Balancing Financial security and Bitcoin Accumulation

[durg0319]

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.

I often see people wait too long to invest in Bitcoin because they want everything perfect, like timing the bottom or knowing every strategy. The truth is, starting with the basics, learning as you go, and improving step by step is enough. Action, not perfection, builds long term success.

[Mr_Brilliant$]

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.

You kw, if someone come into Bitcoin with that instant riches mindset he or she will end up shocking themselves when things do not move the way they imagined..  Bitcoin has big potential, yes, but it has never been a shortcut out of poverty..  It is a long game, and anyone expecting quick results is just setting themselves up for disappointment..

The truth is, this path is not as easy as we think.. There are moments that will test your confidence. If someone is not mentally ready or financially stable enough to hold through all of that, then Bitcoin can feel very tiring to them..

But if you understand it, and you are prepared to stay committed for years, that is when it actually makes sense. Long term holders are the ones who end up benefiting, not the people who jump in today and hope to cash out next week..

[Qhunman]

I often see people wait too long to invest in Bitcoin because they want everything perfect, like timing the bottom or knowing every strategy. The truth is, starting with the basics, learning as you go, and improving step by step is enough. Action, not perfection, builds long term success.

Trying so hard to know everything about Bitcoin or predict the Bitcoin market is wrong and not the right way to approached Bitcoin. You cannot start by learning everything about Bitcoin or trying to outsmart it. Bitcoin as it is, is complex and still evolving, learning everything about it will take you eternity. Instead of wasting precious times trying to learn everything about Bitcoin or figuring how to outsmart the market, rather you can simply start with learning the basic knowledge . Too much knowledge is bad, starting with the basic knowledge is the right way to approach Bitcoin. You can simply be learning while investing and your knowledge of Bitcoin will improved over time.

[Silikiem]

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.
‎

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.

In bitcoin investment, once an investor is able to just figure out a discretionary income then he should go ahead to accumulate and invest in bitcoin and hold. All of these technical and psychological knowledge and strength in bitcoin investment is making it looks like it’s a very tideous thing to do, meanwhile all what is required for bitcoin investment is just one’s ability to figure out a discretionary income to use and accumulate bitcoin at any time and any market price depending on when the individual is able to get a discretionary income. Using your discretionary income to invest in bitcoin always will save you so much from all these psychological and mental stress and strength because this is the money you’re not needing any time soon, coupled with the fact that you’re also setting aside an emergency funds to Carter for you incase of any emergency which requires cash to solve, so you don’t tend to your bitcoin investment for it. You don’t have to worry about anything here, the only thing to be worried about is how to figure out a discretionary income to invest and hold for the long term goal.

[Creeper0]

In bitcoin investment, once an investor is able to just figure out a discretionary income then he should go ahead to accumulate and invest in bitcoin and hold. All of these technical and psychological knowledge and strength in bitcoin investment is making it looks like it’s a very tideous thing to do, meanwhile all what is required for bitcoin investment is just one’s ability to figure out a discretionary income to use and accumulate bitcoin at any time and any market price depending on when the individual is able to get a discretionary income. Using your discretionary income to invest in bitcoin always will save you so much from all these psychological and mental stress and strength because this is the money you’re not needing any time soon, coupled with the fact that you’re also setting aside an emergency funds to Carter for you incase of any emergency which requires cash to solve, so you don’t tend to your bitcoin investment for it. You don’t have to worry about anything here, the only thing to be worried about is how to figure out a discretionary income to invest and hold for the long term goal.

There is no end to knowledge, so you can never finish acquiring knowledge. Especially without skills, knowledge is not very useful, especially in the field of investment. If you only acquire knowledge without investing, then that knowledge will not be very useful and you will not be able to arrange a perfect investment plan with that knowledge. Because you do not have real-time experience.

It can be wise to start investing with basic knowledge. During the continuity of investment, you can acquire knowledge and gain real experience by applying that knowledge in practice. This is more effective, because you can see the real application of that knowledge and be aware of the positive and negative effects. It is not possible to measure the depth of the sea without diving into the sea, maybe you can estimate the depth of the sea by looking at the statistics but you cannot feel the depth or measure it yourself. So refrain from delaying your investment by making any excuses.

[Proty]

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.
‎

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.

In bitcoin investment, once an investor is able to just figure out a discretionary income then he should go ahead to accumulate and invest in bitcoin and hold. All of these technical and psychological knowledge and strength in bitcoin investment is making it looks like it’s a very tideous thing to do, meanwhile all what is required for bitcoin investment is just one’s ability to figure out a discretionary income to use and accumulate bitcoin at any time and any market price depending on when the individual is able to get a discretionary income. Using your discretionary income to invest in bitcoin always will save you so much from all these psychological and mental stress and strength because this is the money you’re not needing any time soon, coupled with the fact that you’re also setting aside an emergency funds to Carter for you incase of any emergency which requires cash to solve, so you don’t tend to your bitcoin investment for it. You don’t have to worry about anything here, the only thing to be worried about is how to figure out a discretionary income to invest and hold for the long term goal.

That's exactly the point , the ability to figure out if there is discretionary income available that's the most important thing. Talking about technical and psychological knowledge, this isn't necessary or a prequsite for starting to buy bitcoin. It is mostly traders or those that want to go into trading that should be more concern about psychological knowledge and technicalities. Just like you have said the most important thing is to figure out if there is discretionary income to invest with and then technical knowledge isn't that much important in starting up bitcoin investment.

[gracreavix]

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.

I feel you yixichloro2xx, is not just all about having Bitcoin knowledge, one thing people do not also talk about enough is been discipline with your own finances is what actually makes Bitcoin investment and even DCA possible.  Everybody loves to say just DCA every week, like it is one simple quote you hang on your wall.  But if your personal finances are scattered, that DCA plan will collapse immediately.

Because before you even think of buying Bitcoin consistently, you need to be able to separate your money properly, your emergency fund, your small reserve savings, your monthly bills, even family responsibilities.  If you can’t manage those things with sense, how will you now DCA without stressing your life?

That is why I always still feel knowledge of Bitcoin alone is not the full package. You can understand halving, scarcity, blockchain, everything. but if your financial life is always in mess, you would not even have the stability to invest long term. In Bitcoin accumulation or even other investment, proper money management is required.

[Shadiq]

That's exactly the point , the ability to figure out if there is discretionary income available that's the most important thing. Talking about technical and psychological knowledge, this isn't necessary or a prequsite for starting to buy bitcoin. It is mostly traders or those that want to go into trading that should be more concern about psychological knowledge and technicalities. Just like you have said the most important thing is to figure out if there is discretionary income to invest with and then technical knowledge isn't that much important in starting up bitcoin investment.

It is not enough to have a prudent investment, but you must have basic knowledge about Bitcoin and Bitcoin investment.

It is not important that you have a deep knowledge of technology to start investing. But it is important to have basic knowledge about Bitcoin and investment. At least you need to know what Bitcoin is and how it works? How to buy Bitcoin and how to store Bitcoin safely? You also need to have basic knowledge about seed phrases.

So to start investing, it is not enough to focus only on prudent money, but also on basic knowledge. Otherwise, you will have to start your investment journey by depending on others.

[Abelly]

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.

I feel you yixichloro2xx, is not just all about having Bitcoin knowledge, one thing people do not also talk about enough is been discipline with your own finances is what actually makes Bitcoin investment and even DCA possible.  Everybody loves to say just DCA every week, like it is one simple quote you hang on your wall.  But if your personal finances are scattered, that DCA plan will collapse immediately.

Because before you even think of buying Bitcoin consistently, you need to be able to separate your money properly, your emergency fund, your small reserve savings, your monthly bills, even family responsibilities.  If you can’t manage those things with sense, how will you now DCA without stressing your life?

That is why I always still feel knowledge of Bitcoin alone is not the full package. You can understand halving, scarcity, blockchain, everything. but if your financial life is always in mess, you would not even have the stability to invest long term. In Bitcoin accumulation or even other investment, proper money management is required.

You have brought up a great point, many people think that investing is easy if you only have knowledge about Bitcoin, in fact, That is the biggest misconception. DCA is talked about by everyone, But in reality it only works when your personal financial discipline is in order. Buying a little Bitcoin every week or month sounds easy, But if your own financial situation is messy, there is no emergency fund, Monthly bills are pressing, savings are scattered, and family responsibilities are ahead, then that DCA plan will collapse before it even starts. Many people think that halving blockchain, market cycles, etc. are discussed for hours, but they do not think for a minute about managing their own money. However, the real need for that in the long term is a stable financial foundation. Whether it is saving Bitcoin or any other investment, first you need the ability to manage your money separately, emergency fund, bills, reserves, savings, everything is clearly set. Bitcoin education is important, but without personal financial discipline, that education is half the battle. Without a stable financial life, neither long term savings nor DCA is consistently possible!

[icebar]

That's exactly the point , the ability to figure out if there is discretionary income available that's the most important thing. Talking about technical and psychological knowledge, this isn't necessary or a prequsite for starting to buy bitcoin. It is mostly traders or those that want to go into trading that should be more concern about psychological knowledge and technicalities. Just like you have said the most important thing is to figure out if there is discretionary income to invest with and then technical knowledge isn't that much important in starting up bitcoin investment.

Even if one has technical and psychological knowledge, if one cannot invest in Bitcoin, then that knowledge has no value. Moreover, it is not easy for new investors to gain good knowledge about Bitcoin at the beginning. Therefore, if one does not wait to gain much knowledge and starts investing, if one gains knowledge along with starting the investment, then on the one hand, that investor will be able to increase the amount of Bitcoin holdings, on the other hand, he will also be able to increase his knowledge during that time. And in starting this investment, if he is first aware of his discretionary income and starts investing, he will be able to do well in Bitcoin investment.

[yixichloro2xx]

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.

‎You are right, for me a person who invest in bitcoin without setting aside  his reserve funds, money for emergency and backup funds is just wasting his time.  Reason is everytime you face a challenge, you will have the urge to sell your holdings to solve that problem, which will be happening constantly. And before you know it there is no Bitcoin left in your wallet.....

[JayJuanGee]

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.

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.

I frequently like to proclaim that if you are able to put your finances in a good order, then you will end up putting yourself in a much stronger psychological position, including your self-esteem will go to quite high levels, too.

Of course, it can be helpful to already have some basic level of common sense, yet I doubt that it needs to be high levels, just perhaps desires to improve yourself.

I am not sure if technical knowledge is needed in advance, since I get the sense that technical knowledge can be learned, even though surely we can recognize that there are folks who naturally come to the world with higher levels of technical knowledge, yet those high levels of technical knowledge are not needed in order to build a bitcoin investment. 

To get started in bitcoin, merely common sense and a willingness to learn and improve are required in order to get started, and the rest can be built, including that if we put ourselves in a good organizational place our psychology will improve, yet we might also be inspired to improve and continue to improve.

[Joeboy]

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.

Waiting to achieve full perfection in both the size of one's discretionary income, the level of their preparedness, the level of their commitment and whatnot are simply total time wasters. This is coz we really can learn more and better by already investing in Bitcoin. And the more the level of our experience the more folks can begin identifying and correcting their mistakes if any and also the more they can increase their investments size based on their level of conviction.

[Barikui1]

‎You are right, for me a person who invest in bitcoin without setting aside  his reserve funds, money for emergency and backup funds is just wasting his time.  Reason is everytime you face a challenge, you will have the urge to sell your holdings to solve that problem, which will be happening constantly. And before you know it there is no Bitcoin left in your wallet.....

All that you said here may applies to a low or average income earner, but not the rich guys, because they have asset, rich dad, rich uncles, and friends that can easily bails them out from any tight financial situation they finds themselves, than to temper with their Bitcoin holdings. So all that you said may have an effect on the poor or average income earner, but not on the rich guys, so if a  poor and average income earner want to invest in Bitcoin and be successful , he must put down emergency and reserve funds in place to safeguard his Bitcoin investment, unlike the rich that have such leverage of failing to keep an emergency and reserve funds and go Scott free.

[Female King]

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.

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.

I frequently like to proclaim that if you are able to put your finances in a good order, then you will end up putting yourself in a much stronger psychological position, including your self-esteem will go to quite high levels, too.

Of course, it can be helpful to already have some basic level of common sense, yet I doubt that it needs to be high levels, just perhaps desires to improve yourself.

I am not sure if technical knowledge is needed in advance, since I get the sense that technical knowledge can be learned, even though surely we can recognize that there are folks who naturally come to the world with higher levels of technical knowledge, yet those high levels of technical knowledge are not needed in order to build a bitcoin investment. 

To get started in bitcoin, merely common sense and a willingness to learn and improve are required in order to get started, and the rest can be built, including that if we put ourselves in a good organizational place our psychology will improve, yet we might also be inspired to improve and continue to improve.

Technical knowledge or advance knowledge is not needed to get started with our Bitcoin investment, with the little common knowledge about bitcoin and also having the discretionary income is a good score to get some one started with their bitcoin investment, and other things can be learn on the buying process the first thing is to get started. If our finance is not strong we can still started and gradually build a better finance while accumulating and buying bitcoin.

[Cgrexp]

‎You are right, for me a person who invest in bitcoin without setting aside  his reserve funds, money for emergency and backup funds is just wasting his time.  Reason is everytime you face a challenge, you will have the urge to sell your holdings to solve that problem, which will be happening constantly. And before you know it there is no Bitcoin left in your wallet.....

All that you said here may applies to a low or average income earner, but not the rich guys, because they have asset, rich dad, rich uncles, and friends that can easily bails them out from any tight financial situation they finds themselves, than to temper with their Bitcoin holdings. So all that you said may have an effect on the poor or average income earner, but not on the rich guys, so if a  poor and average income earner want to invest in Bitcoin and be successful , he must put down emergency and reserve funds in place to safeguard his Bitcoin investment, unlike the rich that have such leverage of failing to keep an emergency and reserve funds and go Scott free.

People with very low incomes cannot determine their discretionary income at the end of the month and find it difficult to predict whether they will have enough funds until the next paycheck. For example, if someone is able to save an extra $100, they may not invest in Bitcoin because they are not confident that they will be able to cover all their expenses from the next month's paycheck. While a signature campaign or extra income can be helpful, it does not always provide sufficient confidence. It is almost impossible to invest in a one-time   investment, large or small, if you are not sure that you will be able to cover your monthly expenses.

[JayJuanGee]

‎You are right, for me a person who invest in bitcoin without setting aside  his reserve funds, money for emergency and backup funds is just wasting his time.  Reason is everytime you face a challenge, you will have the urge to sell your holdings to solve that problem, which will be happening constantly. And before you know it there is no Bitcoin left in your wallet.....

All that you said here may applies to a low or average income earner, but not the rich guys, because they have asset, rich dad, rich uncles, and friends that can easily bails them out from any tight financial situation they finds themselves, than to temper with their Bitcoin holdings. So all that you said may have an effect on the poor or average income earner, but not on the rich guys, so if a  poor and average income earner want to invest in Bitcoin and be successful , he must put down emergency and reserve funds in place to safeguard his Bitcoin investment, unlike the rich that have such leverage of failing to keep an emergency and reserve funds and go Scott free.

People with very low incomes cannot determine their discretionary income at the end of the month and find it difficult to predict whether they will have enough funds until the next paycheck. For example, if someone is able to save an extra $100, they may not invest in Bitcoin because they are not confident that they will be able to cover all their expenses from the next month's paycheck. While a signature campaign or extra income can be helpful, it does not always provide sufficient confidence. It is almost impossible to invest in a one-time   investment, large or small, if you are not sure that you will be able to cover your monthly expenses.

Of course, even with basic common sense skills, from time to time there might need to be some creativity that comes with a desire to invest into bitcoin.

So with your example of a low income earner who ONLY gets paid once a month.  He figures out that he has $100, yet he is afraid to invest it into bitcoin, since he is not really sure that he might not need some or all of the $100, so he has to wait until his next paycheck to really know if he has any of the $100 remaining by the time his next paycheck comes.. So what stops him from investing whatever he has left when the next check comes? 

I understand your point that if a guy is working with  ONLY small amounts, he is never sure whether he has enough and/or if he has extra so that he can invest into bitcoin... and yeah, it is  dilemma since if a guy does not make enough to be sure that he has discretionary income then he is not going to be able to invest into bitcoin.  He has to get to a point of having discretionary income and being sure that he is not mistaken before he can invest into bitcoin, and yeah, some of these guys might not be able to start investing into bitcoin until they are sure that they have discretionary income.

There could be guys who have extablished a long track record of not being able to invest, and every month they might completely run out of money by the time that they receive their next paycheck, and those guys might not be eligible to invest in bitcoin unless they can figure out ways to increase their income and/or cut their expenses, and if they have already tried many ways to try to increase their income and/or to cut their expenses  and they have no more possibilities, then they may well be too poor (since they don't have any discretionary income) to invest into bitcoin.

I personally don't recommend trading and/or gambling with bitcoin... so there is a need for discretionary income to invest in bitcoin.

[abaeze]

I personally don't recommend trading and/or gambling with bitcoin... so there is a need for discretionary income to invest in bitcoin.

The biggest thing is that if a person does not have a certain amount of extra money in his hand, then he should not invest in Bitcoin because investment means money that will not be at risk if lost. Until someone is sure that some money will survive after his regular expenses, he cannot start investing or should not invest in anything new. Buying Bitcoin with some money once is not the same thing as investing in Bitcoin.

If someone does not have a long-term and regular investment plan, then there will be no profit from investing in Bitcoin. Therefore, before investing, plan investment properly and be patient until at least one halving time. Accumulation is the minimum period for investing in Bitcoin. Therefore, if someone does not have discretionary income during this investment period, then investing in Bitcoin is as risky as betting on gambling.

[Bigjoe33]

The truth is, this path is not as easy as we think.. There are moments that will test your confidence. If someone is not mentally ready or financially stable enough to hold through all of that, then Bitcoin can feel very tiring to them..

But if you understand it, and you are prepared to stay committed for years, that is when it actually makes sense. Long term holders are the ones who end up benefiting, not the people who jump in today and hope to cash out next week..

In as much as financial stability can make you Hodl your bitcoin for longer periods, but it does not guarantee a long lasting investment because there are people who have enough incoybut fail to plan and do a proper income allocation and management plans, and the end up wasting there money on unnecessary things, and at the end of the day might not be able to still Hodl there BTC.

Aside your discipline and determination to HODL, one major thing that helps you to Hodl for long is your back up funds. An inceywho has enough discretionary but fails to build up his emergency funds and other back up funds might still end up loosing his BTC to sudden sells which may be in loss. So every strength of an investment is his back up funds, and investors must not joke with this. The backup funds must be built and also made readily available(emergency funds) so that you can easily access it when needed. So character and discipline might be good, but not enough to help you Hodl your BTC for long. You must build your emergency funds and other back up funds

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I personally don't recommend trading and/or gambling with bitcoin... so there is a need for discretionary income to invest in bitcoin.

The biggest thing is that if a person does not have a certain amount of extra money in his hand, then he should not invest in Bitcoin because investment means money that will not be at risk if lost. Until someone is sure that some money will survive after his regular expenses, he cannot start investing or should not invest in anything new. Buying Bitcoin with some money once is not the same thing as investing in Bitcoin.

I don't accept your statement that if someone doesn't have a certain amount of extra money in his hand, then they shouldn't invest in Bitcoin but the big thing here and the thing to understand is that it is not extra money that is needed to invest in Bitcoin but discretionary income. Let's be clear about what is a certain amount of extra money, actually this money is the cash you have that you and I can use for whatever purpose we want, on the other hand the effect of discretionary income is not like that. Try to understand through an example if you have fifty thousand in our country's local currency i.e. Nigerian ₦GN in your bank, then that is a certain amount of extra money. On the other hand, discretionary income is the portion of gross income after all expenses are met, that is, it is the portion of gross income after taxes that remains after meeting the basic needs of all Nigerians like us.