Am I Too Broke To Own Bitcoin?

[OddJobsForBitcoin]

To be honest, I don't really own bitcoins because I do not HODL. I always see myself selling my coins due to one issue or another, possibly because I really cannot afford to live my dream of holing until Bitcoin makes me rich.

In practice, I barely earn more than $3000 from my job, my wife's mortgage, and other demands waiting to snap up the money. Sometimes I sell in a bull market, and other times I sell in a bear market. Would you say that holding BTC isn't for everyone? Am I not too broke to depend on Bitcoin for financial freedom? Yeah, I'm working for my financial independence, but Bitcoin has remained a peripheral component of that plan. Only if I can HODL for a few years.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

[1715068410]

1715068410

[Eternad]

In practice, I barely earn more than $3000 from my job, my wife's mortgage, and other demands waiting to snap up the money.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

3000$ per month or per year? Because this amount is already decent if it’s per month unless you have tons of fixed bills per month.

Sometimes I sell in a bull market, and other times I sell in a bear market. Would you say that holding BTC isn't for everyone? Am I not too broke to depend on Bitcoin for financial freedom? Yeah, I'm working for my financial independence, but Bitcoin has remained a peripheral component of that plan. Only if I can HODL for a few years.

Your problem is mainly because you are investing money that you will need to use in your future expenses such as bills that’s why you can’t hold longer. The key to your problem is just invest money which you didn’t need to spend in short term. Try to invest small regularly so that you will not be needing this money anytime soon for you to hold.

It’s not about you being poor but rather just proper money management. It’s not necessary for you to invest big immediately.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

My biggest hold ROI is x3 on Bitcoin when I purchase on 10K and sold at 30K.

[Sim_card]

The problem that you are having is that you are using the funds for important things to invest in bitcoin and this is why you cannot hodli. Since you are earning up to $3k, you should make a proper calculation on your monthly expenses and how much it is, after that, you should also keep some funds in reserve for emergencies that can occur in future. If all these are done, you should look at the amount left and if it is still up to $500, you should keep $400 aside and use only $100 to buy bitcoin regular, either weekly or monthly based on when you do get paid. If it is weekly, you accumulate the amount for one month to make sure it is $100. Always buy bitcoin with this amount every monthly, and practice this for four years, it is called DCA method. Forget that you have an investment somewhere, but your concern should be your constant buying to keep on increasing your bitcoin portfolio. Then be patient with your investment for a very long time. Before you know it, you will have a significant amount of bitcoin in your portfolio after four years. However, if after doing all your calculations and you just have let me say $20 below, you should cut down your expenses and also look for a second means of income to enable buy bitcoin and hodli for a long time and also it will help you to be able to increase your bitcoin portfolio. Only use the money that will not be useful to you for a long time to invest in bitcoin so that you can hodli.

[AHOYBRAUSE]

In practice, I barely earn more than $3000 from my job, my wife's mortgage, and other demands waiting to snap up the money.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

3000$ per month or per year? Because this amount is already decent if it’s per month unless you have tons of fixed bills per month.

True.
Depending on in which country he is living of course but 3000$ won't qualify as being broke I think.
Sure there are some bills and so on but I honestly think at least a little bit of cash each month, even as low as 100-200$ to invest into bitcoin would be doable. Of course we don't know your whole situation but in my opinion you have something you can build up on.
Don't be encouraged or anything.

[OddJobsForBitcoin]

In practice, I barely earn more than $3000 from my job, my wife's mortgage, and other demands waiting to snap up the money.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

3000$ per month or per year? Because this amount is already decent if it’s per month unless you have tons of fixed bills per month.


My biggest hold ROI is x3 on Bitcoin when I purchase on 10K and sold at 30K.

You're right. The expenses are in megatons. Even bought a hardware wallet sometime ago to start HODLing. There's zer btc in it.

Your problem is mainly because you are investing money that you will need to use in your future expenses such as bills that’s why you can’t hold longer. The key to your problem is just invest money which you didn’t need to spend in short term. Try to invest small regularly so that you will not be needing this money anytime soon for you to hold.

Can't seriously seem to not need any short-term.

[ajiz138]

So is the $3000 a one-time job that you do or every month?
That's a big amount if you say you earn $3000 a month, but it also depends on your lifestyle and the place you leave if you live in Europe, it might be a little for those of you with families.

HODL bitcoin depends on the individual how they can withstand the temptation that continues to exist, such as where there is an urgent need you do not have emergency funds then what is done is to sell bitcoin at any time including during bearish times maybe because it is forced, so if you can only HODL in a year even though it is already profitable better right?

Yes, at this time we are used to HODL, 300% is big enough let alone 1000%.

[Rikafip]

Sometimes I sell in a bull market, and other times I sell in a bear market. Would you say that holding BTC isn't for everyone? Am I not too broke to depend on Bitcoin for financial freedom? Yeah, I'm working for my financial independence, but Bitcoin has remained a peripheral component of that plan. Only if I can HODL for a few years.

The way you described your situation, it makes me think that you are investing in bitcoin way more than your finance can handle (that forces you to sell during bear) so maybe you should adjust the amount so you are more comfortable hodling for longer period of time.

Even bought a hardware wallet sometime ago to start HODLing. There's zer btc in it.

Hardware wallet is a good investment even if you don't use it for a long term hodl.

[Barikui1]

Before investing into Bitcoin, you have to firstly have a source of income, because if you don't do that and depends sorely on the dividend on your Bitcoin investment, you will surely eat up your Bitcoin investment bit by bit till it's been exhausted.
So my brother you need a source of income first before thinking of investing in Bitcoin.

[aylabadia05]

To be honest, I don't really own bitcoins because I do not HODL. I always see myself selling my coins due to one issue or another, possibly because I really cannot afford to live my dream of holing until Bitcoin makes me rich.

There have been people around us who have experienced this because of necessity so Bitcoin is not held like a long-term investment in the hope of selling at the highest price.
Practices like this do not need to be blamed because Bitcoin can be used as we wish.
It is impossible for us to hold Bitcoin for the long term without selling when we need it for our daily needs.

Because we are aware that Bitcoin can provide large returns when the price is highest, then when there is money left over after daily needs, switch to Bitcoin even if the amount is small. If we continue to do things like that, I am sure we can achieve our goal of holding Bitcoin.

[moneystery]

Before investing into Bitcoin, you have to firstly have a source of income, because if you don't do that and depends sorely on the dividend on your Bitcoin investment, you will surely eat up your Bitcoin investment bit by bit till it's been exhausted.
So my brother you need a source of income first before thinking of investing in Bitcoin.

the problem is not whether he has income or not. he has a source of income, because he says that he barely earns more than $3000 from his job, but the problem is that money is tight and he has difficulty investing in bitcoin because of this. so what is at issue here is how his financial condition is related to his ability to invest in bitcoin.

and it is true, that not everyone is suitable to invest in bitcoin, because to invest a person needs to first see what their financial condition is, whether they are able to invest or not, because priority things must come first and if these have been fulfilled then then they can invest with their excess money.

[Fatunad]

To be honest, I don't really own bitcoins because I do not HODL. I always see myself selling my coins due to one issue or another, possibly because I really cannot afford to live my dream of holing until Bitcoin makes me rich.

In practice, I barely earn more than $3000 from my job, my wife's mortgage, and other demands waiting to snap up the money. Sometimes I sell in a bull market, and other times I sell in a bear market. Would you say that holding BTC isn't for everyone? Am I not too broke to depend on Bitcoin for financial freedom? Yeah, I'm working for my financial independence, but Bitcoin has remained a peripheral component of that plan. Only if I can HODL for a few years.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

Well, thats life on which not all would really be having the capacity on holding up their coins into that situation that they cant really be able to snip it out or would be able to pull it out, considering that we do have that different life situations on which there are ones who could really be able to solve out problems without the need on pulling out their investment but there are ones who cant really be just that able to do so just because their income source cant really be able to hold it out and this is why we dont really have no choice but to convert those Bitcoin into cash specially when we are in need. I cant really blame out someone on missing out those profit making opportunity on holding Bitcoin for long because i do experience it even upto now that i do need to convert those coins into fiat because this is part for me to be able to survive on day to day living.

I do have an income from my day job but since i do have my own family and having this worsening economical conditions then additional expenses would really be there on which my paycheck
doesnt really fit out on the expense that you could really be having and this is why it would really be leaving no choice but for you to make out adjustments accordingly
even if it means that you would really be needing to sell those coins even if you do plan on holding it for long term.

[Ultegra134]

I don't know where you're from, but $3000 per month doesn't sound little to me. I don't know if you manage to buy a whole Bitcoin, with its current value at $40.000, but with enough planning and budgeting, you may be able to acquire a decent amount. How much can you spare per month for investments? By saving $500 per month and using that towards Bitcoin, you'll spend $6.000 per year for Bitcoin, which is quite decent.

I'm only saving any signature campaign earnings; I'm not buying myself approximately $300, while the average wage here ranges from $800 to $1000 at most, which means that the chances of me acquiring a whole bitcoin are pretty slim.

[Stepstowealth]

To be honest, I don't really own bitcoins because I do not HODL. I always see myself selling my coins due to one issue or another, possibly because I really cannot afford to live my dream of holing until Bitcoin makes me rich.

The economic situation is some countries is very severe, investors who intend to keep bitcoins for a long tim will find it difficult to hold. It can be a very disturbing situation, and a heartache to investors like you in these kind of places. The best thing to do if you passing through this similar conditions, the best way to remedy your situation is to seek for extra sources of income, so you can have more to sort out your budget.

[BitcoinPanther]

In practice, I barely earn more than $3000 from my job, my wife's mortgage, and other demands waiting to snap up the money.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

3000$ per month or per year? Because this amount is already decent if it’s per month unless you have tons of fixed bills per month.

This kind of earning in my place can enable a person to live in luxury. 

Sometimes I sell in a bull market, and other times I sell in a bear market. Would you say that holding BTC isn't for everyone? Am I not too broke to depend on Bitcoin for financial freedom? Yeah, I'm working for my financial independence, but Bitcoin has remained a peripheral component of that plan. Only if I can HODL for a few years.

The problem probably is that you do not cut your expenses. Try to be thrifty sometimes and save money.  With the amount you are earning, I think you are capable enough to hodl Bitcoin but probably you don't want to sacrifice some leisure in order for you to have the needed fund to sustain your life without selling your BTC.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

1000% is small compared if one is able to hodl Bitcoin for many cycles.

[Yatsan]

The key here is proper allocation of your money. No one's too broke, we just expect too much from ourselves. There are potential investors who are avoidant because the market price of Bitcoin is so high right now. But the catch here is that nothing requires us to own 1 Bitcoin in an instant. We are free to do partial investments of it little by little, just an amount you won't need in times of emergency. Problem is that we are giving or putting everything to it which makes our pockets 'thinner' than the usual. The difference of only investing an amount you can really afford (afford means you can just let something for years without worrying about it), than forcing things out. First and foremost we have circumstances to deal with. Many investors are pushed to edge of selling early because of situational issues on their end and circumstances along the way while holding. This is where investors are suffering from loss which we should avoid in the first place as much as possible.

Before investing into Bitcoin, you have to firstly have a source of income, because if you don't do that and depends sorely on the dividend on your Bitcoin investment, you will surely eat up your Bitcoin investment bit by bit till it's been exhausted.
So my brother you need a source of income first before thinking of investing in Bitcoin.

Not only just a source of income but something stable and consistent for you to have enough 'margin' to engage with investments and to eventually develop additional income. Struggles will always be a part of each of our journeys especially if it is something rewarding. No other choice but to move forward and adapt with those struggling times to earn reward after things ease down.

[ChiBitCTy]

If you have to ask yourself this, then owning bitcoin is probably not right for you.  I've spoken about this quite a few times on here, but it's important to remember that bitcoin is inherently NOT and investment.  Sure it's become one, but it's important to understand that point.

I would focus your investing on less risky/volatile investments.  That would seem to be more prudent for you and your situation.

[boyptc]

To be honest, I don't really own bitcoins because I do not HODL. I always see myself selling my coins due to one issue or another, possibly because I really cannot afford to live my dream of holing until Bitcoin makes me rich.

In practice, I barely earn more than $3000 from my job, my wife's mortgage, and other demands waiting to snap up the money. Sometimes I sell in a bull market, and other times I sell in a bear market. Would you say that holding BTC isn't for everyone? Am I not too broke to depend on Bitcoin for financial freedom? Yeah, I'm working for my financial independence, but Bitcoin has remained a peripheral component of that plan. Only if I can HODL for a few years.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

I am comfortably holding and you're earning more than what I am earning.

I think it's all about your management and the expenses that you're having. If there are some not mandatory expenses that you have on your spendings, what you have to do is to try to lessen or remove them.

You're not broke but it is that you've got obligations and with that, another solution is to increase your source of income and that's for sure going to help.

[darkangel11]

Unfortunately, we can't all be rich. If all people had the knowledge to buy something valuable and dedication to hold it for many years, despite all the ups and downs, all of them would enjoy life and just live happily ever after with the money they made. It's like a race, but most people in the world lack some of the important traits and can't make it to the finish line. Your story suggests that you're one of those people who did not make it. It's not the end though, it's not over for bitcoin and you still have a chance to turn the tides, but it's up to you what you'll do with that knowledge.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.

I do. I'm not sure how much up I am, but I was at 1000% long ago.

[thecodebear]

Sometimes I sell in a bull market, and other times I sell in a bear market. Would you say that holding BTC isn't for everyone? Am I not too broke to depend on Bitcoin for financial freedom? Yeah, I'm working for my financial independence, but Bitcoin has remained a peripheral component of that plan. Only if I can HODL for a few years.

Your problem is mainly because you are investing money that you will need to use in your future expenses such as bills that’s why you can’t hold longer. The key to your problem is just invest money which you didn’t need to spend in short term. Try to invest small regularly so that you will not be needing this money anytime soon for you to hold.

It’s not about you being poor but rather just proper money management. It’s not necessary for you to invest big immediately.

Exactly. If you are only putting in purely extra money (like long term savings / retirement money) into Bitcoin then you won't be in this situation where you always end up having to sell bitcoin to pay for something.

Figure out your budget, cover spending as well as short term savings to build up an emergency fund, and see if you can have even just like $50-$100 per month extra that can go toward long term savings - this is what you should be putting into Bitcoin in order to hold long term so that you can realize that 10x or 20x gain over the next decade or so.

[GiftedMAN]

Op there's always time to invest as there is no late time to invest in Bitcoin but for you to enjoy the profit you need based on your current financial conditions right now, holding for a long time would be the better option for me but before you can achieve that you must have a job that keeps your income coming or a business that's bringing steady income for you otherwise you won't have the patience to keep holding for a long time. If you are able to settle have a job that brings income to you, you can choose DCA it will help to keep you away from loss of the price of Bitcoin rises or falls.