Let's say a friend of mine says he wants to invest in Bitcoin, the first question I will ask him is what knowledge does he have about bitcoin. Then I will tell him to look at bitcoin price projections everyday for a month for him to understand its projection. I will also say he should be conversant daily by reading or listening to bitcoin news. And he must have it at the back of his mind that he should only invest money that if he eventually losses the money that it won't pain him
This is what some of people don't understand when it comes to bitcoin investment, bitcoin investment is different from any other cryptocurrency coins, that is why when people come to know more about Bitcoin Investments, I first of all ask them two questions which are
discretionary funds and the mindset of investing for a very long term in a period of 4 to 8 years and above. Bitcoin investment is all about consistency, and if the new investor is ready to accept the challenge then definitely he will not regret investing in Bitcoin for a very long term.
The point you made about discretionary income is really important because it is easy to hold bitcoin for a long term like the 4 to 8 years you made mention of , when the money used for accumulating bitcoin is money that isn't meant for basic needs or expenses. The market is volatile, so using money that will be needed soon can result into selling when we never planned, especially at loss. It is good to have a long term mindset and to be consistent with bitcoin accumulation using discretionary income .This will remove unnecessary pressure while holding for a long period.
