I am not sure if you got my point, and I doubt that there is any necessity to study bitcoin prior to getting the fuck started.
You are 100% right, most of the newbies procrastinate and wait for the right moment, some are lazy enough that they can't even set their wallets, or know how to do P2P. You are right about the fact that study bitcoin is not that much necessary, just invest funds and see the magic. But don't you think its a bit doubtful or will be doubtful for newbies?
The main thing seems to be to get started, and yeah, newbies should be figuring out their particulars, but they still should get started sooner rather than waiting around. The most important is their own particulars in terms of their discretionary income... and yeah they should be considering
these 9 factors, yet even if they don't really know all of the answers the 9 factors, it does not mean that they should wait in terms of getting started right away..
They are ultimately responsible for getting started or not getting started.. both are choices, and people who don't get started in bitcoin are likely going to end up getting screwed worse than those who get started.. and also better to make your mistakes earlier rather than later, but they still have to figure out the main thing.. spending within their discretionary income... and probably having a 4-10 year investment timeline or longer.. but just because their investment timeline is would also not suggest that they shouldn't get started ASAP.
If they don't know the potential of BTC then why would they invest in BTC
Well don't then. Get left behind. That's their choice, and sorry that they are dumb and/or unwilling to look into it..
Sure there are people who don't have disposable/discretionary income, and they won't be able to invest into bitcoin unless they increase their income or decrease their expenses. Basic financial management ideas that are in the grasp of any person with a bit of practice and thought, and the fact that a lot of folks are inclined to gamble rather than invest, then that is a choice and they can have fun staying poor. Bitcoin is available to anyone, but they have to act rather than just sitting and looking at it. No one else can act for them.
, and if they don't know how to set up a wallet, from where to buy BTC, how to avoid spammers, or phishing scams, then how they can save themselves, even if somehow after watching YT videos they come to buy BTC even.
Well, for their own good, they better figure it out. There is a lot of information out there, and some information is better than others, and there is some need for critical thinking skills in order to differentiate between good information and bad information. So maybe they start with something easy, and try to find something in their local area, and if they start out with some custodial solutions then they get used to that adn then move to self-custody later down the road. Yeah, there are some areas of the world in which it is difficult to get bitcoin or to find someone to sell bitcoin.. so that is too bad for some folks, even though there are bitcoin enclaves all over the world... and maybe some of those people who are in the boonies have to look harder to find some ways to get bitcoin.
I know that some areas of the world have more bitcoin networks and internet and people promoting bitcoin than others, and those are disadvantages to some people in parts of the world that have fewer options to get bitcoin... So some of those folks are going to end up starting and getting involved in bitcoin later.. and so there are advantages to folks who are well connected, but even folks in well-connected places are not taking actions to establish their stake in bitcoin.
I surely don't claim to know bitcoin availability in all locations, even though I know that there is geographical variations that could disadvantage folks.
A little study is necessary IMHO. And I did get your point. I will start one day VS Day One have different meanings.
Perhaps, but not as much as people likely think. If you figure out a way to buy some bitcoin and you know that you have $100 per week that you could use, but you don't know about it, so then you start out with $10 per week while you are studying into the matter, and maybe it takes you a few weeks or even a few months to move up from $10 per week to $100 per week and so you can increase the level of your aggressiveness in investing in bitcoin with the level of your knowledge and even getting your shit together in terms of the already mentioned 9 factors. Yeah, it could take years to get your budget together, including making sure that you have an emergency fund, but if you figure out how to source your bitcoin, it does not mean that you should not get started right away.
In other words, the mere fact that we just touched on ATHs in the last 48 hours, that still does not mean that the price will ever be lower than it is today... so if you have assessed that you don't have enough bitcpoin, then you keep buying until you have enough... you don't wait. Waiting is not an accumulation strategy.
I actually don't know how much BTC would be enough for me, you are saying if I will have 1.5+ BTC then they are more then enough in compared to having 0.008. I got your point here, but I don't know how can I know if the BTC I have is enough or not,
It depends on your goals, so if you want to try to achieve financial independence then you might think in terms of your yearly expenses/salary, and if you are able to achieve somewhere between 20 to 30 years of your annual income/expenses, then you likely have reached financial independence. Of course, you could get into bitcoin with other goals, but I don't consider accumulating bitcoin for 4-10 years or longer to be a reason to then get out of bitcoin.. so usually there would be abilities to live off your bitcoin or to use your bitcoin as a supplement to your income.
Accumulating 1.5+ BTC seems a little difficult but who don't want to accumulate that much. If I am making huge earnings, then I will definitely accumulate but for the time being, I am not accumulating due to finance issues. I don't have any issue in holding some funds aside, I actually save some funds in stable currency to buy back but I have to use them also.
If you save 10% of your salary per year and invest into bitcoin, it is going to take you 10 years to reach 1 year's worth of salary/expenses, and so it takes a while to build an investment portfolio, and you are never going to make any progress if you are spending from your investment portfolio.
You choose how you want to treat your investment portfolio, and it is my sense that investing into bitcoin is a 4-10 years or longer endeavor, and many folks if they want to get to fuck you status take 30-40 years or they never even make it to such status, but with bitcoin it could be possible to make it to such status a lot quicker, even cutting the time in half such as 15-20 years, but you still have to get your shit together and establish a sound but aggressive investment strategy that might also involve needs to increase your discretionary income by increasing your income and/or decreasing your expenses.
-cut- as long as you figure out your discretionary income and you are not spending from money that you need, which you should be able to figure out those kinds of relatively basis personal financial management matters.
Got It.
So they might have some periods that they are looking foolish, but who is going to care 20 years down the road when they spent their first 10 years buying like crazy and at any price, then when it comes time to start spending them, they are likely going to have way more options than the person who was failing/refusing to act.
I got this point also, and I am far above this point, because I am not overdoing it, I am not wasting my funds, I do proper DCA, I manage funds from my income, and try to invest with what my life don't disturb. Actually I love holding BTC now, my Average buying is $28k. Now I am in good profit.
What I lack is a good exit plan.
You seem to be thinking in short-term ways.. so yeah, you are trading.. not investing.. since Why would you need an exit plan if you still don't have enough BTC? You already said that you don't have enough, which means keep stacking and don't stop.
Who gives any shits that your average cost is $28k? If you don't have enough then you have to keep stacking, even if your cost per BTC is likely to continue to go up when the BTC price is continuing to go up.
Anyhow, you do what you like, but it sounds to me that you have hardly any clue about what you are attempting to achieve, including understanding the long term potential of bitcoin, including that you might need to consider bitcoin's long term potential so that you might better know why you are accumulating BTC and likely not needing to worry about exit until you have accumulated enough or more than enough, then after that you could consider following some kind of sustainable withdrawing plan and/or staking plan like I talk about in
my sustainable withdrawal thread.
Are investors investing in Bitcoin at ATH now are fools ? Is there chance of major correction from here as prices have already peaked now.
Does people who invested in 2017 ATH fools? Or the ones that did it two years ago fools?
We are not at 2017 ATH comparison points. We are more like at early 2017 when BTC first passed through the 2013 ATH (of $1,163) or maybe we are at late 2020 (when BTC first passed through the 2017 ATH of $19,666).
Basically everyone invested in Bitcoin at the time of the current ATH made profit since they could sell Bitcoin more than the price they bought it for.
Bitcoin drove all the market up and many
cryptocurrencies made a record price which is good for everyone
Fuck crypto currencies (ie shitcoins) they are not relevant to this discussion.
Are investors investing in Bitcoin at ATH now are fools ? Is there chance of major correction from here as prices have already peaked now.
At one point BTC price ATH was nearly $1000 and people were asking the same question whether people buying at this price are fools ?
What would be your answer now that you know current BTC ATH is $70k and what would you call those people who bought BTC at $1000 ?
The same thing applies now and I can say that we are still way early into bitcoin and there's a long journey ahead.
The 2013 high was $1,163 and so BTC passed back through it (and above it) in early 2017.. that was a bit more than 3 years between the ATH being reached again. This time around with the $69k from November 2021, it was ONLY a bit more than 2 years... perhaps a little more than 27 months.
