You must have a source

[Barikui1]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

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[Churchillvv]

For sure experience is the best teacher.
I have read a lot of deliberations on how having a source of income before investing in Bitcoin or other investments in this topic Buy the DIP, and HODL!

There lots of things to consider before going into any investment which cash flow is one of them. To hodl any investment you must have a good cash flow that can serve you without touching the said capital for investment. The experience you had was as results of less knowledge of such but now I know and others will know from you too which is good. 

[Fiatless]

You must have a source of income if you must succeed in your holdings.

Not just having a source of income, you should have provision for emergencies. Hence there is a need to have emergency funds in case of loss of job, health issues or other unforeseen occurrences. You should always invest only what you can live without, that is why the DCA strategy will always be the best investment option. It facilitates investing at your pace and places less financial burden on the investor.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

If possible have more than one source of income because having just one job in this present poor economic conditions in some countries is not sufficient to be a consistent and longtime Bitcoin investor.

[iBaba]

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

This is the best advise I have gotten of recent. I am happy to see someone learn from experience and succeed in life with it because like you rightly mentioned, experience is the best teacher. And learning from it is the best solution to our problems in life. I remember trying to hold Bitcoin several times but it will fail because I don't always have that financial backing to stay feet with it. Hence, my inability to continue to hold and I have to temper with the funds meant for investment for my personal needs.

As much as I like to hold my Bitcoin, my intentions go into futility because of my lack of ability to earn outside the funds I use to invest. I will also advise that low income earners invest in the DCA approach with the little they can afford if they must to do so for them to sustain their investment.

[libert19]

That's true, when you don't have basic needs to look after you can hold for as much as you like, and if it's right coin it'll give you hefty profits, and this precisely what happened to me during 2017-18 time, I held alt called Jarvis for 3-4 years, afaik it hovered between $500-$1000 most of the time, however in 2021 it was worth $23k (this value doesn't matter as much as that it was worth 100 ETH in comparison to ETH that's what matters, with right decision I would have made 200k here).

[peter0425]

This is why important that we have work while being investor(holder) because that will save us from everything we need in daily basis while we are waiting for the growth of our holdings.

Some investors are also traders in which becomes their bread and butter but this is not as easy as 123 so I don't really recommend to turn as trader while holding but it is depending on your capacity to learn and understand the market.

[dzungmobile]

You must have a source of income if you must succeed in your holdings.

You will have best protection for your investment if you have good income source to live with it without touching your bitcoin investment. It is the best because you also can use part of income for DCA.

It is not best but still good if you have good savings beyond your bitcoin investment and can live well with your savings.

If you invest in Bitcoin and has no thing left for livelihood, you will have financial troubles and have to sell your bitcoin, even have to make sale-off.

[lovesmayfamilis]

What would you, OP, say to those people who are selling land, real estate, and most recently their home, to acquire Bitcoin? Men who live one day at a time. People are sometimes very hasty and do not strive to learn simple truths. To invest in something, you need to understand that you can do without it for a very long time. We know many good stories where Bitcoin helped people become financially independent, but there are even more stories where people were ruined by their illiteracy and greed. Therefore, if you decide to invest, carry this thought for a few days and imagine the worst possible outcome. If you realize that you can survive after it, then go and invest.

[Blitzboy]

In fact, it is very dangerous to mix personal banking and investing in cryptocurrencies. Its not just an idea that you need a steady income to keep your crypto holdings safe; its a harsh reality based on the lessons of unstable economies. You made a good point when you said that the unstable nature of cryptocurrencies like Bitcoin can force buyers into selling too soon, which can cause them to lose money.

Isnt it a problem to think that all buyers arent strong enough to handle market changes? Having a job is important, but smart money management and mental control are also very important. The real problem is finding a balance between the need to sell assets and the long-term investment goals.


This is shown by your experience going from being vulnerable to stable as a Guinness merchandiser. Its not enough to just have a job; you need to learn how to handle money and your emotions. This is the truth that no one in the world of crypto investing wants to say.

[pooya87]

The only scenario where you don't have another job or source of income is if you are doing a bitcoin related job. Whether it is something you do and get paid in bitcoin (eg. running a CEX) or if you are a trader and make profit on your investment by playing the market.
Otherwise you generally should have a job and only have bitcoin as the additional thing.

[LesterD]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

This is true. An investor aiming to have a long-term investment in Bitcoin or any cryptocurrency requires to have a stable job. High possibility for an investor to sell their holdings early if ever the time comes when they need money for any emergencies. Having a source of income will also be the one to help an investor to at least increase the holdings they have. Instead of being in a situation of selling their investment, they can invest more if they want to.

[KiaKia]

This is why passive income is the most important for many people, they have responsibilities to look after, so when such people are exposed to Bitcoin investment it could be a bit harder for them, some people are making the exact amount that's enough for their responsibilities and at the end of the day there will be no room extra money left for investment.

I came from nothing to something myself and I can tell you that nothing having a source of income was why my end result isn't that great today, if I had a source of income I would have made a lot of accomplishment.

Source of income makes investment to be easier, and the lower your responsibility the harder you can go on your investment, today I still risk 80% of my income on bitcoin because the 20% left is more than enough to get by everyday, this is a good advice and thanks for sharing.

[Jawhead999]

We're not in early days anymore when Bitcoin was worthless and you can mine Bitcoin use your old computer with low qualify CPUs, that's when you can become rich with Bitcoin without need a source (although you need computer and internet connection).

If you think you can get rich with Bitcoin, how you can buy Bitcoin when you don't have money in the first place?

[Dave1]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Of course, you still need money here to make more money, simply as that. So others here, and I think majority of us have a regular 9-5 office job. And in turn, we uses our salary to invest on BTC, be a long term holder and then don't sell, only offload when necessary (taking profits in the bull run).

There could also be some though, who started their bitcoin journey with nothing, and then earn some for their signature of bounty campaigns and then turn it around thru trading. So there's a lot of ways really and it depends on each individual on how they are going to take their crypto journey here.

[yudi09]

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

When experiencing an urgent situation, people will sell it under duress because there is no other source that can cover their sudden needs.
In such circumstances other alternatives are needed so as not to sell.
At times like this, for people who understand the importance of holding Bitcoin ownership, it will be an experience that other sources of income are very necessary to maintain Bitcoin ownership. The decision to sell due to urgent circumstances does not need to be regretted because ownership can be carried out again when the problem has been resolved.

[Don Pedro Dinero]

You must have a source of income if you must succeed in your holdings.

Not just having a source of income, you should have provision for emergencies. Hence there is a need to have emergency funds in case of loss of job, health issues or other unforeseen occurrences. You should always invest only what you can live without, that is why the DCA strategy will always be the best investment option. It facilitates investing at your pace and places less financial burden on the investor.

I agree, but I would add a wealth building plan, in which there is that emergency fund, investment in bitcoin and other investments, such as buying a house, that would be the minimum for me. In short, to achieve a stable cash flow, establish an investment plan, the first step of which must be the emergency fund and from there everything to do with investment.

[Essential10]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

I agree  bitcoin without any other source of funds can be really risky. The value of bitcoins can be volatile and there is no guarantee that their value will increase over time. If you have no other source of money and are relying solely on the value of your Bitcoin, you may find yourself in a vulnerable financial position. However, it is important to be realistic about our financial situation and hold investments in a sustainable way for us. I think  DCA is an approach that is a great way for low-income earners to slowly invest in Bitcoin or other assets without putting themselves at financial risk. It's about finding a strategy that works for you and allows you to steadily build your investments over time.

[Zaguru12]

I agree  bitcoin without any other source of funds can be really risky. The value of bitcoins can be volatile and there is no guarantee that their value will increase over time. If you have no other source of money and are relying solely on the value of your Bitcoin, you may find yourself in a vulnerable financial position. However, it is important to be realistic about our financial situation and hold investments in a sustainable way for us. I think  DCA is an approach that is a great way for low-income earners to slowly invest in Bitcoin or other assets without putting themselves at financial risk. It's about finding a strategy that works for you and allows you to steadily build your investments over time.

I would say that the most frequently given advice of do not Invest more than you can’t afford to lose falls in this category. One of the best attributes to have when investing into bitcoin is patience, with patience you can hodl for a very long time and we all know that does who hodl for a very long time are those are most likely to run into profits. So to maintain or exercise this patience you need an extra funds outside this investment so that you don’t always run to the investment for solution of every problem. Invest little and have a diversify means of earning income and that’s the only way to avoid panic sell.

[Yamane_Keto]

Life fluctuates greatly and you may find yourself forced to sell your Bitcoin, so always try to make Bitcoin the first investment you buy when you have a surplus and the last thing you spend when you need cash.
Everyone who sold did not calculate the risks, and few are exempt from this rule. They are those who sold due to an urgent need, such as accidents, educating children, or paying off an urgent loan. Sometimes, you short Bitcoin to buy it again at a low price.

[bluebit25]

Yep, I was also very proud to be able to control income from this market from a number of jobs, but what I did not expect was that sustainability was not stable and I gradually had to use the money I had invested. investment to spend on personal life. Realizing that sustainability is always not perfect, it is necessary to have many plans in place to protect the initial investment, from having a job that generates a stable income, to having reserve funds for personal situations, and also have free cash available when situations present a real opportunity to buy.
And this experience is summarized through many lessons and failures, which we must face as dissatisfaction as part of the motivation to overcome and perfect the plan to achieve the target.

[yazher]

This is right because you cannot risk like the others when they sell out all their belongings and houses just to convert it all and invest in bitcoins. they took it too far and decided to leave with the tent in the forest. this is not recommended for others that have no security in their country or they have no alternatives that could support their needs in terms of finances especially to buy their essential needs every day. One of the good things to do is not to rush and take it easy and also invest only what you can afford without hurting yourself with its consequences if the result of your investment in bitcoins has not shown any good result yet.

[Lida93]

You must have a source of income if you must succeed in your holdings.

Not just having a source of income, you should have provision for emergencies. Hence there is a need to have emergency funds in case of loss of job, health issues or other unforeseen occurrences. You should always invest only what you can live without, that is why the DCA strategy will always be the best investment option. It facilitates investing at your pace and places less financial burden on the investor.

Life can be so unpredictable that if we don't prepare well enough for the future against any type of emergencies that may arise we might end up going back to square one like we never had a plan or a job in the first place.

There are circumstances that may hit a man that his single job that is his source of income can't handle it compared to when he's with multiple streams of income. Still fresh in my head the covid-19 pandemic that made a lot of companies to layoff some of their workers , I had a family member that was affected and that was how he fell back to his little savings (if it were bitcoin we would call it hodling). Assuming he had other sources of income flow a layoff from his company wouldn't have had such adverse effects on him that he fell back immediately to his savings. So I agree, having multiple streams is much better than just a single source of income in today's world.

However, some persons that sell their bitcoin hodling in some cases may not be as a result having no steady income source or  a single income source that later went bad but could be that they faced life challenges and circumstances that not even their multiple income source was capable to settle it all so they had no option but to sell their bitcoin hodling even in a loss or average price to settle their problems. Life is entirely unpredictable!

[icalical]

Not just simply source of income, maybe the better phrasing would be, 'We must meet our basic needs, before we could invest'. Even when we have source of income, but if it still not enough to fulfill our basic needs, then we should use our money to learn new skills or get a better formal education that could get us to better salary and finally have spare money that we could use for investment.

[CODE200]

Obviously that's a prerequisite if you want to survive hodling bitcoin for a really long time. Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too much also make sure that you're doing your body a favor and getting enough rest while you work your ass off, you wouldn't benefit from multiple income streams if you die of fatigue. Make sure that your second source of income is not that intensive as your steady source which is your day job.

[Nheer]

You must have a source of income if you must succeed in your holdings.

This is not required, but it is quite significant. Some people are such good investment managers that they don't have the sense of spending a portion of their investment to solve difficulties even when they don't have a source of income. It is really difficult, and only a few people can withstand the stress.  Having a source of income makes investing easier because you don't have to worry about or refer to your portfolio when you need money, making it easier to succeed in your investment.

It is preferable to keep an emergency reserve separate from your investing capital for unexpected financial emergencies.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

If you fail to implement an emergency fund strategy and are in an urgent need of financial assistance to address an urgent emergencies it is acceptable to lend money from your investment with the purpose of replacing the money as soon as possible.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

I believe it is simply a lack of self-discipline on the part of many investors, and it appears that they invest blindly without a well-drafted investment plan. Also, I believe they lack proper understanding of the bitcoin concept, since they are not hesitant about selling at any small financial obstacle. Having a source of income makes investing easier, and without one, you will be breaking a major rule of investing by not investing an amount you can afford to lose, which is a bad investment habit.

[Ahli38]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

I really agree with what you said and with what you concluded. Even though this is a common thing that people know, this really needs to be a reminder for anyone who really wants to become stronger in holding the bitcoins they own. Because after all, when investing in high-risk assets, you have to use really cold money and not the money that we actually need to meet our living needs. And to maintain this, of course we need an income that can continue to cover or fulfill every need that always arises in our lives. So having a stable source of income is indeed important for this. In fact, so that we can continue to maintain our bitcoin ownership, we also need to prepare an emergency fund to address any needs that are outside the budget. Someone who doesn't have a source of income will definitely find it difficult to keep holding onto the bitcoins they own. Because when an urgent need comes and we no longer have anything else to sell other than bitcoin then of course in that situation we have no choice but to sell bitcoin. Even if we have a source of income but then a fairly large urgent need arises then this can still threaten our bitcoin holdings if we don't have an emergency fund that has been prepared from the start. So to become a strong Holder you need a good source of income, and you also need thorough financial preparation such as having reserve funds and emergency funds.

[Assface16678]

I think this should be common sense for cryptocurrency investors, or bitcoin, to be specific. The thing is, investing in BitCiin will take a long time before you can earn or see your profit. It's not that you will always have to wait longer to have a profit; you will have a profit in bitcoin if you know what you are doing, but you can't maximise the potential earning. There are scalpers, for example, who trade bitcoin. That's why bitcoin investment is a long-term investment. So if you don't have a stable "job" or "source of income," then you will not survive on a daily basis. Treat bitcoin investment as your sideline or investment, not full-time work on which you will rely entirely. Invest only the money you can afford, meaning money that you will never use no matter what, because if you only use it when there's an emergency or uncertainty, then that's not investment money.

[Z_MBFM]

You must have a source of income if you must succeed in your holdings.
For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

When you go for a long-term hold, you must hold the bitcoins for a long time without selling them. And due to which you have to have some other source of income to meet your daily expenses otherwise you cannot meet your daily expenses.  This will force you to sell the bitcoins.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

Most Bitcoin investors are motivated to invest by seeing others profit from Bitcoins and later sell the Bitcoins at a loss as they have no other source of income.  Because at that time money is needed and on the other hand he panics when he sees loss. So one should not consider holding Bitcoin long term unless one is financially strong and has no separate source of income.

[boty]

Obviously that's a prerequisite if you want to survive hodling bitcoin for a really long time. Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too much also make sure that you're doing your body a favor and getting enough rest while you work your ass off, you wouldn't benefit from multiple income streams if you die of fatigue. Make sure that your second source of income is not that intensive as your steady source which is your day job.

It is true that if we want to hold Bitcoin for a long period of time we must have income that can meet the needs we need because if we do not have a source of income and only hope for profits from holding Bitcoin then we will not be able to hold Bitcoin for long because there are other things. what we need and we don't have the money to meet our needs so we have to sell it before making a profit from holding Bitcoin.
In doing our work we still have to take care of ourselves so that we don't get too tired doing the work and we also have to be able to enjoy the results of what we have done, don't let us get tired of working and not be able to enjoy it, this is really a very stupid thing to do like that.

[Stable090]

You must have a source of income if you must succeed in your holdings.

If you don’t have other sources of income, then you will find it difficult to hold on. How will you even be able to feed yourself or take care of other necessary things if you don’t have other sources of income? If you are a trader, you can take from your profits to take care of yourself, but if you are holding for a long time and you don’t have other sources from which you will be making money, then you won’t be able to hold, and you will end up selling your bitcoin just to take care of yourself.
 
We shouldn’t be too desperate to invest just because you see people saying there is money in bitcoin and things like that. If you invest everything you have in bitcoin, then you will end up selling everything back gradually, and you might even be selling at a loss because the bitcoin price might have dropped by then. Don’t be deceived by people who tell you to invest everything you have in bitcoin or sell your properties just to invest in bitcoin.

[crwth]

I don't think you need "knowledge" on holding. Isn't it about the knowledge of "Why" you should HODL? I think it's too vague when you say it like that. Build up the rapport on yourself and find the reason "why" you should hold, then you could continue to do so.

So you have a consistent income, you have money to put into crypto and then you don't have to worry much about the part where you can take advantage of it as long as you know how to manage and budget your money, you are safe.

[bhadz]

Typically I am one of those people that have hold and sold when I needed money because I don't have other source of income neither a saving. OP is right about that. You can't focus in holding if you can't even hold for a long time because your mindset is you've got something to pull off when you are in need of money. While technically, that's what we've been doing and there is nothing wrong with that. But if you want to survive on this market with a longer term of goal, then it is a must that you shouldn't touch yet your holdings and keep it as is until the right time comes.

[EluguHcman]

Truly there is no two ways about it. You cant keep to your Bitcoin hodling as much longer than your patience if you must respond to emergency and essential needs at your perceive circumstances of tensions or threats oef there is no alternative source of your earnings.

There is always basis to life that requires financial responses in other to be solved but must not be on the account of your hodling.
This is why it is required that any dependent on Bitcoins trading and investments must have diverses of portfolios and must consider either one a short-term hodling in chasing after nearby profits for a nearby financial responses while also considering the long-term hodling in further accumulating and just forget being bothered about it in the meantime because it is assumed a project to proffer your financial needs solutions against the future.

There is no just possibilities to succeed in a long-term hodling goal if you haven't vested on a stable current financial provisions to solve your financial needs else tempting tendencies to sell your holdings Bitcoin.

[Inwestour]

I don't think you need "knowledge" on holding. Isn't it about the knowledge of "Why" you should HODL? I think it's too vague when you say it like that. Build up the rapport on yourself and find the reason "why" you should hold, then you could continue to do so.

So you have a consistent income, you have money to put into crypto and then you don't have to worry much about the part where you can take advantage of it as long as you know how to manage and budget your money, you are safe.

Of course, hold also requires knowledge, imagine that you have money and every time you buy on a new ATH, what profit can you get with such a strategy? Of course, if you hold and only buy more, then in the end there will be some kind of profit, but is there any point in hold for 10 or 20 years without withdrawing profit from your investments. It follows that knowledge is important in any business you engage in  trading, or holding, or business, because without it the result will be minimal or there will be none at all.

[Mate2237]

I create this thread https://bitcointalk.org/index.php?topic=5472973.msg63110565#msg63110565 on the 5th of November 2023 and I the same thing that if you not working or doing something to survive then don't invest in Bitcoin because you can't keep the Bitcoin for a very long time and definitely you must touch the Bitcoin you are hodling and because of that it is not advisable to tell someone to buy Bitcoin and hodle unless the person is doing a business and the he or she would not touch the investment Bitcoin.

It has happened to me and that was why I also created that thread.

[Queentoshi]

You must have a source of income if you must succeed in your holdings.

Just having a source of income is not even okay for people who have just one and then trying to fit in all their expenses and investment into the budget for it. More than one source of income is required to hold comfortably, or even if it is one source of income, the income has to be huge if it will be okay for the plan to invest, hold and not be tempted to pinch your investment because you still have enough for your daily expenses. If you are still struggling to feed and also for other bills due to low income, the first thing is to first find solution to your problems before you start considering investing.

[Kaliandra]

Indeed, before investing in BTC, it would be better to have a job or income because living in this world we need food and drink and other things, and indeed we often come across people who fail to make a profit from investing in BTC and one of the factors is because they don't have income and only relies on bitcoin as his main job. but of course there are also many people who rely on bitcoin to meet their living needs such as food and drink costs, school fees, weddings and so on, but of course they are experienced and have mastered the knowledge about investing in btc and others.

But it would be better to make BTC as a side business because BTC prices are difficult to predict.

and indeed op when we have no income in the real world and only rely on bitcoin of course when there is an urgent need then we will sell btc and ultimately fail to make a profit when we sell it at a cheap price.

Yes, experience is the best teacher, because with experience we can correct our mistakes in the past.

and I also always see people who are successful investing in BTC, and indeed they have income in the real world so that in the end they are very calm in investing in BTC and in the end they get big profits.

Sometimes there are always people who blame BTC for the losses they receive when in fact the loss is due to a lack of knowledge about investing in BTC. This is a good topic, hopefully it will be useful.

[Sim_card]

Bitcoin investment should be seen as a secondary means of income because you need to be patient with your investment to grow for a very long time maybe 4-10yrs or more before you can sell to take profit. Most people don't understand that bitcoin investment is like every other investment that when you gave started, you will need time to nurture and grow the investment for it to expand, until it has reached the level that when you take profit it wouldn't affect the investment.
This is why you should use like 10% or 5% from your weekly or monthly income to buy bitcoin weekly so that it will not affect your monthly expenses. There is need for reserve funds and emergency funds so that you can keep growing your investment without going back to sell it when an emergency arise. Another problem that some investors have is that they invest aggressively due to FOMO or late start on their bitcoin investment and they want to acquire more bitcoin than their capacity, before you know it due to lack of proper plan, when an emergency arise, they will be left with no fiat and this will make them go and sell their bitcoin, even though the price is lower than their entry point, and they will run at loss. If you have only one job, you can also trim down your expenses to help you continue to your regular DCA method weekly or monthly. Bitcoin investment is for the future and you need to understand that for you to be able to HODLi

[Hamza2424]

Hmm, a decent and considerable point OP, if you really dont have a stable outsource of income except for the crypto market you won't be able to service in critical times, for those who completely rely on Bitcoin and the crypto market used to follow a strategy called emergency funds in their portfolio management.

In my initial time I also sold most of my funds in 3x to 5x loss due to emergency needs, I remember those days really hard times when I was not willing to sell my assets but I did. Now things are different I've prepared for most of the scenarios till a decent time frame.

[Hewlet]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

this is so true. I have read a lot of thread when people will say that they sold their personal property before they are able to buy a bitcoin, the thing always sound very funny to me because how can you sell off your asset just to buy make investment? My knowledge of investment has always been that you have some reserve fund that is not in use at the moment and so you want to out it into something that will course the money to increase in it value with time.

How do you then successfully make an investment when you don't have a source of income? I think at the stage when you don't have a source of income, what you need is a job or business that you can start and will be certain that on a daily or weekly bases, you will be getting some funds from it.

Investment is for working class individual and to be really honest, if you're not working, you shouldn't think on making any investment and that include buying of Bitcoin.

[CODE200]

Obviously that's a prerequisite if you want to survive hodling bitcoin for a really long time. Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too much also make sure that you're doing your body a favor and getting enough rest while you work your ass off, you wouldn't benefit from multiple income streams if you die of fatigue. Make sure that your second source of income is not that intensive as your steady source which is your day job.

It is true that if we want to hold Bitcoin for a long period of time we must have income that can meet the needs we need because if we do not have a source of income and only hope for profits from holding Bitcoin then we will not be able to hold Bitcoin for long because there are other things. what we need and we don't have the money to meet our needs so we have to sell it before making a profit from holding Bitcoin.
In doing our work we still have to take care of ourselves so that we don't get too tired doing the work and we also have to be able to enjoy the results of what we have done, don't let us get tired of working and not be able to enjoy it, this is really a very stupid thing to do like that.

You just expounded on what I just said and you also just reworded some of it so thank you, I didn't think that other people are going to have a hard time understanding what I've just said so your translation helps a lot. One thing that I forgot to tell is that when you're resting or taking some relaxation after a long day of work, it should be no brainer that you never take too long with those relaxation or you might end up not feeling motivated to work again too much rest and too much work are different sides of the spectrum, we need to find the balance. Regarding investment, you need to be smart and do something that you're going to win in the end of that investment, never make it difficult for you when you're investing.

[Ziskinberg]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Unfortunately, even those who knows how to hold are sometimes left with no other option but to sell part of their bitcoin because of some  emergency instances that are unpredicted. But I believe having a stable source of income gives more advantage to hodlers as they have possibilities to hold longer their coins since their hard-earned funds are sufficient enough to sustain their needs without attempting to touch or sell their coins.

Majority of investments will have higher chances to work if the investor do not rely on it solely for profits. Investments are for future gains and profits, so its important that we will be more able to hold that way.

[sulendra12]

You must have a source of income if you must succeed in your holdings.

When I was first actually hold my Bitcoin, I didn't spend any single dime except for the internet data on my trading journey. Most of the capital I had came from faucet and signature campaign from early days and it keeps growing until today. So, it just depends on how well you manage your stuff, sure you need source of income but it can be from anywhere. Based on my experience.

[bitgolden]

This is right because you cannot risk like the others when they sell out all their belongings and houses just to convert it all and invest in bitcoins. they took it too far and decided to leave with the tent in the forest. this is not recommended for others that have no security in their country or they have no alternatives that could support their needs in terms of finances especially to buy their essential needs every day. One of the good things to do is not to rush and take it easy and also invest only what you can afford without hurting yourself with its consequences if the result of your investment in bitcoins has not shown any good result yet.

That is something I always keep thinking about but obviously I never do it. It always looks like there is a possibility that I could sell all my belongings and buy bitcoin at this moment and then it will double or even triple and I would be able to live a rich life and retire.

I keep thinking about that, but I never do it because it's a risk that is not worth taking, not because the price will not go up, but I do not want to get the other risks. Stuff like hacking, scamming, taxes, government intervention, and many other things could go wrong and I rather not really take that risk, why would I want to take that risk and lose all my money? What if I send it to a wrong address, that may sound stupid but haven't people done that before? No need to risk it like that.

[tabas]

Exactly, you'll be forced to sell when you don't have any other money that get when you are in emergency or there are some important events that you need to pay something. When we say that we're going to hold, it is that we're actually gonna hold and we have no problems of doing that for so long because that's how it should go. We wouldn't mind letting it on our wallets for a long time and we can sustain our needs without touching the money that has been invested on Bitcoin.

[Ojima-ojo]

Having a source of income Is definitely the integral or important part of hodling when it comes investing in bitcoin and other cryptocurrencies in general, so for me, I totally agree with all that op says, this is something I believe have been discussed on this board on several occasions, but then, it's still something we probably will never get tired of discussing.

Bitcoin and cryptocurrency investment is not something one enters and tomorrow, he or she is out with profit, it requires enough times like every other investment, to mature, if one buys bitcoin, it's advisable to hold it atleast, for 5 years or more, and holdinf through this period of time can't be possible unless the investor have a good source of income to fall back on, otherwise, it's just going to be a case of invest in bitcoin today, sell it tomorrow at the slightest need for money.

[darkangel11]

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

People who don't have a source of income don't invest in the first place, unless is that rare case of an unemployed person winning the lottery or inheriting wealth.
Your theory isn't very good because the bitcoin holder could've bought in 2016 and have enough money now to be able to live without any other income. I have enough bitcoin that if I started to sell it today to cover all my basic needs, it would last me for decades.

[GiftedMAN]

It will be a crazy thing to do when you invest not just in Bitcoin but every orher business without having a source of income, how do you plan to sustain the growth of the business when you keep pulling out money from the investment to take care of family needs or your basic needs? I think lack of proper orientation is the reason why most people believe that they can actually start of any kind of Bitcoin investment with all what they have without minding what the omen will be in the future. These saying has been over emphasis here on the forum, Bitcoin is not a quick money giving scheme, before you Hold, trade etc insure you have your back , have source of income, don't leave your present job to focus on Bitcoin investments only and invest with the amount you can afford to lose even though you don't intend to lose.

[BenCodie]

This topic is highly accurate. I'd send some merit if I had some.

I believe that a lot of people (including those with an income) have made the mistake of buying bitcoin with no foresight as to how long they might have to hold it to get into the net positive territory. Learning that both a safety net, and income to provide livelihood, must still be primary in order to be able to successfully hold Bitcoin in the long term.

Unfortunately, I know that many would learn this lesson the hard way...after buying too much and having to sell after a shorter timeframe than intended. Though like others have said, it seems to be a lesson that must be learned the hard way...and once it is, it makes us better holders.

I think the best kind of holder is one that owns a business. Employment is great, but a business is better. If you don't own a business already, create an idea, formulate a plan, and execute with determination and faith if you have spare capital. You might just free yourself from the shackles of employment or create a new and potentially passive income.

[Captain Corporate]

Income doesn't always means business or a job, it could also mean investment. Not all investments just go up or down, some pays you and that's the way most rich people get rich. If you ever read Kevin O'leary (shark tank guy) you will see he used this with his hundreds of millions of dollars as well. When you are at a certain wealth, you do not have to work a single day and you will get paid while also getting richer. You invest 100 dollars into something, after a year the price is 120 dollars and it paid you 10 dollars. Now that's a big example, not many things pays %10 dividends AND goes up %20 but it does happen time to time. So not only you get rich, but also get paid at the same time. Consider that as an option.

[JoyMarsha]

You must have a source of income if you must succeed in your holdings.

That's true. It will be difficult for anyone who has a long-term investment plan in bitcoin to succeed in it if they don't have any other source of income to sustain them when financial crises arise before and after the bull run. It is certain that every crypto investor would one way or the other experience financial difficulties in their lives. And  the way they calmed the storm before them would say whether they have a source of income apart from bitcoin investment.

So many people have had a change of investment plan in bitcoin from long term to short time because of not having a source of income for them to continue hodling Bitcoin for the long term they dream of having it with.

[Litzki1990]

Holding one's investment for a long time is very challenging if there is no source of income. When a person earns money, he can meet his needs with the money he earns, but when he has no external income and only his investments, it may not be possible to hold on to his investments to meet his needs. If an investor has a job or is engaged in some income but he will have a thought that money will come at the end of the month due to which he can hold his investment deeply instead of selling it. On the other hand, if there is no source of income, he will be forced to sell the investment, let alone hold the investment. If we have a source of income, it will be easier for us to hold the investment for a long time.

[Cryptomultiplier]

Even with a source of income, the discipline to stay focused on building the holdings account is what will be needed, because the distractions one would have to face would be more to do with the desires of pleasure one wants to enjoy at the moment.

Still a source of income is what would help any potential rich or wealthy person attain so and as such every idle hand waiting on when to cash out big before investing in BTC is not doing what is expected.

[tjtonmoy]

I don't think there is anything wrong with people using their holding of Bitcoin for tackling difficult situations. Why do we make investment? In order to have a better life, in order to make money. But if that money does not come handy in times of needs, then what's the point of it? If you are investing correctly then there's no issue. By doing it correctly I mean investing what you can afford to lose. If that amount is something that will not affect your day-to-day life, then you will not use it for other purposes!
In order to have money that you can afford to lose, you need a source of income that's for sure. But using Bitcoin holdings for emergency situation is not that bad.

[Septex]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

I agree with your words. A few days ago I didn't think much about this matter. But after discussion many people gave me this suggestion.  Of course we need to have a separate source of income besides Bitcoin investment.

[redsun114]

The very first thing one needs to understand before one gets into the cryptocurrency market and starts making investments is that one can't invest the money that one needs or may need soon because the market is highly volatile and unpredictable and no one knows when it will go up or down, so when you make an investment expecting that the market will go up, it might go down and you have your investment stuck, and in case the money you've invested is needed, you will have to sell them at a loss.

So, an investor needs to make sure that they do their due diligence before they get into the market so that they don't have to face such situations, and have to incur losses because no one invests in a financial market to lose money but the primary reason behind any investment is to gain profit.

[Issa56]

When I was first actually hold my Bitcoin, I didn't spend any single dime except for the internet data on my trading journey.

I think you don't just understand the OP properly. When you started your crypto journey, you only spent money on internet data alone, and you didn't spend a dime on other things. Didn't you spend money on feeding, or buy clothes and other things? If you don't have other sources of income to do that, won't you be selling the bitcoin that you are accumulating to take care of the necessary things that you need? But if you have other sources to take care of things like that, then you won't be touching the bitcoin that you have accumulated.

So, it just depends on how well you manage your stuff, sure you need source of income but it can be from anywhere. Based on my experience.

What you don't understand is that other sources of income might not be from the crypto space, you might have a physical business that you might be running, or you might be working under someone else, but just have a source from which you will be making money. I agree with the OP to have other sources of income before investing in bitcoin.

[komisariatku]

You must have a source of income if you must succeed in your holdings.

Yes you're right. The price of bitcoin is very volatile so we cannot sell it suddenly when we need money. We have to patiently wait until bitcoin has a good price and we can make a profit. Actually investing in bitcoin is very easy, we just need to buy it and hold it until bitcoin has a price that matches the target we want.

Most people will experience losses in bitcoin investment when they need money and sell bitcoin at a cheap price. We must be able to avoid this, one of the best ways is of course when we have other income that is stable and able to support our daily needs, apart from that we also need to have emergency money for unexpected situations.

[dunfida]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Wayback when im just starting on this space on which i do have those kind of plans on trying out to accumulate Bitcoin and would be saving up for the future but just like on what the situation or condition
that been mentioned above on which you would really be needing to cash out those coins or would be converted to fiat just because you are really that in need or something that do talks about life expenses
then you wont really be having no choice but to do that on which it wouldnt really be giving you out the opportunity for you to save up which its sad. Now that the price is already on the rooftop
and im trying to make those kind of conversions with overall ins and outs into my main wallet previously then it would really be just giving out that kind of extreme regret feeling and it do really
give out that kind of stress.

This is why, if you are really that planning on holding something then you should really be finding up other source of income on which it could really be able to sustain because if you dont
then you would really be just basically be putting up yourself into such scenario or situation again in the future years when you do see that you have been left behind.

[Jenwi]

It is like diversification if you anchor all your hope cryptocurrency during time of emergency it might make you tell your coin therefore it is advisable to diversify let income be flowing from other sources to keep you stable.

However in terms of emergency like it is better to go and search for funds externally even if it demands little interest than to lose your coins for nothing.
Take it as if you never had an investment in bitcoin

[Ultegra134]

Even with a source of income, the discipline to stay focused on building the holdings account is what will be needed, because the distractions one would have to face would be more to do with the desires of pleasure one wants to enjoy at the moment.

Still a source of income is what would help any potential rich or wealthy person attain so and as such every idle hand waiting on when to cash out big before investing in BTC is not doing what is expected.

You're mentioning that it's tempting to sell and hard to stay focused on your holding goals. Imagine even attempting it without a source of income, or at least a stable inflow; it's impossible. Even I sold some Bitcoin a few years ago, it wasn't of any significant worth back then, but it was a respectable amount in Bitcoin terms.

It's vital to be financially independent and not rely on cryptocurrencies to sustain yourself; it's much easier that way, and I'm seeing now, after many years since my involvement in Bitcoin, that I'm not even tempted to sell, even though I've almost doubled my funds, and that's because I'm not relying on my Bitcoin.

[oktana]

I think the instance where people face this incomplete investment is when they invest too much money compared to what they have. Some people don’t understand that you don’t have to invest everything or almost everything. When you get money, maybe your salary, you were gifted or anything, and you want to buy Bitcoin, don’t just put all of it in because eventually you’ll need that money and you will run to the investment. So, invest even if it’s just little amount of it, just the other and solve your daily problems. For people this applies to though.

[CryptopreneurBrainboss]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Not just having a source of income is needed before investing in Bitcoin to help you hodl better but also you need to invest within your limits. Don't over invest due to fomo as many people are doing. Don't invest because you feel the market is about to do very well so it won't be long before you make your money back, alot of things might go wrong and the market experience a correction which automatically spoils all your plans and since you invested beyond your limit, you're force to sell at a loss.

This is also why you don't use borrowed money to invest into Bitcoin. Having a good source of income that brings in money on a constant basis will help you keep your hands off your investments and you can still live a comfortable life. Don't depend on the profits you can make from Bitcoin for your day to day expenses and you won't have a problem hodling. Your investment in Bitcoin or any investment that you're adventuring into should be for future purpose so you can also get better profits because the longer you hold an investment, the better your chances are to make more profits for a good investment and not pump and dump crabs.

[Lorence.xD]

I think the instance where people face this incomplete investment is when they invest too much money compared to what they have. Some people don’t understand that you don’t have to invest everything or almost everything. When you get money, maybe your salary, you were gifted or anything, and you want to buy Bitcoin, don’t just put all of it in because eventually you’ll need that money and you will run to the investment. So, invest even if it’s just little amount of it, just the other and solve your daily problems. For people this applies to though.

Most likely FOMO is one of the reasons why people would invest everything they have just to join the ride of the market. Some would even reach the time that they would sell their properties or take a loan just to have an investment which would obviously worsen their situation, Knowing that Bitcoin is still volatile, it might reach its ATH for years causing you to not afford to invest cause you would expect return of investment for a long time. We have methods to avoid this kind of scenario such as you have mentioned where you can use a small amount for investment which is the DCA method. Investing all-in would be a dumb thing to do if you are already struggling financially to provide all of your needs.

[so98nn]

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

I am correlating with your post because I have gone through this or sometimes I am doing this even if I do not want my Bitcoin to be sold. I have also regretted selling of my Bitcoin in later times when Bitcoin has gone up. Things are not always the same for us in day-to-day life. I am a salaried person with a family of 6 and we have one more earned in the house. On average, we are sustaining 3+3 peeps in the house including ourselves. Honestly, the income isn't sufficient from the fixed salaried because of most it goes into loan EMIs, daily budgets, family vacations, and all the boring things that we know of that may not be mandatory or skippable but we still end up spending money on them.

This is where my Bitcoin income comes in action. I have made myself clear about my Bitcoin share and that's why I bought a ledger long ago where some % goes for cold storage. However, there is always some chunk that I am reserving for myself. I understand that it can grow into a profitable asset as Bitcoin goes up.

However, it is still a sweet deal. If we are spending from Bitcoin then we are using it, that gives it a movement in the market.

[JunaidAzizi]

You must have a source of income if you must succeed in your holdings.

Holding only works when you have an excess amount of money or have some backup through which you take support and invest some money in Bitcoin.  If a person has $10k and he has no more source of income and he invests all this money in Bitcoin and leaves it on holding but after some time he tends to sell that Bitcoin whether in loss or profits according to the condition of the market at that time and fulfill his need from it.  If he has another source of income like agriculture, or something else, and feeds his family and pays monthly expenses from it this holding will be effective because he has no pressure of anything the food nor the rent and will hold his bitcoin for a time when he is sure that this is the correct time to sell and take the profits from it.

[kryptqnick]

Op is exactly right, it's just a simple truth that if you don't have a source regular of income, you're bound to using money from an investment (or go into debt, but I don't think it's a better option). So having a source of income is highly desirable, although not always under one's control. Sometimes a situation with the job market can be very challenging, or someone might have unexpected expenses that need to be covered. In that case, it's reasonable to sell some of the investment, even at a loss, IMO.
As for a section, I think it belongs to Economics more than to Bitcoin Discussion.

[lixer]

We're not in early days anymore when Bitcoin was worthless and you can mine Bitcoin use your old computer with low qualify CPUs, that's when you can become rich with Bitcoin without need a source (although you need computer and internet connection).

If you think you can get rich with Bitcoin, how you can buy Bitcoin when you don't have money in the first place?

It's only funny that not many people are mining it before because it was useless anyway . And those who do, still not treasuring their BTC enough because they lose them afterwards or sold them at a relatively cheap price. Obviously we need an internet connection because BTC operates online but internet connection by the time BTC invented aren't costly anymore, much more today.

There are lots of ways to get rich but people see BTC as one of the best. They think it's a short cut to achieve that kind of financial status they are always assuming about. You don't always need a money only to have a Bitcoin. There are free internet, and then there are free lancing jobs online which pays in BTC. There are also faucets and the likes. See?

[bangjoe]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

It is true that you must have income if you want to invest safely and comfortably in financial terms, including a day trader, although in the same place but someone must have income to support him to keep investing and be able to hold your bitcoin long-term.

Indeed, many people deny this, especially novice investors who are fomo and do not know financial management, cash flow and other things about finance that must be arranged properly so that financial accidents can be overcome because they have made an anticipatory plan for possible financial accidents that will occur in the future, such as things that cannot be predicted sickness, accidents, and other things like that.

[ChiBitCTy]

Honestly I’m not sure that I really see any sort of pattern like you mention in your thread. I see a lot of people regardless of income , ups and downs of the spot price etc. moving in and out etc, Typically people whom are struggling a lot with the decision to sell all the time are not the people who should be likely be buying bitcoin at all.

[Crypto Library]

You must have a source of income if you must succeed in your holdings.
<~~~~~>

Of course, because only holding will not fill our stomach, if there is no stable income in addition to holding, then I don't think we can continue the strategy of holding for a long time. It is not only in the case of holding, I will say the same for those who do mining, investment in both of these is needed continuously but for good profit, we have to be patient for the long term.
Moreover, you should always remember that you invest as much as you can afford, the amount of investment should not be such that it can have any effect on your normal life. And for this, I think for long-term holding, a very small percentage of your salary or monthly income should be strategically invested by following DCA method. It is much better than holding a large investment at once and then handing it over in an emergency situation.

[DYING_S0UL]

Isn't that a fact? One must have a source in order to keep on holding and fulfilling his family needs. But there can be one exception though, if one had multiple earning members. We could just rely on them for maintaining the family and in the meantime we could do the buying and holding stuff. Imagine if you had a big brother, whose income is enough for your entire family. So as the second child, you could practically use your money for the investment. But if you had no other sources, in times of emergency, you'll have to use your investment money.

[GxSTxV]

Absolutely agree with your opinion. Having a stable source of income is important when holding bitcoin for the long term. Financial responsibilities can force people to sell their holdings before price raises, leading to losses. Your personal experience working as a merchandiser with Guinness is a great example that shows the importance of financial stability beside your strategies. Having an alternative source beside holding lead to q successful long term crypto investments.
I can relate to your experience, having a similar experience. Before I secured a stable income, not predicting financial needs pushed me to make a decision that affected my crypto holdings. But once I secured another income source, I gained the ability to hold my bitcoins without worrying about them, so the point here is to understand the importance of financial stability with the volatile crypto market.

It's a valuable lesson that resonates with holders in the crypto community.

[kentrolla]

That's the most vulnerable situation anyone could get into, I have been in such situations and guess what, I had to sell at lower price when I knew price will shot up and I have sold coins like CHZ, CHR which were at the booming stage and as soon as I sold it it increase by over 8X especially CHZ, Same thing happened with BNB as well.

We don't have any other option when it's drilled down to the basic necessity and survival. It's always better to have multiple source of income so that our investment is not hampered. That's the moment I planned on having a separate investment plan and a saving plan so that I could use saving in case of emergency instead of investing everything and then breaking using it when the need arises.

[uneng]

We could just rely on them for maintaining the family and in the meantime we could do the buying and holding stuff. Imagine if you had a big brother, whose income is enough for your entire family. So as the second child, you could practically use your money for the investment. But if you had no other sources, in times of emergency, you'll have to use your investment money.

It's not that simple. If it's not a collective decision made and agreed by every family members, it's not going to work. Many people still don't have much knowledge about Bitcoin or don't trust it as investment, so imagine you want to focus your budget in BTC, but need to rely on a brother who has a negative opinion about it to sustain the lair meanwhile.

You can even promise him some financial profit once you sell your coins, but he will be still very annoyed by the fact he is carrying the house and the family on his back. There will be lots of disputes, conflicts... It definitely doesn't worth in the name of your peace of mind and spirit.

The situation may become so unbearable that you may want to finish your investment before the right time, just to get rid of the nasty complaints and disputes at home.

[stadus]

Any investment that you aim to succeed needs a sustainable amount of income for it to grow. Same like long term hodling, if you don't have current source of income that will provide you with all your needs, then hodling any investment will be useless because believe me, sooner or later, you will be force to sell them to prioritize your needs over your investment. Most especially if you have a family to feed, it's very important to have a stable source of income, so that your investment will never be touch and will continue to rise and grow in time.


Having a stable source of income is always vital. If you can't have that, then forget about investment but focus first on how to look for stable job that will finance your family and your investment.

[GeorgeJohn]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

One think about a cryptocurrency is that if you decide to invest in bitcoin for long-term variation and you still have a sustainable means of surviving I don't think you will quickly cash out your funds, that is what some people don't know about bitcoin investment from my own perspective of understanding the basics things that concerns bitcoin and it's investment method

[Falconer]

Op is exactly right, it's just a simple truth that if you don't have a source regular of income, you're bound to using money from an investment (or go into debt, but I don't think it's a better option). So having a source of income is highly desirable, although not always under one's control. Sometimes a situation with the job market can be very challenging, or someone might have unexpected expenses that need to be covered. In that case, it's reasonable to sell some of the investment, even at a loss, IMO.
As for a section, I think it belongs to Economics more than to Bitcoin Discussion.

I'm not sure why someone would ruin his investment plans if he really had them in mind in the first place. I mean, every investor should consider a reserve budget before investing in anything. The reserve budget is intended to ensure that investment plans remain the same without being disturbed by financial needs at other times such as urgent needs.

This is the importance of planning in investing and in my opinion it is appropriate for someone to think first before doing it. Having an emergency fund or reserve budget is important because it can provide a good option for investors when they need urgent funds.

[red4slash]

I don't think that is an excuse, when someone tries to invest then indirectly they already know about the economic capacity they have including the income they have so that they are able to think about investing and being in bitcoin so that they realise that the needs of life will not interfere with the investment made (at least for me it is like this). I realise that investing in bitcoin is for the long term and when storing bitcoin it already means using money that will not even be used too much in a certain amount of time so the reason for selling bitcoin at a loss because of financial problems is actually just an excuse or indeed we don't really understand the real investment system.

Many people who sell when the price is cheap I think it is just a panic that occurs not that they need money directly, maybe there are some like this but not all who sell at a loss just because they need money but they panic that bitcoin is not as expected and want to get out as soon as possible even if it gets a loss which in the end blames bitcoin for thinking this is a scam.
Many cases like this happen especially for those beginners who always follow some people in investing without knowing what they are investing in.

[Russlenat]

One reason that most people do not make successful investments because they tend to sell their investments earlier because of lack of money to spend for family basic needs or for emergency cases that need emergency funds. That is why once we decide to invest, make sure that we also have a stable source of income that we can depend even if our investments are still not in profits.

Having a reliable source of income will make you think to invest more and grow your investment, that is the advantage if you also have emergency funds reserve for emergency needs.

[mirakal]

Long term hodling is not all about having a smooth journey all throughout. There are times that you get tempted to sell earlier because you need funds so badly in order to survive from daily life's struggles. But if you have a good and decent job that pays well, wherein you are provided with a consistent flow of income, then you can grow more your investment by not selling at earlier and a lower price. That is why having a stable source of income is very crucial.

For those who are planning to invest and do long term hodling without a stable job, think a lot of times. Still, you won't be successful with that. Find a decent job first that generates a sustainable income, that way you can also invest at the same time and see it growing through long term hodling.

[Oasisman]

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

This is actually what the saying "invest what you can afford to lose" really means. Some people may have a misconceptions about the saying. Some may have the source of income but doesn't have emergency savings funds. Yes, they have a spare after all the necessities and bills are taken out, but what they fail to realize is that, when emergency occurs and an immediate funds are needed an unwanted bitcoin withdrawals are most likely going to happen.
Therefore, not only does the source of income that we need to be a concern of, but also consider emergency funds before putting something into bitcoin.

[YUriy1991]

That's one strategy that must be built and this is the first layer that must be strong as a defense in investing. Consciously or unconsciously need often comes unexpectedly and do not let what has been the main purpose of investment end up halfway once WD  there will always be the next WD. It may sound strange, but that's what happens if not other posts in terms of income.

[wxa7115]

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

This is actually what the saying "invest what you can afford to lose" really means. Some people may have a misconceptions about the saying. Some may have the source of income but doesn't have emergency savings funds. Yes, they have a spare after all the necessities and bills are taken out, but what they fail to realize is that, when emergency occurs and an immediate funds are needed an unwanted bitcoin withdrawals are most likely going to happen.
Therefore, not only does the source of income that we need to be a concern of, but also consider emergency funds before putting something into bitcoin.

This is often a neglected step by those that are trying to gain financial independence, it is true that an emergency fund may go unused and this could reduce your profits, as that is money that is not invested and it is not growing alongside the rest of your capital.

But we cannot really afford to not have that money in hand, because if there is an emergency and you do not have enough funds to solve it then you will have to depend on the money you invested in bitcoin, and very rarely you will be able to sell your coins at a point anywhere near close the price levels you expected.

[LogitechMouse]

You must have a source of income if you must succeed in your holdings.

This is self-explanatory, and take note that this doesn't apply only to investing, but to everyday lives as well.

After you graduate from college, find a source of income already, and don't be a burden to other people. I mean if you want to invest then you must have an income source for you to have some funds to be used in investing. What do you want? You will ask favor from your family to give you money that will be used in investing? Kind of funny.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

You don't need knowledge if you want to hold.
What you need is self-control.

TBH, even a newbie out there who has little to no knowledge about Bitcoin can hold as well. Many investors out there know everything about Bitcoin, but they can't hold because they can't control their urge to sell whenever they see Bitcoin up double-digits in just a few weeks. Self-control for me is more important for me, and as for the source of income, we all need it.

[naira]

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

This often happens to me and every cycle I still experience the process of failing to hold Bitcoin. I recently had to sell some of my Bitcoin holdings in order to meet basic needs and buy building materials for house construction, despite having additional income the reality is that covering costs is still very insufficient. The minimum wage in my country is very small and it is difficult to survive amid the increasingly expensive costs of basic commodities but the government still does not take action to increase salaries. It's a major economic problem where I live that low salaries require us to have a lot of extra income outside of our main job. I still hold a few holdings and hope strongly to hold them for a little longer, at least being able to take profits until Halving next year. You're right and we're in a similar position, but there's no choice but to take the financial share available. It's a risk that investing in the face of uncertain income sucks.

[Nrcewker]

Be it Bitcoins or any type of investment, having a source of income is mandatory to support you. You can’t rely on the investment in order to survive the life. The investments are made so at a maturity point you will get sufficient money, hence while you are investing, you need to live the life through a fixed source of income. Also it will be beneficial if you invest the amount that you can afford to lose. Just split your income into proper ratio of 30:30:40. 30% of the income in investments, 30% in savings and 40% to pay your bills.

[Y3shot]

The reason one needs to have a source of income before planning to invest cryptocurrency is because cryptocurrency doesn't provide peoples upkeeps everyday, profit gained from crypto takes place one's in a while. As humans we need to survive everyday, so we need what will generate money on a steady for this. Crypto expecially bitcoin can give profits if only people can hodl bitcoin for sometime and it is not possible to expect steady flow of money from this.

[Littlemini]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Investing in Bitcoin will surely set you up for long-term investment success. Investing should never be rushed. Invest what you can afford to lose. It must have your source of income be it job or business. It is definitely desirable to have income in daily life when we need funds for the urgent needs of people or for living. Whenever we invest all our money, we sell bitcoins at a loss when we need money. Long-term success by investing small amounts rather than investing all our money

[Blitzboy]

Bitcoin hodling, especially over the long term, works well with diverse portfolios. It's important to spread out your money, especially if Bitcoin is risky. Although Bitcoin seems like a good way to save money, it shouldnt be the only thing you do with your money.

Stable jobs bring in money and keep your finances in order. This liquidity is very important for Bitcoin and other risky businesses. It keeps your investments safe during market downturns instead of selling them quickly.

People who dont have a steady income should work on getting financially stable. Bitcoin is interesting, but it shouldnt be your main way to manage your money. For this long-term play to work, you need a strong cash base. Bitcoin is a revolutionary way to handle money, but trading requires care and balance.

[2Pizza410000BTC]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Yes it is 100% true that one can never succeed in holding without having source of income. A source of income is essential to be successful in holding. In reality what always happens with us middle class is that if we hold on to something we have to sell it at a loss due to lack of family. Because I don't have any other source of income I support my family with weekly earnings from bitcoin forum. So we can't keep holding even if we want and even if we keep holding, we have to sell it. But if we had another source of income, I could have kept part of my weekly payment on hold.

[Distinctin]

They say people cannot invest without a realiable source if income. And I firmly believe its true. You cannot successfully hold your coins even for months if your finances is miserable. You need to have at least a good source of income so that your personal expenses will be separate from your investment expenses. And you can still live comfortably even without relying on your investment's future profits.

I'd come to realize that poor people who successfully hold their coins have been struggling a lot to control their expenses. But everything will paid off in time and they'll get to benefit from their long term hodling.

[DabsPoorVersion]

They say people cannot invest without a realiable source if income. And I firmly believe its true. You cannot successfully hold your coins even for months if your finances is miserable. You need to have at least a good source of income so that your personal expenses will be separate from your investment expenses. And you can still live comfortably even without relying on your investment's future profits.

I'd come to realize that poor people who successfully hold their coins have been struggling a lot to control their expenses. But everything will paid off in time and they'll get to benefit from their long term hodling.

It is true that if you don't have an alternative source of income, your invested money may not last for more than a few months. Investing in cryptocurrency does not guarantee immediate profits, and it may take a considerable amount of time to earn a profit. If you rely solely on your investment and have no other source of income, you may be forced to use your investment funds to meet your basic needs.

[Cookdata]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

You know when a man is hungry, they find it hard to think straight, that is how investments also look like on the face of man who has plenty of financial problems, not just Bitcoin but every other investment behaves like that too. Is not about even having a source of income; your income might be way smaller than your financial problems and the next thing that comes to your mind is how to borrow and when you have no one after soliciting here and there, your investments are the next options that will ring on your mind because you wouldn't even think whether it is at profits or loss.

Many people that you see today that have millions worth of bitcoins today is because they have another means to take of their life, they are doing average and some are even doing great and never in their lifetime exposed or told anybody they own a bitcoin because they see it as a back up to their life in the sense that if something happens tomorrow, bitcoin shield them quickly and feel nothing.

[oktana]

You must have a source of income if you must succeed in your holdings.

Holding only works when you have an excess amount of money or have some backup through which you take support and invest some money in Bitcoin.  If a person has $10k and he has no more source of income and he invests all this money in Bitcoin and leaves it on holding but after some time he tends to sell that Bitcoin whether in loss or profits according to the condition of the market at that time and fulfill his need from it.  If he has another source of income like agriculture, or something else, and feeds his family and pays monthly expenses from it this holding will be effective because he has no pressure of anything the food nor the rent and will hold his bitcoin for a time when he is sure that this is the correct time to sell and take the profits from it.

I beg to disagree. Holding can work just fine for anyone. It’s is simple and straightforward when you have a plan. Without a plan, you wouldn’t even know what you are doing. Let’s say you have just $100, if you calculate properly, there may be an amount that you can spare and be sure it wouldn’t get to the point where you need the money (remember, if you calculate well). So, before investing, one should their self, if I invest this amount and I go broke this week/month/year, what is the plan… this way, you’re already preparing for what could happen. So it depends on how you plan and you mustn’t have excess. You could even have excess and still invest wrong in a way you may need to sell your investment.

[AnonBitCoiner]

It is true that if you don't have an alternative source of income, your invested money may not last for more than a few months. Investing in cryptocurrency does not guarantee immediate profits, and it may take a considerable amount of time to earn a profit. If you rely solely on your investment and have no other source of income, you may be forced to use your investment funds to meet your basic needs.

Agree with your declaration some people are just investing money in a coins of Crypto but they don't leave any amount for their continuous occasions therefore when they require any amount for extremety aims then the first thought about money comes in their mind regarding crypto coin investment therefore they takes out the money which they have invested and expanded percentage of their money become lost due to market virtality.

If you don't have income then when ever you needs money for a small things then you will use your invested amount gradually and at last there will be no invested amount therefore it is important that if you don't have any job then leave investment because it will be then full of problems for you. Investment is not necessary if you don't have income first find a job and then invest some amount from your salary because other will not allow money for your investment as well as daily needs because you are responsible person of your family not others.

[Promocodeudo]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

OP you are right, it is very difficult for a hodler to successfully hold when he had nothing to support him or herself, that's why am of the opinion that hodling and investment is not for everyone but for the strongest in the business, I won't advise someone who has an investment in bitcoin to continue holding when problem that needs to be solved arise, this is not good, even when you hold two things are bound to happen, is either you profit more or the price of bitcoin shrink, so there is always uncertainty hovering around bitcoin holdings, that's why I said that people should be guided before thinking about holding. 

[barisbilgili]

They say people cannot invest without a realiable source if income. And I firmly believe its true. You cannot successfully hold your coins even for months if your finances is miserable. You need to have at least a good source of income so that your personal expenses will be separate from your investment expenses. And you can still live comfortably even without relying on your investment's future profits.

I'd come to realize that poor people who successfully hold their coins have been struggling a lot to control their expenses. But everything will paid off in time and they'll get to benefit from their long term hodling.

It is true that if you don't have an alternative source of income, your invested money may not last for more than a few months. Investing in cryptocurrency does not guarantee immediate profits, and it may take a considerable amount of time to earn a profit. If you rely solely on your investment and have no other source of income, you may be forced to use your investment funds to meet your basic needs.

If we only have one source of income, of course the investments we make will not last long because we cannot meet the needs we need and when we need these needs we will of course have to take the funds we have invested for those needs.
Yes, it does take a long period of time to be able to gain profits from investing in crypto, so we must have several sources of income to be able to invest in crypto so that the investment we make can achieve the targets we set, because if we only have one source of income, of course this will makes it difficult for us to stick with investments.

[Zanab247]

Not that you will not succeed in your BTC hodling without having other sources of income, but it will not be easy for you to hodl till the price of your choice come for you to sell to make profits but if you have other sources of income when you use to earn money without depending on your BTC investment, you will surely wait for the price of your choice to come to  market huge amount of profits. I was able to Made big profit from my BTC investment last two years when the price of BTC hit $69k because, my salary gave me the boldness by Sustaining me to hodl till the price occur in the market for me to have the opportunity to make a good profits that is giving me joy to always hodl for long before I take profits from BTC investment.

To make your long term hodling easy for you, you need to have a good job or other business when you can be making some little money to sustain yourself until the bull run occur for you to take profits from your investment.

[blockman]

To make your long term hodling easy for you, you need to have a good job or other business when you can be making some little money to sustain yourself until the bull run occur for you to take profits from your investment.

Just another source of income will suffice not to the point of having a really good job, as long as it is paying your bills and attending to your needs that can sustain everything. But it is an advantage when you have it and more if you've got profitable business. That's the ideal situation of an investor for which no need to be worried how he'll be able to survive holding Bitcoin. Because those that have invested without other plans and might just spend it when they are in need, the opportunity is going to be misspent by the time someone has to use it.

[harapan]

No matter how much hard work you put into achieving something,you'll still need extra extra hardworking skills to handle things properly.
  It's actually true over what you said,we need income as well as the right knowledge skills to apply during investing;the strategies to investing,just so you can cater for your financial needs and cope before the investment starts paying.


Having a regular income can assist you with making the right investment choices.

[FinePoine0]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

It is 100% guaranteed that a person who depends on cryptocurrency, and is not involved in other sources of work, will never hold any holdings. Because he will start selling from his holdings when he feels the urge of a little scarcity. If one has a source of income one will be able to satisfy everyone's wants and needs, his holding will be safe and secure so I think it is important to have a source of income. If the family's wants and needs can be met externally, its holdings will be secure and long-lasting.

[nullama]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

You can also lower your cost of living.

You can move to a cheaper place, buy a small house outright, etc.

The closer your cost of living is to zero, the easier it is for you to get some kind of income that covers it.

You might be able to live somewhere in the world by doing a signature campaign for example:

Is there a place in the world you could live like a king via sig campaigns?

[PrivacyG]

You can also lower your cost of living.

You can move to a cheaper place, buy a small house outright, etc.

The closer your cost of living is to zero, the easier it is for you to get some kind of income that covers it.

OP is right however.  With no source of income there is no way you can live without selling Bitcoin unless you have millions in the Bank.

That is common sense however, is it not.  Does any body actually believe they can simply use all their life savings to buy Bitcoin and all of a sudden put their feet up on a table and retire?  Life is much harder than that.  There are people who get luckier and win a lottery.  Or purchase Bitcoin right before a Bull run.  But they are the rarest of the rare and the luckiest of the lucky.

You can not just buy Bitcoin and step back, you need to be involved and keep working on it to reach the point of you living a good life.  And even then, if Bitcoin is all you own how in the world are you supposed to live?  By shouting you own Bitcoin?  You need to sell some of it to cover your costs of existence!

[Cryptmuster]

OP is right however.  With no source of income there is no way you can live without selling Bitcoin unless you have millions in the Bank.

That is common sense however, is it not.  Does any body actually believe they can simply use all their life savings to buy Bitcoin and all of a sudden put their feet up on a table and retire?  Life is much harder than that.  There are people who get luckier and win a lottery.  Or purchase Bitcoin right before a Bull run.  But they are the rarest of the rare and the luckiest of the lucky.

You can not just buy Bitcoin and step back, you need to be involved and keep working on it to reach the point of you living a good life.  And even then, if Bitcoin is all you own how in the world are you supposed to live?  By shouting you own Bitcoin?  You need to sell some of it to cover your costs of existence!

Even if someone is lucky enough to buy Bitcoin with all their savings before the bull run, you should not quit your job and wait for some miracle, you need to continue working, and try to sell Bitcoin just as successfully, because buying on time is only half the work. And if you have a good job, then why quit it, let it be another source of income that will cover all your needs until you achieve financial independence, if you are so good at investing, then this will happen someday. Then you can quit your job and do what you want.

[AnonBitCoiner]

It is 100% guaranteed that a person who depends on cryptocurrency, and is not involved in other sources of work, will never hold any holdings. Because he will start selling from his holdings when he feels the urge of a little scarcity. If one has a source of income one will be able to satisfy everyone's wants and needs, his holding will be safe and secure so I think it is important to have a source of income. If the family's wants and needs can be met externally, its holdings will be secure and long-lasting.

Agree with your opinion some people totally depends on cryptocurrency investment and they fixed their money in crypto investment after which when they need money they take out little by little as a result of which they gets minimum amount due to losing some amount in transaction fees and other amount in reduction due to market dump. If you have job and you know that some part of salary remains unused on monthly basis so if you use that amount for investment then there is no bad thing related to it but if someone invest money by ignoring the use of money for daily routine and other expenses then there is no other foolish idea more than this.

[Rufsilf]

Yes, OP, even though the value of bitcoin investments fluctuates, we still need a steady source of income to ensure that we have enough money to cover our living expenses and, in particular, for unforeseen needs like emergencies.
Investments are never risk-free, of course, and the price of bitcoin fluctuates greatly. Additionally, if you depend just on your bitcoin investments for revenue, you may leave us vulnerable to financial instability in the event that the market drops. This kind of danger can be lessened if we have a source of income, such as regular work or even a business.
 
I believe it would be preferable if you had a steady source of income because, as everyone else in this thread pointed out, investing in bitcoin may not always yield an immediate return. This way, you can plan for the long term and patiently hold onto your money, especially during market swings.

[pawanjain]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

The main problem here is to fulfill the requirement of money when in need, without having to sell our investments.
This is only possible if we already have a bucket of amount to fulfill such situations.
This is why they say we should have at least 6 months of our salary as an emergency fund.
That way we won't have to sell our investments in such emergency situations.

[cryptoWODL]

Yes it is true that experience is the best teacher in life. If one invests and has no other source of income he will never be able to continue his investment for long. Everyone who wants to invest in Bitcoin should invest in Bitcoin with whatever money they have left over excluding family expenses. If you can't hold a lot of bitcoins at once, you can continue to invest in bitcoins using the dollar cost averaging method.

If those who do not have an income source invest in bitcoins, they must withdraw money from the invested bitcoins to support the family finances. So everyone should start a small business or job in addition to investing in bitcoins. Otherwise, their invested or holding bitcoins will be at risk.

[Egii Nna]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

For sure, I agree with you 100% because, not only are you holding bitcoin, but even though you have invested in other things, if you don’t have a source of income, you will end up carrying the money to suit out other personal issues as long as you have the access to withdraw or sell your investment in a short time. But there is one thing that always happens that I realise, but I don’t know if it happens to only me. When I invest or buy bitcoin to hold, that is when you will see problems coming from all angles. Although some problems will be solved, even if you don’t want to use the money that you have invested, you have to find another alternative. To me, sometimes I borrowed money to solve some problems like that.

To be sincere, holding bitcoin requires a high amount of patience and brains. If not, you will end up selling it just to use it and do something that will not be of any use to you. Although you have already said that experience is the best teacher, sometimes you will even have another source of income. But when problems start coming, you will need more money than what you earn in your side hustle because I am talking from experience.

[gabbie2010]

The reason one needs to have a source of income before planning to invest cryptocurrency is because cryptocurrency doesn't provide peoples upkeeps everyday, profit gained from crypto takes place one's in a while. As humans we need to survive everyday, so we need what will generate money on a steady for this. Crypto expecially bitcoin can give profits if only people can hodl bitcoin for sometime and it is not possible to expect steady flow of money from this.

Hodling Bitcoin is like saving your asset for a long term perspective in wallet instead of fiat and saved in a bank where you are liable to withdraw some of the funds, however hodling Bitcoin in a wallet means a time would come when some the profit earned can be withdrawn, however for the hodlers to sustain themselves definitely they would have to rely on other source of income possibly from side hustle, historically price of Bitcoin do attain all time high at a certain period of time thus that is appropriate period for hodlers to reap what they had sow thus to be counted among those hodlers who would profit from their investment that means they had sustained themselves with other source of income for a very long time.

[Lorence.xD]

Yes it is true that experience is the best teacher in life. If one invests and has no other source of income he will never be able to continue his investment for long. Everyone who wants to invest in Bitcoin should invest in Bitcoin with whatever money they have left over excluding family expenses. If you can't hold a lot of bitcoins at once, you can continue to invest in bitcoins using the dollar cost averaging method.

If those who do not have an income source invest in bitcoins, they must withdraw money from the invested bitcoins to support the family finances. So everyone should start a small business or job in addition to investing in bitcoins. Otherwise, their invested or holding bitcoins will be at risk.

Well, experience is a good teacher but sometimes it depends on the situation and the outcome, let's say that two people with zero knowledge of Bitcoin, then they invest and both lose money. One could be learning from their mistakes they would do their own research, and the other one would eventually quit and have the mindset that Bitcoin is not for them and something like that. Having a source of income is a must not only to provide all your needs but also to have extra money for wants especially when having savings or investments. It would be a hassle to have many transactions since there's a fee where you would invest and you would sell it early cause you would also need money. To make things smoother, find an alternate source of income to have spare money for investment.

[karabiber]

The reason one needs to have a source of income before planning to invest cryptocurrency is because cryptocurrency doesn't provide peoples upkeeps everyday, profit gained from crypto takes place one's in a while. As humans we need to survive everyday, so we need what will generate money on a steady for this. Crypto expecially bitcoin can give profits if only people can hodl bitcoin for sometime and it is not possible to expect steady flow of money from this.

For cryptocurrency or any investment, you need to have an additional source of income. If you are investing with the last money in your pocket, it is not an investment. Investing is a long term process and you will have a fluctuating economy throughout this process.  However, even if you don't have an additional source of income, wise investments can raise you to the high income class in the future, but this is highly unlikely.

For example, if my monthly income is 1k dollars and I have no other source of income, I have to invest accordingly. I can invest 50 dollars every month, but this may make me happy after many years. If I had additional resources other than my monthly income, I would spend it on investment without thinking. I think the important thing here is the size of the investment. If I had 50k dollars and it was my last money for the rest of my life, I could still make a smart long term investment. I can say that the main issue is not whether the investment is made with additional income or not, but the amount of the investment.

[Fara Chan]

It is 100% guaranteed that a person who depends on cryptocurrency, and is not involved in other sources of work, will never hold any holdings. Because he will start selling from his holdings when he feels the urge of a little scarcity. If one has a source of income one will be able to satisfy everyone's wants and needs, his holding will be safe and secure so I think it is important to have a source of income. If the family's wants and needs can be met externally, its holdings will be secure and long-lasting.

I also quite understand what you mean by this because anyone who has a job other than a job in the crypto space will be able to make adjustments in using his money for daily life without having to disturb his cryptocurrency holdings which he has stored quite well. And I think this could also be a very appropriate option for everyone who really wants to keep their crypto assets for the long term, because when everyone has other sources of income through work outside of crypto.

Of course, this will really help him in maintaining crypto assets, and a source of income from crypto can also be used as a long-term future investment, because what he spends in everyday life is fiat money obtained through other jobs out there. So it is very good for everyone if they can have two different incomes in their lives.

[SmartCharpa]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

I think you may have learned from your mistakes. A lot of individuals have sold their bitcoin since they had no other way to make ends meet. Without a doubt, it will be very difficult to invest and hold bitcoin without having another source of income. Even with outside investment, it was wrong to rely just on one source of income because, as humans, we must deal with other issues. For instance, if we only depend on our investments, we will be left with no choice but to sell our bitcoin if we have any other issues to deal with. Op, that is great advise from you. It would be better for us to avoid investing if we don't have another source of income because we could end up having to sell it at a loss.

When I was first actually hold my Bitcoin, I didn't spend any single dime except for the internet data on my trading journey. Most of the capital I had came from faucet and signature campaign from early days and it keeps growing until today. So, it just depends on how well you manage your stuff, sure you need source of income but it can be from anywhere. Based on my experience.

I think you are still misunderstanding the Op. When we start our cryprocurrency journey, there will be some financial problems for us. If we don't have  any other source of income apart from holding bitcoin, it will affect the bitcoin we hold. This is because, no matter how patient we are, if we don't have another source of income, we will sell the bitcoin we hold to solve the problems. Another source of income could come from anywhere but we cannot rely on our investments.

[Raflesia]

OP is right however.  With no source of income there is no way you can live without selling Bitcoin unless you have millions in the Bank.

That is common sense however, is it not.  Does any body actually believe they can simply use all their life savings to buy Bitcoin and all of a sudden put their feet up on a table and retire?  Life is much harder than that.  There are people who get luckier and win a lottery.  Or purchase Bitcoin right before a Bull run.  But they are the rarest of the rare and the luckiest of the lucky.

You can not just buy Bitcoin and step back, you need to be involved and keep working on it to reach the point of you living a good life.  And even then, if Bitcoin is all you own how in the world are you supposed to live?  By shouting you own Bitcoin?  You need to sell some of it to cover your costs of existence!

Even if someone is lucky enough to buy Bitcoin with all their savings before the bull run, you should not quit your job and wait for some miracle, you need to continue working, and try to sell Bitcoin just as successfully, because buying on time is only half the work. And if you have a good job, then why quit it, let it be another source of income that will cover all your needs until you achieve financial independence, if you are so good at investing, then this will happen someday. Then you can quit your job and do what you want.

It is a wrong decision to think that being in bitcoin is everything and to quit your job or activities entirely just because you are in bitcoin.
Indeed in this case bitcoin is as one of the bridge that can make you have a high enough financial freedom but that does not mean you have to rely on everything to bitcoin and put aside everything that happens just because we already have bitcoin.
The concept is not like that bcause we also have to realize that with what we have now in bitcoin it is for the long term and we must be able to support our lives today which can be done when we do work and get income in it. bitcoin is only as a support for your future investments and the work you are doing now is to support your needs in the near future so it is too reckless to stop working just because you already have bitcoin.

[southerngentuk]

Investing, especially in something as unpredictable as crypto, should be a measured dance, not a desperate leap. It's about calculated risk, not reckless abandonment. The key is to invest within your means, with money you can afford to lose without jeopardizing your livelihood. Remember, that roof over your head and food on the table are non-negotiables, not bargaining chips in a high-stakes crypto game.

Take it slow, do your research, and understand that crypto is a long-term play, not a get-rich-quick scheme. Invest what you can afford to lose, diversify your portfolio, and most importantly, keep your head in the game. Don't let FOMO cloud your judgment or turn you into a desperate gambler.

[Cheema02]

The reason one needs to have a source of income before planning to invest in cryptocurrency is because cryptocurrency doesn't provide peoples upkeeps everyday, profit gained from crypto takes place one's in a while. As humans we need to survive every day, so we need what will generate money on a steady for this. Crypto expecially bitcoin can give profits if only people can hodl bitcoin for sometime and it is not possible to expect steady flow of money from this.

Right, You should have multiple sources of income if you want to succeed in crypto because if you have only one source of income you are just one step away from poverty that is why multiple sources of income are very important in life. the benefits of Keeping some emergency money in hand and if You don't sell your assets in loss then these funds are very helpful. I think Bitcoin withdrawals can be avoided by maintaining a financial income and multiple sources of income. I think if you succeed in crypto you should have additional or multiple sources of income to improve then your financial stability and enable you to approach cryptocurrency investments

[tread93]

It is definitely an unfortunate occurance when someone has to take their savings to pay their debt especially to sell bitcoin at a loss, one day they will surely regret this. You definitely need multiple sources of income not just one! This will ensure that you can pay all of your bills, continue to stack sats, and save and HODL them for rainy days!

[Viscore]

Hodling is safely keeping your coins within a year or even consecutive years without being tempted to sell, which means there’s no selling earlier, otherwise you’ll end up selling at a loss. And this will only be possible if you have a stable source of income that can sustain all your daily needs and wants, without touching your investments.

A lot of us here have been trying to invest and hold, most particularly for bitcoin as it’s designed to be long term investment. While others have succeeded and sell it after years of hodling and make massive profits, majority still end up selling earlier because they don’t have funds anymore to provide for their needs. So if you have no stable job to support your needs, then holding won’t eventually work for you.

[Mr.right85]

A lot of us here have been trying to invest and hold, most particularly for bitcoin as it’s designed to be long term investment.

I mean, how true is that statement? That “Bitcoin is by design meant for a long term investment” I think that isn’t accurate. From the genesis phase of Bitcoin and by definition, it’s a p2p currency and have got no investment or long term attributes to it.
The disbelief and beliefs of early Bitcoiners coupled with what people in recent time has known it to be is what has brought about the holding idea and it seems like the best thing any Bitcoiner who hopes to make profit even without having to engage in trading or staking could do.
The impression that it is by design a long term investment isn’t accurate although, that’s what it has come to be: that I would agree but this would be for a time. There would be a shift in the near future when it’s design would fully materialize as the order around the innovation.

[kennyliang23]

Absolutely, I'm with you on this. Investing in Bitcoin is more of a side hustle rather than a full-time commitment, unless, of course, you're professionally managing a crypto investment fund. For most of us, it's about wisely using our savings to tap into the crypto market.

It's crucial to remember the old adage, "Don't put all your eggs in one basket." Diversification is key in any investment strategy, and it holds especially true for volatile markets like cryptocurrency. While Bitcoin offers great potential, it's important to balance it with other investments to mitigate risk and ensure a more stable financial portfolio. This way, we can explore the exciting world of crypto without jeopardizing our entire financial security.

[Pi-network314159]

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

Those who were patients to hold and later sold there coin, you won't blame them. Not really that they are not good holders but do to some unforseen circumstances. And you never can predict what that would be. Sometimes it might be to treat a diagnosed person in the hospital. While some are just because of losing hope after so many years of holding a stagnated coin. If someone is holding too much long like Tron, xrp, or even dogecoin coin . And decided to sell it, will you tell him that his not patient enough? I think no because he/she has reach it peak of endurance limit.

[portod]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

There are some guys who quit their jobs and rely on crypto trading. I am strictly against this. When there is bear market, it can continue for an year or more. How are you going to feed your family at that time if you have quit your job ?

[nullama]

~snip~
There are some guys who quit their jobs and rely on crypto trading. I am strictly against this. When there is bear market, it can continue for an year or more. How are you going to feed your family at that time if you have quit your job ?

Of course those people are the ones that create the next scam coins 

And the cycle continues, forever.

But yeah, it is not a great idea to quit your job and trade coins for a living.

[Alpha Marine]

For you to be able to have any form of investment and leave that investment till maturity, you have to have at least a source of income. That's why most times when I see people advising others to invest and make sacrifices I don't really feel comfortable with that.
Not like it's a bad thing to tell people to invest, but how can they invest when they have no income?

Instead, we should advise people to try and improve themselves before we can talk of investing. You need money to invest and if you don't have money, you have to start earning money before you're going to have what to invest.
The same applies to Bitcoin holding. You can't hold Bitcoin if you don't have a source of income. Since Bitcoin is an asset that's under your control, you can easily sell it for fiat it becomes more difficult to hold if you don't have a source of income.

[Learn Bitcoin]

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

This is the truth indeed. I sold my Bitcoin in 2022 at cheap but my average buying price was too high. I was forced to sell because I needed some urgent cash. Not only that, I have started holding my Bitcoin since the beginning of 2023 and accumulated a good amount of BTC after all my expenses. FYI, Most of my savings are on Bitcoin and now I am in trouble. I have created a thread on the lending board asking for a Interest free loan because I don't want to sell my Bitcoin.

It was obvious that nobody would grant me a loan without interest. Still I tried what I could try. One of locals agreed to give me a interest free loan and probably I am not going to sell my Bitcoin this time. I will send him the BTC as collateral and that's how I am going to save my Bitcoin. We all know that the Bullrun is ahead. So, nobody would sell their Holding at this moment.

[retreat]

Actually, whether you want to invest or not, you still need a source of income to be able to finance your various needs. Moreover, when investing, a person must have another source of income which he can use to reinvest. Because when a person does not have a source of income then he does not have a stable financial condition which can make him sell the assets he holds and this can prevent him from making a profit.
So, if you don't have a source of income, don't force yourself to invest, because after all, your daily needs are more important than investment. Only invest when you are financially ready.

[rachael9385]

What would you, OP, say to those people who are selling land, real estate, and most recently their home, to acquire Bitcoin? Men who live one day at a time. People are sometimes very hasty and do not strive to learn simple truths. To invest in something, you need to understand that you can do without it for a very long time. We know many good stories where Bitcoin helped people become financially independent, but there are even more stories where people were ruined by their illiteracy and greed. Therefore, if you decide to invest, carry this thought for a few days and imagine the worst possible outcome. If you realize that you can survive after it, then go and invest.

I am very much excited to see this.
Indeed there are other people that have been suffering from their illiteracy when it comes to Bitcoin investment, some don't even know the difference between Bitcoin investment and trading, they thinks that Bitcoin investment is also Bitcoin trading, which it not.
However, as many others have some knowledge about Bitcoin and sources where they can get money from so that they can be able to accumulate and hold their Bitcoin for long, they also have to know that one can not do those holdings alone when they can not save some money for their emergency cases.
Emergency cases are ruining a lot of investors investments, even with their money they still have to face some situations that has to do with emergency, sometimes many people don't want to sell their coins when they don't have lots of money to solve their problems and they try to use the little fiat that they have at that time to gamble just to see if they could br able to win some money.
But at the end most times they end up losing everything that they have, and the truth of it all is that before one go into Bitcoin investment, he or she should have a good source of income and also have funds for emergencies

[FinePoine0]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Bitcoin can be held for long term but no money can be extracted from it. Investing is a method of depositing money far away and it must be in bitcoins but the holding cannot be used in any way for family or household needs. There must be a separate source of income to meet family needs. Externally, long-term holdings can never be launched properly without a source of income because there will be a need to sell the holdings at a lower price. There will be no long term holding at the stage so after getting external source of income, then long term holding should be introduced.

[Kliss]

Investing in crypto (bitcoin) is gradual process and long term investment, which requires a lot of patience from investors. Before knowing about bitcoin investment, I do have a friend who have been a victim of this situation. My experience from him, for one to be able to HODL at least have other source of earnings,it will make your investment in bitcoin yield and also when the market is DIP You can buy bitcoin then also. This is very necessary, to investors that are just coming to invest or new. Some one without a proper investment knowledge on this will be shaky in their investments in bitcoin, having other source of  income will boost your confidence and patience.

[Kuntus]

I must say I am excited about this topic, I am speaking from experience, that to become an investor you have to have a source of income that can cater for your basic and emergency needs, that way you can invest and allow your investment to mature and yield profit. This should serve as a guide for new investors as to think long term when investing.

[snowpega]

Actually, whether you want to invest or not, you still need a source of income to be able to finance your various needs. Moreover, when investing, a person must have another source of income which he can use to reinvest. Because when a person does not have a source of income then he does not have a stable financial condition which can make him sell the assets he holds and this can prevent him from making a profit.
So, if you don't have a source of income, don't force yourself to invest, because after all, your daily needs are more important than investment. Only invest when you are financially ready.

Human nature is that he/she always keeps in search of more and more or better than more better so just keep one thing in mind if you are earning from any source, divide your amount into three parts, The First one should be far investing and the second one should for personal and family expenses and third one for saving. but sometimes this does not suit everyone so keep developing good skills in you and do multi works to generate more money and follow as above I say we will feel more stable than before. If you have skills you do not need to chase money money will chase you like, those people to need your skills will hire you easily and you the good amount you deserve.

[nullama]

I must say I am excited about this topic, I am speaking from experience, that to become an investor you have to have a source of income that can cater for your basic and emergency needs, that way you can invest and allow your investment to mature and yield profit. This should serve as a guide for new investors as to think long term when investing.

As long as it's an investment it should be fine.

But if all you do is simply work to get money to put it into gambling, then the casino is the one who has a source, not you ...

[Promocodeudo]

A good investors is someone who have other earnings aside his investment, this is very important, you have to earn else where in other to continue to hodl, unless you want to fall under the category of premature sellers, if you don't have money coming to you from anywhere, investing in bitcoin is not for you because someone shouldn't invest his or her only savings, when you know that source of getting money is nit their for you for the main time don't bother investing the little you have because for sure you will be tempted to withdraw no two ways about it, just be prepared, no one is ever late in this business, your day kick starts when you have the funds to invest in bitcoin but it must be done with so much care.

[btc78]

You must have a source of income if you must succeed in your holdings.

There are different types of investments: income investments and growth investments

Income investments are investments where you are hoping to make some profit more often this is where passive income comes in for example is if you buy a property and you have it rent so now you are gaining income even if you are not actively working the property was your investment and you are reaping the rewards almost regularly

On the other hand, growth investments are made in hopes of making your capital bigger by investing in things that might raise its value it’s usual example is investing in stock market but now you can invest in a lot of other things like cryptocurrency

If you have only invested for growth, it is usually advisable to have another source of income because for example bitcoin is preferred to be held long-term which means you should wait for you to gain your profit

[tottong]

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

This is because there is no balance between income and the amount of financial realization in the investment method, thus affecting a person's ability to meet life's needs.
It is not recommended that all of the money we have be placed in investments because there are other fulfillments when people live their lives and when our income is unstable it is difficult for people to hold onto the bitcoins they have.
Therefore, we also have to think about daily and monthly income to meet living needs, such as renting a house, education costs, health and daily food needs.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

If our income structure is unstable then the worry is that we will sell bitcoin when we need money and unfortunately bitcoin will decline when we need money.
It is different for those who experience losses caused by lack of investment knowledge, because this is related to individual mistakes and they did not try to learn Bitcoin properly.
What is regrettable is not a lack of knowledge but rather people selling bitcoin because they need money because they are forced to make ends meet so they have to sell it even though bitcoin is in the stage of a severe correction in the market.

[JayJuanGee]

You must have a source of income if you must succeed in your holdings.

Not just having a source of income, you should have provision for emergencies. Hence there is a need to have emergency funds in case of loss of job, health issues or other unforeseen occurrences. You should always invest only what you can live without, that is why the DCA strategy will always be the best investment option. It facilitates investing at your pace and places less financial burden on the investor.

Life can be so unpredictable that if we don't prepare well enough for the future against any type of emergencies that may arise we might end up going back to square one like we never had a plan or a job in the first place.

There are circumstances that may hit a man that his single job that is his source of income can't handle it compared to when he's with multiple streams of income. Still fresh in my head the covid-19 pandemic that made a lot of companies to layoff some of their workers , I had a family member that was affected and that was how he fell back to his little savings (if it were bitcoin we would call it hodling). Assuming he had other sources of income flow a layoff from his company wouldn't have had such adverse effects on him that he fell back immediately to his savings. So I agree, having multiple streams is much better than just a single source of income in today's world.

However, some persons that sell their bitcoin hodling in some cases may not be as a result having no steady income source or  a single income source that later went bad but could be that they faced life challenges and circumstances that not even their multiple income source was capable to settle it all so they had no option but to sell their bitcoin hodling even in a loss or average price to settle their problems. Life is entirely unpredictable!

Part of the justification for an emergency fund is if the income streams dry up.  some guys like to go with the idea of merely having cashflow is going to save you, but it is not going to save you if you are not managing your cushion very well, and yeah sometimes multiple cashflow streams could dry up at the same time, and temporarily, there might not be any other options and sometimes the lack of other options could last 6- months or a year or longer and Covid likely lends some credibility to those kinds of outlier scenarios that end up really catching people off guard if they don't have something like an adequate emergency fund.

Sometimes emergency funds could be designed for 6 months but if shit really hits the fan, there could be ways to cut expenses in such ways that the emergency fund might be able to last for 9-12 months... and yeah, there are a variety of kinds of emergencies, and likely the ones who are most likely getting into emergency situations are those people who are living on the edge in terms of how they manage their cash cushion and how well they might monitor their cashflow and expenses into the future to see when there are various short-falls and to minimize the time in which there might be short-falls in cash and in order to lessen the odds for emergencies actually getting to such a level that their bitcoin stash would need to be dipped into at a time that is not of their own choosing.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

People who don't have a source of income don't invest in the first place, unless is that rare case of an unemployed person winning the lottery or inheriting wealth.
Your theory isn't very good because the bitcoin holder could've bought in 2016 and have enough money now to be able to live without any other income. I have enough bitcoin that if I started to sell it today to cover all my basic needs, it would last me for decades.

These are good points darkangel11.

Earlier someone mentioned getting into bitcoin with their passive income, but that hardly makes sense because people frequently get into investing, whether into bitcoin or otherwise, in order to attempt to create a passive income.

I do agree with the idea that an income is needed in order to grow an investment, unless you can figure out some kind of way that you are both able to pay for your monthly expenses and also to grow your investment, which surely is not an easy thing to accomplish for anyone trying to trade and make money off of their trades - since many times in order to both have growth in the investment and also to be able to pay for your expenses, then you need to be working with a certain amount of capital.

In regards to the injection of some kind of a lump sum amount into bitcoin and then being able to live off of it in perpetuity, there would be some need to figure out what might be a sustainable rate of withdraw, and in traditional investments, there has been a suggestion of 4% as being safe, and so in that regard, there is a bit of a presumption that on average the investment is going to gain in value at least 4% on average in order to make a 4% withdrawal rate sustainable in perpetuity... but if the investment is not gaining in value at least 4%, then there will be eating into the principle. 

I personally believe that currently a 6-10% withdrawal rate is sustainable for bitcoin, so long as the valuation is made from the 200-week moving average rather than spot price and also so long as there are reduction of the withdrawal rate when the BTC price is close to the 200-week moving average or below the 200-week moving average, and so I present those ideas in my sustainable withdrawal thread and bitmover created a tool to reflect such ideas.

In my thread I use the idea of starting with 21 BTC in September 2022, and so after about 16 months, the balance of that hypothetical is just below 20.5 BTC, but the withdrawal rate that was being used was 4%, so the withdrawal rate was set more conservatively as a means to conserve and potentially grow the value of the holdings, and maybe a some point the rate might be moved up to a higher percentage because at a certain point if the fund keeps growing the income keeps growing but the fund does not deplete, and maybe at some point there would be a goal to keep the fund more flat rather than growing.

I think that a bitcoin can start with any amount of BTC, and if the amount of income off of the BTC is enough to sustain his monthly expenses, then he would not necessarily need any further cashflow from other sources once the BTC amount has reached a high enough amount... .. so a person has to figure out what is his monthly expenses, and maybe also ask himself if he is o.k. maintaining the same rate that he had been accustomed or does he want to increase or decrease his monthly expenses, and so then the fund amount would need to be at a large enough value to sustain his income objectives.

It will be a crazy thing to do when you invest not just in Bitcoin but every orher business without having a source of income, how do you plan to sustain the growth of the business when you keep pulling out money from the investment to take care of family needs or your basic needs? I think lack of proper orientation is the reason why most people believe that they can actually start of any kind of Bitcoin investment with all what they have without minding what the omen will be in the future. These saying has been over emphasis here on the forum, Bitcoin is not a quick money giving scheme, before you Hold, trade etc insure you have your back , have source of income, don't leave your present job to focus on Bitcoin investments only and invest with the amount you can afford to lose even though you don't intend to lose.

These are all good points.

The power of compounding comes from keeping the overwhelming majority of the value in the investment (in this case in bitcoin), so an income can help you to build your bitcoin enough in order that it can get into a large enough value to be self-sustaining, but you will never get to the point in which the value is self-sustaining if you withdraw from it more than it is appreciating in value.  Maybe with bitcoin it could take one or two cycles before your bitcoin holdings have been built to a large enough size in which you would be able to start to draw from it... and so prior to that, you have to be careful regarding how much (if any) you draw from it.

You can also lower your cost of living.

You can move to a cheaper place, buy a small house outright, etc.

The closer your cost of living is to zero, the easier it is for you to get some kind of income that covers it.

OP is right however.  With no source of income there is no way you can live without selling Bitcoin unless you have millions in the Bank.

That is common sense however, is it not.  Does any body actually believe they can simply use all their life savings to buy Bitcoin and all of a sudden put their feet up on a table and retire?  Life is much harder than that.  There are people who get luckier and win a lottery.  Or purchase Bitcoin right before a Bull run.  But they are the rarest of the rare and the luckiest of the lucky.

You can not just buy Bitcoin and step back, you need to be involved and keep working on it to reach the point of you living a good life.  And even then, if Bitcoin is all you own how in the world are you supposed to live?  By shouting you own Bitcoin?  You need to sell some of it to cover your costs of existence!

Personally, I think that you could just buy bitcoin and live off of it, but you have to already have enough that would sustain you.  So for example, if you need $3,333 per month, then you would need 33 bitcoin which would put you at $1 million in valuation based on the 200-week moving average and $1.4 million in valuation based on the spot price.

However, if you believe that you can get by for less, such as based on $1,667 per month then you would ONLY need half of the above stated amount, so about 16.5 BTC.

The quantity of bitcoin that you need will likely decrease in the future in order to maintain the same given standard of living, and of course there are various ways that you can calculate cost of living, and/or your withdrawal rate and/or maybe if you are trying to continue to grow your BTC holdings while you are trying to live off of them.  In my entry-level fuck you status chart, I try to project out in a relatively conservative kind of way how many BTC that you would need in the future based on a kind of graduated increase in the 200-week moving average that is likely going to continue to become a smaller and smaller upward slope, and of course the 200-week moving average is not always guaranteed to be positive, either, even though so far in BTC's history it has remained positive, with its worst performance between June 2022 and November 2023 with ONLY around an average of 20% increase per year, and yes it could bet worse than that, yet part of the reason that I still consider the 6% to 10% to be within the parameters of sustainable withdrawal is because the 200-week moving average has still not gone down to those levels, yet.

Of course if you do not have enough capital to get the amount of BTC that you need, then you have to get up to the amount that you need, so either you sell things or you get some kind of an income in some kind of way, and surely while you are building your stash it seems that having an income is the best way to do it, but once you built it, then the stash becomes the income, as long as you withdraw it in a sustainable way, as I present these ideas in my sustainable withdrawal thread.

If I had 50k dollars and it was my last money for the rest of my life, I could still make a smart long term investment. I can say that the main issue is not whether the investment is made with additional income or not, but the amount of the investment.

For example, $50k invested into bitcoin and if we go by the 200-week moving average for an evaluation, then that is going to be about 1.65 BTC.  Of course, current spot price does get you a bit more value, but we should be using the bottom prices to figure out the value of our stash if we are going to figure out if the withdrawal rate/amount is enough to live off, and with a withdrawal rate of 4% that is only going to get you about $167 per month of income. 

That amount might not be enough for anyone to really live off off, but it could be a good supplement of income, and you could choose to withdraw at a higher rate... or you could choose to dip into the principle, but I would not recommend dipping into the principle unless you are getting close to death or some other emergency that would take you out of the investment. 

You are not really worse off by accumulating bitcoin as long as you are able to manage your withdrawals, and surely if the withdrawal amount is not enough to sustain you then you either need another income source, or you need to build up your BTC holdings so that your withdrawal amount will be higher.

Absolutely, I'm with you on this. Investing in Bitcoin is more of a side hustle rather than a full-time commitment, unless, of course, you're professionally managing a crypto investment fund. For most of us, it's about wisely using our savings to tap into the crypto market.

It's crucial to remember the old adage, "Don't put all your eggs in one basket." Diversification is key in any investment strategy, and it holds especially true for volatile markets like cryptocurrency. While Bitcoin offers great potential, it's important to balance it with other investments to mitigate risk and ensure a more stable financial portfolio. This way, we can explore the exciting world of crypto without jeopardizing our entire financial security.

Fuck crypto.  We are talking about bitcoin here.  There is no need to diversify into crap.

Another thing is that if you are brand new to investing, then there may well be no need to diversify into anything except bitcoin and cash, and perhaps once your bitcoin stash starts to get to half a year or a year worth of income/expenses, then maybe at that time there might be some needs to diversify beyond bitcoin, but that is also not necessarily into shitcoins... so the traditional assets to diversify into would be equities, property, bonds, commodities and cash/cash-like products (not necessarily shitcoins).. anyone buying any shitcoins would be best served to limit any purchase of shitcoins  to less than 10% of their bitcoin size and not to cheat by reinvesting into shitcoins after losing the 10%.. the 10% is similar to gambling or trading which take a lot more skills that investing into bitcoin.. which you would be more likely to lose your money if you involve yourself in shitcoins, trading or gambling.

[|MINER|]

When one person want to take long term strategy it is obvious to him he should a income source rather than he will not able to be Holding for lasting. If a holding strategy is taken without an income source, then that strategy will fail because it will be seen that the holding is doing right but for personal need, money has to be withdrawn from the holding's fund.  I have seen many people who have lost in the middle of a long time strategy.

[nullama]

When one person want to take long term strategy it is obvious to him he should a income source rather than he will not able to be Holding for lasting. If a holding strategy is taken without an income source, then that strategy will fail because it will be seen that the holding is doing right but for personal need, money has to be withdrawn from the holding's fund.  I have seen many people who have lost in the middle of a long time strategy.

Yeah, I think it usually helps to have mechanisms that make it a bit harder to access the money if you are planning to save it for the long term.

If it's easily reachable, then most people would use it earlier than what they planned. It's how the thing works, you use whatever money is easier first.

[Popkon6]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Accumulating Bitcoin holdings in particular must require an external source of income, if there is no source of income, the holdings must meet the household's financial needs. Emergency fund especially for basic needs is necessary because people's health is not always perfect, there are many reasons for getting sick, fees for consulting doctors and taufiq for taking daily medicine. So your income must be divided into several parts and systematically invested weekly or monthly for holdings. If you invest all the assets in one round then you will be in deficit, so in any case investing in DCA method can make your investment sound and long term.

[0t3p0t]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

It happened to most of us I think. I also fall victim to this when I thought hodling Bitcoin is enough without having another source of income but I ended up selling my Bitcoins for my personal and familiy's needs. It's sad reality when our plans don't meet our capability to sustain what we are doing in our daily lives. But there will always be a better way to solve this problem and that is one the reason why we are here right now. I think having more than one source of income is enough for us to hodl Bitcoin without any problem.

[moneystery]

most investors, especially beginners, ignore this advice because they immediately invest without a steady source of income. they invest with the thought that the money they invest will be able to multiply and when they need it later they can sell it to make a profit. but what happens is the opposite, their investment actually becomes a loss and when they need money they sell their assets at a loss.

and therefore it is quite important for an investor to be able to invest with a steady income. by having a fixed income, an investor can invest more smoothly and the possibility that they will sell their assets when they need the money may be reduced, so they can get better profits in the future.

[Ultegra134]

This is the truth indeed. I sold my Bitcoin in 2022 at cheap but my average buying price was too high. I was forced to sell because I needed some urgent cash. Not only that, I have started holding my Bitcoin since the beginning of 2023 and accumulated a good amount of BTC after all my expenses. FYI, Most of my savings are on Bitcoin and now I am in trouble. I have created a thread on the lending board asking for a Interest free loan because I don't want to sell my Bitcoin.

It was obvious that nobody would grant me a loan without interest. Still I tried what I could try. One of locals agreed to give me a interest free loan and probably I am not going to sell my Bitcoin this time. I will send him the BTC as collateral and that's how I am going to save my Bitcoin. We all know that the Bullrun is ahead. So, nobody would sell their Holding at this moment.

Well, that was wrong on your part. I'm guessing you bought too much Bitcoin without considering your budget, or there's something else you're not telling us, such as a decrease in your income for whatever reason. Despite what it is, you should always have a backup plan, or at least some savings in fiat currency. Having all your money on Bitcoin makes no sense. This is the point of this thread: it's almost impossible to acquire Bitcoin if you don't have a steady source of income, preferably multiple, but one also works if you're budgeting correctly.

Unfortunately, if you're currently struggling, I'd suggest you sell at a price that you deem reasonable, because I read your loan request and I'll have to disappoint you, but no one is going to fund your loan with no interest, especially to some stranger on the internet. Otherwise, I'd suggest you to look for any possible way to acquire a secondary source of income.

[tottong]

most investors, especially beginners, ignore this advice because they immediately invest without a steady source of income. they invest with the thought that the money they invest will be able to multiply and when they need it later they can sell it to make a profit. but what happens is the opposite, their investment actually becomes a loss and when they need money they sell their assets at a loss.

I think investing is quite simple for someone who doesn't have much capital and they can invest based on the percentage of money they have and adjust expenses to meet daily life.
This percentage will be ideal when someone can reach and be able to create a balance. If not, someone's finances will be quite problematic and when they need money for daily needs they will sell bitcoin even though the price is falling.

and therefore it is quite important for an investor to be able to invest with a steady income. by having a fixed income, an investor can invest more smoothly and the possibility that they will sell their assets when they need the money may be reduced, so they can get better profits in the future.

A fixed income is a must because we have responsibilities towards our family, but we are also required to be able to invest so that our finances become better. The more profits we get from various methods, the stronger our finances will be. Therefore, make a percentage for income, expenses and investment. When we can run it correctly, we can control all three well.

[2Pizza410000BTC]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

This has happened to me several times. Basically it becomes very difficult for those who belong to middle class and lower class families to invest in Bitcoin or other currencies. It is seen that we have accumulated some bitcoins using DCA method and there comes a time when the problem cannot be solved without selling these bitcoins as we have no other source from which we can supply money, eventually we are forced to sell those bitcoins. To solve family problems. So investment is good for those who have financial ability, those who have outside source of income can also invest but those who are middle class family or low class family who are connected to this bitcoin forum have no way to invest have to support their family by earning bitcoin.

[Gormicsta]

You must have a source of income if you must succeed in your holdings.

Not just having a source of income, you should have provision for emergencies. Hence there is a need to have emergency funds in case of loss of job, health issues or other unforeseen occurrences. You should always invest only what you can live without, that is why the DCA strategy will always be the best investment option. It facilitates investing at your pace and places less financial burden on the investor.

Life can be so unpredictable that if we don't prepare well enough for the future against any type of emergencies that may arise we might end up going back to square one like we never had a plan or a job in the first place.

There are circumstances that may hit a man that his single job that is his source of income can't handle it compared to when he's with multiple streams of income. Still fresh in my head the covid-19 pandemic that made a lot of companies to layoff some of their workers , I had a family member that was affected and that was how he fell back to his little savings (if it were bitcoin we would call it hodling). Assuming he had other sources of income flow a layoff from his company wouldn't have had such adverse effects on him that he fell back immediately to his savings. So I agree, having multiple streams is much better than just a single source of income in today's world.

However, some persons that sell their bitcoin hodling in some cases may not be as a result having no steady income source or  a single income source that later went bad but could be that they faced life challenges and circumstances that not even their multiple income source was capable to settle it all so they had no option but to sell their bitcoin hodling even in a loss or average price to settle their problems. Life is entirely unpredictable!

Part of the justification for an emergency fund is if the income streams dry up.  some guys like to go with the idea of merely having cashflow is going to save you, but it is not going to save you if you are not managing your cushion very well, and yeah sometimes multiple cashflow streams could dry up at the same time, and temporarily, there might not be any other options and sometimes the lack of other options could last 6- months or a year or longer and Covid likely lends some credibility to those kinds of outlier scenarios that end up really catching people off guard if they don't have something like an adequate emergency fund.

You raise a very significant point: some people undervalue the significance of having an emergency fund because they think that having several sources of income will shield them from all types of emergencies.
Yes, in an emergency all streams of income can all dry up at once, even if you have many. Just as you cited an example of the Covid-19 pandemic, emergencies can endure far longer than we anticipate. Therefore, even if you believe you have many sources of income, having an emergency reserve is crucial. Things could change at any time, so it's always best to be ready.

This is the truth indeed. I sold my Bitcoin in 2022 at cheap but my average buying price was too high. I was forced to sell because I needed some urgent cash. Not only that, I have started holding my Bitcoin since the beginning of 2023 and accumulated a good amount of BTC after all my expenses. FYI, Most of my savings are on Bitcoin and now I am in trouble. I have created a thread on the lending board asking for a Interest free loan because I don't want to sell my Bitcoin.

It was obvious that nobody would grant me a loan without interest. Still I tried what I could try. One of locals agreed to give me a interest free loan and probably I am not going to sell my Bitcoin this time. I will send him the BTC as collateral and that's how I am going to save my Bitcoin. We all know that the Bullrun is ahead. So, nobody would sell their Holding at this moment.

Well, that was wrong on your part. I'm guessing you bought too much Bitcoin without considering your budget, or there's something else you're not telling us, such as a decrease in your income for whatever reason. Despite what it is, you should always have a backup plan, or at least some savings in fiat currency. Having all your money on Bitcoin makes no sense. This is the point of this thread: it's almost impossible to acquire Bitcoin if you don't have a steady source of income, preferably multiple, but one also works if you're budgeting correctly.

I get your point 100%,
 Investing all of your money in Bitcoin is not a smart move, particularly if you don't have any other sources of income or savings in fiat. Investing should be diversified, and you should have a backup plan in case something goes wrong. I believe that using Bitcoin as a form of savings account rather than a checking account is far preferable. That is, investing in Bitcoin long-term while keeping other assets or savings in fiat. This way, you won't have to worry about sudden spikes or drops in price, or the need to visit your bitcoin account pointlessly, or even need to sell off a portion of it to cover unexpected expenses.

[JayJuanGee]

This is the truth indeed. I sold my Bitcoin in 2022 at cheap but my average buying price was too high. I was forced to sell because I needed some urgent cash. Not only that, I have started holding my Bitcoin since the beginning of 2023 and accumulated a good amount of BTC after all my expenses. FYI, Most of my savings are on Bitcoin and now I am in trouble. I have created a thread on the lending board asking for a Interest free loan because I don't want to sell my Bitcoin.

It was obvious that nobody would grant me a loan without interest. Still I tried what I could try. One of locals agreed to give me a interest free loan and probably I am not going to sell my Bitcoin this time. I will send him the BTC as collateral and that's how I am going to save my Bitcoin. We all know that the Bullrun is ahead. So, nobody would sell their Holding at this moment.

Well, that was wrong on your part. I'm guessing you bought too much Bitcoin without considering your budget, or there's something else you're not telling us, such as a decrease in your income for whatever reason. Despite what it is, you should always have a backup plan, or at least some savings in fiat currency. Having all your money on Bitcoin makes no sense. This is the point of this thread: it's almost impossible to acquire Bitcoin if you don't have a steady source of income, preferably multiple, but one also works if you're budgeting correctly.

Unfortunately, if you're currently struggling, I'd suggest you sell at a price that you deem reasonable, because I read your loan request and I'll have to disappoint you, but no one is going to fund your loan with no interest, especially to some stranger on the internet. Otherwise, I'd suggest you to look for any possible way to acquire a secondary source of income.

I was thinking about this too.  I thought that he already got a loan with bitcoin as collateral.  So I would think that anyone would want any such loan to be over-collateralized, and getting a loan without interest seems like charity work, and so there should be at least a minimum of somewhere between 3% to 6% annualized and even those kinds of rates might not even cover the cost of living changes..

Each of us should be careful in terms of the balances that we make in terms of if we want to be aggressive in buying bitcoin, and maybe we set some limits on ourselves and maybe even sometimes we become overly aggressive within boundaries, but then if we cross too far into overly aggressive, we devolve into gambling rather than investing, and so part of the challenge is to figure out those kinds of limits - which each of us should be able to accomplish those kinds of objectives, but it does take practice and I personally think that some of the better ways to reach a balance is to project out your income/expenses several months in advance, and if you engage in those kinds of practices, you will see if there are areas in which there are short-falls and you can try to make sure that you have a cash cushion to cover everything.. so then the question becomes if you are spending more than your income.... and once you are already in a pickle then it can sometimes be difficult to reverse.. so yeah, maybe it is not even correct to be expecting any kind of interest free loan, even though it seems that @Learn Bitcoin had gotten a forum member to agree to such... which seems that it would be a kind of charity that might well not be deserved as you seemed to suggest @Ultegra134.

most investors, especially beginners, ignore this advice because they immediately invest without a steady source of income. they invest with the thought that the money they invest will be able to multiply and when they need it later they can sell it to make a profit. but what happens is the opposite, their investment actually becomes a loss and when they need money they sell their assets at a loss.

I think investing is quite simple for someone who doesn't have much capital and they can invest based on the percentage of money they have and adjust expenses to meet daily life.
This percentage will be ideal when someone can reach and be able to create a balance. If not, someone's finances will be quite problematic and when they need money for daily needs they will sell bitcoin even though the price is falling.

You seem to be suggesting to invest into something and then just spend it all down based on fractions, which surely is not sustainable.. since you are not conceptually separating the principle and the appreciation and you seem to be just treating it as one lump sum.  Sure there are some kinds of assets that do not appreciate in value, and there are others that do.  One of the lucky things about bitcoin is that historically it has tended to appreciate in value quite extensively, so as long as we are ONLY drawing from the appreciation then we won't be depleting the principle.. which can take a while for guys to get their heads around such idea.. and sure maybe when we get to the end of our investment (or perhaps the end of our lives) then it might be acceptable to deplete the principle.

[leonair]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

If you don't have any source of income then you won't be able to hold because every person has daily expenses that he needs to meet so if he doesn't have a separate source of income then he won't be able to meet his daily expenses so he has to sell his bitcoin holdings.  Everyone needs a source of income that will be able to meet their daily expenses. Otherwise he cannot hold  He must sell his bitcoins

[Ultegra134]

I get your point 100%,
 Investing all of your money in Bitcoin is not a smart move, particularly if you don't have any other sources of income or savings in fiat. Investing should be diversified, and you should have a backup plan in case something goes wrong. I believe that using Bitcoin as a form of savings account rather than a checking account is far preferable. That is, investing in Bitcoin long-term while keeping other assets or savings in fiat. This way, you won't have to worry about sudden spikes or drops in price, or the need to visit your bitcoin account pointlessly, or even need to sell off a portion of it to cover unexpected expenses.

Investing more than you can afford in general is not advised, not just in Bitcoin. What's going to happen if you lose your job, get sick, or simply lose 10% or 20% of its value? You cannot sell because you'll be at a loss, and you're simply attempting to wait it out, hoping that it'll recover soon. What if it doesn't, or it takes several months? Then you'll be forced to sell, and there goes your Bitcoin investment. There goes nothing.

I was thinking about this too.  I thought that he already got a loan with bitcoin as collateral.  So I would think that anyone would want any such loan to be over-collateralized, and getting a loan without interest seems like charity work, and so there should be at least a minimum of somewhere between 3% to 6% annualized and even those kinds of rates might not even cover the cost of living changes..

Each of us should be careful in terms of the balances that we make in terms of if we want to be aggressive in buying bitcoin, and maybe we set some limits on ourselves and maybe even sometimes we become overly aggressive within boundaries, but then if we cross too far into overly aggressive, we devolve into gambling rather than investing, and so part of the challenge is to figure out those kinds of limits - which each of us should be able to accomplish those kinds of objectives, but it does take practice and I personally think that some of the better ways to reach a balance is to project out your income/expenses several months in advance, and if you engage in those kinds of practices, you will see if there are areas in which there are short-falls and you can try to make sure that you have a cash cushion to cover everything.. so then the question becomes if you are spending more than your income.... and once you are already in a pickle then it can sometimes be difficult to reverse.. so yeah, maybe it is not even correct to be expecting any kind of interest free loan, even though it seems that @Learn Bitcoin had gotten a forum member to agree to such... which seems that it would be a kind of charity that might well not be deserved as you seemed to suggest @Ultegra134.

Wow, this is one detailed reply. I'm not sure how @Learn Bitcoin is managing; I hope he's doing well; however, his investment technique is an example to avoid, and he's certainly not the only one who has made this mistake. It can happen, especially if you're overwhelmed, thinking of all the possibilities of your investment (this step usually ignores it going downhill). Generally, you need to find the balance between how much money you're needing to get by, minus some for saving and entertainment. The rest can be used for investments. If you cannot afford to set money aside, then you shouldn't be investing and need to find ways to increase your income or acquire multiple flows.

Personally, even though I've been in the Bitcoin scene since 2014, I can now safely claim that the last few years have been the most meaningful in terms of management and how I'm accomplishing things in terms of accumulating Bitcoin and obtaining new knowledge. I do have the budget to acquire more bitcoin, but currently I don't. I spent more than a year unemployed due to mandatory military enlistment, in which I was paid peanuts, which were barely enough to cover my expenses. As you can guess, during that time I wasn't willing to buy Bitcoin, even though I had a decent amount of savings aside.

I'm yet to be fully enstablished and back on my feet financially after my enlistment, and even now that I've got a reasonable-paying job, I'm not willing to put more money at stake, not because I'm not confident in Bitcoin, but because I want to be able to save both fiat and Bitcoin simultaneously, as I'm already setting aside every single satoshi I earn from signature campaigns.

I'm not sure if you get my point, but I prefer separating fiat and cryptocurrencies completely. Having investments doesn't mean that I'm not going to save in fiat currency as well; that's what I use to pay for everything in my daily life, thus, the one that is available at any time.

[Learn Bitcoin]

Well, that was wrong on your part. I'm guessing you bought too much Bitcoin without considering your budget, or there's something else you're not telling us, such as a decrease in your income for whatever reason. Despite what it is, you should always have a backup plan, or at least some savings in fiat currency. Having all your money on Bitcoin makes no sense. This is the point of this thread: it's almost impossible to acquire Bitcoin if you don't have a steady source of income, preferably multiple, but one also works if you're budgeting correctly.

Unfortunately, if you're currently struggling, I'd suggest you sell at a price that you deem reasonable, because I read your loan request and I'll have to disappoint you, but no one is going to fund your loan with no interest, especially to some stranger on the internet. Otherwise, I'd suggest you to look for any possible way to acquire a secondary source of income.

Let me clear it further. I am not struggling. My income is stable and I could be still okay without selling my Bitcoin and I would be able to manage my family expenses from my monthly earnings. The problem is, I have invested all my savings in Bitcoin and some other alts as well because we all know that the bull run is ahead and nobody want to miss that.

But, I have a plan to start a new business. We all know that it's not possible to open a business with a one month salary or income. So, I need a couple of thousand USD to start my business and I am glad to let you know that I have already manager large part of my initial investment without selling my Bitcoins. I hope I would be able to run my business within a couple of weeks.

[Ricardo11]

You should invest only the amount you can live without and handle emergencies. Because after investing all your money, if you don't have any cash and if there is an emergency such as health problem or some other major accident, how will you manage everything? Or how to get out of that problem? Then your invested money will be of no use in that emergency. So you should always have a source of income and keep some cash for emergencies. After depositing all the necessary funds, you can invest whatever money you have. As a result, you will never have to face any major problems.

[Pi-network314159]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

There I a serious need to have business to back up your hodl journey. Holding is not just a word to regularly emphasis but working towards it. Most Bitcoin investors couldn't make it to the end of their holding journey because of inproper planing and mismanagement.

Planing: you need to set your financial goal. Like setting up a business. If there are loan or Dept you owe, you pay them off to clear things that will be a hindrance in your bitcoin journey.
Settle other pressing need before you Start bitcoin hodl otherwise it will later affect you.

Mismanagement: sometimes mismanagement of fund or improper usage of fund can Leed to selling of accumulated bitcoin. Like lack of planing on your salary. Like keeping emergency fund asid incase of any problem. Because after setting you goal or plan on Bitcoin investment there is also need to keep that emergency fund. If there is no emergency fun it will be very difficult to finish or win the race.

Let us always remember to always keep emergency fund, because emergency fund is the only way to keep the hold journey going and unstoppable.

[Ever-young]

One thing about investment is that if you have what you do for life that gives you a stable income you will know from how much you earn how much will be due for all your daily expense and you also have to remove after your daily expenses an emergency funds this funds will be used to settle all your unforeseen expenses that might arise in future.

And after you have done all the deductions you need to do and you as a man or woman you still need some little cash you will use to keep up with your daily life style from there if the money is enough you can be able to make bitcoin investment without the fear of anything, because you are already aware that at the end of every month you will earn salary and it will be enough for you to cover up all other expenses, so in such situations you won’t need to worry about bitcoin price movement rather you will focus on what you can accumulate at the end of every month with your left over money. Those who have a stable cash flow are more of accumulator than some random buyers who might buy and end up losing money due to their incompetence of making the right calculation.

[Ultegra134]

Let me clear it further. I am not struggling. My income is stable and I could be still okay without selling my Bitcoin and I would be able to manage my family expenses from my monthly earnings. The problem is, I have invested all my savings in Bitcoin and some other alts as well because we all know that the bull run is ahead and nobody want to miss that.

But, I have a plan to start a new business. We all know that it's not possible to open a business with a one month salary or income. So, I need a couple of thousand USD to start my business and I am glad to let you know that I have already manager large part of my initial investment without selling my Bitcoins. I hope I would be able to run my business within a couple of weeks.

Understandable; thank you for making it clear. From your initial post along with the loan request, you were passing this vibe. Excuse me for misunderstanding and making assumptions. Anyway, I only wanted to point out the significance of budgeting and separating your cryptocurrency investments from your fiat money. A case similar to what you first described wouldn't be the first one we'd hear in the forum. The validity of these stories remains unclear, but it was a common occurrence to read similar cases from newbies on the forum; I remember reading quite a few during the bear market approximately a year ago.

[Tipeform$]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

There is a dream to hold, but in reality I can't hold. We are here but we are far behind in earnings but if we can earn well in future then we can definitely keep it. This may happen to many people who have held on but due to some family problems or personal problems have to sell those long held investments. But it is a fact that if a man has no source of income he can never invest and never succeed in investing. Also children of middle class families and low class families cannot invest even if they want to because they have to sell all the money they earn for family needs. However, if a person has a strong desire to invest something then he can definitely hold it even if it is small.

[Ryu_Ar1]

Well, that was wrong on your part. I'm guessing you bought too much Bitcoin without considering your budget, or there's something else you're not telling us, such as a decrease in your income for whatever reason. Despite what it is, you should always have a backup plan, or at least some savings in fiat currency. Having all your money on Bitcoin makes no sense. This is the point of this thread: it's almost impossible to acquire Bitcoin if you don't have a steady source of income, preferably multiple, but one also works if you're budgeting correctly.

Unfortunately, if you're currently struggling, I'd suggest you sell at a price that you deem reasonable, because I read your loan request and I'll have to disappoint you, but no one is going to fund your loan with no interest, especially to some stranger on the internet. Otherwise, I'd suggest you to look for any possible way to acquire a secondary source of income.

Let me clear it further. I am not struggling. My income is stable and I could be still okay without selling my Bitcoin and I would be able to manage my family expenses from my monthly earnings. The problem is, I have invested all my savings in Bitcoin and some other alts as well because we all know that the bull run is ahead and nobody want to miss that.

You can manage your expenses and don't have a problem with it then I don't think it will be too much of a problem but spending all your savings to be in bitcoin and other alternatives even though it's good enough but I think it's an aggressive action because after all, looking at the initial goal with long-term investment, it's actually an excessive action especially when you say about other alternatives in this case it might be altcoin (I don't dare to mention specifically because you don't explain it).

That's a bold move in my opinion because after all when you try to be in bitcoin even if it doesn't interfere with your needs today but doing it directly with all the savings you have is a little aggressive and I don't think it's too good if the money is going to be used for the near future.

[JayJuanGee]

[edited out]

Wow, this is one detailed reply. I'm not sure how @Learn Bitcoin is managing; I hope he's doing well; however, his investment technique is an example to avoid, and he's certainly not the only one who has made this mistake. It can happen, especially if you're overwhelmed, thinking of all the possibilities of your investment (this step usually ignores it going downhill). Generally, you need to find the balance between how much money you're needing to get by, minus some for saving and entertainment. The rest can be used for investments. If you cannot afford to set money aside, then you shouldn't be investing and need to find ways to increase your income or acquire multiple flows.

Personally, even though I've been in the Bitcoin scene since 2014, I can now safely claim that the last few years have been the most meaningful in terms of management and how I'm accomplishing things in terms of accumulating Bitcoin and obtaining new knowledge. I do have the budget to acquire more bitcoin, but currently I don't. I spent more than a year unemployed due to mandatory military enlistment, in which I was paid peanuts, which were barely enough to cover my expenses. As you can guess, during that time I wasn't willing to buy Bitcoin, even though I had a decent amount of savings aside.

I'm yet to be fully enstablished and back on my feet financially after my enlistment, and even now that I've got a reasonable-paying job, I'm not willing to put more money at stake, not because I'm not confident in Bitcoin, but because I want to be able to save both fiat and Bitcoin simultaneously, as I'm already setting aside every single satoshi I earn from signature campaigns.

I'm not sure if you get my point, but I prefer separating fiat and cryptocurrencies completely. Having investments doesn't mean that I'm not going to save in fiat currency as well; that's what I use to pay for everything in my daily life, thus, the one that is available at any time.

Well each of us has to decide how much we are ready, willing and able to put into bitcoin, so even if the amount that you put into bitcoin is not very much, at least if you are taking some action, then you are likely in a better position than those folks who have not even gotten started. 

And, yeah of course, there are no guarantees, and we do need to have some cash reserves, but ONLY up to a certain point our cash reserves are likely not holding their value very well, as compared to bitcoin.. even though there are no guarantees, there should be some recognition and appreciation for bitcoin's asymmetric upside bet opportunity, so even if you might consider 10% to be too high, then maybe you could consider 1%.. which hopefully is not too whimpy...sometimes if the investment amount is too low, then it might hardly even make a difference, even though something is better than nothing, especially when it comes to the idea of making sure that each of us should get off of zero and likely have at least 1% allocated to it.. even if we do not have a lot of confidence in it... but we also have to figure out how to hold our bitcoin privately too, once they get up to a certain value. .maybe $500 or $1k or more... I know that these threshold consideration kinds of numbers will vary from person to person.

[Learn Bitcoin]

Understandable; thank you for making it clear. From your initial post along with the loan request, you were passing this vibe. Excuse me for misunderstanding and making assumptions. Anyway, I only wanted to point out the significance of budgeting and separating your cryptocurrency investments from your fiat money. A case similar to what you first described wouldn't be the first one we'd hear in the forum. The validity of these stories remains unclear, but it was a common occurrence to read similar cases from newbies on the forum; I remember reading quite a few during the bear market approximately a year ago.

Usually, I do not invest all my savings in Bitcoin. I always keep some stablecoins and fiat money for emergencies. My average income is well enough for me and my family. But, you should look at the reason I already told you. I guess nobody wants to miss the bull run. I have lost some money in the past because of my own mistake. I wanted to be early on the market and my average buying price is 27K.

So, I consider my investment to be great so far. I will take some profit during the bull run and everything will be okay. I didn't even know that I was going to start a business. Suddenly, I found a store that is for sell and I don't want to miss this chance as well. So yeah, that's where I am right now.

[blckhawk]

You must have a source of income if you must succeed in your holdings.

Should've been obvious from the start, that you should be making money while investing because it takes a long time for someone to be able to reap the profits of investing in bitcoin. In fact, I advocate that besides finding a stable source of income, you should also increase the amount of things that you do that can provide you cashflow, be it a part-time work, extra or commission works, or another investment, it doesn't matter as long as you can find one to make sure that you're pursuing that goal, make sure though that you're choosing the one that you're comfortable doing, stress free or lesser stress than your main work, worth the time kind of pay and that it's more money for you compared to the other options. If you do this, you might also need to consider that you're going to need some time to rest, a little rest and relaxation won't hurt, it's going to be your way of detoxifying and resetting your body, if you don't do this then the money that you're saving and investing into bitcoin will eventually go back to hospital bills because you didn't consider rest for all the work that you're doing.

[wendty]

Obviously that's a prerequisite if you want to survive hodling bitcoin for a really long time. Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too much also make sure that you're doing your body a favor and getting enough rest while you work your ass off, you wouldn't benefit from multiple income streams if you die of fatigue. Make sure that your second source of income is not that intensive as your steady source which is your day job.

[Marvelman]

I don't mean to be a wet blanket here! But between job loss, medical bills, car trouble etc, enough things can go wrong without adding financial ruin into the mix.  Its sage advice not to put all your eggs in one basket. Even if that basket has the potential for big rewards.

Consider keeping some cash on hand for a rainy day, or diversify into other assets.  Going all in on one thing whether it's crypto or whatever, leaves you in a risky spot if that market craters. 

[edy_58]

Obviously that's a prerequisite if you want to survive hodling bitcoin for a really long time. Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too much also make sure that you're doing your body a favor and getting enough rest while you work your ass off, you wouldn't benefit from multiple income streams if you die of fatigue. Make sure that your second source of income is not that intensive as your steady source which is your day job.

If we want profits from investing in Bitcoin then we have to be able to hold it until the price of Bitcoin is high and we cannot know when that time will be and of course we have to hold it for a long period of time, having several sources of income is very important because if we only have with just one source of income, it will be very difficult to save and it won't even be enough for a month's needs if you only rely on one source of income.

After we work, it is very important for us to give our bodies the right to get enough rest, because it will be very difficult to focus on work if we don't have enough time to rest.

[Adams0001]

Obviously that's a prerequisite if you want to survive hodling bitcoin for a really long time. Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too much also make sure that you're doing your body a favor and getting enough rest while you work your ass off, you wouldn't benefit from multiple income streams if you die of fatigue. Make sure that your second source of income is not that intensive as your steady source which is your day job.

If we want profits from investing in Bitcoin then we have to be able to hold it until the price of Bitcoin is high and we cannot know when that time will be and of course we have to hold it for a long period of time, having several sources of income is very important because if we only have with just one source of income, it will be very difficult to save and it won't even be enough for a month's needs if you only rely on one source of income.

After we work, it is very important for us to give our bodies the right to get enough rest, because it will be very difficult to focus on work if we don't have enough time to rest.

Sure, that is the one secret of getting profit in bitcoin when you hold it for long term, because if you need fast money on crypto you need to engage in trading, which is very risky because you can lose all funds immediately if you are not a lucky person and you can get huge profit on it in just one day, but it is just a matter of understanding and getting enough knowledge on trading before you start it, some people prefer to invest in bitcoin than doing trading because investment will minimise there losses.

When you don't have a source of income, I won't advise you to do anything like trading or investing because he can lead you to many difficulties in life because if you don't have any source of income and you borrow money to invest and later the debt is due and the bitcoin price decreases the time your money dew, you won't be comfortable with yourself because you don't have any source that you can replace with investment to pay the debt, we need to be thinking before you can take decisions in anything.If you don't have much source of income and you think if you invest he won't cause any problems to you then you can start investing tiny amounts in bitcoin and progressively increase your profits.

[Gaza13]

Yes, of course, if we have investment assets for a very long period of time, we will definitely need another source of income, we cannot live every day with the assets we have. Investments not only rise, but prices fluctuate greatly.

but you need to remember that job loss can happen at any time, so we have to be prepared for something like this. So in my opinion we have to be smart about managing our finances and our time while still working at a company. Set aside a few percent for investment, set aside for survival and emergency funds. And we also shouldn't be too wasteful when we are young, it is better for us to live frugally when we are young, if our youth is used well it will determine our life in the future

[iamsange]

Obviously that's a prerequisite if you want to survive hodling bitcoin for a really long time. Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too much also make sure that you're doing your body a favor and getting enough rest while you work your ass off, you wouldn't benefit from multiple income streams if you die of fatigue. Make sure that your second source of income is not that intensive as your steady source which is your day job.

Everyone who wants to live more comfortably without feeling stressed through any difficulties must have two different incomes in their life and that is a very minimum for each of us' lives. Because for three different jobs it's not actually a problem of not being good or burdensome, but rather leading to not enough time because every person who is really focused on two or more jobs, it will definitely be difficult to manage if one of the jobs experiences excessive obstacles.

So it's better for just two as long as both can be managed well by ourselves so that we can also take a little time to rest so that our bodies don't get so tired from the amount of work that has to be done every day. I quite agree with this because a body that has more energy also really needs adequate rest, even though everyone always needs more work for maximum income in their life. But considerations about maintaining a healthy body are also an important part that must be considered, although it doesn't always have to be expressed.

[Inwestour]

Everyone who wants to live more comfortably without feeling stressed through any difficulties must have two different incomes in their life and that is a very minimum for each of us' lives. Because for three different jobs it's not actually a problem of not being good or burdensome, but rather leading to not enough time because every person who is really focused on two or more jobs, it will definitely be difficult to manage if one of the jobs experiences excessive obstacles.

So it's better for just two as long as both can be managed well by ourselves so that we can also take a little time to rest so that our bodies don't get so tired from the amount of work that has to be done every day. I quite agree with this because a body that has more energy also really needs adequate rest, even though everyone always needs more work for maximum income in their life. But considerations about maintaining a healthy body are also an important part that must be considered, although it doesn't always have to be expressed.

I've tried different options and trying to work multiple jobs is probably one of the worst experiences I've had in my life. And if you have the opportunity to earn extra money after working hours at the same job, then I have never had a better experience in my life.

You will be appreciated for your hard work, and you will always have the opportunity to earn extra money if necessary. Moreover, additional work should be paid at a double rate, if you are lucky enough to have such a job, then try to get the maximum result, it seems to me that an employer who values ​​his employees will care about maintaining the team.

[7juju]

Investing in bitcoin without having other source of income is like building a house without foundation. Once the challenges of life comes you will be forced dispose of the asset you are holding. Even if you have only one source of income you must not invest everything you earn in bitcoin, you should only invest a percentage of your income income in bitcoin through the DCA investment method, this way you can still survive and still have bitcoin.

[JayJuanGee]

I don't mean to be a wet blanket here! But between job loss, medical bills, car trouble etc, enough things can go wrong without adding financial ruin into the mix.  Its sage advice not to put all your eggs in one basket. Even if that basket has the potential for big rewards.

You seem to be making shit up (which could also be referred to as a strawman's fallacy) in order to try to appear as if you are the savior, and part of the point of the thread is already getting into the consideration that prior to investing it is better to have a source of income.

Consider keeping some cash on hand for a rainy day, or diversify into other assets.  Going all in on one thing whether it's crypto or whatever, leaves you in a risky spot if that market craters. 

Fuck crypto and fuck diversification.  Those are both distracting topics when we are talking about bitcoin here.

Anyone who is involved in the basic of considering whether to invest into anything and how much to invest does not need to get distracted into investing into a multitude of investments, and so there is nothing wrong with considering starting out with investing into bitcoin and also within that category figuring out how much disposable/discretionary cash is available to be able to invest, which gets back to the idea of having enough income to cover expenses .. and as many guys already mentioned, that whenever anyone starts to put any of his extra cash into anything besides cash, then the value changes relative to cash, so it becomes more important to make sure that he has an emergency fund that would take away from the need to ever have to dip into his investment, except at a time that is of his complete choosing. 

Guys also mentioned how extra cashflow sources could serve as a kind of emergency fund, which likely is not as good as having an actual emergency fund, even though it can be a solution to increase your income and to lessen the risk that any one drying up of cashflow would result in excessive shortages in cash.

And, sure like you said there are all kinds of reasons that an emergency fund might be needed, which further justifies to make sure to build that part of anyone's preparations, even sometimes an emergency fund and investing into bitcoin could be done at the same time, but there may be needs to be a lot less aggressive in the bitcoin investment until the emergency fund reaches a size that is sufficient to cover emergencies that may come about.

I personally believe that emergency funds should hardly ever end up being touched because anyone who is already accustomed to earning a living and having expenses, realizes that there is likely needs for a float in the cash balance and also reserves for the times in which cashflow versus expenses may well fluctuate.  Those are not emergencies.  Those are anticipated variances within the cashlfow and the amount of discretionary/disposable income that might be available from month to month (or whatever happens to be the pay periods or the times in which expenses come due).

[Churchillvv]

Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too

One thing I can tell you is, even if you have all the source of income and you're not prepared for investment you will still have to run some loss.
All you have to do is get your cash flow in a good condition and set out an emergency funds that can serve you at least for 6 months and minimum 3 months which is still not good enough but at least it can save you.

Another thing is your investment most not be all you got in life, you have to learn only to invest what you can do without for a very long time. ( what you can afford to loss).

As far as you have all this covered your good to go although you most have a basic knowledge of what you're investing on especially investing in Bitcoin.

[Mate2237]

Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too

One thing I can tell you is, even if you have all the source of income and you're not prepared for investment you will still have to run some loss.

Yes having different sources of income will help the investors to save their investment though if they didn't plan well it will not work fine but it will still help because the time that they would use to touch investment funds will not be like that again. And I believe there is no too much preparation in investment because all what you have to do is to have the basic knowledge of cryptocurrency and buy the coin you want to invest in and be hodling the coin for a long term plan.

So in the process of hodling, you need to do or earn from another source so that the investment will save.

[Kelvinid]

Adding more sources of income is not a guarantee that will make you live comfortably forever especially if you also change your lifestyle. It is a common problem for most that once a person increases their income, they also change their spending habit turning just like the same in the time that person has only a small income.

We don't need a lot of sources of income but what we need is financial education.
Many people become rich because they work hard and also, control their expenses but if our mindset is one-day millionaire, we still end up broke.

[JayJuanGee]

Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too

One thing I can tell you is, even if you have all the source of income and you're not prepared for investment you will still have to run some loss.

Yes having different sources of income will help the investors to save their investment though if they didn't plan well it will not work fine but it will still help because the time that they would use to touch investment funds will not be like that again. And I believe there is no too much preparation in investment because all what you have to do is to have the basic knowledge of cryptocurrency and buy the coin you want to invest in and be hodling the coin for a long term plan.

So in the process of hodling, you need to do or earn from another source so that the investment will save.

Hopefully you are not fucking around with shitcoins.  That is a whole other story.  There likely are not any shitcoins worth holding for the long term, unless you have some special in and out plan, but that is not the same as holding for long term, such as bitcoin where you could plan 4-10 years or longer. .but you cannot do that with shitcoins, so fuck off with the confusion, distraction and off-topicness of bringing shitcoins into this conversation as if shitcoins were the same (or a similar) idea as investing into bitcoin, which is the topic category of this thread.

[Bitcoin_people]

Of course investing always requires a festival without which one can never succeed. To be successful you must first go in search of income from which you can earn money and invest some of that accumulated money from which you will get profit. For example, you can only invest when you earn money from one source of income, otherwise you will not be able to invest. When investing your earnings in Bitcoin you plan to hold for a long time and from here you will be able to earn a lot of money. Of course, you can never lose patience with Bitcoin investment, rather you have to hold Bitcoins and invest them for a long time with patience. If you are a teacher person then you are definitely a patient person so if you want to profit from Bitcoin you need to hold the investment for a long time.

[YUriy1991]

Hopefully you are not fucking around with shitcoins.  That is a whole other story.  There likely are not any shitcoins worth holding for the long term, unless you have some special in and out plan, but that is not the same as holding for long term, such as bitcoin where you could plan 4-10 years or longer. .but you cannot do that with shitcoins, so fuck off with the confusion, distraction and off-topicness of bringing shitcoins into this conversation as if shitcoins were the same (or a similar) idea as investing into bitcoin, which is the topic category of this thread.

That's right, shitcoin. That's another story and it's a classic story that doesn't need to be discussed here.

[Gladitorcomeback]

Investing in bitcoin without having other source of income is like building a house without foundation. Once the challenges of life comes you will be forced dispose of the asset you are holding. Even if you have only one source of income you must not invest everything you earn in bitcoin, you should only invest a percentage of your income income in bitcoin through the DCA investment method, this way you can still survive and still have bitcoin.

One cannot be profitable if he lack another source of income without bitcoin. Bitcoin can give you profit but not a sudden one and for it you will wait.
If you invest in bitcoin but have no another source of income then from where you will get money obviously you will use bitcoin for the purpose of renting, feeding and other utilities.

One can find a way of earning through bitcoin if he search for a job then minimum percentage he use for bitcoin or other coins investment. Everything can be made possible and every person can struggle to do hard work for the fulfilment of his wishes but don't forget that every success has some ways which we should accept.

[bitterguy28]

You must have a source of income if you must succeed in your holdings.

Isn't it given that you have other source if you wanted to risk and invest in anything in life? that is stupidity if you wll just invest but has no money to feed your family .,

people must learn how to deal when it comes to money making , there are what we called daily income and there are investment , that is 2 different things  and I think none of us that investing in crypto does not know about that.

[rojan]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Accumulating Bitcoin holdings in particular must require an external source of income, if there is no source of income, the holdings must meet the household's financial needs. Emergency fund especially for basic needs is necessary because people's health is not always perfect, there are many reasons for getting sick, fees for consulting doctors and taufiq for taking daily medicine. So your income must be divided into several parts and systematically invested weekly or monthly for holdings. If you invest all the assets in one round then you will be in deficit, so in any case investing in DCA method can make your investment sound and long term.

Investing most of the time I do DCA method. When I get salary every week I invest small amount of money. So I am trying to invest in some coins slowly. But I don't know which way I started investing is for me.  I will know how much profit it will bring after waiting for few months.I like DCA method very much that's why I use DCA method every week.

[obuoma]

One cannot be profitable if he lack another source of income without bitcoin. Bitcoin can give you profit but not a sudden one and for it you will wait.
If you invest in bitcoin but have no another source of income then from where you will get money obviously you will use bitcoin for the purpose of renting, feeding and other utilities.

One can find a way of earning through bitcoin if he search for a job then minimum percentage he use for bitcoin or other coins investment. Everything can be made possible and every person can struggle to do hard work for the fulfilment of his wishes but don't forget that every success has some ways which we should accept.

Absolutely this is just a basic fact, because as an investor not having another source of income will make you to invest with fear because all your basic needs are on the investment. This is very dangerous as it will damage your psychology. Once this happened, it will make you to be impatience to hold your bitcoin and you will always miss the major opportunity.

Secondly I think discipline is one of the major tool someone that want to be successful should have. Discipline entails you getting the right information, apply risk management while investing and controlling your greed etc.  Discipline is not different from planning because it is discipline that is needed to be able to follow a plan. Many people actually plan well but lack the discipline to follow the plan. So discipline is very important.

[wtsimis]

If you don't have any source of income then you can't succeed in the world.

First you need to earn and save before investing. Since investing in cryptocurrencies requires you to accept risk, you cannot invest money in such a way that if you lose the money, you will suffer in life. So you cannot invest money which you may need anytime.
Turns out you invested in a token for a long time but suddenly after a few days you need the money but then the market bearishness has come and gone. Your property i.e. invested money has reduced a lot.
So before investing you must strengthen your own funds so that you don't have to monitor the investment after you invest.

[abel1337]

If you don't have any source of income then you can't succeed in the world.

First you need to earn and save before investing. Since investing in cryptocurrencies requires you to accept risk, you cannot invest money in such a way that if you lose the money, you will suffer in life. So you cannot invest money which you may need anytime.
Turns out you invested in a token for a long time but suddenly after a few days you need the money but then the market bearishness has come and gone. Your property i.e. invested money has reduced a lot.
So before investing you must strengthen your own funds so that you don't have to monitor the investment after you invest.

Well it's a common knowledge. On crypto space, having no source of income will pose a lot of risks. Crypto is on a riskier side of investments, if you put the money you shouldn't lose, it is a mistake obviously.

If somehow you invested your money on crypto that supposed to be for another purpose, you will forcefully sell your crypto on a losing side at worst. One of the basic rules on crypto is to invest money that you can afford to lose, it isn't wise to invest money that aren't allotted to investing.

[iamsange]

Investing most of the time I do DCA method. When I get salary every week I invest small amount of money. So I am trying to invest in some coins slowly. But I don't know which way I started investing is for me.  I will know how much profit it will bring after waiting for few months.I like DCA method very much that's why I use DCA method every week.

The method you use is a method that is quite comfortable and not at all burdensome as long as you can continue to receive your salary every week, because some people who do this are based on the intentions of their own hearts so they continue to feel comfortable using the DCA method every week and try to make profit calculations every month. I think what you are doing is good enough and hopefully beginners who want to invest can follow the method you are doing so they can feel clearer benefits from their investment.

[Learn Bitcoin]

You can manage your expenses and don't have a problem with it then I don't think it will be too much of a problem but spending all your savings to be in bitcoin and other alternatives even though it's good enough but I think it's an aggressive action because after all, looking at the initial goal with long-term investment, it's actually an excessive action especially when you say about other alternatives in this case it might be altcoin (I don't dare to mention specifically because you don't explain it).

Buddy, I know what I am doing 

Yes, I understand that maybe it's not good to invest all my savings into Bitcoin only. But I know what I am doing. The only reason is; that the bull run is ahead and I don't want to miss it. Since I bought a good portion of Bitcoin in the 27K range, I don't want to sell it too early. The thing is, I didn't take any loans to invest in Bitcoin. I did it with my savings. I had no savings three years ago.

But I have managed a couple of thousand dollars in Bitcoin, and I am good so far. I could sell it whenever I want. I am still in profit. So, I am regretting of what I am doing. I guess you understand my point. I wouldn't have asked for a loan if I didn't start a new business. But, I hope I will manage everything.

[TheUltraElite]

This is contrary to another hyped belief "leave your job and do bitcoin" - indeed the OP's statements work better than this.

A stable income is a cushion in the back when the crypto market drops or remains stagnant. You get your monthly crypto buying money from that too. Hence never give less importance to your day job if you have one or if you aspire to be in one.

Crypto is like the alternative income source here, it should be encouraged but never at the cost of the day job.

[JayJuanGee]

If you don't have any source of income then you can't succeed in the world.

First you need to earn and save before investing. Since investing in cryptocurrencies requires you to accept risk, you cannot invest money in such a way that if you lose the money, you will suffer in life. So you cannot invest money which you may need anytime.
Turns out you invested in a token for a long time but suddenly after a few days you need the money but then the market bearishness has come and gone. Your property i.e. invested money has reduced a lot.
So before investing you must strengthen your own funds so that you don't have to monitor the investment after you invest.

Well it's a common knowledge. On crypto space, having no source of income will pose a lot of risks. Crypto is on a riskier side of investments, if you put the money you shouldn't lose, it is a mistake obviously.

If somehow you invested your money on crypto that supposed to be for another purpose, you will forcefully sell your crypto on a losing side at worst. One of the basic rules on crypto is to invest money that you can afford to lose, it isn't wise to invest money that aren't allotted to investing.

Hopefully no one is investing in crypto. .since that is a meaningless term, which largely means shitcoins and/or trading and/or gambling.  Fuck shitcoins, at least when it comes to investing;;; however, if you want to trade them, that is another story.. you can trade shitcoins and potentially make a lot of money if you know how to play those kinds of games.. .. though I personally am not into trading and it is not necessarily easy to trade, since trading takes a lot of skills and perhaps luck too.. but there may be ways to set up trades that are not so much luck based but more about locking in profits and having more winners than losers.

Now if we are talking about investing, which seems to have had been more the thrust of ideas underpinning this thread, then we need to use the word bitcoin if that is what we are talking about.

If you are fucking around with shitcoins, then that involves other theories and practices involving when to get in and when to get out which is largely about trading.

If we are talking about bitcoin and investing, then you don't really need to focus very much on ideas about when to get out.. but you do likely need to make sure that your getting in strategies are sufficiently solid in order that you will be able to hold and perhaps even continue to invest for 4-10 years or longer.

[tygeade]

Understandable; thank you for making it clear. From your initial post along with the loan request, you were passing this vibe. Excuse me for misunderstanding and making assumptions. Anyway, I only wanted to point out the significance of budgeting and separating your cryptocurrency investments from your fiat money. A case similar to what you first described wouldn't be the first one we'd hear in the forum. The validity of these stories remains unclear, but it was a common occurrence to read similar cases from newbies on the forum; I remember reading quite a few during the bear market approximately a year ago.

Usually, I do not invest all my savings in Bitcoin. I always keep some stablecoins and fiat money for emergencies. My average income is well enough for me and my family. But, you should look at the reason I already told you. I guess nobody wants to miss the bull run. I have lost some money in the past because of my own mistake. I wanted to be early on the market and my average buying price is 27K.

So, I consider my investment to be great so far. I will take some profit during the bull run and everything will be okay. I didn't even know that I was going to start a business. Suddenly, I found a store that is for sell and I don't want to miss this chance as well. So yeah, that's where I am right now.

I believe that when you are getting in early like that, its actually quite good and there should be something that benefits you in the end. You are already at profit, but we all know that's not enough because we know that bitcoin price will keep going higher, and should be better, we need to just consider that as the most important part.

I believe that if you can hold a bit longer, then you will make a lot more profit when bitcoin price goes to 100k+ levels. I do not know when that will happen, but I am sure that eventually one day that will happen and that should be 4x profit for you. Considering how that is not that easily possible in the stock market or anything else, if you can do that within 2 years that should be great for you.

[Bd officer]

You must have a source of income if you must succeed in your holdings.

You are right, I agree with you. To be a successful investor you must have a good source of income. Many say, invest what you can afford to lose. First you find a good source of income and earn. Better to invest extra money after family expenses. The most correct way to invest is to invest in DCA method. If you invest in DCA method then there will be no stress on you, you can live life naturally. After meeting your family needs, invest a portion of the remaining money in Bitcoins. Even if you feel that the investment amount is too small but continue to invest in DCA method, hopefully one day your amount will be much bigger. No need to rush to invest, you invest slowly in DCA method and hold for long time hope you can achieve success.

[Pierre 2]

I think internet age caused various delusions towards people aged 10 to 35s. Most of us hate their jobs I am sure of it, but %99 of us need that job to survive. Bitcoin investments can completely change your life that's true, but when you are able to keep accumulating more and more Bitcoin thanks to your monthly income - its much better. Quitting job can only be viable strategy when you are able to daily trade crypto. And even if you are that much skillful, you will still need big savings to support that life.

[goldkingcoiner]

You must have a source of income if you must succeed in your holdings.

I would even go further and say that the source of income should be different sources. Depending on a single source of income is not a smart idea. 3-4 side-hustles is better than 1 wagie job. Even if one of those side jobs fail, you still have the other 3 sources of income. On the other hand, if your boss decides to fire you from your wagie job, its over. No more income until you find a new job.

I think the second scenario is what leads to selling your Bitcoin. With the first scenario, worst case, you would sell a small amount of your holdings.

[batang_bitcoin]

I think internet age caused various delusions towards people aged 10 to 35s. Most of us hate their jobs I am sure of it, but %99 of us need that job to survive. Bitcoin investments can completely change your life that's true, but when you are able to keep accumulating more and more Bitcoin thanks to your monthly income - its much better. Quitting job can only be viable strategy when you are able to daily trade crypto. And even if you are that much skillful, you will still need big savings to support that life.

While staying on that hated job of yours, it's a fact that many employees are staying to their hated jobs and eventually loved it because of the need to survive. A thing that can be loved in the long run from being hated didn't have any love at all. This is how we live today unlike long time ago, it's all about love and passion and dreams. But as we invest in Bitcoin, we really have to invest and I agree that in order for us to have a successful investment, we need to have other opportunities to take while assisting our investments in BTC.

[mvdheuvel1983]

You must have a source of income if you must succeed in your holdings.

Not just having a source of income, you should have provision for emergencies. Hence there is a need to have emergency funds in case of loss of job, health issues or other unforeseen occurrences. You should always invest only what you can live without, that is why the DCA strategy will always be the best investment option. It facilitates investing at your pace and places less financial burden on the investor.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

If possible have more than one source of income because having just one job in this present poor economic conditions in some countries is not sufficient to be a consistent and longtime Bitcoin investor.

This is one of the best advice to be given to someone who's interested in doing Bitcoin investments without fear and panic, you must not suffer to ensure you do the holdings rather you can help yourself by getting other means of getting money, get multiple sources of income, have a separate amount for your upkeep and daily bills, don't depend on only one source of income for investment and paying of other bills so you don't end up suffering while doing investments.

[Odohu]

You must have a source of income if you must succeed in your holdings.

You are right, I agree with you. To be a successful investor you must have a good source of income. Many say, invest what you can afford to lose.

I don't actually share in this philosophy of investing what one can afford to lose when it comes to investing in Bitcoin. If we use that phrase, it is like amplifying the risk of investing in Bitcoin which I think is minimal when the right approach to Bitcoin investment is applied which is long term investment. No one will willing make investment to lose, that is pure gambling so, that phrase of "invest what you can afford to lose" is not right with Bitcoin. Instead it should be "invest what you can afford to hold for long". With this statement, anyone investing in Bitcoin already know it is a long term investment and will not be eager to sell. This mindset is very important to be cultivated if one have to find peace with Bitcoin when it going through the natural phases of bear/bull markets which are sacrosanct.

As for the source of income, it is important as that is what is needed to be able to invest and HODL Bitcoin. Basic needs must be met and plans made for emergency funds to kept before talking about investing. This will reduce the eagerness to liquidate the asset because there will practically be no urgent needs for the money.

[Vaculin]

Yes, of course, if we have investment assets for a very long period of time, we will definitely need another source of income, we cannot live every day with the assets we have. Investments not only rise, but prices fluctuate greatly.

but you need to remember that job loss can happen at any time, so we have to be prepared for something like this. So in my opinion we have to be smart about managing our finances and our time while still working at a company. Set aside a few percent for investment, set aside for survival and emergency funds. And we also shouldn't be too wasteful when we are young, it is better for us to live frugally when we are young, if our youth is used well it will determine our life in the future

That is what we call financial protection. Not just in the case of losing our job but also when some emergency may happen to us at least, if we can't work we still have money to use unlike in the situation where we are fully reliant on our salary and if the job is over, we're empty as well.

So while we still have the chance, we must take the necessary things to do in order to grow our savings plus have some investments. In this way, we already secure our future. We won't be like those people who keep overspending and prioritizing themself now for some nonsense thing but not preparing for the future when we can't work anymore.

[Xampeuu]

Yes, of course, if we have investment assets for a very long period of time, we will definitely need another source of income, we cannot live every day with the assets we have. Investments not only rise, but prices fluctuate greatly.

but you need to remember that job loss can happen at any time, so we have to be prepared for something like this. So in my opinion we have to be smart about managing our finances and our time while still working at a company. Set aside a few percent for investment, set aside for survival and emergency funds. And we also shouldn't be too wasteful when we are young, it is better for us to live frugally when we are young, if our youth is used well it will determine our life in the future

That is what we call financial protection. Not just in the case of losing our job but also when some emergency may happen to us at least, if we can't work we still have money to use unlike in the situation where we are fully reliant on our salary and if the job is over, we're empty as well.

So while we still have the chance, we must take the necessary things to do in order to grow our savings plus have some investments. In this way, we already secure our future. We won't be like those people who keep overspending and prioritizing themself now for some nonsense thing but not preparing for the future when we can't work anymore.

To get financial freedom, I think we have to have at least 3 sources of income, where the first is monthly income, such as when we work or have other businesses that generate income and are able to meet our daily living needs, after that we move towards passive income, where our assets can generate money. without us having to work, for example on rent. On the other hand, we also have to have portfolio income, such as empty land that is increasingly being developed or investing in shares or cryptocurrency

[Strongkored]

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Not only must we have a source of income so that we can be successful in holding it, but also that income must meet all our main needs because if we force ourselves to buy coins and hold them but our main needs are not met, there is a big chance that we will sell them at a loss when we are pressed to meet our needs. In addition, we should also have small debt or even nil because the interest that must be paid will also reduce profits and we can be quite stressed looking at the debt, and indeed experience is the best teacher and we must remember what makes us fail in holding and evaluate it so as not to repeat the same mistakes.

[Questat]

We can't have financial freedom from just working alone but it can be found from having multiple sources of income. But it does not just stop there, we also have to learn financial literacy as this will help us with wise spending habits. Because it was useless and we still got empty even though we had multiple sources of income if we were spending too much. A wise person spends money on money multiplier stuff, not on things that have just gone into thin air.

Following a successful businessman is a good idea. We are not aiming to be as rich as them but at least we are doing similar things that they did.

[Vaskiy]

Financial freedom depends on income sources. More income sources will be the choice for investment. If a person is good at financial management, he or she can make wise investments even with a single income source. When a person has a single income source, it will be difficult to manage the situation as unexpected needs arise quite often. At times, we were in a situation where we had to compromise one for the other, and with more income streams, it was possible to allocate a specific income source for a particular purpose.

[LesterD]

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Not only must we have a source of income so that we can be successful in holding it, but also that income must meet all our main needs because if we force ourselves to buy coins and hold them but our main needs are not met, there is a big chance that we will sell them at a loss when we are pressed to meet our needs. In addition, we should also have small debt or even nil because the interest that must be paid will also reduce profits and we can be quite stressed looking at the debt, and indeed experience is the best teacher and we must remember what makes us fail in holding and evaluate it so as not to repeat the same mistakes.

When it comes to having debt, whether it is small or big, is not necessarily a bad thing and is stressful, as long as you know how to manage it properly. It's important to use your debt wisely and allocate it towards investments or ventures that can generate income. For instance, if you use your debt as capital for a business that brings in additional income, paying off your debt and its interest will not be a problem. The key is to make sure that you have a clear plan for how you will repay your debt and that you are using it in a way that will ultimately benefit you financially.

[Uhwuchukwu53]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

The truth stand that once you have made up mind In any investment to sustain it without falling half way, provision for unforseen circumstances must be put in place, over dependant on your investment shout be keep outside. Others source of income should be properly in place even if just small scale business that can handle your daily feeding responsibility. Some of the study I have undergo shows that any lacking such will find it difficult of becoming a long holder.

[armanda90]

To be long term holding in bitcoin and cryptocurrency must have source income if want to be success in the future, I have in this position when holding Doge and Ethereum coin. Inconsistency income due pandemic era have to sold Doge and Ethereum coins with lower price but few months later price up drastically and increasing more than 2000%. I don't sure for holder have diamond hand if haven't source income because daily needed make us blame must sell our assets.

When it comes to having debt, whether it is small or big, is not necessarily a bad thing and is stressful, as long as you know how to manage it properly. It's important to use your debt wisely and allocate it towards investments or ventures that can generate income. For instance, if you use your debt as capital for a business that brings in additional income, paying off your debt and its interest will not be a problem. The key is to make sure that you have a clear plan for how you will repay your debt and that you are using it in a way that will ultimately benefit you financially.

Its not good ideas when investing using debt or borrowing money, we can't controlling price of cryptocurrency in daily day or monthly will earn profit or not and other side every month we have loan interest have to pay on time. Better preparing source income firstly bigger than with loan interested in monthly if want take borrowing use for investing in cryptocurrency. Another thing you must have saving money under 50% of amount take borrowing use for investing in bitcoin before getting loa.

[serveria.com]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

So very true, but with one exception: if you are an early adopter and possess lots of coins it won't affect you much. Otherwise, living off your coins (without additional income) is a terrible idea, which could lead to premature liquidation and eventually going bust.

[GideonGono]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

It is true you couldn't succeed in holding cryptocurrency if you don't have other source of income.
You would always take some from your holding to use for your expenses, so if you want to hold your crypto make sure that you could support your expenses without moving your holdings.
After all those holdings should be considered as your savings or extra money so it shouldn't bother you when the price increase or decrease.

[Vinaa77]

Financial freedom depends on income sources. More income sources will be the choice for investment. If a person is good at financial management, he or she can make wise investments even with a single income source. When a person has a single income source, it will be difficult to manage the situation as unexpected needs arise quite often. At times, we were in a situation where we had to compromise one for the other, and with more income streams, it was possible to allocate a specific income source for a particular purpose.

By having many sources of income, we will be able to manage it easily and most importantly, we will be able to manage the finances we have well, because if we cannot manage the finances well, whatever income they have, it will be very difficult for them to save, especially if they have to invest.

It's true, if we only have one source of income it will be very difficult to manage it well, especially if we can't manage our finances well, of course we will always be short of meeting the needs we need and it would be better if we still had free time after working with a fixed income. what we have, we can look for activities that can bring in income for us so that we can cover the gaps in the necessities we need and if there is still any left over we can save and also invest.

[Moreno233]

I think internet age caused various delusions towards people aged 10 to 35s. Most of us hate their jobs I am sure of it, but %99 of us need that job to survive. Bitcoin investments can completely change your life that's true, but when you are able to keep accumulating more and more Bitcoin thanks to your monthly income - its much better. Quitting job can only be viable strategy when you are able to daily trade crypto. And even if you are that much skillful, you will still need big savings to support that life.

I will really love to know how you arrived at this conclusion that most people in their active age hate their jobs. Well it may be possible in some countries where government give unemployment benefits and take good care of their unemployed population. But here in my country, I doubt if such statement is correct because getting a job is the dream of every young person. With a job you will be able to achieve your targets including investing in Bitcoin which requires a source of income to be able to HODL. How can you hate your source of income, I mean something that gives your food? Were you forced to accept it?

To get financial freedom, I think we have to have at least 3 sources of income, where the first is monthly income, such as when we work or have other businesses that generate income and are able to meet our daily living needs, after that we move towards passive income, where our assets can generate money. without us having to work, for example on rent. On the other hand, we also have to have portfolio income, such as empty land that is increasingly being developed or investing in shares or cryptocurrency

It is not about how many sources of income you have that determine the level of success and comfort but how reliable are the sources of income. Funny enough, I have see some people under the guise of diversification invest their money in several different coins with the believe that if one happens to pump to several multiples of the investment, they will be fine. Unfortunately, luck ran out of some of them as they ended up investing their money in different shitcoins that died without vomiting any profit. So we should be careful of what we call sources of income or business because not all businesses or investment are worth making.

Of a truth, having reliable source of income is important as that is what will help anyone hold his Bitcoin investment. So effort should be made to secure a reliable source of income that can pay the bills and enable one invest with ease and comfort.

[milewilda]

If you don't have any source of income then you can't succeed in the world.

First you need to earn and save before investing. Since investing in cryptocurrencies requires you to accept risk, you cannot invest money in such a way that if you lose the money, you will suffer in life. So you cannot invest money which you may need anytime.
Turns out you invested in a token for a long time but suddenly after a few days you need the money but then the market bearishness has come and gone. Your property i.e. invested money has reduced a lot.
So before investing you must strengthen your own funds so that you don't have to monitor the investment after you invest.

Well it's a common knowledge. On crypto space, having no source of income will pose a lot of risks. Crypto is on a riskier side of investments, if you put the money you shouldn't lose, it is a mistake obviously.

If somehow you invested your money on crypto that supposed to be for another purpose, you will forcefully sell your crypto on a losing side at worst. One of the basic rules on crypto is to invest money that you can afford to lose, it isn't wise to invest money that aren't allotted to investing.

Hopefully no one is investing in crypto. .since that is a meaningless term, which largely means shitcoins and/or trading and/or gambling.  Fuck shitcoins, at least when it comes to investing;;; however, if you want to trade them, that is another story.. you can trade shitcoins and potentially make a lot of money if you know how to play those kinds of games.. .. though I personally am not into trading and it is not necessarily easy to trade, since trading takes a lot of skills and perhaps luck too.. but there may be ways to set up trades that are not so much luck based but more about locking in profits and having more winners than losers.

Now if we are talking about investing, which seems to have had been more the thrust of ideas underpinning this thread, then we need to use the word bitcoin if that is what we are talking about.

If you are fucking around with shitcoins, then that involves other theories and practices involving when to get in and when to get out which is largely about trading.

If we are talking about bitcoin and investing, then you don't really need to focus very much on ideas about when to get out.. but you do likely need to make sure that your getting in strategies are sufficiently solid in order that you will be able to hold and perhaps even continue to invest for 4-10 years or longer.

Sooner or later, you would really be able to find out those main differences on which it would really making out such realizations on which one would really be worthy on holding and which one would really be just that good for making trading but of course you could still be able to both apply if we do speak about Bitcoin investment or trading as long you are capable off. It would really be just that depending on how well you do hover yourself into this market whether you would be deciding on being that passive or would really be that active or simply matters on how you would really be doing such acts as long it could generate out that possible income or profits,  but if you are someone whose really that afraid on when it comes on taking risks then holding would be your best choice.

You would really be only needing on having that kind of problem when it comes to emotional aspect and discipline towards your thinking on how long you would be holding
and on when you would really be planning to sell on which this one would really differ into each other.

[Ultegra134]

Hopefully no one is investing in crypto. .since that is a meaningless term, which largely means shitcoins and/or trading and/or gambling.  Fuck shitcoins, at least when it comes to investing;;; however, if you want to trade them, that is another story.. you can trade shitcoins and potentially make a lot of money if you know how to play those kinds of games.. .. though I personally am not into trading and it is not necessarily easy to trade, since trading takes a lot of skills and perhaps luck too.. but there may be ways to set up trades that are not so much luck based but more about locking in profits and having more winners than losers.

Now if we are talking about investing, which seems to have had been more the thrust of ideas underpinning this thread, then we need to use the word bitcoin if that is what we are talking about.

If you are fucking around with shitcoins, then that involves other theories and practices involving when to get in and when to get out which is largely about trading.

If we are talking about bitcoin and investing, then you don't really need to focus very much on ideas about when to get out.. but you do likely need to make sure that your getting in strategies are sufficiently solid in order that you will be able to hold and perhaps even continue to invest for 4-10 years or longer.

That's true about shitcoins; I had never bothered until recently; I always stuck to Bitcoin, which became my first priority for long-term investments. I wouldn't have bothered if it weren't for the large number of Binance Launchpool projects that have been flowing in in the past few months, which were basically providing me with free passive earnings. I wouldn't call that investing, though; taking advantage of certain circumstances and messing around sounds more appropriate.

I believe that if you can hold a bit longer, then you will make a lot more profit when bitcoin price goes to 100k+ levels. I do not know when that will happen, but I am sure that eventually one day that will happen and that should be 4x profit for you. Considering how that is not that easily possible in the stock market or anything else, if you can do that within 2 years that should be great for you.

I also have an average purchase price of $27.000 to $28.000. Just like @Learn Bitcoin mentioned, no one wants to miss the bull run. Even though there were better opportunities in the past, $27.000 is still a decent average price that can easily return double or triple yields within the next few months. I'm not sure when and if we'll surpass $100.000 anytime soon, but personally, a decent amount to consider selling would be between $60.000 and $65.000, but that depends on one's priorities and goals.

[JayJuanGee]

If you don't have any source of income then you can't succeed in the world.

First you need to earn and save before investing. Since investing in cryptocurrencies requires you to accept risk, you cannot invest money in such a way that if you lose the money, you will suffer in life. So you cannot invest money which you may need anytime.
Turns out you invested in a token for a long time but suddenly after a few days you need the money but then the market bearishness has come and gone. Your property i.e. invested money has reduced a lot.
So before investing you must strengthen your own funds so that you don't have to monitor the investment after you invest.

Well it's a common knowledge. On crypto space, having no source of income will pose a lot of risks. Crypto is on a riskier side of investments, if you put the money you shouldn't lose, it is a mistake obviously.

If somehow you invested your money on crypto that supposed to be for another purpose, you will forcefully sell your crypto on a losing side at worst. One of the basic rules on crypto is to invest money that you can afford to lose, it isn't wise to invest money that aren't allotted to investing.

Hopefully no one is investing in crypto. .since that is a meaningless term, which largely means shitcoins and/or trading and/or gambling.  Fuck shitcoins, at least when it comes to investing;;; however, if you want to trade them, that is another story.. you can trade shitcoins and potentially make a lot of money if you know how to play those kinds of games.. .. though I personally am not into trading and it is not necessarily easy to trade, since trading takes a lot of skills and perhaps luck too.. but there may be ways to set up trades that are not so much luck based but more about locking in profits and having more winners than losers.

Now if we are talking about investing, which seems to have had been more the thrust of ideas underpinning this thread, then we need to use the word bitcoin if that is what we are talking about.

If you are fucking around with shitcoins, then that involves other theories and practices involving when to get in and when to get out which is largely about trading.

If we are talking about bitcoin and investing, then you don't really need to focus very much on ideas about when to get out.. but you do likely need to make sure that your getting in strategies are sufficiently solid in order that you will be able to hold and perhaps even continue to invest for 4-10 years or longer.

Sooner or later, you would really be able to find out those main differences on which it would really making out such realizations on which one would really be worthy on holding and which one would really be just that good for making trading but of course you could still be able to both apply if we do speak about Bitcoin investment or trading as long you are capable off. It would really be just that depending on how well you do hover yourself into this market whether you would be deciding on being that passive or would really be that active or simply matters on how you would really be doing such acts as long it could generate out that possible income or profits,  but if you are someone whose really that afraid on when it comes on taking risks then holding would be your best choice.

You would really be only needing on having that kind of problem when it comes to emotional aspect and discipline towards your thinking on how long you would be holding
and on when you would really be planning to sell on which this one would really differ into each other.

If someone chooses not to invest in shitcoins or to limit his exposure to shitcoins to less than 10% of his bitcoin investment, that does not mean that the person is "afraid" to take risks.

there is no need to imply that there is some benefit towards fucking around with shitcoins by adding more risk to an already risky investment.

Another way to describe the matter is that shitcoins are all reliant upon the success of bitcoin otherwise they would not be able to stand on their own, so if they are already correlated to bitcoin, then why add more risk by investing into them.. and without limiting your investment - absent some extra-ordinary circumstances.

Another thing is to think about investment versus trading. .. so you can invest into bitcoin, but if you get involved in any shitcoins, you need to think about your in and out strategy because you cannot invest in them, except for a short period of time.

Now if you come to some kind of an assessment  that you are able to feel comfortable with some shitcoin, then surely that is on you to come to such a conclusion, invest into it and hopefully it works out for you.. and I am not claiming that there are no shitcoin projects that might rise to that level of scrutiny, and so hopefully you have some clues about what it is that you are measuring if you do actually come to that kind of a conclusion about any one (or more than one) shitcoin.

[edited out]

That's true about shitcoins; I had never bothered until recently; I always stuck to Bitcoin, which became my first priority for long-term investments. I wouldn't have bothered if it weren't for the large number of Binance Launchpool projects that have been flowing in in the past few months, which were basically providing me with free passive earnings. I wouldn't call that investing, though; taking advantage of certain circumstances and messing around sounds more appropriate.

As long as you recognize the difference between investing and "messing around," there is nothing wrong with involving yourself in some of those kinds of projects - but it could devolve into a slippery slope and also a big waste of time and brain power, yet if you know how to moderate your involvement with those kinds of likely inferior products, then you may surely be able to both outperform bitcoin and also get some enjoyment out of the process of spending some of your time, money and energy in that direction.

I believe that if you can hold a bit longer, then you will make a lot more profit when bitcoin price goes to 100k+ levels. I do not know when that will happen, but I am sure that eventually one day that will happen and that should be 4x profit for you. Considering how that is not that easily possible in the stock market or anything else, if you can do that within 2 years that should be great for you.

I also have an average purchase price of $27.000 to $28.000. Just like @Learn Bitcoin mentioned, no one wants to miss the bull run. Even though there were better opportunities in the past, $27.000 is still a decent average price that can easily return double or triple yields within the next few months. I'm not sure when and if we'll surpass $100.000 anytime soon, but personally, a decent amount to consider selling would be between $60.000 and $65.000, but that depends on one's priorities and goals.

Historically a lot of folks have sold at or around prior ATHs and come to regret it.. but you can do what you like.

kind of reminds me of a lot of the smarter than everyone else folks who were selling their BTC in the $900s to $1,200s in early 2017, and also the ones who were selling $17k to $21k in late 2020 and early 2021.  I wasn't around for the early 2013 sales between $40 and $80, but surely they would have existed and they would not have faired too well

Part of the reason that some of us label those prices areas around the previous ATH as no man's land is for those very reasons that they do not tend to be great places to exit your BTC position in any significant way.. but again, hey do what you like..   By the way no man's land this time around is about $55k to $82k, and sure it might vary.. and we will see what happens...and maybe I can just say "sorry for your loss" in advance for those of you cashing out significant amounts of BTC in this range... even though there may well be somewhere in the ballpark of 40% odds that you could end up being correct. 

Each of us are responsible for our own choices, and whether you sell some or all of your BTC or not, don't come crying to me if you either sold or you failed to sell and the price direction does not work out for you.

[Yamifoud]

You must have a source of income if you must succeed in your holdings.
...

It was been said and based on my experience, it was difficult or even impossible to have financial freedom if we only just working and reliant on our salary. A lot of plans turn into just a dream that never happens. Perhaps, it is very challenging but we should get out of that situation by finding other ways - there's a lot for sure and only we need to discover them.

We don't need to live in our comfort zone but rather get out of it. Many people become a successful business, we can be like them as well. We just need to work hard and don't make a reason that we are poor, instead make this a reason to grow and find a better living not today but in the future as success never comes instantly. As long as we can wait, it will come momentarily.

[WatChe]

I will really love to know how you arrived at this conclusion that most people in their active age hate their jobs. Well it may be possible in some countries where government give unemployment benefits and take good care of their unemployed population. But here in my country, I doubt if such statement is correct because getting a job is the dream of every young person. With a job you will be able to achieve your targets including investing in Bitcoin which requires a source of income to be able to HODL. How can you hate your source of income, I mean something that gives your food? Were you forced to accept it?

Getting a job is requirement of people in most of the countries and if that job is good and according to your interest then it's ideal kind of thing to have. There are situations were we do job because we need money but it' according to our interest. For instance,  if somebody gave me a job where i have to post on bitcointalk.org then I will love this job as its also according to my interest.
I do agree that we need a job to meet our basic necessities and crypto should be for investment for longer period of time. Job gives you weekly or monthly return but in bitcoin sometimes you have to wait to see your investment going up.

[MFahad]

This is contrary to another hyped belief "leave your job and do bitcoin" - indeed the OP's statements work better than this.

A stable income is a cushion in the back when the crypto market drops or remains stagnant. You get your monthly crypto buying money from that too. Hence never give less importance to your day job if you have one or if you aspire to be in one.

Crypto is like the alternative income source here, it should be encouraged but never at the cost of the day job.

I know so many people who left their mainstream jobs to go all in Bitcoin, or I would say all in Crypto. i think there is nothing wrong in that since  Crypto is full of so many opportunities. everyone can make a living off bitcoiin if they know how to do that.
If someon have the right skils set, and know how to find jobs in crypto space, then he would not have  any problem making money in Bitcoin
other than that there are many mother ways to make money such as trading, mining, joining airdrops and all.

[HajiBagi]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

However, as an individual, you should understand bitcoin before you buy it or even consider buying it. If you claim to understand bitcoin and are still unable to hold onto it for an extended period of time, you may not fully understand it. Bitcoin is the kind of investment that you will be able to make before you buy it. Some people lack sources of income, but as soon as they hear about it, they will jump into it because they have heard about the bull run and how much money was made from it. Yes, bitcoin can be very profitable, but it is not for those who are not patient enough or hold for a long time.

I've seen a lot of people invest in bitcoin and then sell it for no profit, which is a sign that they lack patience or are simply incapable of making an investment in it. Some people, on the other hand, have sources of income but still sell their bitcoin whenever a bull run starts or the price rises; I think this indicates that some people don't think long term, and for those who are incapable of holding, I even advise staying away from bitcoin because that is not the proper way to hold the cryptocurrency.

[Miles2006]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

To be honest no one can invest in bitcoin without any source of income, have heard people stories on how they succeeded holding bitcoin till date, have you ever thought how did this happen, I have never gotten an opportunity to ask but aside from a source of income there's something attach to being a successful investor.
We can all agree a source of income can be the money we earn monthly for rendering a service, when referring to bitcoin it doesn't necessary mean you'll start with a huge amount and continue to accumulate with such huge amount it's not a must. A lot of salary earners can't afford enough for the family even with their salary due to the economy and the needs you mentioned rent, school fees etc. Does this necessary mean they should avoid investing, in my opinion no one should afford investing with such issue the best here is to double your hustle and always set aside some money for bitcoin investment.

[Y3shot]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

It is like that in every investment,  it is either to sell out your properties when it is hard to provide for your needs . A hungry man will always look up to where his money is settled, that is why it is impossible for people who don't have a source of income to invest.  Most people just have the mindset that it is all about bitcoin to become rich or financially balance. Before planning to start up investment in bitcoin it is very important for one to have steady flow of source of income, with this it will be possible to hodl bitcoin.

[kotajikikox]

First is how can you survive if your funds will all be for investing?

there is a thread recently that talks about Him focusing in bitcoin investing that even Eat just once a day to fulfill His dream of investing things that made me realized how desperate some people doing such.

ok lets assume that bitcoin reaches its top in the future but what if His health will be sacrificed and yeah before he take his money from the investment he already had a bad health because of denying his meals.

so indeed that what you said we need stable source of income before considering being investor.

[Learn Bitcoin]

I also have an average purchase price of $27.000 to $28.000. Just like @Learn Bitcoin mentioned, no one wants to miss the bull run. Even though there were better opportunities in the past, $27.000 is still a decent average price that can easily return double or triple yields within the next few months. I'm not sure when and if we'll surpass $100.000 anytime soon, but personally, a decent amount to consider selling would be between $60.000 and $65.000, but that depends on one's priorities and goals.

Yes. That's why I took the risk. Even I am still accumulating my Bitcoin from my signature campaign payments. I do not plan to sell in the 60K range yet. I might cash out some profits in that range. But I won't sell all of them since my target is way bigger. I wish I could hold them till 2030 and see what happens. We may not see 100K this year.

I believe we may see another ATH this year which could be 80K or so. The 100K range is a dream target for many of us. 2025 could be a year for Bitcoin. After that, many of us will buyback again and start preparing for another bullrun.

[iamsange]

It is like that in every investment,  it is either to sell out your properties when it is hard to provide for your needs . A hungry man will always look up to where his money is settled, that is why it is impossible for people who don't have a source of income to invest.  Most people just have the mindset that it is all about bitcoin to become rich or financially balance. Before planning to start up investment in bitcoin it is very important for one to have steady flow of source of income, with this it will be possible to hodl bitcoin.

On average, this is true because from every investor who has invested in Bitcoin for a long time, we can see that most of them have a source of income that is quite clear and also stable enough so that these investors will not disturb their savings in the form of Bitcoin as a future investment. Because we are all very aware of this, that humans cannot stand being hungry so they will always look at where their money is and this will often be sacrificed if there is no source of income from elsewhere.

So it has become very important to have a fairly stable income if you want to keep Bitcoin very safely for investment and not let it go unless it is time to release it at a more appropriate price into the market. I also agree more with the mindset of some investors who see the importance of Bitcoin more than other assets that can be obtained more easily at affordable prices. So Bitcoin will not be the main thing to sacrifice when an investor suddenly needs money in his life.

[Crypt0Gore]

It will get extremely hard if you don't have a source of income, because holding for long term requires some well funded bank account and also some inner patience, the most important is source of income because if there is enough to spend there won't be any need in selling your Bitcoin.

It's rare to see someone starting without nothing and successfully end up holding through all the bear market, it's not very common, even those that have good jobs still end up getting tired of holding their Bitcoin because the expected time they have in mind, thinking that Bitcoin will pump isn't happening, so they quit.

The first thing I advice crypto investors wannabes, if they need lots of fund for investment, using DCA strategy and it will be a lot easier if they have something paying them, nothing else than skills or job, a bitcoin investor who can't hold for long is a failed investor.

[Ultegra134]

Yes. That's why I took the risk. Even I am still accumulating my Bitcoin from my signature campaign payments. I do not plan to sell in the 60K range yet. I might cash out some profits in that range. But I won't sell all of them since my target is way bigger. I wish I could hold them till 2030 and see what happens. We may not see 100K this year.

I believe we may see another ATH this year which could be 80K or so. The 100K range is a dream target for many of us. 2025 could be a year for Bitcoin. After that, many of us will buyback again and start preparing for another bullrun.

Although some may call it reckless, possibly myself included, it's understandable. Any price below $30,000 was practically a bargain. I wish it lasted a little longer; now my payments in terms of BTC have been significantly reduced. Truth be told, at $60,000 I will have a little more than my current average purchase price, which is astonishing if you think about it; it's kind of tempting, even though I'm keen on holding at least till it surpasses its current ATH, but still, I doubt that I'd sell at that point. I don't want to set unrealistic expectations; we'll see what happens in the future.

[LesterD]

When it comes to having debt, whether it is small or big, is not necessarily a bad thing and is stressful, as long as you know how to manage it properly. It's important to use your debt wisely and allocate it towards investments or ventures that can generate income. For instance, if you use your debt as capital for a business that brings in additional income, paying off your debt and its interest will not be a problem. The key is to make sure that you have a clear plan for how you will repay your debt and that you are using it in a way that will ultimately benefit you financially.

Its not good ideas when investing using debt or borrowing money, we can't controlling price of cryptocurrency in daily day or monthly will earn profit or not and other side every month we have loan interest have to pay on time. Better preparing source income firstly bigger than with loan interested in monthly if want take borrowing use for investing in cryptocurrency. Another thing you must have saving money under 50% of amount take borrowing use for investing in bitcoin before getting loa.

I did not suggest using borrowed money to invest in cryptocurrency. I specifically recommended using funds that can generate income. I know that it is not advisable to use debt to invest in cryptocurrency as there is no guarantee of when you will be earning a return on your investment. This approach will only prolong your debt problem.

[JayJuanGee]

I also have an average purchase price of $27.000 to $28.000. Just like @Learn Bitcoin mentioned, no one wants to miss the bull run. Even though there were better opportunities in the past, $27.000 is still a decent average price that can easily return double or triple yields within the next few months. I'm not sure when and if we'll surpass $100.000 anytime soon, but personally, a decent amount to consider selling would be between $60.000 and $65.000, but that depends on one's priorities and goals.

Yes. That's why I took the risk. Even I am still accumulating my Bitcoin from my signature campaign payments. I do not plan to sell in the 60K range yet. I might cash out some profits in that range. But I won't sell all of them since my target is way bigger. I wish I could hold them till 2030 and see what happens. We may not see 100K this year.

I believe we may see another ATH this year which could be 80K or so. The 100K range is a dream target for many of us. 2025 could be a year for Bitcoin. After that, many of us will buyback again and start preparing for another bullrun.

Keep in mind that the $60k range is in the middle of no man's land...

Yes. That's why I took the risk. Even I am still accumulating my Bitcoin from my signature campaign payments. I do not plan to sell in the 60K range yet. I might cash out some profits in that range. But I won't sell all of them since my target is way bigger. I wish I could hold them till 2030 and see what happens. We may not see 100K this year.

I believe we may see another ATH this year which could be 80K or so. The 100K range is a dream target for many of us. 2025 could be a year for Bitcoin. After that, many of us will buyback again and start preparing for another bullrun.

Although some may call it reckless, possibly myself included, it's understandable. Any price below $30,000 was practically a bargain. I wish it lasted a little longer; now my payments in terms of BTC have been significantly reduced. Truth be told, at $60,000 I will have a little more than my current average purchase price, which is astonishing if you think about it; it's kind of tempting, even though I'm keen on holding at least till it surpasses its current ATH, but still, I doubt that I'd sell at that point. I don't want to set unrealistic expectations; we'll see what happens in the future.

A lot of mistakes had to have been made to have a current average price of BTC around $60k.. especially given your forum registration date.

The best thing for you to do would probably treat your whole BTC holdings as if you were starting over, and just DCA for 4-10 years before you do any kind of selling, because face it you seem to suck at selling (or trading) or whatever you are doing when BTC has been an overwhelming winning investment over the past 9 years.. and there were many points that you could have had gotten into bitcoin and just accumulated it for 4 years or more and then be in a great place right now.. but instead it seems that you probably had been fucking around. .and that is why you have average BTC costs around $60k.

Guys likely need to learn to accumulate BTC first and probably spend some time holding too.. .. so frequently they are going to need at least a cycle and a half (6 years) or maybe longer with a combination of accumulation and holding..and in the whole scheme of things if you are ongoingly accumulating, then your oldest accumulations should be in more profits than your newer ones, including more likely to have multiple compounding effects.. especially if we consider back to late 2014, there have been at least 6-7 doublings.. depending upon from where you start to count.

0  (start) 250
1   500
2   1000
3   2000
4   4000
5   8000
6   16000
7   32000
8   64000

[Asuspawer09]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

We are probably the same since in the beginnings of cryptocurrency there are a lot of things that I really realized as well, in the past years on my investment I ended up selling some of my investments just because I really needed that money for some reason, there are for sure a lot of times that you're gonna end up forced to sell your investment in cryptocurrency just because you just doesnt have a source of income or probably income that is enough to sustain you, that is the reason why a lot of investors are going to recommend you to only invest a small percentage of your assets on cryptocurrency, before even starting or thinking on investing on cryptocurrency or Bitcoin just main sure that you are already well equipped with your funds and saving, and you already have the financial foundation for that, something like emergency saving, education, insurance and many more.

If you already have that secured you not gonna end up just selling your investment at the wrong timing or worst case at a lose because you are being forced to sell your cryptocurrency because you just really needed that money.

[Bd officer]

The first thing I advice crypto investors wannabes, if they need lots of fund for investment, using DCA strategy and it will be a lot easier if they have something paying them, nothing else than skills or job, a bitcoin investor who can't hold for long is a failed investor.

Yes, you are right about that those who cannot hold the investment for a long time taras are really failed investors. Actually everyone can invest but not everyone can hold for a long time patiently. If one wants to be successful in investing then one should aim to hold the investment for a long time. However, Bitcoin is definitely profitable if held for a long time. I have a small investment, I am still investing in DCA method. My goal is to hold for a long time. I hope to get good profit from my investment in 2025.

[I_Anime]

The first thing I advice crypto investors wannabes, if they need lots of fund for investment, using DCA strategy and it will be a lot easier if they have something paying them, nothing else than skills or job, a bitcoin investor who can't hold for long is a failed investor.

Yes, you are right about that those who cannot hold the investment for a long time taras are really failed investors. Actually everyone can invest but not everyone can hold for a long time patiently. If one wants to be successful in investing then one should aim to hold the investment for a long time. However, Bitcoin is definitely profitable if held for a long time. I have a small investment, I am still investing in DCA method. My goal is to hold for a long time. I hope to get good profit from my investment in 2025.

whenever any Investor wanna withdraw their investment actually depend on them though, but the truth must be told holding for long term is more profitable. And just the best because most time most investors that sell their investment prematurely may eventually end up saying "had I known" that why there's sources that you can be earining some extra funds for emergency funds to reduce the urge of withdrawing your investment. That why most people keep saying that if you wanna invest you got to use funds you can stay without for long...

[Su-asa]

First is how can you survive if your funds will all be for investing?

there is a thread recently that talks about Him focusing in bitcoin investing that even Eat just once a day to fulfill His dream of investing things that made me realized how desperate some people doing such.

ok lets assume that bitcoin reaches its top in the future but what if His health will be sacrificed and yeah before he take his money from the investment he already had a bad health because of denying his meals.

so indeed that what you said we need stable source of income before considering being investor.

I gets the points which you are saying about this thread, IMO the OP is do not actually eat 1 time meal a day because ime can not survive such, just think about it.
The OP said that so we can understand how he was so committed to accumulate Bitcoin effortlessly because he believes that Bitcoin will change his life in time to come and not with how Bitcoin is growing today we have to say that the OP efforts didn't go in vain because Bitcoin has a good future. You either others might not be able to see it but let's just hold and watch out of other parts.
There's no person that can make it up to buy bitcoin every month when he's not working, that not possible, you must have a source of if income like the OP of the other discussion I just posted, if the OP didn't have a source of income he couldn't have continued buying Bitcoin.

[Blitzboy]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

We are probably the same since in the beginnings of cryptocurrency there are a lot of things that I really realized as well, in the past years on my investment I ended up selling some of my investments just because I really needed that money for some reason, there are for sure a lot of times that you're gonna end up forced to sell your investment in cryptocurrency just because you just doesnt have a source of income or probably income that is enough to sustain you, that is the reason why a lot of investors are going to recommend you to only invest a small percentage of your assets on cryptocurrency, before even starting or thinking on investing on cryptocurrency or Bitcoin just main sure that you are already well equipped with your funds and saving, and you already have the financial foundation for that, something like emergency saving, education, insurance and many more.

If you already have that secured you not gonna end up just selling your investment at the wrong timing or worst case at a lose because you are being forced to sell your cryptocurrency because you just really needed that money.

Bitcoin is more than an investment - its a commitment to a financial philosophy that emphasizes innovation and possibility. You're right - it needs a solid financial foundation. I always urge newbies to have emergency finances, insurance, and college savings. This is smart and essential.

Many can relate to your point of selling at a loss. It emphasizes the need for a well-balanced investment approach. Bitcoin offers financial independence but also requires responsibility. When you have your essentials covered, you can keep onto your investments and ride out the market's volatility, which historically rises.

[Ryu_Ar1]

You can manage your expenses and don't have a problem with it then I don't think it will be too much of a problem but spending all your savings to be in bitcoin and other alternatives even though it's good enough but I think it's an aggressive action because after all, looking at the initial goal with long-term investment, it's actually an excessive action especially when you say about other alternatives in this case it might be altcoin (I don't dare to mention specifically because you don't explain it).

Buddy, I know what I am doing 

Yes, I understand that maybe it's not good to invest all my savings into Bitcoin only. But I know what I am doing. The only reason is; that the bull run is ahead and I don't want to miss it. Since I bought a good portion of Bitcoin in the 27K range, I don't want to sell it too early. The thing is, I didn't take any loans to invest in Bitcoin. I did it with my savings. I had no savings three years ago.

But I have managed a couple of thousand dollars in Bitcoin, and I am good so far. I could sell it whenever I want. I am still in profit. So, I am regretting of what I am doing. I guess you understand my point. I wouldn't have asked for a loan if I didn't start a new business. But, I hope I will manage everything.

Sorry guys no offense but when you already know what you are doing then you are unlikely to be confused with your business planwhich is indeed a new plan because your savings and all the money you have including unexpected needs you all use to buy bitcoin and some altcoins maybe shitcoin so in this case I think you are lacking in planning even though indeed your life is maintained because you don't use your daily needs money there (because only use all the savings you have) but indeed when there are some needs that in the end are not too unexpected like wanting to do a new business you become a hassle then this can be considered your planning is less mature.

It is not wrong to be a little aggressive especially when prices are still considered cheap because it is an optional condition but again using all your savings without considering unexpected needs I think it is too much friend.

[SeriouslyGiveaway]

This is absolutely true, not only with Bitcoin but also in any investment field. You must maintain a stable source of income before thinking about investing, firstly we have outside capital that can supplement our investment, secondly we do not need to worry about the amount of money we have invested because of urgent external needs. I, like you, have been in the situation of having to sell my Bitcoin when I needed money in outside life, and I believe many people have also been in this situation.
Investing is a boring job, because you just need to sit still and do nothing for a long time, so the amount of money you spend on investing must also be the amount of money we determine that we don't need it for a while long. If you determine that you have not done this, you should not think about investing, because there will be a time when you have to sell your investment asset before it increases in price, and I believe the feeling of regret later will be even more terrible than you skip investing from the beginning.

[Ben Barubal]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

   It's true what you mentioned that when we have long-term holdings, we must have another source, because every day we spend, especially if we have a family to support or relatives to help.

   So it's good that we don't have only one source of income. At least while we wait for the time frame of our Bitcoin sale, we can still save for the future and the dreams we want. Especially at this time, this is not the right time to sell bitcoins or other altcoins that have potential in the future.

[Learn Bitcoin]

Sorry guys no offense but when you already know what you are doing then you are unlikely to be confused with your business planwhich is indeed a new plan because your savings and all the money you have including unexpected needs you all use to buy bitcoin and some altcoins maybe shitcoin so in this case I think you are lacking in planning even though indeed your life is maintained because you don't use your daily needs money there (because only use all the savings you have) but indeed when there are some needs that in the end are not too unexpected like wanting to do a new business you become a hassle then this can be considered your planning is less mature.

It is not wrong to be a little aggressive especially when prices are still considered cheap because it is an optional condition but again using all your savings without considering unexpected needs I think it is too much friend.

I am sorry but could you please use some punctuation in your texts? I am not a native English speaker and do not know where to stop. Please use commas and full stops when necessary. Now I am giving you an answer based on what I understood. Yes, you could say that I am lacking of planning. But it's not true that I have invested ALL my savings INCLUDING unexpected needs. I feel like you never know how much money to start a business. Otherwise, you won't say that.

My business needs a couple of thousand dollars, and I have already managed a big portion of it. As of writing, 90% of my funds were managed without selling a single satoshi. Now, If you hate altcoins or shitcoins, that's your personal opinion and I do not care about it. If you do not respect others just because they said they have invested some money in shitcoin, you have very low moral. 90% of my portfolio is BTC only and the rest is alts. If you do not like having alts for other purposes, we can't be friends.

[Nangiconference]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

I came across a post where someone said 'he invested his last dime while he was faced with starvation and homelessness because his conviction did not allow to touch his capital. He stated categorically that he feeds once a day whereas he was having an investment in bitcoin'. That condition is not an easy one. Judging from my perspective, I can't endure hunger, be homeless and feed once just to hold my investment. My brother if you die, your investment will lost.
I think before investing there should should be other source(s) of income because life must be in continuace.

[JayJuanGee]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

I came across a post where someone said 'he invested his last dime while he was faced with starvation and homelessness because his conviction did not allow to touch his capital. He stated categorically that he feeds once a day whereas he was having an investment in bitcoin'. That condition is not an easy one. Judging from my perspective, I can't endure hunger, be homeless and feed once just to hold my investment. My brother if you die, your investment will lost.
I think before investing there should should be other source(s) of income because life must be in continuace.

Sometimes extreme examples will help to illustrate these kinds of various points regarding both discretion and even figuring out a balance, including that each of us is not going to make the same choices in regards to how to find balance, if any.

Some times people do end up making the wrong kinds of choices, which might be a demonstration of someone's life to be continuously making bad choices and part of the reason that some persons are living on the very edge and without any kind of normal financial cushion has to do with their ongoingly making wrong choices, and perhaps sometimes not even being able to get out of their situation once it gets to such a bad place that it becomes harder and harder to build some kind of a steady income stream... because sometimes even a homeless person might come to realize that he needs to change his ways and figure out a way out of his situation after he had gotten himself into such a place..

[Hypnosis00]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

I came across a post where someone said 'he invested his last dime while he was faced with starvation and homelessness because his conviction did not allow to touch his capital. He stated categorically that he feeds once a day whereas he was having an investment in bitcoin'. That condition is not an easy one. Judging from my perspective, I can't endure hunger, be homeless and feed once just to hold my investment. My brother if you die, your investment will lost.
I think before investing there should should be other source(s) of income because life must be in continuace.

Sometimes extreme examples will help to illustrate these kinds of various points regarding both discretion and even figuring out a balance, including that each of us is not going to make the same choices in regards to how to find balance, if any.

Some times people do end up making the wrong kinds of choices, which might be a demonstration of someone's life to be continuously making bad choices and part of the reason that some persons are living on the very edge and without any kind of normal financial cushion has to do with their ongoingly making wrong choices, and perhaps sometimes not even being able to get out of their situation once it gets to such a bad place that it becomes harder and harder to build some kind of a steady income stream... because sometimes even a homeless person might come to realize that he needs to change his ways and figure out a way out of his situation after he had gotten himself into such a place..

Most of the time people realize their mistakes and wrongdoings when they are on the edge of suffering difficulties in life and think --why do I never save money and invest when I can still have a good job and huge income? People usually don't think about preparation instead, they prefer to make themselves happy today and suffer later. That is why only a few people are into doing business while a lot of people are in the labor force even though they are old already as they don't have other options to live.

Even in crypto, people already hear about Bitcoins but still ignore the opportunity. Yes, it is really the choice of the person but sadly most of the time they choose the wrong one.

[Asuspawer09]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

We are probably the same since in the beginnings of cryptocurrency there are a lot of things that I really realized as well, in the past years on my investment I ended up selling some of my investments just because I really needed that money for some reason, there are for sure a lot of times that you're gonna end up forced to sell your investment in cryptocurrency just because you just doesnt have a source of income or probably income that is enough to sustain you, that is the reason why a lot of investors are going to recommend you to only invest a small percentage of your assets on cryptocurrency, before even starting or thinking on investing on cryptocurrency or Bitcoin just main sure that you are already well equipped with your funds and saving, and you already have the financial foundation for that, something like emergency saving, education, insurance and many more.

If you already have that secured you not gonna end up just selling your investment at the wrong timing or worst case at a lose because you are being forced to sell your cryptocurrency because you just really needed that money.

Bitcoin is more than an investment - its a commitment to a financial philosophy that emphasizes innovation and possibility. You're right - it needs a solid financial foundation. I always urge newbies to have emergency finances, insurance, and college savings. This is smart and essential.

Many can relate to your point of selling at a loss. It emphasizes the need for a well-balanced investment approach. Bitcoin offers financial independence but also requires responsibility. When you have your essentials covered, you can keep onto your investments and ride out the market's volatility, which historically rises.

Might be better if we already have a multiple sources of income before even stating on investing on Bitcoin but for sure there are still some people that is investing on cryptocurrency that only have it as the only investment. Probably risking everything on cryptocurrency, i dont really blame them since when im a newbie that is what I do as well putting and risking everything on cryptocurrency without even realizing how risky cryptocurrency is, I just started to realize it on experience on investing in vryptocurrency when the market started to drop and  i realize the market cycle the bullrun and bear market. With that I start saving and investing on my financial foundation so that even if cryptocurrency fails I still have a backup plan and i could easily recover.

[Tmoonz]

I think internet age caused various delusions towards people aged 10 to 35s. Most of us hate their jobs I am sure of it, but %99 of us need that job to survive. Bitcoin investments can completely change your life that's true, but when you are able to keep accumulating more and more Bitcoin thanks to your monthly income - its much better. Quitting job can only be viable strategy when you are able to daily trade crypto. And even if you are that much skillful, you will still need big savings to support that life.

I will really love to know how you arrived at this conclusion that most people in their active age hate their jobs. Well it may be possible in some countries where government give unemployment benefits and take good care of their unemployed population. But here in my country, I doubt if such statement is correct because getting a job is the dream of every young person. With a job you will be able to achieve your targets including investing in Bitcoin which requires a source of income to be able to HODL. How can you hate your source of income, I mean something that gives your food? Were you forced to accept it?

To get financial freedom, I think we have to have at least 3 sources of income, where the first is monthly income, such as when we work or have other businesses that generate income and are able to meet our daily living needs, after that we move towards passive income, where our assets can generate money. without us having to work, for example on rent. On the other hand, we also have to have portfolio income, such as empty land that is increasingly being developed or investing in shares or cryptocurrency

It is not about how many sources of income you have that determine the level of success and comfort but how reliable are the sources of income. Funny enough, I have see some people under the guise of diversification invest their money in several different coins with the believe that if one happens to pump to several multiples of the investment, they will be fine. Unfortunately, luck ran out of some of them as they ended up investing their money in different shitcoins that died without vomiting any profit. So we should be careful of what we call sources of income or business because not all businesses or investment are worth making.

Of a truth, having reliable source of income is important as that is what will help anyone hold his Bitcoin investment. So effort should be made to secure a reliable source of income that can pay the bills and enable one invest with ease and comfort.

 
Having a reliable source of income is very fundamental an essential but it is not enough rather working towards having a meaningful and determine purpose is what makes it more colourful. There are those who have this reliable source of income but create room for mismanagement they even become indebted before the end of month yet they have reliable source of income, curtailing budgets and expenses according pressing needs could help in achieving individual goals in life and in Bitcoin accumulation. Having a reliable source of income flow makes some individual to be too comfortable and at such spending extravagantly over things that may not be necessary. So having a reliable source of income in not just enough but rather having a better control over your income flow is what Will give the best investment opportunities.

[JayJuanGee]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

I came across a post where someone said 'he invested his last dime while he was faced with starvation and homelessness because his conviction did not allow to touch his capital. He stated categorically that he feeds once a day whereas he was having an investment in bitcoin'. That condition is not an easy one. Judging from my perspective, I can't endure hunger, be homeless and feed once just to hold my investment. My brother if you die, your investment will lost.
I think before investing there should should be other source(s) of income because life must be in continuace.

Sometimes extreme examples will help to illustrate these kinds of various points regarding both discretion and even figuring out a balance, including that each of us is not going to make the same choices in regards to how to find balance, if any.

Some times people do end up making the wrong kinds of choices, which might be a demonstration of someone's life to be continuously making bad choices and part of the reason that some persons are living on the very edge and without any kind of normal financial cushion has to do with their ongoingly making wrong choices, and perhaps sometimes not even being able to get out of their situation once it gets to such a bad place that it becomes harder and harder to build some kind of a steady income stream... because sometimes even a homeless person might come to realize that he needs to change his ways and figure out a way out of his situation after he had gotten himself into such a place..

Most of the time people realize their mistakes and wrongdoings when they are on the edge of suffering difficulties in life and think --why do I never save money and invest when I can still have a good job and huge income? People usually don't think about preparation instead, they prefer to make themselves happy today and suffer later. That is why only a few people are into doing business while a lot of people are in the labor force even though they are old already as they don't have other options to live.

Even in crypto, people already hear about Bitcoins but still ignore the opportunity. Yes, it is really the choice of the person but sadly most of the time they choose the wrong one.

I would not suggest that it is obvious to choose to be a business person rather than working for someone else, and a lot of businesses either fail or the owners do not really end up gaining more than what he could have gained by merely being an employee - and surely certain kinds of employees can receive greater wages than others, and sure there are some places where employees cannot really make very much money at all without somehow advancing their skills or their education.

Maybe a related part to investing is being able to save and therefore having more income than expenses, and so there could still be ways that regular people are able to save enough and invest enough in something like bitcoin, when some of those opportunities had not previously been available to them through traditional investment channels.  So of course, we have opportunities with bitcoin, and no guarantees, and also ways that guys can screw things up if they are not exercising discipline in their own investments to try to make sure that they are earning more than they are spending and so therefore they are ONLY using the money that is left over which is referred to as their discretionary/disposable income...

and yeah, the guy on the street who hardly has anything to his name and he is not sure about how he is going to get his next meal, he likely is not in a good position to invest, even though there could be ways that he might be able to organize whatever he does have so that he might figure out if he can earn an income that is greater than his expenses, and so therefore he would be able to invest.. even though surely many regular people would like to have a bit of comforts in terms of having a roof over their heads and also food and other kinds of basic security and needs.. so that he can make sure that whatever he is investing is not actually needed for the next 4-10 years or more.  If he is just betting on the potential for a short term upswing in the BTC price, then he is not investing, but instead gambling.

Might be better if we already have a multiple sources of income before even stating on investing on Bitcoin but for sure there are still some people that is investing on cryptocurrency that only have it as the only investment. Probably risking everything on cryptocurrency, i dont really blame them since when im a newbie that is what I do as well putting and risking everything on cryptocurrency without even realizing how risky cryptocurrency is, I just started to realize it on experience on investing in vryptocurrency when the market started to drop and  i realize the market cycle the bullrun and bear market. With that I start saving and investing on my financial foundation so that even if cryptocurrency fails I still have a backup plan and i could easily recover.

Your frequent use of the term crypto currency and also suggest that people investing into crypto currency might know know what it is or its risks are.. and your whole post makes little to no sense, except for your own claim that you are a newbie..

Hopefully you are not investing in shitcoins, and hopefully you know the difference between bitcoin and shitcoins..  that would be one of the best places to start.  Start with bitcoin and figure out bitcoin for several years before you go out an explore shitcoins and then just confuse yourself to such an extent that you don't even seem to know what you are talking about.. as if such a thing as crypto actually exists.. it is a dumb, confusing, non-specific, misleading and sometimes disingenuine term, even if you hear others speaking and/or writing in those kinds of vague ways. 

If you don't want to go on being vague and speaking in gobbledy gook, then your responsibility should be (at minimum) to learn the difference between bitcoin and shitcoins..   

You only use the term bitcoin one time in your post, so it causes me to speculate that you might not know what the fuck you are talking about.. because hopefully people are not investing into crypto.. that would be dumb.

Having a reliable source of income is very fundamental an essential but it is not enough rather working towards having a meaningful and determine purpose is what makes it more colourful. There are those who have this reliable source of income but create room for mismanagement they even become indebted before the end of month yet they have reliable source of income, curtailing budgets and expenses according pressing needs could help in achieving individual goals in life and in Bitcoin accumulation. Having a reliable source of income flow makes some individual to be too comfortable and at such spending extravagantly over things that may not be necessary. So having a reliable source of income in not just enough but rather having a better control over your income flow is what Will give the best investment opportunities.

The less reliable your income, then the more that you would need to make sure that you have an emergency fund, reserves and/or a float... other wise you should not be using whatever money you do have for investing..

Of course, if investments get to a certain high size, then the investments can be used as a source of income, but if any of us is in the building stage of our investment many times it is better to build the investment for a long term prior to drawing from it early.. since there is a lot of value and power to build an investment over a long period of time, and there are increasing chances that a longer term investment is going to be able to compound upon itself several times.. especially in something like bitcoin, even though bitcoin has had a solid historical performance in terms of providing great returns over time, there are no guarantees. .even while at the same time bitcoin's investment thesis does not seem to be getting weaker, either..

[Julien_Olynpic]

Most of the time, it can actually be difficult for us to figure out a good entry point into Bitcoin. This is especially difficult to do when you do not have technical or wave analysis. However, even in this case we may have errors. Therefore, the DCA strategy has become widespread among people investing in Bitcoin. She does not look for the bottom and does not even set such a goal for herself. We simply enter the position in many small parts.
      But with this strategy, it is really important to have a source of regular income. After all, before success in investments comes to you, you will need to pay utility bills and pay for many things for many years. This will gradually reduce your capital.

[Zanab247]

Most of the time, it can actually be difficult for us to figure out a good entry point into Bitcoin. This is especially difficult to do when you do not have technical or wave analysis. However, even in this case we may have errors. Therefore, the DCA strategy has become widespread among people investing in Bitcoin. She does not look for the bottom and does not even set such a goal for herself. We simply enter the position in many small parts.
      But with this strategy, it is really important to have a source of regular income. After all, before success in investments comes to you, you will need to pay utility bills and pay for many things for many years. This will gradually reduce your capital.

If you understand the way very well, I don't think is difficult for people to have other sources of income because there are many job opportunities in some countries were people can get daily or weekly payment to solve some problem that will make them to sell their BTC but some just depend only on their BTC and it has made many to sold their BTC at loss.

 If you look at the community very well, you will discover that those wealthy bitcoiners make use of this strategies to have other sources of income that made them who they are through the BTC they hodl over some years to achieved what they want.

[Outhue]

Crypto is a four years cycle thing, can you survive for the next four years while investing in Bitcoin? Ask yourself this question first before doing anything, because most people that started investing ends up getting tired of the whole thing, the motivation they had at the beginning is not there anymore, and that's because their preparation sucks from the beginning.

I started with no job too but those days were better, there was paying airdrops and free faucets on the internet, I started this crypto investment with nothing and I made some money from airdrops that's how I ended up buying my first Bitcoin, today things are too uncertain, even airdrops today don't always pay, testnets are good, running nodes are nice but not all of them pays.

So yeah, it's not a bad idea to advice people about how important source of income is while they are planning to start investing in Bitcoin, you would probably get nowhere if you don't have a source of income and still proceed, think about your survival on the long run first.

[EarnOnVictor]

The first thing I advice crypto investors wannabes, if they need lots of fund for investment, using DCA strategy and it will be a lot easier if they have something paying them, nothing else than skills or job, a bitcoin investor who can't hold for long is a failed investor.

Yes, you are right about that those who cannot hold the investment for a long time taras are really failed investors. Actually everyone can invest but not everyone can hold for a long time patiently. If one wants to be successful in investing then one should aim to hold the investment for a long time. However, Bitcoin is definitely profitable if held for a long time. I have a small investment, I am still investing in DCA method. My goal is to hold for a long time. I hope to get good profit from my investment in 2025.

The reason for this is that we do not have the same personalities, we can handle situations, investments, emotions and others better than each other as human beings. However, those who are short of the good qualities in this regard could still strive to do better instead of relaxing by training themselves since there is nothing that training can't achieve if we give our best and have a positive mindset that we can do it. Talking about this subject matter, that is one of the reasons why I tell people that learning to gain the experience of what to do and how to do it is not enough but we must have the needed psychological qualities as well. Many know the way but are not just qualified for the mental part which is also a setback for them.

Also, many factors can be responsible, and one of them is the lack of adequate resources to back our plan up, and the investment of the money that is too dear to us, and that we can't afford to lose. If all these could be eliminated, I think that it would go a long way in increasing our power to wait for a positive investment (patience). I wonder how the person who needs to pay his children's school fees can hold the money in investment packages conveniently and patiently, that money is too precious to lose and pressing to spend. This could hurt also if the initially gained profit was removed due to unfavourable market conditions. Therefore, bad investment decisions can come through this situation. Not even with DCA approaches as pressing money will always cause emotion. But your plan on the DCA is good, it doesn't matter, it could be systematically invested with only a small portion committed frequently, and that person could take this time to get the money securely over time instead of burdening himself at once.

[bettercrypto]

Well, honestly speaking, investing in bitcoin is easy to do as long as you have the means to buy it, but if you do it without any idea or knowledge, that's a bit of a wrong move, especially if you don't do any study, at least here in Bitcoin.

Yes, Bitcoin is proven and tested, but investing in it doesn't end there. Once you've done it and you have Bitcoin, what do you do next? Are you just going to wait for its value to increase by doing nothing? Since you can really do this if you are a businessperson, what if you are not? Will it only work? What about the things you eat every day while you wait for the right day or time to increase the price of Bitcoin? Do you get what I mean?

[Abdulzuruku01]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Great advice It's important that we have a source of income before we begin holding. Since hearing about bitcoin, I have been preparing to start holding so that I can join the beneficiaries because I get jealous of others who seem to be making huge profits from holding, especially during the bull run. I don't want to rush myself now because I will find it extremely frustrating if I want to start holding now, because my current source of income won't allow me to save enough if I say I will be holding and also saving for other things outside. but I have planned that I will begin my investment after this bull run by using DCA strategy, I learned about the DCA strategy and how to use it during my research, had I known about it earlier I should have saved a lot by now. However, I still don't regret it because investing would frustrate me if I jumped into it without proper knowledge.

[AnonBitCoiner]

Well, honestly speaking, investing in bitcoin is easy to do as long as you have the means to buy it, but if you do it without any idea or knowledge, that's a bit of a wrong move, especially if you don't do any study, at least here in Bitcoin.

Yes, Bitcoin is proven and tested, but investing in it doesn't end there. Once you've done it and you have Bitcoin, what do you do next? Are you just going to wait for its value to increase by doing nothing? Since you can really do this if you are a businessperson, what if you are not? Will it only work? What about the things you eat every day while you wait for the right day or time to increase the price of Bitcoin? Do you get what I mean?

Bitcoin is a successful Currency and is a good platform for making huge profits therefore if you have a mean and source of getting money then you can manage saving for bitcoin investment. Those who have no means of earning and are taking money from others in order to make bitcoin investment are not wise one even they know each and everything about the bitcoin.

Knowledge and experience is not everything to get success but sometimes market situations also matter a lot therefore do less investment but use your own money and if you don't have any source then wait until you find an earning source. Daily needs are also important and one cannot leave it for investment because a person cannot live hungry all the time and cannot achieve success by setting alone, has nothing to eat and nothing to earn so try to find source first and then invest.

[Gormicsta]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Indeed, the importance of having an Emergency Fund cannot be overemphasized, like someone said, if you're holding Bitcoin without an emergency fund, you can't call yourself an investor because you're not investing but gambling with your asset. Surely Emergencies are inevitable so they'll come whether you see them coming or not, so it's only best you prepare for it so you won't be taken unaware. Because if you don't have a reserve for emergencies, then you'll be forced to run back to your investment every single time you need money for an emergency.
Just imagine going to your investment whenever you need money for rent, or whenever you need to get supplies for the house or maybe when you wanna sort the bills, you'll be killing your investment gradually, because rather than growing, it'll be diminishing every single time you touch it.
So Emergency Funds are a must if you wanna have a successful investment.

[eye-con]

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money  to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Indeed, the importance of having an Emergency Fund cannot be overemphasized, like someone said, if you're holding Bitcoin without an emergency fund, you can't call yourself an investor because you're not investing but gambling with your asset. Surely Emergencies are inevitable so they'll come whether you see them coming or not, so it's only best you prepare for it so you won't be taken unaware. Because if you don't have a reserve for emergencies, then you'll be forced to run back to your investment every single time you need money for an emergency.
Just imagine going to your investment whenever you need money for rent, or whenever you need to get supplies for the house or maybe when you wanna sort the bills, you'll be killing your investment gradually, because rather than growing, it'll be diminishing every single time you touch it.
So Emergency Funds are a must if you wanna have a successful investment.

Aside from having an emergency fund, it is important to have a steady job that can provide for your financial needs. While investing is a good way to grow your money, it is important to keep in mind that you cannot sell or move your investment unless you make a profit. It is also important to avoid investing money that you will need to withdraw later to pay your bills, as this can hinder the success of your investment.

[Botnake]

Having own source of income is essential if you extend yourself into bitcoin investment for long term. Without stable source of income, you will not be able to stretch out your patience longer especially if the current market condition demands you to hold more of your coins. With that, if you have a good source of stable income, that will be your advantage as you won’t resort into panicking and early selling of your coins if the market suddenly crash and leave bitcoin price dumping.

[JayJuanGee]

Most of the time, it can actually be difficult for us to figure out a good entry point into Bitcoin. This is especially difficult to do when you do not have technical or wave analysis. However, even in this case we may have errors. Therefore, the DCA strategy has become widespread among people investing in Bitcoin. She does not look for the bottom and does not even set such a goal for herself. We simply enter the position in many small parts.
      But with this strategy, it is really important to have a source of regular income. After all, before success in investments comes to you, you will need to pay utility bills and pay for many things for many years. This will gradually reduce your capital.

If you understand the way very well, I don't think is difficult for people to have other sources of income because there are many job opportunities in some countries were people can get daily or weekly payment to solve some problem that will make them to sell their BTC but some just depend only on their BTC and it has made many to sold their BTC at loss.

 If you look at the community very well, you will discover that those wealthy bitcoiners make use of this strategies to have other sources of income that made them who they are through the BTC they hodl over some years to achieved what they want.

Maybe part of the point is that it is pretty fucking stupid to be spending your bitcoin if you are still building your portfolio, and so you are never going to get anywhere in terms of really believing that you have an investment if you are spending it... so you don't have to be rich in order to figure out some ways to make sure that you hang onto your bitcoin, you don't spend it, you spend other sources first, and if you cannot achieve that, then you are not engaging in long term investing..

and another thing about long term investing is that you likely need more than a whole cycle to really feel the compounding effects, so maybe even a cycle and a half minimum... and at the same time there are no guarantees and also if you are continuing to invest the whole time, such as over 6 years, then your earliest purchased coins have gone through a cycle and a half, but your latest purchase coins might be barely even profitable, they might even be unprofitable until they have had some time to stay in a kind of HODL situation, even though bitcoin has been volatile and quite likely to continue to be volatile, so surely people get nervous about buying coins that might take a while to go into negative and even to start to compound on themselves.. so coins bought in 2021 and even into the earlier parts of 2022 are not doing as great right now, as compared with coins bought in late 2022 and through much of 2023.. so it can take a while to germinate, including coins bought in late 2017, may weil have gone through some troubles too (especially during late 2022).. even though clearly even those late 2017 coins are starting to feel a lot more comfortable these days even though they might not have had compounded very many times, yet.

It is interesting that tranthidung has a pretty cool site (tool) that shows us the profitability history of any of our particular purchase dates.

................The second question, for Bitcoin investors, can be explained with the following chart.

• https://hodl.camp/
• Click on some icons at the top right corner to customize color of the chart.
• As of writing, the HODL line is 5 year and 1 month. This line changes with Bitcoin prices and with time, stay updated by using the chart.

 ...............Choose one color setting you like to use.....................

[edited out]

Aside from having an emergency fund, it is important to have a steady job that can provide for your financial needs. While investing is a good way to grow your money, it is important to keep in mind that you cannot sell or move your investment unless you make a profit. It is also important to avoid investing money that you will need to withdraw later to pay your bills, as this can hinder the success of your investment.

Personally,  I consider an emergency fund to be necessary no matter if you have an income or not; however, the less reliable and steady your income, the more important that you have an emergency fund, a float and reserves, so even if you do not have an income you would draw from your float and your reserves first, and your emergency fund should be ONLY for emergencies, and the fact that you do not have a job surely is an emergency, but it should be one that any of us is attempting to resolve as soon as possible, especially once we have run out of reserves and float....

and surely investing into something like bitcoin also requires maintaining all of those things, and you can still invest into bitcoin, but if you are getting down to your emergency fund, and you don't have any idea when your cashflows are coming in, then it would be quite difficult to justify investing into bitcoin or anything else.. ...

so then the source of income is a matter of degree rather than whether or not.. because most of us already agree that you have to have an income that is already coming in (even if it might not be regular) or something that is expected in the future, but then if you are investing into BTC, then you would likely be taking from your reserves and/or from your float.. and . .taking from your emergency fund does not seem justified, since that would then put someone into the territory of gambling rather than investing, unless the person has pretty solid information that some kind of income was going to be coming back in the near future.

In the end, people can do what they like, but if they are too loosey and goosey with their finances, then they are gambling rather than investing, and even if some people like to live like that, they likely do have some ideas about how they are not going to run out of money, even if they are mooching off family and relatives for food and lodging, then someone is paying for that persons upkeep, so yeah in those kinds of circumstances, they are using their friends/family as income, reserves, float and/or emergency fund.. otherwise, if they are having to live off the land and/or engage in questionable behaviors to get value.. then those would be other ways that some people might be able to figure out ways to get money or to be able to live, and maybe even not having to sell their bitcoin if they are figuring out ways that food, shelter and other basics are going to be available.

[airbin]

I think that 2+2=4, right? there are things that just happen, you have to teach that, that is: you have to support your investments, sometimes I think that many discover trivial things and see them as if they were something scientific.

[angrybirdy]

Having own source of income is essential if you extend yourself into bitcoin investment for long term. Without stable source of income, you will not be able to stretch out your patience longer especially if the current market condition demands you to hold more of your coins. With that, if you have a good source of stable income, that will be your advantage as you won’t resort into panicking and early selling of your coins if the market suddenly crash and leave bitcoin price dumping.

That's what I am thinking too, If you don't have a stable source of income and suddenly there is a problem when it comes to your finances, maybe what will happen is that you will just move your investment in crypto.so others advise that your savings must be separate from investment, and you cannot rely in only one source of income because it will be more difficult for you to manage your finances in case of problems and you will not have anything else to draw from, but your bitcoin investment only.

[Nechiequ]

-quote-

Aside from having an emergency fund, it is important to have a steady job that can provide for your financial needs. While investing is a good way to grow your money, it is important to keep in mind that you cannot sell or move your investment unless you make a profit. It is also important to avoid investing money that you will need to withdraw later to pay your bills, as this can hinder the success of your investment.

I think prioritizing a steady job is the right step for our financial health and if it is possible to make investments it will be calmer because if you have a steady job even if our investment has not paid off we still have a steady income that makes us psychologically healthy but if we only rely on income from investment it is very difficult to do except for those who are experts in this field and have qualified capital.
 The most important thing for me is to have a steady job and try to have healthy investments, and having an emergency fund is also very important for better financial growth when finances deteriorate I think it will be a solution. So I think we have to have a steady job, then healthy investments, and have an emergency fund. Maybe that will be easy to get through.

[pinggoki]

Maybe part of the point is that it is pretty fucking stupid to be spending your bitcoin if you are still building your portfolio, and so you are never going to get anywhere in terms of really believing that you have an investment if you are spending it... so you don't have to be rich in order to figure out some ways to make sure that you hang onto your bitcoin, you don't spend it, you spend other sources first, and if you cannot achieve that, then you are not engaging in long term investing..

I'm guilty of this, done this back when I was starting and my first big profit, I decided that I would spend it on other stuff that's not building in interest or grows in value and I would probably have more bitcoin that are on hodl right if I just wait spent only the a third of the profit in luxurious stuff and waited for bitcoin to go down in prices again but no, I didn't and here I am hodling and not minding the problems in bills and not eating out so that I can DCA and increase what I currently hodl and so far I'm having a blast seeing that my bitcoins are growing weekly in value and amount. I don't regret being a stiff on electricity and eating.

Personally,  I consider an emergency fund to be necessary no matter if you have an income or not; however, the less reliable and steady your income, the more important that you have an emergency fund, a float and reserves, so even if you do not have an income you would draw from your float and your reserves first, and your emergency fund should be ONLY for emergencies, and the fact that you do not have a job surely is an emergency, but it should be one that any of us is attempting to resolve as soon as possible, especially once we have run out of reserves and float....

Thankfully I got a steady job so I don't mind not putting money right now for emergency funds, there's an social security that I pay quarterly in the case that I need more money for hospitalization but overall, I'm not planning to put that emergency fund anytime soon, also it's a good idea to live a healthy lifestyle, having more vegetables and fruit in your diet is a big help in building an immune system, remember that prevention is better than cure.

In the end, people can do what they like, but if they are too loosey and goosey with their finances, then they are gambling rather than investing, and even if some people like to live like that, they likely do have some ideas about how they are not going to run out of money, even if they are mooching off family and relatives for food and lodging, then someone is paying for that persons upkeep, so yeah in those kinds of circumstances, they are using their friends/family as income, reserves, float and/or emergency fund.. otherwise, if they are having to live off the land and/or engage in questionable behaviors to get value.. then those would be other ways that some people might be able to figure out ways to get money or to be able to live, and maybe even not having to sell their bitcoin if they are figuring out ways that food, shelter and other basics are going to be available.

Being irresponsible with your finances might be a problem but I don't believe that's an excuse because you can change as a person anyway and become someone that will be responsible, it just takes an iron will discipline and the ability to be consistent.

[JayJuanGee]

Maybe part of the point is that it is pretty fucking stupid to be spending your bitcoin if you are still building your portfolio, and so you are never going to get anywhere in terms of really believing that you have an investment if you are spending it... so you don't have to be rich in order to figure out some ways to make sure that you hang onto your bitcoin, you don't spend it, you spend other sources first, and if you cannot achieve that, then you are not engaging in long term investing..

I'm guilty of this, done this back when I was starting and my first big profit, I decided that I would spend it on other stuff that's not building in interest or grows in value and I would probably have more bitcoin that are on hodl right if I just wait spent only the a third of the profit in luxurious stuff and waited for bitcoin to go down in prices again but no, I didn't and here I am hodling and not minding the problems in bills and not eating out so that I can DCA and increase what I currently hodl and so far I'm having a blast seeing that my bitcoins are growing weekly in value and amount. I don't regret being a stiff on electricity and eating.

Even though I suggest that it is very stupid to cash out too many bitcoin too early, a lot of people engage in this kind of conduct and some of it has to do with taking profits, or other investment ideas or even thoughts  of buying back cheaper, and maybe those ideas are not really bad in themselves because it is very common for normies to engage in that kind of conduct.  I did it myself prior to bitcoin with a variety of other investments that I had, and sometimes it is not realized to be a mistake until quite a long time later, and it is really difficult to reverse or even to realize that you are doing it because it makes so much sense when you did engage in that kind of conduct.  With a bit of random luck, I did have a couple of those incidents work to my favor, so there were some areas that I was not as damaged that I could have had been, it was just pure luck that I pulled out of the investment in order to invest into something else, and the part that I had pulled out had gone into a crash, so I did pay it back and buy back in cheaper, but I had no idea that was going to happen... but I had some others that largely I just ended up spending the money in various ways, and pretty much depleting the size of my investment portfolio.

Personally,  I consider an emergency fund to be necessary no matter if you have an income or not; however, the less reliable and steady your income, the more important that you have an emergency fund, a float and reserves, so even if you do not have an income you would draw from your float and your reserves first, and your emergency fund should be ONLY for emergencies, and the fact that you do not have a job surely is an emergency, but it should be one that any of us is attempting to resolve as soon as possible, especially once we have run out of reserves and float....

Thankfully I got a steady job so I don't mind not putting money right now for emergency funds, there's an social security that I pay quarterly in the case that I need more money for hospitalization but overall, I'm not planning to put that emergency fund anytime soon, also it's a good idea to live a healthy lifestyle, having more vegetables and fruit in your diet is a big help in building an immune system, remember that prevention is better than cure.

Emergency fund is not just for health purposes, and yeah the larger your bitcoin investment the more necessity to have an emergency fund that is at minimum 3 months... and many suggest 3-6 months or longer, but surely some folks call their funds an emergency fund when they are also referring to reserves and float.  Now of course, you can short-cut some parts of the emergency fund, but if you completely abandon the idea, you are then a kind of walking time-bomb and only asking for trouble...but you might have some kind of emergency fund that you are not considering to be an emergency fund, and that is fine too, if you have some resources that you are able to draw upon when you have cash shortages, because you should not ever get into circumstances in which you have to sell some or all of your BTC at atime that is anything other than your completely own choosing... and sure, if you have been in bitcoin for long enough (your forum registration date shows December 2016) and your average cost per BTC is way below $10k, then maybe you are enough in profits that your BTC can serve as your emergency fund, but you still might feel bad if you have to sell some of them at a time that is not completely of your own choosing, and you will be the one to blame if you are not sufficiently/adequately protecting your own BTC stash (my lil precious). 

In the end, people can do what they like, but if they are too loosey and goosey with their finances, then they are gambling rather than investing, and even if some people like to live like that, they likely do have some ideas about how they are not going to run out of money, even if they are mooching off family and relatives for food and lodging, then someone is paying for that persons upkeep, so yeah in those kinds of circumstances, they are using their friends/family as income, reserves, float and/or emergency fund.. otherwise, if they are having to live off the land and/or engage in questionable behaviors to get value.. then those would be other ways that some people might be able to figure out ways to get money or to be able to live, and maybe even not having to sell their bitcoin if they are figuring out ways that food, shelter and other basics are going to be available.

Being irresponsible with your finances might be a problem but I don't believe that's an excuse because you can change as a person anyway and become someone that will be responsible, it just takes an iron will discipline and the ability to be consistent.

Personal finances are skills that many people have, but they might not have those skills very well refined, but it should be in the capacity for anyone to learn because a lot of the concepts are somewhat basic and don't really require high level skills, but still some people don't even try to learn these kinds of basics..so some of that revolves around personal choices, and just lacking of discipline.. and so frequently it is not easy for people to work on skills to stay focused, even though it is within skills that most people would be able to learn.

[pinggoki]

~

Even though I suggest that it is very stupid to cash out too many bitcoin too early, a lot of people engage in this kind of conduct and some of it has to do with taking profits, or other investment ideas or even thoughts  of buying back cheaper, and maybe those ideas are not really bad in themselves because it is very common for normies to engage in that kind of conduct.  I did it myself prior to bitcoin with a variety of other investments that I had, and sometimes it is not realized to be a mistake until quite a long time later, and it is really difficult to reverse or even to realize that you are doing it because it makes so much sense when you did engage in that kind of conduct.

And I have never seen a lot of these people that sold all of their bitcoins to take profit ever come back to buy back bitcoin when it starts lowering in prices, most of these people that are saying that they're doing this are either thinking that when the lowest price is already present that it's going to get much lower and then they end up regretting it and then buying when the current price is double the last time that they've hesitated to buy. I do think that it's stupid too to cash out too early but I do believe in the balance that you also should never marry the bag, you don want to be sticking too long to bitcoin without getting some profit along the way.

~

Emergency fund is not just for health purposes, and yeah the larger your bitcoin investment the more necessity to have an emergency fund that is at minimum 3 months... and many suggest 3-6 months or longer, but surely some folks call their funds an emergency fund when they are also referring to reserves and float.  Now of course, you can short-cut some parts of the emergency fund, but if you completely abandon the idea, you are then a kind of walking time-bomb and only asking for trouble...but you might have some kind of emergency fund that you are not considering to be an emergency fund, and that is fine too, if you have some resources that you are able to draw upon when you have cash shortages, because you should not ever get into circumstances in which you have to sell some or all of your BTC at atime that is anything other than your completely own choosing... and sure, if you have been in bitcoin for long enough (your forum registration date shows December 2016) and your average cost per BTC is way below $10k, then maybe you are enough in profits that your BTC can serve as your emergency fund, but you still might feel bad if you have to sell some of them at a time that is not completely of your own choosing, and you will be the one to blame if you are not sufficiently/adequately protecting your own BTC stash (my lil precious). 

That so-calle 3 months worth of emergency is not going to be adequate for when you have a health emergency and yes there's also the fact that the emergency money isn't just for health purposes but for me with a stable job, I don't think that I'd be considering any other reason to save up for emergency besides a medical or health related one. Regards to resources that I can draw upon, I have some collectibles that I can sell for a profit when I bought them so in a way I do have what you might call an unconventional emergency fund.

~

Personal finances are skills that many people have, but they might not have those skills very well refined, but it should be in the capacity for anyone to learn because a lot of the concepts are somewhat basic and don't really require high level skills, but still some people don't even try to learn these kinds of basics..so some of that revolves around personal choices, and just lacking of discipline.. and so frequently it is not easy for people to work on skills to stay focused, even though it is within skills that most people would be able to learn.

This personal finance thing should start young, that's why some people that learn it later have a hard time keeping it up because besides refining their skill for finance, they're also honing their discipline to follow the right thing to do so they can be financially healthy because being one is a really difficult thing to do and I agree that the lack in discipline is a big factor.

[highalch]

You must have a source of income if you must succeed in your holdings.

*You must have a source of income, if you haven't accumulated enough bitcoins yet that makes you financially independent to an extent that makes fluctuations in price negligible. Once you achieve this, you will only spend a small fraction of your BTC holdings for your daily expenses, so there will be no need to panic about whether it's a market top or bottom.

[I_Anime]

Aside from having an emergency fund, it is important to have a steady job that can provide for your financial needs. While investing is a good way to grow your money, it is important to keep in mind that you cannot sell or move your investment unless you make a profit. It is also important to avoid investing money that you will need to withdraw later to pay your bills, as this can hinder the success of your investment.

most investors are forms of that investing with money they would later need to pay bills. Just a few days i came across a post on a group. Someone chatted the admin up asking him if there's any investment he could invest with his house rent that can yeild him profits over night the worse thing is that he was talking about shit coins. But to me I just see it like his joking because such act is just too childish and all that. If you are actually planning to use money that you would later need to pay some bills in investing, you would endup removing that investment at a premature state and that not longer called investing I would call that trading. So if you ready to invest you know yah leaving it for a pretty long time to yeild good profits.

*You must have a source of income, if you haven't accumulated enough bitcoins yet that makes you financially independent to an extent that makes fluctuations in price negligible. Once you achieve this, you will only spend a small fraction of your BTC holdings for your daily expenses, so there will be no need to panic about whether it's a market top or bottom.

Having an emergency funds is vital role investing, because that would help to coverup some certain expenses while your BTC would be on your portfolio increasing. We all know that without having emergency funds the urge of you wanting to withdraw or remove your investment would be high. Because most people would want to use that investment to coverup those expenses the emergency funds is meant to cover. Which may lead to missing out, so as you are increasing or accumulating more bitcoin to your portfolio, at same time still focus on increasing your emergency funds by doing some certain kind of job outside or inside this space (having different sources) so that your bitcoin accumulating would be smooth.

The best source of side hustle I found on this forum is this one https://ltcautomining.com/?ref=Unplugged777

If you are too scared of scams and trust score stuff bla bla, then start with minimum amount of $10. Try playing around it daily, you can easily double your income every 30 days, if you are smart enough.

I think have came across such link before and base on some research this project has being running for long now. But still I don't trust such because ones you deposit your money . That money would no longer be in your hands so such project can run with your funds anytime they please, that why if you running or come across related stuff be careful most of this project are just build for scamming and all that. You can try jobs that don't involve such risks.

[HideYourKeys]

I think this is obvious, unless you bought bitcoin many years ago (and even in that case), you should have a source of income, at least during the following 10 years, we will see how everything evolves in a few years though

[smelody]

Well, honestly speaking, investing in bitcoin is easy to do as long as you have the means to buy it, but if you do it without any idea or knowledge, that's a bit of a wrong move, especially if you don't do any study, at least here in Bitcoin.

Yes, Bitcoin is proven and tested, but investing in it doesn't end there. Once you've done it and you have Bitcoin, what do you do next? Are you just going to wait for its value to increase by doing nothing? Since you can really do this if you are a businessperson, what if you are not? Will it only work? What about the things you eat every day while you wait for the right day or time to increase the price of Bitcoin? Do you get what I mean?

Bitcoin is a successful Currency and is a good platform for making huge profits therefore if you have a mean and source of getting money then you can manage saving for bitcoin investment. Those who have no means of earning and are taking money from others in order to make bitcoin investment are not wise one even they know each and everything about the bitcoin.

Knowledge and experience is not everything to get success but sometimes market situations also matter a lot therefore do less investment but use your own money and if you don't have any source then wait until you find an earning source. Daily needs are also important and one cannot leave it for investment because a person cannot live hungry all the time and cannot achieve success by setting alone, has nothing to eat and nothing to earn so try to find source first and then invest.

You have to earn the money needed to meet the daily needs first. For holding extra money you must have extra source. Someone may give you a link Serve for quick income. It would not be prudent to invest in a well-balanced investment. Before that you should have reasonable income. Then you can holding anywhere. bitcoin is the best for holding.

[JayJuanGee]

[edited out]

I do think that it's stupid too to cash out too early but I do believe in the balance that you also should never marry the bag, you don want to be sticking too long to bitcoin without getting some profit along the way.

You are close to talking as if you were considering bitcoin to be a shitcoin, and so I am having troubles with the idea and/or need to take profits along the way, since that can be problematic for anyone who is too early in their BTC accumulation stage, so maybe it would be the most difficult to figure out if there are needs to take out profits or to sell any BTC when the investment time might be less than a whole cycle.. because presumptively, a person in their first cycle might be taking some time to accumulate - unless of course, he might have invested in relatively large lump sums to frontload the investment, so I suppose that it can be difficult to generalize how to treat these kinds of balances. 

[edited out]

..... in a way I do have what you might call an unconventional emergency fund.

I don't see anything wrong with having some unconventional ways of figuring out emergency funds, so long as you have them, and I am not going to concede that all ways are equally good, even though people do need to tailor their investment style to their own situation.. but at the same time some practices are better than others and surely you may well never need to draw into your emergency fund if you have various other good practices and you have a bit of luck, and so I would imagine that people who are having emergencies all of the time, do not tend to have good practices and might not even have much of a float in their cashflow situation.. and emergency funds become even more important when investing into something as volatile as bitcoin, since we should not be wanting to cash out of any of our bitcoin except completely at a time of our own choosing, and sometimes we also might want to be careful to not even cash out of bitcoin during times that we would like to, especially if we are still building our BTC stash.

So, for example, if we are trying to get to fuck you status (which tends to be in the ballpark of 20 to 30 years of expenses), and we barely have reached an accumulation of 1 year of expenses, we may well want to stay focused on accumulation that does not involve selling any BTC... . but if you are somewhat ahead of your investment, you might create some plans that reasonably attempt to figure out when blow off tops are not sustainable. .and at the same time not trying to get too greedy with the matter and/or not interfering with your need to be ongoingly accumulating bitcoin, so it can be difficult to justify selling any BTC, especially during early periods of BTC accumulation. 

So in that regard, sometimes it can take close to 10 years to reach an accumulation of 1 year's of expenses (that is using 10% per year as a guideline).. so many times people might not be in a position to be selling any of their BTC even if there are spikes along the way.. yet at the same time, the longer we are in, the more we might be able to develop strategies that still are quite likely to accomplishing ongoing BTC accumulation and potentially even have some selling along the way.. yet generally, I am not much of an advocate of such a strategy...since it tends to get folks out of the accumulation mindset, which is likely where they should be during their earliest of BTC accumulation years.

[edited out]

This personal finance thing should start young, that's why some people that learn it later have a hard time keeping it up because besides refining their skill for finance, they're also honing their discipline to follow the right thing to do so they can be financially healthy because being one is a really difficult thing to do and I agree that the lack in discipline is a big factor.

Yep.. deferred gratification and savings might not be easy to practice, especially when the regular money does not tend to hold its value very well, especially in recent times... so there can be some dilemmas when we are noticing how poorly regular money holds value, so it almost also would become necessary for young folks to start to learn about investing, which surely they should not have to tackle such complicated subjects, but there are some kids who already know that holding their value in fiat money might not be a good thing to do if the currency is ongoingly debasing.  Bitcoin is bringing a lot of these sound money ideas into our consciousness, and these days, maybe even young people are going to be needing to become aware of these kinds of sound money ideas.

The best source of side hustle I found on this forum is this one https://[link removed]

If you are too scared of scams and trust score stuff bla bla, then start with minimum amount of $10. Try playing around it daily, you can easily double your income every 30 days, if you are smart enough.

I think have came across such link before and base on some research this project has being running for long now. But still I don't trust such because ones you deposit your money . That money would no longer be in your hands so such project can run with your funds anytime they please, that why if you running or come across related stuff be careful most of this project are just build for scamming and all that. You can try jobs that don't involve such risks.

It is not good to cite the links of newbies or even non-newbies shilling outside products - and frequently better to report such posts, so that admins can remove them...and perhaps even ban the user.

I think this is obvious, unless you bought bitcoin many years ago (and even in that case), you should have a source of income, at least during the following 10 years, we will see how everything evolves in a few years though

Depending on how much you are investing, how you are investing and how bitcoin performs in the next 10 years, 10 years might not be enough, but surely you can reassess at various points along the way.

[smelody]

Aside from having an emergency fund, it is important to have a steady job that can provide for your financial needs. While investing is a good way to grow your money, it is important to keep in mind that you cannot sell or move your investment unless you make a profit. It is also important to avoid investing money that you will need to withdraw later to pay your bills, as this can hinder the success of your investment.

most investors are forms of that investing with money they would later need to pay bills. Just a few days i came across a post on a group. Someone chatted the admin up asking him if there's any investment he could invest with his house rent that can yeild him profits over night the worse thing is that he was talking about shit coins. But to me I just see it like his joking because such act is just too childish and all that. If you are actually planning to use money that you would later need to pay some bills in investing, you would endup removing that investment at a premature state and that not longer called investing I would call that trading. So if you ready to invest you know yah leaving it for a pretty long time to yeild good profits.

*You must have a source of income, if you haven't accumulated enough bitcoins yet that makes you financially independent to an extent that makes fluctuations in price negligible. Once you achieve this, you will only spend a small fraction of your BTC holdings for your daily expenses, so there will be no need to panic about whether it's a market top or bottom.

Having an emergency funds is vital role investing, because that would help to coverup some certain expenses while your BTC would be on your portfolio increasing. We all know that without having emergency funds the urge of you wanting to withdraw or remove your investment would be high. Because most people would want to use that investment to coverup those expenses the emergency funds is meant to cover. Which may lead to missing out, so as you are increasing or accumulating more bitcoin to your portfolio, at same time still focus on increasing your emergency funds by doing some certain kind of job outside or inside this space (having different sources) so that your bitcoin accumulating would be smooth.

The best source of side hustle I found on this forum is this one https://ltcautomining.com/?ref=Unplugged777

If you are too scared of scams and trust score stuff bla bla, then start with minimum amount of $10. Try playing around it daily, you can easily double your income every 30 days, if you are smart enough.

I think have came across such link before and base on some research this project has being running for long now. But still I don't trust such because ones you deposit your money . That money would no longer be in your hands so such project can run with your funds anytime they please, that why if you running or come across related stuff be careful most of this project are just build for scamming and all that. You can try jobs that don't involve such risks.

I know one of my friend who got a link for invest. After few days he told me he has lost the money. Their desire was scamme. So everyone has to be more careful about wallet.
No one can accept money loss intentionally.

[teamsherry]

And I have never seen a lot of these people that sold all of their bitcoins to take profit ever come back to buy back bitcoin when it starts lowering in prices, most of these people that are saying that they're doing this are either thinking that when the lowest price is already present that it's going to get much lower and then they end up regretting it and then buying when the current price is double the last time that they've hesitated to buy. I do think that it's stupid too to cash out too early but I do believe in the balance that you also should never marry the bag, you don want to be sticking too long to bitcoin without getting some profit along the way.

Those who sell of their Bitcoin holdings with expectations to buy back cheaper are just gambling on such odds cause there is no guarantee that the price would dip any time soon or who knows if they just sold at the dip and the price skyrocketed and doesn't return to even their sell price.

[Games.Bitcoin]

Not life for living but living for life. Now if you lose your entire wealth by investing in cryptocurrency then how will you survive your livelihood is lost. So every person should have a source. From which he will have a fixed amount of expenses every month. Then it will be possible for him to invest in Bitcoin. If he has no other source of income then he will not be able to sustain his life and livelihood with cryptocurrency.

[eye-con]

Aside from having an emergency fund, it is important to have a steady job that can provide for your financial needs. While investing is a good way to grow your money, it is important to keep in mind that you cannot sell or move your investment unless you make a profit. It is also important to avoid investing money that you will need to withdraw later to pay your bills, as this can hinder the success of your investment.

most investors are forms of that investing with money they would later need to pay bills. Just a few days i came across a post on a group. Someone chatted the admin up asking him if there's any investment he could invest with his house rent that can yeild him profits over night the worse thing is that he was talking about shit coins. But to me I just see it like his joking because such act is just too childish and all that. If you are actually planning to use money that you would later need to pay some bills in investing, you would endup removing that investment at a premature state and that not longer called investing I would call that trading. So if you ready to invest you know yah leaving it for a pretty long time to yeild good profits.

It appears that individual searching for a quick profit have limited options and urgently require money. By investing in "shitcoins", their fate is left to chance, with the hope of making an overnight profit. This type of investment is akin to gambling, with no guarantee of generating a profit. Therefore, it is no longer an investment, but rather a risky venture that could lead to losing money.