If Bitcoin Gives You Financial Freedom,What Should You Be Willing to Give Up for

[Somto9Light]

Sometimes there will be times when you may feel like giving up if its price falls before you reach your target, but it is better to hold on to Bitcoin in the long run and always give up the desire to make a quick profit from it. Also, avoid FOMO (fear of missing out) – the fear that you are falling behind or missing out when everyone else is buying. Follow your plan.

Whether you are investing with the idea of making quick profits or you are investing for long term profits, you should be able to manage your risks such that it doesn't lead you to losses. There's nothing wrong if someone invests with the mindset of making quick profits if the price goes up but never be too reliant on that since the market can change direction at any time due to volatility. I prefer FOMO to FUD because FOMO makes one to see buying opportunities and avoid missing out but FUD can make one to withdraw their investments due to fear that the market will crash as a result of regular falls.

[Nightwatchmare]

Your title and your post are two different things, but i will reply according to your title.  Bitcoin can give financial freedom in two ways: firstly, if you store your money in Bitcoin it can give financial freedom because you can have access to your money anytime you want and you will not have to pass through the struggle people pass through in traditional financial institution just to have access to their money. Secondly, if you invest plenty of money into Bitcoin and hold for a long term, the profit you will get could give you financial freedom.

[Curious T]

People shouldn’t treat bitcoin as the entire answer to their financial problems, they should also venture into other businesses, develop valuable skills and create multiple sources of income. Bitcoin is not a get quick investment, it requires patient, disciplined, proper risk management and a willingness to accept market volatility.

The mistake wey people dey make na to think say Bitcoin go make them rich. The time wey Bitcoin dey make people rich dun pass. Na people wey invest very early na dey rich from Bitcoin. Right now, even if Bitcoin do 10x, e still no go make everybody rich, and we no sure if Bitcoin go do 10x in the next 5 years. People wey dey rich now, them no just put money for one investment then wait for the investment to make them rich. Them offer their service or product. If you no get wetin you dey sell, you no fit dey rich. Na from money wey you work you go use get investment so that you fit secure money wey you dun already get.

[DiMarxist]

I believe that similar threads that has talked about what you are talking about already exists. But nice advise if you ask me because Bitcoin as a volatile asset is one that is goes up and down, this process has a emotional effect on the individuals so it's expected that investors should note and not give in to his feeling especially during times of long time dip which the price will move below a perticular price.

Your ability to handling emotional stress that comes as a result of the fluctuation in price is key , if an investor is to make gaining the long run.investors are to develop their minds so that they don't get easily agitated when we see thing's like this.

[WhoYouCantKill]

The part I’ll like to further buttress is the fact that simply having a plan doesn’t automatically mean blindly holding bitcoin regardless of what happens. It is possible for a person’s financial situation to change along the way, and factors may want to push someone to sell, but this is the reason why having a financial cushion and backup fund is necessary for every investor because constantly dipping into your investment can be very detrimental to the growth of your investment.

[Felicity_Tide]

If Bitcoin Gives You Financial Freedom,What Should You Be Willing to Give Up for

I guess you should be willing to pay the price that comes with earning such freedom.
If I'm not mistaken, I think every form of freedom comes with a cost... You either fight your way through, or give something of value in exchange for it. Financial freedom practically demands money and time, and if you ask me, those two things are literally values that moves the world around.

Obviously, financial freedom is not something everyone can attain, especially in this part of the world where a lot of people have to work more just to survive. But for those who are determined enough to attain such height, they have no choice but to make their investments a priority, while respecting every of their investment plans.

[Mate2237]

To be very honest, this is nothing new. And i am not really sure why you put it this way, but you are not giving up anything for it, because there is no legitimate investment that is a get-rich-quick scheme, so bitcoin just follows in that order.

It could be stocks, gold, real estate or even starting off a business, you'd have to be patient and lucky to get good return on investment. If people decide to buy bitcoin and suddenly start seeing it from a point of view of getting rich quickly, then it is on them and we have talked about it hundred of times already.

The fact that Bitcoin cannot make anyone rich overnight cannot really be overemphasized on but no matter how many times we discuss this either on this board a lot of people still want to see if they can get lucky and when the word luck comes into an investment like Bitcoin that's actually the beginning of failure. Bitcoin investment takes structure, patience and being consistent, there's no such thing as being lucky.

I don't really know if I should blame this on the economic situation of the country but I guess that's the reason why a lot of people only focus on Bitcoin as a means to make quick money and not something they invest in to become financially stable in the long run. There are principles to Bitcoin investment and if they aren't followed then it is going to be difficult to actually make profit from them.

[Agathamay]

Bitcoin can give us freedom, but investing in Bitcoin is not the end all.

Sometimes there will be times when you may feel like giving up if its price falls before you reach your target, but it is better to hold on to Bitcoin in the long run and always give up the desire to make a quick profit from it. Also, avoid FOMO (fear of missing out) – the fear that you are falling behind or missing out when everyone else is buying. Follow your plan.

It is not uncommon for the market to go up and down, so don’t make impulsive decisions and hold on even in difficult market conditions. Don’t deviate from your plan for a long time, as you may not get the opportunity to invest in the future. There is no guarantee that you will be able to invest in the same conditions in the future at the current Bitcoin price.

I believe with a proper DCA technique, one should not be worried about FOMO because he already knows how to buy and when to buy, so this topic are supposed to be talked often but believe me for anyone who actually have eyes on long term investment, they agree with me that, a lot of market activities wouldn't bother them because they are only focused how to continually increase their portfolio rather than bothering over what's happening in the market.

[Nasdel4]

It is not uncommon for the market to go up and down, so don’t make impulsive decisions and hold on even in difficult market conditions. Don’t deviate from your plan for a long time, as you may not get the opportunity to invest in the future. There is no guarantee that you will be able to invest in the same conditions in the future at the current Bitcoin price.

Wasting money should be what you should be giving up. If you want financial freedom then there's no way you should be wasting money today and yet still expecting tomorrow to be better. You can't eat your cake and have it back and so no dey waste money today. Become interested in investing in Bitcoin and do it like your life depends on it because it actually does, no dey second guess your decisions of investing in Bitcoin but keep putting more money in Bitcoin but of course it shouldn't stop you from having emergency money or money for others relevant things but as soon as you get extra, put them in Bitcoin and do that consistently then watch how the future rewards you. Delay gratification is very important for growing wealth, plant your seed instead of eating then before they'll be able to geminate and then you eat the fruits over and over again. People want to eat their seed and still have the fruits but we know that's impossible.

I never really saw it from this angle until I ran out of money. I'll say that if you spend your money carelessly, you'll end up regretting your actions because like you said "you can't eat your cake and have it back". Delayed gratification is better than temporary applauds from people who won't even lend a helping hand if things went south. Investing in bitcoin has been the best decision of my life and I thank this platform for the enlightenment I've gotten over time about bitcoin investment.
If you're investing in bitcoin then you should be thinking long term and not a get rich quick scheme but it comes with its own risks, so when investing always have emergency funds.
Wealth is not built overnight, it comes with patience, discipline, hard work and smart decision making. Sometimes it doesn't really matter how much we have to invest but how precise we are in managing our resources to benefit us in the long run.
Remember that good things don't always come easy, so we need to set our priorities right in order to achieve set goals and ambitions one step at a time.

[Nathrixxx]

If I have Bitcoin as an opportunity today for my adoption and understand network security and privacy, I have no option but to give up on Fiat; I will erase my full dependency on traditional currency, switch to a digital one, and maintain Bitcoin adoption with full privacy. This is what I need to do and maintain as well. There is no benefit in running a centralized financial economy over going for a decentralized one with Bitcoin.

[Grace333]

Sometimes there will be times when you may feel like giving up if its price falls before you reach your target, but it is better to hold on to Bitcoin in the long run and always give up the desire to make a quick profit from it.

First of all, having a target is very important, this is what gives you a direction that you follow, the reason why a lot of people get distracted by the rise and fall of bitcoin is because they don't set a target for themselves, they just invest and hope to sell their coins at any amount as long as they are in profit but as a bitcoin investor that's a wrong mindset and approach to have when making an investment in bitcoin.

It is not uncommon for the market to go up and down, so don’t make impulsive decisions and hold on even in difficult market conditions.

Not everyone can hold in difficult situations, it all depends on the mental fortitude of the investor and also how well they understand market psychology and experience has a role to play in this as well. In order for an investor not to make impulsive decisions they must be in control over their emotions, not everyone is capable of doing this.

[Makus]

There are people that assume that there isn't much to Bitcoin investment asides from taking out money to invest in it, these are the people that end up making bad decisions that affects their investment in the long run. It takes more than just investing you must also be ready to learn, in the crypto market you must learn before you earn, that's a natural order of how it works and it's not just learning about the basic things on how to invest alone you must also learn market psychology to build you mentally so you don't get phased when the market is going through a dip.

[Jaycoinz]

If I have Bitcoin as an opportunity today for my adoption and understand network security and privacy, I have no option but to give up on Fiat; I will erase my full dependency on traditional currency, switch to a digital one, and maintain Bitcoin adoption with full privacy. This is what I need to do and maintain as well. There is no benefit in running a centralized financial economy over going for a decentralized one with Bitcoin.

It's very easy to say but not entirely practical, I know it's your opinion but trust me, with the way the entire system is designed it would be hard for anyone to actually give up the use of fiat and also it's going to be very hard before we even get to witness a world without the use of fiat, am not going against your option but factually it's gonna be way harder to give up the use of fiat.  The government will always find a way to keep everyone and everything on the grid where they can get some kind of control and bitcoin is a major threat to this and that's why I don't see a full synchronization and integration of bitcoin use as default currency worldwide.

[fredericktaylor]

There are people that assume that there isn't much to Bitcoin investment asides from taking out money to invest in it, these are the people that end up making bad decisions that affects their investment in the long run. It takes more than just investing you must also be ready to learn, in the crypto market you must learn before you earn, that's a natural order of how it works and it's not just learning about the basic things on how to invest alone you must also learn market psychology to build you mentally so you don't get phased when the market is going through a dip.

Those who actually have very little knowledge about Bitcoin may think that, in reality to successful in investing in Bitcoin, it is very important for an investor to have a proper knowledge of market volatility. In addition, it is necessary to invest consistently with a specific plan and adopt risk management. The mentality of selling Bitcoin quickly after being disappointed by market volatility should be reduced. Basically, one should buy more Bitcoins after seeing the market volatility and wait for Bitcoin ATH with confidence, so that one can achieve success through investing in Bitcoin.

[Dareo]

I believe with a proper DCA technique, one should not be worried about FOMO because he already knows how to buy and when to buy, so this topic are supposed to be talked often but believe me for anyone who actually have eyes on long term investment, they agree with me that, a lot of market activities wouldn't bother them because they are only focused how to continually increase their portfolio rather than bothering over what's happening in the market.

It is as easy to hear as it sounds to do DCA, but it is as difficult to do. Even if you have a plan and you were expecting to buy some amount of Bitcoin every week or every month according to it , when its price suddenly jumps by 20% or 30% a lot of people would think that if they had invested a little more money earlier they would have made a good return today.  Again even if they have some plans for the long term, there needs to be a cash flow or income path available to continue DCA as we need to increase the portfolio. I believe that it is more advisable to do DCA on a regular basis and keep a small sum of money set aside than just buying on a particular date as if the market ever dips, then that money would come in handy and there's no feeling bad about it in the back of the mind.