Simple recommendations for a long-term Bitcoin journey

[cxtreenal]

Therefore, for long-term Bitcoin investment, the source of income should be strong/reliable. Here are some recommendations for saving Bitcoin in the long term:

Source of Income: If the source of income can be strengthened, then the Bitcoin journey can be long-term. If there is any doubt about your source, the investment decision can hurt you instead of benefiting you.

Accumulation Bitcoin from Discretionary Income: Bitcoin is a volatile asset, so you should plan your savings based on income. There should be a balance between your weekly discretionary income and savings and holding.

Emergency Fund/Backup Fund: During the long-term Bitcoin journey, various obstacles will come in the middle, and cash funds are needed to solve those obstacles. Having cash/emergency funds with you will allow you to solve the problem without withdrawing the investment in case of any emergency.

Conclusion: I think having patience with the right plan for Bitcoin investment is very important for an investor because it is not easy to save regularly for a four year cycle. Having a reliable source of income puts an investor's investment infrastructure in a strong position.

[Finebone]

You don talk well, all these guidelines you talked about in this ur post make sense, but I feel say you no complete am if security of your holdings is not talked about, as you dy accumulate Bitcoin with the intention of holding for a longer duration, make we no forget say the security of our asset dy very important, that is why I will recommend a self custodian wallet where only you have access to it because you no go happy with yourself if all your holdings is stolen due to an avoidable mistake from your own end

[Gost ms]

You have raised a beautiful comment among us. We need these to start investing or after starting investing. Because if you do not have a stable source of income, then you are putting your investment at risk. For example, find a stable source of income to invest first. Discretionary income or discretionary income is the amount of money left over after deducting all your expenses. Emergency fund An emergency fund is created to deal with many types of unexpected financial crises or risks that you may face during your investment journey.

[Proty]

There is no doubt that an investor needs a good source of income and an emergency funds in other to be able to hold bitcoin for a longer term. However this alone cannot make an investor to be able to achieve long term goals in bitcoin investment, there are times in which the market  may not be going in the plan direction especially when there is  a downward trend.The things you mentioned alone can't guide an investor not to panic and option for sale whenever there is a downward trend which the investor decisions is based on emotions. An investor that has the ability to stand risk and with a good investment plan, everything been in place, can be able to hold bitcoin  for a longer term without panicking irrespective of market conditions.

[Tonimez]

Bitcoin accumulation for long term purposes is a very intentional exercise which the investor must have to engage with utmost discipline. In addition with having a stable source of income, building emergency funds, investing by DCA and investing with discretionary income; it is very important to be disciplined financially.

You may need extra training on financial management and discipline in order to manage your resources which would on the other hand, preserve your bitcoin stash. Start by taking up your responsibilities based on hierarchy of needs. As a person who knows the rate at which his basic income comes in, it is advisable that you make your plans based on the number of days between your next income. Let's say that you earn your income monthly, you have to plan each of you income with additional 5-7 days to give room for delays and any possible exigencies. This would allow you go unstressed to the extent of touching your bitcoin.

There's also another fund called back up funds: this is the money used to back up your estimated prices for your basic needs due to possible inflation. Making provision for backup funds also reduces the stress that comes with inflation and uncertainty in local markets. Emergency funds on the other hand is focused on possible natural disasters and health related issues. This is because even though no one is praying for ailments, you still make provision for it so that if it occurs, you won't be forced into premature selling of your bitcoin stash which could also mean selling at a loss.

Above all,  with long-term investment plan, you aim at 4 - 10 years holding period during which bitcoin could have possibly had a new ATH allowing you to make gains. Even though holding for 4-10 years does not make it a compulsion to sell after this period. You can hold further while accumulating more bitcoin by DCA until maybe, retirement when you no longer have a suitable source of income; then you can sell bitcoin by bit.

[Futurexxx]

You may need extra training on financial management and discipline in order to manage your resources which would on the other hand, preserve your bitcoin stash. Start by taking up your responsibilities based on hierarchy of needs. As a person who knows the rate at which his basic income comes in, it is advisable that you make your plans based on the number of days between your next income. Let's say that you earn your income monthly, you have to plan each of you income with additional 5-7 days to give room for delays and any possible exigencies. This would allow you go unstressed to the extent of touching your bitcoin.

There's also another fund called back up funds: this is the money used to back up your estimated prices for your basic needs due to possible inflation. Making provision for backup funds also reduces the stress that comes with inflation and uncertainty in local markets. Emergency funds on the other hand is focused on possible natural disasters and health related issues. This is because even though no one is praying for ailments, you still make provision for it so that if it occurs, you won't be forced into premature selling of your bitcoin stash which could also mean selling at a loss.

Na wao, the wey you just dy explain am here just make am look like say to invest in Bitcoin na one kind difficult thing wey any small mistake fit scatter everything, brother man no be so, once you buy Bitcoin, the next thing you need to put in place so that you no go temper with am in the future is emergency funds and reserve funds, which the op don talk already in the op post, all this plenty write up you do here na just repeating what the op don talk already and you dy even make am look very difficult for your explanation pass the way e already be, wetin I expect from you na to just add anything wey you feel say surpose dy part of op post wey no dy, but all ur plenty jargons na still de same thing you dy talk, and you and I know say e no make sense like that.

[Tmoonz]

Therefore, for long-term Bitcoin investment, the source of income should be strong/reliable. Here are some recommendations for saving Bitcoin in the long term:

Source of Income: If the source of income can be strengthened, then the Bitcoin journey can be long-term. If there is any doubt about your source, the investment decision can hurt you instead of benefiting you.

Accumulation Bitcoin from Discretionary Income: Bitcoin is a volatile asset, so you should plan your savings based on income. There should be a balance between your weekly discretionary income and savings and holding.

Emergency Fund/Backup Fund: During the long-term Bitcoin journey, various obstacles will come in the middle, and cash funds are needed to solve those obstacles. Having cash/emergency funds with you will allow you to solve the problem without withdrawing the investment in case of any emergency.

Conclusion: I think having patience with the right plan for Bitcoin investment is very important for an investor because it is not easy to save regularly for a four year cycle. Having a reliable source of income puts an investor's investment infrastructure in a strong position.

Even while we may not wait until everything will be perfect before we can start investing in Bitcoin surely there are certain good and reasonable investments practices or measures that should be put in place for a sustainable investment process but however, when it comes to talking about the availability of discretionary income for investment which of course should be based on income flow and this may varies individually hence priority should be given to individuals convenient time to execute any buying order which could either be weekly or monthly as it pleases. Above all, having a good and effective financial management skills including funds allocations will help alot.

[Joy- maker]

Therefore, for long-term Bitcoin investment, the source of income should be strong/reliable. Here are some recommendations for saving Bitcoin in the long term:

If you are saying that someone who's focus is on long term bitcoin investment that the person source of income should be strong and reliable to me it is a discouragement to newbie's investors, why, because what you need to invest in bitcoin is your discretionary income and not strong or reliable income, please stop making bitcoin investment look so difficult, because if your discretionary income can be made available then why not get started why waiting for your source of income to strong and reliable, don't you think that waiting for your source of income to be strong and reliable may delay your bitcoin investment journey?

Source of Income: If the source of income can be strengthened, then the Bitcoin journey can be long-term. If there is any doubt about your source, the investment decision can hurt you instead of benefiting you.

What are you saying here, So if someone source of income is not strengthened then the person bitcoin journey should be short term? Buddy wether your source of income is strengthened or not invest in bitcoin for long term, beside even if your sources of income is strengthened it doesn't guarantee you success in your bitcoin investment, because anything can happen in an twinkle of an eye.

Accumulation Bitcoin from Discretionary Income: Bitcoin is a volatile asset, so you should plan your savings based on income. There should be a balance between your weekly discretionary income and savings and holding.

It has been stated that anyone who want to invest in bitcoin should invest in bitcoin with his or her discretionary income, so anybody who is doing otherwise is on his owe or on her own period.

Emergency Fund/Backup Fund: During the long-term Bitcoin journey, various obstacles will come in the middle, and cash funds are needed to solve those obstacles. Having cash/emergency funds with you will allow you to solve the problem without withdrawing the investment in case of any emergency.

Yes I can agree with you on this one, because during your bitcoin investment journey you most face challenges, but not only in middle of your bitcoin investment journey, the obstacle can come in any angle. So emergency funds and backup funds are very essential in your bitcoin investment for the long term, in case emergencies arise so that there will be emergency fund or back funds to handle that emergency to touch your bitcoin investment.

Conclusion: I think having patience with the right plan for Bitcoin investment is very important for an investor because it is not easy to save regularly for a four year cycle.

Bitcoin investment is a game of patient, so patient is very essential when it comes to bitcoin investment and not only bitcoin investment, every other investments requires patient. if you can be patient enough to hold upto your bitcoin investment, less say 4 to 10 years or longer that only when you will make reasonable profit on the long run.

[knowngunman]

Therefore, for long-term Bitcoin investment, the source of income should be strong/reliable. Here are some recommendations for saving Bitcoin in the long term:

Well, these recommendations no be something new. Na normal things wey every investor supposed have in mind or practice when holding bitcoin but anyway, thank you for reminding us.

Source of income na something we no fit overlook since na the basis of our investment be that. Na when you get stable and strong source of income you go even think of making investment unless you wan invest today and harvest your investment tomorrow if you no get stable source of income. One thing to consider most when it comes to long term holding na just proper planning.

If you get proper planning, na the plan go dey guide you on everything you do with your investment. Starting from when to buy, how much own to buy and at what interval to buy to when to sell when you're satisfied with the profit and what percentage to sell. If you get good planning, you're halfway to success with your bitcoin investment journey.

Another important thing you forget to add to your recommendations na concerning security of asset. Holding bitcoin for long term required make person dey vigilant so dem no go lose their assets to scammers and other perpetrators. Having a well secured wallet and hide the private key like person wey thief fowl dey very necessary. If your asset no dey secure properly, even if you plan well you just dey waste your time because you go eventually lose your asset if you lose guard.

[cxtreenal]

Therefore, for long-term Bitcoin investment, the source of income should be strong/reliable. Here are some recommendations for saving Bitcoin in the long term:

If you are saying that someone who's focus is on long term bitcoin investment that the person source of income should be strong and reliable to me it is a discouragement to newbie's investors, why, because what you need to invest in bitcoin is your discretionary income and not strong or reliable income, please stop making bitcoin investment look so difficult, because if your discretionary income can be made available then why not get started why waiting for your source of income to strong and reliable, don't you think that waiting for your source of income to be strong and reliable may delay your bitcoin investment journey?

It is surprising that you are still trying to succeed in investing without strengthening your discretionary income source. If your income source is not reliable and strong, then where will the discretionary income come from? Don't be emotional when it comes to Bitcoin savings. Try to align your investment plan with reality, my friend. This is not to discourage investors, this is a warning that you should have a reliable income source for Bitcoin savings. Just like the poor should not take risks in investing if they don't have discretionary income, this not be discouragement to new investors.

Source of Income: If the source of income can be strengthened, then the Bitcoin journey can be long-term. If there is any doubt about your source, the investment decision can hurt you instead of benefiting you.

What are you saying here, So if someone source of income is not strengthened then the person bitcoin journey should be short term? Buddy wether your source of income is strengthened or not invest in bitcoin for long term, beside even if your sources of income is strengthened it doesn't guarantee you success in your bitcoin investment, because anything can happen in an twinkle of an eye.

If your source of income is not strong then how will you save and meet the needs of your family in this inflationary market. It will be easier to continue saving Bitcoin for the long term when you have a reliable and strong source of income. A weak source of income can collapse before a Bitcoin cycle completes and you can be financially ruined. With a decent source of income, an investor can save Bitcoin for multiple cycles and get a significant stack. This is a result of a more advanced thinking for investment mindset than a business mindset.

[Obari]

You’ve done noble with your post but one thing I don learn be say, there’s absolutely no manual to this life and as such, wetin really matter be say, you are doing what works for you because you fit Dey follow wetin another person talk make you waka loss but that one no mean say you no follow wetin people  wey don already get better experience Dey talk na

Op you don really try with this your talk and another one I go wan add be say, regardless of what you’re doing, always invest within your budget and capacity, because you no Dey impress anyone with your portfolio, na yourself you Dey safe for tomorrow and as such, make you only invest wetin you fit afford to lose and as such you fit no easily touch the one wey you don already save.

[Baki202]

There is no doubt that an investor needs a good source of income and an emergency funds in other to be able to hold bitcoin for a longer term. However this alone cannot make an investor to be able to achieve long term goals in bitcoin investment, there are times in which the market  may not be going in the plan direction especially when there is  a downward trend.The things you mentioned alone can't guide an investor not to panic and option for sale whenever there is a downward trend which the investor decisions is based on emotions. An investor that has the ability to stand risk and with a good investment plan, everything been in place, can be able to hold bitcoin  for a longer term without panicking irrespective of market conditions.

Anything wey make say you wan invest in bitcoin you need to get some kind side hustle so that when you they invest you no go get any problem with your investment because when the matter come to invest especially if you they hold you need to they do everything possible so that you no go they sell the one you get, everything about this thing na to get idea so that when you they invest the thing no go be like say you they waste money so this kind thing now you gats work smart because na so people they do am when you know waiting you they do things go become easy for so that we no go suffer. everything na how you take use your head.

But when we done do one or two fuck up definetly we go get sence so na why them they always talk say experience is the best teacher we go get because if you done learn from the mistake we no go wan do another mistake again so we know waitng we go, next time.

[CryptoHeadlineNews]

You don talk well, all these guidelines you talked about in this ur post make sense, but I feel say you no complete am if security of your holdings is not talked about, as you dy accumulate Bitcoin with the intention of holding for a longer duration, make we no forget say the security of our asset dy very important, that is why I will recommend a self custodian wallet where only you have access to it because you no go happy with yourself if all your holdings is stolen due to an avoidable mistake from your own end

And in addition to the security measures you just explained above, another important factor that needs to be place at top most priority is proper storage of your wallet private key or seed phrase. Because I'm pretty sure there are a whole lots of people out there who did save their Bitcoin for long term, and unfortunately simply because they lost the private key to their Bitcoin wallets, they never had access to it again. Hence, I think it is a vital factor that needs not to be overlooked. And as such when you intend to save your Bitcoin long term, it's best you inscribed your seed phrase on a material that is both fire and water proof.

[Shadiq]

Bitcoin investment is easier and harder than we expect. It completely depends on your mindset. If you are determined and can take any kind of steps to achieve your goal, then Bitcoin investment is not a difficult task for you. Whatever you commit to do with determination, that situation will naturally arise. If you think investment is easy, then investment will be easy for you, if you think it is difficult, then it will be difficult.

Source of income and backup fund are important for investment. More important than that is knowledge and determination. These are not the material foundation, but the invisible foundation which is the most important.

[Tonimez]

Bitcoin investment is easier and harder than we expect. It completely depends on your mindset. If you are determined and can take any kind of steps to achieve your goal, then Bitcoin investment is not a difficult task for you. Whatever you commit to do with determination, that situation will naturally arise. If you think investment is easy, then investment will be easy for you, if you think it is difficult, then it will be difficult.

Source of income and backup fund are important for investment. More important than that is knowledge and determination. These are not the material foundation, but the invisible foundation which is the most important.

You are very correct. A man is a product of his mind which also affects everything or actions the man takes. Bitcoin is very easy to those who understand it and develop the determination to be consistently accumulating bitcoin for the future and aiming at holding through bitcoin cycles covering about 4 to 10 years. This allows the individual to believe in bitcoin which is manifested in his dedication to bitcoin accumulation.

 On the other hand, bitcoin is a very difficult kind of investment when it gets into the hands of those who only think about profit but lack patience to hold up to 4 to 10 years or practically go into full time bitcoin trading. They end up loosing their money and blaming it on bitcoin. They refuse to understand that bitcoin is volatile and should not be gambled having proven itself over the years.

[laijsica]

OP explained it well in short but should have elaborated more. You mentioned a strong income source and I think it is more logical to have a fairly reliable and consistent income source than a strong one to start investing in Bitcoin in the long term. If you wait for a strong income source, you will be more likely to waste time in investing. It is true that your investment success depends on your income source and it is also for the long term journey.

The next step should be a mental plan to accumulation Bitcoin through discretionary income. Even if you have a strong income source you may not be able to keep up with Bitcoin, so you should make up your mind to deposit Bitcoin continuously from discretionary income. You should have the patience to continue investing in Bitcoin regularly during the earning period and ability to generate more reliable income source and it will be easier to reach your desired point.

Yes, having an emergency fund is very important to keep yourself involved in your long term Bitcoin journey. Saving this backup fund can lead you on a long and smooth road in your investment journey. To meet emergency needs through backup funds without interfering with/withdrawing valuable investments in the event of unemployment, physical illness or family emergencies.

[Mehmet69]

You don talk well, all these guidelines you talked about in this ur post make sense, but I feel say you no complete am if security of your holdings is not talked about, as you dy accumulate Bitcoin with the intention of holding for a longer duration, make we no forget say the security of our asset dy very important, that is why I will recommend a self custodian wallet where only you have access to it because you no go happy with yourself if all your holdings is stolen due to an avoidable mistake from your own end

And in addition to the security measures you just explained above, another important factor that needs to be place at top most priority is proper storage of your wallet private key or seed phrase. Because I'm pretty sure there are a whole lots of people out there who did save their Bitcoin for long term, and unfortunately simply because they lost the private key to their Bitcoin wallets, they never had access to it again. Hence, I think it is a vital factor that needs not to be overlooked. And as such when you intend to save your Bitcoin long term, it's best you inscribed your seed phrase on a material that is both fire and water proof.

Yes, you have said something very useful and important. We who are long-term investors, all know that we need a self-custodial wallet to keep our investments safe. And we try to use it. But the mistake we make is that we do not understand how to keep the private key or seed phrase safe. Most of the time, after opening the wallet, we write the seed phrase in a notebook which we will save later, but what we write once is not saved later. As a result, many times that paper gets damaged or lost. That is when we face danger. So we need to pay the most attention to this private key or seed phrase.