Balancing Financial security and Bitcoin Accumulation

[Nightwatchmare]

I think the problem there is...as we all know.. Bitcoin can make you a lot of money..but also it is very volatile (swings up and down very wildly)...and people need stable money for their everyday life...so looking at it,i think 'Financial security' comes first..that means applying some financial basics that will help you in future...like: opening a savings account... having a stable source of income and basic insurance like (health and car insurance)..when a person lacks these essentials.. Bitcoin becomes a gamble you wouldn't want to lose..

Once you've attained financial security,you can start adding up Bitcoin as a part of you 'wealth building'....so I think financial security enables your accumulation..not the other way around

It is very possible to become a millionaire or very rich by investing in bitcoin but it wouldn't happen over night. If you're thinking it would happens overnight then you're mistaken. Bitcoin investment is not a get rich quick scheme that turns people into millionaire over night. It is a long term investment and it would require you to invest for the long term before you can make significant profits. It isn't necessary that should know everything before getting started You only need discretionary income and the basic knowledge to get started. 

You are passing a misleading information by saying that it is very possible to become very rich by investing in BTC saying this is also as saying that we are guaranteed to become successful or very rich even we invest in bitcoin, or have just forgotten so soon that bitcoin is a volatile asset? We do not know what will become of bitcoin tomorrow BTC is two sided dip and rise we that is investing in bitcoin for long time we can either loss or gain but we hope it profit us tomorrow and BTC not guaranteed us successful is the main point we are using our discretionary income to invest in bitcoin what ever it be tomorrow we take am like that.

Qhunman is not passing false information because there have been stories or cases where Bitcoin turned people into millionaires in the past, and Bitcoin can still turn people into millionaires now if they accumulate a reasonable amount of Bitcoin and hold it for 10 years and above. We not knowing what will become of Bitcoin tomorrow is why Qhunman is saying that Bitcoin is not a get rich scheme that turns people into a millionaires overnight, so for Bitcoin to turn you into a millionaire, you must first of all have the conviction that Bitcoin is a long term investment, and you must invest in Bitcoin with a long term mindset.

[Joeboy]

Trouble starts when someone rush into bitcoin with big hope of getting a big pot of cash quickly. What they don't know is that the market doesn't care about your money or how you have instead it test your mindset. When your basics are handled, you’re calmer and less reactive. Maintaining that calmness matter more than timing the market or having a fancy plan. Bitcoin isn't running no where, it's those bad decisions that someone makes under pressure that hurts fast. Moving step by step keeps you in control instead of letting price moves control you.

This is very well a traders mentality. To trade Bitcoin is not a wise decision, it lead to stress, loss of money timing the market at all times and whatnot....To invest is far more better. And when investing in Bitcoin, folks must be ready to Hodl for  for the long term. The longer you hold Bitcoin majorly depend on the rate at which you accumulate. For instance those that DCA with a higher amount of discretionary, are more likely to reach over accumulation faster and in lesser years than those that go in with a small amount... But all the same folks are still advised to always invest within their capacity....

[Showlove01]

To be honest with you currently 100% of the poor Masses don't want to remain poor in all their lives and even when the government fails to recognize those villages they create little jobs opportunities within themselves that still put food on their table, so at such embarking into Bitcoin investments i hope you know that there is no discrimination of any kinds that said this investors is poor or investing with low income, i would love you to say that Bitcoin is for everyone providing you have your discretionary income to invest with with or you don't know you can sale anything that you can afford to buy back just to invest in Bitcoin, then later run you can buy times two of what you sold.

Do not show any hope to any investor that is not guaranteed. You may suggest investing through discretionary income but selling any assets to buy Bitcoin may not be right. There is no discrimination between the rich and the poor in Bitcoin investment, which is correct and I agree with you. The rich have more accumulation capacity and the poor have less. The poor have to spend a lot of time to reach the over accumulation status. Since they have been struggling with DCA for a long time, they are more likely to get returns than the rich. In long term investment, your main target will be to focus on real assets as well as building up Bitcoin holdings.

I don't totally agree with you because in life there are some asset  to some point that if we sell them to invest in Bitcoin won't be wrong for example if someone has about 2-3 cars and then thiese cars needs steady maintain to be healthy or to be in a good condition and so Instead of wasting money to be maintaining these cars, selling one to invest in Bitcoin won't be a bad idea because apparently the cars looks like a liability since the 3 cars can not be be used at same time or same day and by selling one you have save yourself some stress and unnecessary expenses.

[icebar]

To be honest with you currently 100% of the poor Masses don't want to remain poor in all their lives and even when the government fails to recognize those villages they create little jobs opportunities within themselves that still put food on their table, so at such embarking into Bitcoin investments i hope you know that there is no discrimination of any kinds that said this investors is poor or investing with low income, i would love you to say that Bitcoin is for everyone providing you have your discretionary income to invest with with or you don't know you can sale anything that you can afford to buy back just to invest in Bitcoin, then later run you can buy times two of what you sold.

Do not show any hope to any investor that is not guaranteed. You may suggest investing through discretionary income but selling any assets to buy Bitcoin may not be right. There is no discrimination between the rich and the poor in Bitcoin investment, which is correct and I agree with you. The rich have more accumulation capacity and the poor have less. The poor have to spend a lot of time to reach the over accumulation status. Since they have been struggling with DCA for a long time, they are more likely to get returns than the rich. In long term investment, your main target will be to focus on real assets as well as building up Bitcoin holdings.

I don't totally agree with you because in life there are some asset  to some point that if we sell them to invest in Bitcoin won't be wrong for example if someone has about 2-3 cars and then thiese cars needs steady maintain to be healthy or to be in a good condition and so Instead of wasting money to be maintaining these cars, selling one to invest in Bitcoin won't be a bad idea because apparently the cars looks like a liability since the 3 cars can not be be used at same time or same day and by selling one you have save yourself some stress and unnecessary expenses.

Not only that, in the long run, those cars will be useless, and you will have to spend money on repairs later. That is, even if you do not use these, you still have to spend money. But if you sell unnecessary cars from there and invest that money in Bitcoin, then your investment will also increase as the price of Bitcoin increases. To benefit more from investment, you must refrain from wasting and invest where it is possible to benefit financially and where there is potential. Those who waste money on luxury without being encouraged to invest now will be financially insecure in the future.

[Obulis]

I get you,  there is really kidda no perfect excuse to not be investing in Bitcoin. It is true that DCA was designed to be flexible, the amount must not have to be fixed. Anyone can technically start, even with very little.

But what I feel is that, if we are being realistic, it is not always that simple. When someone does not have a stable income and is constantly worrying about survival, investing, even small amounts is really and very stressful, I won’t lie. I’ve been there before. The truth is for some people in that situation, Bitcoin is not the problem, life pressure and their bill is.

Many of us are poor and looking for work to pay the bills and meet the needs of our families and have to earn a little to survive. Many poor families really want to be rich and are ready to work hard. THERE ARE  SOME VILLAGES WHERE THERE IS NO WORK AND THEY REMAIN POOR ALL THEIR LIVES.

Bitcoin is not for everyone It is not easy for some poor people. Their income is less than the needs of their families. I would say that if those poor people take care of their families and if they really want to improve their finances through hard work they can start accumulation Bitcoin and continue doing so for a long time. There are examples of those bitcoiners who are struggling with poverty and are committed to themselves and also accumulation bitcoin. Poverty makes many investors more confident with a strong desire to change their financial situation.

To be honest with you currently 100% of the poor Masses don't want to remain poor in all their lives and even when the government fails to recognize those villages they create little jobs opportunities within themselves that still put food on their table, so at such embarking into Bitcoin investments i hope you know that there is no discrimination of any kinds that said this investors is poor or investing with low income, i would love you to say that Bitcoin is for everyone providing you have your discretionary income to invest with with or you don't know you can sale anything that you can afford to buy back just to invest in Bitcoin, then later run you can buy times two of what you sold.

The poor want to get rich and the rich richer. This has nothing to do with contentment but creativity. As a living being, you are meant to keep creating as much as you can, you won't say because you are contented that you will no longer creat because in creating you give other people change and chance to carry on.

I think by now it should be very obvious to everyone here that unstable income can't be an excuse to why you are not investing in Bitcoin. This doesn't really undermine the reality of some people (Like what is the possibility of some or most internally displaced people in northern Nigeria to invest in Bitcoin? there might not be any chance for majority of them but this is an extreme case). The other way round, some people lack the discipline and skill to do investment. Some people are just good with their job and things like that. So you see that Bitcoin is there for anyone but not for everyone and that's those whose way of life discourages investment. Most times it's not just about lacking the discipline and skill but the unwillingness to learn and adjust and that means some poor wants their situation to turn around but are not really doing anything serious about it.

Once in awhile even when income is unstable and low, there is usually discretionary funds yet misplacement of priority will make some many poor people not to invest in Bitcoin, the same thing also happens to some people who has higher pay and stable income. So truelove, there's no discrimination in Bitcoin which makes it there for everyone but not everyone will go in because of some peoples way of life.

[Rubuchi]

To be honest with you currently 100% of the poor Masses don't want to remain poor in all their lives and even when the government fails to recognize those villages they create little jobs opportunities within themselves that still put food on their table, so at such embarking into Bitcoin investments i hope you know that there is no discrimination of any kinds that said this investors is poor or investing with low income, i would love you to say that Bitcoin is for everyone providing you have your discretionary income to invest with with or you don't know you can sale anything that you can afford to buy back just to invest in Bitcoin, then later run you can buy times two of what you sold.

Do not show any hope to any investor that is not guaranteed. You may suggest investing through discretionary income but selling any assets to buy Bitcoin may not be right. There is no discrimination between the rich and the poor in Bitcoin investment, which is correct and I agree with you. The rich have more accumulation capacity and the poor have less. The poor have to spend a lot of time to reach the over accumulation status. Since they have been struggling with DCA for a long time, they are more likely to get returns than the rich. In long term investment, your main target will be to focus on real assets as well as building up Bitcoin holdings.

I don't totally agree with you because in life there are some asset  to some point that if we sell them to invest in Bitcoin won't be wrong for example if someone has about 2-3 cars and then thiese cars needs steady maintain to be healthy or to be in a good condition and so Instead of wasting money to be maintaining these cars, selling one to invest in Bitcoin won't be a bad idea because apparently the cars looks like a liability since the 3 cars can not be be used at same time or same day and by selling one you have save yourself some stress and unnecessary expenses.

I agree with you. Some assets are liabilities in disguise and example of such liabilities include a car that you’ve bought and already driving , despite when you are not driving it always, it can still become a liability because the vehicle will begin to depreciate in the long run and before you can sell it again you may even need to call on the mechanic to come fix some damaged or corroded part. A house that you’ve mortgaged can be a liability too. Normally your houses are supposed to be assets to you since it is known that landed properties are very difficult to depreciate and in most cases they only appreciate but when it is acquired through a mortgage loan, it can end up becoming a serious liability to you if you don’t get rid of it. As a result, it is best and better for you to convert these assets turned liabilities to a more reliable digital asset by selling them off and using the money to invest into bitcoin which is more guaranteed of an investment rather than those liabilities I mentioned above

[Qhunman]

I don't totally agree with you because in life there are some asset  to some point that if we sell them to invest in Bitcoin won't be wrong for example if someone has about 2-3 cars and then thiese cars needs steady maintain to be healthy or to be in a good condition and so Instead of wasting money to be maintaining these cars, selling one to invest in Bitcoin won't be a bad idea because apparently the cars looks like a liability since the 3 cars can not be be used at same time or same day and by selling one you have save yourself some stress and unnecessary expenses.

I agree with you.. because those cars are liabilities which would require steady maintenance to keep it ruining. If you calculate how much money you would be spending on maintenance annually it would cost you substantial amounts of money. Selling two cars instead of 1 car to invest wouldn't be a bad Idea either because bitcoin has the potentiaal of doubling the amount invested as profits when hold on the long run. Instead of keeping liabilities as assets, selling them off to invest in bitcoin is a productive idea.

[Proty]

I don't totally agree with you because in life there are some asset  to some point that if we sell them to invest in Bitcoin won't be wrong for example if someone has about 2-3 cars and then thiese cars needs steady maintain to be healthy or to be in a good condition and so Instead of wasting money to be maintaining these cars, selling one to invest in Bitcoin won't be a bad idea because apparently the cars looks like a liability since the 3 cars can not be be used at same time or same day and by selling one you have save yourself some stress and unnecessary expenses.

I agree with you.. because those cars are liabilities which would require steady maintenance to keep it ruining. If you calculate how much money you would be spending on maintenance annually it would cost you substantial amounts of money. Selling two cars instead of 1 car to invest wouldn't be a bad Idea either because bitcoin has the potentiaal of doubling the amount invested as profits when hold on the long run. Instead of keeping liabilities as assets, selling them off to invest in bitcoin is a productive idea.

yes it is not a bad idea if someone tries to cut down there expenses in other to invest in bitcoin. There are some things we spend money on that we may not really be needing, selling then and investing the money in bitcoin won't really be a bad idea.  good financial management is really essential for a successful investment in bitcoin and without this we may end up spending money unnecessarily on things that aren't that essential.

[Mr_Brilliant$]

I think the problem there is...as we all know.. Bitcoin can make you a lot of money..but also it is very volatile (swings up and down very wildly)...and people need stable money for their everyday life...so looking at it,i think 'Financial security' comes first..that means applying some financial basics that will help you in future...like: opening a savings account... having a stable source of income and basic insurance like (health and car insurance)..when a person lacks these essentials.. Bitcoin becomes a gamble you wouldn't want to lose..

When you think of Bitcoin as a means of making a lot of money, you lose the sole purpose of accumulating bitcoin. Bitcoin can only store value now, not change a poor man to become rich over night. What you put in is what will determine the level of profit you will get in the nearest future. That means, if you invest less than $1k you will have less. But if you have up to 3 to 4 Bitcoins, the profit in years to come will be genuinely substantial.

Instead of saving, while not emergency funds. Having emergency funds is one basic thing needed to do as a bitcoin investor, that is if you don't have any. You can also, start your accumulation at the same time, set goals for emergency funds too.

In anything someone does, anytime they put money as the number one reason for them doing the thing, then they have already started missing the real meaning that made them started at first.. And this same thing goes to Bitcoin..
Once you have really understand what Bitcoin is, you goal will just shifts from that chasing quick profits or fast money to trying in accumulating more of it.. It is about mindset not rushing to money.

[Olatundespo]

I think the problem there is...as we all know.. Bitcoin can make you a lot of money..but also it is very volatile (swings up and down very wildly)...and people need stable money for their everyday life...so looking at it,i think 'Financial security' comes first..that means applying some financial basics that will help you in future...like: opening a savings account... having a stable source of income and basic insurance like (health and car insurance)..when a person lacks these essentials.. Bitcoin becomes a gamble you wouldn't want to lose..

When you think of Bitcoin as a means of making a lot of money, you lose the sole purpose of accumulating bitcoin. Bitcoin can only store value now, not change a poor man to become rich over night. What you put in is what will determine the level of profit you will get in the nearest future. That means, if you invest less than $1k you will have less. But if you have up to 3 to 4 Bitcoins, the profit in years to come will be genuinely substantial.

Instead of saving, while not emergency funds. Having emergency funds is one basic thing needed to do as a bitcoin investor, that is if you don't have any. You can also, start your accumulation at the same time, set goals for emergency funds too.

In anything someone does, anytime they put money as the number one reason for them doing the thing, then they have already started missing the real meaning that made them started at first.. And this same thing goes to Bitcoin..
Once you have really understand what Bitcoin is, you goal will just shifts from that chasing quick profits or fast money to trying in accumulating more of it.. It is about mindset not rushing to money.

The gist of what you were trying to convey was that instead of chasing quick profits through Bitcoin investments, you should focus on a long term DCA strategy rather than accumulating money. While making money is the main thing, to do so you need to be patient and try to build your holdings gradually by accumulating Bitcoin rather than using risky methods.

Applying this knowledge that you are sufficiently aware of the structure of Bitcoin and its intrinsic value qualities will make you more focused on holding Bitcoins on a regular basis than on making quick profits. The expectation of making quick profits will push you towards short term trading that is equivalent to gambling. To get to a sustainable financial position you need to be patient and disciplined in pursuing a long term DCA strategy.

[PhilosopherKing]

I don't totally agree with you because in life there are some asset  to some point that if we sell them to invest in Bitcoin won't be wrong for example if someone has about 2-3 cars and then thiese cars needs steady maintain to be healthy or to be in a good condition and so Instead of wasting money to be maintaining these cars, selling one to invest in Bitcoin won't be a bad idea because apparently the cars looks like a liability since the 3 cars can not be be used at same time or same day and by selling one you have save yourself some stress and unnecessary expenses.

I agree with you.. because those cars are liabilities which would require steady maintenance to keep it ruining. If you calculate how much money you would be spending on maintenance annually it would cost you substantial amounts of money. Selling two cars instead of 1 car to invest wouldn't be a bad Idea either because bitcoin has the potentiaal of doubling the amount invested as profits when hold on the long run. Instead of keeping liabilities as assets, selling them off to invest in bitcoin is a productive idea.

both of you lot are wrong. Cars is not useless liability. What if those cars are used for public transport or private hire that can be support your cash flow and increase the available discretionary income for invest. Did you even think about this? Or do you think that every expenses are trash? Just before think to make a rough decision of selling an asset, question yourself if the asset can be used to bring money. And if the asset can pull in cash that can be used to buy bitcoin then do not be dumb to trash out the asset.

[Abelly]

I think the problem there is...as we all know.. Bitcoin can make you a lot of money..but also it is very volatile (swings up and down very wildly)...and people need stable money for their everyday life...so looking at it,i think 'Financial security' comes first..that means applying some financial basics that will help you in future...like: opening a savings account... having a stable source of income and basic insurance like (health and car insurance)..when a person lacks these essentials.. Bitcoin becomes a gamble you wouldn't want to lose..

Once you've attained financial security,you can start adding up Bitcoin as a part of you 'wealth building'....so I think financial security enables your accumulation..not the other way around

It is very possible to become a millionaire or very rich by investing in bitcoin but it wouldn't happen over night. If you're thinking it would happens overnight then you're mistaken. Bitcoin investment is not a get rich quick scheme that turns people into millionaire over night. It is a long term investment and it would require you to invest for the long term before you can make significant profits. It isn't necessary that should know everything before getting started You only need discretionary income and the basic knowledge to get started. 

You are passing a misleading information by saying that it is very possible to become very rich by investing in BTC saying this is also as saying that we are guaranteed to become successful or very rich even we invest in bitcoin, or have just forgotten so soon that bitcoin is a volatile asset? We do not know what will become of bitcoin tomorrow BTC is two sided dip and rise we that is investing in bitcoin for long time we can either loss or gain but we hope it profit us tomorrow and BTC not guaranteed us successful is the main point we are using our discretionary income to invest in bitcoin what ever it be tomorrow we take am like that.

Qhunman is not passing false information because there have been stories or cases where Bitcoin turned people into millionaires in the past, and Bitcoin can still turn people into millionaires now if they accumulate a reasonable amount of Bitcoin and hold it for 10 years and above. We not knowing what will become of Bitcoin tomorrow is why Qhunman is saying that Bitcoin is not a get rich scheme that turns people into a millionaires overnight, so for Bitcoin to turn you into a millionaire, you must first of all have the conviction that Bitcoin is a long term investment, and you must invest in Bitcoin with a long term mindset.

You need to buy Bitcoin for the long term, then you can profit from that place, if you don't have the profit to buy long term, then you can buy through DCA. You set aside some amount of money every week/month and invest it little by little in that place. After a few days, you will see that you are gradually profiting from Bitcoin. If you go back in the past, you will see that many people have profited by doing this.

[Tonimez]

[Edited out]

You need to buy Bitcoin for the long term, then you can profit from that place, if you don't have the profit to buy long term, then you can buy through DCA.

You don't need to have too much money to be able to buy bitcoin for a long-term because any strategy you use for buy bitcoin whether lump-sum, buying the dip or DCA approach can all be HODL for a long-term. What really matters and very important in bitcoin investment is ensuring that you are buying bitcoin with a discretionary income in order to be able to HODL for long-term without getting panicked over market volatility or selling prematurely due to emergency situations or basic responsibilities.

You set aside some amount of money every week/month and invest it little by little in that place. After a few days, you will see that you are gradually profiting from Bitcoin. If you go back in the past, you will see that many people have profited by doing this.

Again you are mixing up things here. DCA strategy is a very investor friendly strategy that favours both the rich and poor investors. But you're sounding like a trader because as an investor you don't need to just invest for a short period and start thinking about selling your bitcoin stash. Also, as a beginner, getting involved in bitcoin trading can easily mess with your Psyche and frustrate you out of investing in bitcoin. Don't be too profit minded from the onset of your investment to avoid selling off your bitcoin once you a small profits because when you invest you should be aiming at HODLing for at least 4 to 10 years or more. This will both allow you to accumulate enough bitcoin and to also increase your chances of making profit. If you invest with the hope of holding for long-term, you must also be disciplined to invest with only your discretionary income and also gather up your emergency funds and back up funds and also resist the urge to invest with your emergency funds too.

[POPOLUV]

Trouble starts when someone rush into bitcoin with big hope of getting a big pot of cash quickly. What they don't know is that the market doesn't care about your money or how you have instead it test your mindset. When your basics are handled, you’re calmer and less reactive. Maintaining that calmness matter more than timing the market or having a fancy plan. Bitcoin isn't running no where, it's those bad decisions that someone makes under pressure that hurts fast. Moving step by step keeps you in control instead of letting price moves control you.

This is very well a traders mentality. To trade Bitcoin is not a wise decision, it lead to stress, loss of money timing the market at all times and whatnot....To invest is far more better. And when investing in Bitcoin, folks must be ready to Hodl for  for the long term. The longer you hold Bitcoin majorly depend on the rate at which you accumulate. For instance those that DCA with a higher amount of discretionary, are more likely to reach over accumulation faster and in lesser years than those that go in with a small amount... But all the same folks are still advised to always invest within their capacity....

The reason why so many newbies that doesn't have knowledge on how Bitcoin trading works, mistake meet those investors that their work in only to trade Bitcoin and also waiting for the dip that might happen anytime soon to happen, so just imagine a newbie are victim of such investors and also the newbie will be so much interest because it is a means of making money quickly without he knowing that Bitcoin trading is full of risk, that is why i always say that if any newbies eventually have access to this forum and he has alot of research and reading work to do concerning Bitcoin related activities on how Bitcoin actually works, because the forum will give you the information based on your question and based on the discussion of any thread, so it is very important that a newbie should always have the potential to wait for a very long term with his Bitcoin portfolio and if you discretionary income is coming gradually by gradually then make use of to DCA strategy which guide and encourage you of not losing all your investment.

[Barikui1]

You need to buy Bitcoin for the long term, then you can profit from that place, if you don't have the profit to buy long term, then you can buy through DCA. You set aside some amount of money every week/month and invest it little by little in that place. After a few days, you will see that you are gradually profiting from Bitcoin. If you go back in the past, you will see that many people have profited by doing this.

This is why I am of the opinion that newbies like you should be doing more reading and learning than trying to lecture those you should be learning from. I understand What you are trying to say here, but you are still mixing everything up because you don't get a clearer idea of the do and don't in Bitcoin investment.
You said that if you don't have profit to buy long term, then you should buy through the dca method, how does that sound to you, or what are you even trying to say?
Because to the best of my knowledge, you are only investing through your discretionary income, money left after all basic needs have been met, not from profit as you are claiming. So it would be better you do more reading/listening than talking/teaching.