Balancing Financial security and Bitcoin Accumulation

[Tungbulu]

[edited out]

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Each of us are free to consider our balances, and whether we might be running too much risk, and yeah, we agree that the old friend situation is not an emergency, but we still could choose to use those funds, even if that is all that we have left, and sure if we end up using  some of the funds, then we might be treating those funds kind of as reserves.. but there can surely be some flexibility.

If we know that we are getting paid in 5 days and we don't have any money left, so then if we take $100 out to give (or loan) to our friend, we know that we are putting ourselves at risk for 5 days, and then we also cannot be 100% sure that we will be paid in 5 days, so we have higher level of assurance that we are getting paid in 5 days once that money comes into our account.. and at the same time, even when money goes into our account, sometimes banks screw up or even freeze funds or even lose money, so there could be problems with money that we think that we have, and yeah, maybe we keep one month of our emergency funds in physical cash. 

Another month in our bank account and perhaps another month in some exchange... so when push comes to shove our emergency funds are not all in the same place and there can be risks in regards to how we hold them, so we could even decide to keep an extra week in each of those three forms based on the risk that any one of the places that we are keeping our emergency funds could run into issues that contribute towards our having less than we thought that we had in the event that any of them were to experience some kind of an issue that blocked our abilities to get to the funds... for example, we have the physical cash in a safe but the house burns down, so the money in the safe got damaged, even though we thought that it was secure and protected.. it had issues in the way it was being held.. but maybe our money in the accounts were sill accessible so instead of having 3-4 months of emergency funds, after the fire, we ended up ONLY having 2.4 months of actual available funds.

You're absolutely correct about the importance of always assessing our risk tolerance and overall financial situation when deciding how to use our funds, especially when it involves using those funds to help out our friends or relatives in need. It's very important to consider the potential effects of those actions on our financial stability and learn to make more informed decisions about whether or not to use certain funds, even if we really care about that person.

The example you gave about taking out $100 from your emergency fund to help a friend, with hopes of getting paid in 5 days, shows just how important it is to weigh the risks. You're absolutely right that even with a sure income stream, there can still be some problems that could potentially occur with payment processing and others.

It can be such a smart move to diversify one's emergency funds across different locations, having some in cash, in your bank account and also in an exchange. With the approach, you'll be able to mitigate the risk of encountering any sort of issue that may totally lock you out or limit your access to your funds.

The second scenario you described, where a house fire damages the physical cash kept in a safe,  also shows and illustrates the importance of always considering the potential risks associated with having a contingency plan. It is always good to take some time to review and make necessary adjustments on a regular basis, so as to make sure that it remains effective and aligns with your financial needs.
By having divers sources of emergency funds and also being mindful of the potential risks involved, folks can be able to create a more robust and solid safety net. Thus making them to be more proactive and more prepared for unexpected events, so they can be able to maintain financial stability and security.

[ruykeri]

i have practicing having emergency fund with my investment and outside my Bitcoin journey i have been make sure that my emergency fund is always available to cover when the needs arisess, i really appreciate some of the forum topics because they really help me to build up the better me today.

Setting aside emergency funds when you are investing in bitcoin is not for you to use to solve your basic needs because if you do that, you are taking a wrong step in your bitcoin investment, and you will find it difficult to hold your bitcoin investment for 4-10 years. If you want to solve your basic needs, you will use your weekly or monthly income to solve your basic needs, while you will use your emergency funds only when an unexpected problem you didn't plan for arises.

While that's true. It's also worth noting that not all unexpected expenses are actual emergencies, that's why it's also advisable to have other backup funds asides the emergency fund, just like the reserve fund and also the float fund, this could also be used to cover some unexpected expenses which are not actually an emergency, so that the emergency fund will always be reserved until when an actual emergency occurs.

You are right that emergency funds are not suitable for all financial situations. So we need to understand which of our problems is more urgent and which is less urgent, so that we can manage our funds properly. However, as a common man, what I understand is that instead of creating so many funds at once, it is better to have a reserve fund and an emergency fund. If someone wants, they can save some money as a savings. If you create different types of funds, you will see that a large part of your discretionary income is going towards creating this funding, and the money invested in Bitcoin will be less. If anyone need money to run his daily life, he will use it from his income. Apart from this, if he need a large amount of money for some sudden need, then he will use the reserve fund. And if his income stops completely for a few days or months, then his reserve fund will run out. And if he has any other source of cash flow, if that runs out also.  he will use the emergency fund as a last resort.

[Barikui1]

I think the right classification should be; 1) Bitcoin and 2) other cryptocurrencies which comprises of the altcoins and the shitcoins. This would allow a beginner understand the difference and judge accordingly.

I thought that anything that was not bitcoin is a shitcoin.  What is the difference between altcoins and shitcoins? are you trying to say that some altcoins are not shitcoins?

I think that this guy is just confuse here, alt coin are no different from meme coin, they are all shit coin because they all have the same characteristics as one another which is falling more than they rise, or is he trying to point to the fact that alt coin is not as shitty as meme coin?
If that's the case their is no need because at the end of the day, they will largely shows their shitty characteristics which will eventually result in significant losses if it's not avoided .

In this space we found ourselves, the only reliable digital asset that is worth investing in is Bitcoin, because it has proven beyond reasonable doubt that it's reliable and no other coin comes close to it in reliability

[Zackz5000]

The true fact is that bitcoin and other crypto coin are all called or classified as cryptocurrency however they are not the same they are totally different from each other

For the sake of newbies, it's better not to use the term crypto currency to address Bitcoin as this can often turn out to be misleading and pass the wrong idea about Bitcoin. I feel it'll be more appropriate to call it a digital asset instead of crypto currency as digital asset best describes the nature of Bitcoin and not crypto currency. Using the term crypto currency will only make people see or compare Bitcoin to all of them shitcoins, which is not only an insult to Bitcoin but also the biggest misconception an investor or anyone would have about Bitcoin. So it's best to completely avoid the using the term crypto currency when talking about Bitcoin.

Is calling Bitcoin crypto really an insult to Bitcoin? Crypto refers to Bitcoin as well as shitcoins and altcoins. We know that shitcoins and altcoins have been involved in fraud at times. It is not that the word cryptocurrency will be tarnished because of the fraud of shitcoins and altcoins.

For example, there are both good and evil among mankind. There are murderers, there are cheaters, there are thieves and there are people involved in other immoral activities among mankind. There are even honest people among mankind. Now if I call you a human, will you be insulted? Or will anyone be confused by calling you a human? If you are honest or dishonest, you will be responsible alone and your name alone will be in disrepute. Just as the entire human race will not be tarnished if your name is defamed, all crypto will not be tarnished due to the fraud of shitcoin and altcoin. So just as you are human by nature, it is foolish to hide this identity. Similarly, it may be foolish to hide the fact that Bitcoin is crypto by nature. Those who have no knowledge about crypto or have no knowledge about Bitcoin will be confused by calling Bitcoin crypto. Basically, they are confused about digital economic management.

You have gone off topic what you just put down here doesn't relate in what we are discussing, it is prohibited and totally an insult to Bitcoin when you refer it to be crypto, crypto currency has been messed up by some bump and dump coin involved in it that's why we keep correcting those who are ignorant about using the term crypto as Bitcoin, you will be tarnishing the good imagine of Bitcoin when refer it to cryptocurrency instead you call it Bitcoin when it is Bitcoin you are referring to and also shitcoins when you mean shitcoins these things shouldn't be too hard to differentiate or acknowledge.

[Gost ms]

I think the right classification should be; 1) Bitcoin and 2) other cryptocurrencies which comprises of the altcoins and the shitcoins. This would allow a beginner understand the difference and judge accordingly.

I thought that anything that was not bitcoin is a shitcoin.  What is the difference between altcoins and shitcoins? are you trying to say that some altcoins are not shitcoins?

I think that this guy is just confuse here, alt coin are no different from meme coin, they are all shit coin because they all have the same characteristics as one another which is falling more than they rise, or is he trying to point to the fact that alt coin is not as shitty as meme coin?
If that's the case their is no need because at the end of the day, they will largely shows their shitty characteristics which will eventually result in significant losses if it's not avoided .

In this space we found ourselves, the only reliable digital asset that is worth investing in is Bitcoin, because it has proven beyond reasonable doubt that it's reliable and no other coin comes close to it in reliability

We all like to call Bitcoin Bitcoin. If a person calls Bitcoin a cryptocurrency, it will not be right at all. Because we mean all the currencies in the market by cryptocurrency. If you do not say a specific one, many new people will be confused. For example, there are many fraudulent currencies in the market in which many people have invested and lost all their money. If a new person says that I have lost all my money by investing in cryptocurrency, then that new person will definitely think that cryptocurrency is a fraud. But if the person who said that I have lost all my money had told that new person that I have invested in xxxx coin and lost all my money. Then a specific currency would have been blamed. So when we call Bitcoin a cryptocurrency, all the fraudulent coins are compared with it and then many people think that Bitcoin is a fraudulent currency.

[OsaiEmma]

--edited--

You come off as even more arrogant to be arguing the dumbass point that bitcoin is a cryptocurrency, which many of us already know that bitcoin is a cryptocurrency, yet at the same time, there is likely no real productive purpose to convoluting terms and lumping bitcoin within this category if you don't first make sure that you understand what bitcoin is in the first place.. .so then you would have a reference point in regards to the various shitcoins and the extent to which any of them might be worthy of being talked about, depending on what point you are wanting to make about them in potentially comparing them to bitcoin.

The truth is, the reasons bitcoin is incomparable to other coins are because the owner completely renounced its right to the coin, it is completely and totally decentralized, it's contract is completely immutable, and it has a very strong base, large community/holders, good inflation prevention mechanism, and it's the oldest crypto currency ever created, heck most crypto currency started as a fork but evolved.

But we can't just say Bitcoin is the only thing out there, we have Etherum, which is like the mother of crypto currency, she birthed so many new Blockchain technologies, in fact, she made Blockchain technology very popular, I'd love to call binance but it is not as decentralized as I'd like, but it is still something.

What I'll personally call shitcoins are those crypto coins or tokens designed for making profit in mind, without solving any real problem but instead capitalizing only on the essence of Blockchain technology, which is creating a decentralized financial post to investors, which is just so cliche, these coins are just there to scam investors.

[kanftka]

The true fact is that bitcoin and other crypto coin are all called or classified as cryptocurrency however they are not the same they are totally different from each other

For the sake of newbies, it's better not to use the term crypto currency to address Bitcoin as this can often turn out to be misleading and pass the wrong idea about Bitcoin. I feel it'll be more appropriate to call it a digital asset instead of crypto currency as digital asset best describes the nature of Bitcoin and not crypto currency. Using the term crypto currency will only make people see or compare Bitcoin to all of them shitcoins, which is not only an insult to Bitcoin but also the biggest misconception an investor or anyone would have about Bitcoin. So it's best to completely avoid the using the term crypto currency when talking about Bitcoin.

I largely disagree with you on this one, Bitcoin is a crypto currency as well as a digital asset, do you know what else is a digital asset, the so called shit coin, NFTs, gift cards, shares and bonds, e.t.c but guess what, not all are crypto currency, heck Bitcoin is more of a crypto currency than a digital asset.
Do you know that Alibab, Amazon, and some e-commerce websites are all digital assets to their respective owners, if the site shuts down, that's the end of their business, or source of income.

OsaiEmma, I think you missed the point Tungbulu was trying to make.. Maybe take a little moment and read what he said again, not just the words but the context… He’s simply saying that using the term cryptocurrency to describe Bitcoin does more harm than good, especially to newbies…

Let’s be real, the word crypto has become so watered down these days. It is being used to describe every shit coins… So when you group Bitcoin with crypto, you’re unintentionally putting it in the same box as all of these shit coins and scams. That is the exact kind of miseducation we should be avoiding, especially for new people trying to understand what Bitcoin really is.

His point is that it is better we just call it Bitcoin or refer to it as a digital asset, because that separates it from the noise…

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And also if you want to reply to 2, 3 or more different persons at once, it is possible and actually quite simple, rather than replying to each messages separately.. You just need to make use of the quote feature properly...

Firstly: Start by clicking the Quote button under the first person’s post. This will open the reply box with their message already quoted. The you type your response directly below their quote.

Secondly: you go to the second person’s comment, click same Quote, copy that entire quote, and paste it below the first reply… The do the same thing for the third person or more….

Lastly: you’ll have three quotes in one post, each followed by your individual response….

Example:
(quote author=User1)
Their comment here...
[/quote]
Your response to User1 here.

(quote author=User2)
Their comment here...
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Your response to User2 here.

(quote author=User3)
Their comment here...
[/quote]
Your response to User3 here.

And so on…

[Y3shot]

The true fact is that bitcoin and other crypto coin are all called or classified as cryptocurrency however they are not the same they are totally different from each other

For the sake of newbies, it's better not to use the term crypto currency to address Bitcoin as this can often turn out to be misleading and pass the wrong idea about Bitcoin. I feel it'll be more appropriate to call it a digital asset instead of crypto currency as digital asset best describes the nature of Bitcoin and not crypto currency. Using the term crypto currency will only make people see or compare Bitcoin to all of them shitcoins, which is not only an insult to Bitcoin but also the biggest misconception an investor or anyone would have about Bitcoin. So it's best to completely avoid the using the term crypto currency when talking about Bitcoin.

It is very wrong to refer to Bitcoin as cryptocurrency; doing this means that Bitcoin and shitcoins are considered the same. When cryptocurrency is mentioned, the mind goes to altcoins. It is preferable to let Bitcoin be referred to as Bitcoin. In cryptocurrency, you will come across fake projects and other low-quality coins, and Bitcoin, being what it is, should not be grouped among these shitcoins, which are not even reliable. Many cryptocurrencies are considered to be gambling, but Bitcoin is digital money. One of the qualities of money is reliability and value, which is commonly known as shitcoins losing value over time.

[Emjay24]

While that's true. It's also worth noting that not all unexpected expenses are actual emergencies, that's why it's also advisable to have other backup funds asides the emergency fund, just like the reserve fund and also the float fund, this could also be used to cover some unexpected expenses which are not actually an emergency, so that the emergency fund will always be reserved until when an actual emergency occurs.

However, as a common man, what I understand is that instead of creating so many funds at once, it is better to have a reserve fund and an emergency fund. If someone wants, they can save some money as a savings. If you create different types of funds, you will see that a large part of your discretionary income is going towards creating this funding, and the money invested in Bitcoin will be less.

You are wrong here bro, it is not about building everything out at once. You sure need to identify every periodically recurrent expense and budget for it separately. In accurate cashflow management, you should not allow any oversight that you know about deliberately, just like you should take into account every bit of your expenses when and even little tolerance when allocating funds to it from your total income, You should also take into account of every periodic expense and allocate a variance of backup fund to it and slowly build it up prior to when it gets executed by the allocated fund as well as you build your emergency fund too so that you can evenly spread remaining funds across it After removing the funds meant for your bitcoin accumulation.

It is simple and practical, you may not need many bank accounts for it, as simple as writing them down on a sheet of paper and noting how much goes into each of them periodically and efficiently. You can put them all in same bank account and your emergency fund only in a separate one, but you need to keep track of how far you have gone in building out each of them and when you utilize the funds for any of them you should as well keep track of rebuilding it accordingly, this would ensure that funds are accurately utilized and you don't spend outside that which the funds are meant for. Furthermore you should be more disciplined not to use funds outside the items in your list that the funds are meant for, any other financial demand that comes up gets attended to by your floating cash and when it is exhausted you wait for the next inflow for them as long as they are not emergencies

[Loyang]

I really like it when I see someone exchanging their opinions with each other and correcting their mistakes very nicely. Yes, we should be like that. If we argue and cannot correct our mistakes, then maybe we will never learn anything. So we should never argue we always need to learn through exchanging comments

@JJ Sir, thank you very much, because you explain everything so nicely. A small child will understand your comments later. I have been on this forum for a few days and in these few days I have learned almost a lot from you.

[Silikiem]

The true fact is that bitcoin and other crypto coin are all called or classified as cryptocurrency however they are not the same they are totally different from each other

For the sake of newbies, it's better not to use the term crypto currency to address Bitcoin as this can often turn out to be misleading and pass the wrong idea about Bitcoin. I feel it'll be more appropriate to call it a digital asset instead of crypto currency as digital asset best describes the nature of Bitcoin and not crypto currency. Using the term crypto currency will only make people see or compare Bitcoin to all of them shitcoins, which is not only an insult to Bitcoin but also the biggest misconception an investor or anyone would have about Bitcoin. So it's best to completely avoid the using the term crypto currency when talking about Bitcoin.

I largely disagree with you on this one, Bitcoin is a crypto currency as well as a digital asset, do you know what else is a digital asset, the so called shit coin, NFTs, gift cards, shares and bonds, e.t.c but guess what, not all are crypto currency, heck Bitcoin is more of a crypto currency than a digital asset.
Do you know that Alibab, Amazon, and some e-commerce websites are all digital assets to their respective owners, if the site shuts down, that's the end of their business, or source of income.

You don’t refer to bitcoin as a cryptocurrency, it’s very disrespectful to bitcoin because bitcoin is in a world of its own. This other coins you’re seeing are coined from bitcoin and that’s why you’re seeing them being called Alt coins because they are coined from bitcoin. And most importantly, this other cryptocurrencies have really done more harm than good to the universe unlike what bitcoin stands for, you can agree with me that humans or institutions are capable of manipulating this other altcoins otherwise known as cryptocurrencies and determine it’s regulation and even prices, but you can’t find such thing when it comes to bitcoin, it is highly decentralized, more secured and not regulated by any one or institutions there by you can’t manipulate it. This is why you don’t associate bitcoin to other cryptocurrencies, shitcoins or altcoins, and as a matter of fact, this other cryptocurrencies largely depends on bitcoin for their survival. Stop tarnishing bitcoins image and reputation by calling it cryptocurrency thereby it will seems misleading to the public referring to it as shitcoin, it’s better you call it just bitcoin In a simple term.

[Tungbulu]

The true fact is that bitcoin and other crypto coin are all called or classified as cryptocurrency however they are not the same they are totally different from each other

For the sake of newbies, it's better not to use the term crypto currency to address Bitcoin as this can often turn out to be misleading and pass the wrong idea about Bitcoin. I feel it'll be more appropriate to call it a digital asset instead of crypto currency as digital asset best describes the nature of Bitcoin and not crypto currency.

To me it seems better to refer to various non-bitcoin cryptocurrencies as shitcoins or some other term that denigrates them and frames them as being inferior to bitcoin.  When we are referring to bitcoin, there might be times that we will talk about bitcoin and various other cryptocurrencies or even shitcoins or perhaps projects that relate to bitcoin or maybe some projects attempt to overlap bitcoin an shitcoins, such as exchanges might allow for the trading of bitcoin and shitcoins, or maybe some projects might relate to bitcoin without creating their own token.  Even lightning network is related to bitcoin, yet some folks try to proclaim that lighting network is not bitcoin, even though lightning network does not have the production of extra bitcoin, even though there can be some technical issues in transacting on lightning network that could cause a person to lose their bitcoin in ways that might not be possible if the bitcoin were transacted on the bitcoin network rather than getting put on the lightning network.

Sure, legally, there are descriptions of digital currencies and cryptocurrencies, and sometimes the various legislative clarifications are not practical in terms of making sure to clarify that shitcoins are inferior to bitcoin.. and likly in legislation (or court cases) they are not able to make those kinds of stances to clearly assert bitcoin as being better than shitcoins.. yet even though some legal entities might use terms to describe bitcoin within the category of crypto currency or digital currency or even block chain technology, as individuals we should be attempting to be more clear in terms of differentiating bitcoin from shitcoins in order that folks are not mislead into believing that shitcoins are sufficiently similar to bitcoin  and/or even worthy of diluting our value, time and energies into them..

Very well said. I consider your perspective on distinguishing Bitcoin from other crypto currencies to be spot on. And using the term shitcoin to describe non-Bitcoin crypto currencies makes a lot of sense as it can be a pretty much better way to significantly convey the difference between Bitcoin and other crypto assets. Plus, it also acknowledges Bitcoin's unique value proposition and reliability which sets it apart from every other digital assets.
When engaging in a discussion that relates to Bitcoin, it's indeed necessary to try as much as possible to differentiate it from other projects, including those that attempt to relate to Bitcoin. Even those exchanges that allow trading of both Bitcoin and other crypto assets could also contribute to cause further confusion, and that's why it's important to mitigate these issue through clear communication.

The LN as a layer-2 scaling solution for Bitcoin could be seen a very notable example of a project that attempts to enhance the usability and functionality of Bitcoin, without necessarily having to create a new token like a lot of other projects attempt to. And while a lot of people may argue about the nuances technically, the LN's relationship to Bitcoin way more distinct from every other project.

You also make quite a lot of sense about your point that the legal and regulatory frameworks often struggle to capture nuances between Bitcoin and other digital assets. But however, as individuals who are inclined and have gained some good level of education about Bitcoin, to prioritize clarity in out choice of language and communication in order to avoid misleading others about the differences and similarities between Bitcoin and shitcoins. And by choosing to be more specific and precise in our terminology, we can better help to promote a much better understanding of the uniqueness and distinction of Bitcoin and of course reducing the chances of others wasting their time on shitcoins all in the name of investor in crypto currency.

The true fact is that bitcoin and other crypto coin are all called or classified as cryptocurrency however they are not the same they are totally different from each other

For the sake of newbies, it's better not to use the term crypto currency to address Bitcoin as this can often turn out to be misleading and pass the wrong idea about Bitcoin. I feel it'll be more appropriate to call it a digital asset instead of crypto currency as digital asset best describes the nature of Bitcoin and not crypto currency. Using the term crypto currency will only make people see or compare Bitcoin to all of them shitcoins, which is not only an insult to Bitcoin but also the biggest misconception an investor or anyone would have about Bitcoin. So it's best to completely avoid the using the term crypto currency when talking about Bitcoin.

It is very wrong to refer to Bitcoin as cryptocurrency; doing this means that Bitcoin and shitcoins are considered the same. When cryptocurrency is mentioned, the mind goes to altcoins. It is preferable to let Bitcoin be referred to as Bitcoin. In cryptocurrency, you will come across fake projects and other low-quality coins, and Bitcoin, being what it is, should not be grouped among these shitcoins, which are not even reliable. Many cryptocurrencies are considered to be gambling, but Bitcoin is digital money. One of the qualities of money is reliability and value, which is commonly known as shitcoins losing value over time.

You make a valid point about the terminology used to refer to Bitcoin. Yeah, while Bitcoin is technically known to be a crypto asset, the term crypto currency often carries a pretty much broader connotation that kinda encompasses a very wide range of digital assets, which of course includes variety of those with questionable values and/or legitimacy. And even if it's true that certain scenarios might compel us to using such terminologies to better communicate our messages to people, especially people who often uses those terms, It is still crucial to avoid using those terms more often so as not to end up passing the wrong message or coming off from a wrong perspective to other people.

Given the unique status of Bitcoin as a pioneering and most adopted digital asset, it's only reasonable to completely set it aside and distinguish it from other crypto currencies. The reliability, security and value proposition of Bitcoin completely sets it apart from every other digital assets which are very highly speculative and/or even fraudulent.
Specifically using the term Bitcoin, rather than lumping it in with the broader  category of crypto currencies can do a much better job to clarify discussions and avoid further confusions in the most possible ways.

[Jostern]

The true fact is that bitcoin and other crypto coin are all called or classified as cryptocurrency however they are not the same they are totally different from each other

For the sake of newbies, it's better not to use the term crypto currency to address Bitcoin as this can often turn out to be misleading and pass the wrong idea about Bitcoin. I feel it'll be more appropriate to call it a digital asset instead of crypto currency as digital asset best describes the nature of Bitcoin and not crypto currency. Using the term crypto currency will only make people see or compare Bitcoin to all of them shitcoins, which is not only an insult to Bitcoin but also the biggest misconception an investor or anyone would have about Bitcoin. So it's best to completely avoid the using the term crypto currency when talking about Bitcoin.

I largely disagree with you on this one, Bitcoin is a crypto currency as well as a digital asset, do you know what else is a digital asset, the so called shit coin, NFTs, gift cards, shares and bonds, e.t.c but guess what, not all are crypto currency, heck Bitcoin is more of a crypto currency than a digital asset.
Do you know that Alibab, Amazon, and some e-commerce websites are all digital assets to their respective owners, if the site shuts down, that's the end of their business, or source of income.

You’re missing a whole lot of things here, and judging by your registration here, you are supposed to know that you don’t address Bitcoin as a Cryptocurrency, when you use the terms crypto currency you will definitely be misleading others most especially newbies, who are going to be thinking well that is a scam, You can At least try by calling it a digital asset which is more ideal in terms of using your phrase for Bitcoin when you tend to be using this cryptocurrency then you are trying to bring misconception into the equation of Bitcoin discussion and people who are interested in the discussion will start thinking and suggesting that you might as well be talking about shitcoins. And I think you should prioritize learning and listening to what people are saying here instead of trying to teach people and bringing misinformation here which could cause an unnecessary distraction.

[Cossyblack]

We all like to call Bitcoin Bitcoin. If a person calls Bitcoin a cryptocurrency, it will not be right at all. Because we mean all the currencies in the market by cryptocurrency. If you do not say a specific one, many new people will be confused. For example, there are many fraudulent currencies in the market in which many people have invested and lost all their money. If a new person says that I have lost all my money by investing in cryptocurrency, then that new person will definitely think that cryptocurrency is a fraud. But if the person who said that I have lost all my money had told that new person that I have invested in xxxx coin and lost all my money. Then a specific currency would have been blamed. So when we call Bitcoin a cryptocurrency, all the fraudulent coins are compared with it and then many people think that Bitcoin is a fraudulent currency.

There are many shitty coins in the markets that are also crypto currency so when we start referring Bitcoin as a cryptocurrency it sounds shitty, confusing and misleading because when using the word crypto currency to discuss Bitcoin, a lot of newbies will start mistaking your words for shitcoins which is also misleading.
I agree on using the word Bitcoin when discussing Bitcoin and the word shitcoins if it is shitcoins so that the main contents of discussion will not sounds confusing to others.

In this space we found ourselves, the only reliable digital asset that is worth investing in is Bitcoin, because it has proven beyond reasonable doubt that it's reliable and no other coin comes close to it in reliability

it surprises me when people start comparing Bitcoin to shitty coins perhaps it could be that they have been misleaded and blinded from knowing the truth that Bitcoin is the only and most reliable asset worth investing. I would rather prefer investing & holding  Bitcoin because Bitcoin has proven itself that's it's the king of all digital assets. I wouldn't want to start sounding vitriolic but the truth is,it is shitty not to think of investing in Bitcoin and it is more shitty when we choose to invest in shitty coins rather than Bitcoin.

[Baki202]

Many new investors may be confused about emergency funds but the simple solution is for only you as an investor to find out. For example the amount of Bitcoin you are accumulation every week/month through discretionary income is easily done. This simple consideration and what kind of safety wall should be built to continue the long drive should be decided by you. I mean if you have set a point for Bitcoin that you will continue to accumulate for maybe one or two or three cycles then you will be responsible for managing it yourself because you will have to consider how much emergency fund/floating cash you will keep with you as a responsible investor. The target will be to make Bitcoin accumulation long term and you are ready to meet any emergency needs in the period.

And the idea wey people get because when you get money from one side, the thing go make sence because when you they hold you no o really they worry say you need money because money they to faall back on and na waiting people no understand be that they feel like say every money na to spend and thing no they work like that when interest they to invest. Then everything na planning because when you plan well they everybody go enjoy their investment, and the first thing na the funds when the money done ready then one way or the other the investor fit then plan for the emergency funds then after that one the next thing go be constant accumulation when the person they use DCA all this things na something wey person suppose understand. Because when you no understand am then things go come hard. since na something we fit buy anytime with some specific amount of money then no be bad thing. everything na how person plan am but i still insist say the main thing na money and knowledge.

[Lembo69]

So first of all, I think every investor should kill the traders spirit which gets you to follow the chart always and also keeps you waiting for dips to invest.

I agree that if we are in our accumulation phase of our bitcoin investment, we likely need to focus on various ongoing buying ways to get bitcoin, and selling bitcoin in order to accumulate more seems like a gambling approach to bitcoin and filled with too many uncertainties, since if our goal involves accumulating more bitcoin we need to attempt to stay focused on ongoing buying of bitcoin in various ways, and sure at some point it might start to seem that we don't necessarily need to continue to buy bitcoin, even though at some point we will likely will need to calculate the extent to which we need to buy more bitcoin or perhaps transition into either a holding phase or maybe at some point we just buy on dips, since we mostly are getting close to having enough or more than enough bitcoin, and of course, I consider the goal to be entering into sustainable withdrawal and/or having bitcoin as a lifetime investment rather than either selling out of it or overly depleting it, unless a person might be close to death or have some age and/or health considerations that motivates needs to sell larger portions of bitcoin rather than more incrementalist ways of price-based and/or time-based sustainable withdrawals (selling of small amounts based on established parameters).

That's right. During the accumulation stage, selling is a totally bad option, even if the investor's intention is to buy later when the price is much lower in order to maximise profit, this is a trader's mindset and a totally bad idea considering the volatile nature of the market. It's impossible to predict what the market's next move would be and you could end up missing out on more potential gains while waiting for a dip that may likely not come, that's not a reliable strategy at all and anyone doing this could end up in losses, especially when the person is still in his accumulation stage.
It makes a lot more sense to focus on consistent buying/accumulation, especially if the investor's goal is to build a long term and solid Bitcoin stash. As you advance and get closer to your goal, it wouldn't be bad to reassess and if necessary, make a few adjustments to suit your current financial situation. Buying on DIPs can be a great way to add more sats to one's stash, and I think it's also pretty awesome that you're thinking a out sustainable withdrawal strategies.
Having Bitcoin as a lifetime investment is such an amazing idea and you're absolutely right to consider factors like age and health when considering which withdrawal strategies to use. Incremental withdrawals based on established parameters I believe can be quite an effective approach, and it's always a good idea to plan ahead of every situation before taking decisions.

Frequently, a person will have difficulties seeing progress in their investment, even in the first 4 years of investing, unless they were able to front load the investment and even then, any investment, including bitcoin tends to take a while to play out in order fot the value to start to compound upon itself, and surely it helps the more that a person can keep putting in, and surely even now a guy who starts accumulating $200 worthof bitcoin every week may well have difficulties even accumulating 0.5 BTC in the next 10 years.. since $200 per week for 10 years results in $10,400 invested per year and $104k invested over 10 years, which might not even result in half of a bitcoin, so we have to figure out our own level of aggressiveness and reasonableness in terms of our various targets which may well be to invest and accumulate as much as we can and to perhaps tweak what we are doing from time to time,

 and surely after a cycle or two we might start to feel that we are making progress, yet we still might have to continue to accumulate if we might be hoping to get to fuck you status.. and even getting to fuck you status is not guaranteed, even if we do everything perfectly, so we have to figure out ways to balance what we are doing so that we are financially and psychologically prepared for  a variety of outcomes, even if at the same time we may well recognize bitcoin to be amongst the best of investments, if not the best place to put value that is open to anyone and everyone who has a discretionary income.

Your points about the challenges of seeing progress in investments I believe is spot on, especially in the early years. And front loading can in fact be the perfect boost and help in this case, but regardless, one should not expect an instant result because the value would normally take some time to compound. How fast an investment grows depends on the investor's consistency and resilience because the more one invests, the better.

Your example about accumulation $200 worth of Bitcoin every week is a perfect example to illustrate the challenges of reaching a particular milestone. It's also very important to set realistic expectations and be flexible enough to make adjustments in your strategy when/if necessary. Even with a solid plan, it's still very much possible that an investor may not reach 'fuck you status' but if you really get to think about it, you'll see that it's all part of the journey. Bitcoin is a very unique asset and an amazing investment opportunity which is why investors should be financially and psychologically prepared and ready for every possible outcomes.

Acknowledging the potentials of Bitcoin while also recognising uncertainties is the right way to approach Bitcoin investment. It's also very crucial for investors to find a balance between investing in Bitcoin and also being prepared for different scenarios, it's mostly about about acknowledging your unique financial situation and making informed decisions that aligns with your financial situation and also staying committed to your long term goals

Your investment always depends on your risk. For example, if you can invest for a long time, then there is a possibility of getting a huge return. You must have the courage to take on challenges in investing. If you invest once and fail, then if you stop investing later, then the failure is yours. Because the market can go down and up at any time. No one is aware of the cryptocurrency cycle. Your money is your risk. And if you invest, you must do it for a long time. In this way, you will learn and understand the market situation. But before investing, the first thing you need to do is set your mind. How do you actually want to invest. And how are you going to invest with your money? Is it money that you have set aside for any urgent work? Invest with money that you will not need during your investment. Because there are many investors who have started investing but could not see the end. Because they sold their investment before the time they had speculated for some urgent work. Due to this, they have lost the interest they had in investing.

For this, it is always said to have an emergency fund and a reserve fund. And if you invest, do it with the money that you will not need during the period of your investment. You are investing in the hope of profit in the future, so no matter what happens in the meantime, you should have this thought in your mind that you will not lose your investment in any way. Make such a strong determination in yourself that you will never lose your investment.

[Ruttoshi]

do you know what else is a digital asset, the so called shit coin, NFTs, gift cards, shares and bonds,

Bond is not a digital asset and not a cryptocurrency. Bond is a fixed income asset or debt security and are manage by a third party because bond is a traditional thing. Bonds has a fixed return why bitcoin doesn't have a fixed return because of her volatile nature as the price increases overtime. It's good that we make research before giving out wrong information so that you don't mislead newbies like you.

[PremiumcryptoHub]

We all like to call Bitcoin Bitcoin. If a person calls Bitcoin a cryptocurrency, it will not be right at all. Because we mean all the currencies in the market by cryptocurrency. If you do not say a specific one, many new people will be confused. For example, there are many fraudulent currencies in the market in which many people have invested and lost all their money. If a new person says that I have lost all my money by investing in cryptocurrency, then that new person will definitely think that cryptocurrency is a fraud. But if the person who said that I have lost all my money had told that new person that I have invested in xxxx coin and lost all my money. Then a specific currency would have been blamed. So when we call Bitcoin a cryptocurrency, all the fraudulent coins are compared with it and then many people think that Bitcoin is a fraudulent currency.

It is true that Bitcoin is not like all other cryptocurrencies because to my knowledge the person who created Bitcoin has never sold Bitcoin but on the other hand, all the cryptocurrencies that exist have been sold by their owners in one way or another. You are right that there are many fake currencies in the market in which many people expect returns by investing but never get the expected results but if they finally do the slightest analysis, maybe they can prove them to be inferior to Bitcoin. In my opinion we need to maintain a nuanced understanding between Bitcoin and other digital currencies even if one wants to influence others through Bitcoin, one has to be a seeker of knowledge because there is no similarity between Bitcoin and fraudulent currencies.

[Loyang]

Your investment always depends on your risk. For example, if you can invest for a long time, then there is a possibility of getting a huge return. You must have the courage to take on challenges in investing. If you invest once and fail, then if you stop investing later, then the failure is yours. Because the market can go down and up at any time. No one is aware of the cryptocurrency cycle. Your money is your risk. And if you invest, you must do it for a long time. In this way, you will learn and understand the market situation. But before investing, the first thing you need to do is set your mind. How do you actually want to invest. And how are you going to invest with your money? Is it money that you have set aside for any urgent work? Invest with money that you will not need during your investment. Because there are many investors who have started investing but could not see the end. Because they sold their investment before the time they had speculated for some urgent work. Due to this, they have lost the interest they had in investing.

For this, it is always said to have an emergency fund and a reserve fund. And if you invest, do it with the money that you will not need during the period of your investment. You are investing in the hope of profit in the future, so no matter what happens in the meantime, you should have this thought in your mind that you will not lose your investment in any way. Make such a strong determination in yourself that you will never lose your investment.

What do you mean by cryptocurrency cycle? If you call Bitcoin a cryptocurrency, then it will never be a correct comment. Because by cryptocurrency, we mean all currencies in the market. There are many fraudulent currencies in the market in which many people have invested and lost all their money. If we compare Bitcoin with all the currencies, then it will not be correct at all. We prefer to call Bitcoin as Bitcoin.

You need to understand the difference between Bitcoin and all the other currencies in the market. Why is Bitcoin different from all the other currencies in the market. For example:

*The possibility of profit in long-term investment is much higher in Bitcoin. But if we talk about all the other currencies, then there is no certainty.

*The network of Bitcoin is very strong. There are many currencies in the cryptocurrency market that are created only to deceive people. The network of all those currencies is not very strong.

*Bitcoin's volatility is a very good sign. For example, Bitcoin has created a new ATH whenever it has fallen. But there are many currencies in the market that increase in value for a very short time and then decrease in value a lot.

*There are many other things that make Bitcoin different from all other currencies

[I_Anime]

I really like it when I see someone exchanging their opinions with each other and correcting their mistakes very nicely. Yes, we should be like that. If we argue and cannot correct our mistakes, then maybe we will never learn anything. So we should never argue we always need to learn through exchanging comments

@JJ Sir, thank you very much, because you explain everything so nicely. A small child will understand your comments later. I have been on this forum for a few days and in these few days I have learned almost a lot from you.

That’s why we all here to keep learning from each other opinion and stuff , making mistakes is normal we are humans we ain’t perfect so don’t be scared to say what is on your mind. Everyone is free to drop he or opinion Aslong not something that contains harmful words and stuff .

The best thing to do is to always learn from your mistakes I know this reply might sound a bit off topic just felt like dropping it either way because if others start dropping their own opinion without any fear of criticism we will be able to learn more .