Beginners, you don't need Bitcoin first

[Becassine]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

No investment advice is universally valid. It depends first of all on the temperament of each: some spend everything, others save or do DCA. In the same country some will have money problems with a salary of 5000 euros when others will do wonders with 1000 euros. The best financial advisers had advised Madoff investments and we know the rest. Conversely, Erik Finman had invested his pocket money in bitcoin and became a millionaire at the age of 19.

We must do what is most for ourselves, listen to conflicting advice and do what seems best to us. We can be wrong, that's life. But you, OP, don't have the science either and your advice is only valid for yourself.

https://www.investopedia.com/news/who-erik-finman-bitcoin-millionaire-teenager/

[Wimex]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

I fully agree with you, people should be very aware of what they are doing before investing in bitcoin, does not rush as it is an issue that requires strategy and good foundations... what is the use of getting into debt to obtain bitcoins if you are in constant anguish due to market volatility and the need to have to cancel that money as soon as possible, also knowing (if you are well educated on the subject) that the  investments in bitcoin take tim, so you do not get what you expect in a short period of time and it is not only that, but the people who carry out this type of action can even end up on the street because they do not have a way to cancel their debt, they lose everything completely... so it seems to me that it is a maneuver that is not worth executing, it is better to go the safe path so that in this way the results are very different from the previous scenario.

[jostorres]

Having a source of regular income (including, but not limited to a job, as it can be a grant, a scholarship, stable freelance work, etc.) is a good thing to have in life before putting any money at risk (and investment is a risk, even if it's Bitcoin we're talking about). However, if someone unexpectedly gets some money (either as a gift or by winning it), I think it's fine to buy Bitcoin with such money, even if a person doesn't have a source of income yet. IMO, it's actually the kind of money people can be ready to lose, as they weren't supposed to have it in the first place.

That's too serious man but I'm happy if I can have all those things. Maybe investing is not going to be necessary anymore but I will just save the money that I get from my job and other income streams. There's no need to spend huge money only to enroll myself to school because I already have a scholarship plan.

But, I think any free lance job is not stable. They usually have a couple of months' contract only. We are lucky if we can reach a year or two on some of them but we can always seek for another once our contract expires. Investing has a risk but it can be minimized. It can be by using a small amount of money, preferably the residual ones and then by picking a trusted asset. When it comes to crypto it was Bitcoin.

[Blitzboy]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

I fully agree with you, people should be very aware of what they are doing before investing in bitcoin, does not rush as it is an issue that requires strategy and good foundations... what is the use of getting into debt to obtain bitcoins if you are in constant anguish due to market volatility and the need to have to cancel that money as soon as possible, also knowing (if you are well educated on the subject) that the  investments in bitcoin take tim, so you do not get what you expect in a short period of time and it is not only that, but the people who carry out this type of action can even end up on the street because they do not have a way to cancel their debt, they lose everything completely... so it seems to me that it is a maneuver that is not worth executing, it is better to go the safe path so that in this way the results are very different from the previous scenario.

Academics say, "Knowledge is power." This mindset gives us control over our Bitcoin investments. You're right - a plan needs solid foundations. Debt to invest in risky assets is like sailing without a compass.

I feel terrible for debtors who are stressed by Bitcoin's volatility. However, Bitcoin's value could rise over time. Over the past decade, big financial companies have increasingly used it. I understand. Short-term aims can end in disastrous acts.

Bitcoin's technology is amazing. Its a decentralized cryptocurrency. "Digital gold" is valuable for the same reasons as real gold. Know what this means and modify with patience and smarts to invest in Bitcoin securely.

[serjent05]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

I don't think that it will be difficult for a person if he is under the support of his parents.  This is like saving made from the extras of his allowance.  And I believe this is the best time to invest since all his needs are covered by his parents.  Then after graduating and in a situation where he is to attend for himself then, he can stop investing while holding the Bitcoin he has and look for a job.

Obviously, it is different if you are living alone and don't have a stable job.

You don't need Bitcoin first, What you need is a JOB, work on that first.

I agree but as I stated if we are still under the care of our parents we can use our extra money to slowly build up our Bitcoin portfolio.  There is no harm in investing our extra money from our allowance in Bitcoin when we are still in the care of our parents.

[_BlackStar]

-snip-

I fully agree with you, people should be very aware of what they are doing before investing in bitcoin, does not rush as it is an issue that requires strategy and good foundations...

Think as simple as possible - you only need to learn how the market works to invest and some technical know-how to make your bitcoins safe when stored. You don't need to be a fully technical savvy user to invest - it really isn't necessary as just learning the basics you can already invest in it.

The price of bitcoin is very volatile - it is also at risk because it has become a target for hackers. Bitcoins are safe - but users will never be safe if they don't know the best method to secure their wallets. Most cases of losing bitcoins are caused by user error, so they should learn about it instead of investing immediately with any budget.

[ChiBitCTy]

This is well said and something that I echo every day due to working in finance, more specifically being a financial advisor who quite simply advises people on their finances every day, all day long.

When I get asked about Bitcoin, which happens often, I always start with .."Let's talk about your job, your income, what investments you have that may or may not have you on track for retirement etc, then we will talk about bitcoin (and likely other shitcoins they bought because some Joe Blow told them it was "going to the moon").

[AmoreJaz]

This is well said and something that I echo every day due to working in finance, more specifically being a financial advisor who quite simply advises people on their finances every day, all day long.

When I get asked about Bitcoin, which happens often, I always start with .."Let's talk about your job, your income, what investments you have that may or may not have you on track for retirement etc, then we will talk about bitcoin (and likely other shitcoins they bought because some Joe Blow told them it was "going to the moon").

well, you are not taking advantage of the people there. they should really know what they are getting into before they are blinded by such promise of high profits. most people are going into this market thinking that it is easy to get hundred fold of profits.
just like any other investments, you need to equip yourself with the right knowledge and know the risks involve. because at the end of the day, you are like betting your hard-earned money to these investments.

[BlackBoss_]

When I get asked about Bitcoin, which happens often, I always start with .."Let's talk about your job, your income, what investments you have that may or may not have you on track for retirement etc, then we will talk about bitcoin (and likely other shitcoins they bought because some Joe Blow told them it was "going to the moon").

They only can invest if they have money and if they have money which is like their savings and their life can not be in problem if they lose their savings which can be their investment capital in Bitcoin.

If they feel like they will need their savings, their investment capital in Bitcoin anytime because their income is not good enough and they don't have other reserves for emergency, they should not invest in Bitcoin.

If they invest, as said they must reserve part of their savings for emergency and don't use all savings for investment. If they don't have such reserve, they will have to sell their bitcoin in emergency and it's bad if they sell it at loss.

[Raceonsucced]

You are absolutely right. Because the job is more important. After we have got a job, income will be easier. But if you don't have a job and then invest, when you lose, you will definitely be a little desperate because you don't have a source of income.

[Z390]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

No investment advice is universally valid. It depends first of all on the temperament of each: some spend everything, others save or do DCA. In the same country some will have money problems with a salary of 5000 euros when others will do wonders with 1000 euros. The best financial advisers had advised Madoff investments and we know the rest. Conversely, Erik Finman had invested his pocket money in bitcoin and became a millionaire at the age of 19.

We must do what is most for ourselves, listen to conflicting advice and do what seems best to us. We can be wrong, that's life. But you, OP, don't have the science either and your advice is only valid for yourself.

https://www.investopedia.com/news/who-erik-finman-bitcoin-millionaire-teenager/

Thanks for your advice and opinion, mine was based on past experience, and yes what happened with Erik Finman is true, I have never said that it's wrong to invest your pocket money, my point still stands and that is making things way easier for yourself, and job can make them a dream come true.

Reading many comments on here shows that I am not just talking for myself, many people have passed through a lot when they are first introduced to Bitcoin, if job was part of them back then the journey would have been easier.

Finman held his Bitcoin he purchased with his pocket money for years, that's why he became a successful young man, Bitcoin was also very cheaper then, without a source of income today, and as a bitcoin beginner it will be extremely hard, since bitcoin is not even 100$ per coin again, it's 30,000$ today, what can pocket money do today? Unless your every pocket money goes into Bitcoin every month.

Also the panic of market sentimental will attack you, why? It's pocket money, it's never a money intended to lose, panic will follow.

The end goal is an easier investment plan, it's harder without a job, never said it's impossible.

[uchegod-21]

No investment advice is universally valid. It depends first of all on the temperament of each: some spend everything, others save or do DCA. In the same country some will have money problems with a salary of 5000 euros when others will do wonders with 1000 euros. The best financial advisers had advised Madoff investments and we know the rest. Conversely, Erik Finman had invested his pocket money in bitcoin and became a millionaire at the age of 19.

We must do what is most for ourselves, listen to conflicting advice and do what seems best to us. We can be wrong, that's life. But you, OP, don't have the science either and your advice is only valid for yourself.

https://www.investopedia.com/news/who-erik-finman-bitcoin-millionaire-teenager/

It is correct that no investment advice is universal and again I do not also take what Op wrote as an investment advice. However, I really understood the points Op made.
The Op was just imagining how someone could successfully be investing in bitcoin when they don't have a steady job or a source of income. For one to be able to invest only what they can afford to lose means they should be earning.

It is also possible that one can be investing their pocket money through DCA or some other means. They might also be lucky and run into massive profits. But then, the truth in Op is universal. You need to earn to be a legal to invest.

[armanda90]

This is well said and something that I echo every day due to working in finance, more specifically being a financial advisor who quite simply advises people on their finances every day, all day long.

When I get asked about Bitcoin, which happens often, I always start with .."Let's talk about your job, your income, what investments you have that may or may not have you on track for retirement etc, then we will talk about bitcoin (and likely other shitcoins they bought because some Joe Blow told them it was "going to the moon").

Its very difficult how to change some trader mindset actually investing in shit coins and in their minds going to the moon later and price up drastically, you should stop them never fanatical actually with shit coin, late investing possibility loss their capital due shit coins only hype on the first time launching. As you job financial advisor, teach and educate them how effective investment in bitcoin than shit coin.
Don't blame when some one show off profit from shit coins because there many people loss their investment after investing in shit coins and not has chance with shit coin returning back to higher price. Although difficult need to teach some one have been fanatical with shit coin because not consistent profitable actually shit coins without list on CEX exchange market.

[gunhell16]

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

I get what you mean dude, and I also agree with what you mentioned, because it's really hard to invest in Bitcoin if you don't have a stable source of income. And if you have a source of income, whether it's a job or a small business, you must also establish the prifit
 
Now, if you only have extra even if it's just a small amount you can use it to buy Bitcoin, this is where DCA comes in, which is often said by most people on this forum platform.

[Tony116]

This is well said and something that I echo every day due to working in finance, more specifically being a financial advisor who quite simply advises people on their finances every day, all day long.

When I get asked about Bitcoin, which happens often, I always start with .."Let's talk about your job, your income, what investments you have that may or may not have you on track for retirement etc, then we will talk about bitcoin (and likely other shitcoins they bought because some Joe Blow told them it was "going to the moon").

Its very difficult how to change some trader mindset actually investing in shit coins and in their minds going to the moon later and price up drastically, you should stop them never fanatical actually with shit coin, late investing possibility loss their capital due shit coins only hype on the first time launching. As you job financial advisor, teach and educate them how effective investment in bitcoin than shit coin.
Don't blame when some one show off profit from shit coins because there many people loss their investment after investing in shit coins and not has chance with shit coin returning back to higher price. Although difficult need to teach some one have been fanatical with shit coin because not consistent profitable actually shit coins without list on CEX exchange market.

Why only shitcoins and exclude bitcoin? If you don't have a job with a steady income, investing in shitcoins or bitcoins will be your burden and not bring you any benefit. The risks of shitcoin are huge, but bitcoin is not without risk, so if you don't have a job you shouldn't invest anywhere.

Once you have a steady income, the investment will depend on your preferences. The fact that you think investing in shitcoin is a waste is also not entirely true, don't forget 14 years ago, there were also many people who despised and did not invest in it. But you also know the result, those who previously despised it are regretting it. Investing in shitcoins is not bad, but they are too risky and not for everyone. But there's no denying that altcoins' returns are bigger than bitcoin's these days.

[jeraldskie11]

This is well said and something that I echo every day due to working in finance, more specifically being a financial advisor who quite simply advises people on their finances every day, all day long.

When I get asked about Bitcoin, which happens often, I always start with .."Let's talk about your job, your income, what investments you have that may or may not have you on track for retirement etc, then we will talk about bitcoin (and likely other shitcoins they bought because some Joe Blow told them it was "going to the moon").

Its very difficult how to change some trader mindset actually investing in shit coins and in their minds going to the moon later and price up drastically, you should stop them never fanatical actually with shit coin, late investing possibility loss their capital due shit coins only hype on the first time launching. As you job financial advisor, teach and educate them how effective investment in bitcoin than shit coin.
Don't blame when some one show off profit from shit coins because there many people loss their investment after investing in shit coins and not has chance with shit coin returning back to higher price. Although difficult need to teach some one have been fanatical with shit coin because not consistent profitable actually shit coins without list on CEX exchange market.

Why only shitcoins and exclude bitcoin? If you don't have a job with a steady income, investing in shitcoins or bitcoins will be your burden and not bring you any benefit. The risks of shitcoin are huge, but bitcoin is not without risk, so if you don't have a job you shouldn't invest anywhere.

Once you have a steady income, the investment will depend on your preferences. The fact that you think investing in shitcoin is a waste is also not entirely true, don't forget 14 years ago, there were also many people who despised and did not invest in it. But you also know the result, those who previously despised it are regretting it. Investing in shitcoins is not bad, but they are too risky and not for everyone. But there's no denying that altcoins' returns are bigger than bitcoin's these days.

Before we invest in Bitcoin, we have to get a job. I believe that even if we don't have a job right now but have money to invest in Bitcoin, we can do so. The negative is that if you don't have a job, there's a chance you would be able to use the money you invested, especially if there's an emergency. That is why most people advise getting a job before investing. Aside from that, if you know you're going to invest in shitcoins from the start, you must cancel it. You are aware that shitcoins were caused by hype and that following a dramatic rise, they will crash. Therefore, make sure you invest in top alts with a higher potential ROI to avoid this kind of stuff.

[dezoel]

That's a good point and a piece of useful advice if one takes it. Most people these days, usually newbies, think that it is very easy to earn money through Bitcoin or cryptocurrencies, and that is what makes them collect some money from here and there and rush into making their first investment, some won't even do proper research to understand the risks and rewards associated with the investment, they just heard or seen people doing it and they got influenced.

Having a job and an income will always be a support backing your investments because that wouldn't make you sell your coins at any point in case you need money for an emergency or anything, if you have a job, you know that you can cover everything else with that and you won't touch your holdings.

[The Cryptovator]

I would advise against recommending Bitcoin investments to individuals who lack financial stability. It's crucial for potential investors to have a level of financial security, even if they are not wealthy, to avoid constantly monitoring daily price fluctuations and potentially forgetting about their investments.

Relying on loans or borrowing money to invest in Bitcoin is not a prudent approach. The cryptocurrency market is known for its volatility, and prices may experience significant declines that could take a long time to recover. In such scenarios, investors must be prepared to endure without immediate access to their invested funds and avoid panicking. Therefore, it's essential for anyone considering investing in Bitcoin to ensure they are financially stable and capable of weathering potential downturns.

[lizarder]

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

One cannot force the desire to invest when only relying on the pocket money given, this habit occurs to children who are still in school or are attending postgraduate studies. Prioritizing investment is not the right option if we are faced with this condition because there are other needs that are far more important for someone to prioritize. But if the pocket money given by parents is large and can be saved, it will be much better to invest because this will encourage our interest to achieve financial freedom in a certain time slowly.

The trick can use DCA as a strategic investment approach and they can run patterns like this on a regular basis. However they themselves know whether taking an investment approach with a certain pattern can help them to meet their needs or even prioritize other needs that are far more important than investing.

[KingsDen]

I would advise against recommending Bitcoin investments to individuals who lack financial stability. It's crucial for potential investors to have a level of financial security, even if they are not wealthy, to avoid constantly monitoring daily price fluctuations and potentially forgetting about their investments.

Many people have forgotten the rule of not investing more than you can lose and many have also concluded that losing is impossible. No matter how friendly the market might be, once in a while it gives us some surprises. So, it is ideal that one should have a stable source of income before investing in bitcoin.

No matter how we twist the matter, you must have, then invest before you earn. If you rely on the funds for day to day expenses for investment, you will end up being devastated and you keep withdrawing your investment even when it's not matured.