Bitcoin kwoledge is not complete without bitcoin investment

[Dewi Aries]

And why they did it late  

I think it it quite common that either people do not have enough because they failed to plan and to take actions and maybe even they were too busy gambling rather than investing and believing that their gambling amounted to a kind of investment, and then it did not end up paying off.

Sure sometimes they might be to blame, but sometimes they might have some misfortunes too... so there can be a lot of reasons that people might feel that they are "starting" or "starting over" at a very late age.

Sometimes they are busy having fun and going on vacations and they do not really realize how the time will end up slipping away from them, and then one day they wake up and they realize that they have only saved $10k, even though they have a lifestyle that requires around $100k per year, and so they have to do some serious thinking about how they might need to make progress towards getting where they should have had been.

This effort is quite attractive for some people in their 50s to invest in Bitcoin as a safe haven asset for their old age. However, as you have explained, of course it is very related to the big principle of seeking income from the spare money they have to invest in Bitcoin. Sometimes the lateness in getting started isn't that big of a deal because their confidence level is higher with mass adoption happening. Of course, for those in their 50s, they don't think about anything else other than their focus is only on investing.

However, if they are just learning about Bitcoin when they are in their 50s, it would be a good idea for them to invest based on their desire to learn more about Bitcoin. Generally, currently it is millennials who dominate investment in Bitcoin, and in general, of those aged 50 and over, only a portion of them invest in Bitcoin due to their lack of knowledge about Bitcoin (perhaps too late). As mentioned, those aged over 50 will have a lower level of income if their work is not permanent (for those who are not state officials). So the level of their needs will probably be the main thing in investing in Bitcoin for the long term. Even a tendency towards distrust may be the basis if they start too late.

[Outhue]

Leave the experimental side of investment for the later, I spend months after months for learning Bitcoin and other necessary things, if you lack money you will have to work or get a job first before you can invest in Bitcoin, so it's not something everyone can rush.

I used almost a year to learn about bitcoin and I have never thought of wasting my time because I don't have money to invest yet, those who don't have money are still welcome to participate in crypto, they can start with testnet experiments or move into airdrops, there are still free ways of earning coins so having money doesn't mean you are not welcome.

Some people have all the money,  such people are still not fit to invest in Bitcoin because they don't have the knowledge, either you have the money or not, you have to seek for knowledge first.

[knowngunman]

Some people have all the money,  such people are still not fit to invest in Bitcoin because they don't have the knowledge, either you have the money or not, you have to seek for knowledge first.

You don't need to have money for investment before seeking for knowledge. Knowledge of whichever type can never be a waste. Talking about having bitcoin knowledge without having money to invest will also earn you money by teaching people who are willing to learn about bitcoin and you can charge them for a little token. Knowledge itself is a wealth. Having knowledge will also not stop you from struggling to get money which you can later use to invest in whatever you think will be better for you. And again, having knowledge will protect you from investing in wrong assets that will make you to lose your money.

Going back to Op, without investing in bitcoin your knowledge is never a waste because investment is a choice and you can learn and decide not practice it. We have a number of trained doctors, lawyers, mechanic etc who are well trained but are not practicing it. Can we say their knowledge is not complete because they are not practicing it? Such is applicable to Bitcoin.

[gunhell16]

I am not suppose to say this here but i want forum members to advice and tell me on how I can go with my bitcoin journey as a newbie and become successful in it without losing my bitcoin. My Dad is late and he left us a building which I and my siblings inherited. I rented my own apartment because I stay in a more civilized area. Whenever my tenant pays me my rent, I just keep the money in the bank and sometimes it stays there for more than six months in my account because I have a job that takes care of my responsibilities. This year when I joined this forum, after reading through topics and comments from forum users on bitcoin investment, I said to myself that it will be wise if i give bitcoin investment a trial and see how it will feel like holding a bitcoin.

Last week Monday, I recieved my rent, but guess what I was scared of investing it on bitcoin because I was having so many thoughts in my head telling me to invest and not to invest. I continued with my forum activities and kept on reading, at a point, I got to realize that what will I gain, if I have the knowledge of bitcoin and I don't invest in it to have the experience on using bitcoin and to also have the experience of holding in long term, so that i can talk about bitcoin from experience. This means that it is important for me to buy bitcoin to acquire more knowledge,and this will be an advantage for me  to buy bitcoin now that the price is dip, before it pumps back. Yesterday, I used 60% of the money my tenant paid me to buy bitcoin and I was relieved and happy. I have also created an electrum wallet which I have transfered my coins into, the reason why I chose electrum wallet because it is noncustodial with RBF and Ligthening Network features, which can allow you to double spend,incase the network is congested and your transaction fee is low,since sometimes bitcoin blockchain used to be congested with dust transactions.

I intend to hold by bitcoin for long, because I just started my bitcoin journey and, I know that it isn't going to be an easy one for a newbie like me. I will use 10% of my income to DCA every month, because I also noticed that fiat currency is depreciating due to inflation and that it is better that I save in bitcoin than to keep it in fiat. The moment my bitcoin reaches $1000, I will look on how to transfer my coins to a cold storage wallet for safety. I couldn't keep this to myself and I said let me bring this to the forum for advise from experienced members on precautions I need to take for me to achieve my bitcoin goal target.

If you haven't invested in bitcoin yet, you should try and do so, if you have the resources so that you can feel the vibes that am feeling right now.

Let's discuss.

Well, according to my reading of your sharing of your story here, I see that you at least have some knowledge of Bitcoin. And I also noticed that you are a bit careful with the money you take out as an investment in Bitcoin, which is normal for an investor like you, especially since you are new to it. But the good thing about what you are doing is that, apart from having an idea, you also have knowledge of what steps you will take in this industry, and then you stumbled upon this forum.

Maybe the only thing I can say to you is that you continue with your planned implementation of DCA every month, and I see that your thoughts are good. I also think that you are aware of the risk and volatility of Bitcoin, and since it is long-term, you also want to hold it.
Just don't mention how much bitcoin you are going to buy because maybe later someone will suddenly pm you and say that he is a good person, and in the end he will just fool you because he has a plan for you, so it's the right thing to do.

You have gained knowledge here in the forum, and you are doing the right thing.

[Dickiy]

I think it it quite common that either people do not have enough because they failed to plan and to take actions and maybe even they were too busy gambling rather than investing and believing that their gambling amounted to a kind of investment, and then it did not end up paying off.

Sure sometimes they might be to blame, but sometimes they might have some misfortunes too... so there can be a lot of reasons that people might feel that they are "starting" or "starting over" at a very late age.

Well that's right, that's one of the main and common reasons that everyone can feel and that is the reason why they always come late especially in starting their investment. Money is the main reason, and even if they have money maybe it's only enough to make ends meet, and also if someone suggests them to get into investing in that condition, maybe they will make a statement that "if I allocate my money even with a small amount of impression then I will not have money to continue living", of course everyone's condition will be different - different especially in financial matters and needs. In my opinion, only those who are stupid waste the opportunity to start investing, even though it is clear that great opportunities are in front of their eyes but they prefer to keep themselves busy just gambling for example. Believe me it's just a waste of your time and money and there is no significant return (profit) if you only depend on gambling which will only worsen your condition. How can they equate gambling with investment? in terms of risk maybe yes both have a fairly high risk, but are you sure that gambling can bring you to a better future? if you say yes it is very silly, you should immediately see what great opportunities there are in bitcoin, If you've gotten it from a few references then I'm sure you'll be eager to get started early.

Yeah right buddy, no one else to blame but themselves for wasting all the time and opportunity, but well I wouldn't blame them too much either because obviously it's true as you said that there are a lot of impossible conditions that would certainly be their reason why they always come late or don't even start at all.

[Pandu Geddon]

In my opinion, only those who are stupid waste the opportunity to start investing, even though it is clear that great opportunities are in front of their eyes but they prefer to keep themselves busy just gambling for example. Believe me it's just a waste of your time and money and there is no significant return (profit) if you only depend on gambling which will only worsen your condition.

everyone has their own path. know that not everyone who gambles thinks they will get a changed future by betting. most already know they will lose more than what they gain from gambling. but why do they still continue to gamble? everyone has their own way of dealing with problems. Gambling may be considered a problem for some people. but others go to casinos to have fun.
I gamble, I invest in Bitcoin, and I also trade. There is nothing wrong when you have a way of managing your finances well.

[Lorence.xD]

In my opinion, only those who are stupid waste the opportunity to start investing, even though it is clear that great opportunities are in front of their eyes but they prefer to keep themselves busy just gambling for example. Believe me it's just a waste of your time and money and there is no significant return (profit) if you only depend on gambling which will only worsen your condition.

everyone has their own path. know that not everyone who gambles thinks they will get a changed future by betting. most already know they will lose more than what they gain from gambling. but why do they still continue to gamble? everyone has their own way of dealing with problems. Gambling may be considered a problem for some people. but others go to casinos to have fun.
I gamble, I invest in Bitcoin, and I also trade. There is nothing wrong when you have a way of managing your finances well.

That's the toxic thing about people who gambling, of course not all of them I'm talking about some gambler, they know there's no guarantee they would win big time and eventually would lose money still they choose to gamble the money they have. Dealing problems with a past time that could get you addicted and could worsen your situation more it's not a good way of dealing problems, maybe this would be applicable for people who's financially stable and rich. If you're just gambling just to escape reality then that's the worse, it's like an alcoholic person reasoning why he's addicted to drinking due to they want to distract themselves from their own problems.

[TheSpiral]

Knowledge will always bring power no matter what. Even if you don’t use it to invest at the moment but the fact that you utilize it to influence others, that will never go into waste. And when those people whom you’ve educated and influenced at the same time have start using them through investing, then it’s like those knowledge have been very useful for them.

You once get knowledge so it will always encourage you even if you are not able to buy bitcoin. There are many individuals who themselves do not have buy bitcoin but have solid knowledge about it.

If you have knowledge so you can also utilse this knowledge for the encouragement of others which will not only be profitable for them but also for you. Whenever you spread accurate Knowledge more people will adapt bitcoin as a result of which adaption of bitcoin will increases and in this way you will also get maximum amount as you will work as an influencer.

If a person has knowledge he can use it anytime but if you don't have knowledge and exact time arrives then you will not be able to take advantage of this good time so always keep learning and educate others too.

[JayJuanGee]

In my opinion, only those who are stupid waste the opportunity to start investing, even though it is clear that great opportunities are in front of their eyes but they prefer to keep themselves busy just gambling for example. Believe me it's just a waste of your time and money and there is no significant return (profit) if you only depend on gambling which will only worsen your condition.

everyone has their own path. know that not everyone who gambles thinks they will get a changed future by betting. most already know they will lose more than what they gain from gambling. but why do they still continue to gamble? everyone has their own way of dealing with problems. Gambling may be considered a problem for some people. but others go to casinos to have fun.
I gamble, I invest in Bitcoin, and I also trade. There is nothing wrong when you have a way of managing your finances well.

That's the toxic thing about people who gambling, of course not all of them I'm talking about some gambler, they know there's no guarantee they would win big time and eventually would lose money still they choose to gamble the money they have. Dealing problems with a past time that could get you addicted and could worsen your situation more it's not a good way of dealing problems, maybe this would be applicable for people who's financially stable and rich. If you're just gambling just to escape reality then that's the worse, it's like an alcoholic person reasoning why he's addicted to drinking due to they want to distract themselves from their own problems.

Surely there can be quite a bit of variance in terms of how much gambling could devolve into being a problem or merely a means for entertainment and/or that some people do actually have some ways that they actually make money from various forms of gambling.. but surely a pretty low minority actually are able to make money from gambling... and surely the money makers would not be the games of chance ones, unless they figured out some kind of a glitch.. which also is pretty unlikely, but does happen once in a while.

I think one of the points that I was attempting to make earlier is that some times people might not know the extent to which they might have gone into an unhealthy realm or that they may well not realizing that they are squandering too much of their time and their money (and even their mental energies) into a path that is not really very good for their own finances and/or psychology.. and sure some of these people may well have gambling and investment separations.. but then sometimes the investments might not be enough for their own good and sometimes the investments will get siphoned into the gambling.. it is not necessarily easy to judge someone else, and surely each of us have to make our own judgements - even while at the same time realizing that we might end up being wrong in our approach, even considering our approach in light of our own individual particulars.

[Ale88]

Last week Monday, I recieved my rent, but guess what I was scared of investing it on bitcoin because I was having so many thoughts in my head telling me to invest and not to invest.

I perfectly understand what you mean, the first time is always difficult because so many questions get into your head, and you realize that you are about to spend actual money. It takes a good effort to make that step but the, as you said:

I was relieved and happy.

Now rememeber not to check bitcoin's price every 5 minutes, it's a long journey, try to enjoy it.

[RockBell]

Leave the experimental side of investment for the later, I spend months after months for learning Bitcoin and other necessary things, if you lack money you will have to work or get a job first before you can invest in Bitcoin, so it's not something everyone can rush.

I used almost a year to learn about bitcoin and I have never thought of wasting my time because I don't have money to invest yet, those who don't have money are still welcome to participate in crypto, they can start with testnet experiments or move into airdrops, there are still free ways of earning coins so having money doesn't mean you are not welcome.

Some people have all the money,  such people are still not fit to invest in Bitcoin because they don't have the knowledge, either you have the money or not, you have to seek for knowledge first.

Sometimes we learn by practical and I feel will help anyone learn better if you can invest in bitcoin but the other way round not everyone have the money to actually invest in bitcoin. Like my region  the variation between dollar and naira is crazy  so even buying bitcoin now is expensive even if you want to accumulate gradually it won't be easy with having bills to keep up with. And even the suggestion of getting a job to invest in bitcoin is good but the nature of the job should also be considered because some jobs have little earnings, it will be difficult to buy bitcoins with such money. And me also don't think learning Bitcoin without investing is wasting time, the first is to seek knowledge first before  the individual even think of investing. Even with the money, i will suggest the person seek knowledge first.

[Dickiy]

In my opinion, only those who are stupid waste the opportunity to start investing, even though it is clear that great opportunities are in front of their eyes but they prefer to keep themselves busy just gambling for example. Believe me it's just a waste of your time and money and there is no significant return (profit) if you only depend on gambling which will only worsen your condition.

everyone has their own path. know that not everyone who gambles thinks they will get a changed future by betting. most already know they will lose more than what they gain from gambling. but why do they still continue to gamble? everyone has their own way of dealing with problems. Gambling may be considered a problem for some people. but others go to casinos to have fun.
I gamble, I invest in Bitcoin, and I also trade. There is nothing wrong when you have a way of managing your finances well.

That's the toxic thing about people who gambling, of course not all of them I'm talking about some gambler, they know there's no guarantee they would win big time and eventually would lose money still they choose to gamble the money they have. Dealing problems with a past time that could get you addicted and could worsen your situation more it's not a good way of dealing problems, maybe this would be applicable for people who's financially stable and rich. If you're just gambling just to escape reality then that's the worse, it's like an alcoholic person reasoning why he's addicted to drinking due to they want to distract themselves from their own problems.

That's right, I would also say that it is a very deadly poison, not meaning only for themselves but sometimes they also spread the poison to others including those closest to them, they look excessive when showing off the wins they get which is actually far from reality. In my opinion, they are also most gamblers already know the real fact that there is no guarantee of anything in gambling, especially victory, I say it is just an assumption and delusion that comes out of their wrong mindset because they are too exaggerated in seeing something that is only limited to luck.

As we know it is also not uncommon for some of them to come to gamble with the aim of multiplying the money they bring, are you too confident of winning or are you too stupid? it is very clear as you said that this will only make things worse and will only add a lot of new problems, nothing more than that and no positive points can be taken unless you come just for fun. You already know how bad the economy is but you go into gambling with stupid assumptions and hopes. It will only waste time with a lot of losses, so be broader in seeing. Many opportunities are more certain and promising, such as bitcoin investment, although there is also a level of risk but there is not always and fully rely on it because you can create profit opportunities with the best planning that you have learned.
Believe me and change your mindset in gambling that is just nonsense.

[Dr.Bitcoin_Strange]

I am still young at my late twenties and if I can DCA for ten years from now without selling, I believe that I will have a significant amount of bitcoin, which this I will try to achieve because I want to make bitcoin be part of my life since I believe that bitcoin has come to stay and it is worth investing in as an assest.

If you consider Bitcoin as part of your life, you will have to depend on Bitcoin all your life if you only have Bitcoin, and that doesn't mean you won't sell it at all for 10 years.
I mean, make Bitcoin a goal to help you in various stages of your life. Just like a wedding, and this should be part of your plans because weddings cost money and you can use the profits or part of the profits from Bitcoin after it reaches its highest price to prepare and plan.
And after that you still need other costs such as housing and equipment, then birth costs and so on for 10 years that you have to think about, including sick costs and other unexpected costs. So the best option is to treat Bitcoin for your future or old age, and also help your essential needs if you really need it by taking advantage of some of the profits from Bitcoin and without abandoning your DCA strategy. And my advice is to always take advantage of a downturn to increase your purchases, and reduce them when another rise occurs.

I agree with some things you have said, but I think it won't be ideal to say that "you will have to depend on Bitcoin all your life.

Well, while investing in Bitcoin, we have different goals that we wish to achieve when our investment generates the expected APY. But we don't just invest in Bitcoin today and begin to reap the profit the next day; rather, Bitcoin is an investment that takes a long time or short-long time to generate a good volume of profit, depending on how much the person has invested. 

If someone invests in Bitcoin and only depends on it for the rest of their life and perhaps on every desire or expense, they might not even be able to hold it until they get a huge profit to achieve a solid goal. But though every investor usually has a reason or goal for why they are investing in Bitcoin, some people want to hold it for the next 10 years, while others just want to earn some percentage of the profit from their invested amount so they can use the profit to do something meaningful. With Bitcoin investment, you can still do other things that will fetch you more money.

[JayJuanGee]

I am still young at my late twenties and if I can DCA for ten years from now without selling, I believe that I will have a significant amount of bitcoin, which this I will try to achieve because I want to make bitcoin be part of my life since I believe that bitcoin has come to stay and it is worth investing in as an assest.

If you consider Bitcoin as part of your life, you will have to depend on Bitcoin all your life if you only have Bitcoin, and that doesn't mean you won't sell it at all for 10 years.
I mean, make Bitcoin a goal to help you in various stages of your life. Just like a wedding, and this should be part of your plans because weddings cost money and you can use the profits or part of the profits from Bitcoin after it reaches its highest price to prepare and plan.
And after that you still need other costs such as housing and equipment, then birth costs and so on for 10 years that you have to think about, including sick costs and other unexpected costs. So the best option is to treat Bitcoin for your future or old age, and also help your essential needs if you really need it by taking advantage of some of the profits from Bitcoin and without abandoning your DCA strategy. And my advice is to always take advantage of a downturn to increase your purchases, and reduce them when another rise occurs.

I agree with some things you have said, but I think it won't be ideal to say that "you will have to depend on Bitcoin all your life.

Well, while investing in Bitcoin, we have different goals that we wish to achieve when our investment generates the expected APY. But we don't just invest in Bitcoin today and begin to reap the profit the next day; rather, Bitcoin is an investment that takes a long time or short-long time to generate a good volume of profit, depending on how much the person has invested. 

If someone invests in Bitcoin and only depends on it for the rest of their life and perhaps on every desire or expense, they might not even be able to hold it until they get a huge profit to achieve a solid goal. But though every investor usually has a reason or goal for why they are investing in Bitcoin, some people want to hold it for the next 10 years, while others just want to earn some percentage of the profit from their invested amount so they can use the profit to do something meaningful. With Bitcoin investment, you can still do other things that will fetch you more money.

That does appear to be a good point to highlight.

When any of us creates an investment plan, whether that is in bitcoin or any other investment, hopefully we are setting some parameters for ourself right from the beginning, yet even if we set parameters, we should still make sure that we invest in such a way that we retain discretion and we are not locked into our investment, even if we initially intend that our investment might be for 50 years or longer, we might change our mind after 5 months and decide to abandon the whole project, unless we locked ourselves into some kind of a system in which we are not able to get out.  Bitcoin does not come naturally built with such a system of locking in, so we would have to take extra steps if we were to want to lock ourselves in or even if we were to "accidentally" lock ourselves in by creating some kind of timelock or some other way of carrying out some kind of a non-default execution (way of holding bitcoin).

Surely there is value in NOT wiffle-waffling with any investment that generally tends to go up and that has good chances of outperforming a lot of other investments, but people are still not obligated to follow even good plans - and many of us likely already know quite a few examples of people who cashed out too many bitcoin too soon and then regretted their seemingly short-sighted approach - but they still are both free to make dumb-ass transactions and they should take complete responsibility over any of those kinds of decisions regarding when and how to buy BTC and how long to hold and when and if to sell.  Does not matter what any of us folks on the interwebs say, every person should be responsible for his her decisions regarding whether and how to invest into bitcoin - even if we may well be suggesting what we believe to be better and/or seemingly best practices, and many of us might not even end up being correct..

[Learn Bitcoin]

I am still young at my late twenties and if I can DCA for ten years from now without selling, I believe that I will have a significant amount of bitcoin, which this I will try to achieve because I want to make bitcoin be part of my life since I believe that bitcoin has come to stay and it is worth investing in as an assest.

If you consider Bitcoin as part of your life, you will have to depend on Bitcoin all your life if you only have Bitcoin, and that doesn't mean you won't sell it at all for 10 years.
I mean, make Bitcoin a goal to help you in various stages of your life.

Is there anyone who invests all their earnings in Bitcoin only? I don't think so. You are correct if someone invests only in Bitcoin and doesn't invest in anything other than it. Then, they will have to rely on Bitcoin only. But who does this thing? Investing all your earnings only in Bitcoin is a crazy idea. If someone saves a thousand dollars, I would suggest they invest only 10 to 20 percent of their savings in Bitcoin. This is not too low and not too big. If someone invests a significant portion of their income and does not have other savings, they won't be able to hold it for a long time. They will have to sell their Bitcoin for emergencies and even daily needs. So, make it like you don't have to touch your Bitcoin.

[Dickiy]

I agree with some things you have said, but I think it won't be ideal to say that "you will have to depend on Bitcoin all your life.

Well, while investing in Bitcoin, we have different goals that we wish to achieve when our investment generates the expected APY. But we don't just invest in Bitcoin today and begin to reap the profit the next day; rather, Bitcoin is an investment that takes a long time or short-long time to generate a good volume of profit, depending on how much the person has invested. 

If someone invests in Bitcoin and only depends on it for the rest of their life and perhaps on every desire or expense, they might not even be able to hold it until they get a huge profit to achieve a solid goal. But though every investor usually has a reason or goal for why they are investing in Bitcoin, some people want to hold it for the next 10 years, while others just want to earn some percentage of the profit from their invested amount so they can use the profit to do something meaningful. With Bitcoin investment, you can still do other things that will fetch you more money.

That does appear to be a good point to highlight.

When any of us creates an investment plan, whether that is in bitcoin or any other investment, hopefully we are setting some parameters for ourself right from the beginning, yet even if we set parameters, we should still make sure that we invest in such a way that we retain discretion and we are not locked into our investment, even if we initially intend that our investment might be for 50 years or longer, we might change our mind after 5 months and decide to abandon the whole project, unless we locked ourselves into some kind of a system in which we are not able to get out.  Bitcoin does not come naturally built with such a system of locking in, so we would have to take extra steps if we were to want to lock ourselves in or even if we were to "accidentally" lock ourselves in by creating some kind of timelock or some other way of carrying out some kind of a non-default execution (way of holding bitcoin).

Preparing the best plan before we step into any field is always going to be the best thing and very good. As is the case in investing in bitcoin, such preparation is very necessary from the start, as you say it is very true and maybe only some of those fools who are too desperate by coming without any planning and fishing gear, they only think for profit without bringing any way to be able to achieve it. But well I say basically there are also some of them who bring their best plans but in the end always violate some of the parameters they have set, and end up losing, it is very possible and not uncommon. It's quite difficult to maintain wisdom throughout the journey, because like humans, sometimes it's easier said than done. And I think some of their deviant desires can really disrupt their plans that have been built very well, such as greed and being tempted by some moments that seem very promising when it is just a temptation to stop them on their way to greater profits in the future.

Building a plan with fundamental techniques is very good, but in fact not all can do that way because as I said above, there are so many temptations on the way, and also unexpected things can happen that will certainly make them confused between holding it until the target is reached or selling it too early to be able to overcome the problems that come suddenly. And yeah like you said, the 50-year plan is pretty good, but maybe after just a few months we might change our mind. So the point is that we should think about the best plan very carefully before starting it.

[JayJuanGee]

I agree with some things you have said, but I think it won't be ideal to say that "you will have to depend on Bitcoin all your life.

Well, while investing in Bitcoin, we have different goals that we wish to achieve when our investment generates the expected APY. But we don't just invest in Bitcoin today and begin to reap the profit the next day; rather, Bitcoin is an investment that takes a long time or short-long time to generate a good volume of profit, depending on how much the person has invested. 

If someone invests in Bitcoin and only depends on it for the rest of their life and perhaps on every desire or expense, they might not even be able to hold it until they get a huge profit to achieve a solid goal. But though every investor usually has a reason or goal for why they are investing in Bitcoin, some people want to hold it for the next 10 years, while others just want to earn some percentage of the profit from their invested amount so they can use the profit to do something meaningful. With Bitcoin investment, you can still do other things that will fetch you more money.

That does appear to be a good point to highlight.

When any of us creates an investment plan, whether that is in bitcoin or any other investment, hopefully we are setting some parameters for ourself right from the beginning, yet even if we set parameters, we should still make sure that we invest in such a way that we retain discretion and we are not locked into our investment, even if we initially intend that our investment might be for 50 years or longer, we might change our mind after 5 months and decide to abandon the whole project, unless we locked ourselves into some kind of a system in which we are not able to get out.  Bitcoin does not come naturally built with such a system of locking in, so we would have to take extra steps if we were to want to lock ourselves in or even if we were to "accidentally" lock ourselves in by creating some kind of timelock or some other way of carrying out some kind of a non-default execution (way of holding bitcoin).

Preparing the best plan before we step into any field is always going to be the best thing and very good. As is the case in investing in bitcoin, such preparation is very necessary from the start, as you say it is very true and maybe only some of those fools who are too desperate by coming without any planning and fishing gear, they only think for profit without bringing any way to be able to achieve it. But well I say basically there are also some of them who bring their best plans but in the end always violate some of the parameters they have set, and end up losing, it is very possible and not uncommon. It's quite difficult to maintain wisdom throughout the journey, because like humans, sometimes it's easier said than done. And I think some of their deviant desires can really disrupt their plans that have been built very well, such as greed and being tempted by some moments that seem very promising when it is just a temptation to stop them on their way to greater profits in the future.

Building a plan with fundamental techniques is very good, but in fact not all can do that way because as I said above, there are so many temptations on the way, and also unexpected things can happen that will certainly make them confused between holding it until the target is reached or selling it too early to be able to overcome the problems that come suddenly. And yeah like you said, the 50-year plan is pretty good, but maybe after just a few months we might change our mind. So the point is that we should think about the best plan very carefully before starting it.

I am not against some level of plan and continuing to plan along the way, but for sure, you and I are thinking about these matters, differently, because it seems to me that one of the most important things in bitcoin is to get the fuck started right away..

and yeah, maybe you just start with $10 per week when you could invest $100 per week, and while you are getting started with a small amount, you can study and figure things out along the way... .. and maybe you end up doing dumb things and losing the first several weeks of $10 per week..

But still seems to me that almost everyone should be thinking about getting off of zero and to not  be procrastinating in regards to the getting the fuck started and don't be screwing around too much with overly planning. 

Most people on the street generally should know their budget well enough to know if they are able to buy $10 per week with bitcoin.. and if they do not have $10 to get started, then maybe they better get their shit together and get $10 to buy their first bitcoin.. and just get the fuck started, and yeah, maybe such people start in a way that is very small and non-threatening to their budget and their psychology... and so maybe it takes several weeks before starting to become more comfortable with what it is that they are investing into, but if you do not have time to study bitcoin, then at least you do the basics in terms of getting started right away, and then when you do have time, then you can look into studying bitcoin some more and tweak the BTC accumulation plan..

and another thing, everyone is responsible for their own choices regarding whether or not to buy bitcoin and if so how much to buy and how to go about it... so if some people are not comfortable enough to figure out how to buy bitcoin then those would be the first things to figure out and once they figure it out, then execute.. and just like OP said, getting started makes it much more concrete to be paying attention regarding learning and removes bitcoin from the theoretical and into the practical.. .. and  if you fuck up by buying $10 of bitcoin, don't come crying to me.. and also if you fuck up by not buying $10 right away, then at some point down the road, I will tell you, "I told you so."

[sheenshane]

..then you can look into studying bitcoin some more and tweak the BTC accumulation plan..

Hey, I always love to read your long post which I enjoy reading it.
By the way, speaking of the accumulation plan is the right step when you want to start investing in Bitcoin and I tend to agree with you that starting small, like with any investment, can be a good step.  It allows us to dip our toes in the water without causing possible financial stress or anxiety.  It might take several weeks or even months before someone becomes more comfortable with the concept of investing in Bitcoin, both in terms of their budget and their psychological readiness.

..if you fuck up by not buying $10 right away, then at some point down the road, I will tell you, "I told you so."

That's a good reminder, a gentle "I told you so" can serve as a reminder to learn from one's experiences.
IMO, if someone chooses to buy $10 worth of Bitcoin and experiences fluctuations or losses, they should be prepared to accept what's the possible consequences of their decisions.

[Y3shot]

No knowledge is a waste. If you have the knowledge about bitcoins but do not yet have the money to buy bitcoins, it is still not a waste. If you cannot buy bitcoins today, you will be able to buy tomorrow, what is required is patience and planning. When you have knowledge about bitcoins, you will be able to properly keep your investment in it safe when you finally have the money to invest in it. The knowledge you have gathered even before you were able to get your bitcoins will be important in safeguarding what you have gotten.

Great point mate. Knowledge about Bitcoin never compels a person to invest in Bitcoin. Bitcoin is a digital currency.  Anyone with knowledge of which will understand its uses, and also its future prospects. In that case he is not bound to invest. Investment is a big thing because it involves financial situation. Everyone wants to invest and make profit. And that's why real investors take some time and do a lot of analysis to invest without panic investing. So after learning about Bitcoin there is no obligation to invest in Bitcoin. But before investing in Bitcoin it is definitely mandatory to gain knowledge about Bitcoin.  Otherwise Bitcoin cannot be held securely

Learning is not a waste, no knowledge is waste. Investment can be useless when their is no knowledge.  I take knowledge as very important because everything about investing is all about knowledge. Knowledge is the first thing for someone to have have,  then money us the last thing that is needed. If money comes first before knowledge their won't be positive results in investment.  I don't even see why one would have knowledge about bitcoin and choose not to invest.  Every investor needs knowledge first for successful investment.

[Asuspawer09]

I am not suppose to say this here but i want forum members to advice and tell me on how I can go with my bitcoin journey as a newbie and become successful in it without losing my bitcoin. My Dad is late and he left us a building which I and my siblings inherited. I rented my own apartment because I stay in a more civilized area. Whenever my tenant pays me my rent, I just keep the money in the bank and sometimes it stays there for more than six months in my account because I have a job that takes care of my responsibilities. This year when I joined this forum, after reading through topics and comments from forum users on bitcoin investment, I said to myself that it will be wise if i give bitcoin investment a trial and see how it will feel like holding a bitcoin.

Last week Monday, I recieved my rent, but guess what I was scared of investing it on bitcoin because I was having so many thoughts in my head telling me to invest and not to invest. I continued with my forum activities and kept on reading, at a point, I got to realize that what will I gain, if I have the knowledge of bitcoin and I don't invest in it to have the experience on using bitcoin and to also have the experience of holding in long term, so that i can talk about bitcoin from experience. This means that it is important for me to buy bitcoin to acquire more knowledge,and this will be an advantage for me  to buy bitcoin now that the price is dip, before it pumps back. Yesterday, I used 60% of the money my tenant paid me to buy bitcoin and I was relieved and happy. I have also created an electrum wallet which I have transfered my coins into, the reason why I chose electrum wallet because it is noncustodial with RBF and Ligthening Network features, which can allow you to double spend,incase the network is congested and your transaction fee is low,since sometimes bitcoin blockchain used to be congested with dust transactions.

I intend to hold by bitcoin for long, because I just started my bitcoin journey and, I know that it isn't going to be an easy one for a newbie like me. I will use 10% of my income to DCA every month, because I also noticed that fiat currency is depreciating due to inflation and that it is better that I save in bitcoin than to keep it in fiat. The moment my bitcoin reaches $1000, I will look on how to transfer my coins to a cold storage wallet for safety. I couldn't keep this to myself and I said let me bring this to the forum for advise from experienced members on precautions I need to take for me to achieve my bitcoin goal target.

If you haven't invested in bitcoin yet, you should try and do so, if you have the resources so that you can feel the vibes that am feeling right now.

Let's discuss.

I mean that's a good strategy I think the Dollar cost average is a great way to invest for sure since you minimize your risk and have an opportunity to invest most of the time so it wouldn't really matter if the market price is dropping or increasing since your investing every month. I mean having the knowledge on cryptocurrency and Bitcoin is surely necessary if you really want to invest in it, if you doesnt have the knowledge yet you cant really invest in Bitcoin and you might just end up losing your investment at that point so for sure having the knowledge is necessary. But I completely agree that knowledge is not complete if you not really going to invest since all of your knowledge is just gonna be a waste if you not really going to use it and start investing in cryptocurrency.

You have a great strategy already just make sure to not depend on the profits in cryptocurrency since it's not a sustainable income overall I mean yes you could pretty much earn a good amount of income here in cryptocurrency for sure but it wasn't really something that you could use as a main source of income because it is still a very risky investment because of the volatile market price if you're going to use it as your main income your just gonna end up selling your investment at a wrong market price, so make sure to have enough savings first so that you could still survive without your cryptocurrency investments, in my experience that is the trick so that you could easily HODL your cryptocurrency in long term.