Balancing Financial security and Bitcoin Accumulation

[NewRevelation]

 Those who have no backup funds at all should first create a minimum financial security because Bitcoin investment is not reasonable without discretionary income

. Before starting to invest in Bitcoin, it is essential to have a financial foundation, backup funds and basic knowledge. Real stable progress is possible if you can build a safety fund along with investments.

I don't think this is a good advice. How long will it take an investor to acquire all this points you mentioned above before he can start his investment?  Create a back funds first, have a financial foundation and get basic knowledge? This means that the potential investor might end up not starting at all since it might take him a whole lot of time to gather all these points you have mentioned together.

I don't think a newbie needs all these to be on ground first before starting up his investment. What he needs mainly to start is his ability to figure out his discretionary income, of course, that's after he must have settled all basic needs. Then he can now begin his investment immediately, accumulating Bitcoin using the DCA strategy. All the points you highlighted above can now come in. He can while he has started his investment, build his emergency funds and other back up funds, acquire more knowledge about Bitcoin investment and how best that will suit him and/or his cash flow, learn proper income allocation and management skills etc, and of course, everything must be geared towards building a portfolio for a long term investment. Waiting to gather all that you mentioned is a wrong investment mentality as it will keep you out of investment while others keep growing there portfolio. Getting started is the real deal, others can come along gradually

[GIF-JOBS]

What you are saying is right, and I just want to add to what you have already said. Once an investor starts putting all his focus on getting rich through his Bitcoin investment he will not only be taking profit during his accommodations stage, but he will kill the potential growth of his Bitcoin investment and portfolio because of impatient of letting his portfolio grow.

Additionally, constant accumulation is what will makes you grow rich if you can do that for 10 years or more with consistency, not by investing only $50 and be expecting to be filthy rich overnight.

You are right, to get rich in Bitcoin investment need investing for a long time through DCA with patience and time, there is a high probability of getting profit. However, if you withdraw part of the profit repeatedly due to excessive greed and haste, then your portfolio will be ruined. There is no shortcut to getting rich, it is possible to get rich through continuous accumulation in Bitcoin for 8-10 years. Therefore, continuous and long-term accumulation is the real and correct plan for investing in Bitcoin without expecting to get rich overnight. And it is possible to get rich through this plan.

Real wealth is built overtime not overnight, this is what most Bitcoin investors don't understand, they feels like once they invest in Bitcoin, even though it's a few box of cash, they will be rich in no distance time, not knowing that their is quite a lot of work to be done for an investor to attain such height, and it's through consistent accumulation for like 10 years or more in other to build a good stash of Bitcoin and hold for a long time, because the probability of Bitcoin changing your financial history forever is very high due to his rich potential.
So what am trying to say is that real wealth is built overtime not overnight as most new investors thinks.

Yes you are right. The person who thinks like this lacks the right knowledge which is why they think like this. There are many who do not research anything properly they always get half knowledge or wrong knowledge which is why they think like this. If a person starts investing in Bitcoin with basic knowledge and after that if they do not get the knowledge that is needed to protect their investment then they think like this.

A person should set a goal to build a portfolio When a person reaches his goal of building a portfolio he has to wait until his time limit is over. This journey may seem easy but it is very difficult

To avoid making wrong decisions, it is essential for an investor to have basic knowledge about Bitcoin at the beginning of their investment. Why do people make wrong decisions? Because their thinking is wrong, and they think wrongly because they do not have enough understanding about it. But when an investor has a real understanding of Bitcoin, there is no possibility of them thinking wrongly, due to which he does not damage the investment by making wrong decisions. So all in all, one must first have the right understanding, if one has the right understanding, then it will definitely be easier to hold the investment in the long term.

[yixichloro2xx]

What you are saying is right, and I just want to add to what you have already said. Once an investor starts putting all his focus on getting rich through his Bitcoin investment he will not only be taking profit during his accommodations stage, but he will kill the potential growth of his Bitcoin investment and portfolio because of impatient of letting his portfolio grow.

Additionally, constant accumulation is what will makes you grow rich if you can do that for 10 years or more with consistency, not by investing only $50 and be expecting to be filthy rich overnight.

You are right, to get rich in Bitcoin investment need investing for a long time through DCA with patience and time, there is a high probability of getting profit. However, if you withdraw part of the profit repeatedly due to excessive greed and haste, then your portfolio will be ruined. There is no shortcut to getting rich, it is possible to get rich through continuous accumulation in Bitcoin for 8-10 years. Therefore, continuous and long-term accumulation is the real and correct plan for investing in Bitcoin without expecting to get rich overnight. And it is possible to get rich through this plan.

Real wealth is built overtime not overnight, this is what most Bitcoin investors don't understand, they feels like once they invest in Bitcoin, even though it's a few box of cash, they will be rich in no distance time, not knowing that their is quite a lot of work to be done for an investor to attain such height, and it's through consistent accumulation for like 10 years or more in other to build a good stash of Bitcoin and hold for a long time, because the probability of Bitcoin changing your financial history forever is very high due to his rich potential.
So what am trying to say is that real wealth is built overtime not overnight as most new investors thinks.

Yes you are right. The person who thinks like this lacks the right knowledge which is why they think like this. There are many who do not research anything properly they always get half knowledge or wrong knowledge which is why they think like this. If a person starts investing in Bitcoin with basic knowledge and after that if they do not get the knowledge that is needed to protect their investment then they think like this.

A person should set a goal to build a portfolio When a person reaches his goal of building a portfolio he has to wait until his time limit is over. This journey may seem easy but it is very difficult

To avoid making wrong decisions, it is essential for an investor to have basic knowledge about Bitcoin at the beginning of their investment. Why do people make wrong decisions? Because their thinking is wrong, and they think wrongly because they do not have enough understanding about it. But when an investor has a real understanding of Bitcoin, there is no possibility of them thinking wrongly, due to which he does not damage the investment by making wrong decisions. So all in all, one must first have the right understanding, if one has the right understanding, then it will definitely be easier to hold the investment in the long term.

You are right, but  having basic knowledge  alone about Bitcoin isn't enough. You as an investor still need to build your mind, emotions, discipline. because having knowledge might not still protect you  from making bad moves, especially when market is not in a favorable condition, then emotions start jumping which lead to panicking and selling at loss. So if someone can possess those qualities and the knowledge about Bitcoin it will be easier to control themselves during those bearish moments, and holding term becomes way easier.
‎

[Sim_card]

Expenses that you do not plan for are not day-to-day expenses; they are unexpected or unwanted expenses, and it is best for you to use your emergency funds to solve the expenses because that is the purpose why you set up emergency funds in the first place. You are absolutely wrong with how you think we should use our emergency funds. Keeping your emergency funds in two different banks is good, but for you not to mistakenly use your emergency funds, you should keep your emergency funds in one bank that you do not use regularly so you will not mistakenly use your emergency funds on the things that are not emergencies.

You don't need to use your emergency funds for careless day to day expenses or unexpected expenses. You use your emergency funds for a real life emergency that if it's not solved it will lead to more damage.

Unexpected expenses during the week before you get you pay again should be taken care of with your float. Your emergency is the backup to your bitcoin investment and shouldn't be tampared with for the wrong purpose otherwise, you will be gambling with your bitcoin investment

[JayJuanGee]

[edited out]

To avoid making wrong decisions, it is essential for an investor to have basic knowledge about Bitcoin at the beginning of their investment. Why do people make wrong decisions? Because their thinking is wrong, and they think wrongly because they do not have enough understanding about it. But when an investor has a real understanding of Bitcoin, there is no possibility of them thinking wrongly, due to which he does not damage the investment by making wrong decisions. So all in all, one must first have the right understanding, if one has the right understanding, then it will definitely be easier to hold the investment in the long term.

Get started and figure out the various details as you go.

All you need to get started is a determination that you have discretionary income.

Of course, no one wants to lose money, so once they get started, they can figure out ways that they are going to improve their chances of holding and also continuing to buy BTC on a regular basis 4-10 years or longer.

How much will we start with?  $100 per week?  $10 per week or some other amount? 

Probably we need to start with a small amount, and then increase our weekly amount as we get more comfortable.  It takes a long time to build a bitcoin investment, so best to get started as soon as possible, as soon as discretionary funds are available.

Expenses that you do not plan for are not day-to-day expenses; they are unexpected or unwanted expenses, and it is best for you to use your emergency funds to solve the expenses because that is the purpose why you set up emergency funds in the first place. You are absolutely wrong with how you think we should use our emergency funds. Keeping your emergency funds in two different banks is good, but for you not to mistakenly use your emergency funds, you should keep your emergency funds in one bank that you do not use regularly so you will not mistakenly use your emergency funds on the things that are not emergencies.

You don't need to use your emergency funds for careless day to day expenses or unexpected expenses. You use your emergency funds for a real life emergency that if it's not solved it will lead to more damage.

Unexpected expenses during the week before you get you pay again should be taken care of with your float. Your emergency is the backup to your bitcoin investment and shouldn't be tampared with for the wrong purpose otherwise, you will be gambling with your bitcoin investment

Well.  The emergency funds are the last resort prior to tapping into our bitcoin, so if we have not other money, and some basic expense comes up that we cannot defer, then we have to use our emergency funds.

If we are managing our funds well, we should not be getting ourselves into situations in which we are using our emergency funds to resolve regular expenses, so if we are using our emergency funds, the we likely have issues with our cash flow in terms of how much income we have and/or how much expenses that we have.. so we might need to take some urgent actions to resolve such a situation in which we are having to tap into emergency funds.

[Alonso_]

Investing to get rich is not a bad thing, no matter what coin it is, but investing requires proper planning, patience, and money. The entire ecosystem of Shitcoin is designed in such a way that if you invest without understanding, there is a high chance of losing money in a new situation. People keep emergency funds to manage their lives in case they lose their jobs, but Bitcoin is long-term. Bitcoin is a long-term investment technology. This means that even if people cannot save money due to inflation, Bitcoin can help them create that savings. Many people also use Bitcoin savings as an emergency backup.

And there's no point of hoping to become rich when you barely start your accumulation journey, an investor is supposed to think about becoming rich when he must have reach his investment goal/ or the status of overaccumulation.

No. Having the thoughts of becoming rich during the early period of your accumulation is not problematic in any way, the problems begins arising when people begins making useless withdrawals at the early period before they reach their over-accumulation period, and such am actions can slow down your progress and completely fuck up your entire investment. To avoid this, people investing in Bitcoin should learn patience above chasing quick profits, by letting their investment compound overtime

.

it won't be a good idea to begin thinking of getting rich when we are still in our early phase of our accumulation. This will leads to trading because we want to become rich. If you are investing in bitcoin with the mindset of becoming rich when you don't have a good portfolio in bitcoin is a very wrong mindset. The focus should be on continuous buying and not on getting rich quick as this may distract you into wanting to take profits from your investment at an early stage.

There are people who treats bitcoin as a get rich quick scheme, and some of them also feels that as soon as they start investing in bitcoin they will start getting profits, I still think having that basic knowledge when it comes to investing in bitcoin are very important, this little details are things that would help a new investor make the right decisions and also how to approach bitcoin.

Like most of us already knows that investing in bitcoin and having profits are totally and entirely different scenarios, investing in bitcoin is the most important thing buying on a regular basis and staying consistent with the fundamentals of buying bitcoin instead of having that mindset of quick profit and getting rich immediately.

[Nightwatchmare]

 Those who have no backup funds at all should first create a minimum financial security because Bitcoin investment is not reasonable without discretionary income

. Before starting to invest in Bitcoin, it is essential to have a financial foundation, backup funds and basic knowledge. Real stable progress is possible if you can build a safety fund along with investments.

Having backup funds before starting a Bitcoin investment is an old fashion. It is not compulsory to build your backup funds before you can invest in Bitcoin. Having backup funds is good, but even if you do not build backup funds at the start of your Bitcoin investment, you can still invest in Bitcoin, and your Bitcoin investment will be safe. It is better to get started with Bitcoin investment before you can start building your backup funds as you are accumulating Bitcoin because if you want to build your backup funds before you start accumulating Bitcoin, you will miss a lot of buying opportunities.

[Grace333]

What you are saying is right, and I just want to add to what you have already said. Once an investor starts putting all his focus on getting rich through his Bitcoin investment he will not only be taking profit during his accommodations stage, but he will kill the potential growth of his Bitcoin investment and portfolio because of impatient of letting his portfolio grow.

Additionally, constant accumulation is what will makes you grow rich if you can do that for 10 years or more with consistency, not by investing only $50 and be expecting to be filthy rich overnight.

You are right, to get rich in Bitcoin investment need investing for a long time through DCA with patience and time, there is a high probability of getting profit. However, if you withdraw part of the profit repeatedly due to excessive greed and haste, then your portfolio will be ruined. There is no shortcut to getting rich, it is possible to get rich through continuous accumulation in Bitcoin for 8-10 years. Therefore, continuous and long-term accumulation is the real and correct plan for investing in Bitcoin without expecting to get rich overnight. And it is possible to get rich through this plan.

Real wealth is built overtime not overnight, this is what most Bitcoin investors don't understand, they feels like once they invest in Bitcoin, even though it's a few box of cash, they will be rich in no distance time, not knowing that their is quite a lot of work to be done for an investor to attain such height, and it's through consistent accumulation for like 10 years or more in other to build a good stash of Bitcoin and hold for a long time, because the probability of Bitcoin changing your financial history forever is very high due to his rich potential.
So what am trying to say is that real wealth is built overtime not overnight as most new investors thinks.

Yes you are right. The person who thinks like this lacks the right knowledge which is why they think like this. There are many who do not research anything properly they always get half knowledge or wrong knowledge which is why they think like this. If a person starts investing in Bitcoin with basic knowledge and after that if they do not get the knowledge that is needed to protect their investment then they think like this.

A person should set a goal to build a portfolio When a person reaches his goal of building a portfolio he has to wait until his time limit is over. This journey may seem easy but it is very difficult

To avoid making wrong decisions, it is essential for an investor to have basic knowledge about Bitcoin at the beginning of their investment. Why do people make wrong decisions? Because their thinking is wrong, and they think wrongly because they do not have enough understanding about it. But when an investor has a real understanding of Bitcoin, there is no possibility of them thinking wrongly, due to which he does not damage the investment by making wrong decisions. So all in all, one must first have the right understanding, if one has the right understanding, then it will definitely be easier to hold the investment in the long term.

True, because most of the bad decisions people make in Bitcoin does not even start from the market itself, it starts from their mindset. If your understanding is shaky, your judgment will definitely be shaky too. That is why you see people panic selling, buying tops, or jumping into hype coins that they did not even research.

But once a person really understands what Bitcoin is, why it was created, and how the long term value plays out, their thinking changes completely. Fear reduce, and holding becomes a lot easier because you actually know what you’re holding.

[Nightwatchmare]

Investing to get rich is not a bad thing, no matter what coin it is, but investing requires proper planning, patience, and money. The entire ecosystem of Shitcoin is designed in such a way that if you invest without understanding, there is a high chance of losing money in a new situation. People keep emergency funds to manage their lives in case they lose their jobs, but Bitcoin is long-term. Bitcoin is a long-term investment technology. This means that even if people cannot save money due to inflation, Bitcoin can help them create that savings. Many people also use Bitcoin savings as an emergency backup.

And there's no point of hoping to become rich when you barely start your accumulation journey, an investor is supposed to think about becoming rich when he must have reach his investment goal/ or the status of overaccumulation.

No. Having the thoughts of becoming rich during the early period of your accumulation is not problematic in any way, the problems begins arising when people begins making useless withdrawals at the early period before they reach their over-accumulation period, and such am actions can slow down your progress and completely fuck up your entire investment. To avoid this, people investing in Bitcoin should learn patience above chasing quick profits, by letting their investment compound overtime

.

it won't be a good idea to begin thinking of getting rich when we are still in our early phase of our accumulation. This will leads to trading because we want to become rich. If you are investing in bitcoin with the mindset of becoming rich when you don't have a good portfolio in bitcoin is a very wrong mindset. The focus should be on continuous buying and not on getting rich quick as this may distract you into wanting to take profits from your investment at an early stage.

Someone can be lucky to defeat poverty with Bitcoin investment. I think it is not a bad idea to begin thinking of getting rich when we are still very far from the level of over accumulation since it can influence us to be consistent in accumulating Bitcoin and hold for the long term so that we can have a chance of getting rich with Bitcoin investment in the future. It can only be a bad idea if you want to get rich with Bitcoin investment quickly since Bitcoin investment is not a scheme to get rich soon, and you will fail if you attempt to get rich soon with Bitcoin investment.

[Futurexxx]

Someone can be lucky to defeat poverty with Bitcoin investment.

Anyone that successfully move out of poverty through Bitcoin investment is not lucky, but his hard work and commitment payed off overtime.
He didn't get rich overnight, but it was done overtime, so you saying that someone can be lucky to defeat poverty through Bitcoin is wrong, because for you to get to that over accumulation status that can change your finances history forever, it has been years of accumulation and holdings which is not easy, so their is nothing lucky about that.
Though nothing is 100% guarantee in Bitcoin investment, but for an investor to keep on accumulating it consistently without looking at the fact that Bitcoin may not get to it potentially in the future, and his efforts will be a waste, but he accumulated resiliently without thinking about if it doesn't goes as planned, that's hard work bro, so anyone that became rich through it deserves it, he is not lucky.

[Sticky Bomb]

If a person starts investing in Bitcoin with basic knowledge and after that if they do not get the knowledge that is needed to protect their investment then they think like this.

I believe the basic knowledge in bitcoin accumulation is

• Knowing that bitcoin is a good investment and it's better when you go long-term in it
• ensuring you've discretionary income present before buying and holding, setting achievable accumulation target and a long-term holding period which you would not tamper your portfolio before then, picking one or more accumulation strategy
• Practicing good cashflow management practices, Consistency and commitment to your ongoing accumulation journey, building backup funds to prevent your portfolio from being tampered
• Practicing self-custody, having your main holdings in a separate device and storing your seed phrase offline and away from any third party

So.... Beside these basics, what are the knowledge needed to protect your investment that should be learned outside the basics?

[cxtreenal]

[edited out]

To avoid making wrong decisions, it is essential for an investor to have basic knowledge about Bitcoin at the beginning of their investment. Why do people make wrong decisions? Because their thinking is wrong, and they think wrongly because they do not have enough understanding about it. But when an investor has a real understanding of Bitcoin, there is no possibility of them thinking wrongly, due to which he does not damage the investment by making wrong decisions. So all in all, one must first have the right understanding, if one has the right understanding, then it will definitely be easier to hold the investment in the long term.

Get started and figure out the various details as you go.

All you need to get started is a determination that you have discretionary income.

Of course, no one wants to lose money, so once they get started, they can figure out ways that they are going to improve their chances of holding and also continuing to buy BTC on a regular basis 4-10 years or longer.

How much will we start with?  $100 per week?  $10 per week or some other amount? 

Probably we need to start with a small amount, and then increase our weekly amount as we get more comfortable.  It takes a long time to build a bitcoin investment, so best to get started as soon as possible, as soon as discretionary funds are available.

Of course, it would be a good opportunity to priority our Bitcoin to start. New investors like us have little knowledge about the process of starting a investment but in reality we have many guidelines open. If you have discretionary funds then now is a great time to start Bitcoin.

It is most important for new investors to be determined because this is the period when they are more likely to make wrong decisions. That is why it is better to maintain a steadfast mindset in Bitcoin investment and use discretionary income for investment. Instead of getting confused about the amount of Bitcoin to start, we should analysis how we can maintain the continuity of accumulation in the long term and find strategies to increase the amount of Bitcoin holding. That is why we may have to acquire skills for multiple sources of income or overtime to increase the wages from the current source of income.

Therefore, it is the right and sustainable decision to use money that we feel comfortable with to increase the amount of Bitcoin along with income and increase the stability of the investment.

[ASloveapg]

Investing to get rich is not a bad thing, no matter what coin it is, but investing requires proper planning, patience, and money. The entire ecosystem of Shitcoin is designed in such a way that if you invest without understanding, there is a high chance of losing money in a new situation. People keep emergency funds to manage their lives in case they lose their jobs, but Bitcoin is long-term. Bitcoin is a long-term investment technology. This means that even if people cannot save money due to inflation, Bitcoin can help them create that savings. Many people also use Bitcoin savings as an emergency backup.

And there's no point of hoping to become rich when you barely start your accumulation journey, an investor is supposed to think about becoming rich when he must have reach his investment goal/ or the status of overaccumulation.

No. Having the thoughts of becoming rich during the early period of your accumulation is not problematic in any way, the problems begins arising when people begins making useless withdrawals at the early period before they reach their over-accumulation period, and such am actions can slow down your progress and completely fuck up your entire investment. To avoid this, people investing in Bitcoin should learn patience above chasing quick profits, by letting their investment compound overtime

.

it won't be a good idea to begin thinking of getting rich when we are still in our early phase of our accumulation. This will leads to trading because we want to become rich. If you are investing in bitcoin with the mindset of becoming rich when you don't have a good portfolio in bitcoin is a very wrong mindset. The focus should be on continuous buying and not on getting rich quick as this may distract you into wanting to take profits from your investment at an early stage.

Someone can be lucky to defeat poverty with Bitcoin investment. I think it is not a bad idea to begin thinking of getting rich when we are still very far from the level of over accumulation since it can influence us to be consistent in accumulating Bitcoin and hold for the long term so that we can have a chance of getting rich with Bitcoin investment in the future. It can only be a bad idea if you want to get rich with Bitcoin investment quickly since Bitcoin investment is not a scheme to get rich soon, and you will fail if you attempt to get rich soon with Bitcoin investment.

But we must understand one thing well that it will not make us rich overnight from poor. Bitcoin investment certainly brings great success potential and opportunities, but it is long-term, if someone expects short-term success here, he will face failure. Everyone wants to be rich,but one must first understand how dangerous this path to becoming rich can be, or how much its chances of success are and how much loss is possible. If you are mentally and financially prepared to hold the investment properly for the long term, then you should invest, but if you do not have adequate arrangements to hold it for the long term, it is better to stay away from Bitcoin investment.

[JayJuanGee]

Someone can be lucky to defeat poverty with Bitcoin investment.

Anyone that successfully move out of poverty through Bitcoin investment is not lucky, but his hard work and commitment payed off overtime.
He didn't get rich overnight, but it was done overtime, so you saying that someone can be lucky to defeat poverty through Bitcoin is wrong, because for you to get to that over accumulation status that can change your finances history forever, it has been years of accumulation and holdings which is not easy, so their is nothing lucky about that.
Though nothing is 100% guarantee in Bitcoin investment, but for an investor to keep on accumulating it consistently without looking at the fact that Bitcoin may not get to it potentially in the future, and his efforts will be a waste, but he accumulated resiliently without thinking about if it doesn't goes as planned, that's hard work bro, so anyone that became rich through it deserves it, he is not lucky.

I am not going to completely discount the hard work and the persistence that tends to need to play out in order to have had been able to profit in bitcoin, and surely each of us needs to be thankful for luck too.

We likely have a combination of luck and persistence that has allowed the longer term bitcoiners to both identify bitcoin and also to take actions to build up their bitcoin holdings, which, like you mentioned, can take years and years and years to build up. 

Even some guys who bought a lot of bitcoin in early years, there are a lot of them who sold way too many too soon, and so they did not end up profiting as much as they could have had done from their earlier purchases.

Even in the past few years, there could have had been guys who bought bitcoin prior to 2021 (so maybe they had average buying costs that were less than $10k per coin) and there might have even been guys who got into bitcoin in 2021 but then rode down the 2022 crash, and if they continued to accumulate bitcoin through 2022 and 2023, they may well could have had started out buying bitcoin at prices that were higher than $40k, but then brought their overall average cost per BTC down to below $30k, especially since the BTC prices spent a lot of time below $30k in 2022 and in 2023.. so yeah, a bit of a combination of action and luck.. action to keep buying and lucky enough to be able to see that it was in their interest to accumulate their bitcoin stash and not to sell too many too soon.. and yeah, even in our price stagnation between $50k and $70k for much of 2024, guys likely might have had gotten anxious to take profits and even to stop in their accumulation of bitcoin - and I am not sure if that is ONLY hard work and intelligence, but also the inclusion of luck should not be completely poo-pooed. .

since even with luck, we also have some hard work in regards to managing what we have so that we are either continuing to buy and/or that we are not selling too much too soon.. which also could well be the case right now with some guys who are either selling in these prices and/or failing refusing to continue to accumulate bitcoin.  I have heard plenty of guys suggest that there is some smartness for newbies to bitcoin to have had been selling bitcoin in the supra $100ks rather than the more likely better practice would still end up being that guys who have been in bitcoin for less than  4 years to be continuing to ongoingly buy bitcoin whether at current prices or what would have had been our supra $100k prices that we were at for almost all of May through November of this year.

Guys who are in bitcoin right now and who are accumulating bitcoin, should also feel lucky to be in bitcoin, to have had noticed bitcoin and to still be accumulating bitcoin, even if many of the guys who started in the last year might currently be in the negative in their own bitcoin holdings.

I have always felt somewhat lucky in bitcoin - especially to have had identified it and to have had been building my bitcoin holdings, even though surely there were some painful periods, including in my first 3-ish years of building up my bitcoin holdings... so there does seem to be luck and action.. and many of us might not be humble enough if we are not attributing some of our bitcoin fortune to luck.. including maybe even being lucky to have discretionary income and abilities to buy bitcoin, even though there can be a lot of struggles along the path of the bitcoin accumulation journey, too.

If a person starts investing in Bitcoin with basic knowledge and after that if they do not get the knowledge that is needed to protect their investment then they think like this.

I believe the basic knowledge in bitcoin accumulation is

• Knowing that bitcoin is a good investment and it's better when you go long-term in it
• ensuring you've discretionary income present before buying and holding, setting achievable accumulation target and a long-term holding period which you would not tamper your portfolio before then, picking one or more accumulation strategy
• Practicing good cashflow management practices, Consistency and commitment to your ongoing accumulation journey, building backup funds to prevent your portfolio from being tampered
• Practicing self-custody, having your main holdings in a separate device and storing your seed phrase offline and away from any third party

So.... Beside these basics, what are the knowledge needed to protect your investment that should be learned outside the basics?

Even the "basics" that you list, Sticky Bomb.  Do you need them before getting started?  Or can you work on them as you go?  Of course, we know that having discretionary income is important to make sure that we are investing with money that we do not need for our basic expenses.

For example, some newbies might come to bitcoin, and they heard about a 4-10 year or more timeline in order to be an investor rather than a trader, and they are thinking that they would prefer to be an investor rather than a trader, yet they still might come to bitcoin and get started, and they might not be willing to commit to a 4-10 year or more timeline, even though they might have had heard about the idea, yet they still need to become convinced about the idea of 4-10 year or more timeline. .yet it still might be  a good idea for them to get started, even if they are still pondering over whether they are able to commit to a 4-10 year or longer investment timeline.

[edited out]

To avoid making wrong decisions, it is essential for an investor to have basic knowledge about Bitcoin at the beginning of their investment. Why do people make wrong decisions? Because their thinking is wrong, and they think wrongly because they do not have enough understanding about it. But when an investor has a real understanding of Bitcoin, there is no possibility of them thinking wrongly, due to which he does not damage the investment by making wrong decisions. So all in all, one must first have the right understanding, if one has the right understanding, then it will definitely be easier to hold the investment in the long term.

Get started and figure out the various details as you go.
All you need to get started is a determination that you have discretionary income.

Of course, no one wants to lose money, so once they get started, they can figure out ways that they are going to improve their chances of holding and also continuing to buy BTC on a regular basis 4-10 years or longer.
How much will we start with?  $100 per week?  $10 per week or some other amount? 

Probably we need to start with a small amount, and then increase our weekly amount as we get more comfortable.  It takes a long time to build a bitcoin investment, so best to get started as soon as possible, as soon as discretionary funds are available.

Of course, it would be a good opportunity to priority our Bitcoin to start. New investors like us have little knowledge about the process of starting a investment but in reality we have many guidelines open. If you have discretionary funds then now is a great time to start Bitcoin.

It is most important for new investors to be determined because this is the period when they are more likely to make wrong decisions. That is why it is better to maintain a steadfast mindset in Bitcoin investment and use discretionary income for investment. Instead of getting confused about the amount of Bitcoin to start, we should analysis how we can maintain the continuity of accumulation in the long term and find strategies to increase the amount of Bitcoin holding. That is why we may have to acquire skills for multiple sources of income or overtime to increase the wages from the current source of income.

Therefore, it is the right and sustainable decision to use money that we feel comfortable with to increase the amount of Bitcoin along with income and increase the stability of the investment.

Getting started and putting systems in place can take a long time, and even a person who feels pretty confident about his income, and let's say that upon a quick review of his current income and expenses situation, he is pretty sure that he he has $50 per week that he could put into bitcoin, but he does not want to start putting the full $50 per week into bitcoin, so he decides to get started with $20 per week while he studies various aspects of bitcoin and also he studies various aspects of his own income situation and his spending.  If he is a fairly young guy, he might even know that if he spends some time and money taking a certain kind of employment related course, he is going to end up spending quite a bit of time and money on that course, but at the same time, he is pretty sure that he would be able to increase his income by quite a lot, and he might not even have to work as many hours and he would earn more income than his current situation.. so yeah guys might still get started buying bitcoin and figuring out various aspects of their own life (and even perhaps their looking into bitcoin more) and their having had gotten started in bitcoin also helps them to consider bitcoin from more realistic circumstances based on their already having spent some time learning about it and also spent some time putting their own cashflow situation into perspective that includes their own changing of some of their income and/or expenses based on new actions that they decided to take based on their desires to continue to build their bitcoin holdings...

and surely it could be the case that a fairly young person might be considering that he would be stacking bitcoin for 10 years or longer, and an older person might already have some other investments that he might consider to move into bitcoin, yet he might not want to move them into bitcoin right away, so he has to get used to investing into bitcoin for a while and studying it and also perhaps strengthening his own cashflow systems and practices before he might take some actions in regards to either moving funds or maybe even if he decides not to move funds, he might decide to re-prioritize how he is investing into other assets and decide to divert those investments towards bitcoin rather than what he had previously been investing into.

[Yorubek]

But we must understand one thing well that it will not make us rich overnight from poor. Bitcoin investment certainly brings great success potential and opportunities, but it is long-term, if someone expects short-term success here, he will face failure. Everyone wants to be rich,but one must first understand how dangerous this path to becoming rich can be, or how much its chances of success are and how much loss is possible. If you are mentally and financially prepared to hold the investment properly for the long term, then you should invest, but if you do not have adequate arrangements to hold it for the long term, it is better to stay away from Bitcoin investment.

Of course, Bitcoin cannot make anyone rich overnight, you have to manage your investments consistently with a long-term plan and wait patiently for the right time to achieve success in the future. Bitcoin's volatile price fluctuates rapidly and the market can fall at any time. Those who understand these issues well and use their money wisely to buy Bitcoin with confidence and wait for good times, no matter how unstable the market is, I hope they will definitely succeed.

[Bigjoe33]

But we must understand one thing well that it will not make us rich overnight from poor. Bitcoin investment certainly brings great success potential and opportunities, but it is long-term, if someone expects short-term success here, he will face failure. Everyone wants to be rich,but one must first understand how dangerous this path to becoming rich can be, or how much its chances of success are and how much loss is possible. If you are mentally and financially prepared to hold the investment properly for the long term, then you should invest, but if you do not have adequate arrangements to hold it for the long term, it is better to stay away from Bitcoin investment.

Of course, Bitcoin cannot make anyone rich overnight, you have to manage your investments consistently with a long-term plan and wait patiently for the right time to achieve success in the future. Bitcoin's volatile price fluctuates rapidly and the market can fall at any time. Those who understand these issues well and use their money wisely to buy Bitcoin with confidence and wait for good times, no matter how unstable the market is, I hope they will definitely succeed.

And that's why it will be nice and/or very necessary for a newbie investor or an already existing investor to take to heart the importance of  proper income allocation and management plus building up back up funds which will help to sustain us investment.

The issue of long term HODL of bitcoin which promises better financial rewards in the future has been stressed out severally, and the possibility of HODLing for that long and making such gains is hinged on your ability to carry out that proper income allocation and management also pay attention to building these back up funds that has been listed above. Any failure to do this properly might/will result to hasty sells under panic or pressure which might end your investment too quickly or half way.

[Tmoonz]

Investing to get rich is not a bad thing, no matter what coin it is, but investing requires proper planning, patience, and money. The entire ecosystem of Shitcoin is designed in such a way that if you invest without understanding, there is a high chance of losing money in a new situation. People keep emergency funds to manage their lives in case they lose their jobs, but Bitcoin is long-term. Bitcoin is a long-term investment technology. This means that even if people cannot save money due to inflation, Bitcoin can help them create that savings. Many people also use Bitcoin savings as an emergency backup.

And there's no point of hoping to become rich when you barely start your accumulation journey, an investor is supposed to think about becoming rich when he must have reach his investment goal/ or the status of overaccumulation.

No. Having the thoughts of becoming rich during the early period of your accumulation is not problematic in any way, the problems begins arising when people begins making useless withdrawals at the early period before they reach their over-accumulation period, and such am actions can slow down your progress and completely fuck up your entire investment. To avoid this, people investing in Bitcoin should learn patience above chasing quick profits, by letting their investment compound overtime

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it won't be a good idea to begin thinking of getting rich when we are still in our early phase of our accumulation. This will leads to trading because we want to become rich. If you are investing in bitcoin with the mindset of becoming rich when you don't have a good portfolio in bitcoin is a very wrong mindset. The focus should be on continuous buying and not on getting rich quick as this may distract you into wanting to take profits from your investment at an early stage.

Someone can be lucky to defeat poverty with Bitcoin investment. I think it is not a bad idea to begin thinking of getting rich when we are still very far from the level of over accumulation since it can influence us to be consistent in accumulating Bitcoin and hold for the long term so that we can have a chance of getting rich with Bitcoin investment in the future. It can only be a bad idea if you want to get rich with Bitcoin investment quickly since Bitcoin investment is not a scheme to get rich soon, and you will fail if you attempt to get rich soon with Bitcoin investment.

But we must understand one thing well that it will not make us rich overnight from poor. Bitcoin investment certainly brings great success potential and opportunities, but it is long-term, if someone expects short-term success here, he will face failure. Everyone wants to be rich,but one must first understand how dangerous this path to becoming rich can be, or how much its chances of success are and how much loss is possible. If you are mentally and financially prepared to hold the investment properly for the long term, then you should invest, but if you do not have adequate arrangements to hold it for the long term, it is better to stay away from Bitcoin investment.

There must not be an adequate arrangements but there should be enough flexibilities and willing for improvement in various kind of ways, waiting to have an adequate arrangements can make lot of people not to start their investment because they want everything to be perfectly done, we should be open to learn new things, practice they said can make one become better than before, this principle can be apply for anyone that has it in mind to buy Bitcoin and hold for long to start investing in Bitcoin without waiting for an adequate arrangements or preparation but upholding basic principles or knowledge that will serve as a stairs case or ladder that will take them up.

[abaeze]

You are right, but  having basic knowledge  alone about Bitcoin isn't enough. You as an investor still need to build your mind, emotions, discipline. because having knowledge might not still protect you  from making bad moves, especially when market is not in a favorable condition, then emotions start jumping which lead to panicking and selling at loss. So if someone can possess those qualities and the knowledge about Bitcoin it will be easier to control themselves during those bearish moments, and holding term becomes way easier.
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Knowledge alone is not enough for a successful Bitcoin investor and also to be a successful investor because there is a big difference between theoretical and practical. The mindset that one has after investing in Bitcoin is not the same mindset that one has before investing. Therefore, knowledge and morale, these two powerful things, come together to build complete investment skills through long-term investment. It is important to know what Bitcoin, blockchain, halving are and how they work, but these are technical knowledge. The biggest reason for losing money is psychological mistakes, so using all this technical knowledge, practical knowledge, psychological strength and the will and strength to deal with bad market conditions gradually makes you a complete investor.

[Merit.s]

Knowledge alone is not enough for a successful Bitcoin investor and also to be a successful investor because there is a big difference between theoretical and practical. The mindset that one has after investing in Bitcoin is not the same mindset that one has before investing. Therefore, knowledge and morale, these two powerful things, come together to build complete investment skills through long-term investment. It is important to know what Bitcoin, blockchain, halving are and how they work, but these are technical knowledge. The biggest reason for losing money is psychological mistakes, so using all this technical knowledge, practical knowledge, psychological strength and the will and strength to deal with bad market conditions gradually makes you a complete investor.

A new investor should only have the basic knowledge of bitcoin and his discretionary income in order for him to start his bitcoin investment. Having a long-term mindset and bitcoin target if very crucial for all bitcoin investors because that's what will keep you in the game to continue accumulating more bitcoin overtime irrespective of the market conditions. You wouldn't panic when there is a dip because you are only buying and not selling.

The rest can be learned along with your bitcoin investment. When you invest with the amount of money that you can afford to lose, it will save you from psychological mistakes provided that you have your backup funds built along side with your bitcoin investment. Don't use money that's not your discretionary income to invest in order to save your investment from premature sales and put yourself into regrets.

[ASloveapg]

Knowledge alone is not enough for a successful Bitcoin investor and also to be a successful investor because there is a big difference between theoretical and practical. The mindset that one has after investing in Bitcoin is not the same mindset that one has before investing. Therefore, knowledge and morale, these two powerful things, come together to build complete investment skills through long-term investment. It is important to know what Bitcoin, blockchain, halving are and how they work, but these are technical knowledge. The biggest reason for losing money is psychological mistakes, so using all this technical knowledge, practical knowledge, psychological strength and the will and strength to deal with bad market conditions gradually makes you a complete investor.

A new investor should only have the basic knowledge of bitcoin and his discretionary income in order for him to start his bitcoin investment. Having a long-term mindset and bitcoin target if very crucial for all bitcoin investors because that's what will keep you in the game to continue accumulating more bitcoin overtime irrespective of the market conditions. You wouldn't panic when there is a dip because you are only buying and not selling.

The rest can be learned along with your bitcoin investment. When you invest with the amount of money that you can afford to lose, it will save you from psychological mistakes provided that you have your backup funds built along side with your bitcoin investment. Don't use money that's not your discretionary income to invest in order to save your investment from premature sales and put yourself into regrets.

It is always important to use discretionary income for investment, this is the money to take risks, without which you can never take risks with the necessary money, especially in an asset that is a long-term asset. We need to use discretionary income for investment and also have an emergency fund ready to protect the investment. There are many who do not give importance to emergency funds, so they just keep investing but do not build any funds. And because of this activity, they have to face a situation at some point where their Bitcoin holdings are threatened, because they have no other funds except that investment, so they have to sell it and as a result they face huge losses.