Balancing Financial security and Bitcoin Accumulation

[PhilosopherKing]

Maybe we have to try to control our inclinations to compete with others, since I think that there is a bit of an innate aspect to our wanting to compete with others, and some people become really obsessed with it.

There could be some healthy level of competition, and perhaps the more passive-aggressive forms of competition might be better when it comes to finances, since we have to be careful that we do not overdo it, even if we might want to be aggressive in our accumulation, if we end up screwing up, then that could cause us a lot of problems with the momentum of our progress, and it also might cause us psychological problems, too.

We might want to warn ourselves to be careful with our level of competition with others, and that it is better to just compete with ourselves, yet I am not sure if it is possible to completely remove our inclinations to want to compete.

Yes. It is true that people likes competition a very well and that urge is something that is very hard to completely remove. In my own opinion, I think that some competition are healthy. And some can be unhealthy. People should focus on the healthy competition.

Healthy competition is when people compete with their self by creating a plan for themselves that they will stick with no matter what. For example I can create a plan that every week I will be using DCA to purchase Bitcoin no matter if the price is up or down. Following this plan no matter what is a healthy competition that can yield a lot of benefits in future.

But unhealthy competition is someone tries to out-do what others are doing and trying to buy Bitcoin like them. Shits like that is what puts people into alot of pressure and stress that they many not be able to deal with.

[JayJuanGee]

Maybe we have to try to control our inclinations to compete with others, since I think that there is a bit of an innate aspect to our wanting to compete with others, and some people become really obsessed with it.

There could be some healthy level of competition, and perhaps the more passive-aggressive forms of competition might be better when it comes to finances, since we have to be careful that we do not overdo it, even if we might want to be aggressive in our accumulation, if we end up screwing up, then that could cause us a lot of problems with the momentum of our progress, and it also might cause us psychological problems, too.

We might want to warn ourselves to be careful with our level of competition with others, and that it is better to just compete with ourselves, yet I am not sure if it is possible to completely remove our inclinations to want to compete.

Yes. It is true that people likes competition a very well and that urge is something that is very hard to completely remove. In my own opinion, I think that some competition are healthy. And some can be unhealthy. People should focus on the healthy competition.

Healthy competition is when people compete with their self by creating a plan for themselves that they will stick with no matter what. For example I can create a plan that every week I will be using DCA to purchase Bitcoin no matter if the price is up or down. Following this plan no matter what is a healthy competition that can yield a lot of benefits in future.

But unhealthy competition is someone tries to out-do what others are doing and trying to buy Bitcoin like them. Shits like that is what puts people into alot of pressure and stress that they many not be able to deal with.

If you want to compete against yourself, there are ways to attempt to measure your progress, so that you can see how you are advancing financially through your investing into bitcoin.

I personally like to create Excel spreadsheets in order to show my own financial progress, yet of course, it can be difficult to know the alternative financial paths that you might have had taken other than investing into bitcoin, since presumptively if you were not to be investing into bitcoin, then the money that you are putting into bitcoin would have had gone in other places, whether into other investments, consumption and/or savings... so it might not be easy to carry out an accurate comparison even though you can see how you progress over time, and sometimes the progress seems slow or it may even go into extended periods of negative before it goes back to positive (and it is not even guaranteed to return to positive).

Think about in recent times, if a guy had been investing into bitcoin for the past 2 years, then maybe he has invested more than $10k and maybe he has accumulated right around 0.137 BTC, so maybe his bitcoin holdings are not really in profits right now as compared to how much they seemed to have had been in profits in October when the BTC prices were $126k...   Yet, it seems that guys who are new would still keep their eyes on the prize and continue to buy bitcoin, and sometimes it might take even more than a whole cycle to really start to feel that solid and meaningful progress is being made even though we cannot even be sure about that, and so part of the reason that we are likely investing in bitcoin for 10 years or longer is that we consider that the odds are pretty decent that we will be better off for our having had invested into bitcoin as compared with if we had not invested into bitcoin... so we just keep plugging away, buying as much as we reasonably can while making sure that we are not putting our finances at risk or putting our bitcoin holdings at risk.

[The Founding Titan]

They could be several reasons as to why a person would go aggressively without using discretionary income or could it be a Fomo thing ,yet still not justifiable. Investing outside of discretionary income  seems he is gambling

Once an investor start investing in Bitcoin outside his discretionary income, he is no longer investing in Bitcoin,  he is now gambling since he will definitely sell off his holdings prematurely or at a loss when the needs arise for what the money used to invest in bitcoin comes.
So in this digital space, you might be gambling on Bitcoin thinking that you are investing, but most guys here thinks that it's only investment in shit coin that are gambling.

Some people do think that bitcoin is just were they will put money then within weeks or months they are in profit. For this reason they won't see as bad idea to invest with money that they will be needing for other essentials.
You are right about this, putting money other than our discretionary income into bitcoin is no longer investment but gambling in disguise of investment as we maybe be pressured to sell even when the.market isn't favourable for us to sell.

Many New Users See Bitcoin as an asset where they can make a Guaranteed profit within a few weeks or months And this mentality leads them to pour money into the market for daily expenses Emergency funds or other important needs.This is the biggest misconception. The main condition for investing in Bitcoin is to do it with money that, even if lost, will not endanger your lifestyle or financial stability, Otherwise it is no longer an investment but a gamble in the guise of an investment. For this reason, when the market goes against your expectations, the necessary money will Force you to sell it before the optimal time. A real investor does not make decisions under the pressure of short term price fluctuations and lets time work in his favor, but when the invested money becomes necessary for life, both patience and strategy break down. The problem is with wrong expectations and using the wrong source of money. Bitcoin demands a long-term perspective and financial discipline, but not risking the necessary money in the hope of quick profits.

This is why an investor should invest in bitcoin solely with their discretionary income, they can afford to lose it and they will not in any way risk the payment for an essential when using their discretionary income because the discretionary is what's left behind after they have taken care of their essentials, the biggest mistake any investor can make is to invest in bitcoin outside of the discretionary income, when they do this they end up putting they own investment in danger of selling too early, no true investor wants to seel their bitcoin too early so that's why they stick to investing with their discretionary income and the investment is done mainly with the DCA while buying the DIP and lump summing become secondary means of investing in bitcoin that is only employed when the opportunity to do so presents itself.

[SmartCharpa]

Many New Users See Bitcoin as an asset where they can make a Guaranteed profit within a few weeks or months And this mentality leads them to pour money into the market for daily expenses Emergency funds or other important needs.This is the biggest misconception. The main condition for investing in Bitcoin is to do it with money that, even if lost, will not endanger your lifestyle or financial stability, Otherwise it is no longer an investment but a gamble in the guise of an investment. For this reason, when the market goes against your expectations, the necessary money will Force you to sell it before the optimal time. A real investor does not make decisions under the pressure of short term price fluctuations and lets time work in his favor, but when the invested money becomes necessary for life, both patience and strategy break down. The problem is with wrong expectations and using the wrong source of money. Bitcoin demands a long-term perspective and financial discipline, but not risking the necessary money in the hope of quick profits.

Even on a long term investment, no one can guarantee that they are going to make 100% profit from Bitcoin if they hold for a long term. We are only advised not to invest money that we might need anytime soon, because the market might not work as we expected. You can see that there are many coins on the market, but no one is hyping them or suggesting them for long term investment because no coin has ever done well as bitcoins for many years.

Everyone invest in Bitcoin, believing that its future price will be better than today, but if you ask, nobody can actually predict where Bitcoin will reach tomorrow, whether it will go higher than this or it will go lower than today, but every investor that is out there believes that its future will be better than today due to history of Bitcoin.

[cxtreenal]

Many New Users See Bitcoin as an asset where they can make a Guaranteed profit within a few weeks or months And this mentality leads them to pour money into the market for daily expenses Emergency funds or other important needs.This is the biggest misconception. The main condition for investing in Bitcoin is to do it with money that, even if lost, will not endanger your lifestyle or financial stability, Otherwise it is no longer an investment but a gamble in the guise of an investment. For this reason, when the market goes against your expectations, the necessary money will Force you to sell it before the optimal time. A real investor does not make decisions under the pressure of short term price fluctuations and lets time work in his favor, but when the invested money becomes necessary for life, both patience and strategy break down. The problem is with wrong expectations and using the wrong source of money. Bitcoin demands a long-term perspective and financial discipline, but not risking the necessary money in the hope of quick profits.

Even on a long term investment, no one can guarantee that they are going to make 100% profit from Bitcoin if they hold for a long term. We are only advised not to invest money that we might need anytime soon, because the market might not work as we expected. You can see that there are many coins on the market, but no one is hyping them or suggesting them for long term investment because no coin has ever done well as bitcoins for many years.

Everyone invest in Bitcoin, believing that its future price will be better than today, but if you ask, nobody can actually predict where Bitcoin will reach tomorrow, whether it will go higher than this or it will go lower than today, but every investor that is out there believes that its future will be better than today due to history of Bitcoin.

Bitcoin market does not work as investors expect, so you should not rush into investing. You need to make a plan for investment Bitcoin and accumulation regardless of price through discretionary income. If you are still afraid of losing money and fear that its value will decrease a lot in the future you should still running with DCA method. Because Bitcoin price will rise after the correction although this is an assumption it has repeatedly broken ATH and entered new height. Therefore Bitcoin accumulation is the best for all kind of investors.

My argument is that accumulation Bitcoin through the DCA process through discretionary income will be a convenient financial endeavor for investors. You just need to accumulation Bitcoin regularly and do it continuously for 4-10 years. Any review of Bitcoin price history or fundamental structure analysis shows that its price is likely to reach an unprecedented high in the future.

[Hardyrobust]

Many New Users See Bitcoin as an asset where they can make a Guaranteed profit within a few weeks or months And this mentality leads them to pour money into the market for daily expenses Emergency funds or other important needs.This is the biggest misconception. The main condition for investing in Bitcoin is to do it with money that, even if lost, will not endanger your lifestyle or financial stability, Otherwise it is no longer an investment but a gamble in the guise of an investment. For this reason, when the market goes against your expectations, the necessary money will Force you to sell it before the optimal time. A real investor does not make decisions under the pressure of short term price fluctuations and lets time work in his favor, but when the invested money becomes necessary for life, both patience and strategy break down. The problem is with wrong expectations and using the wrong source of money. Bitcoin demands a long-term perspective and financial discipline, but not risking the necessary money in the hope of quick profits.

Even on a long term investment, no one can guarantee that they are going to make 100% profit from Bitcoin if they hold for a long term. We are only advised not to invest money that we might need anytime soon, because the market might not work as we expected. You can see that there are many coins on the market, but no one is hyping them or suggesting them for long term investment because no coin has ever done well as bitcoins for many years.

Everyone invest in Bitcoin, believing that its future price will be better than today, but if you ask, nobody can actually predict where Bitcoin will reach tomorrow, whether it will go higher than this or it will go lower than today, but every investor that is out there believes that its future will be better than today due to history of Bitcoin.

yes it is a fact, holding bitcoin for a long term doesn't guarantee success at the end of the investment timeline. Long time investment doesn't remove the impact of volatility in the market.
There are different reasons why people do invest in bitcoin, there are some who are into bitcoin simply because they want to make profit at the end of the investment timeline while there are people who are into bitcoin to store value and because of the freedom bitcoin offers.

[Joeboy]

Bitcoin market does not work as investors expect, so you should not rush into investing.

If discretionary income is available, then it is better to rush into Bitcoin than to keep wasting time simply coz you are waiting for the so called right time. Honestly speaking that perfect time that you may be waiting for may never show up. And Bitcoin doesn't even need much to start, so you can start with the little that you have and along the way figure out the rest and maybe also build your confidence the more along the way.

[I_Anime]

Bitcoin market does not work as investors expect, so you should not rush into investing.

If discretionary income is available, then it is better to rush into Bitcoin than to keep wasting time simply coz you are waiting for the so called right time. Honestly speaking that perfect time that you may be waiting for may never show up. And Bitcoin doesn't even need much to start, so you can start with the little that you have and along the way figure out the rest and maybe also build your confidence the more along the way.

Starting now may not be the perfect time but is still the right time to start , but the bright side is that you have defeated procrastination and you are ready to press forward your accumulation (I’m sure that before going into bitcoin , some basics knowledge is required, like where to buy and where to store etc.) , then as you accumulate you may decide to further the knowledge.

Fun fact is that you can’t time the market , that’s why a strategy is require for  one to accumulate smoothly . And with time you will definitely build your confidence.

[Proty]

Bitcoin market does not work as investors expect, so you should not rush into investing.

If discretionary income is available, then it is better to rush into Bitcoin than to keep wasting time simply coz you are waiting for the so called right time. Honestly speaking that perfect time that you may be waiting for may never show up. And Bitcoin doesn't even need much to start, so you can start with the little that you have and along the way figure out the rest and maybe also build your confidence the more along the way.

Starting now may not be the perfect time but is still the right time to start , but the bright side is that you have defeated procrastination and you are ready to press forward your accumulation (I’m sure that before going into bitcoin , some basics knowledge is required, like where to buy and where to store etc.) , then as you accumulate you may decide to further the knowledge.

Fun fact is that you can’t time the market , that’s why a strategy is require for  one to accumulate smoothly . And with time you will definitely build your confidence.

For a low or no coiner , timing the market isn't a good idea as this will make them to sit and then wait while missing out in big time opportunities that the market offers. The main aim should be to be able to have a good portfolio and this can only be achieved through consistent buying which timing the market hinders. The strategy that should be consider here is DCA , as this strategy doesn't require timing the market but offers the opportunity of buying consistently using the available discretionary income.

[ZeroVinsonN]

Bitcoin market does not work as investors expect, so you should not rush into investing.

If discretionary income is available, then it is better to rush into Bitcoin than to keep wasting time simply coz you are waiting for the so called right time. Honestly speaking that perfect time that you may be waiting for may never show up. And Bitcoin doesn't even need much to start, so you can start with the little that you have and along the way figure out the rest and maybe also build your confidence the more along the way.

Starting now may not be the perfect time but is still the right time to start , but the bright side is that you have defeated procrastination and you are ready to press forward your accumulation (I’m sure that before going into bitcoin , some basics knowledge is required, like where to buy and where to store etc.) , then as you accumulate you may decide to further the knowledge.

Fun fact is that you can’t time the market , that’s why a strategy is require for  one to accumulate smoothly . And with time you will definitely build your confidence.

There is not perfect time to buy bitcoin, or should I say that everytime is a perfect time to buy bitcoin, don't end up growing regret and doubt about your investment because of the time you started investing instead try to make the most of it regardless, stay consistent, stay disciplined and be ready to HODL for long term, don't pressure yourself unnecessarily by trying to time the market either, even people who rightfully initiate the buy the DIP strategy don't wait for a dip but are ready for it when it comes so that they can take maximum advantage of it.

[liasbaa]

Bitcoin market does not work as investors expect, so you should not rush into investing.

If discretionary income is available, then it is better to rush into Bitcoin than to keep wasting time simply coz you are waiting for the so called right time. Honestly speaking that perfect time that you may be waiting for may never show up. And Bitcoin doesn't even need much to start, so you can start with the little that you have and along the way figure out the rest and maybe also build your confidence the more along the way.

Starting now may not be the perfect time but is still the right time to start , but the bright side is that you have defeated procrastination and you are ready to press forward your accumulation (I’m sure that before going into bitcoin , some basics knowledge is required, like where to buy and where to store etc.) , then as you accumulate you may decide to further the knowledge.

Fun fact is that you can’t time the market , that’s why a strategy is require for  one to accumulate smoothly . And with time you will definitely build your confidence.

For a low or no coiner , timing the market isn't a good idea as this will make them to sit and then wait while missing out in big time opportunities that the market offers. The main aim should be to be able to have a good portfolio and this can only be achieved through consistent buying which timing the market hinders. The strategy that should be consider here is DCA , as this strategy doesn't require timing the market but offers the opportunity of buying consistently using the available discretionary income.

You don't specify which coin you will buy through DCA. It would be a bad decision if you lure investors for shitcoin. DCA is just an better method for accumulation Bitcoin. An investor needs to maintain himself stability in the price fluctuations of Bitcoin. For new investors, the chances of success may decrease if they don't buy consistently during periods of price volatility to build a good portfolio. DCA is a great accumulation strategy for Bitcoin in particular.
How far you will be able to run this DCA process will depend on how far you want your income flow to spread. You need to be consistent in accumulation Bitcoin no matter what the market conditions are to build a large portfolio. You should not show the attitude of taking profits until you have a regular income flow.