Am I Too Broke To Own Bitcoin?

[uneng]

The problem here isn't to be unable to hold Bitocoin. The issue is that you have too much debt in your life, what forces you to get rid of your Bitcoin holdings to pay for it. You have to manage your finances and organize yourself in a way you decrease your monthly expenses, so you will be able to start holding Bitcoin tracing long term goals for your coins.

Your wage isn't that bad. 3000$ monthly would be the heaven for many people in the world. It would be the final solution for many of our problems and the possibility of achieving many of our dreams, but for you it's not enough... Then I guess even if you had a higher income, it wouldn't be enough, anyway, because the problem in your case is how you (don't) organize your expenses and not the flux of money coming in.

I don't want to be nosy, but since you are sharing your story on this forum, I feel like I have right of doing so. You have to talk to your wife and make her understand you need her help in the task of decreasing debt, spending less money and saving some portion of monthly income for investment reasons. Make her understand you are doing it for your family, and not only for yourself. It will be a positive and impacting measure for both of you. While you don't do this, I fear it won't be possible for you to invest in BTC, so have this talk and make a decision for your life as soon as possible.

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[thecodebear]

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

Yes, the majority of my Bitcoin is >1200% gain and I don't consider that much appreciation at all. Five digit prices for Bitcoin is nothing. Once it gets to mid-six digit prices next decade that'll be pretty decent (10,000% to 20,000% gain for me). But 7 digit prices is when Bitcoin will finally be reaching maturity and I'd consider that a good amount of wealth growth, of course that sort of price is probably 20 years away.

In the meantime I'll be using some of my Bitcoin as needed, but definitely expect to have plenty left to spend as needed once Bitcoin is in the millions and I can use it for say a new car for like 0.05 BTC, or buy a nice house for less than 1 BTC, that sort of thing.



300% gain for Bitcoin is pretty short term gains. That isn't even a market cycle worth of gains. 1000% at this point would at least mean you've held for more than one full market cycle so that's like the start of a long term investment.

[Rengga Jati]

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.

It cannot be denied that we really need courage, strength and patience to hold Bitcoin. Because no matter what, there will continue to be various problems, issues, FUD, uptrends and so on which can interfere with our desire to hold. What is certain is that we are obliged to manage our finances well, namely by investing according to our abilities, don't force it. and make sure that we really can and are able to hold it well. whatever the condition, without panic under any circumstances. stay calm and patient.

[tyz]

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.

No, it highly depends on from where he comes from. $3000 a month might be much in average countries, but in industrial developed countries like in USA, Canada or in some European countries it is just enough to pay your rent, feed your kids and pay your bills. However, you have no free money to invest in and save for economical difficult times. So, he might be right with his statement.

[Raflesia]

Do you earn $3000/month? If that's the case then your income is actually more than enough and even if it's per year I think it's still very large because if we talk about comparisons with salaries in my country which are still in the average range of $200-$300 it's actually almost the same.
Especially if it's $3000 per month then I really don't understand what kind of needs you have until that much money is not enough to fulfill your needs for one month.

Investing in bitcoin is not a demand and do it while you can but when you often buy and sell bitcoin that you have it is not an investment but I might classify it as trading.
As for when you sell the bitcoin that you have actually it is also not wrong if indeed you have made a profit from there regardless of the need or not as long as it is profitable and you think selling is the best choice then why not because again this is about your own choice.

[TimeTeller]

Do you earn $3000/month? If that's the case then your income is actually more than enough and even if it's per year I think it's still very large because if we talk about comparisons with salaries in my country which are still in the average range of $200-$300 it's actually almost the same.
Especially if it's $3000 per month then I really don't understand what kind of needs you have until that much money is not enough to fulfill your needs for one month.

Investing in bitcoin is not a demand and do it while you can but when you often buy and sell bitcoin that you have it is not an investment but I might classify it as trading.
As for when you sell the bitcoin that you have actually it is also not wrong if indeed you have made a profit from there regardless of the need or not as long as it is profitable and you think selling is the best choice then why not because again this is about your own choice.

Such amount is already high considering the regular monthly salary of an employee.
He can very well afford to buy some btc every month if he truly believes in this market.
But if he has high-end lifestyle, of course, such amount is not more than enough.
But having that monthly amount of income, I would spare some money to investments and not just luxury items.

[Assface16678]

Do you earn $3000/month? If that's the case then your income is actually more than enough and even if it's per year I think it's still very large because if we talk about comparisons with salaries in my country which are still in the average range of $200-$300 it's actually almost the same.
Especially if it's $3000 per month then I really don't understand what kind of needs you have until that much money is not enough to fulfill your needs for one month.

Investing in bitcoin is not a demand and do it while you can but when you often buy and sell bitcoin that you have it is not an investment but I might classify it as trading.
As for when you sell the bitcoin that you have actually it is also not wrong if indeed you have made a profit from there regardless of the need or not as long as it is profitable and you think selling is the best choice then why not because again this is about your own choice.

Such amount is already high considering the regular monthly salary of an employee.
He can very well afford to buy some btc every month if he truly believes in this market.
But if he has high-end lifestyle, of course, such amount is not more than enough.

True, $3000 a month will be too much. In fact, with that kind of money, he can save a lot or allocate a huge amount of his salary for buying bitcoin or doing DCA. But the thing is, this statement is not clear. The OP didn't elaborate if this is his monthly salary or not, but if it is his monthly salary, then I don't see a reason for him not to own a bitcoin or allocate an amount for doing DCA of satoshi until he can accumulate satoshis that eventually will become bitcoin. If it's true and yet he can't still own a bitcoin or he ends up selling his holdings, then maybe because of their lifestyle, that's why he often needed to sell his assets based on his statement. If that's the case, then the problem is in him. Anyway, I would like to hear from OP if that salary is monthly or not, because if it is monthly, then I don't see a reason for him to not own a bitcoin right now.

[Davidvictorson]

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.

Your case is the reality of most bitcoin enthusiast living in a country with very low minimum wage. It is always a dilemma and as someone put it the Bitcoin that you save will later end up saving you in times of hardship.

To be an effective bitcoin holder you would need to have another source of income. Speak to your wife if both of you are willing to take up other jobs so that you can comfortably HODL and do it with peace of mind without undue pressure.

[bluebit25]

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.

Prejudice from your own understanding makes you doubt your own abilities. I don't think there are any limits in life, you don't have to force yourself to approach something you eligible yet. Do you have a job that brings you income, and are you willing to spend 5 -10% of your spending to buy bitcoin every month, and accumulate it for 5 or even 10 years... and learn again "what is investing?" The term can be easily searched, but when asked, not many people can understand its basic content, and many people like to play a game without understanding what it is about. This time, how you understand bitcoin will reflect your goals and how you seek opportunities with it.

If you hear about ways to own bitcoin without spending money to buy it, that is an opportunity that you can research for yourself and it is certainly not easy if you are not ready. And one thing I realized in life is that before you want to eat a sweet fruit, think about how to grow it.

[OgNasty]

Over the years I've heard from so many people that they, "can't afford to invest."  The honest to god truth is that nobody can afford not to invest.  The way that inflation and costs are stacked against people, the only hope for any financial freedom is to invest.  It isn't even difficult.  Bitcoin is the birth of a new asset class that's already being widely accepted.  Start dollar cost averaging small amounts and holding them.  Also make sure you have a retirement account through your work or that you are putting money into the S&P500.  Over time, these two things are really all you need to do in order to see some financial success.

[Churchillvv]

I think you have gotten good advice from a few members already. You have a very good salary that I believe should foot all your bills, or are you taking care of a whole community or your entire family? that you can't hold bitcoin even with the slightest amount. Brother, you need to learn money management because if you don't know this key to success, you will probably be working from hand to mouth every time.

There are unnecessary bills that come in as a man that need to be ignored. Yes,  I'm still a kid, but I know that. You can't respond to every need, so you can split your pay differently to use a small portion for Bitcoin holding. Out of $3000, you can just use at least $30 for DCA, and if you can't still hold as little as that in your DCA, then I will suggest you just take your hardware wallets far from you so you can get them when you wish to sell and take your money. I think this will help a little, but you really need to learn money management, buddy!

[Odusko]

For the purpose of clarity, you should have mentioned your country of residence because the amount of income that you mentioned, in some conditions, is way more than enough for you to comfortably hold Bitcoin for a whole market cycle,  and unless you are buying Bitcoin on a lipsum instead of in low affordable percentages.
If you can clarify two things e.g. the country on residents,  and the $3000 income on what basis is it every month or weekly/annual basis, these are things that will give our discussions alot of directions.

[mirakal]

Hodling is never a smooth pattern. There are tons of challenges that you will face from market crash and correction, and from selling your coins at a low price the moment you badly needed some funds, and that's normal for a hodler like us. No one ever hold without getting tempted to sell. But with self-control and discipline, you will survive all of the challenges since you have a goal to reach, a target selling price that you have set up from the very beginning of hodling.

While hodling is not limited to anyone, but if you want to be a successful hodler, you should stabilize your source of income first so that you won't end up selling every now and then. Having a stable income aside from long term hodling is essential, that way your focus is on your goal, since you're not distracted thinking if there are funds available for you to spend for your personal needs.

[Stalker22]

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 hear you, bud.  Making ends meet on $3k a month aint easy.   But hey, no shame if you cannot spare more than a few hundred bucks here and there for Bitcoin.  

However, I still think Bitcoin could pay off big time down the road.  So even tossing a tiny bit at it whenever you can might work out.  They call it dollar cost averaging (DCSing).  Instead of trying to time the dips and peaks and all that noise, you just put in the same small amount on the regular.  Over time it averages out your buy-in price.  Reduces the risk too.

But to answer your question, yes I do HODL comfortably. Mainly because I only invest the amount I can live without. If you think you will need that money for some basic needs in a few months or sooner, then dont invest. No one claims that investing is for everyone.

[Casdinyard]

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.

Broke is a state of mind as they say cause if there's a will, there's a way. Now unless you're in abject poverty where all of your money gets spent on nothing but your basic needs for living, I don't think you wouldn't be able to afford investing on bitcoin. A lot of newbies think that in order for them to profit in the crypto world they must own one or more whole coins of a certain project, that simply isn't the case my friend. There are a lot of ways for you to be able to still have  stake in the coin of your choosing without having to spend so much money in one go. DCA (Dollar-Cost Averaging) being a prime example of that. You consistently put in a specific amount you can afford into an investment venture you chose, which in this case is bitcoin, and watch as your money accumulates along with the potential profits you may harbor throughout that period. I think it's something you should look into since you're not that confident about being able to buy bitcoin in one go.

First off, learn how to budget, in reality since you're earning more 1000 bucks you pretty much have it better than 80% of people in the planet right now. Learn how to budget and see which expenses could be dropped off and which couldn't. I say cut off that Netflix subscription and watch pirated films instead lol.

You're not rich enough to buy or hold bitcoin? Well you're not broke enough to not be able to accumulate it either. Make your choice my friend.

[Rruchi man]

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Who told you that only rich people are the ones who own bitcoin. Bitcoins were not created exclusively for.the rich, but for everyone from all works of life. You can buy any amount of bitcoins, an amount within your financial capacity.

You don't need to have lots of money before buying bitcoins, buy with what you can spare, and then work to get more and increase you income streams.

Thinking you are too broke to invest will be regretted later when you hear of people.who even invested less in bitcoins from more worse situations and were still able to have a positive outcome.

[Issa56]

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.

I think the main reason why you can’t hold is because you don’t really have a good job yet, or maybe I will say you are not satisfied with what you are having. If you are planning to hold bitcoin, then the first thing you should do is get a job. If you don’t have other sources of income, then you will find it difficult to hold bitcoin because you will end up selling it when you are in need of money. I am sure a similar thing is happening to you.
 
So just get a good job that pays a decent amount of money, and then you will be able to plan yourself and have a specific amount you will be using to invest. If you can do that, then you should be able to hold. Make sure you have emergency funds that you will always make use of without touching your bitcoin investments. In case there is an emergency, you won’t be selling bitcoin before you solve the problem.

In practice, I barely earn more than $3000 from my job,

I don’t really get this part. Are you receiving $3,000 daily, weekly, monthly, or annually? If you are receiving $3,000 monthly, then that’s a decent amount of money. I don’t know the part of the world where you are, but in any part of the world, receiving that amount of money is not really a small amount, and I am sure you should be able to save after taking care of the necessary things that you are supposed to take care of. If you are receiving $3,000 monthly and you claim you can’t invest in bitcoin, then you should just know that you are not ready to invest.

[Don Pedro Dinero]

Are you receiving $3,000 daily, weekly, monthly, or annually? If you are receiving $3,000 monthly, then that’s a decent amount of money. I don’t know the part of the world where you are, but in any part of the world, receiving that amount of money is not really a small amount...a

It depends, in California for example, it's a rubbish wage.

There are things he doesn't explain, he talks about his wife's mortgage and we don't know if they are together and the wife also works or if they are separated and by some kind of agreement he has to pay the mortgage.

But I'm sure there is room for improvement. What he has to do is to control income and expenses and cut unnecessary expenses, which I'm sure he can do. Then get rid of consumer debt and save an emergency fund. If he does that, he can then invest in bitcoin without being forced to sell at the drop of a hat.

[BenCodie]

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.

Only you can control your future, you can either stay within your employment bubble and not look for any other opportunity, or, you can look outside of the box...there is always a chance to make a little more on the side, or create and continually reinvest in a business that could eventually bring a passive income. Bitcoin is not going anywhere either...after this cycle, there will be another. Why? The fed and other central banks around the world will always create more and more money...what other choice do they have? So with this in mind, you have two choices:
- Slowly accumulate bitcoin within your means, to protect yourself from the growing money supply to to take advantage of its scarcity - Take advantage of the obvious cycles that take place in BTC (1-2 year bull 1-2 year bear)
- Stay in cash, watch as your expenses grow and your wage doesn't grow at the same rate, stay in the struggle, and live a mundane life for the machine.

Sounds dark, though that is how it is for those who don't have the courage to put one toe out of their comfort/security bubble, or start investing before they're within the actual means to do so.

Earn first, then invest.

If you want to chat more about how to put a toe out of the box, contact me. We'll find your interest and I can tell you some ideas to look into. You can also use AI, that's a very good companion to talk about these kinds of things and find your interests that could potentially make money, if you ask the right things and go into depth with it (otherwise you'll get generic answers that will make you think AI is invaluable).

[btc78]

It is really not recommendable for you to keep buying and selling your bitcoin because just imagine the growth of bitcoin you have bought earlier if you just held it if you really have no extra money to invest in bitcoin then just do not buy yet or better yet just buy a few amounts of bitcoin the amount that you can comfortably hold and not take again

If you really want to gain profit in short term then it is just better to do trading which is much more advisable to do with altcoins rather than with bitcoin