Long-term growth requires an emergency fund. When starting a long-term investment, of course, this fund must be saved. Because we expect large profits, and that naturally requires a long period of time, so it's not wrong for me to mention such a point.
Investing is usually often done by large investors who are financially sufficient and willing to invest a portion of their income in Bitcoin, even for a long time.
Now you are making sound like investing is only for the rich. Which not actually right , yes being financially buoyant will give a big advantage when come to investing , but don’t forget that we talking about bitcoin investment here . Like we usually say here , you can start investing in bitcoin with whatever amount you can afford . Having enough time to accumulate is one advantage of longterm investment it will give enough time to accumulate something good .
Sure. Many folks still get it all wrong...In Bitcoin investment your mindset and your ability to effectively plan matters more than your financial status, so folks really need to come off the mentality that Bitcoin is only for the higher class or those with large income. Some persons can earn alot but is still unable to have a discretionary income, while those with meagre income may now be able to manage and even have some extra aside for investing no matter how little it may be. That is why folks need to understand that the criteria for Bitcoin investment is having a dicretionary income and this is what anyone can have, the rich, the poor, middle-class even student can have it....
Yes, Bitcoin investment is never for a specific class of people, it is equally suitable for people with all types of income, small and large, anyone can invest here according to their ability. There is nothing here that prevents a person with a low income from investing in Bitcoin, everyone is open here, just keep investing with an amount of money according to your ability from what you earn. It will continue naturally only if you can invest consistently, consistency is important here, for those who can maintain the continuity of investment here, this is enough and they will be able to benefit from it in the future with full facilities.
Of course people who are able to increase their discretionary income, which means getting their income higher than their expenses, have chances to benefit more from bitcoin as compared with folks who are not ready, willing and/or able to increase their discretionary income.
Poor people are more challenged, but they can still quite greatly benefit from bitcoin, perhaps poor people can benefit more than rich people ,yet they might still have to figure out ways to make sure that they organize themselves and manage their cashflows so that they invest into bitcoin aggressively enough yet not so aggressively as to overdo it and end up making their situation worse because they engaged in poor cashflow management practices.
Emergency funds should be part of a serious Bitcoin investor's discretionary funds, you don't need to use emergency funds to buy Bitcoin, specifically the funds are kept for 'emergencies. You need to have allocations from your discretionary funds to buy Bitcoin just like you keep aside funds for your emergencies.
Bitcoin investment is for everybody that have money to buy it, the rich and poor can buy Bitcoin, each according to their financial strengths. Smart investors that understands financial management will buy from their discretionary funds and do DCA method to hodl for a long term.
Emergencies funds should not be the only funds set aside for later purpose. Emergencies funds should be strictly for emergency because emergencies can come at any time, it is not something that is planned.
Investors should also keep some savings as well from their discretionary income, the purpose of the saving can be for several reasons, afterall you can have many savings account as you want. A savings can be a fund where you tap into for accumulating more bitcoins when there is a dip or when you want to invest aggressively. Not your emergency fund.
I sent you a merit, since you have the idea correct in that guys will frequently have money saved up that goes beyond emergency funds, and emergency funds may well be a certain amount of money that we keep no matter what and we don't let our cash cushion go below that amount, absent an actual emergency.
I don't agree with the idea of changing levels of aggressiveness based on dips, even though I agree that if we have strong cashflow management systems in place, then we are able to increase our level of aggressiveness based on our having cash cushions in place... Yet, at the same time, if there is a dip, we still may well need to make sure that our level of aggressiveness is tempered based on our level of extra cash, not based on whether there is a dip or not... so sometimes we might have extra money for buying the dip, yet sometimes we may well still run out of money when the price is dipping, so we should not get sloppy based on there being a dip in the BTC price.
It seems to me that we need to temper our level of aggressiveness based on the strength of our cashflow management and not based on whether we perceive that the BTC price has dipped or not.
Technically bitcoin is part of crypto currenciess, so I don't really think anyone classifying bitcoin as part of crypto is entirely wrong. But it is advisable we specifically call bitcoin by it's name so that we will be direct and anyone we are talking with will know the crypto we are talking about. If you were thinking that bitcoin is not among crypto you are wrong as bitcoin is technically part of crypto.
Bitcoin was the first Crypto currency created and the most reliable of them all. The crypto market is flooded with fake coins and these coins are also part of Crypto Currencies. When we use Cryptocurrency instead of Bitcoin, Newbies will mistake Bitcoin for some random Shitcoins in the market. Like you said, we should specifically call bitcoin by it's name, that way newbies will understand that it is Bitcoin and not Shitcoins, with this
your texts can be convey amicable without making them complicated more especially for the sake of newbies.
There is no reason to treat shitcoins amicably.
Fuck shitcoins.
Sure the main reason that we try to use the term bitcoin when referring to bitcoin or we might specify if we are talking about bitcoin or shitcoins, is so that we don't confuse folks in regards to what we are talking about, including that if we are talking about shitcoins, then we should specify that instead of using some vague, misleading and ambiguous language to refer to crypto and not specify what we are talking about.
Yes, bitcoin is part of crypto, yet we don't refer to vague ideas about crypto because it is misleading and might even give the impression that we believe bitcoin is similar to crypto, when it is not. A large majoirty of times, shitcoins are affinity scams around bitcoin, and they just love the fact that people are treating them as if they were similar to bitcoin or within the same category as bitcoin.. .. so even if they are within the same category, it is still likely best to clarify by denigrating them rather than allowing folks to conclude that bitcoin is similar to shitcoins or various shitcoin projects.
It is true that some folks cannot resist gambling, so they might want to get involved in shitcoins, yet hopefully for their own good, they are able to limit the exposure of their time, energy and/or value to shitcoins (and/or to trading of bitcoin) to no more than 10% of the size of their bitcoin investment and maybe even that 10% might be too much, even though gamblers frequently have difficulties limiting themselves.. so we can ONLY do so much to help others to make sure to stay focused on bitcoin first and learn bitcoin and learn how bitcoin relates to various shitcoins prior to getting involved in shitcoins, set up some bitcoin accumulation strategies and managing your cashflow and your time and energy around bitcoin first, and then if you have time, energy and value remaining, then sure you can get involved in shitcoins, but be careful to not get distracted into that crap.. and keep your eye on the prize.. it can take years and years and years to really build up a bitcoin base in terms of finances and even just basic understandings...so careful in distractions and/or diluting of our time, energy and/or value.
We can denigrate shitcoins and some folks still won't be able to resist getting involved in them, and hopefully, we have enough discipline to not let ourselves to go down that distracted road. At the same time, each person is free to do what they like, even if they choose dumb shit and they get distracted by bells and whistles and beliefs that they can get rich quicker by involving themselves with inferior products, practices and/or time/energy management..
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I'm quite certain that some people are motivated by investing in Bitcoin to seek wealth. Of course, that's not wrong, but sometimes reckless actions without doing prior research can lead to severe panic when the market fluctuates.
I strongly agree that someone shouldn't invest using their daily funds, as this won't make life more peaceful but will only cause more mental stress. Therefore, there are several other things or methods that must be implemented to ensure that what is planned goes according to plan.
One plan that every investor, or those who want to become investors by holding Bitcoin, must implement is to prepare a discretionary fund, which is not to be used for anything other than buying Bitcoin.
You are mixing up terms. Discretionary funds (or discretionary income) is how much money you have left after basic expenses. You don't set it up. It is what it is, except you can try to increase your income and/or decrease your epxenses in order to change the amount of your discretionary funds each month, week or however you are measuring when you get paid and when your expenses are due.
This means that such basic preparation must be done before investing in any sector of life.
You sound lost. It is not that hard.
Sure, we might need to make sure that we have enough money that is left after our expenses to get started buying bitcoin..
And, we also might have to assure that we continue to have extra money coming in if we are going to continue to buy bitcoin.
Yet, we don't need to engage in any kind of deep preparations prior to getting started.. The main thing to get started is to figure out that we have some extra money.. If we make a mistake and we think that we have extra money, and then we don't have extra money, then we have invested beyond our discretionary income...
yet when we start how much are we starting with? $100? $10? or some other amount?
If we continue to invest, then we likely have to have more organization if we want to make sure that we have an extra $100 every week to buy bitcoin, and if we are not sure if we have $100 every week, then we might need to use a lower amount, such as $10 per week or some other amount that works for our level of discretionary income.
Before becoming an investor, everyone should have a well-thought-out plan,
You really think so? You seem to be imposing extra conditions to get started investing in bitcoin.
One thing is getting started and another thing is keeping on going with the investment..
I suppose if a person gets started investing in bitcoin and he is considering that he is investing 4-10 years or longer, then he has to come to that kind of a resolution, otherwise he might get involved in bitcoin as a trade rather than investing, yet maybe some folks are not able to commit to investing right away, but they can commit to getting started.
how much time do you think a person needs to spend planning before getting started with bitcoin? What is going to be in the plan?
such as a daily fund, an emergency fund, and finally, a fund for investment capital. Therefore, the use of funds themselves will not be haphazard, even if it is our own money. This speaks to long-term investment, which must be carried out more consistently.
You don't think that a person can get started investing in bitcoin and figure out various aspects of his investing as he goes?
Let's say that a person has $100 in his pocket? Do you think that he can figure out if he needs that for expenses or if he might be able to use some of it to get started buying bitcoin? Or do you think that he needs to do something first?
Point of correction dude Bitcoin is not a cryptocurrency and saying it is one will jeopardize what you are saying even though you are right on what you are saying. Some newbie are easily carried away with what they hears so don't classify Bitcoin as a cryptocurrency before you mislead newbie.
Technically bitcoin is part of crypto currenciess, so I don't really think anyone classifying bitcoin as part of crypto is entirely wrong. But it is advisable we specifically call bitcoin by it's name so that we will be direct and anyone we are talking with will know the crypto we are talking about. If you were thinking that bitcoin is not among crypto you are wrong as bitcoin is technically part of crypto.
Many people say, Bitcoin is not crypto, in fact, the issue needs to be seen from both a technical and cultural perspective.Yes, technically Bitcoin is part of cryptocurrency, because it uses cryptography and runs on blockchain. There is no room to think of it separately from this aspect. But in practical discussions, we often mention Bitcoin separately, because its purpose, network security, decentralization and market maturity, are at a completely different level from other cryptos. So if someone says, I only mean BTC by crypto, that is not wrong, again, Bitcoin is part of crypto, this is technically true. When someone wants to say Bitcoin, it is better to mention it separately.
We try to not use the term "crypto" to refer to bitcoin because we are wanting to specify what we are talking about and not provide free space to shitcoins to claim that they are part of the same club, when they are not. Shitcoins are affinity scams.. which means that they benefit from being confused with bitcoin..so there is no reason to be nice to them..
If we are talking about bitcoin, then we use the term bitcoin, if we are talking about some shitcoin or the shitcoin space then we may well need to clarify that is what we are talking about, to the extent that might be relevant to what we are saying... so leaving it vague is problematic... and so yeah, it might be more work to clarify what we are talking about, or even to say that we are talking about bitcoin and also shitcoins when we are talking about bitcoin and shitcoins.
Frequently, governments and/or financial institutions and/or or even media will refer to bitcoin and also to shitcoins, and sometimes they will not specify what they are talking about, yet that does not mean that it is a good idea to use the same level of vagueness when we are talking about what to do or what to not do.
Some of us have likely seen references to "the crypto markets" are up, down or sideways. What the fuck does that mean? Are we talking about bitcoin or not? There is no such thing as "the crypto markets" unless we are talking about bitcoin. .and then we can say what is going on with bitcoin, and the extent that we might be interested in the performance of various other shitcoins, we can describe that too, in the event that it might be relevant to what we might be talking about.. yet hopefully we are not making vague references to crypto merely because others are making the same error...
If we are in a conversation with someone (let's say outside of his forum), and the person mentions something about "crypto" aren't we going to want to get clarification.. at least if we are really trying to have a conversation with the person, yet if we are just passing the person and not engaging in meaningful communication, then maybe it might not matter very much in regards to the reference that the person was making.
Of course, in a forum like this, we have an ability to seek clarification and/or even complain if any member is referring to crypto and not being clear in regards to the reference.
