Bitcoin Accumulation Isn't a Competition, Focus on Your Own Journey

[Cyber_warrior]

Why should you even do competition with anyone, it’s totally wrong, our financial condition is completely different, so because someone else is pumping money into bitcoin investment, that doesn’t mean you shouldn’t frustrate yourself to do the same thing, always invest according to what you have, invest what you can afford to lose, don’t let some people deceive you about their bitcoin investment. Some people will tell you they are investing heavily in bitcoin, but don’t be surprise that they don’t hold any bitcoin, they just trying to make themselves feel big.

Am motivated to invest whenever I see people investing in bitcoin, but I don’t do competition with anyone, if you are investing more than me, then congratulations, life isn’t difficult, I also have people that wish they holding the amount of bitcoin am having.

[Slitters riot]

Bitcoin accumulation is not many things.

It is not a competition like you said, its also not a must like your life depends on it, don't accumulate Bitcoin with loan money, remember that not all investors in this world end up becoming a winner, some of them go broke for others to become successful.

Investing in bitcoin doesn't mean you will be successful, some plan still need to be in place, like securing your job and saving some money for emergencies, if you have a family you are looking after always make sure that emergency fund is saved.

Many people started accumulating for years only for their loved ones to get sick and they had no choice but to sold all their bitcoin because that's all they have, be fully prepared.

[Zigabel]

I see no reason why anyone should be in any form of competition when they are tryin to stack up some Bitcoin investment because that will only ruin them, Bitcoin isn't an investment that wan competes about because at a point if you feel you've got a good holdings, i can assure you some one else out there has got better Holdings, so at the end of the day you ask yourself what exactly was the point? do the most that you can at every point and let the rest be, competition will only get you burning your fingers so its best you know what works for you and stick to it than trying so hard to level up with some one you may not have known how well they did to get to wherever it is they are at the time you are trying to compete.

There shouldn't be any form of competition in investing because your capacities may not be same and the purpose for investing may definitely not be same so it really becomes needless trying so hard to wan to do exactly that which some other person is doing which may come at some extra cost that may affect you in several other ways not as it is to the person from which you are trying to copy.

[Pumpsta]

It’s baffling the way some people think these people on the internet always get it right & always have such a perfectly luxurious lifestyle. Come on, be real.. the losers just ain’t getting attention because copium & hopium feels better than reality.. we really gotta just fight our way and for the things we need, the rest of the world can continue pretending, who cares!?

[Joy- maker]

This is the aspect where most bitcoin investors get it wrongly, they see this space as a competitive space which it's not, and when will go deep down those investors seeing this space as a competitive space are the ones in competition with themselves, they put themselves under pressure over nothing, they are quickly move with what they see online which is very bad, because those things we see online not all are real some are make up stories just to attract the attention of the audience. IMO only invest in bitcoin within your Discretionary income, don't get triggered with amount other people are investing in bitcoin and over do within your Discretionary income or capacity, because everybody's capacity and source of income are not the same, you can be investing $50 to $60 in bitcoin depending on your discretionary income and another person might be investing $500 to $1000 nobody here cares provided you are guys are consistent in accumulating bitcoin to hold for long term.

[Dogedegen]

Yes. Buying low and selling high does better than hodling but it takes more demands than hodling does.

It is not better than holding. All it takes is 1 mistake and you have undone all the previous success and are worse off than someone who held.

Hodling and dcaing to hodl have both done well in the past but you're unlikely to 10x by holding alone over the span of a year or a cycle. You're far more likely to do that with an altcoin you've found that does what it says (but don't get distracted by confirmation bias and check the teams - most valuations are hard to predict by newbies and often can be factored in in advance).

There is nobody doing a 10x consistently with trading in a year. Forget about these magical fairy tales and look up survivorship bias.

In my opinion, the end point of every investment is to make profits including Bitcoin. I'm not into Bitcoin because i was pressured, saw the trend or trying to compete among those who made me learnt and become interested about Bitcoin.

Bitcoin is an end in itself. The need for profit comes from the fact that you are still deeply entangled into the fiat system.

It’s baffling the way some people think these people on the internet always get it right & always have such a perfectly luxurious lifestyle. Come on, be real.. the losers just ain’t getting attention because copium & hopium feels better than reality.. we really gotta just fight our way and for the things we need, the rest of the world can continue pretending, who cares!?

I hope that I understood you correctly in which case you are in agreement with me. Anyone who claims that trading is better than hodling is deeply fooling himself. Pretty much nobody makes consistent gains in trading especially not in crypto trading. Read my topic bitcointalk.org/index.php?topic=5558812.

[Bitcoin Smith]

Exactly. Many people want to acquire bitcoin because their friends have invested in good number of bitcoin. But you have to ask yourself the kind of job your friend is doing to buy bitcoin. According to a saying "Cut the coat according to your size". Invest in bitcoin whatever you have and not to follow others. And the best way to invest is DCA. You can buy $20 every week or month to acquire your bitcoins gradually.

As long as someone is investing their money in bitcoin instead of borrowing then it is good which means even if they turned into very minimalist just to save the living expenses and want to hold more bitcoin. But we also need to realize that when someone consider bitcoin as investment means they want the returns from it so maximizing the potential returns is good but don't push it too hard to the level which may affect you mentally and physically because living in the present is more important too as same as thinking about the future.

[JiiBs]

Am motivated to invest whenever I see people investing in bitcoin, but I don’t do competition with anyone, if you are investing more than me, then congratulations, life isn’t difficult, I also have people that wish they holding the amount of bitcoin am having.

This is actually the benefit that could come from such an informal means to accumulation of Bitcoin. It is true that it ain’t no competition but, should a group of friends or like minded investors choose to race themselves to a certain number of Bitcoin holdings, it could as well serve them well in the long run but, would stretch the finances of some, affect their mode of life and living conditions and when the market dips, not many would be able to bear in the best means.

Which means, before you decide to involve yourself in any form of competitive accumulation journey, be open to whatever the market might bring and know that, their are levels to how every individual finances can be stretched, if you can endure bad market conditions.

[Ruttoshi]

Which means, before you decide to involve yourself in any form of competitive accumulation journey, be open to whatever the market might bring and know that, their are levels to how every individual finances can be stretched, if you can endure bad market conditions.

Anyone that want to be in competition with hia friends should ask himself if he is working in the same office where his friends are working and how much is his income. There's no need to be in an accumulation race with anyone so that you don't make mistakes that will make you sell any of your bitcoin when it's not of your will.

Everything cannot go smoothly for us as we wany it to be on your bitcoin investment journey. There are some challenges that you will come up that will eat up all your discretionary income in a certain month in which it will deprive you from buying bitcoin that month, there is nothing that you can do about it than to skip buying bitcoin that month. This is why been in competition is not a good idea.

[Fiasem20]

Op you're actually correct,the world we're living now is so full of competition,when you know your strength you won't be enticed to be in unnecessary competition with nobody.Be you,stay true to yourself and do whatever you know will be profitable to you effortlessly.It's now becoming tiring in the ears when I hear investors fighting each other on who will accumulate the fattest coin,by doing that envy and hatred will start developing in the heart of those that have decided to carry out such competition.
Invest on what you can afford to lose and not the other way round,many investors has even gone extra mile to sell their valuables just to boost their holdings and at the end of day they sell their holdings prematurely because there was no proper planning.

[Ziskinberg]

While it shouldn’t be a competition, but its inevitable to see that most of those who enter the market is seeing a competition, probably because we humans are born to be competitive. But the real challenge when it comes to bitcoin investment is not actually how many bitcoins you were able to accumulate or how far your profits have gone, but it’s actually how long you were able to sustain your bitcoin investment and making it grow every time.

Patience is the best virtue for a volatile investment like bitcoin. Excellent rewards are waiting ahead for those who can be patient and stay focused on their investment, but for greedy investor like newbies, they fail to see the value of long term investment for bitcoin most especially that they can be easily get distracted and end up selling at a loss.

[Stepstowealth]

For most Bitcoin or crypto enthusiasts they can easily get intimidated with what they hear and see online which if I may is actually a bad mentality ...

It is individuals who choose to be intimidated that get intimidated because you can actually be motivated from what you see online. There is good competition and there is bad competition, there is a competition that makes you get discouraged on your actions that you are taking while there is a competition that you get engaged in that motivates you to even do better. I feel like when you come across people who tell you how much they've been able to accumulate in Bitcoin you should not get demotivated but rather be motivated by it, that if someone can be able to accumulate such an amount then you also can do the same. Having such a mindset can make you more dedicated in your accumulation and holding of Bitcoin.

[Odogwu-Blockchain]

Whats the point of being in competition with billion of investors in the world that you dont even know, what kind of pride and ego such competitive investor should get for doing that, thats such a stupid movement.

How many investor you want to intimidate and how many investor will intimidate you, because there are many investors richer than you out there. Who are you?

it doesnt make any sense having this kind of thought of accumulating so so number of bitcoin than so so number of person, bullshit

[Rustam Meraj]

This is very important since you need right way of thinking to do well in crypto and you are right that social media is distraction where people mostly try to fool you about their huge gains to get attention which results in very dangerous comparison problem where people take bad chances and become stressed. Truth is that investing in Bitcoin is alone process since each person has their own starting point and aims, and thus you should not compete with another person. Easiest way to keep your mind and your money safe is to use DCA, which is simple strategy and almost everyone knows about it. Real goal is your future and in Bitcoin, you must just try hard to be better than you were.

[Chinesebaby]

Yes, you are absolutely right, as Bitcoin accumulation shouldn't be regarded as a competition, since it's not everyone who has the financial strength to be able to acquire as much Bitcoin as possible, but rather what should be regarded as a competition is our readiness to protect our Bitcoin from scam at all cost, since it's actually not easy to accumulate the least fraction of Bitcoin, with the mindset of holding for a term term. However, dollar cost averaging method of accumulating Bitcoin should be our top most priority, since it allows us to be able to accumulate the least we can afford to buy at each consecutive times.

[Outhue]

You will have to see what others are holding before you can be motivated to the point where you want to surpass them, you can't challenge what you don't know.

This is why I believe that this discussion/topic makes less sense to me, to challenge a friend I need to know his worth, if someone said they have BTC it can be $10 worth BTC, or more but if I can't figure out how much in figures why should I try to surpass them? Maybe family or friends? This is the only way this can make sense.

One part is true to this though, some people take bitcoin adoption too seriously, I was in that shoe once and it cost me my health, I nearly kicked the bucket, after skipping several foods and also stressing myself like trekking instead of taking cab to school, I did this for a year and half but the end result isn't worth it.

If something bad had happened to me it would be the end, no one will be able to spend the bitcoin that I accumulated and everything will go to waste.

[Porfirii]

Why should you even do competition with anyone, it’s totally wrong, our financial condition is completely different, so because someone else is pumping money into bitcoin investment, that doesn’t mean you shouldn’t frustrate yourself to do the same thing, always invest according to what you have, invest what you can afford to lose, don’t let some people deceive you about their bitcoin investment. Some people will tell you they are investing heavily in bitcoin, but don’t be surprise that they don’t hold any bitcoin, they just trying to make themselves feel big.

-snip-

Yes, that's what this whole topic is about. Unfortunately what seems so reasonable when we analyse it objectively, is hard to understand when we suffer it. The humans are emotional animals with the ability to reason, and not reasonable animals with the ability to feel, like we've taught for centuries.

Not only with finances, but with many other aspects in life, I have witnessed lately in my life that many people make important decisions in their lives because of pure envy. And envy could be seen as a disease that is suffered more by those who experience it than those who are envied.

We can feel motivated to overcoming challenges because of the comparison with others, but that shouldn't destroy our essence and control over our own lives.

[Dogedegen]

Which means, before you decide to involve yourself in any form of competitive accumulation journey, be open to whatever the market might bring and know that, their are levels to how every individual finances can be stretched, if you can endure bad market conditions.

Anyone that want to be in competition with hia friends should ask himself if he is working in the same office where his friends are working and how much is his income. There's no need to be in an accumulation race with anyone so that you don't make mistakes that will make you sell any of your bitcoin when it's not of your will.

I agree with you in regards to your example, but this is not universally true. Because Bitcoin is the only valuable finite money, you are always in a race with everyone else whether you like it or not. Just because it is a race you don't have to do something wrong though.

Whats the point of being in competition with billion of investors in the world that you dont even know, what kind of pride and ego such competitive investor should get for doing that, thats such a stupid movement.

It is not whether you want to compete with others or not, you are in this race at all times. That is a negative effect of a globalized economy. You are competing with everyone. If you don't want to work harder to earn more or acquire more, someone else will. Because they do it, you are worse off or losing. There's no way to escape this.

[retaur]

Yes. Buying low and selling high does better than hodling but it takes more demands than hodling does.

It is not better than holding. All it takes is 1 mistake and you have undone all the previous success and are worse off than someone who held.

It does a lot better in bear systems but it's not completely redundant in a bull market. If we're ranging for a while and you sell the resistance. You'll usually end up in profit by just waiting or can buy it back at a tiny loss.

You've evolved well from your username though .

Hodling and dcaing to hodl have both done well in the past but you're unlikely to 10x by holding alone over the span of a year or a cycle. You're far more likely to do that with an altcoin you've found that does what it says (but don't get distracted by confirmation bias and check the teams - most valuations are hard to predict by newbies and often can be factored in in advance).

There is nobody doing a 10x consistently with trading in a year. Forget about these magical fairy tales and look up survivorship bias.

I'm not doing it every year but every so often something new comes along that looks undervalued and that value gets swept up. You have to be quick with it though and know what you're doing.

In my opinion, the end point of every investment is to make profits including Bitcoin. I'm not into Bitcoin because i was pressured, saw the trend or trying to compete among those who made me learnt and become interested about Bitcoin.

Bitcoin is an end in itself. The need for profit comes from the fact that you are still deeply entangled into the fiat system.

Bitcoin's deflationary, Fiat's inflationary but fiat has a more widespread acceptance for a means of exchange. It's also possible they meant they were selling profits into other earnings such as equities or a business (which could return more Bitcoin).

This is very important since you need right way of thinking to do well in crypto and you are right that social media is distraction where people mostly try to fool you about their huge gains to get attention which results in very dangerous comparison problem where people take bad chances and become stressed. Truth is that investing in Bitcoin is alone process since each person has their own starting point and aims, and thus you should not compete with another person.

I'm sure I've seen posts about how easy it is to hire a Lamborghini etc for only a few hundred $s and film an advert that shills a trading course. That sounds about right for what a lot of them do (most successful people that do "trading" sell their image and course or are sat in front of several computer screens as a statistician for a large firm).

[Questat]

People aren’t in the same level, financially, mentally and emotionally. So the higher your earning potentials, the more you can buy and accumulate bitcoin. However for those who are just small time earners, their potential to invest in bitcoin is also limited since their funds are budgeted.

Life isn’t even a competition, so there’s no reason to compete with bitcoin accumulation as well. We all have freedom to invest, although we don’t invest on the same level. Instead, just invest with calmness and without pressures, because when you invest at peace, the rate of success for your investment is also high.