make the earnings, it is still possible. Because if jobless is a bit difficult to make DCA for bitcoin.

It is quite true that people who are doing their business or job in a good place can be more successful in crypto currency market. Investing in Bitcoin requires a good amount of money, even if buying a small amount of Bitcoin will require a decent amount. Really for those who do not have a business or a job, this platform will prove to be difficult. Those who have no other source of income should never rely solely on Bitcoin earnings. Your point is very good that DCA is a great strategy for Bitcoin but DCA is a difficult task for unemployed people.

All investments are difficult. For people who already have a job, it is already very difficult because we still have to try to manage the money in it, especially for those who do not have a job and a fixed income for them but that does not mean it cannot be done.
DCA looks more doable but again, DCA also needs a strict effort because we must be able to be more consistent to invest according to what we planned before but when talking about beginners obviously before doing DCA there must also be further learning. regardless of whether these beginners have money or not learning is important because this is not just limited to buying periodically and saving because I think they also need to look at other conditions such as the right time and momentum in buying. Conditions like this can be known (although not entirely successful because bitcoin is difficult to guess) with the learning we do.

[Blitzboy]

If a beginner entering this industry has a regular job it is possible to say that he has the ability to start buying bitcoin. Because he has a resource that he can do the DCA too to save bitcoin.

But if a newbie buys that she doesn't have a regular job or any sideline job that is stable, I don't think it's a good option to do, but if there is a small business that can make the earnings, it is still possible. Because if jobless is a bit difficult to make DCA for bitcoin.

It is quite true that people who are doing their business or job in a good place can be more successful in crypto currency market. Investing in Bitcoin requires a good amount of money, even if buying a small amount of Bitcoin will require a decent amount. Really for those who do not have a business or a job, this platform will prove to be difficult. Those who have no other source of income should never rely solely on Bitcoin earnings. Your point is very good that DCA is a great strategy for Bitcoin but DCA is a difficult task for unemployed people.

Every investment is hard for majority of the people who doesn't have a stable income. I'm sure unemployed people will have a hard time doing DCA given that they have a timeframe to buy and having a problem with money will just ruin your DCA strategy. Buying bitcoin is a good investment in my personal oppinion but having no income to sustain your living is a very bad move to begin with. Forcing yourself to buy bitcoin that will have no sense in times of need. Imagine buying something as an investment that you don't use and sell it at a lower price because you aren't ready for potential problems like being short on living expenses or an emergency. I believe that investing on cryptocurrency should be at most second to maintaining your survival in life.

It appears that you are playing it cool... but harsh. Correct. Absolutely correct! Attempting to invest while living paycheck to paycheck is like to trying to grab a falling knife. Insufficient funds? Ban Bitcoin! What, no Bitcoins? Its no sweat

Bitcoin investment is, without a doubt, a trendy issue. A goose that lays gold, for people who have enough of gold to spare. However, many who barely scrape by every day will be hit with a harsh dose of reality. This is a tragic tale, no doubt. Its a heartbreaking tale.

DCA was another term you tossed out there. Excellent plan! What a brilliant plan! But only if you've got some cash to throw around, pal. To average dollars, you must first have...

[famososMuertos]

Really... Your advice is repetitive and in fact it is not updated to the new times, the speech changed in this new millennium, get an income, pay your bills and fulfill your responsibilities, I think that this is not new, you are not inventing the wheel of advice.

What has changed is that today, you can live quietly with an income without having a formal job and in that line, investing in bitcoin does not have to be slavery, and we all fall mostly, in that line of advice.

If you have a job or an income, then, it means that the bitcoin starts to arrive in lots,(!?), if your investment reaches 3x (e.g.) it does not mean anything, for those who have a few satoshi, even millions of satoshi, which is where the vast majority of lagging users are who are waiting for someone to tell them "work... first..."

I think he caught a few merits with his OP, in a piece of advice that is old and reformulated to bitcoin.

[Abu-Naim]

Before investing in bitcoin, all of the guiding principles should be taken into account. As you mentioned, the first is financial stability. The second is knowledge, which will prevent you from being taken advantage of during the introduction process. The third is to take security seriously and know how to activate good security measures.  Returning to financial stability, you stated that if you don't have other sources of income, you will use your investment as a repository for an emergency fund, which is bad for business.  and  since investing in bitcoin is a long time business patience is another factor to be considered.

All the principles, financial stability, security measures, and knowledge are good factors to consider;

What about the risk involved?

In my own understanding, I think risk taking is also an important factor to be considered before embarking on a bitcoin investment process because of the techniques behind it, and the market instability.

[Stable090]

Great talk. The take home here is to first invest in yourself before even thinking of investing in Bitcoin. Besides if you don't have a job before buying BTC, you might not really be able to hold, except you are getting additional source of income.

If you don’t have a source of income even if invest in bitcoin you might end up selling the bitcoin back when you are in need of money, you might be having the intention to hold your bitcoin, but if you don’t have source of income, you won’t be able to hold for a long term, because whenever their is any emergency then you will end up selling the bitcoin just to solve the problem, you don’t have any money to fall back to than the bitcoin you are holding, which you might keep on selling it gradually till you sell all your bitcoin.

Buying bitcoin shouldn’t be the first aim, having a job or having a business should come first. If you are having money to invest in bitcoin, it’s better to start a business with the money, then you can be investing some part of the profits you are making in bitcoin investment.

[Victorik]

Great talk. The take home here is to first invest in yourself before even thinking of investing in Bitcoin. Besides if you don't have a job before buying BTC, you might not really be able to hold, except you are getting additional source of income.

If you don’t have a source of income even if invest in bitcoin you might end up selling the bitcoin back when you are in need of money, you might be having the intention to hold your bitcoin, but if you don’t have source of income, you won’t be able to hold for a long term, because whenever their is any emergency then you will end up selling the bitcoin just to solve the problem, you don’t have any money to fall back to than the bitcoin you are holding, which you might keep on selling it gradually till you sell all your bitcoin.

Buying bitcoin shouldn’t be the first aim, having a job or having a business should come first. If you are having money to invest in bitcoin, it’s better to start a business with the money, then you can be investing some part of the profits you are making in bitcoin investment.

I think most times it is because some people see investment in BTC as a means of getting quick money. That's why they can invest the little they have so it can multiply at the speed of light. But, more often they get disappointed because it just doesn't turn out the way they had anticipated.

[meliorem]

if someone have extra source of money then they can able to invest and hold coins for some time for generate profit but off course there is always risk involve in using btc

[Inwestour]

I even feel a little sorry for modern newcomers coming to the crypt, as they do not see the crazy bull market of growing altcoins that we saw in about 2019. I mean ICO, when literally wherever you invest money, you will succeed everywhere, the only question was how much the investment will grow. Back then, benches were not a frequent occurrence. And on the other hand, now there are other possibilities in everything, even if the time of multiaccounts has passed rapidly, nevertheless it was also a way of earning money.
Therefore, as I stated earlier, the best thing for beginners is to keep bitcoin on the wallet and wait. And it's even better to have some money in fiat so that you can buy the number one cryptocurrency if the bitcoin exchange rate drops.

But we don't know what the alt season could be in the upcoming bull market. Now everything speaks in favor of bitcoin, but if at some point, as it has already happened, after bitcoin finishes its growth, altcoins will start to catch up to it, and even in the last bull market, we saw a situation in which many altcoins performed better than bitcoin.

But even this example shows us the benefits of initially investing in bitcoin, even for altcoin enthusiasts, since after the rise of bitcoin they will have a chance to switch to altcoins and get even more profit. To do this, you need to have very good analytical skills, which is unlikely for beginners, but who knows, this is definitely something to aspire to.

[Outhue]

Before investing in bitcoin, all of the guiding principles should be taken into account. As you mentioned, the first is financial stability. The second is knowledge, which will prevent you from being taken advantage of during the introduction process. The third is to take security seriously and know how to activate good security measures.  Returning to financial stability, you stated that if you don't have other sources of income, you will use your investment as a repository for an emergency fund, which is bad for business.  and  since investing in bitcoin is a long time business patience is another factor to be considered.

All the principles, financial stability, security measures, and knowledge are good factors to consider;

What about the risk involved?

In my own understanding, I think risk taking is also an important factor to be considered before embarking on a bitcoin investment process because of the techniques behind it, and the market instability.

Risk taking is part of the knowledge that's needed to be acquired about Bitcoin investment so this person already included what you are trying to say, I will like to add more by saying, extra income source helps your investment more than not having an income, on the risk side you will feel comfortable buying Bitcoin and you will be able to take more risks if you have others ways to survive.

Job is very important or other ways that can bring in money for you and that's why I believe this advice from OP is precise, many people likes to get involved with Bitcoin and they are motivated to invest in Bitcoin, but with money they aren't ready to lose, and that's because they don't have source of income, so if Bitcoin doesn't pump in a year they get tired of holding very quick and the thought of maybe selling and move on with their lives will set in.

Source of income will help you takes your investment journey for years to come without the need to worry about the money you used to invest.

[Stable090]

I think most times it is because some people see investment in BTC as a means of getting quick money. That's why they can invest the little they have so it can multiply at the speed of light. But, more often they get disappointed because it just doesn't turn out the way they had anticipated.

If you a having the mindset of making quick money in bitcoin investment, then you will end up losing everything within a short period of time, since they are looking for quick money, if they join bitcoin and they didn’t get the quick money they are looking for, they might end up being introduced to a Ponzi scheme where they will promise them huge return in a short period of time without any risk, if most them see offers like this, they will end up falling for it and at the end they will end up being scammed, and they will be complaining that bitcoin is a scam, but they didn’t know they made the wrong decision.

I know people that are really ready to hold their bitcoin will have another source of income and they won’t depend on the bitcoin they are holding for survival, if you depend on the bitcoin you are holding for survival, then you will be selling all your bitcoin soon, and you might be selling at lose.

[Hypnosis00]

I think most times it is because some people see investment in BTC as a means of getting quick money. That's why they can invest the little they have so it can multiply at the speed of light. But, more often they get disappointed because it just doesn't turn out the way they had anticipated.

If you a having the mindset of making quick money in bitcoin investment, then you will end up losing everything within a short period of time, since they are looking for quick money, if they join bitcoin and they didn’t get the quick money they are looking for, they might end up being introduced to a Ponzi scheme where they will promise them huge return in a short period of time without any risk, if most them see offers like this, they will end up falling for it and at the end they will end up being scammed, and they will be complaining that bitcoin is a scam, but they didn’t know they made the wrong decision.

I know people that are really ready to hold their bitcoin will have another source of income and they won’t depend on the bitcoin they are holding for survival, if you depend on the bitcoin you are holding for survival, then you will be selling all your bitcoin soon, and you might be selling at lose.

They can hold because they don't rely solely on Bitcoin's earnings as their primary source of income is their job or business. This is to compare why rich people can hold for many years while poor people can't. That is why I encourage people not to focus on Bitcoin investment because this won't make us rich instantly nor earn a profit right away. As we can see, a lot of people leave crypto because of their wrong expectations. Well, we can say that Bitcoin is a profitable investment but not to the point that we can expect it every day, maybe if we are trading that seems possible. But if we are just holding, that is impossible, it takes months or years.

[Blitzboy]

I think most times it is because some people see investment in BTC as a means of getting quick money. That's why they can invest the little they have so it can multiply at the speed of light. But, more often they get disappointed because it just doesn't turn out the way they had anticipated.

If you a having the mindset of making quick money in bitcoin investment, then you will end up losing everything within a short period of time, since they are looking for quick money, if they join bitcoin and they didn’t get the quick money they are looking for, they might end up being introduced to a Ponzi scheme where they will promise them huge return in a short period of time without any risk, if most them see offers like this, they will end up falling for it and at the end they will end up being scammed, and they will be complaining that bitcoin is a scam, but they didn’t know they made the wrong decision.

I know people that are really ready to hold their bitcoin will have another source of income and they won’t depend on the bitcoin they are holding for survival, if you depend on the bitcoin you are holding for survival, then you will be selling all your bitcoin soon, and you might be selling at lose.

Here's the deal: you're totally right about the quick-cash mentality. Zilch! Nada! Zero! Need cash now? No, mate, that's not Bitcoin. Some people here think that Bitcoin is a quick-cash machine... A slot machine in a restaurant in Las Vegas! Well, here's some news: it's not! I know it's sad.

Ponzi plan? That takes trouble to a whole new level. Big money with no risk? Come on, doesn't that sound shady? To believe that, you'd have to have your head in the sand. Sadly, though, some do. Then they say Bitcoin is to blame. So it goes

And about having to live off of Bitcoin. You might as well bet on a goldfish to win a race, man. It wasn't the best plan. Always have a Plan B.

[Nwada001]

They can hold because they don't rely solely on Bitcoin's earnings as their primary source of income is their job or business. This is to compare why rich people can hold for many years while poor people can't. That is why I encourage people not to focus on Bitcoin investment because this won't make us rich instantly nor earn a profit right away. As we can see, a lot of people leave crypto because of their wrong expectations. Well, we can say that Bitcoin is a profitable investment but not to the point that we can expect it every day, maybe if we are trading that seems possible. But if we are just holding, that is impossible, it takes months or years.

Which set of people do you consider to be the rich, and which are the poor? Anyone who is able to feed themselves three square meals a day should no longer be considered poor as they are already living above their means, and for someone to have left over money that they can risk investing in bitcoin, it should at least give us the mindset that they have something else to do that is their major source of income. I don't see holding decisions as attached to either being rich or poor; there are also rich people who have the money and have invested in bitcoin, but they always panic sell in every little market downward movement. This is not because they see bitcoin as a primary source of income, but as a result of being conscious of losing their wealth to the market dump, which is not supposed to be so.

There are people out there who are just earning a little by doing some helping jobs that are giving them enough money to feed and foot their daily bills, and they have the privilege of knowing about bitcoin. They happen to invest some of their earnings in bitcoin and will continue doing that over and over again, not because they are rich but because they have a targeted amount that they want to accumulate before a certain period of time. To me, one thing about holding bitcoin is to first not see it as a get-rich-quick scheme, and after that, it all depends on one's personal decision, whether to hold or to sell.

[CarnagexD]

Great talk. The take home here is to first invest in yourself before even thinking of investing in Bitcoin. Besides if you don't have a job before buying BTC, you might not really be able to hold, except you are getting additional source of income.

But if you're still confused on which advice to take. Just start. And make it a goal for you not to lose money. Because at the beginning when you're still learning, the goal is absolutely not to make money but to survive while remaining sane. You must not be reliant on your BTC income because it will not be stable in the beginning years. But sure enough if you last long in the game you'll make more than you expect.

[CarnagexD]

I think most times it is because some people see investment in BTC as a means of getting quick money. That's why they can invest the little they have so it can multiply at the speed of light. But, more often they get disappointed because it just doesn't turn out the way they had anticipated.

If you a having the mindset of making quick money in bitcoin investment, then you will end up losing everything within a short period of time, since they are looking for quick money, if they join bitcoin and they didn’t get the quick money they are looking for, they might end up being introduced to a Ponzi scheme where they will promise them huge return in a short period of time without any risk, if most them see offers like this, they will end up falling for it and at the end they will end up being scammed, and they will be complaining that bitcoin is a scam, but they didn’t know they made the wrong decision.

I know people that are really ready to hold their bitcoin will have another source of income and they won’t depend on the bitcoin they are holding for survival, if you depend on the bitcoin you are holding for survival, then you will be selling all your bitcoin soon, and you might be selling at lose.

They can hold because they don't rely solely on Bitcoin's earnings as their primary source of income is their job or business. This is to compare why rich people can hold for many years while poor people can't. That is why I encourage people not to focus on Bitcoin investment because this won't make us rich instantly nor earn a profit right away. As we can see, a lot of people leave crypto because of their wrong expectations. Well, we can say that Bitcoin is a profitable investment but not to the point that we can expect it every day, maybe if we are trading that seems possible. But if we are just holding, that is impossible, it takes months or years.

Totally get what you're saying! It's all about the balance, right? Rich folks can afford to hold onto their Bitcoin for the long haul since they've got other income streams keeping them afloat. And you're spot on about not relying solely on Bitcoin as a get-rich-quick scheme – it's more of a long game. Patience is key here, unlike those unrealistic expectations some folks have. Bitcoin's like a slow-cooking stew, takes time to reach that delicious flavor. So, if you're in for the hodl, better pack some patience and wait for those months or even years to roll in. 🕒💸

[Victorik]

I think most times it is because some people see investment in BTC as a means of getting quick money. That's why they can invest the little they have so it can multiply at the speed of light. But, more often they get disappointed because it just doesn't turn out the way they had anticipated.

If you a having the mindset of making quick money in bitcoin investment, then you will end up losing everything within a short period of time, since they are looking for quick money, if they join bitcoin and they didn’t get the quick money they are looking for, they might end up being introduced to a Ponzi scheme where they will promise them huge return in a short period of time without any risk, if most them see offers like this, they will end up falling for it and at the end they will end up being scammed, and they will be complaining that bitcoin is a scam, but they didn’t know they made the wrong decision.

I know people that are really ready to hold their bitcoin will have another source of income and they won’t depend on the bitcoin they are holding for survival, if you depend on the bitcoin you are holding for survival, then you will be selling all your bitcoin soon, and you might be selling at lose.

You are right. Bitcoin investment is usually a long term investment and shouldn't be entered into with the intention of making quick bucks. And moreso, before investing in BTC, one should as a matter of necessity have a reliable source of income, otherwise, they may not be disciplined enough to leave that BTC in their wallet when they start having financial emergencies.