How much think should be keep in mind when starting a Bitcoin investment ?

[Silikiem]

I vividly understand the fact that an investors that doesn't plan very well at the beginning of his investment end up failing within the middle or at the very initial investment, so it is not bad idea for beginners to have plan on the exactly amount as a discretionary income to be used when ever he wants to invest with, so that he pull out his investment in time of difficulties and if there is any need of increasing your discretionary income over time, you will than not having a plan on that you can invest for years without having it mind of pulling it out anytime soon and even as DCA strategy has make it very easy for all beginniners and old investors to be investing small small through DCA strategy yet the need of planing is very important and necessary as far as Bitcoin investments is concern to avoid making use of short term investment which will lead you to gambling.

A discretionary income is the amount of cash remaining after sorting out our basic expenses, and you cannot start making plans of the exact amount of discretionary income you want to use to invest in bitcoin when you’ve not finished settling your basic financial obligations. So the moment you start planning for the exact Amount of discretionary income you’ll use for buying bitcoin meanwhile you still haven’t sort out your basis needs it will be problematic at the end of the day. So the best thing to do is to first sort out your basic expenses, after that you can now know how much is left with you for investing In bitcoin.

[Yablee0]

so it is not bad idea for beginners to have plan on the exactly amount as a discretionary income to be used when ever he wants to invest with,

It's like you are getting it all wrong, you can't actually figure out your discretionary funds when you haven't settled every necessary bill's that should be attended to, discretionary funds simply means money that is left after everything (family necessity, billings and all) has already been taking care of. However it doesn't make sense for a beginner to start looking for a specific amount of money before investing  in Bitcoin because even if he does since that funds as not been fully defined as a discretionary funds because in real sense it's not the left over funds after all bills as been taking care of, therefore when real life challenges will come you will be forced or left with no option than to take from your investment portfolio to settle things and that will not go well for you as an investor and that's the fact.

[Fiasem20]

All what you’ve said is actually on point.I would just emphasize on the security aspect,though you mentioned it in your content.As a bitcoin holder your security should be your priority because without knowing how to secure your coins would cause you to be vulnerable to hackers/scammers.The security doesn’t only end on the internet rather it’s beyond that,make sure on the real world your seedphrase is kept in a safe and secured location.Lastly,to add up it is crucial never to disclose your holdings in public in other to avoid extortion and abduction.

[Merit.s]

All what you’ve said is actually on point.I would just emphasize on the security aspect,though you mentioned it in your content.As a bitcoin holder your security should be your priority because without knowing how to secure your coins would cause you to be vulnerable to hackers/scammers.The security doesn’t only end on the internet rather it’s beyond that,make sure on the real world your seedphrase is kept in a safe and secured location.Lastly,to add up it is crucial never to disclose your holdings in public in other to avoid extortion and abduction.

You don't need to know all that as a new investor before you get started. All you need to start your bitcoin investment is the basic knowledge of bitcoin and your discretionary income. After, you have figured out your discretionary income, you get started and learn as you go. As you continue ongoingly buy weekly, you can learn about wallet and how to secure your bitcoin but if you don't have any bitcoin, it's not important because you have nothing to lose.

It's good to buy a hardware wallet in the long run to keep majority of your bitcoin because the private keys are always offline limiting online attacks.

[Crytohillss]

I would suggest that if he hardly knows shit about bitcoin, then maybe he starts out with $10 rather than $100, but in the example that I just gave, he has $1k available, no?

I think it will be very unserious of him to start out very whimpily in accumulating with $10 because it will take him nowhere, since he has a big discretionary income of $1k.

Of course, you are not wrong in proclaiming that $10 would be whimpy giving the size of the discretionary funds that are available, yet it seems to me that our ongoing push for guys to get the fuck started should not get in the way of their ability to choose their level of aggressiveness (or whimpiness), and surely I personally would like to leave way more latitude for guys to get started and even to get started in a whimpy way, since it seems to me that once they put systems in place, then at least at that point they have options and they can choose their level .. and my own assertion that guys should attempt to be as aggressive as they are able to be without overdoing it is not trying to tell them what to do, even though I am making a recommendation regarding what I believe to be a preferable approach, especially with something like bitcoin.

Another thing is that levels of whimpiness and/or aggressive can have a lot of personal reasons for changing, and surely guys have ongoing competing interest that can reasonably cause them to change their priorities - yet if they have at least gotten started, and maybe even if they invest in bitcoin for a few months, and then just leave it there, they still may end up in a decent place, as long as they don't end up cashing out... and just let their bitcoin ride, even if they end up losing focus and getting distracted into other matters... accordingly, there are levels to the kinds of errors that guys can end up making in regards to their ongoing choices about how aggressive they think that they need to ongoingly be in regards to their bitcoin holdings based on changes in their personal circumstances, that includes assessments about the size of their bitcoin and their assessments if they have enough or not (which they could end up concluding wrong, but if they had at least started, then at least they have systems in place and some level of familiarity with bitcoin rather than the status of many no coiners who have no fucking clue about bitcoin, even though they still might have some opinions about it (that are likely to be wrong).

I think if he wants to start investing because he only has the basic knowledge of bitcoin and lacks confidence in bitcoin, he can start out with $100 in his first year or more while he builds his confidence in bitcoin.

Sure.  That would be completely reasonable given the facts (the hypothetical), yet it remains my own personal position that there is a wide-range of reasonable that exists between each of us, and each of us needs to figure out our level of reasonable, even if we might get it wrong from time to time. 

If I met the person in real life, then maybe I could assess if such person needs more help, such if the person were to be real young and immature, or if the person might be mentally challenged, but I am not going to presume anyone to be lacking in common sense.. so I need to presume common sense to exist within at least 97% of the adult population, even if they might need to practice their common sense and put their common sense into practice, which my pointing out to them to get the fuck started seems to be enough, and they have to take responsibility over how aggressive they choose to be or not, and surely if they choose whimpy and then adapt into more aggressive, then there is nothing wrong with that, yet surely there are some folks that will never advance out of their chosen whimpy status, and surely they will have to suffer down the road, when they are not able to repeat their previous 10 years.

By the way, I know some otherwise quite intelligent people who have been saving up to buy a house for 20 years.. perhaps even longer.  So they have 100s of thousands of dollars in cash (some kind of an interest bearing bond), and they are ongoingly losing money on their bond because the money is debased faster than they can add to their funds.. which really seems retarded.. and people do really dumb things sometimes, yet they have to be responsible for their level of dumb... especially if we might have had done our part and said to them, "have you thought about looking into bitcoin?"  I doubt that I have much of a further obligation, even though I feel bad for such people that surely exist.. but they have to figure out their allocations...even if they are seeming to be ongoingly concluding based on faulty presumptions.

He can be putting $600 into building his emergency funds and $300 for his discretionary consumption. As time passes by and he has gained confidence in bitcoin, he can increase his DCA purchases to $450 and put $400 and $150 into discretionary consumption till he is done in building his emergency funds. He can increase his DCA amount and invest aggressively.

Of course, what you say seems way smarter, and sure I might make such a suggestion to such a guy, too.. but the guy has to figure out his own level of aggressiveness (or whimpiness) and be able to stick with whatever plan he makes (and whatever actions he chooses to take as a result of his plan).

By the way, one of the points that I was trying to emphasize with my $10 example was that there certainly should be an amount that any of us should be able to start investing into bitcoin without giving too many shits about it and without having much if any knowledge at all.  So that example was to point out an amount that was not zero and also it could be increased in accordance with the level of knowledge and/or comfort increasing. Guys come to bitcoin with all kinds of levels of knowledge and experiences, and they may well come with absolutely nothing or very little, so they have to build up their knowledge and their experiences... Other guys might have experiences in cashflow management, but no experiences in bitcoin, and even other people might have had already been studying bitcoin and bitcoin related matters without considering investing in it, yet perhaps all of a sudden they might consider that maybe they should invest in it... ..

Not everybody is in good position to go hard immediately and forcing that mindset can backfire, if anyone started with $10 or $40 whatever they are comfortable with they are not just purchasing Bitcoin, they are building the habit of learning the system and getting the psychologically used to being in the market cycle. Like you said once that foundation is there they can always scale up  aggressions can increase with the confidence income and understanding so the most important things is that they have crossed that initial barrier and actually have some experience instead of sitting on the sidelines with opinions.

[JayJuanGee]

[edited out]

Not everybody is in good position to go hard immediately and forcing that mindset can backfire, if anyone started with $10 or $40 whatever they are comfortable with they are not just purchasing Bitcoin, they are building the habit of learning the system and getting the psychologically used to being in the market cycle. Like you said once that foundation is there they can always scale up  aggressions can increase with the confidence income and understanding so the most important things is that they have crossed that initial barrier and actually have some experience instead of sitting on the sidelines with opinions.

That is true.  There are likely way too many normal people who think that they have to "go BIG or go home," and so instead of starting out with a reasonable amount and studying the matter, they want to study the matter first - which could cause them way too much delay since the things that are most important to learn do not even have to do with understanding bitcoin (since that can come later).

Instead of figuring out how to get the ball rolling and getting into a habit of ongoingly buying bitcoin (perhaps weekly) and also just figuring out some aspects of their own cashflows so they can get a decently good handle on how aggressive that they are able to be with the cashflow (and other capital) that they might have (even some poor people might have some capital that they would love to invest into something like bitcoin, but they are looking for the right thing, yet even if they have some kind of a "stash" of a savings, it still might not be a good idea for them to put it all into bitcoin before they become more comfortable with both bitcoin and also how they would be storing the bitcoin, in the event that they are going to need to move the money that they invest to a private wallet).. ..

And yeah, merely because the cashflow and capital is there does not necessarily mean that the person is ready to ramp up their level of aggressiveness in regards to investing into bitcoin, and that is where the learning about bitcoin will help them to figure out why ramping up their level of aggressiveness is likely to be a good idea - even while investing in bitcoin (and organizing their personal cashflows) is not guaranteed to be profitable at the same time.

[Tonia86]

Hey there, I am Ninja,  I have researched Bitcoin for a long time, I am creating this post to fully test my knowledge, I am sharing here an overall idea of ​​how many things to keep in mind and what is needed for Bitcoin investment, you can correct me if I am wrong here.

I am explaining the things step by step:

Fundamental Understanding: To hold an investment effectively, you must have basic knowledge, how Bitcoin works, what is its main point, what is its probability of success, what is its probability of loss, the investor should first acquire basic knowledge about all these things. and after you start investing, you can learn these things, Blockchain, mining, halving process should be understood, if an investor understands these, he will be able to understand the long-term potential of Bitcoin, so he can hold Bitcoin for the long term with more confidence.



Financial Planning and Allocation: To make an investment effective in the long term, the financial condition is of great importance, it is not easy to invest without a source of income, you must have a reliable and regular source of income. Suppose your monthly income is $500, you spend a total of $400 on all your expenses every month, and you have $100 left over. After deducting all the money for all these expenses and needs, the amount of money left over from your income that is unnecessary should only be used for investments. The necessary money should not be used for investments in any way. In this case, if you do not have any source of income, then you will not be able to maintain it for the long term unless you have a separate unnecessary amount of money for any investment.



Buying strategy: You have to be consistent in buying, if you invest for long-term purposes, you have to buy continuously and also accumulate Bitcoin at an average price, and the most correct strategy for this is DCA. If you wait to buy, you will miss the opportunity, Bitcoin does not fluctuate according to your expectations, so when buying, you have to set a specific time without worrying about the price and no matter what the price of Bitcoin is at the same time every week or every month, you have to buy Bitcoin with a certain amount of money. There is no need to be aggressive here, be consistent and long-term, then this will bring good results in the long run.



Market Analysis: It is very important to be careful about the fluctuations of the market when holding Bitcoin investment for the long term, basically you have to accept the fluctuations in the market, ignore the volatility, and keep Bitcoin for long-term purposes by maintaining a long-term mindset, the market will always fluctuate a lot but you should not panic about them and keep the investment long-term by maintaining a long-term mindset.



Investment Duration: Bitcoin is not a get rich quick scheme, generally to achieve significant success from Bitcoin investment, you must decide to hold the investment for the long term, here keeping a short-term mentality means trading, the Bitcoin market is very volatile in the short term but shows a stable growth trend in the long term, in this case we have to determine the time to hold the investment in conjunction with the Bitcoin halving process. Bitcoin halving occurs every 4 years, and after each halving there is a great chance for Bitcoin to touch new heights, as we have seen in the past. So if we can decide to hold our investment for 2 to 3 halvings, then our chances of success will be very high, and this has the potential to bring us success on a much larger scale.



Emergency fund: The importance of emergency fund is essential in Bitcoin investment, but unfortunately many new investors ignore this emergency fund in the first place, it is not possible to say when the unexpected time comes, any accident comes suddenly, bad situations in people's lives take a very terrible shape and it happens in every person's life, so in such situations money is needed a lot, that is why, if you do not have an emergency fund, then in such unexpected times you will have to sell any of your valuables, to manage that unexpected situation. And as such, if you invest in Bitcoin and without any emergency fund, then in an emergency situation you may have to depend on your Bitcoin investment in any way, so this will definitely lead you to loss, because if the market is down at that time, you will have to sell the investment despite the loss.



Trusted Bitcoin Wallet and Security: "Not your keys, not your coins." Do not keep coins on exchanges for long periods of time, beware of phishing and scams, keep your private key top secret and strictly to yourself, never tell anyone about your Bitcoin holdings, you can keep it as secret as possible, the more you and your Bitcoin will be safe. Always keep 2FA enabled on exchanges, do not connect your wallet to public Wi-Fi in any way, recovery phrases should be kept with caution and caution, it is best if two copies of the phrase are kept in separate places, because if you only keep one copy and it is somehow lost, your Bitcoin will be completely blocked. So you have to be careful in these cases and keep Bitcoin completely in a self-custody wallet, Self-Custody is a right. And overall, the safest way to hold Bitcoin is with a hardware wallet, keeping it physically safe by completely disconnecting it from the internet connection, and keeping the seed phrase as secure as possible.


If I missed anything important, please let me know.

Ninja~ 

You really broke everything down perfectly,  When diving into Bitcoin, one has to consider the  market volatility creates a budget you can afford to lose,
Make research and don't stop because ithe research gives you an insight of what you're about to go into, then put in mind that Security is a compulsory fact.

Finally make sure you don't invest more than you are willing to lose because when  starting a Bitcoin one has to have enough patients.

[Agathamay]

If I missed anything important, please let me know.

You didn't really miss anything, but you forgot to include back up fund, because back fund too is also needed on the Long run, since the fund usually work hand in hand with emergency fund, and you can also use back up fund to buy the dips when ever they occur and hold for long term. And secondly why using colours to bold your words? why not just use black to make it look mature and presentable, because if you ask me this your thread is now looking childish, because of the Bolding style, and you may likely not get the attention you're looking for, so in that case I will suggest you change those bold words colour to black colour. And When I started this forum as newbie just like you I was doing things the appropriate way, so doing things the appropriate way and stop all this childish things.

is anything typically wrong with the font colors and why do you think so or why do you even think he is not doing the right thing ?
I personally would result to using any color that pleases me as much as i can pass my message and mind you, one of the major reasons why i read this thread before seeing our response was the color because i was interested in what op had to say and to be frank he has a good thread that might not just be useful to just the newbies but to everyone who intends to hold bitcoin especially for long term.

welcome to the forum OP and i would say that, you have some very good knowledge on the preliminaries pf bitcoin and if you stick to it earlier now, you will be happy you did.

[Hardyrobust]

All what you’ve said is actually on point.I would just emphasize on the security aspect,though you mentioned it in your content.As a bitcoin holder your security should be your priority because without knowing how to secure your coins would cause you to be vulnerable to hackers/scammers.The security doesn’t only end on the internet rather it’s beyond that,make sure on the real world your seedphrase is kept in a safe and secured location.Lastly,to add up it is crucial never to disclose your holdings in public in other to avoid extortion and abduction.

 security is very important when it comes to bitcoin investment, playing with it , is the same as playing with one fortune. As much it is paramount to know how to secure our bitcoin in other not to fall victim of scams. However, as of getting started it is not a prequisite. The most important thing is being able to sort out discretionionary income to invest with and every thing will follow suit as time goes by.

[GIF-JOBS]

All what you’ve said is actually on point.I would just emphasize on the security aspect,though you mentioned it in your content.As a bitcoin holder your security should be your priority because without knowing how to secure your coins would cause you to be vulnerable to hackers/scammers.The security doesn’t only end on the internet rather it’s beyond that,make sure on the real world your seedphrase is kept in a safe and secured location.Lastly,to add up it is crucial never to disclose your holdings in public in other to avoid extortion and abduction.

 security is very important when it comes to bitcoin investment, playing with it , is the same as playing with one fortune. As much it is paramount to know how to secure our bitcoin in other not to fall victim of scams. However, as of getting started it is not a prequisite. The most important thing is being able to sort out discretionionary income to invest with and every thing will follow suit as time goes by.

Of course, in the case of investment, we can never compromise on safety, here, along with preparing financially and mentally for investment, we should also pay a lot of attention to safety to keep the investment safe. However, I agree with you that it is not necessary to know everything in depth to start, rather we can start with general knowledge and gradually we can gain deep knowledge along with everyone. Bitcoin investment depends on patience and awareness, so we have to consciously start investing from the income within our capacity without pressure, then by keeping it consistent, we will continue to gain more and more deep knowledge, those who can maintain this awareness do not delay investment.

[Crytohillss]

[edited out]

Not everybody is in good position to go hard immediately and forcing that mindset can backfire, if anyone started with $10 or $40 whatever they are comfortable with they are not just purchasing Bitcoin, they are building the habit of learning the system and getting the psychologically used to being in the market cycle. Like you said once that foundation is there they can always scale up  aggressions can increase with the confidence income and understanding so the most important things is that they have crossed that initial barrier and actually have some experience instead of sitting on the sidelines with opinions.

That is true.  There are likely way too many normal people who think that they have to "go BIG or go home," and so instead of starting out with a reasonable amount and studying the matter, they want to study the matter first - which could cause them way too much delay since the things that are most important to learn do not even have to do with understanding bitcoin (since that can come later).

Instead of figuring out how to get the ball rolling and getting into a habit of ongoingly buying bitcoin (perhaps weekly) and also just figuring out some aspects of their own cashflows so they can get a decently good handle on how aggressive that they are able to be with the cashflow (and other capital) that they might have (even some poor people might have some capital that they would love to invest into something like bitcoin, but they are looking for the right thing, yet even if they have some kind of a "stash" of a savings, it still might not be a good idea for them to put it all into bitcoin before they become more comfortable with both bitcoin and also how they would be storing the bitcoin, in the event that they are going to need to move the money that they invest to a private wallet).. ..

And yeah, merely because the cashflow and capital is there does not necessarily mean that the person is ready to ramp up their level of aggressiveness in regards to investing into bitcoin, and that is where the learning about bitcoin will help them to figure out why ramping up their level of aggressiveness is likely to be a good idea - even while investing in bitcoin (and organizing their personal cashflows) is not guaranteed to be profitable at the same time.

Building that momentum over time even if it's just small amounts seems way more sustainable than waiting until one feel 60% or100% ready which might never even happen getting comfortable with things like storage and security as one make a big difference it truly about balance learning , acting and adjusting as one grow instead of trying to get everything perfectly before one can even begin it is not all about understanding Bitcoin investment itself yet is about knowing your own financial situation and how much risk one can actually handle without stressing yourself.

[Lembo69]

Of course, in the case of investment, we can never compromise on safety, here, along with preparing financially and mentally for investment, we should also pay a lot of attention to safety to keep the investment safe. However, I agree with you that it is not necessary to know everything in depth to start, rather we can start with general knowledge and gradually we can gain deep knowledge along with everyone. Bitcoin investment depends on patience and awareness, so we have to consciously start investing from the income within our capacity without pressure, then by keeping it consistent, we will continue to gain more and more deep knowledge, those who can maintain this awareness do not delay investment.

Many people are not able to continue investing consistently, so they often lag behind other investors. Some of them do not grow their portfolios just because they are not able to invest consistently, but there are many who think that they will buy during the dip, so they do not give importance to it from the beginning, if they do not get the dip according to their estimates, will they not regret it later?

Later they will regret it, they should have continued investing consistently from the beginning, but they did not do so, and as a result, they are lagging behind. So in terms of investment, you should keep buying through the DCA strategy as soon as possible. Because if you do not buy now, you will lag behind later. Staying in the market consistently is also a big part of investment