What Financial Habits Should Nigerians Develop Before Investing in Bitcoin?

[Frankolala]

Having a source of income with a discretionary income is the most important for anyone who wants to start his bitcoin investment otherwise, all those knowledge wouldn't put any bitcoin in your wallet. I feel if you have discretionary income, the basics of bitcoin knowledge is enough to get started and learn whatever, you need to know as you're investing provided you plan to hodli for long.

[Mr Reporter]

Bitcoin is open for all and I strongly believe that everyone has equal opportunity in bitcoin. What makes the difference is individuals Emotional Intelligence which determines how everyone reacts to market changes. Some people who panic during dips have poor emotional quotient which makes them fear and tremble when there's actually nothing abnormal going on. These are the folks that sells at loss and blame bitcoin for their own wrong decisions.

Agreed, emotional control plays a very big role but i also agreed that this start even before we go buy Bitcoin.A well stable person with a steady income have emergency funds and finally with a clear investment plan. This kind of person would hardly panic for a market correction season, having a good financial habits reduces ones emotional decisions

[CryptopreneurBrainboss]

Consistency and patience usually produce better results than trying to predict every price movement.

You don't necessarily have to be consistent before you make a profit from this industry as consistency needs you to invest on a continuous pace but you can be that type of investor that already has your capital and all you just need is to buy and hodl, patience is what is most important because a lot of Nigerians lack patience and that is why they aren't making progress in their investment (which could be Bitcoin or anything else). The economy and the government has made us lose faith in patience since we have being hoping from day one (the day we were born) for the country to be better but things has not changed instead they become worse and that has also affected our way of investing but we need to relearn and understand that the true strength of an investor is his capital and then his level of patience in that investment.

[Promocodeudo]

Many sees investment as something easy , But there’s more to it than just being simple . It’s something that requires a lot of planning, and same to understanding how many works your cashflow and stuff , because any wrong mistakes can lead to big problems . Like using loan to accumulate, you may not feel it now but in a long run you will see why is not  encouraging to accumulate or invest with loan , stick with the right approach and take your time to build something solid.

The question of whether it is good for any investor to get a loan for the purpose of investing in Bitcoin has been raised severaly, for me, I think it depends on how ready such investors is to repay the loan, I mean the preparations on ground to pay up such loan before the due time and the loaner should never attach his loan repayment plans to his Bitcoin hodlings because that might backfire as a result of Bitcoin being a volatile asset and a long-term investment, I think the stated and aforementioned facts might even be the reason it isn't adviceable for anyone to access a loan to invest in Bitcoin, when discreationary income is been mentioned, pressure and stress is not attached to it, and for that, taking a loan for Bitcoin invetment might not be a good option for Bitcoin investment.

[DiMarxist]

You really made some valid points on your write, and I completely agree with you because for any individual to successfully invest in Bitcoin. I believe that such a person should possess some levels of financial discipline and management this is because Bitcoin investment just like any other investment is not something that people should rush in. One of the biggest opticals to Bitcoin investment is poor financial management, this is because Bitcoin is one investment that is quite different from other investments because, other forms of investment can bring return on the Short term basis but with Bitcoin you are not expected to talk about return on investment on the Short term but return on investment is a long term thing when it comes to investments relating Bitcoin. So financial planing is which should include separating money ment for spending and paying of bills and emergency funds should be separated while investing on Bitcoin and lastly investors should try as much as possible to avoid borrowing money for the purpose of investing on Bitcoin.

[Pi-network314159]

I've noticed that 60% of  Nigerians invest immediately after hearing someone made money from it. They don't even care to know about the risk and other things involved, once someone could make money from it, they believe that they will make profit, and sometimes they even borrow money to invest. When the market drops, they panic and poor decisions.

This is why they keep failing for cheap scam every time, I just don't know why people are so ignorant of not making proper investigation before trying a new type of investment platform. Expecialy Ponzi scheme. security is very important in whatever we do, this Ponzi scheme has rip off peoples hard earned money on several occasions, but whenever they come back people still fall for them because they lack understanding money principle. One of these princeple is that when something is too good to be Truth you run because if you don't run you will get scammed. Don't know if you have heard about the recent scam NRC and Alstom smart investment platform and thereabouts. They promise higher return higher that even bank can not guarantee in a year, it's typically a red flag, but people will not care because of the profit. Some even sold their asset to risk it on ponzi scheme because they want to make wealth quickly which is not good. That could be the only way to get scammed easily. Why some do same on Bitcoin trading.

[B-BossMan]

I've noticed that 60% of  Nigerians invest immediately after hearing someone made money from it. They don't even care to know about the risk and other things involved, once someone could make money from it, they believe that they will make profit, and sometimes they even borrow money to invest. When the market drops, they panic and poor decisions.

Nigerians are turning to Bitcoin as a favorable investment platform to protect their money from inflation and the continuous depreciation of the naira. Bitcoin has created many opportunities for many people globally, and  I believe that developing good financial habits is very important than buying Bitcoin itself.
One important habit is building an emergency fund. Investing money that will cover up for our life expenses like rent, school fees, or medical bills can force someone to sell during any market price. Saving some money and keeping them reduces that pressure.

Another important habit is Invest only your money. Buy Bitcoin with your personal money, and not with money borrowed from friends, loan apps, or banks. Investing with borrowed funds increases financial stress and can lead to poor decisions. We should try and understand  basic financial managemnet like  budgeting, tracking down  expenses, and understanding the difference between saving, investing, and spending. These habits  helps stay disciplined during periods of market volatility.

Before investing in Bitcoin, take time to understand how wallets work, how to secure your private keys, and how to recognize common scams. Many people lose money inventing in Bitcoin because they only trusted the wrong people or ignored basic security practices.
Finally, I think investors should have a long-term mindset. Chasing quick profits most time leads to buying at market highs and panic  selling during corrections. Consistency and patience usually produce better results than trying to predict every price movement.

Op, you know there are many people who approaches bitcoin the same way they do approaches some other cryptocurrencies which is wrong and many people got easily convinced into a scam projects, which is a big mistake, even lack of knowledge also caused the problem, because even when you heard that someone made a huge amount of money, that doesn't guarantee you to make the same money without understanding the risks management or what the person went through.

However, some people should understand that, achieving success in bitcoin investment journey deals will longer-term patience and consistency, and before investing into bitcoin, try and have your readily available discretionary income or invest the money you can afford to lose. Also newbies should be focusing on building thirr bitcoin stability and learning alongside for better understanding

[Sammye3]

You have mentioned important points to take into consideration before investing into bitcoin.

Additionally, it is advisable to diversify your income whatsoever into different investments aside bitcoin, that should give some sort of leverage when the price of bitcoin is falling and panic sets in. There are also people who overspend more than their earnings on mostly irrelevant items, there should also be a limitation or some sort of discipline that helps in saving for investment purposes. There is never a profitable investment without the right knowledge, so seek knowledge first before anything.

[Bounty Hunter Trax45]

The things you have discussed are very important for every Bitcoin investor. Firstly, it is essential to note that the idea about prioritizing discipline above all other things is absolutely true. In order to reduce the level of your emotions, you should have an emergency fund and be able to afford losing invested money.

I would also like to agree with you on such issues as borrowing money. Every investment made using borrowed funds causes extra stress and panic selling during the period of volatility. Additionally, I highly appreciate the discussion of such issue as financial education. Budgeting, the basics of saving and investing, securing wallets, managing private keys, and avoiding scams are equally important as buying Bitcoin itself.

Lastly, patience is a very important thing for any investor. Long-term investors have more chances to succeed than impatient ones.

[TokenTikas]

I've noticed that 60% of  Nigerians invest immediately after hearing someone made money from it. They don't even care to know about the risk and other things involved, once someone could make money from it, they believe that they will make profit, and sometimes they even borrow money to invest. When the market drops, they panic and poor decisions.

Those who rush into investing after seeing someone else making money often end up facing losses because they do not understand the risks. On the other hand, they come to invest without looking at the risks and coming to invest with borrowed money is really a difficult matter because if the market falls at any time, they will definitely face losses.

Coming to invest while staying under this kind of fear is foolishness, so no one should come into investing in this way after seeing someone else. If someone wants to invest then they should come after understanding things properly so that they do not become a victim of losses later.

[Bryan jessy]

I've noticed that 60% of  Nigerians invest immediately after hearing someone made money from it. They don't even care to know about the risk and other things involved, once someone could make money from it, they believe that they will make profit, and sometimes they even borrow money to invest. When the market drops, they panic and poor decisions.

Those who rush into investing after seeing someone else making money often end up facing losses because they do not understand the risks. On the other hand, they come to invest without looking at the risks and coming to invest with borrowed money is really a difficult matter because if the market falls at any time, they will definitely face losses.

Coming to invest while staying under this kind of fear is foolishness, so no one should come into investing in this way after seeing someone else. If someone wants to invest then they should come after understanding things properly so that they do not become a victim of losses later.

Some persons lack even the most basic knowledge they are supposed to have before jumping into Bitcoin investment because of others hype and the profit involved they never bothered to inquiry how this profit was made nor the processes involved, rather they are just focused on making their own profit too, and when it did not turn as they imagined they started doing things which are uncalled for and risk themselves, how would a person survive with the news of losing a borrowed money for investment with no idea on how the investment operates and no proper plans, that is risking ones life.

[TokenTikas]

Some persons lack even the most basic knowledge they are supposed to have before jumping into Bitcoin investment because of others hype and the profit involved they never bothered to inquiry how this profit was made nor the processes involved, rather they are just focused on making their own profit too, and when it did not turn as they imagined they started doing things which are uncalled for and risk themselves, how would a person survive with the news of losing a borrowed money for investment with no idea on how the investment operates and no proper plans, that is risking ones life.

If they had thought and learned properly then perhaps we would not have had to hear such unnecessary stories of disappointment. They become victims of losses themselves and at the same time, by losing borrowed money, they also leave their families in disappointment. These kinds of incidents will stop only when they learn first and then invest.

[SPIDERMAN008]

Some persons lack even the most basic knowledge they are supposed to have before jumping into Bitcoin investment because of others hype and the profit involved they never bothered to inquiry how this profit was made nor the processes involved, rather they are just focused on making their own profit too, and when it did not turn as they imagined they started doing things which are uncalled for and risk themselves, how would a person survive with the news of losing a borrowed money for investment with no idea on how the investment operates and no proper plans, that is risking ones life.

According to the situation of the people of our country, investing in Bitcoin is actually very difficult for most people. Even those who have discretionary income after that, due to the increase in responsibility over time, the mindset they had in investing in the beginning is no longer there. That is why they borrow and invest in Bitcoin or when the price of Bitcoin decreases, they try to invest in an over aggressive way so that they can generate profit quickly. And for all these reasons, many people cannot continue to invest in Bitcoin for a long time even after investing in it. Or they decide to sell Bitcoin when there is little profit.

[Grace333]

It's always advisable to invest with calculated risk, meaning if you haven't done your research on something to know the risk involved you shouldn't even dare to invest in it irrespective of how it was sugar coated to you. One thing I've also learned is that people can share all sort of false information without making proper research and they can seem to be very confident when they’re talking about it to someone, those are the kind of persons you want to avoid gor the rest of life in term of taking advice.

[Dreadboost]

The financial habit I think everyone has to learn is balancing their financial goal with Bitcoin investment.

Many people are desperate to buy Bitcoin that they neglect other financial needs, important to them. Some make the mistake of borrowing money without plans of paying it back anytime soon, or with money they are expecting soon to pay back the loan. a

To achieve a reasonable amount of Bitcoin in our portfolio, our finances will be drained if we aren't rich yet. When the finances are balanced, it wont have an effect on us and the investment in the long term.

[Cgrexp]

To my knowledge to be successful in Bitcoin investment, one must focus on maintaining the investment for the long term and for this, every Nigerian needs a source of income because an investor must have a reasonable income. Also, Nigerians who want to invest in Bitcoin should have an emergency fund, not invest on debt and create a specific budget of income and expenditure. These are the financial habits that investors should have when investing in Bitcoin. So at this stage, it can be said that we need to adopt the right approach to Bitcoin investment and build a strong foundation which will make it easier for us to make profits from Bitcoin investment.

Yes, to be successful in investing in Bitcoin, the investor must have a long-term plan and consistently buy Bitcoin and hold it for a long time with confidence. One should not get disappointed quickly due to market volatility and should patiently seize every opportunity and wait for a long time after investing, so that success can be expected in the future. The price of Bitcoin is very volatile, so it is never possible to make money quickly through investment, but investing with the right knowledge, consistency and confidence reduces the risk of losing money and increases the chances of success in the future.

When starting an investment in Bitcoin, one should have a long-term goal because if the investor does not have a goal, he can sell if the price increases or decreases. The investor should have the mentality that he is investing for a long-term goal, so he should not be disturbed by short-term fluctuations. And an investor can keep this mentality even stronger when he invests from the remaining money after fulfilling all his basic needs. And even if the invested money decreases, he will not be distracted because he will be ready to lose it. And even if there is a temporary decline, he will not decide to sell it hastily. However, other funds, including an emergency fund, should be prepared so that he is never forced to sell his investment.

[Different patterns]

Investing in Bitcoin is more productive when you focus on keeping the investment running for a long term and in order to do this you must be ready to take certain steps so you won't have any challenge to keep up your investment. The most important habit you must develop is learning how to create emergency funds for yourself. A lot of in Investors end up selling their coins because they didn't reserve funds for emergencies, this makes them think of selling their coins to solve their financial crisis.

Nice idea, some long term investment forget about building the emergency fund, along side their bitcoin journey, and building the emergency funds is the one of important thing investor should do, I don’t mean build emergency before investing, no that’s not what I meant, I mean investment in bitcoin should work hand to hand with emergency funds, they can be built together without waiting for perfect time. Emergency funds helps a lot whenever it comes to bitcoin investment, because it helps investor to focus on consistently instead of being interrupt whenever unexpected expenses pump up, investor will use it to settle the problem.

[AmaGold70]

There is a strategy to every investment, and following such strategy will make you a successful investor with time. In the case of bitcoin, it is not an investment that will reward you in the period of one or two years time, rather you can profit from bitcoin investment from 5 years time to 10 years time. In such investment, you don't need to panic or rush while engaging in such investment. The investment should look like a marathon, very slow , and steady, and don't invest everything at once because you feel you can make huge profit from bitcoin, doing that can deny you some other achievement, and put you into confusion. For instance, if you are earning $500 weekly, you can decide to invest like 10 or 20% to bitcoin since the investment is long term, and investing this percentage for a period of 3 to 4 years will yield a significant amount of bitcoin

[Richbased]

I've noticed that 60% of  Nigerians invest immediately after hearing someone made money from it. They don't even care to know about the risk and other things involved, once someone could make money from it, they believe that they will make profit, and sometimes they even borrow money to invest. When the market drops, they panic and poor decisions.

This is the habit of an average Nigerian, they always wait to hear good news from others before they invest and this is why many of them fall victim to ponzi schemes. Just in recent months, i have seen a lot of people who fell for Ponzi schemes just because they heard that other people are making profits from it but they fail to assess the consequences of joining those scam schemes. Their motivation is that when you invest earlier that you will make some profits before the system crashes but they don't know that as people are getting wise on how those ponzi schemes operates, that is how the scammers are also getting smarter.

We should learn how to do adequate research before starting any investment. The problem is that people do not even do research anymore, they just need other people who are investing to convince them so that when they fail they will have someone to blame and this is the reason why i don't tell people about bitcoin except they are interested and meet me for guidance.

[Agbe]

One of the di misconception of people about bitcoin is the elimination of inflation. And nice when I knew bitcoin I never see say bitcoin don commot inflation in the country instead inflation dey go higher daily. And if anyone wey dey interested to invest have to observe how things dey go and ask people about am. And also dey find out things by themselves. When we dey do all things e go help us well well.