The lessons I've learnt as a bitcoin long term holder

[Yamane_Keto]

It is true that there is no ideal time to invest, but there is a bad time to invest and buy, and a bad time. These times are ideal for buying, but if you ask me after a year, I may not prefer to buy more, especially with the possibility that there will be a major correction soon.

Following the price of Bitcoin will not make you rich, and if you are a trader, you can automate a bot to execute orders while you continue your normal life. do not consider trading a full-time job, but rather something additional to increase your investments.

Telling your friends about your salary and income rate is a bad thing, let alone your future investment.

[dderekwalcott]

During my early days as a bitcoin holder, I did face many challenges and learnt some new lessons along the way. Much improvement has been made and I also believe lots of new investors or potential investors who might want to start investing or are in their early stages can learn a lot too.


👉 I've learnt not to procastinate: around 2022 when I first wanted to start buying bitcoin, I was busy procrastinating on when to start investing in bitcoin cause I was waiting for the right opportunity and price that would be good for me to start investing, I would always find myself checking bitcoin price, reading blogs about speculations, I set a target that once bitcoin reaches 10K I would start buying and this never happened, I missed so many opportunities that was so nice to start, even when bitcoin reaches 15k dip on November 2022, I didn't still buy. This procrastination and waiting for the best price really dealt with me cause I did not later end up investing in bitcoin through out that year and that was a whole year that if I started DCA with even 5% from my income at that time would  have been a plus to my portfolio. So I've learnt that there is no perfect time to start investing in bitcoin, no matter the price of bitcoin you can start your investment journey, waiting would only cause to to wait more and miss opportunities that never come back.

👉Don't panic and apply discipline: during my early days as a bitcoin investor, I see the price of bitcoin fall lower than my buy point at times and my portfolio would seem as tho its On a loss, and at times this could end up happening for months or weeks and i would start to panic and end up selling my bitcoin and after a while bitcoin price would bounce back and I would end up regretting. After falling for this twice I made up my mind to be disciplined about holding bitcoin and I started building up reserves, so instead of panicking about dips, I started buying more on dips that way i felt comfortable that either way I'm still winning.

👉 Mind who you tell about your investment: there was a time i showed a friend of mine(very close) my bitcoin possessions, ever since then he would keep on asking me to sell some let's get something when ever we wanted to go out and if I refused, it would be as tho I don't want to give and most time he would just start telling me all the bad news about bitcoin and it was not very fun since he knew about my investment in bitcoin. Speaking from experience I think its not wise you tell people about your bitcoin holdings, unless you are taking investment advice from them and they are fellow holders like you, that is if you must.

👉I learnt how to manage my cashflow: prior to when I started investing in bitcoin, I saw it it important to have a good cashflow management character, i would just spend and live my life without calculating my expenses and at times I would spend money before removing my DCA allocations and this was bad because I could save, I was always in panic. I learnt how to manage my cashflow properly as I became more determined to really buy bitcoin and I became more strict with my DCA. I also started building up my emergency funds and reserves and I created a spending budget monthly that I must follow. It was hard at first tho since my former lifestyle required me to live like that cause we were more into the party life 🤭 and it also made me distance my self a bit from my old friends 🤧

👉 Always be comfortable with your investment allocation and strategy: when is started using DCA newly I used to be very aggressive , while this was not very bad, my approach was wrong. I used to pump money into bitcoin on intervals that were irregular and my allocations where also irregular. Any money I get or extra income I earned I would just pump into bitcoin and this caused me always find myself in situations where I would have to dip my hands back in my bitcoin to cover up some needs.

👉 Be among like minded individuals: taking investment advice or even telling no coiners or low coiners about my investment decision was the worst thign I did as an early investor, I was so many Reddit communities on bitcoin as a subject and when ever I say I'm DCAING into bitcoin, you would hear things like with the current price you would never make it to one bitcoin cause the price keeps rising, go and find another project and all that. This made me feel like I was the only  person around that was investing in bitcoin.

I really owe a lot to this forum for making it this far and finding a community where everyone is willing to help you out. I only grew thsi quick because of you guys .

Who else is optimistic about the halving as I am, it would be bitcoin birthday soon, hope your all buying now

Thank you for sharing your personal experiences and lessons learned from your journey as a Bitcoin investor. Here it is analysed about the various challenges of investing in Bitcoin, such as delays, panic selling, managing cash flow and dealing with social impact, and emphasizes the importance of discipline, strategic allocation and finding a supportive community to navigate the volatile world of cryptocurrency investing. IMO, it serves as a guide for new or early-stage Bitcoin investors, highlighting the importance of learning from past mistakes and teaching how to develop a resilient investment mindset.

[kotajikikox]

👉 I've learnt not to procastinate: .

Never deny yourself the chance to enter and earn , but I think why you procrastinating back then is that your small amount that can risk because this is mostly the problem and we made it hard to believe that to ourself.

Who else is optimistic about the halving as I am, it would be bitcoin birthday soon, hope your all buying now

Buying or bought already , I have done both and ready to buy more in the coming days when bitcoin dumps back again.

Bitcoin Bday is everyday for me because I celebrate my bitcoin entry all day long .

[Fiatless]

Do you really need to tell people that you have Bitcoin? I don't see it as a good decision because it could have some negative consequences. Bitcoin promotes privacy, therefore, it will be good to keep your hodling secret.

Though OP is basically an anonymous member here and didn't disclose how much bitcoin he owns or proved that he even purchased any, it's kinda too late for that advice now, wouldn't you say?

👉 Mind who you tell about your investment: there was a time i showed a friend of mine(very close) my bitcoin possessions, ever since then he would keep on asking me to sell some let's get something when ever we wanted to go out and if I refused, it would be as tho I don't want to give and most time he would just start telling me all the bad news about bitcoin and it was not very fun since he knew about my investment in bitcoin. Speaking from experience I think its not wise you tell people about your bitcoin holdings, unless you are taking investment advice from them and they are fellow holders like you, that is if you must.

I was not referring to OP's privacy on the forum but my focus was where the author of the original post said he told his friends about his Investment and they were encouraging him to sell his coins. For me telling people that you own Bitcoin has some security risk. We have heard stories of people becoming targets of criminals because they informed some persons that they own Bitcoin. It might not be bad to tell trusted close family members or trusted friends but I don't encourage the idea of letting random people know about your investment.

[Gormicsta]

Do you really need to tell people that you have Bitcoin? I don't see it as a good decision because it could have some negative consequences. Bitcoin promotes privacy, therefore, it will be good to keep your hodling secret.

Though OP is basically an anonymous member here and didn't disclose how much bitcoin he owns or proved that he even purchased any, it's kinda too late for that advice now, wouldn't you say?

This is the second thread I've seen in a couple of days by a low-ranked member in which they give generic advice and don't seem to know their audience.  What OP wrote might be appropriate for a B&H thread, I think most people who frequent Speculation already know basic stuff like "don't panic", "don't procrastinate", and all that.  In short, I'd say I smell a merit-grab attempt except for the fact that OP isn't in a campaign and hasn't been all that active since he registered.  If this is well-meaning advice, I feel like I'm being given advice by a typical 20-something Youtuber who thinks he's got it all figured out and wants to share his "wisdom". 

No offense, OP.

 it's definitely true that there's a lot of generic "feel-good" advice floating around,  particularly on the internet and in this community and it can be challenging to discern between those who are genuinely trying to help and those who are just trying to get attention and validation. As for the OP, it's possible that he was genuinely trying to help, but he was unaware that their advice was too basic for the people in this particular part of the community. Either way, it's good to be able to recognize when and where an advice is needed as well as where and when it's not

This is the exact reason why it's very important for a poster to know when, where and how a post should be made on the forum, this piece of information like you said would be a lot more valuable in the B&H section of the forum or some other section but definitely not here.

[Botnake]

Who else is optimistic about the halving as I am, it would be bitcoin birthday soon, hope your all buying now

Me. 
You can add to it that as a long term Bitcoin holder, you're always learning. That's how we're going to survive a long term holder because as we learn from the others, we discover new things and when we develop that, we're the ones to benefit from it. One mistake in the past that me and for sure many others did was when we're panic selling. With some bad news that's being reported on the media, that's already making us nervous. But eventually, if there's a newbie out there, you'll be able to control your emotion and don't believe with every news that you read from these crypto news media outlets. Many of them are like paid, shilled, sponsored just to put everyone who has a weak heart down and pushed to sell their holdings.

Learning should be inevitable that it should takes place continuously so you will be guided accordingly in your long term investment. While it's crucial to learn, it's also vital to stay patient and stay out from having high emotions. Once you become emotional, you get carried away with what is happening around most particularly with what is trending in social media. And from there, you will lost your focus from your investment which will lead you to become discouraged from your long term investment and end up quitting from it for good.

[snowpega]

The best time to buy Bitcoin is when you have the money to invest. Many people who wanted to buy when the price dropped to the level they wanted missed the opportunity to invest. But the best option for buying Bitcoin is through DCA.

DCA is the best way of investing in my case I also used it when I was accumulating bitcoin from different prices well the person who does not have sufficient funds to buy at once DCA helps him/her of keep buying at different prices which in the end makes a good average of your investment.

DCA is not at all about buying at dips you said very well DCA is about keep buying from time to time according to your plans it can be a weekly, bi-weekly, or monthly based investment and if you find any good dip we should even buy on that time if we have available balance because Dips should be considered as good buying opportunity of buying.

[Baki202]

It is true that there is no ideal time to invest, but there is a bad time to invest and buy, and a bad time. These times are ideal for buying, but if you ask me after a year, I may not prefer to buy more, especially with the possibility that there will be a major correction soon.

Following the price of Bitcoin will not make you rich, and if you are a trader, you can automate a bot to execute orders while you continue your normal life. do not consider trading a full-time job, but rather something additional to increase your investments.

Telling your friends about your salary and income rate is a bad thing, let alone your future investment.

you can invest whenever you like and whenever you have money because as it is they don't catch latecomers for investing in Bitcoin late, I see a lot of people saying they want to go to the extent of even borrowing money to invest in Bitcoin. and most times when the price is low people always want to buy, everyone will do what will favor them and some millionaires will buy Bitcoin at any time and any kind of price. As for me, I have my plans already for when to invest, and I will not discomfort myself just because I want to invest in Bitcoin.

and people do not want to say the truth we all know how good it is to invest in Bitcoin, but not everyone will make money out of Bitcoin When some people see how Bitcoin involves a lot of processes they might not even want to invest in it again and the worst will be when they lose money and does are the things that are suppose to build you while doing bitcoin the best will be not for you to give up. I don't think I even love the idea of using a bot i would rather do the trading myself. and it is always advisable to have a good source of income before starting Bitcoin.

[Troytech]

I did not say you did not learn anything with your time in this market but I advised you to calm down and don't feel like you have to hurry to share your experience and teach other newbies. Because with your limited experience, what you teach maybe is not right and will mislead other newbies.

It's always easy to just say about something you read assumed to legendary members or articles and you come here to share it with your own words. If you have yet experienced it by yourself, it's just saying and you even did not completely understand it.

That's reason I told you to come back after you already experience bull and bear market because each market type has different risk and opportunity and lesson for you.

Yeah I do understand that every market type has its risk and experience i would get from it, I never said I I a pro or too knowledgeable, neither did I read any of these online. These are my personal experience from my time in the market and I chose to share.

I get that I might not be too experienced but misleading, I don't think any of this would mislead anyone, these are real experience I've had, and I also do believe that there is someone who might be going through this same thing too.

This is the exact reason why it's very important for a poster to know when, where and how a post should be made on the forum, this piece of information like you said would be a lot more valuable in the B&H section of the forum or some other section but definitely not here.

Definitely not where, now this is very annoying when I see comments like this, just what I finished talking about last time, where did you find this thread on the B&H Or somewhere else, or you felt like saying something.

[Knight Hider]

Kids these days think holding since 2022 makes them long-term holders.

[God bless u]

If I use the accumulation system bro, I continue to accumulate my bitcoins from month to month, every payday I will leave 10% of my salary to buy bitcoins, if the price corrects I will buy 2x as usual. I don't really care about technical analysis. What I do is keep buying and buying again. Until now I have not sold any of my Bitcoin, only once I sold my Bitcoin at $600 8 years ago. I decided to become a long-term holder specifically for Bitcoin,

I wish you didn't do things right now, you would have been very rich and you would have had a lot of money, but who knows what is going to happen in the future. I didn't know what area we're seeing, maybe we'll see it in the future in the form of bitcoin I am talking about etherium so we should prepare for it like you're saying, I just want to buy it. If so, we should also do it only with bitcoin or ethereum, any coin that can replace bitcoin, we will prepare for that, which coin it could be.

[letteredhub]

Following the price of Bitcoin will not make you rich, and if you are a trader, you can automate a bot to execute orders while you continue your normal life. do not consider trading a full-time job, but rather something additional to increase your investments.

There are people that are full the me traders and are making substantial profits from it even without having other sources of income   but that doesn't mean this may work fine for every person that chose to go full time trading. To be with different sources of income additional to trading the advantage in there is that you wouldn't have to excessively trade which could cause you to make frequent losses in your quest to make money to solve a pressing need.

Telling your friends about your salary and income rate is a bad thing, let alone your future investment.

Trust no one should be a motto we should hold strongly in mind as people that are into this industry and even in other areas of money matters. Staying on low key can prevent you from a number of troubles you can't tell.

[Rockstarguy]

👉 I've learnt not to procastinate: around 2022 when I first wanted to start buying bitcoin, I was busy procrastinating on when to start investing in bitcoin cause I was waiting for the right opportunity and price that would be good for me to start investing, I would always find myself checking bitcoin price, reading blogs about speculations, I set a target that once bitcoin reaches 10K I would start buying and this never happened, I missed so many opportunities that was so nice to start, even when bitcoin reaches 15k dip on November 2022, I didn't still buy.

This what most beginners have experienced during their early beginning in bitcoin,  but the most important thing about this is that this is an experience that makes people to understand the market very well. Beginners always have the mindset that their is a best time to buy bitcoin and they can catch this best time if they wait for sometime, but it always end up different from the way they think about the market will be. Waiting for the market to fall to buy bitcoin is a good lesson people needs to learn to understand bitcoin, and when I come across people who miss the opportunity to buy bitcoin regret I don't really feel pity for them because this experience will teach them alot to understand the market,  to have the understanding that the market can't be predicted,  the more you wait for the price to fall to buy bitcoin,  the more the market keeps increasing.

Procrastinating to buy bitcoin is not a bad experience for me but a good lesson that investors won't repeat again. This experience makes them to understand that thier is no perfect time in buying bitcoin.

[AakZaki]

It's just like trying to catch a falling knife, most people wants to buy at the lowest entry point, and forget the fact that we can't really predict much about the market, in my case I set a target when I saw Bitcoin price falling, but it never reached my target and that's how I lost better opportunities to have bought at a low price, at 15k then, and I don't think bitcoin would be reaching such a low price in a very long time.

The strategy for buying at a fairly low price must also have a backup strategy, if the lowest price is not reached, there is a second price that we set to reach the lowest price, so that we don't miss out and still get a fairly low price. Preparing analysis and predicting when Bitcoin will fall is certainly a good strategy, but predictions will not be completely accurate, be prepared to buy early when it is close to the main target. Expecting a drop of $15k at the moment is unattainable, but to expect a drop to $30k is possible, but this also depends on how the market reacts to the bitcoin halving.

[teamsherry]

Do you really need to tell people that you have Bitcoin? I don't see it as a good decision because it could have some negative consequences. Bitcoin promotes privacy, therefore, it will be good to keep your hodling secret.

Though OP is basically an anonymous member here and didn't disclose how much bitcoin he owns or proved that he even purchased any, it's kinda too late for that advice now, wouldn't you say?

This is the second thread I've seen in a couple of days by a low-ranked member in which they give generic advice and don't seem to know their audience.  What OP wrote might be appropriate for a B&H thread, I think most people who frequent Speculation already know basic stuff like "don't panic", "don't procrastinate", and all that.  In short, I'd say I smell a merit-grab attempt except for the fact that OP isn't in a campaign and hasn't been all that active since he registered.  If this is well-meaning advice, I feel like I'm being given advice by a typical 20-something Youtuber who thinks he's got it all figured out and wants to share his "wisdom". 

No offense, OP.

 it's definitely true that there's a lot of generic "feel-good" advice floating around,  particularly on the internet and in this community and it can be challenging to discern between those who are genuinely trying to help and those who are just trying to get attention and validation. As for the OP, it's possible that he was genuinely trying to help, but he was unaware that their advice was too basic for the people in this particular part of the community. Either way, it's good to be able to recognize when and where an advice is needed as well as where and when it's not

This is the exact reason why it's very important for a poster to know when, where and how a post should be made on the forum, this piece of information like you said would be a lot more valuable in the B&H section of the forum or some other section but definitely not here.

Well you can't say that this advice is too basic, cause I think that many persons might still be battling with this problems, every day new accounts are been identified on this forum and you think that all these newbies know this stuff and It's also possible that some old members might have found this advice valuable too,. I don't think it's good saying or calling knowledge basic cause you know and fell everyone knows it too, that's a bad way to think.