The importance of Not spending

[JoyMarsha]

For someone to succeed from their Bitcoin investment, they need to have another source of income they can be earning from, not from Bitcoin because the market is volatile, it can keep someone on the losing side for long, and life issues get to hit them, forcing them to sell their Bitcoin at a loss or small profits when they are not ready. Nothing pains as much as that, when your long-term hodl is cut short when you aspire to hodl for the long term for better profits.

[Questat]

This is very common for bitcoin investors most particularly for those who rush to invest without setting a reliable plan. Yes, they invest their money into bitcoin without hesitation, but when their fiat runs out, they resort into selling their bitcoin for their personal needs, and that’s when most of them end up panic selling and endure losses in the end.

This is one of the scenarios I want to avoid when investing, even outside bitcoin. Because the moment you decide to invest, be ready for future price crash and dumps, and gain no profits, otherwise you’ll end up investing not maximizing the potential returns of your investment.

[Yamifoud]

That's why it's important to set aside emergency funds when investing in Bitcoin... by having an emergency fund won't force you to sell your assets during a market downturn just because you need cash. You can handle unexpected expenses and avoid having to worry about finding the money to cover them. This way, your investments won't be affected, and you won't be tempted to sell just for that need.

Exactly. Use your investment funds to invest in bitcoin while leaving your emergency funds still intact, with that you will never get pressured whenever you run out of personal cash because you have your emergency funds intended for it. That’s why a lot fail with bitcoin investment, because they never have this kind of mindset, but more on trying to maximize their investment returns without preparing for their emergency funds which is also a crucial factor.

[Rgram]

That's why it's important to set aside emergency funds when investing in Bitcoin... by having an emergency fund won't force you to sell your assets during a market downturn just because you need cash. You can handle unexpected expenses and avoid having to worry about finding the money to cover them. This way, your investments won't be affected, and you won't be tempted to sell just for that need.

Exactly. Use your investment funds to invest in bitcoin while leaving your emergency funds still intact, with that you will never get pressured whenever you run out of personal cash because you have your emergency funds intended for it. That’s why a lot fail with bitcoin investment, because they never have this kind of mindset, but more on trying to maximize their investment returns without preparing for their emergency funds which is also a crucial factor.

No doubt, that’s indeed a strategy, having your emergency funds in fiat while doing your best to invest every penny you could spare for the purpose of investment in Bitcoin. That doesn’t mean you shouldn’t invest in order assets of value though. Diversification is an absolute necessity as, it builds confidence in not just you but, in your investments, giving you the edge to sail through every trying times that society might throw at you.
You could as well have some of those emergency funds in Bitcoin and if the odds favour you, you might as well withdraw on profit when the need arises.

[Patikno]

When you have no more money then you think that you would just get money from your bitcoin holdings, this is where your investments gets in danger. When you have something to pay for and you already dedicated a part of your investment for that make sure that you will either take out the money immediately when the market is up otherwise the market might just decline and you might end up not being able to pay for whatever it is you have to especially if it is time sensitive.

The most appropriate thing to do is to not spend your bitcoin investment at all until you are really ready to take out half or all of it. That way you won't be that affected if the market declines. Now because you need some bills to pay and the market has declined, you do not want to spend your bitcoin anymore but what other choice do you have when you have no more money at the moment?

It is really crucial to be able to hold bitcoin while also having money saved on the side so you won't have to touch your bitcoin investment. Regardless of whether the market is up or down.

Ideally, Bitcoin should be completely untouched, meaning it is intended for long-term storage or savings (it is actually investment). However, we don't know what will happen in the future, someone might encounter circumstances that require someone to withdraw some of their Bitcoin savings, so we can't blame them for that. I think this situation can be avoided by having other savings besides Bitcoin, designated for emergencies or, urgent needs. So, for example, if someone suddenly needs funds, they can use their emergency savings without affecting their Bitcoin at all. Furthermore, I believe it is best to pay off Bitcoin in installments using the DCA method, using only about 10 to 20 percent of  monthly income, with the other 20 percent for emergency savings. I believe that is also the best way to avoid disrupting the ongoing Bitcoin savings.

[_BlackStar]

It is really crucial to be able to hold bitcoin while also having money saved on the side so you won't have to touch your bitcoin investment. Regardless of whether the market is up or down.

When planning your investments - you should also be aware of several other important factors to consider. Investing aims to generate long-term returns, but price volatility requires a reserve fund. This is essential for maintaining financial stability while holding assets. You probably won't ruin your investment plans when you have an emergency budget - that's why no one is advised to go all in on investments. The best financial advice I ever got was - save 6 to 12 months of your expenses when you plan to invest, this is a must have foundation.

[Botnake]

For someone to succeed from their Bitcoin investment, they need to have another source of income they can be earning from, not from Bitcoin because the market is volatile, it can keep someone on the losing side for long, and life issues get to hit them, forcing them to sell their Bitcoin at a loss or small profits when they are not ready. Nothing pains as much as that, when your long-term hodl is cut short when you aspire to hodl for the long term for better profits.

All investments are actually risky and there’s no assurance if they will succeed or not. So relying on it alone adds more life’s pressure and risk, and that’s one thing why we need to have separate source of income that will surely provide for us regularly. And in times our investment is not in progress, we will continue to live at peace because we don’t run out of funds to provide our life’s necessities.

Investing in bitcoin is highly profitable, and it will continue to profit if we don’t sell it in a rush. I think that’s everyone’s goal, but unfortunately, not everyone is capable to follow that.

[PX-Z]

When you have no more money then you think that you would just get money from your bitcoin holdings, this is where your investments gets in danger. When you have something to pay for and you already dedicated a part of your investment for that make sure that you will either take out the money immediately when the market is up otherwise the market might just decline and you might end up not being able to pay for whatever it is you have to especially if it is time sensitive.

If you don't have enough income to properly divide your salary between your needs, wants, and savings or investments, then it’s better not to invest at all, especially if you'll just end up withdrawing it later to cover expenses. Prioritize your essential needs first.

Remember, investments should ideally come from your spare money, not the funds you rely on for daily living. A good rule of thumb is to allocate only 10–20% of your salary for investments, depending on your financial stability and risk tolerance.

[DiMarxist]

When you have no more money then you think that you would just get money from your bitcoin holdings, this is where your investments gets in danger. When you have something to pay for and you already dedicated a part of your investment for that make sure that you will either take out the money immediately when the market is up otherwise the market might just decline and you might end up not being able to pay for whatever it is you have to especially if it is time sensitive.

If you don't have enough income to properly divide your salary between your needs, wants, and savings or investments, then it’s better not to invest at all, especially if you'll just end up withdrawing it later to cover expenses. Prioritize your essential needs first.

Remember, investments should ideally come from your spare money, not the funds you rely on for daily living. A good rule of thumb is to allocate only 10–20% of your salary for investments, depending on your financial stability and risk tolerance.

It doesn’t make any sense to start an investment when your basic needs are nor even covered. Investments are supposed to help you grow your wealth, not put you in a tight spot where you have to keep withdrawing your money. Taking care of your essentials first is the smartest move, and only when you have some extra money you can start thinking about investing. Setting aside even a small percentage like 10–20% is a good habit, but it should always match your financial situation and can sustain you.

[peter0425]

For someone to succeed from their Bitcoin investment, they need to have another source of income they can be earning from, not from Bitcoin because the market is volatile, it can keep someone on the losing side for long, and life issues get to hit them, forcing them to sell their Bitcoin at a loss or small profits when they are not ready. Nothing pains as much as that, when your long-term hodl is cut short when you aspire to hodl for the long term for better profits.

One has to make up their mind and decide whether they want to do trading or they only want to sell when the market is doing well. What people usually do not know is that if you decide to be a trader, you would have to make decisions even before the market makes its move as opposed to the rest of us who only react after the market has done its move. It is complicated and just because you sell during peak moments does not make you a full time trader.

[Ultegra134]

That is a very good thing although in the end the decision is in your own hands because of course when looking at the vulnerable time you have done there must be benefits that can be taken but still holding back because it is not here your goal I think there is nothing wrong in that.

The most important thing is not to think too much and burden yourself when you are sure of what you are doing by continuing to hold your bitcoin then that's what you should believe in.
Sometimes we are too focused on the amount of profit or when bitcoin has decreased which makes us doubt whether our decision is right or not but if we are really sure of the longer goal then I think we just need to enjoy and remain a strong hand to hold the bitcoin that we currently have.
Many previous investors are still holding their bitcoin even more than we do but they are still comfortable with what they are doing and we only need to follow in the footsteps of old investors with long-term goals if we are already sure. That doesn't mean we shouldn't take the profits we have but as long as we realize that this is not our place then why would we get out of bitcoin.

Well, actually older generations are starting to be glued to their phones and tend to spend extraordinary amounts of money on gadgets, smartphones etc., with a large number of them not knowing how to even use them.

As for holding, it's honestly not as easy as it sounds. I personally haven't touched my wallet since I (re)started accumulating and holding Bitcoin, but I've been tempted a few times, even though I have long-term plans (which I haven't considered what they are yet). I've personally managed so far to not be bothered by market changes at all.

[WatChe]

This is very common for bitcoin investors most particularly for those who rush to invest without setting a reliable plan. Yes, they invest their money into bitcoin without hesitation, but when their fiat runs out, they resort into selling their bitcoin for their personal needs, and that’s when most of them end up panic selling and endure losses in the end.

This is one of the scenarios I want to avoid when investing, even outside bitcoin. Because the moment you decide to invest, be ready for future price crash and dumps, and gain no profits, otherwise you’ll end up investing not maximizing the potential returns of your investment.

We have two things to manage i.e. our daily living and Bitcoin investment. For daily living we must have constant stream of income like job salary or business income. If we can save something from our salary for Bitcoin then it's fine otherwise we must do some extra work to generate some income for Bitcoin. The money we are investing in Bitcoin must not be touched for at least 5 years and if can HODL our Bitcoins for that duration only then we can get good profit. Selling Bitcoins after every 6 months won't give you good profit.     

[Baki202]

That's why it's important to set aside emergency funds when investing in Bitcoin... by having an emergency fund won't force you to sell your assets during a market downturn just because you need cash. You can handle unexpected expenses and avoid having to worry about finding the money to cover them. This way, your investments won't be affected, and you won't be tempted to sell just for that need.

Exactly. Use your investment funds to invest in bitcoin while leaving your emergency funds still intact, with that you will never get pressured whenever you run out of personal cash because you have your emergency funds intended for it. That’s why a lot fail with bitcoin investment, because they never have this kind of mindset, but more on trying to maximize their investment returns without preparing for their emergency funds which is also a crucial factor.

I believe the only reason you would touch your emergency funds is when there is no other option left, as the primary reason for having emergency funds is for emergencies. Does that mean they have a choice but purposefully choose to spend their bitcoin? If not, there is an option that is much easier and more accessible. There will be times when you run out of money, and then you will need to spend it. It is important for everyone interested in investing in bitcoin to have emergency savings.

And with a well-structured emergency fund, I don't believe there would be any interference with your investment because it demands a significant amount of commitment to your investment. Because if you don't have a stable income, there's no way you won't wind up selling your assets only to cover an emergency, which is why when you're investing, you need someone to talk to about what steps you're taking, so it's critical to understand everything. Because for someone that have so much value and interest in his or her asset should will not think of spending them.

[Uhwuchukwu53]

Several discussion related to this I have come across, I believe it's only, an investor who is mot ready to face the future with moving away from it's financial level that will see spending it's Bitcoin as alternative in solving mino issue when he run out of cash.

Investment in Bitcoin with plan, must end up spending your Bitcoin even when it's not necessary, and also not having required knowledge on Bitcoin is diffciency that leads to this spending, overcome this aspect of spending one must fully get a good plan, and good knowledge about Bitcoin.

Bitcoin investor whose salary bearly solve monthly expenditure can never be free of not seeing to spend his Bitcoin as alternative, it advisable to have others means of income curve seen Bitcoin as alternative when need arises.
Investor of Bitcoin that lack expenditure control and who lack  proper way of capture it's budget will not be free from seeing Bitcoin as alternative to it's spending because he will always have needs of fund, to avoid this one must have all this things in place.

[Abu-Naim]

It is really crucial to be able to hold bitcoin while also having money saved on the side so you won't have to touch your bitcoin investment. Regardless of whether the market is up or down.

If you invest all your money, you will never avoid this same scenario you just explained because expenses will come everyday and some of them are very important that you need to touch your savings to take care of them due to how sensitive they are maybe related your health or something very sensitive.

To avoid tempering with your Bitcoin investment, you need to make sure you have spare money that will be more than enough for your daily activity and against further emergencies, this will give you room for more patience and an ability to stay away from your wallet until the right time because checking it from time to time will involve emotion and will lead to along things which include panic buy especially if the market is bearish that moment.

[tabas]

As for holding, it's honestly not as easy as it sounds. I personally haven't touched my wallet since I (re)started accumulating and holding Bitcoin, but I've been tempted a few times, even though I have long-term plans (which I haven't considered what they are yet). I've personally managed so far to not be bothered by market changes at all.

It's tempting to sell when you've accumulated so much and that's why if you haven't touched your wallet for so long, that's good for you. Because if you will touch and access it, it's only a matter of time when you're going to start selling it. That's a fact that holding isn't easy as well. People think that you're rich if you have held bitcoin and sold it. But when you have sold your holdings and you have nothing left, that's the harder part that you have to maintain because you have to accumulate them back when the market drops a lot.

[Ultegra134]

It's tempting to sell when you've accumulated so much and that's why if you haven't touched your wallet for so long, that's good for you. Because if you will touch and access it, it's only a matter of time when you're going to start selling it. That's a fact that holding isn't easy as well. People think that you're rich if you have held bitcoin and sold it. But when you have sold your holdings and you have nothing left, that's the harder part that you have to maintain because you have to accumulate them back when the market drops a lot.

It certainly is. This is why I don't want to even touch my wallet. If I even exchange an amount as low as $100, then I'll be tempted to do it again. It's extremely easy to then enter a vicious cycle of using funds that are meant for long-term holding. Eventually, I'll blow away a decent chunk of money before I realise it. For this reason, my access to my wallet is also limited, for instance, I can't access my funds from my phone, otherwise I would be tempted to pay with Bitcoin now that I'm in Sofia and I've seen multiple shops accepting it as a payment method.

[red4slash]

It is really crucial to be able to hold bitcoin while also having money saved on the side so you won't have to touch your bitcoin investment. Regardless of whether the market is up or down.

If you invest all your money, you will never avoid this same scenario you just explained because expenses will come everyday and some of them are very important that you need to touch your savings to take care of them due to how sensitive they are maybe related your health or something very sensitive.

It's important to remember that investing especially in Bitcoin is for the long term. Therefore, with this in mind we must practice sound financial management to avoid going allin on Bitcoin without paying attention to our daily lives.

Investing in Bitcoin is a great idea but going all in with all our wealth or income can clearly be inappropriate as we all know that ultimately such a situation will only leave you confused about how to survive.
Therefore, invest as much as you can so that your investment doesn't become a burden. This means making investment a long-term goal and continuing with your remaining fiat (with sound financial management) to survive in the short term with savings and in the long term with your investments.

[finaleshot2016]

When you have no more money then you think that you would just get money from your bitcoin holdings, this is where your investments gets in danger. When you have something to pay for and you already dedicated a part of your investment for that make sure that you will either take out the money immediately when the market is up otherwise the market might just decline and you might end up not being able to pay for whatever it is you have to especially if it is time sensitive.

The most appropriate thing to do is to not spend your bitcoin investment at all until you are really ready to take out half or all of it. That way you won't be that affected if the market declines. Now because you need some bills to pay and the market has declined, you do not want to spend your bitcoin anymore but what other choice do you have when you have no more money at the moment?

It is really crucial to be able to hold bitcoin while also having money saved on the side so you won't have to touch your bitcoin investment. Regardless of whether the market is up or down.

That's the last resort to be honest, no one wants to spend their investment just to pay bills, that's why if you're near to the point, you should at least find some other ways to sustain it. I think it's the worst-case scenario that you're spending your investments that could potentially ruin your whole port and start from zero again. So before it happens, make sure you still have other sources than your investments, you should at least do something about it and don't let bills eat your investments. Trust me, it's a draining scenario especially when the market keeps going up and you're no choice to withdraw all of it.

[tabas]

It's tempting to sell when you've accumulated so much and that's why if you haven't touched your wallet for so long, that's good for you. Because if you will touch and access it, it's only a matter of time when you're going to start selling it. That's a fact that holding isn't easy as well. People think that you're rich if you have held bitcoin and sold it. But when you have sold your holdings and you have nothing left, that's the harder part that you have to maintain because you have to accumulate them back when the market drops a lot.

It certainly is. This is why I don't want to even touch my wallet. If I even exchange an amount as low as $100, then I'll be tempted to do it again. It's extremely easy to then enter a vicious cycle of using funds that are meant for long-term holding. Eventually, I'll blow away a decent chunk of money before I realise it. For this reason, my access to my wallet is also limited, for instance, I can't access my funds from my phone, otherwise I would be tempted to pay with Bitcoin now that I'm in Sofia and I've seen multiple shops accepting it as a payment method.

It's a good condition that you're doing it of not touching it through your phone. Because if you do, it's for sure that you're going to touch it and sell when you are convenient of doing it with the simple use of your phone. We know it and we're all tempted to do it when we're seeing that the market is doing well. But right now, it's not and it's very volatile, just a few days ago we're fine and now we're not again.