Balancing Financial security and Bitcoin Accumulation

[gracreavix]

For me, we must first of all think about reasons why people or investors borrow money from the bank or from online App, people borrow money because of investment, health wise or project, coming to Bitcoin community, I am of the opinion that if an investor wants to borrow money so that he or she would invest Bitcoin, the investor should consider means of payment, wether he can pay from other source of income, wether he will sell his investment just to pay his loan, because his loan interest will continue to increase weekly or monthly as the case may be. So it's not right for an investor to borrow just to invest because Bitcoin is a long term investment unless he has other source of payment, then he can go ahead and borrow

It will never be a good decision for a new investor to invest with debt. Because if a new person invests with debt, he may become very scared and after a while he may sell his holdings in panic. A new person should initially adopt the DCA method and continue to buy continuously. Because when the market falls, a new person will be scared, it is very natural, but if a new person invests with debt at that time, he will become even more scared.

Investing with debt is not bad but one should understand whether he can repay the debt or not. Because if a person has the ability to repay the debt, he can invest with debt and gradually repay the debt. If he does not have the money to repay the debt and invests with debt, he may fall into bad times.

it is important for a newbie or a no coiner to determine whether they have discretionary income available before they start investing in bitcoin. Borrowing money to start investing in bitcoin is not a good idea and I won't advise anyone that wants to start buying bitcoin to start thinking about going to borrow money that they will invest with. If the discretionary income is not available to invest with such a person is not yet ready to invest in bitcoin. There main focus should be on working on there cash flow instead looking where to borrow money to invest in bitcoin.

Right, expecting quick profits by investing in Bitcoin is absolutely foolish, Bitcoin cannot make anyone rich overnight. Profits can be expected in the future by consistently managing long-term investments. To hold Bitcoin in the long term, you must have a prudent income, as well as a special fund for three months, because you can deal with unknown dangers and it is very important to manage long-term investments properly. You must understand that investing in Bitcoin with borrowed money is absolutely foolish, because you don't know exactly when Bitcoin price will increase, so it is impossible to quickly make money through investment and repay the loan. This will put additional financial pressure on yourself, and the risk of losing money can increase manifold.

Maybe I should put it this way, expecting Bitcoin to make you rich overnight is just setting yourself up for stress. Since no one can predict the exact timing of its moves, borrowing money to invest is almost like digging a hole for yourself. It is because the smarter thing is to secure your income, keep an emergency fund aside, and then invest what you can comfortably hold long term. That way you avoid unnecessary pressure and actually give yourself a chance to enjoy the real benefits of Bitcoin.

[Bigjoe33]

You are doing the wrong thing about investing. It is not important to have a discretionary income before investing in Bitcoin . If you are studying in a university, you will learn about Bitcoin and you can accumulate Bitcoin during your studies. Buy Bitcoin by saving some money from your part time job or from the session fees you get from your family. You will gain knowledge about Bitcoin while you are a student and along with that, you can accumulate any fractional amount. It is always intelligent to rely on your own cash fund. If you take out a loan or depend on other people's money to invest, you will not be able to keep it going in the long term.

You need a discretionary income in order for you to invest into bitcoin and hodli for long. I understand what you mean, it's just that you don't understand what discretionary income is. Discretionary income is the extra money from your income that you can do away with and it wouldn't affect you lifestyle. Some people use it to drink, smoke, gamble, club and many more consumption al stuff. Using such funds to invest in bitcoin is the best because you can use it to grow and build your bitcoin portfolio for the future.

If you use money that is not your discretionary income to buy bitcoin, when your needs arises, you will sell your bitcoin because you did not do the right thing. What you explain above means that the extra money from your part-time job can serve as your discretionary provided that you have meet up with all your needs.

Weldon @ Merit.s for the timely explanations and for correcting that notion about discretionary. At least newbies that will come across this wouldn't get it wrong or start from the wrong path of investment.

Maybe he doesn't just understand the concept of discretionary income, and /or he knows it but didn't put the right word where it's sopose to be or perhaps, he wanted to use emergency funds but mistaked it for discretionary. Which ever way it is, I think your explanations and that of Silikiem below would have done justice to that misconception or mistake.

We all need our discretionary income to begin our investment journey and its totally undisputed. Imagine a farmer going to farm without a hoe and cutlass, or astudent going to school without books and a pen, totally a water of time. That's how important the discretionary is to our accumulation of Bitcoin. I just hope he comes back to read off all these and learn.

Maybe I should put it this way, expecting Bitcoin to make you rich overnight is just setting yourself up for stress. Since no one can predict the exact timing of its moves, borrowing money to invest is almost like digging a hole for yourself.

Common! Who does that? The I bet you that such a person isn't ready to be an investor or a long time holder of Bitcoin assets, am sure he would pull, selling all out of frustration and this really mean nothing.

If you get something tangible and profitable, though not promised, you must accumulate gradually and Hodl, I repeat, Hodl, at least for a circle, two, three or more. Remember a circle is 4 years.  The long term plan of Bitcoin is the ideal way of investment. You keep accumulating Bitcoin using the DCA strategy or any other method if you have the capacity to. While seeking for other means of gaining better or increased income, just buy and Hodl.

[Finebone]

Maybe I should put it this way, expecting Bitcoin to make you rich overnight is just setting yourself up for stress.

Truly Bitcoin is not a get rich quick scheme, and this is one thing most newbies fails to understand, that's why they mostly approach bitcoin investment with the mindset of buying and selling prematurely thinking it's the best to to go about it, but it's not, you can't grow rich by investing in bitcoin with a short term minds.

Since no one can predict the exact timing of its moves, borrowing money to invest is almost like digging a hole for yourself.

How are you digging a hole for yourself when you are not paying back from your bitcoin investment?
Don't you understand that once your ability to pay back have nothing to do with the final outcome of your bitcoin investment, you have nothing to worry about?
Taking a loan to invest in bitcoin is not a problem as long as you have other source of repaying it back.

[BTC-blaad]

Maybe I should put it this way, expecting Bitcoin to make you rich overnight is just setting yourself up for stress.

Truly Bitcoin is not a get rich quick scheme, and this is one thing most newbies fails to understand, that's why they mostly approach bitcoin investment with the mindset of buying and selling prematurely thinking it's the best to to go about it, but it's not, you can't grow rich by investing in bitcoin with a short term minds.

Since no one can predict the exact timing of its moves, borrowing money to invest is almost like digging a hole for yourself.

How are you digging a hole for yourself when you are not paying back from your bitcoin investment?
Don't you understand that once your ability to pay back have nothing to do with the final outcome of your bitcoin investment, you have nothing to worry about?
Taking a loan to invest in bitcoin is not a problem as long as you have other source of repaying it back.

You don't have to say Bitcoin isn't a get rich quick scheme so you won't discourage some minds from investing into Bitcoin, as a newbie you have to understand the strategies of the market first before investing and investing for long-term benefits without selling is okay and advisable as a newbie who's into the market because long-term investments helps so much and build you well as a newbie understand how the market works.

[Silikiem]

You don't have to say Bitcoin isn't a get rich quick scheme so you won't discourage some minds from investing into Bitcoin,

Yes, the earlier you begin to know that bitcoin investment is not a get rich quick scheme the better for you, and yea the honest truth is bitcoin is not a get rich quick scheme, and that’s why it’s always been emphasized here that bitcoin is a long term investment, not just a short term or get rich quick scheme where you are expecting to earn profit over night. This is not to discourage anyone from investing in bitcoin but rather to show you a clearer picture of what bitcoin is all about and also for you to be fully aware of what you’re going into. So, it’s better you and other newbies know that bitcoin investment is not a get rich quick scheme, make sure to always bear that in mind, bitcoin investment is a long term investment of consistent or Perherps persistent accumulation of bitcoin and hold for the long term goal.

[gracreavix]

How are you digging a hole for yourself when you are not paying back from your bitcoin investment?
Don't you understand that once your ability to pay back have nothing to do with the final outcome of your bitcoin investment, you have nothing to worry about?
Taking a loan to invest in bitcoin is not a problem as long as you have other source of repaying it back.

If so then it means you are actually proving my point without realizing it because the risk is still there. The whole idea of Bitcoin investment is long term, nobody can predict the short term moves. If you borrow money to invest, you have already created pressure on yourself because that loan has a fixed repayment time while Bitcoin does not move according to your timetable. Even if you claim to have another source of repayment, it defeats the purpose of investing because you are exposing yourself to double financial stress, managing debt and waiting for an uncertain return. That is why borrowing for Bitcoin is never ideal, it turns a long term play into a dangerous gamble.

[Finebone]

You don't have to say Bitcoin isn't a get rich quick scheme so you won't discourage some minds from investing into Bitcoin,

what are you even saying?
So you prefer me telling a lie just to entice newbies investors into investing in bitcoin?
Don't you know that your lie will come back to hunt you once things aren't going as planned on their own end, and you will take the whole blame for misinforming them about bitcoin?
so it's more better to say it as it is than to misinforming anyone from the very beginning.

as a newbie you have to understand the strategies of the market first before investing

As a bitcoin investor, your don't need to understand any market strategies before you start your Bitcoin investment, those are for traders, not investors like us.
What you just need is the basic knowledge on Bitcoin and how to go about your accumulation, and once you have your discretionary income in place, you are good to start, while investing you can seek further knowledge on Bitcoin and how to develop a strong holding hands, like having an emergency and reserve funds, but analyzing or understanding market strategies are not for investors like us.

[Grace333]

As a bitcoin investor, your don't need to understand any market strategies before you start your Bitcoin investment, those are for traders, not investors like us.
What you just need is the basic knowledge on Bitcoin and how to go about your accumulation, and once you have your discretionary income in place, you are good to start, while investing you can seek further knowledge on Bitcoin and how to develop a strong holding hands, like having an emergency and reserve funds, but analyzing or understanding market strategies are not for investors like us.

But I feel like having a bit of market understanding still plays a role even for investors. Yeah, we might not need deep trading strategies or complex chart analysis like traders do, but knowing basic market cycles or how Bitcoin reacts during certain periods helps a lot when accumulating and DCA.

You are right though, investors mostly focus on long term accumulation and building conviction, not daily price movements. But in my opinion, combining that conviction with a little understanding of market behavior just makes the journey smoother, helps you stay calm during dips and even know when to take advantage of good buying opportunities…

[SPIDERMAN008]

How are you digging a hole for yourself when you are not paying back from your bitcoin investment?
Don't you understand that once your ability to pay back have nothing to do with the final outcome of your bitcoin investment, you have nothing to worry about?
Taking a loan to invest in bitcoin is not a problem as long as you have other source of repaying it back.

If so then it means you are actually proving my point without realizing it because the risk is still there. The whole idea of Bitcoin investment is long term, nobody can predict the short term moves. If you borrow money to invest, you have already created pressure on yourself because that loan has a fixed repayment time while Bitcoin does not move according to your timetable. Even if you claim to have another source of repayment, it defeats the purpose of investing because you are exposing yourself to double financial stress, managing debt and waiting for an uncertain return. That is why borrowing for Bitcoin is never ideal, it turns a long term play into a dangerous gamble.

You are right. Another thing I want to say is that in fact, Bitcoin should be invested with discretionary income. Before investing, it must be insured. If someone buys Bitcoin on loan, then I think he will go against the fundamentals of long-term investment. Since the price of Bitcoin fluctuates a lot, no one can say exactly what the price of Bitcoin will be. That is why investing with loan takes a lot of mental stress. On the other hand, when the price of Bitcoin decreases, one becomes mentally unstable, on the other hand the pressure of paying loan at  interest too. From the experience of many people in the past, it is known that those who have invested for a long time have made a lot of profit without any kind of mental and financial stress by following DCA. But those who have bought Bitcoin with loan with a lot of money because the price of Bitcoin is lower than expected have basically faced most of the losses. Patience and proper fund management are the real keys to investing in Bitcoin.

[Tungbulu]

As a bitcoin investor, your don't need to understand any market strategies before you start your Bitcoin investment, those are for traders, not investors like us.
What you just need is the basic knowledge on Bitcoin and how to go about your accumulation, and once you have your discretionary income in place, you are good to start, while investing you can seek further knowledge on Bitcoin and how to develop a strong holding hands, like having an emergency and reserve funds, but analyzing or understanding market strategies are not for investors like us.

But I feel like having a bit of market understanding still plays a role even for investors. Yeah, we might not need deep trading strategies or complex chart analysis like traders do, but knowing basic market cycles or how Bitcoin reacts during certain periods helps a lot when accumulating and DCA.

It’s not as if having these knowledge is bad or that the knowledge isn’t important for an investor, sure it could be important to an Investor to aid their journey but the mistake that most newbie investors make is that they often think that they need those knowledge to get started in their accumulation journey. For them, they may feel they need the preparedness, like mastering market trends and other complex skills so when they get started, they’ll know exactly the perfect time to buy. But the truth is that it’s only those with trader’s mindsets that are too concerned with timing the market. Newbie investors, especially those who haven’t undergone a single market cycle should be more concerned about sticking to consistent accumulation and hodling through a few market cycles, because that’s the best way to get actually build your confidence, gain the knowledge you actually need and maybe along the line you can decide to reevaluate your position and then make any necessary adjustments if the need be. But for a start, the most important thing is the basic understanding about Bitcoin and making sure you’ve got discretionary income, and then you can start immediately without further delays.

[Mr_Brilliant$]

You are doing the wrong thing about investing. It is not important to have a discretionary income before investing in Bitcoin . If you are studying in a university, you will learn about Bitcoin and you can accumulate Bitcoin during your studies. Buy Bitcoin by saving some money from your part time job or from the session fees you get from your family. You will gain knowledge about Bitcoin while you are a student and along with that, you can accumulate any fractional amount. It is always intelligent to rely on your own cash fund. If you take out a loan or depend on other people's money to invest, you will not be able to keep it going in the long term.

You need a discretionary income in order for you to invest into bitcoin and hodli for long. I understand what you mean, it's just that you don't understand what discretionary income is. Discretionary income is the extra money from your income that you can do away with and it wouldn't affect you lifestyle. Some people use it to drink, smoke, gamble, club and many more consumption al stuff. Using such funds to invest in bitcoin is the best because you can use it to grow and build your bitcoin portfolio for the future.

That is actually the smartest way to invest. Using discretionary income just makes everything easier because you’re not putting pressure on yourself or touching money meant for your basic needs. Most people make the mistake of investing with funds they can not afford to lose, and that is why they panic sell when the market dips.

But when you use extra cash, the one you would normally spend on flexing or random stuff, you can hodl longer and stay calm no matter what the market does. That is how real long term conviction is built..

[GIF-JOBS]

You are doing the wrong thing about investing. It is not important to have a discretionary income before investing in Bitcoin . If you are studying in a university, you will learn about Bitcoin and you can accumulate Bitcoin during your studies. Buy Bitcoin by saving some money from your part time job or from the session fees you get from your family. You will gain knowledge about Bitcoin while you are a student and along with that, you can accumulate any fractional amount. It is always intelligent to rely on your own cash fund. If you take out a loan or depend on other people's money to invest, you will not be able to keep it going in the long term.

You need a discretionary income in order for you to invest into bitcoin and hodli for long. I understand what you mean, it's just that you don't understand what discretionary income is. Discretionary income is the extra money from your income that you can do away with and it wouldn't affect you lifestyle. Some people use it to drink, smoke, gamble, club and many more consumption al stuff. Using such funds to invest in bitcoin is the best because you can use it to grow and build your bitcoin portfolio for the future.

That is actually the smartest way to invest. Using discretionary income just makes everything easier because you’re not putting pressure on yourself or touching money meant for your basic needs. Most people make the mistake of investing with funds they can not afford to lose, and that is why they panic sell when the market dips.

But when you use extra cash, the one you would normally spend on flexing or random stuff, you can hodl longer and stay calm no matter what the market does. That is how real long term conviction is built..

In the case of Bitcoin investment, you should definitely decide to invest from a prudent income, which you will not have any problem if you lose. It is true that when a person invests money that he cannot afford to lose, then during times of volatility, when he sees his investment decreasing, he can easily panic, and due to panic, he can make the wrong decision to sell his investment, and as a result, his investment will fail and he will face losses. Therefore, when investing, you should definitely invest in such a money that losing money will not affect your life. Invest with money according to your ability to lose and keep it for the long term. If you can ignore the volatility and keep the investment for the long term, the chances of success will be high.

[Somto9Light]

You don't have to say Bitcoin isn't a get rich quick scheme so you won't discourage some minds from investing into Bitcoin

You seem to be one of these guys who go around feeding people with wrong informations, if you're giving out information about bitcoin investment you have to point out everything after that you allow them to decide. Not informing them that bitcoin isn't a get rich quick scheme is even the worst thing to do, even though some people may feel discouraged when you tell them that bitcoin is not a get rich quick scheme but you don't need to put much concern in that area because if you don't inform them quite on time they might approach it the wrong way and still come back to you to make some complaint.

[Mr_Brilliant$]

You are doing the wrong thing about investing. It is not important to have a discretionary income before investing in Bitcoin . If you are studying in a university, you will learn about Bitcoin and you can accumulate Bitcoin during your studies. Buy Bitcoin by saving some money from your part time job or from the session fees you get from your family. You will gain knowledge about Bitcoin while you are a student and along with that, you can accumulate any fractional amount. It is always intelligent to rely on your own cash fund. If you take out a loan or depend on other people's money to invest, you will not be able to keep it going in the long term.

You need a discretionary income in order for you to invest into bitcoin and hodli for long. I understand what you mean, it's just that you don't understand what discretionary income is. Discretionary income is the extra money from your income that you can do away with and it wouldn't affect you lifestyle. Some people use it to drink, smoke, gamble, club and many more consumption al stuff. Using such funds to invest in bitcoin is the best because you can use it to grow and build your bitcoin portfolio for the future.

That is actually the smartest way to invest. Using discretionary income just makes everything easier because you’re not putting pressure on yourself or touching money meant for your basic needs. Most people make the mistake of investing with funds they can not afford to lose, and that is why they panic sell when the market dips.

But when you use extra cash, the one you would normally spend on flexing or random stuff, you can hodl longer and stay calm no matter what the market does. That is how real long term conviction is built..

In the case of Bitcoin investment, you should definitely decide to invest from a prudent income, which you will not have any problem if you lose. It is true that when a person invests money that he cannot afford to lose, then during times of volatility, when he sees his investment decreasing, he can easily panic, and due to panic, he can make the wrong decision to sell his investment, and as a result, his investment will fail and he will face losses. Therefore, when investing, you should definitely invest in such a money that losing money will not affect your life. Invest with money according to your ability to lose and keep it for the long term. If you can ignore the volatility and keep the investment for the long term, the chances of success will be high.

The thing is, a lot of people do not really understand how dangerous it is to invest money they can not afford to lose until the market starts shaking. Once the price drops, fear comes in and emotions take over, that is when they start making bad decisions like panic selling or trying to cut losses at the wrong time..

That is why I always tell people, investing from a comfortable place of I am okay even if this goes down for a while makes the whole process peaceful. You will not be glued to the chart or stressing over every dip..

Like you said, it is all about knowing your capacity, using funds that would not affect your lifestyle, and staying consistent. Because in Bitcoin, the real win does not come from timing or quick trades, it comes from patience, calmness, and having the courage to hold when everyone else is panicking..

[laijsica]

Maybe I should put it this way, expecting Bitcoin to make you rich overnight is just setting yourself up for stress.

Truly Bitcoin is not a get rich quick scheme, and this is one thing most newbies fails to understand, that's why they mostly approach bitcoin investment with the mindset of buying and selling prematurely thinking it's the best to to go about it, but it's not, you can't grow rich by investing in bitcoin with a short term minds.

Since no one can predict the exact timing of its moves, borrowing money to invest is almost like digging a hole for yourself.

How are you digging a hole for yourself when you are not paying back from your bitcoin investment?
Don't you understand that once your ability to pay back have nothing to do with the final outcome of your bitcoin investment, you have nothing to worry about?
Taking a loan to invest in bitcoin is not a problem as long as you have other source of repaying it back.

You don't have to say Bitcoin isn't a get rich quick scheme so you won't discourage some minds from investing into Bitcoin, as a newbie you have to understand the strategies of the market first before investing and investing for long-term benefits without selling is okay and advisable as a newbie who's into the market because long-term investments helps so much and build you well as a newbie understand how the market works.

Young or old and experienced or inexperienced folk of any age should have a learning mindset. If someone gives you direct advice on a topic, even if you are more knowledgeable about it you should listen carefully. No one can ever acquire all the knowledge of a subject. There is no way to deny that you can learn new and educational things from newcomers. In objective discussions whatever advice and recommendations there may be especially on the long term aspect of Bitcoin investment, many perspectives are mixed. Ultimately, you have to decide which method to use Bitcoin for the long term. You may know that Bitcoin is not a get rich quick scheme but another investors may not know so you can't just tell someone that it doesn't need to be said.

[Albert David]

Not making different between bitcoin and cryptocurrency has put fear in mind of some persons and has also mislead many to invest in the wrong coin shitcoins has cause pains to many so when people now hear term cryptocurrency maybe you plan to tell them about bitcoin and use the term cryptocurrency they will think is a scam investment because properly they might have had such terrible experience when they invested into cryptocurrency that's why been specific matters alot when given such reference so people should should mind how they use the term cryptocurrency so they won't get others who hasn't gotten such experience mislead so it's important we call bitcoin bitcoin and shitcoins shitcoins instead of cryptocurrency

First you need to know about Bitcoin well, you need to understand, shitcoin is a scam that will lure people first, then it will completely go down, meaning that the money people invest in it will be completely lost!

First you need to know how cryptocurrency works and what its function is, then you can understand the use of Bitcoin. In fact, if you invest in Bitcoin for a long time, it can definitely be profitable!