Investment Become Gambling

[JayJuanGee]

I was going to say a similar thing to Iroh, and he has been registered on the forum since May 2022, yet perhaps he has been thinking about bitcoin for the whole time that he has been registered here, yet he has been and continues to be failing/refusing to get the fuck started..  
So then, nearly 4 years and has he started to buy bitcoin yet?  if not?  when is he going to start?  He does not seem to be in a good place to be giving advice, if he has not yet started investing into bitcoin.

If Iroh had started investing $100 per week into bitcoin starting in May 2022 until now, then he would have nearly 4 years investing into bitcoin, and he would have had invested right around $20k into bitcoin, and he would have had accumulated right around 0.5 BTC, which would be a really great place to be right now based on $20k invested over a little less than 4 years.
I think that a lot of normal people would like to be in a place as to have had gotten themselves of holding 0.5 BTC for some thing like $20k invested over a little less than 4 years..

I agree with the sentiment that you can't truly understand Bitcoin until you own some. There’s a psychological shift that happens when you move from observer to holder.
If Iroh had just started with even $10 or $20 a week back in 2022, the technical hurdles (wallets, seed phrases, etc.) would be second nature by now. Analysis paralysis is the biggest portfolio killer. Better to be a clueless buyer in a bear market than a genius observer watching the ship sail from the shore.

What then happens after the bear market? Do you stop buying? Is it not better to be intentional about your bitcoin investment journey rather than being clueless?
Of course it is better to be consistent in your regular buys than buying only during the bear market. Investors should strive for their regular buys not to be seasonal, but consistent over a longer period to build out a descent bitcoin portfolio for themselves

Of course, many of us participating in a forum like this are already interested in bitcoin and likely studying into bitcoin, and surely guys are going to come to bitcoin with varying levels of knowledge and conviction.

It seems to be o.k. and acceptable to start out investing in bitcoin from wherever we might be,  even if we might not have very much knowledge.  So, we just figure out some comfortable amount that works with our budget to put into bitcoin and perhaps with thought of merely having some bitcoin as an option.

It would also seem that the longer that we are in bitcoin, then the more motivated we should become to look into bitcoin more, and to understand the thing that we are buying.  We cannot force the interests of any other person, even though  it may well be a good idea to learn more and more about bitcoin as we are investing into it, which includes learning how to self-custody it.  One of the barriers of self-custody continues to be the need to invest more into bitcoin and the learning of bitcoin and even making sure that you do not lose your bitcoin, since self-custody requires responsibility to make sure that the keys are not lost, otherwise the access to those bitcoin will be lost, so the higher the value, the larger the loss - which may be part of the reason that some guys do not want to move away from third-party custody or maybe they try to figure out ways to jointly custody so that they do not have to have all of the responsibility of safeguarding the value of their private keys.

The value of the BTC holding may well not seem like it is getting larger,  but then perhaps all of a sudden, the price goes up, so then the value becomes much more than what it had previously been.  We can never really know for sure if bitcoin's prices are going to change to the upside or to the downside, so if the prices are going to the downside, then every weekly buy (whether it is $100 or some other amount) gets more satoshis for the same quantity of dollars invested, then if the BTC price goes shooting up, those same accumulated satoshi start to seem like a lot of money.  I know quite a few guys who had been keeping relatively small amounts of bitcoin in various wallets in 2014, 2015 and 2016, and maybe they had some wallets that were a few hundred dollar, and then other wallets that had a few thousand dollars and so when the BTC price went from $250 in 2015 to $19,666 in late 2017, that was a fairly short period of time, and so we could imagine that a wallet that might have had $500 (2 BTC) would have had become worth $39k at the peak in late 2017, and a wallet with 40 BTC ($10k) would have had suddenly been worth around $780k at the peak in late 2017.

It is also important that the investor has an idea of what he is doing and how to go about it rightly, I do not buy into the clueless buying because if you're clueless, you may as well be going about it in the wrong way and may be using money for your projected expenses to buy and when it is time to undertake such expenses, you'll cash in your portfolio and as well end up like the friend described in the OP.

It is true that in the beginning we might not need to know very much, and in the beginning we may well be focused on building our position and perhaps learning the basics of our cashflow management and how to accumulate bitcoin.. yet the more and more our bitcoin grows through our adding to it and potential price appreciation, then there is a need to learn more, at minimum so that we do not end up panicking and we have some plans regarding how to deal with our bitcoin in the case that the price changes, whether the price is going up, down or sideways.  And, surely there have been guys who regret when they did not have a plan, including in 2017, there may well would have had been several guys who panic sold their bitcoin in late 2017 when the price went between $2k and $4k, and if they ended up selling all of their bitcoin, the price did not correct back down to those levels in 2018, 2019 or 2020, so they might have had regrets in their not being able to buy back at the prices that they sold, and perhaps the ones that did the best, ended up buying back in at a loss, and others became bitter about  bitcoin and would not buy back in, since they were not able to buy back the same quantity of bitcoin that they had sold.

It is important that you are buying and also very important that you know how to buy rightly like buying from part of your discretionary income and building backup funds simultaneously in the process so you'll have more financial options not to tap into your portfolio in case of emergencies. It is also good having an accumulation target and not taking short-term profits.

All of these ideas make more sense when they are put into practice, and surely some guys will go heavier into bitcoin than others, so frequently, even  modest bitcoin position ends up being better than the position of the guys who chose to completely stay out of bitcoin.

[Rockson1]

It can be a bit intimidating for beginners to know that they don't need to know everything about Bitcoin at the beginning. But I want to know what the basic concept means. It's important to be clear. If we start with the idea that the price will only go up, then it may not go up as expected. That can create panic.

Do a newbie has to worry about price? The answer is obviously no, a newbie should concentrate more on how to build a his Bitcoin portfolio, how to have a sustainable income to continue your stash should be of utmost concern to you as a newbie, the basic knowledge you should seek for is now to start your investment, just as we know there things we learn as we start investing, we should not expect that we will learn everything one day, we learn as we continue investing.
There is nothing intimidating anywhere is just that there are things that can stand as discouragement at that early stage, it will be of help to newbies to be more grounded in the system so that any further research they make when they have started investing won't have any effect on their decision, when a the plan of any newbie is to invest in Bitcoin for a long-term I doubt if such newbie will eventually panic along the line.

[ASloveapg]

Expecting Bitcoin price to only go up is exactly what creates the panic you're warning about. Many beginners get drawn in by the "number go up" idea. They buy high on hype, price corrects then they panic and sell at the bottom and lose big.

The real fix for beginners isn't pretending price always rises; it's understanding Bitcoin can drop sharply. Therefore, only invest what you can afford to hold through that fluctuation without emotional decisions.

This mindset reduces panic, because you won't be shocked when it happens.

Many new investors are attracted to the idea that prices will increase and focus on short-term profits. But when they actually enter the market and suffer financial losses when the market falls, they panic. Therefore, one should never make decisions only thinking about profits. Prices can go up as well as down, and those who are aware of this fact enter the market prepared and try to make rational decisions without making emotional decisions. However, whether one invests in the short term or in the long term, one should invest with an amount of money that an investor can afford to lose.

In Bitcoin investment, we must maintain balance, not rushing too much and not too slowly, but investing consistently within our means. If the investment is long-term, if we expect significant success, we must be able to hold it for the long term first, otherwise if we enter Bitcoin with short-term expectations, we will have the possibility of losing more. Because the price will never move according to our expectations, we must form a consistent buying mentality and hold it for the long term. Discretionary income is needed, after calculating all our income and daily expenses, we should only invest in what we do not need, we should not invest in an amount that we cannot afford to hold for the long term.

[ZeroVinsonN]

Expecting Bitcoin price to only go up is exactly what creates the panic you're warning about. Many beginners get drawn in by the "number go up" idea. They buy high on hype, price corrects then they panic and sell at the bottom and lose big.

The real fix for beginners isn't pretending price always rises; it's understanding Bitcoin can drop sharply. Therefore, only invest what you can afford to hold through that fluctuation without emotional decisions.

This mindset reduces panic, because you won't be shocked when it happens.

Many new investors are attracted to the idea that prices will increase and focus on short-term profits. But when they actually enter the market and suffer financial losses when the market falls, they panic. Therefore, one should never make decisions only thinking about profits. Prices can go up as well as down, and those who are aware of this fact enter the market prepared and try to make rational decisions without making emotional decisions. However, whether one invests in the short term or in the long term, one should invest with an amount of money that an investor can afford to lose.

If they get into bitcoin focussed on shaft term profits then they are not even investors to begin with, they need to clear that confusion out of their heads, you can't be a trader and be masquerading yours around as an investor, at that point they are just deceiving people and that's why when newbies want to start investing they sometimes end up falling into trading because they they don't know the difference between the two.

[liasbaa]

All of these ideas make more sense when they are put into practice, and surely some guys will go heavier into bitcoin than others, so frequently, even  modest bitcoin position ends up being better than the position of the guys who chose to completely stay out of bitcoin.

I agree with you. Investors who started saving Bitcoin four years ago and still have long term vision will definitely reach a good financial position. But those who still think that they will keep their funds with them and keep them in a financial institution for security reasons are unknowingly losing money. It may not be understandable to everyone because they think that the amount of funds they are accumulating in those institutions will give them 2-3 percent dividends after a few years. But they are actually losing money by saving money because the value of their funds is decreasing every year due to inflation. If they had accumulate Bitcoin every week, they could have had a large portfolio in the long term and at least be in a much better position than fiat accumulation.

[EarnOnVictor]

Do you think that mental and behavioral control are similar important with financial management, risk management  in investing?

In plain terms, your friend neglected the fact that there is a thin line between 1. Investing,  2. Trading within investing, and 3. Gambling in the name of investing. If care is not taken, overzealousness and emotion would take over, and the supposed investor would be dangling around the three.

This is where serious investment learning is important so that the person always take informed-investment decisions.

[Joeboy]

All of these ideas make more sense when they are put into practice, and surely some guys will go heavier into bitcoin than others, so frequently, even  modest bitcoin position ends up being better than the position of the guys who chose to completely stay out of bitcoin.

I agree with you. Investors who started saving Bitcoin four years ago and still have long term vision will definitely reach a good financial position. But those who still think that they will keep their funds with them and keep them in a financial institution for security reasons are unknowingly losing money. It may not be understandable to everyone because they think that the amount of funds they are accumulating in those institutions will give them 2-3 percent dividends after a few years. But they are actually losing money by saving money because the value of their funds is decreasing every year due to inflation. If they had accumulate Bitcoin every week, they could have had a large portfolio in the long term and at least be in a much better position than fiat accumulation.

There could be a whole lot of factors involved, but then for some folks, what may actually trigger this constant delay from not getting started is coz of fear + low conviction... Some folks have discretionary income available, but having heard that Bitcoin is a volatile asset, they then come up with a lot of assumptions and excuses from not getting started... Unknown to them they are doing themselves more harm than good....

The truth about starting out regardless of how small your investment amount is, is that you tend to be much more better than folks who deliberately excluded themselves from Bitcoin... Starting small when your conviction is yet to reach its peak can afford folks a whole lot of freedom to learn more about Bitcoin comfortably without being pressured about the short term movement of Bitcoin... As they learn, their conviction also grows... And higher convictions eliminates fear and brings up the possibility of folks getting to increase their investments amounts as they go...

[ASloveapg]

Expecting Bitcoin price to only go up is exactly what creates the panic you're warning about. Many beginners get drawn in by the "number go up" idea. They buy high on hype, price corrects then they panic and sell at the bottom and lose big.

The real fix for beginners isn't pretending price always rises; it's understanding Bitcoin can drop sharply. Therefore, only invest what you can afford to hold through that fluctuation without emotional decisions.

This mindset reduces panic, because you won't be shocked when it happens.

Many new investors are attracted to the idea that prices will increase and focus on short-term profits. But when they actually enter the market and suffer financial losses when the market falls, they panic. Therefore, one should never make decisions only thinking about profits. Prices can go up as well as down, and those who are aware of this fact enter the market prepared and try to make rational decisions without making emotional decisions. However, whether one invests in the short term or in the long term, one should invest with an amount of money that an investor can afford to lose.

If they get into bitcoin focussed on shaft term profits then they are not even investors to begin with, they need to clear that confusion out of their heads, you can't be a trader and be masquerading yours around as an investor, at that point they are just deceiving people and that's why when newbies want to start investing they sometimes end up falling into trading because they they don't know the difference between the two.

We should clearly understand the differences between long-term investment and short-term trading. Those who are real long-term investors should have an investment horizon of at least four years and then they can hold on to it for as long as they can. But as an investment, we should maintain our investment for at least four years and continue to buy and hold consistently. Those who enter the market to buy and sell with short-term expectations, most of the time do not get any effective results, but rather get more negative results. This is the case for most people, because Bitcoin is a currency whose value is the most difficult and uncertain to predict. That is why we should hold on to it with a long-term mindset, not just a short-term one, and have a clear idea of ​​which one gives you the most chance and potential for success, and then the rest is up to you.

[Emjay24]

It is true that in the beginning we might not need to know very much, and in the beginning we may well be focused on building our position and perhaps learning the basics of our cashflow management and how to accumulate bitcoin.. yet the more and more our bitcoin grows through our adding to it and potential price appreciation, then there is a need to learn more, at minimum so that we do not end up panicking and we have some plans regarding how to deal with our bitcoin in the case that the price changes, whether the price is going up, down or sideways.  And, surely there have been guys who regret when they did not have a plan, including in 2017, there may well would have had been several guys who panic sold their bitcoin in late 2017 when the price went between $2k and $4k, and if they ended up selling all of their bitcoin, the price did not correct back down to those levels in 2018, 2019 or 2020, so they might have had regrets in their not being able to buy back at the prices that they sold, and perhaps the ones that did the best, ended up buying back in at a loss, and others became bitter about  bitcoin and would not buy back in, since they were not able to buy back the same quantity of bitcoin that they had sold.

I agree to this, planning is very important in our investment schedules and prospects so that it is not another case of anything goes which is just gambling. In the beginning, the investor has basic knowledge and it is fine not to have a definite plan, but as you advance in buying and holding, it becomes very important to have both your accumulation target and holding period spelt out, this would help you have a sort of benchmark and a clear pathway of your investment journey. Learning is a continuous process and when we learn more about the bitcoin we are being consistent in, we understand better what we're doing in bitcoin and the possible future we are aiming to arrive at, we come to appreciate our getting involved in it and adjust our attitudes both towards our cashflow and our mentality towards profitability in it in order to engage better and achieve possible success in it.

I always reiterate that those who sold a lot too early or sold off everything did so out of ignorance and poor understanding of what they were doing in bitcoin. It is not always to get in and out and take some profits along, but to build wealth that you can manage and control by yourself. Most folks sold and went back to fiat and today their money has lost a lot of value, I can only imagine the kind of depreciation the fiat of those who sold in 2017 has experienced which they would've avoided if they planned properly or understood bitcoin enough to stay invested in it for longer.

[Crytohillss]

I was going to say a similar thing to Iroh, and he has been registered on the forum since May 2022, yet perhaps he has been thinking about bitcoin for the whole time that he has been registered here, yet he has been and continues to be failing/refusing to get the fuck started..  
So then, nearly 4 years and has he started to buy bitcoin yet?  if not?  when is he going to start?  He does not seem to be in a good place to be giving advice, if he has not yet started investing into bitcoin.

If Iroh had started investing $100 per week into bitcoin starting in May 2022 until now, then he would have nearly 4 years investing into bitcoin, and he would have had invested right around $20k into bitcoin, and he would have had accumulated right around 0.5 BTC, which would be a really great place to be right now based on $20k invested over a little less than 4 years.
I think that a lot of normal people would like to be in a place as to have had gotten themselves of holding 0.5 BTC for some thing like $20k invested over a little less than 4 years..

I agree with the sentiment that you can't truly understand Bitcoin until you own some. There’s a psychological shift that happens when you move from observer to holder.
If Iroh had just started with even $10 or $20 a week back in 2022, the technical hurdles (wallets, seed phrases, etc.) would be second nature by now. Analysis paralysis is the biggest portfolio killer. Better to be a clueless buyer in a bear market than a genius observer watching the ship sail from the shore.

What then happens after the bear market? Do you stop buying? Is it not better to be intentional about your bitcoin investment journey rather than being clueless?
Of course it is better to be consistent in your regular buys than buying only during the bear market. Investors should strive for their regular buys not to be seasonal, but consistent over a longer period to build out a descent bitcoin portfolio for themselves

Of course, many of us participating in a forum like this are already interested in bitcoin and likely studying into bitcoin, and surely guys are going to come to bitcoin with varying levels of knowledge and conviction.

It seems to be o.k. and acceptable to start out investing in bitcoin from wherever we might be,  even if we might not have very much knowledge.  So, we just figure out some comfortable amount that works with our budget to put into bitcoin and perhaps with thought of merely having some bitcoin as an option.

It would also seem that the longer that we are in bitcoin, then the more motivated we should become to look into bitcoin more, and to understand the thing that we are buying.  We cannot force the interests of any other person, even though  it may well be a good idea to learn more and more about bitcoin as we are investing into it, which includes learning how to self-custody it.  One of the barriers of self-custody continues to be the need to invest more into bitcoin and the learning of bitcoin and even making sure that you do not lose your bitcoin, since self-custody requires responsibility to make sure that the keys are not lost, otherwise the access to those bitcoin will be lost, so the higher the value, the larger the loss - which may be part of the reason that some guys do not want to move away from third-party custody or maybe they try to figure out ways to jointly custody so that they do not have to have all of the responsibility of safeguarding the value of their private keys.

The value of the BTC holding may well not seem like it is getting larger,  but then perhaps all of a sudden, the price goes up, so then the value becomes much more than what it had previously been.  We can never really know for sure if bitcoin's prices are going to change to the upside or to the downside, so if the prices are going to the downside, then every weekly buy (whether it is $100 or some other amount) gets more satoshis for the same quantity of dollars invested, then if the BTC price goes shooting up, those same accumulated satoshi start to seem like a lot of money.  I know quite a few guys who had been keeping relatively small amounts of bitcoin in various wallets in 2014, 2015 and 2016, and maybe they had some wallets that were a few hundred dollar, and then other wallets that had a few thousand dollars and so when the BTC price went from $250 in 2015 to $19,666 in late 2017, that was a fairly short period of time, and so we could imagine that a wallet that might have had $500 (2 BTC) would have had become worth $39k at the peak in late 2017, and a wallet with 40 BTC ($10k) would have had suddenly been worth around $780k at the peak in late 2017.

It is also important that the investor has an idea of what he is doing and how to go about it rightly, I do not buy into the clueless buying because if you're clueless, you may as well be going about it in the wrong way and may be using money for your projected expenses to buy and when it is time to undertake such expenses, you'll cash in your portfolio and as well end up like the friend described in the OP.

It is true that in the beginning we might not need to know very much, and in the beginning we may well be focused on building our position and perhaps learning the basics of our cashflow management and how to accumulate bitcoin.. yet the more and more our bitcoin grows through our adding to it and potential price appreciation, then there is a need to learn more, at minimum so that we do not end up panicking and we have some plans regarding how to deal with our bitcoin in the case that the price changes, whether the price is going up, down or sideways.  And, surely there have been guys who regret when they did not have a plan, including in 2017, there may well would have had been several guys who panic sold their bitcoin in late 2017 when the price went between $2k and $4k, and if they ended up selling all of their bitcoin, the price did not correct back down to those levels in 2018, 2019 or 2020, so they might have had regrets in their not being able to buy back at the prices that they sold, and perhaps the ones that did the best, ended up buying back in at a loss, and others became bitter about  bitcoin and would not buy back in, since they were not able to buy back the same quantity of bitcoin that they had sold.

It is important that you are buying and also very important that you know how to buy rightly like buying from part of your discretionary income and building backup funds simultaneously in the process so you'll have more financial options not to tap into your portfolio in case of emergencies. It is also good having an accumulation target and not taking short-term profits.

All of these ideas make more sense when they are put into practice, and surely some guys will go heavier into bitcoin than others, so frequently, even  modest bitcoin position ends up being better than the position of the guys who chose to completely stay out of bitcoin.

I think one of the fact takeaway is that beginning some where even little is better than waiting until you become an expert Long term seems to be more practical way to get exposure without stressing over short term price it is a big responsibility but it really Changes your relationship with your Bitcoin when people control their own keys I have personally confirm that as one learn more and gradually take on responsibilities your confidence grow and you started seeing Bitcoin not just as an investment or businesses but as a technology and philosophy to understand.

[Y3shot]

It is impossible to understand everything about bitcoin, which is why we should be more concerned about having a basic understanding and knowledge about bitcoin, and there is no way you will have to know everything before getting started with bitcoin which is why it’s more important to understand bitcoin and start little by little by having the basic knowledge that will push you to get started, then when you have started investing in bitcoin then it’s obvious you know to approach the bitcoin market and learn that it’s not about bitcoin being gambling, I think bitcoin investment can become gambling when we are bitcoin traders instead of bitcoin investors.

The basic things matter a lot in Bitcoin because when you don't know, it is just as if one is completely blank. Having basic knowledge of Bitcoin gives room to gain further understanding of it.

The fundamental aspect of Bitcoin is the principal thing; it determines whether one will be able to achieve something good from it. Some people are just too lazy to understand Bitcoin, believing they can succeed with just their existing knowledge, but it doesn't work that way. When it comes to Bitcoin investment, understanding is paramount, and if you don't have it, there is no magic you can use to make it happen for you.

[knowngunman]

Even when I warned him about such behavior, he  misunderstand me that maybe I did not want to let him make a profit.
However, at one point, after significant financial loss, he realized his mistake. The problem was in his behavior.  He had the ability to continue investing well in the long term and even though he started investing with this intention, due to his inability to control his behavior, the investment turned into a gamble. 

Do you think that mental and behavioral control are similar important with financial management, risk management  in investing?

Of course, behavioural control is very important in financial management but what your friend did was not gambling. He probably didn't set his goals straight before venturing into the crypto space. He has double standards and that was the reason for his failure. He claimed he wanted to invest for a long time but at the same time he was interested in making quick profits. I would say he was probably interested in trading instead of investing for a long time. There was nothing wrong if he chose to trade his coin instead of holding but the problem is choosing to do it the wrong way by relying on social media analysis for his actions to buy or sell. Normally, that's how trading work, it pays some time and you pay some times.

[UpTober]

I was going to say a similar thing to Iroh, and he has been registered on the forum since May 2022, yet perhaps he has been thinking about bitcoin for the whole time that he has been registered here, yet he has been and continues to be failing/refusing to get the fuck started..  
So then, nearly 4 years and has he started to buy bitcoin yet?  if not?  when is he going to start?  He does not seem to be in a good place to be giving advice, if he has not yet started investing into bitcoin.

If Iroh had started investing $100 per week into bitcoin starting in May 2022 until now, then he would have nearly 4 years investing into bitcoin, and he would have had invested right around $20k into bitcoin, and he would have had accumulated right around 0.5 BTC, which would be a really great place to be right now based on $20k invested over a little less than 4 years.
I think that a lot of normal people would like to be in a place as to have had gotten themselves of holding 0.5 BTC for some thing like $20k invested over a little less than 4 years..

I agree with the sentiment that you can't truly understand Bitcoin until you own some. There’s a psychological shift that happens when you move from observer to holder.
If Iroh had just started with even $10 or $20 a week back in 2022, the technical hurdles (wallets, seed phrases, etc.) would be second nature by now. Analysis paralysis is the biggest portfolio killer. Better to be a clueless buyer in a bear market than a genius observer watching the ship sail from the shore.

What then happens after the bear market? Do you stop buying? Is it not better to be intentional about your bitcoin investment journey rather than being clueless?
Of course it is better to be consistent in your regular buys than buying only during the bear market. Investors should strive for their regular buys not to be seasonal, but consistent over a longer period to build out a descent bitcoin portfolio for themselves

Of course, many of us participating in a forum like this are already interested in bitcoin and likely studying into bitcoin, and surely guys are going to come to bitcoin with varying levels of knowledge and conviction.

It seems to be o.k. and acceptable to start out investing in bitcoin from wherever we might be,  even if we might not have very much knowledge.  So, we just figure out some comfortable amount that works with our budget to put into bitcoin and perhaps with thought of merely having some bitcoin as an option.

Yes, not everyone's knowledge is the same, not everyone's financial situation is the same, so it is true that not everyone starts investing at the same level. I think a small amount of knowledge is enough to start investing, this small amount of knowledge includes the security of your wallet, choosing the right wallet, investing consistently, not selling investments due to sudden need or any other reason, creating an emergency fund, starting with a small amount and being patient. The most important step for investors is to start, when an investor starts, they can increase their knowledge about investments while they are investing so that it will be easier for them to make subsequent decisions. Another important thing in long-term investment is to start with a small amount of money and accumulate it and increase understanding within themselves.

It would also seem that the longer that we are in bitcoin, then the more motivated we should become to look into bitcoin more, and to understand the thing that we are buying.  We cannot force the interests of any other person, even though  it may well be a good idea to learn more and more about bitcoin as we are investing into it, which includes learning how to self-custody it.  One of the barriers of self-custody continues to be the need to invest more into bitcoin and the learning of bitcoin and even making sure that you do not lose your bitcoin, since self-custody requires responsibility to make sure that the keys are not lost, otherwise the access to those bitcoin will be lost, so the higher the value, the larger the loss - which may be part of the reason that some guys do not want to move away from third-party custody or maybe they try to figure out ways to jointly custody so that they do not have to have all of the responsibility of safeguarding the value of their private keys.

Over time, investors should become more interested in learning about investing because when an investor does not have a clear idea about investing, it will not be fun for him and if he invests in this way, it will actually be difficult for him to hold the investment for a long time. Investors may be afraid that if they lose their wallet's private key, they will lose all their money and thinking this, many people use exchange accounts for investment, but I think if their private key can be kept safe, then this problem should not arise. I personally think that exchange accounts should not actually hold large amounts of money because sometimes due to some complications of the exchange, it is difficult to get those funds back, so investors need to consider these issues seriously.

If the investor initially feels that he finds it risky to keep Bitcoin in the wallet, then he can first try putting a small amount of money in the wallet and try to keep his wallet's private key safe.  If he can be assured that he will be able to keep his investment safe from now on by investing a small amount of money, then he can move on to investing a larger amount.

The value of the BTC holding may well not seem like it is getting larger,  but then perhaps all of a sudden, the price goes up, so then the value becomes much more than what it had previously been.  We can never really know for sure if bitcoin's prices are going to change to the upside or to the downside, so if the prices are going to the downside, then every weekly buy (whether it is $100 or some other amount) gets more satoshis for the same quantity of dollars invested, then if the BTC price goes shooting up, those same accumulated satoshi start to seem like a lot of money.  I know quite a few guys who had been keeping relatively small amounts of bitcoin in various wallets in 2014, 2015 and 2016, and maybe they had some wallets that were a few hundred dollar, and then other wallets that had a few thousand dollars and so when the BTC price went from $250 in 2015 to $19,666 in late 2017, that was a fairly short period of time, and so we could imagine that a wallet that might have had $500 (2 BTC) would have had become worth $39k at the peak in late 2017, and a wallet with 40 BTC ($10k) would have had suddenly been worth around $780k at the peak in late 2017.

Those who used a small amount of money to invest earlier and those who have held it till now have now made huge profits because the price of Bitcoin has changed a lot in these few years, that is, small accumulations have turned into big values with the passage of time. The biggest challenge for investors in holding investments for a long time is when the market does not change or the market is relatively low because at this time investors usually get frustrated and decide to sell their investments, but those who can hold on to it have the potential to succeed later. When the price is relatively low, that time should actually be considered the most effective time to invest because at that time more Bitcoin is available at a lower price and when the market increases later, investors can clearly see the results of patience.

So I think that in long-term investment, both buying regularly and being patient are very important.

[Rockson1]

I agree with you. Investors who started saving Bitcoin four years ago and still have long term vision will definitely reach a good financial position. But those who still think that they will keep their funds with them and keep them in a financial institution for security reasons are unknowingly losing money. It may not be understandable to everyone because they think that the amount of funds they are accumulating in those institutions will give them 2-3 percent dividends after a few years. But they are actually losing money by saving money because the value of their funds is decreasing every year due to inflation. If they had accumulate Bitcoin every week, they could have had a large portfolio in the long term and at least be in a much better position than fiat accumulation.

Let me get your point, you said an investor that started saving Bitcoin 4years back will surely arrive where they are headed to, let me ask you, do you see 4years which is just 1cycle as long-term, I do not think anyone will agree with you that one cycle is a long-term, I will agree that anyone relying of financial to save their fiat is devaluing their money which would have added value of they had considered investing in Bitcoin investment which is a store of value, inflation is the shit, so no matter the amount anyone saves in fiat, inflation makes it valueless and reduces the purchasing power which we know, man I will leiwk you to revisit where you wrote 4years although might be an instance but I'm still uncomfortable about it because I know that 4years can never be a long term.

[GIF-JOBS]

It is impossible to understand everything about bitcoin, which is why we should be more concerned about having a basic understanding and knowledge about bitcoin, and there is no way you will have to know everything before getting started with bitcoin which is why it’s more important to understand bitcoin and start little by little by having the basic knowledge that will push you to get started, then when you have started investing in bitcoin then it’s obvious you know to approach the bitcoin market and learn that it’s not about bitcoin being gambling, I think bitcoin investment can become gambling when we are bitcoin traders instead of bitcoin investors.

The basic things matter a lot in Bitcoin because when you don't know, it is just as if one is completely blank. Having basic knowledge of Bitcoin gives room to gain further understanding of it.

The fundamental aspect of Bitcoin is the principal thing; it determines whether one will be able to achieve something good from it. Some people are just too lazy to understand Bitcoin, believing they can succeed with just their existing knowledge, but it doesn't work that way. When it comes to Bitcoin investment, understanding is paramount, and if you don't have it, there is no magic you can use to make it happen for you.

I agree with you, basic knowledge is a very important thing, because without it, we can often face failure in effectively holding our investments. That is why it is essential to prepare yourself, gain basic knowledge and have a continuous learning attitude before investing in Bitcoin. Investing not only with money, but also with knowledge and understanding has a much higher chance of success in the long run. People often face many failures for unnecessary reasons, because they make wrong decisions due to lack of knowledge or due to excessive thinking, which results in such failures, so it is necessary to have basic knowledge to start, then the chances of it being effective will be much higher.

[Frankolala]

When the price is relatively low, that time should actually be considered the most effective time to invest because at that time more Bitcoin is available at a lower price and when the market increases later, investors can clearly see the results of patience.

Do you want to wait till the price of bitcoin is relatively low, that is a wrong mindset on how to be consistent and persistent in accumulating bitcoin overtime. Buying at the dip is good if you're mixing it with your ongoing DCA but if you only just want to be looking for how to buy bitcoin cheaper at the dip, you will end up with little bitcoin in future when bitcoin price will be very expensive and you will definitely regret your actions of waiting.

DCA keeps you ongoingly buy bitcoin whenever your discretionary income is available and it will help in increasing your bitcoin stash gradually without you feeling it till you reach your bitcoin target.

[ASloveapg]

When the price is relatively low, that time should actually be considered the most effective time to invest because at that time more Bitcoin is available at a lower price and when the market increases later, investors can clearly see the results of patience.

Do you want to wait till the price of bitcoin is relatively low, that is a wrong mindset on how to be consistent and persistent in accumulating bitcoin overtime. Buying at the dip is good if you're mixing it with your ongoing DCA but if you only just want to be looking for how to buy bitcoin cheaper at the dip, you will end up with little bitcoin in future when bitcoin price will be very expensive and you will definitely regret your actions of waiting.

DCA keeps you ongoingly buy bitcoin whenever your discretionary income is available and it will help in increasing your bitcoin stash gradually without you feeling it till you reach your bitcoin target.

There are many investors who like to invest by considering the price, they think that if the price drops one more time, then Tarawih will hire, but in the end, this waiting mentality pushes them out of investing. Because of this waiting, they can never start investing, they can never start anything in the hope of finding the perfect one, and they just keep falling behind. But if instead they had used the DCA method to buy consistently, and maintained this consistency among themselves, they could have built their portfolio very well over time, and as a result they would have found better prospects. Waiting will only lead to missing opportunities in the end, so one should never wait in investing.

[aNot!FicaT!on]

Expecting Bitcoin price to only go up is exactly what creates the panic you're warning about. Many beginners get drawn in by the "number go up" idea. They buy high on hype, price corrects then they panic and sell at the bottom and lose big.

The real fix for beginners isn't pretending price always rises; it's understanding Bitcoin can drop sharply. Therefore, only invest what you can afford to hold through that fluctuation without emotional decisions.

This mindset reduces panic, because you won't be shocked when it happens.

Many new investors are attracted to the idea that prices will increase and focus on short-term profits. But when they actually enter the market and suffer financial losses when the market falls, they panic. Therefore, one should never make decisions only thinking about profits. Prices can go up as well as down, and those who are aware of this fact enter the market prepared and try to make rational decisions without making emotional decisions. However, whether one invests in the short term or in the long term, one should invest with an amount of money that an investor can afford to lose.

If they get into bitcoin focussed on shaft term profits then they are not even investors to begin with, they need to clear that confusion out of their heads, you can't be a trader and be masquerading yours around as an investor, at that point they are just deceiving people and that's why when newbies want to start investing they sometimes end up falling into trading because they they don't know the difference between the two.

Yes, trading and investing are two completely different mindsets and strategies, but there are many who confuse them. Investors think long-term, they rely on long-term value, fundamentals and time, but in this case, traders try to profit from short-term movements of the market, and these are clearly different. That is why we first need to know whether I am a trader or an investor? In fact, a clear idea is needed and an honest answer to this question can save us from many wrong decisions. Because strategy, risk management, and even mental preparation depend on these things. If you are investing for the long term, then refrain from thinking about short-term fluctuations. When we enter for one purpose and work for the other, it will definitely lead us to failure.

[Cyber_warrior]

Even when I warned him about such behavior, he  misunderstand me that maybe I did not want to let him make a profit.
However, at one point, after significant financial loss, he realized his mistake. The problem was in his behavior.  He had the ability to continue investing well in the long term and even though he started investing with this intention, due to his inability to control his behavior, the investment turned into a gamble. 

Do you think that mental and behavioral control are similar important with financial management, risk management  in investing?

Of course, behavioural control is very important in financial management but what your friend did was not gambling. He probably didn't set his goals straight before venturing into the crypto space. He has double standards and that was the reason for his failure. He claimed he wanted to invest for a long time but at the same time he was interested in making quick profits. I would say he was probably interested in trading instead of investing for a long time. There was nothing wrong if he chose to trade his coin instead of holding but the problem is choosing to do it the wrong way by relying on social media analysis for his actions to buy or sell. Normally, that's how trading work, it pays some time and you pay some times.

So unfortunate for the poor man but at least now he had learn his lesson and gain more experience of how the cryptocurrency market works and investment to be precise. Many people get the impression about investment wrong most especially those that are new into it.
 Investment can be profitable that true but the wrong mistake we can make is chasing after quick profits or seeing investment as a profits scheme. Investing with the mindset of making profit is wrong because that's not the true purpose of investment and it mostly lead to premature failure in their investment journey.
Having long term mindset over an investment simply means we are not going to be moved by any market volatility neither do we get moved by any short term profits instead we aim for the bigger picture which is building a better future.

[Youngrebel]

Even the investment plans were the same, the purchasing powers would not be the same and that wis where the difference between them go come. Many people dey invest because they see you investing but dem never think of the financial source to invest and accumulate many bitcoin as you want am. And di way una go think things go dey different but di main thing na di source to refill the wallet.