Waiting for perfect financial condition can delay Bitcoin journey

[SPIDERMAN008]

I think the reason why many newbies delay investing in Bitcoin is because they wait for the perfect financial situation. They may think that the income will be high, the backup fund will be fully prepared, there will be no debt, the monthly expenses will be completely stable, and then they will think about starting Bitcoin accumulation . But people's lives may never be perfect. And there is no rule that you have to invest a very large amount from the first day when investing in Bitcoin. It is possible to regularly DCA in Bitcoin with a small amount according to discretionary income and cash flow.

But yes, backup fund is important. So an investor who is building a backup fund should start working immediately after doing DCA. The bottom line is that responsible behavior often does not wait for perfect financial conditions. Being responsible does not mean waiting until everything is perfect. It is actually right to start small by understanding your capabilities and at the same time strengthen your financial system.  You do not have to be rich to start your Bitcoin journey. However, you should keep in mind that you should not invest in Bitcoin in an over aggressively .

[Cointxz]

Financial risk appetite exist for a reason. Some people preferred to become financially stable first before they venture on investment with high risk while others doesn’t care at all on their financial situation to do an investment.

People can live normally with or without Bitcoin investment. Bitcoin is for long term investment so I believe there’s no such thing as perfect time to start.

I don’t believe on delay with Bitcoin investment, it’s more on people have different priorities and risk appetite in life.

[CryptoYar]

When procrastination is for money reasons, you will wait for the right time. Those who began with $20-$50 a month years ago and have never looked back are in much better situation than those who waited for the right time.

​Valid emergency fund point here, regular buying and emergency savings is not impossible to do together. You can do both at same time, and it can certainly be done if you are on budget. Too aggressive warning is also issue. Seen many people "all in" on stock right before major price drop and panic selling. One way to get started is to make it small, which reduces the mental stress of it.

[tbct_mt2]

I think the reason why many newbies delay investing in Bitcoin is because they wait for the perfect financial situation. They may think that the income will be high, the backup fund will be fully prepared, there will be no debt, the monthly expenses will be completely stable, and then they will think about starting Bitcoin accumulation .

Honestly, it is repeatedly talked in that mega thread and it's not necessarily to repeat in a new thread because in fact there are several threads about that.

Many people cannot really invest while looking for the perfect time, but today should not be the best time either. The best time should be according to your financial situation. When the investor has discretionary income, then the investment should start.

Balancing Financial security and Bitcoin Accumulation.
Procrastination of your Bitcoin investment.
First buy Bitcoin as a newbie, good way to start.

Discussions about backup funds, discretionary income for investment, risk management are a lot of repetitive in these threads.
Buy the DIP, and HODL!
Buy Buy Buy or Sell Sell Sell?

Very lastly, investment is for long term and it means people must start and maintain their accumulation and investment a long time, while if finance is perfect, what is much more perfect to look for?

[Awaklara]

You do not have to be rich to start your Bitcoin journey. However, you should keep in mind that you should not invest in Bitcoin in an over aggressively .

At the very least, you should have the financial ability to invest. Not everyone can do it because of economic limitations. 
If you have a little that you can allocate, of course that's good. But also consider it with the consistency you can budget for. 
Many beginners actually can't manage their finances well. They allocate money they consider leftover. Lack of proper planning and management can cause problems in the Bitcoin investments made.

[Dr.Bitcoin_Strange]

I think the reason why many newbies delay investing in Bitcoin is because they wait for the perfect financial situation.

Not as much as the newbies that continues to procrastinate, having doubts, making comparison with other shitcoin, being afraid that they might lose their capital, and lastly, having a shallow knowledge about Bitcoin. The newbies that are waiting for the best financial conditions are the ones that has already convinced themselves the reason why they have to invest on Bitcoin and if they truly understand the need for Bitcoin and also have the DCA knowledge, they won't find it difficult to that their accumulation, the people that really need help are the one (newbies) that doesn't understand Bitcoin very well.

[Maslate]

Well, its true that waiting for that perfect financial condition will only delay your bitcoin progress, but let's be also realistic that if you enter bitcoin investment financially unprepared and emergency funds are not intact yet, that will only make you more greedy to invest in leverage and expect quick financial returns. And when expectations aren't met, you end up resorting into panic selling to prevent yourself from further losses.

But if you invest when finances are great, then most likely you don't invest for fast profits but for future retirement, and you can easily stick with regular DCAing despite an unfavorable market simply because you don't get easily affected with the price fluctuations and price consistently dropping its value.

[Sanitough]

From my personal perspective, investing in bitcoin does not require a huge amount of capital, but rather make sure to have a reliable source of income prior to investing so that you can DCA with bitcoin regularly and consistently increase the volume of your bitcoin portfolio. Otherwise, if you invest in bitcoin without sufficient amount of income and financial problem suddenly arise, bitcoin as a long-term investment will be impossible, instead you end up selling your bitcoin early so you can cater to your basic necessities.

However, waiting for that perfect moment would be great, but the problem is it may take longer before that happens. If you don't want to miss an opportunity especially buying bitcoin in dips, just secure a stable job and invest using your discretionary income. Buying bitcoin isn't really expensive, the important thing is at least you have started investing.

[Rruchi man]

You do not have to be rich to start your Bitcoin journey.

It is not only the rich who are investing in Bitcoin; it may even shock you to know that some rich people are not even investing in Bitcoin or even trying to make any other form of investment that can take them to the next financial level because not every rich person has what it takes to invest, which is sacrifice, because it is only people who are sacrificial who are able to suspend what they want for something they need that will be able to set aside some spare income to be able to invest with. If you can make sacrifices, you're ready to start your Bitcoin journey.

However, you should keep in mind that you should not invest in Bitcoin in an over aggressively .

Says who? There is no fixed rule to investing; just do what is within your means, and if being aggressive is something that you can do and handle the risk, then why not?

[crwth]

Hmm, this would depend on where the person's finances are, but you still need to define it as well. And I agree, you don't need to have that perfect thing because you would still be losing that time. It's better to start early than too late IMO.

We all know that the funds that we have would be subject to inflation. Keeping money in cash would just be risky because it could lose purchasing power over time.

Code:

Bitcoin vs Holding Cash

I think this is a better comparison and not just being "no bitcoin"

[Gozie51]

You do not have to be rich to start your Bitcoin journey. However, you should keep in mind that you should not invest in Bitcoin in an over aggressively .

Yes you don't have to be rich before you invest in bitcoin but at the same time you have to invest with money you don't intend to use anytime soon. Before you benefit from bitcoin investment, you need to hodl your coin for a longer time to accumulate profit like a circle of bitcoin halving. And that means you don't have to be needy of that money for it to grow. So doing that, you need back up money for your normal routine expenses while your bitcoin is allowed to grow. This is why not many will hodl for long if they don't have source where money is being generated. The question is will you have a hospital bill of $1,000 to pay when you only have your bitcoin investment to source it out from against the option of death if you don't make sure move.... I don't think anyone in their right frame of mind will leave their bitcoin investment and risk death. So that is the point. To invest in bitcoin or any other assets, you need to have source of income for the investment to grow because it needs time to grow before the benefit.

[Freeveto]

I think the reason why many newbies delay investing in Bitcoin is because they wait for the perfect financial situation. They may think that the income will be high, the backup fund will be fully prepared, there will be no debt, the monthly expenses will be completely stable, and then they will think about starting Bitcoin accumulation . But people's lives may never be perfect. And there is no rule that you have to invest a very large amount from the first day when investing in Bitcoin. It is possible to regularly DCA in Bitcoin with a small amount according to discretionary income and cash flow.

But yes, backup fund is important. So an investor who is building a backup fund should start working immediately after doing DCA. The bottom line is that responsible behavior often does not wait for perfect financial conditions. Being responsible does not mean waiting until everything is perfect. It is actually right to start small by understanding your capabilities and at the same time strengthen your financial system.  You do not have to be rich to start your Bitcoin journey. However, you should keep in mind that you should not invest in Bitcoin in an over aggressively .

There is nothing like a perfect financial condition, but we need to be financially stable without further problems before starting bitcoin investment to avoid panic selling when we need urgent money to cover our financial needs. That is why we need to make sure we have a stable source of income even if we are not fully stable to start in order to manage ourselves and keep a small amount out of our payout to buy bitcoin using the DCA method.
Therefore, we don't need to wait and accumulate big money before we can buy bitcoin because the money can be used for something and can even lose value if we save it in our bank accounts. Instead of keeping the money, buying the bitcoin with the little amount of money you have to save will be better so that we can be holding bitcoin instead of fiat.

[Frankolala]

I think, it's better for anyone who wants to start his bitcoin investment to read this thread JJG’s Outline of Bitcoin Investment Ideas! properly in order to understand that the moment you have your discretionary income (extra cash) you can start your bitcoin investment immediately. You don't need to be financially stable first because if you want to achieve that first, you might end up not investing and if it happens that you achieved financial stability in future by then the price of bitcoin must have increased more than your expectations.

Emergency funds is a backup funds to your bitcoin investment and it's as important as your bitcoin investment to enable you hodli for a very long time.

[Hardyrobust]

 There are people that have this mentality that before they can start investing in bitcoin that everything must be perfect before they can start. This is a wrong conception and this may likely be the reason why most folks keep on remaining a no coiner. Investor don't need to have everything in place before they can start accumulating bitcoin, as long as they have been able to figure out there discretionary income, they can start accumulating bitcoin. So whatever they feel that they need to have or put in place before starting they can be doing so while ongoing with there bitcoin accumulation. They can be accumulating bitcoin and at the same time while setting up an emergency funds.

[Odohu]

I think the reason why many newbies delay investing in Bitcoin is because they wait for the perfect financial situation. They may think that the income will be high, the backup fund will be fully prepared, there will be no debt, the monthly expenses will be completely stable, and then they will think about starting Bitcoin accumulation . But people's lives may never be perfect. And there is no rule that you have to invest a very large amount from the first day when investing in Bitcoin. It is possible to regularly DCA in Bitcoin with a small amount according to discretionary income and cash flow.

This is as if you were talking to me as you just refreshed my memory of the process when I was new to Bitcoin, although my early Bitcoins were not bought for holding but for payments overseas. When I started thinking about building my Bitcoin portfolio, there were lots of confusions, thoughts and procrastination. It took me being active in this forum to learn the proper way of building a Bitcoin portfolio as a low income earner. The DCA method that you mentioned was and still remain very useful in that regard so I strongly recommend using the DCA method for any investor still struggling to do this.

[Hamza2424]

I think the reason why many newbies delay investing in Bitcoin is because they wait for the perfect financial situation. They may think that the income will be high, the backup fund will be fully prepared, there will be no debt, the monthly expenses will be completely stable, and then they will think about starting Bitcoin accumulation . But people's lives may never be perfect. And there is no rule that you have to invest a very large amount from the first day when investing in Bitcoin. It is possible to regularly DCA in Bitcoin with a small amount according to discretionary income and cash flow.

Haha, bro, do you really think newbies are such perfectionists? I don't think so, instead, they would not think about this. They would simply buy as much bitcoin as they can, and the only thing that they will think about is money. Buying low and selling high as soon as possible to make profit and increase their wealth, like someone is after them or time is ticking for the Bitcoin market and if they don't make money by the end of that time, then they will lose. That's what these newbies are thinking.

But if any newbie really thinks they have to set up everything first and then invest, then that's really a great thing for them, but I would say the same as you, never go for the perfect step, take a step and make it perfect along the way.

However, you should keep in mind that you should not invest in Bitcoin in an over aggressively .

That's really good advice, and also advise people that if you have started to invest and are making a profit, then please reap the rewards of your investment and take some profits and benefit from them, don't just wait and watch it die.

[freedomgo]

I don't think that is a huge concern for bitcoin investors. In fact, anyone can invest into bitcoin even with a minimal amount, and just DCA all throughout its bitcoin journey. Perfect financial condition may be good, but its not actually a requirement. If you want to last longer with your bitcoin investment and make the most of it, then what you really need is a regular income so that you can surely sustain investing in bitcoin.

Patience and consistency greatly matter too. Without these, no matter how financially stable you are, you will never succeed in your bitcoin journey.

[Nheer]

This is as if you were talking to me as you just refreshed my memory of the process when I was new to Bitcoin, although my early Bitcoins were not bought for holding but for payments overseas. When I started thinking about building my Bitcoin portfolio, there were lots of confusions, thoughts and procrastination. It took me being active in this forum to learn the proper way of building a Bitcoin portfolio as a low income earner. The DCA method that you mentioned was and still remain very useful in that regard so I strongly recommend using the DCA method for any investor still struggling to do this.

The early stage of our bitcoin investment is always filled with some difficulties, some people face the procrastination aspects, some people face the challenge of timing the market not knowing everytime is the perfect time, some faces going in without understanding how the process works. But all are just matter of time before we can get good understanding of how it works and why we shouldn’t keep wasting time when it comes to bitcoin.

The DCA strategy is always a reliable method which has been tested and trusted by many holders and almost everyone give positive feedbacks of it. With DCA even those thinking about the right time to invest won’t focus on that because they have the privilege to buy at any price without feeling bad about it

[Alphakilo]

I don't think that is a huge concern for bitcoin investors. In fact, anyone can invest into bitcoin even with a minimal amount, and just DCA all throughout its bitcoin journey. Perfect financial condition may be good, but its not actually a requirement. If you want to last longer with your bitcoin investment and make the most of it, then what you really need is a regular income so that you can surely sustain investing in bitcoin.

Patience and consistency greatly matter too. Without these, no matter how financially stable you are, you will never succeed in your bitcoin journey.

You failed to include that patience and consistency is a byproduct of discipline, because without a disciplined mindset, what one thinks is patience may just be a waiting period that could be targeted at when there's a bull season to sell off, instead of waiting till the duration you set in your calendar to sell off your investment for good return.

Another thing is that a potential investors income might not be steady as some earn via salary jobs, others earn via manual handiwork labour that pays wages and that's a difference that requires different approach because, bills must come and there's the part of family responsibility and if there's no savings plan, DCA strategy might be hard to achieve.

[Crypto Library]

I think the reason why many newbies delay investing in Bitcoin is because they wait for the perfect financial situation. They may think that the income will be high, the backup fund will be fully prepared, there will be no debt, the monthly expenses will be completely stable, and then they will think about starting Bitcoin accumulation . But people's lives may never be perfect. And there is no rule that you have to invest a very large amount from the first day when investing in Bitcoin. It is possible to regularly DCA in Bitcoin with a small amount according to discretionary income and cash flow.

But yes, backup fund is important. So an investor who is building a backup fund should start working immediately after doing DCA. The bottom line is that responsible behavior often does not wait for perfect financial conditions. Being responsible does not mean waiting until everything is perfect. It is actually right to start small by understanding your capabilities and at the same time strengthen your financial system.  You do not have to be rich to start your Bitcoin journey. However, you should keep in mind that you should not invest in Bitcoin in an over aggressively .

This actually happened to me when I first joined the crypto space, I had a good amount of money as an idle fund and I kept it in the bank.
Then the price of Bitcoin was around 15k to 17k during the bear season. And then I was very scared about investing because I was new and that's why I didn't invest anymore. But later when my knowledge about the market started increasing gradually, I realized that I had missed my good opportunities while looking for FUD and perfect financial conditions.   
And what's even more sad is that the bank in my country where I deposited that money is now on the verge of bankruptcy, and I can't even withdraw my money from that bank.