Investment Become Gambling

[sotelorene]

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.

The highest mistake someone will ever make in Bitcoin investment or in any investment is venturing into it simply because they saw a friend or relatives investing because it is obvious that is a competition and sad/funny enough you don't even know what is sustaining the person and if you are not careful, you will surely lose everything because Bitcoin is a volatile asset and without using a discrestionary income to accumulate and having the long term mindset it may not end well.

[DubemIfedigbo001]

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.

People don't understand bitcoin when they're not actionable towards it. You can't just understand bitcoin by reading books and accumulating lots of theoretical concepts, such has little or no impact to a bitcoin speculator, bitcoin is a technology, you wouldn't understand it if you're not using it.

Bitcoin is better understood practically and when you're in the market and not outside of it. You start cementing your understanding of bitcoin from the time of your first purchase, and as you follow up your accumulation journey with consistency and long-term plan, at some points along the line you keep on understanding it better and seeing other efficient ways to learn more about it. It is important people quit being speculators and turn investors in bitcoin, only then can they really start understanding it better. You can start with a basic knowledge and expand you knowledge as you advance in your investment journey.

When you approach bitcoin with a practical mindset and long-term involvement, you would be in the market long enough not only to learn and understand bitcoin better, but to accumulate a descent stash of it yourself and hold a good value in bitcoin.

[Doan9269]

When you're investing, ensure that you take every measure to minimize risk, because this is why risk management is being advised to always be employed when we are starting an investment, but when we fail to ensure that these are are in place, then it will appear as if we are gambling with our investment, because of the extent to which we are being opened to risk of missing out than making it with our investment.

[liasbaa]

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.

The highest mistake someone will ever make in Bitcoin investment or in any investment is venturing into it simply because they saw a friend or relatives investing because it is obvious that is a competition and sad/funny enough you don't even know what is sustaining the person and if you are not careful, you will surely lose everything because Bitcoin is a volatile asset and without using a discrestionary income to accumulate and having the long term mindset it may not end well.

You can accumulate Bitcoin not only through discretionary income but also through your available funds. For long term Bitcoin accumulation, such as 4-10 years, you need to rely on regular income. During this period of Bitcoin accumulation, you can add Bitcoin to your portfolio to reach the target Bitcoin accumulation level. If you rely only on discretionary income, you may not get the desired Bitcoin holdings in such a long time that you expected when you started your investment.  Sometimes you can buy Bitcoin through lump sum through your reserve fund.

You learn by making mistakes in investing but if you can accumulate Bitcoin in the DCA method initially and apply this long term strategy, it can save you from the possibility of making mistakes because accumulating Bitcoin holdings through discretionary income can provide you with the expected future returns for you.

[Joeboy]

You can accumulate Bitcoin not only through discretionary income but also through your available funds. For long term Bitcoin accumulation, such as 4-10 years, you need to rely on regular income. During this period of Bitcoin accumulation, you can add Bitcoin to your portfolio to reach the target Bitcoin accumulation level. If you rely only on discretionary income, you may not get the desired Bitcoin holdings in such a long time that you expected when you started your investment.  Sometimes you can buy Bitcoin through lump sum through your reserve fund.

You learn by making mistakes in investing but if you can accumulate Bitcoin in the DCA method initially and apply this long term strategy, it can save you from the possibility of making mistakes because accumulating Bitcoin holdings through discretionary income can provide you with the expected future returns for you.

I totally disagree with you... Infact I think that's a very risky advise to give someone... It seems you forget that Bitcoin happens to be a long term asset that is extremely volatile and when you use just any available fund, then that could be very dangerous simply because it could lead you to trade your Bitcoin at even a worst possible time especially when the need for that money you used arises... That why it is much more better and safer for you to use only your Discretionary income since it is the money that is left after you must have settled your basic needs and responsibilities....

[SmartCharpa]

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.

It’s not only those who think that the price of Bitcoin can only go up that panic, even those who invest with the money that is meant for other expenses get panic if the market fall. They understand that Bitcoin is all about up and down, but sometimes, they follow what people predict, people can say Bitcoin will hit a certain level before tomorrow, and those who believe they can actually predict the next move will run and buy, and if the market fail to go the way they want, they start panic and sell.

In addition, it is not only the beginners with that mindset, even those who have understand it for a long time, they invest with the mindset of making easy profits, so even the experience investors panic and sell because they invest with the money they can’t afford to lose. But real investors prepare themselves, even at a dips price they don’t panic.

[Sim_card]

 

If you rely only on discretionary income, you may not get the desired Bitcoin holdings in such a long time that you expected when you started your investment.  Sometimes you can buy Bitcoin through lump sum through your reserve fund

You are advised to invest with only the amount of money that you can afford to lose which is known to be your discretionary income. Anyone that buys bitcoin with funds for his needs is gambling with his bitcoin investment and will regret his actions when he needs arises because he will sell his bitcoin to take care of his needs. If bitcoin price is below the amount you bought it, you will be at loss for investing with money that's not your discretionary income.

You don't need to be faster than your shadow because you want to increase your bitcoin stash faster because if you do, the opposite will be the case. A new investor should only use his discretionary income to invest in bitcoin regularly because it's not by how much you use to buy bitcoin but it's how freely you can be consistent with your bitcoin purchase overtime till you reach your bitcoin target without it affecting you financially. Your discretionary income is what will determine your accumulation pace and not you.

You can only use your discretionary income to invest into bitcoin, and set up your backup funds. Your income is for your basic needs and up keep. It's not everyone that has an income has a discretionary income.

[Cgrexp]

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.

The highest mistake someone will ever make in Bitcoin investment or in any investment is venturing into it simply because they saw a friend or relatives investing because it is obvious that is a competition and sad/funny enough you don't even know what is sustaining the person and if you are not careful, you will surely lose everything because Bitcoin is a volatile asset and without using a discrestionary income to accumulate and having the long term mindset it may not end well.

You can accumulate Bitcoin not only through discretionary income but also through your available funds. For long term Bitcoin accumulation, such as 4-10 years, you need to rely on regular income. During this period of Bitcoin accumulation, you can add Bitcoin to your portfolio to reach the target Bitcoin accumulation level. If you rely only on discretionary income, you may not get the desired Bitcoin holdings in such a long time that you expected when you started your investment.  Sometimes you can buy Bitcoin through lump sum through your reserve fund.

You learn by making mistakes in investing but if you can accumulate Bitcoin in the DCA method initially and apply this long term strategy, it can save you from the possibility of making mistakes because accumulating Bitcoin holdings through discretionary income can provide you with the expected future returns for you.

Sorry, I don't understand what you mean by available funds. Investing from discretionary income is safer because it ensures that we are investing with the remaining money after ensuring that we have secured funds for all our necessary sectors. But I think you mean by available funds here emergency fund, savings, backup fund etc. By DCA investment we mean regular investment within a comfortable amount. So if someone wants to use the fund money to grow his portfolio, then it is conditional and not applicable to everyone. Not everyone's income is the same, some have stable income and some have unstable income. On the other hand, many people have already saved an amount equivalent to two to three months of expenses in an emergency fund from their income, while many may have saved much less money for an emergency fund and in this situation, using emergency fund money for investment is risky. So using available funds for investment is not reasonable for everyone because if someone uses it without ensuring that the fund is at an excess level, it can be a risky decision.

[Abbatty]

You can accumulate Bitcoin not only through discretionary income but also through your available funds. For long term Bitcoin accumulation, such as 4-10 years, you need to rely on regular income. During this period of Bitcoin accumulation, you can add Bitcoin to your portfolio to reach the target Bitcoin accumulation level. If you rely only on discretionary income, you may not get the desired Bitcoin holdings in such a long time that you expected when you started your investment.  Sometimes you can buy Bitcoin through lump sum through your reserve fund.

You learn by making mistakes in investing but if you can accumulate Bitcoin in the DCA method initially and apply this long term strategy, it can save you from the possibility of making mistakes because accumulating Bitcoin holdings through discretionary income can provide you with the expected future returns for you.

I totally disagree with you... Infact I think that's a very risky advise to give someone... It seems you forget that Bitcoin happens to be a long term asset that is extremely volatile and when you use just any available fund, then that could be very dangerous simply because it could lead you to trade your Bitcoin at even a worst possible time especially when the need for that money you used arises... That why it is much more better and safer for you to use only your Discretionary income since it is the money that is left after you must have settled your basic needs and responsibilities....

I totally agree with you on this, using any available funds is one of the common mistakes a lot of people make and then they would be forced to sell their investment out of pressure.

When you use your discretionary income you tend to more relaxed about your investment because you invested not with just any available money.

[GIF-JOBS]

When you're investing, ensure that you take every measure to minimize risk, because this is why risk management is being advised to always be employed when we are starting an investment, but when we fail to ensure that these are are in place, then it will appear as if we are gambling with our investment, because of the extent to which we are being opened to risk of missing out than making it with our investment.

Although we should start investing first, and yes we should focus on management more than anything else. Every investment involves risk, that's why we should not only think about success but also understand the possibilities of loss by maintaining risk management well. The risk of Bitcoin is its volatility, if we can manage this volatility well and ensure long-term holding, then our risk is greatly reduced. And to maintain these well, we need discretionary income, prepare emergency funds, have good knowledge about Bitcoin and everything else. But in this case, we should understand that if we try to create all these things before starting investing, then our investment will be delayed, which is very wrong. Rather, we should first start investing with a very small amount through common sense, and then prepare our emergency fund as soon as possible and gradually take everything to the parallel stage. But everything should be done by keeping the investment consistent first, and then, in this way, we can create everything by maintaining balance in all aspects.

[Moreno233]

I totally disagree with you... Infact I think that's a very risky advise to give someone... It seems you forget that Bitcoin happens to be a long term asset that is extremely volatile and when you use just any available fund, then that could be very dangerous simply because it could lead you to trade your Bitcoin at even a worst possible time especially when the need for that money you used arises... That why it is much more better and safer for you to use only your Discretionary income since it is the money that is left after you must have settled your basic needs and responsibilities....

I totally agree with you on this, using any available funds is one of the common mistakes a lot of people make and then they would be forced to sell their investment out of pressure.

When you use your discretionary income you tend to more relaxed about your investment because you invested not with just any available money.

There was a time I was racing against time because of the target I set for myself in terms of the Bitcoin I want to accumulate in a year, so I was practically putting over 90% of my income into Bitcoin to be able to meet that target. I ignored so many things some of which are basic to me which I should have ignored and I never made plans for things like emergency funds and reserve funds. I guess I was so hyped by the the steady rise Bitcoin was enjoying then so I believed my investment was always going to be in profit and if there was any serious need then I could sell Bitcoin and settle that. It was not long when Bitcoin went into deep and prolonged correction and my money depleted by over 40% in terms of the value of the Bitcoin I had accumulated. I ran into serious troubles then because I wouldn't have forgiven myself if I had dared to sell my coins at 40% loss so I went into borrowing.

This was one of one of my biggest mistakes because I was supposed to make provisions for my needs even though I would have been investing and holding for long term. I later realized that putting all my income into Bitcoin without keeping emergency funds, sorting out basic needs and even keeping reserve funds were things I did in error. Thank God for a forum like this where people share their knowledge and experience and I'm sharing mine so that others will learn and avoid some of those mistakes I made.

[Nheer]

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There was a time I was racing against time because of the target I set for myself in terms of the Bitcoin I want to accumulate in a year, so I was practically putting over 90% of my income into Bitcoin to be able to meet that target. I ignored so many things some of which are basic to me which I should have ignored and I never made plans for things like emergency funds and reserve funds. I guess I was so hyped by the the steady rise Bitcoin was enjoying then so I believed my investment was always going to be in profit and if there was any serious need then I could sell Bitcoin and settle that. It was not long when Bitcoin went into deep and prolonged correction and my money depleted by over 40% in terms of the value of the Bitcoin I had accumulated. I ran into serious troubles then because I wouldn't have forgiven myself if I had dared to sell my coins at 40% loss so I went into borrowing.

This was one of one of my biggest mistakes because I was supposed to make provisions for my needs even though I would have been investing and holding for long term. I later realized that putting all my income into Bitcoin without keeping emergency funds, sorting out basic needs and even keeping reserve funds were things I did in error. Thank God for a forum like this where people share their knowledge and experience and I'm sharing mine so that others will learn and avoid some of those mistakes I made.

This is a powerful lesson but sadly many people take all these things for granted and make similar mistakes especially beginners because they get carried away with their investment at first. They get carried away with the hype of Bitcoin neglecting the fact that Bitcoin is a volatile asset and that nothing is guaranteed. They are more fixated on the profit they can make and so they ignore every discussions on investment threads like this. Beginners should;
Never invest all your income no matter how promising the investment looks.
Never ignore your basic needs all in the name of investment no matter how promising the investment is.
Always investment with discretionary income.
Do not invest for quick profits. Chasing profit always result to failed investments.
Always have your emergency funds and reserve funds in place for unexpected expenses.
Learn to be patient and discipline and never get too aggressive without proper planning.

You should know that Investing is not just about making money but rather it’s about managing your finances to maintain stability no matter what happens in the market. I believe if beginners can take note it will save them from making costly mistakes like this.

[Agathamay]

The truth is that a lot of  people don't really have the patience to hold for actual long time and another reasons for this is setting unrealistic expectations and goals and at the end of the day, all blame's still falls heavily on self control and he should first try to work on his emotions and try not to be emotional while doing business and he should have a serious business mindset while investing in the market else crypto will mess his life up which I think it already did if I'm not wrong based on your story.

I will always say it again that bitcoin isn't a get rich quick scheme and you really need to be patient and only use discretional funds to invest so you don't always run to your portfolio as every slightest panic

Bitcoin to the moon but hold