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Author Topic: I see this downward behavior of the Bitcoin market as a good possibility.  (Read 156 times)
YellowSwap
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Today at 08:06:04 AM
 #21

If I am in your shoe I wouldn't want my father to involve himself, I would take the risk alone and let my father stick with what he his used to already, also you don't have to buy 1 BTC, you won't need any approval to buy some amount and hold for long term.

If you aren't making your own money please find a solution to that, it's just better to be the one doing the investment and not taking anyone along, even if they are family.

It's surely a good time to buy but always have a dry powder, this might not even be the bottom for some reasons, make sure you don't use all the money you have to buy Bitcoin in one go.

From here on 45k is even still possible.

UpTober (OP)
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Today at 09:58:35 AM
Last edit: Today at 10:08:52 AM by UpTober
 #22

If your father does not approve or you do not own that money, it is better not to invest in Bitcoin. Your investment will be long-term (3-7 years), and your father may not understand the need to wait all this time. Then you may have to sell next October or December, and then the price may be lower than the current price.
My intention is also that if I invest, then I will definitely invest in a long-term plan and try to hold it for at least three to five years or more. Since my father will not be able to think about the matter like me, I am still trying to convince him and telling him that I will have to give this specific amount of money and I will not give you any guarantee when I will return this money or when I will make a profit from this money, maybe if I can explain it better I will be able to convince him about this but the important thing is that I will not show him any hope that I will make a profit after six months or a year or return the money taken from him.

You still didn’t answer my question, because if your father pays all your tuition from his own pocket, then where did you get another tuition money that you are using to invest? I hope is not what am thinking, are you still taking loans for tuition using it to buy bitcoin? Because you didn’t mention that you have any job or business, you just said tuition money. So I still want you to explain where the money is coming from.
My father pays for my university tuition fees, but I have tried to explain to you several times that I teach my juniors myself and I call it tutoring. For teaching juniors, I receive a certain amount of money at the end of the month, which I use for investment.
avp2306
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Today at 10:01:43 AM
 #23

If your father does not approve or you do not own that money, it is better not to invest in Bitcoin. Your investment will be long-term (3-7 years), and your father may not understand the need to wait all this time. Then you may have to sell next October or December, and then the price may be lower than the current price.

Also much better not to touch the money of his father because this might give them serious problem if market dumps more.

They are risking the money of his father in that case and maybe it will give them more bad result if bearish market continues and pressure also lots of negative situation raise on their ends.

So better stay chill and only spend the money what he own only. Even if we say Bitcoin is good investment its better for us not to touch other people's money especially if they don't know about Bitcoin, since for sure they won't understand that long term holding and for sure they can't afford to wait for that long.

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purple_sparkles
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Today at 10:04:48 AM
 #24

I am a student but besides my studies I have tuition and I also help my father in his business. I have been trying to buy Bitcoin continuously for several months. Since I do not have to buy anything for myself with my tuition money, I try to buy Bitcoin with most of my tuition money, but now that the market has gone down a bit, I am thinking of something a little different. Several cows have been sold from my father's cattle farm this year and my father has a good amount of money at the moment. I have thought that if the Bitcoin market falls below $50,000 or a little below that, I will buy Bitcoin with some of the money from selling my father's cows and hold it for a long time. Looking at the market chart, I have understood that there have been several changes in the market before and those who bought Bitcoin during those changes have made good profits later. I have already had some discussions with my father about Bitcoin and investing, and after getting the green signal from him, I am feeling more confident about investing this way.
Hopefully, this new investment experience will be good for me.


If your father supports your decision, then you already have a strong advantage. I also believe that periods when bitcoin drops especially low should be used as an opportunity for accumulation. At the same time, I think it is very important to diversify risks. You should not rely on only one option, even if that option is bitcoin. It is also extremely important to take proper care of the security and safety of your investment.

pawanjain
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Today at 10:51:44 AM
 #25

I am a student but besides my studies I have tuition and I also help my father in his business. I have been trying to buy Bitcoin continuously for several months. Since I do not have to buy anything for myself with my tuition money, I try to buy Bitcoin with most of my tuition money, but now that the market has gone down a bit, I am thinking of something a little different. Several cows have been sold from my father's cattle farm this year and my father has a good amount of money at the moment. I have thought that if the Bitcoin market falls below $50,000 or a little below that, I will buy Bitcoin with some of the money from selling my father's cows and hold it for a long time. Looking at the market chart, I have understood that there have been several changes in the market before and those who bought Bitcoin during those changes have made good profits later. I have already had some discussions with my father about Bitcoin and investing, and after getting the green signal from him, I am feeling more confident about investing this way.
Hopefully, this new investment experience will be good for me.

As far as your father knows about your plan and agrees with it then there's no harm in this.
In fact, since bitcoin price has dropped pretty much lately, it would be wise to start DCAing at this point.
Instead of waiting for bitcoin to go below $50k, it would be better to by some at every dip now onwards.
This would ensure you are getting at least some amount in bitcoin rather than missing the opportunity in case bitcoin recovers quickly.

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