Balancing Financial security and Bitcoin Accumulation

[JayJuanGee]

[edited out]

I understand what you are saying about investing 10% of your income in Bitcoin. It can certainly be part of a planned investment but it can be a financial burden for those investors who are not financially capable but I am not confused about investing this amount. It will not be easy for the poor to implement this plan, it is true, but to achieve financial prosperity, they should put pressure on yourself to increase source of income. Gain expertise in one thing through which you can create an additional income stream.

Was there anywhere that I said that they would actually be capable of achieving 10% per year?  Sure historically, a lot of people have aimed for investing/saving 10% per year, and poor people are not going to be able to do that high, and rich people might be able to do 25% or more.  The mere fact that I chose a nice round example to give some ideas about how much is needed to be saved in order to reach a certain milestone does not mean that I presume poor people are able to make such an amount.. yet at the same time, everyone who is planning out their attempts to reach certain investment thresholds within certain timeframes, they likely need to be realistic in their projections regarding what they believe that they can reach within the parameters of their investments and/or whether the amounts that they are contributing will make a meaningful difference and/or a difference at the levels that they might be anticipating.

So yeah, if they end up investing 10% of their income, it take 10 years to get to 1 year of accumulation.

If they end up investing 5% of their income, it take 20 years to get to 1 year of accumulation

If they end up investing 1% of their income, it take 100 years to get to 1 year of accumulation

If they end up investing 25% of their income, it take 4 years to get to 1 year of accumulation

etc etc.. these give ideas about how long it takes based on income levels and even if someone might be porting money from some other place and putting it into bitcoin, they still might have irregularities in their building up their bitcoin holdings and they might try to accelerate, yet have set backs in their build up from time to time, yet still they might end up being able to average a certain rate of accumulation, even if they might have periods of erratic BTC accumulation based on their finances, their cashflow and/or perhaps their getting access to other funds that they are able to move from other places into bitcoin (selling of a house or a business or having other investments or inheriting money).

Furthermore that if it takes time for a decent stake to be established, then yeah, BTC prices may go up during the process of putting the value in, and a more ideal scenario would be being able to get the stake in within a short period of time so that if BTC ends up going a lot in value, then most if not all of the stake would have had already been taken into bitcoin.  Frequently, i like to describe someone who is able to put 25% of his income into bitcoin, since after 4 years he would be able to put a whole years income into bitcoin...

Yeah, I understand that we are in a Nigerian thread, so it is not as likely that normal Nigerians are going to be able to put those kinds of levels of their income.. yet it still is not impossible that a person could be in such a position (for example, not having a family to support) or a person who had already been investing for 20 years or more and who has resources that he can move over from some other places (his earlier investments) and bring them into bitcoin.

As you have advised, if those investors cannot set a target of 10% investment, they can at least half of it. If they continue to increase the investment percentage by 5% for the next 2 years and in the following years as their income increases, then they can reach the Bitcoin target as you have suggested in 10 years.

Sure.  People can ONLY do what they can do, and their finances might change at various points along the way to make some outcomes become more likely or less likely based on changes circumstances.. So we tend to use averages in order to make it easier to calculate and to reasonably estimate in ballpark kinds of ways.. yet guys can attempt to specify their projected cashflows for differing time period of their life and surely there are challenges too, since the price of bitcoin is likely going to remain volatile and a bit of a moving target, so it is somewhat easier to project on today's prices, yet the further we project into the future the more variance in the possible outcomes.

I recall when I first got into bitcoin in late 2013, I made a plan for investing into bitcoin over the next 6 months so I had some anticipated inputs (based on my income) and I also had some estimates of the BTC price, and the price ended up going down much more than I had anticipated in that period, so I ended up with more bitcoin, yet at the same time, my bitcoin were not in profit since the price had been going down the whole time in the first six months that I was in.   When I extended  my same plan (or quite a similar plan) pretty much the same thing happened for the next 6 months, so I ended up with way more bitcoin than expected after a year investing, yet my whole holdings was worth only about half as much as I had put in... so sure, there can be inconveniences and needs to adapt future actions that are based on outcomes that may well have had deviated from anticipated possibilities.  At the same time, it is also true that bitcoin prices shot way up starting in 2016, yet more so in 2017, and the prices corrected in 2018, 2019, 2020, they did not come back down even close to my costs per BTC.

Managing long term investments is not easy but it is not an impossible task. You should be mentally prepared to increase your discretionary income to a level that is convenient and comfortable for you, so that it may be easier to scale up your Bitcoin holdings to a meaningful and reasonable level.

Of course, younger people may have decently good odds that they can increase their income into the future relative to their expenses, and at the same time, they might figure out ways to accomplish increasing their income through both getting promotions or just being in the right kinds of jobs and perhaps they might havre reasonable ways to decrease their expenses (or at least to keep them reasonable too), yet not all people are in a similar place in their lives to be able to increase their income relative to their expenses, so sometimes decisions can be tough, since when any of us are in our early bitcoin accumulation phases, then we probably are incentivized to try to accumulate as much bitcoin as we can as early as we can, yet at the same time, we sometimes might find ourselves in positions that we can add to our bitcoin holdings. 

Another thing that happens, is that once a guy gets bitcoin buying systems and practices in place, then it becomes a lot easier to place bitcoin buying as a high priority when new (and additional) money comes in... so part of the value of putting bitcoin buying systems in place does have snowballing affects in regards to increasing bitcoin buys with the passage of time, and for sure it can take years and years and years (especially for more poor people) to build up their bitcoin holdings in such a way that they start to recognize that they have built some meaningful options from their having had spent time accumulating and holding bitcoin.. and yeah, maybe even if they might not have had invested even a whole year of their expenses, but they still might find that at various points in time the bitcoin price might have had gone up in value in such a way that their already invested amounts ended up growing and even compounding upon itself.

Even if bitcoin price appreciation are likely not to be as steep as they have historically been, there is still a lot of evidence that bitcoin is amongst the best (if not the best) place for value to be put (and poor people are lucky in some sense that they are able to choose relatively small incremental value levels and still to be able to build up their satoshis and be able to participate).. right now (while we are under $100k) $1 is able to buy more than 1,000 satoshis, so if a guy is buying around $10 per week of bitcoin, he is currently getting more than 10k satoshis every time that he puts $10 into bitcoin.  I know the more the better, yet each of us has to figure out ways to work within our limitations to get bitcoin (satoshis) when we are able to, yet we have to be careful to make sure that our expenses are covered too.. so yeah, sometimes we might not have extra money to be buying bitcoin certain weeks and maybe even extended periods of time during periods that we are going through more challenging  cashflow periods.

[abaeze]

Yep.. poor people should not be deterred from starting to invest in bitcoin as long as they have discretionary funds, yet surely there are some instances with poor people where the income is so low that it might be difficult to know for sure if there are discretionary funds.. and there also may be difficulties figuring out ways to increase discretionary income by increasing income and/or decreasing expenses.

I think that many of us prefer to not discourage poor folks from investing in bitcoin, yet surely there are situations in which it might not be clear if even $10 per week can be spared.. or maybe saving up $5 per week and then investing $10 at the end of the month or maybe irregularly figuring out varoius times to add to the bitcoin investment when the amount of cash available seems sufficient to add another buy... so even a person investing irregularly for 10 years and beyond, might still be able to gain enough to put himself into a better position by having had invested in bitcoin rather than not.. yet surely these are individual choices, and it can be quite difficult when it is difficult to determine if discretionary funds are actually available.

Bitcoin investment of course not only limited to the rich, the poor can also invest. But then it may be very difficult sometimes for these poor folks to figure out what truly is their spare money. This is coz what may seem like their extra cash  today may very well turn out to be needed for something tomorrow.That is why anytime when the poor folks are faced with such a dilemma/situation, the best approach is for them  to avoid forcing a fixed investment schedule on themselves, this is coz doing otherwise may force them into unnecessary pressures.....Better still they can adopt a more flexible approach of saving some small amount of money and then buying as little as they can even though the buys may be inconsistent at first. But overtime they can try to increase their income level by getting into some side jobs and cutting down unnecessary expenses, that may very well work.

Exjectly ! invest and hold these two things are needed for all. It is possible for people from all walks of life, rich, poor and middle class, to invest in Bitcoin. But that investment should be stress-free for the rich, attractive for the middle class and not jeopardize the essential needs of life for the poor. People should invest in Bitcoin according to their ability and from their own discretionary income, whatever the income is and it is important to start, whether regular or irregular, because this is the pure and fundamental knowledge needed for investing.

[Bigjoe33]

 Being self reliant forces you to separate things properly, like emergency funds on one side, your daily expenses on another, and then whatever is left, your actual discretionary income is what you can comfortably invest with…

How are you able to know what your daily expenses are? And if you are able to keep a particular money for everyday spending, then I will like to say that you have not been able to figure out your discretionary income. Because, before you arrive at your discretionary income, you must have been able to settle all your basic needs that may arise or that arises within the week or month owing to when another income or pay comes in. This basis needs you have settled if done properly , covers all your feeding, toiletries,  data, little personal treat is necessary, traveling(if there is any planned) etc. So you can't possibly keep all this and begin to keep the money day by day. Everything is summed up and then settled. It's at this point we can say that the money left is our discretionary income.

I would also like to say that our discretionary income may also serve various things such as..
1)used for investment, 2) creating back up funds and 3) also handle little expenses that may just arise within

[yixichloro2xx]

Bitcoin investment of course not only limited to the rich, the poor can also invest. But then it may be very difficult sometimes for these poor folks to figure out what truly is their spare money. This is coz what may seem like their extra cash  today may very well turn out to be needed for something tomorrow.That is why anytime when the poor folks are faced with such a dilemma/situation, the best approach is for them  to avoid forcing a fixed investment schedule on themselves, this is coz doing otherwise may force them into unnecessary pressures.....Better still they can adopt a more flexible approach of saving some small amount of money and then buying as little as they can even though the buys may be inconsistent at first. But overtime they can try to increase their income level by getting into some side jobs and cutting down unnecessary expenses, that may very well work.

In this situation, the most reasonable approach is to save little by little, Buy according to your needs, Even if the purchases are inconsistent at first, and reduce unnecessary Expenses over time. Finding Small sources of side Income, and trying to gradually increase your income level, this method can prove Effective. However the key to Bitcoin Investment is Consistency And realistic planning,,Do not go Beyond your Means, but Keep up with the Realities of life!

When a person consistently buy Bitcoin, no matter how small it is, by consistently buying small amounts of Bitcoin and holding it for the long term, a poor investor can reach his destination. To hold Bitcoin for a long time, we need to use discretionary money and keep an emergency fund for three months to properly manage future unknown dangers and long-term investments. The price of Bitcoin fluctuates rapidly, so the market situation can deteriorate at any time, so we should hold Bitcoin with confidence without getting discouraged. When an investor follows the right rules, consistently buy Bitcoin with discretionary money and holds it for the long term, success can be expected.

‎It really great to build habit of consistency as it can really help alot overtime. Alot of people makes mistakes by timing the market to know when to buy, in short looking for the perfect entry which makes them miss chances of buying Bitcoin. A small and steady method is very important for rich and poor investors. Accumulating in steady manner gives you time to learn from mistakes, and adjust without panic, especially when price is moving up and down. Keeping emergency funds helps both rich and poor but it will favor the poor investors the most especially those whose source of income is not that big. It will prevent them from selling their holding just to settle bills.

[Always-Late]

Bitcoin investment of course not only limited to the rich, the poor can also invest. But then it may be very difficult sometimes for these poor folks to figure out what truly is their spare money. This is coz what may seem like their extra cash  today may very well turn out to be needed for something tomorrow.That is why anytime when the poor folks are faced with such a dilemma/situation, the best approach is for them  to avoid forcing a fixed investment schedule on themselves, this is coz doing otherwise may force them into unnecessary pressures.....Better still they can adopt a more flexible approach of saving some small amount of money and then buying as little as they can even though the buys may be inconsistent at first. But overtime they can try to increase their income level by getting into some side jobs and cutting down unnecessary expenses, that may very well work.

In this situation, the most reasonable approach is to save little by little, Buy according to your needs, Even if the purchases are inconsistent at first, and reduce unnecessary Expenses over time. Finding Small sources of side Income, and trying to gradually increase your income level, this method can prove Effective. However the key to Bitcoin Investment is Consistency And realistic planning,,Do not go Beyond your Means, but Keep up with the Realities of life!

When a person consistently buy Bitcoin, no matter how small it is, by consistently buying small amounts of Bitcoin and holding it for the long term, a poor investor can reach his destination. To hold Bitcoin for a long time, we need to use discretionary money and keep an emergency fund for three months to properly manage future unknown dangers and long-term investments. The price of Bitcoin fluctuates rapidly, so the market situation can deteriorate at any time, so we should hold Bitcoin with confidence without getting discouraged. When an investor follows the right rules, consistently buy Bitcoin with discretionary money and holds it for the long term, success can be expected.

‎It really great to build habit of consistency as it can really help alot overtime. Alot of people makes mistakes by timing the market to know when to buy, in short looking for the perfect entry which makes them miss chances of buying Bitcoin. A small and steady method is very important for rich and poor investors. Accumulating in steady manner gives you time to learn from mistakes, and adjust without panic, especially when price is moving up and down. Keeping emergency funds helps both rich and poor but it will favor the poor investors the most especially those whose source of income is not that big. It will prevent them from selling their holding just to settle bills.

Timing the market to buy is not for bitcoin investors consistency should be their key and not waiting for the perfect entry, traders actually time the market to buy at a low price and also time the market when there is an increase so they can sell. If they should to the DCA strategy to buy bitcoin they won't be timing the market because they will regularly be buying bitcoin with their discretionary income every weeks or months without selling for long time.

[sotelorene]

Bitcoin investment of course not only limited to the rich, the poor can also invest. But then it may be very difficult sometimes for these poor folks to figure out what truly is their spare money. This is coz what may seem like their extra cash  today may very well turn out to be needed for something tomorrow.That is why anytime when the poor folks are faced with such a dilemma/situation, the best approach is for them  to avoid forcing a fixed investment schedule on themselves, this is coz doing otherwise may force them into unnecessary pressures.....Better still they can adopt a more flexible approach of saving some small amount of money and then buying as little as they can even though the buys may be inconsistent at first. But overtime they can try to increase their income level by getting into some side jobs and cutting down unnecessary expenses, that may very well work.

In this situation, the most reasonable approach is to save little by little, Buy according to your needs, Even if the purchases are inconsistent at first, and reduce unnecessary Expenses over time. Finding Small sources of side Income, and trying to gradually increase your income level, this method can prove Effective. However the key to Bitcoin Investment is Consistency And realistic planning,,Do not go Beyond your Means, but Keep up with the Realities of life!

When a person consistently buy Bitcoin, no matter how small it is, by consistently buying small amounts of Bitcoin and holding it for the long term, a poor investor can reach his destination. To hold Bitcoin for a long time, we need to use discretionary money and keep an emergency fund for three months to properly manage future unknown dangers and long-term investments. The price of Bitcoin fluctuates rapidly, so the market situation can deteriorate at any time, so we should hold Bitcoin with confidence without getting discouraged. When an investor follows the right rules, consistently buy Bitcoin with discretionary money and holds it for the long term, success can be expected.

‎It really great to build habit of consistency as it can really help alot overtime. Alot of people makes mistakes by timing the market to know when to buy, in short looking for the perfect entry which makes them miss chances of buying Bitcoin. A small and steady method is very important for rich and poor investors. Accumulating in steady manner gives you time to learn from mistakes, and adjust without panic, especially when price is moving up and down. Keeping emergency funds helps both rich and poor but it will favor the poor investors the most especially those whose source of income is not that big. It will prevent them from selling their holding just to settle bills.

Timing the market to buy is not for bitcoin investors consistency should be their key and not waiting for the perfect entry, traders actually time the market to buy at a low price and also time the market when there is an increase so they can sell. If they should to the DCA strategy to buy bitcoin they won't be timing the market because they will regularly be buying bitcoin with their discretionary income every weeks or months without selling for long time.

In Bitcoin investment there is no such thing as perfect entry especially for investor because they believe in the DCA method using discretionary income to accumulate Bitcoin and if some old folk followed the mentality of perfect entry by now they would have been left out and some would not have even purchase Bitcoin talk more of holding for the long term. The idea of perfect entry has deceived many and not even because they were not smart but because they chose to believe and assimilate a wrong information that was inculcated or passed across and some has been fortunate to know the truth and divert to using the DCA method.

[cxtreenal]

Yeah, I understand that we are in a Nigerian thread, so it is not as likely that normal Nigerians are going to be able to put those kinds of levels of their income.. yet it still is not impossible that a person could be in such a position (for example, not having a family to support) or a person who had already been investing for 20 years or more and who has resources that he can move over from some other places (his earlier investments) and bring them into bitcoin.

Of course it will not be easy but not impossible. Our income level may be limited but concentration and perseverance can elevate us to the point that we have been hoping for over the years. We are a hardworking nation but the main enemy of our economy is inflation and corruption. This inflation is deliberately imposed on us. The state uses ordinary citizens to fulfill their needs and increases the weight on us every financial year. That is why we cannot stand up straight and despite the desire to investing 10% or more of our income in Bitcoin, we are only able to buy tiny fraction.

Surely I am optimistic that the vapors will condense and form clouds and rain will create new crops. If the attitude of accumulate small amounts of Bitcoin is even 5% and we can continue it continuously, our Bitcoin journey will be considered successful.

[Mr_Brilliant$]

Bitcoin investment of course not only limited to the rich, the poor can also invest. But then it may be very difficult sometimes for these poor folks to figure out what truly is their spare money. This is coz what may seem like their extra cash  today may very well turn out to be needed for something tomorrow.That is why anytime when the poor folks are faced with such a dilemma/situation, the best approach is for them  to avoid forcing a fixed investment schedule on themselves, this is coz doing otherwise may force them into unnecessary pressures.....Better still they can adopt a more flexible approach of saving some small amount of money and then buying as little as they can even though the buys may be inconsistent at first. But overtime they can try to increase their income level by getting into some side jobs and cutting down unnecessary expenses, that may very well work.

In this situation, the most reasonable approach is to save little by little, Buy according to your needs, Even if the purchases are inconsistent at first, and reduce unnecessary Expenses over time. Finding Small sources of side Income, and trying to gradually increase your income level, this method can prove Effective. However the key to Bitcoin Investment is Consistency And realistic planning,,Do not go Beyond your Means, but Keep up with the Realities of life!

When a person consistently buy Bitcoin, no matter how small it is, by consistently buying small amounts of Bitcoin and holding it for the long term, a poor investor can reach his destination. To hold Bitcoin for a long time, we need to use discretionary money and keep an emergency fund for three months to properly manage future unknown dangers and long-term investments. The price of Bitcoin fluctuates rapidly, so the market situation can deteriorate at any time, so we should hold Bitcoin with confidence without getting discouraged. When an investor follows the right rules, consistently buy Bitcoin with discretionary money and holds it for the long term, success can be expected.

That is it, you do not need to be rich to reach your destination with Bitcoin, you just need consistency and patience… Buying small amounts regularly might look small at first, but with time it will compound into something meaningful.. That is how a lot of poor investors quietly build wealth without stress..

I also like the point about discretionary money and an emergency fund.. That part is key. When your basics are covered and you have at least a few months of expenses saved, you would not feel pressured to sell your Bitcoin at the wrong time..  Most panic selling happens because people invested money they might need urgently.

[Tungbulu]

Bitcoin investment of course not only limited to the rich, the poor can also invest. But then it may be very difficult sometimes for these poor folks to figure out what truly is their spare money. This is coz what may seem like their extra cash  today may very well turn out to be needed for something tomorrow.That is why anytime when the poor folks are faced with such a dilemma/situation, the best approach is for them  to avoid forcing a fixed investment schedule on themselves, this is coz doing otherwise may force them into unnecessary pressures.....Better still they can adopt a more flexible approach of saving some small amount of money and then buying as little as they can even though the buys may be inconsistent at first. But overtime they can try to increase their income level by getting into some side jobs and cutting down unnecessary expenses, that may very well work.

In this situation, the most reasonable approach is to save little by little, Buy according to your needs, Even if the purchases are inconsistent at first, and reduce unnecessary Expenses over time. Finding Small sources of side Income, and trying to gradually increase your income level, this method can prove Effective. However the key to Bitcoin Investment is Consistency And realistic planning,,Do not go Beyond your Means, but Keep up with the Realities of life!

When a person consistently buy Bitcoin, no matter how small it is, by consistently buying small amounts of Bitcoin and holding it for the long term, a poor investor can reach his destination. To hold Bitcoin for a long time, we need to use discretionary money and keep an emergency fund for three months to properly manage future unknown dangers and long-term investments. The price of Bitcoin fluctuates rapidly, so the market situation can deteriorate at any time, so we should hold Bitcoin with confidence without getting discouraged. When an investor follows the right rules, consistently buy Bitcoin with discretionary money and holds it for the long term, success can be expected.

‎It really great to build habit of consistency as it can really help alot overtime. Alot of people makes mistakes by timing the market to know when to buy, in short looking for the perfect entry which makes them miss chances of buying Bitcoin. A small and steady method is very important for rich and poor investors. Accumulating in steady manner gives you time to learn from mistakes, and adjust without panic, especially when price is moving up and down. Keeping emergency funds helps both rich and poor but it will favor the poor investors the most especially those whose source of income is not that big. It will prevent them from selling their holding just to settle bills.

Timing the market to buy is not for bitcoin investors consistency should be their key and not waiting for the perfect entry, traders actually time the market to buy at a low price and also time the market when there is an increase so they can sell. If they should to the DCA strategy to buy bitcoin they won't be timing the market because they will regularly be buying bitcoin with their discretionary income every weeks or months without selling for long time.

In Bitcoin investment there is no such thing as perfect entry especially for investor because they believe in the DCA method using discretionary income to accumulate Bitcoin and if some old folk followed the mentality of perfect entry by now they would have been left out and some would not have even purchase Bitcoin talk more of holding for the long term. The idea of perfect entry has deceived many and not even because they were not smart but because they chose to believe and assimilate a wrong information that was inculcated or passed across and some has been fortunate to know the truth and divert to using the DCA method.

As long as  Bitcoin investing is concerned, particularly when it has to do with the long term, the whole idea of a perfect timing is nothing but merely an illusion that has kept so many investors from starting their accumulation journey. It’s never possible to perfectly time the market, so always waiting for the best entry point would do nothing more but to make one to stay on the sidelines for years without making an actual improvement. The reason why some of those folks missed out wasn’t because they lacked the intelligence, but simply because they have a very flawed mindset that made them feel like the best way to be profitable in Bitcoin investing is to perfectly time the market rather than consistently engaging in constant accumulation.

And this is the reason why investing with one’s discretionary income with the help of the DCA strategy has really proven to be pretty effective overtime. The reason why the DCA strategy really stands out at all time is because it reduces the pressure and urge to time the market, completely eliminates emotional decision making and gives the investor the chance to continuously accumulate bitcoin without having to wait around for the perfect opportunity that may likely not even show up. It’s important to note that Bitcoin doesn’t reward smartness but conviction, discipline, patience and consistency. Those who are willing to accumulate Bitcoin and capitalize on it in every market condition they find themselves.

[JayJuanGee]

Yeah, I understand that we are in a Nigerian thread, so it is not as likely that normal Nigerians are going to be able to put those kinds of levels of their income.. yet it still is not impossible that a person could be in such a position (for example, not having a family to support) or a person who had already been investing for 20 years or more and who has resources that he can move over from some other places (his earlier investments) and bring them into bitcoin.

Of course it will not be easy but not impossible. Our income level may be limited but concentration and perseverance can elevate us to the point that we have been hoping for over the years. We are a hardworking nation but the main enemy of our economy is inflation and corruption. This inflation is deliberately imposed on us. The state uses ordinary citizens to fulfill their needs and increases the weight on us every financial year. That is why we cannot stand up straight and despite the desire to investing 10% or more of our income in Bitcoin, we are only able to buy tiny fraction.

Surely I am optimistic that the vapors will condense and form clouds and rain will create new crops. If the attitude of accumulate small amounts of Bitcoin is even 5% and we can continue it continuously, our Bitcoin journey will be considered successful.

Surely sometimes normies in Nigeria, and other places with somewhat repressive governments, end up having to resort to various kinds of underground economy and even informal relations to make their money and/or to attempt to protect their money from being overly taken from them  - and yeah of course if guys are keeping too much value in the local currency, then its ongoing debasement is a kind of ongoing tax that robs from all the people who are using and/or holding onto the local currency.

Many folks still will strive to try to bring stability into their lives and bitcoin might be part of the solution even if they might be trying to figure out how to increase their income within a system that maybe also does not tend to pay good wages even to folks who advance in their various skill levels and contribution levels...

..but yeah, my above comment was meant to say that even sometimes Nigerians might find themselves in places where they are either able to make more money (even if temporary) or that over the years they had figured out some places to store their money that did not end up losing value and they are therefore able to figure out ways to transfer some or all of that accumulated value into bitcoin which may also have had put them in a much better position than the average Nigerian. .even if they still might be struggling with figuring out ways to not lose the money whether from the government finding out about it or by people with bad intentions finding out about it... so likely some folks like to hold an impression that they do not have much if any wealth based on their not wanting to draw attention to their wealth.. which can also be another challenge in terms of being able to enjoy your wealth.

Of course, sometimes guys can have upgrades to their lives and maybe even be accepted into upgraded neighborhoods, so there can be ways to enjoy greater wealth.. even if a person might also be trying to obscure some of the wealth and/or figuring out some cover story for how he had gained such wealth.. so sure it is one thing to enjoy the wealth once it is gotten, but another thing, which is more on topic here, is figuring out how to build the wealth on an ongoing basis, even in circumstances in which the incomes might not be very large and there are challenges to get into positions that pay well that allow putting extra value (such as 10% or more) into bitcoin.

[durg0319]

Bitcoin investment of course not only limited to the rich, the poor can also invest. But then it may be very difficult sometimes for these poor folks to figure out what truly is their spare money. This is coz what may seem like their extra cash  today may very well turn out to be needed for something tomorrow.That is why anytime when the poor folks are faced with such a dilemma/situation, the best approach is for them  to avoid forcing a fixed investment schedule on themselves, this is coz doing otherwise may force them into unnecessary pressures.....Better still they can adopt a more flexible approach of saving some small amount of money and then buying as little as they can even though the buys may be inconsistent at first. But overtime they can try to increase their income level by getting into some side jobs and cutting down unnecessary expenses, that may very well work.

In this situation, the most reasonable approach is to save little by little, Buy according to your needs, Even if the purchases are inconsistent at first, and reduce unnecessary Expenses over time. Finding Small sources of side Income, and trying to gradually increase your income level, this method can prove Effective. However the key to Bitcoin Investment is Consistency And realistic planning,,Do not go Beyond your Means, but Keep up with the Realities of life!

When a person consistently buy Bitcoin, no matter how small it is, by consistently buying small amounts of Bitcoin and holding it for the long term, a poor investor can reach his destination. To hold Bitcoin for a long time, we need to use discretionary money and keep an emergency fund for three months to properly manage future unknown dangers and long-term investments. The price of Bitcoin fluctuates rapidly, so the market situation can deteriorate at any time, so we should hold Bitcoin with confidence without getting discouraged. When an investor follows the right rules, consistently buy Bitcoin with discretionary money and holds it for the long term, success can be expected.

‎It really great to build habit of consistency as it can really help alot overtime. Alot of people makes mistakes by timing the market to know when to buy, in short looking for the perfect entry which makes them miss chances of buying Bitcoin. A small and steady method is very important for rich and poor investors. Accumulating in steady manner gives you time to learn from mistakes, and adjust without panic, especially when price is moving up and down. Keeping emergency funds helps both rich and poor but it will favor the poor investors the most especially those whose source of income is not that big. It will prevent them from selling their holding just to settle bills.

Timing the market to buy is not for bitcoin investors consistency should be their key and not waiting for the perfect entry, traders actually time the market to buy at a low price and also time the market when there is an increase so they can sell. If they should to the DCA strategy to buy bitcoin they won't be timing the market because they will regularly be buying bitcoin with their discretionary income every weeks or months without selling for long time.

In Bitcoin investment there is no such thing as perfect entry especially for investor because they believe in the DCA method using discretionary income to accumulate Bitcoin and if some old folk followed the mentality of perfect entry by now they would have been left out and some would not have even purchase Bitcoin talk more of holding for the long term. The idea of perfect entry has deceived many and not even because they were not smart but because they chose to believe and assimilate a wrong information that was inculcated or passed across and some has been fortunate to know the truth and divert to using the DCA method.

As long as  Bitcoin investing is concerned, particularly when it has to do with the long term, the whole idea of a perfect timing is nothing but merely an illusion that has kept so many investors from starting their accumulation journey. It’s never possible to perfectly time the market, so always waiting for the best entry point would do nothing more but to make one to stay on the sidelines for years without making an actual improvement. The reason why some of those folks missed out wasn’t because they lacked the intelligence, but simply because they have a very flawed mindset that made them feel like the best way to be profitable in Bitcoin investing is to perfectly time the market rather than consistently engaging in constant accumulation.

And this is the reason why investing with one’s discretionary income with the help of the DCA strategy has really proven to be pretty effective overtime. The reason why the DCA strategy really stands out at all time is because it reduces the pressure and urge to time the market, completely eliminates emotional decision making and gives the investor the chance to continuously accumulate bitcoin without having to wait around for the perfect opportunity that may likely not even show up. It’s important to note that Bitcoin doesn’t reward smartness but conviction, discipline, patience and consistency. Those who are willing to accumulate Bitcoin and capitalize on it in every market condition they find themselves.

What I take from this is that progress usually comes from action, not waiting. Many people keep watching charts and news, hoping for a perfect moment, but life keeps moving while they wait. A simple routine makes investing feel normal, not scary. It also helps people avoid panic when prices dip or jump suddenly. Over time, that steady approach builds confidence and experience. Bitcoin seems to reward people who stay involved through ups and downs, not those trying to outsmart every move.

[Umulala-alala]

In Bitcoin investment there is no such thing as perfect entry especially for investor because they believe in the DCA method using discretionary income to accumulate Bitcoin and if some old folk followed the mentality of perfect entry by now they would have been left out and some would not have even purchase Bitcoin talk more of holding for the long term. The idea of perfect entry has deceived many and not even because they were not smart but because they chose to believe and assimilate a wrong information that was inculcated or passed across and some has been fortunate to know the truth and divert to using the DCA method.

A perfect entry is when you have your discretionary income ready you can started with your BTC investment, those who says they are waiting for a perfect entry when they have their discretionary income are not ready to invest or trader who is waiting for the price of bitcoin to dip before they can buy, some keep on procrastinating about a good entry if the discretionary income is available the dca strategy can be used to buy BTC at which price it is and hold.

[Hardyrobust]

In Bitcoin investment there is no such thing as perfect entry especially for investor because they believe in the DCA method using discretionary income to accumulate Bitcoin and if some old folk followed the mentality of perfect entry by now they would have been left out and some would not have even purchase Bitcoin talk more of holding for the long term. The idea of perfect entry has deceived many and not even because they were not smart but because they chose to believe and assimilate a wrong information that was inculcated or passed across and some has been fortunate to know the truth and divert to using the DCA method.

A perfect entry is when you have your discretionary income ready you can started with your BTC investment, those who says they are waiting for a perfect entry when they have their discretionary income are not ready to invest or trader who is waiting for the price of bitcoin to dip before they can buy, some keep on procrastinating about a good entry if the discretionary income is available the dca strategy can be used to buy BTC at which price it is and hold.

it is true . It is mostly traders that do wait for low entry point since they are buying bitcoin to make quick profit. Some of this people don't have the required discretionary income to buy bitcoin so they do leverage on entering the market when the price is low and to sell when the price is high. Since they most of this traders aren't buying with discretionary income holding bitcoin will be a difficult thing so they will try to the risk of taking advantage of the market which is very risky than holding bitcoin for a long term.

[Abelly]

it is true . It is mostly traders that do wait for low entry point since they are buying bitcoin to make quick profit. Some of this people don't have the required discretionary income to buy bitcoin so they do leverage on entering the market when the price is low and to sell when the price is high. Since they most of this traders aren't buying with discretionary income holding bitcoin will be a difficult thing so they will try to the risk of taking advantage of the market which is very risky than holding bitcoin for a long term.

Most traders wait for low entry points, they buy Bitcoin for quick profits, many do not have real disposable income.They use Leverage to enter the Market when the price drops and sell when the price rises slightly.

These types of traders are not investing with excess Income, it is very Difficult for them to hold Bitcoin for the long term, even a little volatility forces them to sell.They take the risk of exploiting short-term opportunities in the market instead of holding, Which is much riskier than holding Bitcoin for the long term.

Bitcoin is actually more suitable for those who can accumulate slowly with Discretionary Income, not leverage, and learn to see volatility as an opportunity, not a problem!

[Joeboy]

Surely sometimes normies in Nigeria, and other places with somewhat repressive governments, end up having to resort to various kinds of underground economy and even informal relations to make their money and/or to attempt to protect their money from being overly taken from them  - and yeah of course if guys are keeping too much value in the local currency, then its ongoing debasement is a kind of ongoing tax that robs from all the people who are using and/or holding onto the local currency.

Many folks still will strive to try to bring stability into their lives and bitcoin might be part of the solution even if they might be trying to figure out how to increase their income within a system that maybe also does not tend to pay good wages even to folks who advance in their various skill levels and contribution levels...

..but yeah, my above comment was meant to say that even sometimes Nigerians might find themselves in places where they are either able to make more money (even if temporary) or that over the years they had figured out some places to store their money that did not end up losing value and they are therefore able to figure out ways to transfer some or all of that accumulated value into bitcoin which may also have had put them in a much better position than the average Nigerian. .even if they still might be struggling with figuring out ways to not lose the money whether from the government finding out about it or by people with bad intentions finding out about it... so likely some folks like to hold an impression that they do not have much if any wealth based on their not wanting to draw attention to their wealth.. which can also be another challenge in terms of being able to enjoy your wealth.

Of course, sometimes guys can have upgrades to their lives and maybe even be accepted into upgraded neighborhoods, so there can be ways to enjoy greater wealth.. even if a person might also be trying to obscure some of the wealth and/or figuring out some cover story for how he had gained such wealth.. so sure it is one thing to enjoy the wealth once it is gotten, but another thing, which is more on topic here, is figuring out how to build the wealth on an ongoing basis, even in circumstances in which the incomes might not be very large and there are challenges to get into positions that pay well that allow putting extra value (such as 10% or more) into bitcoin.

Well, it's very bad how harsh the current economy is , and the harshness of this economy further makes it very challenging for folks to properly earn, protect and even grow their wealth and this is why it very important that folks consider not the best but also the smartest strategy that guarantees proper growth and protection of their wealth, and that is why everyone need to be a Bitcoiner, this is coz Bitcoin gives folks that protection and potential growth that our local currency and unstable system can't provide....Bitcoin of course isn't a rich quick scheme as most traders thinks, it still require folks having the right mindset, patient and also the ability to be security conscious that is to say the ability to build your wealth without drawing too much eyes /unwanted attention to the level/ amount of our holdings( this for me seems to be one of the most challenging for us)...Bitcoin guarantees freedom, but then really what is the essence of accumulating wealth without having the freedom of enjoying it? This is a rhetorical question though....

[cxtreenal]

Yeah, I understand that we are in a Nigerian thread, so it is not as likely that normal Nigerians are going to be able to put those kinds of levels of their income.. yet it still is not impossible that a person could be in such a position (for example, not having a family to support) or a person who had already been investing for 20 years or more and who has resources that he can move over from some other places (his earlier investments) and bring them into bitcoin.

Of course it will not be easy but not impossible. Our income level may be limited but concentration and perseverance can elevate us to the point that we have been hoping for over the years. We are a hardworking nation but the main enemy of our economy is inflation and corruption. This inflation is deliberately imposed on us. The state uses ordinary citizens to fulfill their needs and increases the weight on us every financial year. That is why we cannot stand up straight and despite the desire to investing 10% or more of our income in Bitcoin, we are only able to buy tiny fraction.

Surely I am optimistic that the vapors will condense and form clouds and rain will create new crops. If the attitude of accumulate small amounts of Bitcoin is even 5% and we can continue it continuously, our Bitcoin journey will be considered successful.

Surely sometimes normies in Nigeria, and other places with somewhat repressive governments, end up having to resort to various kinds of underground economy and even informal relations to make their money and/or to attempt to protect their money from being overly taken from them  - and yeah of course if guys are keeping too much value in the local currency, then its ongoing debasement is a kind of ongoing tax that robs from all the people who are using and/or holding onto the local currency.

Of course. In the context of our country this is happening only with the determination of an intelligent and conscious community, we are expanding our Bitcoin holdings. This secret economy is making an outstanding contribution to creating our independent financial system. When the mad dog of inflation is biting our wealth. As a result of the depreciation of our local currency, an alternative economy has become inevitable for us. The government will print more paper money in the future and in exchange for 5 bags of paper (fiat), only 1 bag of daily needs product will be available, there will be no other option but to throw this financial system in the trash. For this situation we have to develop our own independent Bitcoin economy so that we do not become dependent on others.

[Nightwatchmare]

the thought of waiting for a increase in discretionary income before investing is as flawed as hell. what if your discretionary money never increases anytime soon does that mean that you should just be waiting instead of to be investing. If people keep messing around with the conviction of waiting for the perfect condition before they invest, then they will only be waiting for eternity for some though. even if your discretionary is not up to $10 or it's inconsistent, you can still start investing with that tiny inconsistent amount, while figuring out ways to increase your income, and when there is an increase in your income you can begin making the needed adjustments.

Is $10 not enough to start and if it can, don't wait, then buy right way. But if you consider it too small and want to top up the amount from when next your discretionary income is available, your investment would be delayed which is a reason you should invest right away. Don't over look your little start,even that little discretionary income when invested consistently over the long term will pay off. Stay committed and consistent and your bitcoin investments will grow over time.

Some of the investors that are accumulating Bitcoin with a big amount of money at the moment were accumulating Bitcoin with a small amount of money, but they were able to work on their finances, and they got good discretionary income that allows them to top up their accumulation amount. So having a little discretionary income should not stop people from starting up Bitcoin investment because they can start with the small discretionary income at their reach at the moment and work on their finances so they can be able to top up their investment.

[PhilosopherKing]

Most traders wait for low entry points, they buy Bitcoin for quick profits, many do not have real disposable income.They use Leverage to enter the Market when the price drops and sell when the price rises slightly.

These types of traders are not investing with excess Income, it is very Difficult for them to hold Bitcoin for the long term, even a little volatility forces them to sell.They take the risk of exploiting short-term opportunities in the market instead of holding, Which is much riskier than holding Bitcoin for the long term.

Bitcoin is actually more suitable for those who can accumulate slowly with Discretionary Income, not leverage, and learn to see volatility as an opportunity, not a problem!

Chasing of quick profit in Bitcoin seems so fucked up for guys to be engaging in. Trading of Bitcoin should never be an option for guys who are really concerned about growing their wealth. From my little time here, I have learnt alot from Mister Jayjuagee, and I utilized that knowledge and ever since I have always stayed the fuck away from trading Bitcoin. I rather chose the best option which is investing in Bitcoin with the mindset of holding for a cycle and more. I have been also very consistent with making use of the DCA approach

[icebar]

In Bitcoin investment there is no such thing as perfect entry especially for investor because they believe in the DCA method using discretionary income to accumulate Bitcoin and if some old folk followed the mentality of perfect entry by now they would have been left out and some would not have even purchase Bitcoin talk more of holding for the long term. The idea of perfect entry has deceived many and not even because they were not smart but because they chose to believe and assimilate a wrong information that was inculcated or passed across and some has been fortunate to know the truth and divert to using the DCA method.

A perfect entry is when you have your discretionary income ready you can started with your BTC investment, those who says they are waiting for a perfect entry when they have their discretionary income are not ready to invest or trader who is waiting for the price of bitcoin to dip before they can buy, some keep on procrastinating about a good entry if the discretionary income is available the dca strategy can be used to buy BTC at which price it is and hold.

Since the price is completely uncertain, wasting time without investing is a big obstacle to investment. When someone delays starting to invest despite having sufficient financial resources or waits for a further decline, they will fail to make their investment. There are not a few investors who, despite having sufficient financial resources, wait for a further dip and later have to buy Bitcoin at a higher price or have lost the opportunity to invest. Even if a person is poor, if he is willing to invest regularly with his discretionary income, then as a result of his continuous investment, for long term he can definitely improve his situation.

[JayJuanGee]

Most traders wait for low entry points, they buy Bitcoin for quick profits, many do not have real disposable income.They use Leverage to enter the Market when the price drops and sell when the price rises slightly.

These types of traders are not investing with excess Income, it is very Difficult for them to hold Bitcoin for the long term, even a little volatility forces them to sell.They take the risk of exploiting short-term opportunities in the market instead of holding, Which is much riskier than holding Bitcoin for the long term.

Bitcoin is actually more suitable for those who can accumulate slowly with Discretionary Income, not leverage, and learn to see volatility as an opportunity, not a problem!

Chasing of quick profit in Bitcoin seems so fucked up for guys to be engaging in. Trading of Bitcoin should never be an option for guys who are really concerned about growing their wealth. From my little time here, I have learnt alot from Mister Jayjuagee, and I utilized that knowledge and ever since I have always stayed the fuck away from trading Bitcoin. I rather chose the best option which is investing in Bitcoin with the mindset of holding for a cycle and more. I have been also very consistent with making use of the DCA approach

You need to try to be realistic PhilosopherKing in terms of how long you think that you need to invest into bitcoin before you might  be able to really start to reap benefits off of it.

Sure in some sense merely by building your bitcoin holdings you are improving your financial and psychological circumstances because you are increasing your options... yet at the same time, I am currently thinking that if guys are merely investing from their income and they do not have investment, savings and/or capital prior to coming to bitcoin, then it is quite likely that the best that they might be able to do is to invest into bitcoin with about 15% to 25% of their target income level per year, and even investing at that rate it may well take at least (if not more) than 2 whole cycles to start to get close to having enough bitcoin.

Sure,  guy could be regularly investing along the way, and he may well come across some fortuous circumstances in which he is able to inject more value into bitcoin in order to grow his stash to higher levels, so even though I proclaim that a bitcoin investment timeline should be 4-10 years or longer, many times (or perhaps an overwhelming majority of the times) guys are going to need more than 10 years to really build up their wealth before they might be able to potentially start to live off of their wealth.. and if they do not build at least 10 years, then they are likely going to go down the road of cashing out too much too soon.. and never really getting to fuck you status or even a comfortable sustainable withdrawal level.

The reason that I allow for the 4-10 year (or the less than 10 year timeline for the investment in bitcoin) is because there may be guys who are not able to invest into bitcoin for 10 years or more based on age and/or health considerations.. and so I think otherwise most guys should be shooting for 10 years or more rather than shooting for anything between 4 and 10 years, unless they fit the category of having age and/or health considerations that are contributing to their needing to have a less than 10 year timeline.

Of course another exception is if guys had already been investing and/or savings prior to coming to bitcoin, so then they can reallocate into bitcoin and front load their bitcoin investment.. and so I understand that there can be some circumstances in which frontloading is possible without guys entering into too much risk and/or gambling like behaviors.  Personally, I don't believe in gambling with investments (including bitcoin).

In Bitcoin investment there is no such thing as perfect entry especially for investor because they believe in the DCA method using discretionary income to accumulate Bitcoin and if some old folk followed the mentality of perfect entry by now they would have been left out and some would not have even purchase Bitcoin talk more of holding for the long term. The idea of perfect entry has deceived many and not even because they were not smart but because they chose to believe and assimilate a wrong information that was inculcated or passed across and some has been fortunate to know the truth and divert to using the DCA method.

A perfect entry is when you have your discretionary income ready you can started with your BTC investment, those who says they are waiting for a perfect entry when they have their discretionary income are not ready to invest or trader who is waiting for the price of bitcoin to dip before they can buy, some keep on procrastinating about a good entry if the discretionary income is available the dca strategy can be used to buy BTC at which price it is and hold.

Since the price is completely uncertain, wasting time without investing is a big obstacle to investment. When someone delays starting to invest despite having sufficient financial resources or waits for a further decline, they will fail to make their investment. There are not a few investors who, despite having sufficient financial resources, wait for a further dip and later have to buy Bitcoin at a higher price or have lost the opportunity to invest. Even if a person is poor, if he is willing to invest regularly with his discretionary income, then as a result of his continuous investment, for long term he can definitely improve his situation.

You are right @icebar that some investors who get into a waiting pattern will end up buying in later at a higher price, yet it seems that more frequently they are ongoingly putting themselves (and keeping themselves) in a wrong kind of a mindset that they have a hard time getting out of, and most likely the cure to such a dumbass mindset is to just get started at any price and yeah, if they are concerned that the price might drop, then they can hold back some of their value (maybe 20% of it) for buying the dip.  Otherwise they are better off to correct themselves and their mindset by ongoingly buying bitcoin perhaps on a weekly basis in a persistent, consistent, regular and ongoing basis.