Hodl (Naija)

[Karl_3000]

Bitcoin price

₦126,709,646 ($89,257)

[Dr.Bitcoin_Strange]

We don't have much Civil Servants in the forum but we have more self-employed youth here. And self-employed is like hand to mouth on this current economic structure in the country. So for someone to set an investment plan on bitcoin foe him sef is not an easy thing to do.  But if person na big business person den him go fit buy bitcoin weekly. As for me I don't buy bitcoin weekly but I buy whenever there is money.

I think you are right, there are more of self employed youths here than the number of civil servants, some self employed youths that their business is doing well can still be investing weekly and like you said if someone has a big business they can be investing as always as they want. Some civil servants receiving the lowest minimum wage might not even be able to invest on Bitcoin because their pay is small and not even enough to give them their needs.

[Plutomanian]

I understand the current situation in the country very well, so I have been buying Bitcoin with Naira for a long time, which was my pre-planned decision. However, before investing in Bitcoin, every Nigerian should have a source of income and whatever money is left after meeting basic expenses and needs can be invested. You are right that dividing the monthly income into four parts and investing one part seems reasonable and it is right that allocating a part of the discretionary income to Bitcoin investment can be an easy way for us. However, everyone should have a financial plan to manage this investment process properly and in my view, holding should be for the long term.

What aspect of hodl don't we understand? We grow our patience and become very crucial towards our goals. What do tell an average Nigerian about Bitcoin? Don't invest if you're ready to take the risk and always invest with what you can afford to lose. The market can be very funny at times  and ensure you're ready because nobody is coming to save you when the long bearish market comes.

First of all, have a stable source of income before planning to explore in cryptocurrency because it's filled with u0 and down. None of us can survive the market if it comes for us. A job or profession will serve us because when we lose, we have nothing to bother about other than sticking to our current plan and ensuring we don't fall.

[Karl_3000]

Bitcoin price

₦126,984,605 ($89,477)

Happy hodling

[laijsica]

We don't have much Civil Servants in the forum but we have more self-employed youth here. And self-employed is like hand to mouth on this current economic structure in the country. So for someone to set an investment plan on bitcoin foe him sef is not an easy thing to do.  But if person na big business person den him go fit buy bitcoin weekly. As for me I don't buy bitcoin weekly but I buy whenever there is money.

I think you are right, there are more of self employed youths here than the number of civil servants, some self employed youths that their business is doing well can still be investing weekly and like you said if someone has a big business they can be investing as always as they want. Some civil servants receiving the lowest minimum wage might not even be able to invest on Bitcoin because their pay is small and not even enough to give them their needs.

It would be right for any professional employee or self-employed person to have a weekly investment plan. Some folk think that the tendency for minimum wage employees to invest is tantamount to a joke but I can see that there is a small and confident segment of them who are setting aside funds from their minimum income and discretionary income for investment because they not only prioritize the present but also the future. Poor investors who used to deposit Bitcoin 10 years ago have now become wealthy investors.

[Oshio-man]

Holding bitcoin without accumulating your bitcoin, it will not lead you to a greater opportunity to earn good income in the future, I know we have long term holding and short term holding but they don't earn the same amount of income in their holding because long term holding always have a huge income target which is the reason they prefer long term holding than short term holding, since I discovered that bitcoin is the king among other cryptocurrencies, I chose to hold bitcoin for five years before looking into the market to know what to do either to trade or continue holding because there will be more opportunity to increase my income if I continue holding bitcoin.

[Charles-Tim]

Holding bitcoin without accumulating your bitcoin, it will not lead you to a greater opportunity to earn good income in the future

What did you mean by this holding bitcoin without accumulating bitcoin (will not lead to a greater opportunity)? It will be good if you explain better.

since I discovered that bitcoin is the king among other cryptocurrencies, I chose to hold bitcoin for five years before looking into the market to know what to do either to trade or continue holding because there will be more opportunity to increase my income if I continue holding bitcoin.

I prefer to hold bitcoin than to trade bitcoin. Even after in long term, I still prefer to hold bitcoin instead of trading it. As for me, there are losses in trading but holding is a different story.

[DiMarxist]

When it comes to bidding and the percentage people should allocates for the purpose of Bitcoin accumulation is a personal personal decision which is at the discretion of the person involved. Before investing in Bitcoin you have to take a lot of things to and the first thing is what is your income either on a monthly or even on a weekly basis, the second question is what are your expenses for the month before deciding to allocate money for the purpose of Bitcoin holdings. This is the reason why money that is ment for Bitcoin investment should always come from your discretionary funds because it will not affect your day to day activities.

[Sunshine1525]

Holding bitcoin without accumulating your bitcoin, it will not lead you to a greater opportunity to earn good income in the future

What did you mean by this holding bitcoin without accumulating bitcoin (will not lead to a greater opportunity)? It will be good if you explain better.

since I discovered that bitcoin is the king among other cryptocurrencies, I chose to hold bitcoin for five years before looking into the market to know what to do either to trade or continue holding because there will be more opportunity to increase my income if I continue holding bitcoin.

I prefer to hold bitcoin than to trade bitcoin. Even after in long term, I still prefer to hold bitcoin instead of trading it. As for me, there are losses in trading but holding is a different story.

What he meant is that it's better to buy consistently with the DCA strategy than just buying once without buying again, a lot of beginners have missed buying Bitcoin when it was cheaper and the best way they can maximise their opportunity of getting better profits in the future when the value of Bitcoin increases is to buy consistently, so his statement is correct.

Well history has shown that the longer some holds Bitcoin the more the person stands a good opportunity generate more of it, so if you can be determined to continue holding even when you reach a position where you can sell some portions of it, it's a nice idea.

[Charles-Tim]

What he meant is that it's better to buy consistently with the DCA strategy than just buying once without buying again, a lot of beginners have missed buying Bitcoin when it was cheaper and the best way they can maximise their opportunity of getting better profits in the future when the value of Bitcoin increases is to buy consistently, so his statement is correct.

Who posted that what he posted is not correct? I did not post anything like that. Only what I posted was that he should explain before if I am not getting him right.

Yes, Naira Cost Average (NCA) is a very good strategy. But there are more other good strategies which can also include averaging and lump sum.