Topic: A portion of my clothing store's weekly profit is invested in Bitcoin - page 4. (Read 572 times)

You have made the right decision. I hope you know the risks associated with bitcoin as well as the potentials. On the one hand, bitcoin's price is holding strong now at $25k so if you keep putting in a portion of your profit in bitcoin there is a possibility that it will yield more profit if goes up by 5%. In addition, the profits you get from the potential 5% rise to sort of some personal, business or family needs. On the other hand, if the drops, you should have a risk management strategy in place incase there is a market downturn.

From your subject, I thought you are already into the world of investing in Bitcoin. From the example you raised, your country is experiencing inflation which is affecting your business, if you have any source of income you can go for it. This is because you are not expecting profit as soon.

@OP, I also think that you made a right decision in saving part of your income in Bitcoin.  If you are patient enough, then you idea of earning through investing in Bitcoin will happen since at  the current market, you can buy Bitcoin at a pretty low price compared to its ATH.  My suggestion to you is that, take notice of the coming uptrend.  Make sure that you sell when Bitcoin almost reached its peak or your Bitcoin reaches your target price, and rebuy again when the market goes or shifted to bear market again.  This way you can accumulate more Bitcoin every cycle.

I don't think you understand how the Bitcoin market works or how people earn money with Bitcoin investments. In your situation, Bitcoin investment cannot give you the quick money you expect because investing in Bitcoin requires patience.Although it is not a bad idea to invest in Bitcoin, but don't expect a quick return.

Yes, it is a good decision if you invest some of the profit you made in Bitcoin because it is a future investment that is profitable if you can be patient enough to hold your Bitcoin for the long term.

Are you making profits or talking about the sales money to invest in Bitcoin?

Because you mentioned you feel its difficult to pay rent due to decrease in the sale and want to invest on Bitcoin so you can invest the profits for other expenses.

First of all don't invest any amount of money that you need to pay for something, only invest the money when your savings exceeds and don't want your savings to be vanished due to the inflation.

That's the best investment strategy. It is called "dollar cost averaging". Investing lump sum has the possibility of generating better returns but it is just a "possibility" if you don't know how to make educated guesses. DCA'ing on the other hand, will give you the market average and since BTC goes only upwards in the long term, you will likely to make profits. Just hodl tight and don't panic. In the upcoming months the markets might go ape shit because of the FED.

Yes, if you can invest in Bitcoin then you'll earn good returns after holding the investment for 10-20 years. As you mentioned in your post that you are working in a small cloth shop in a country that's affected by inflation, so in that scenario I recommend you to invest only the money that you can afford to live without. Do not starve yourself or your family to stake your money into Bitcoin, but only invest the money that won't affect your life and your family life in any adverse way. First of all, you should calculate your expanses and when you are done calculating those expanses then you should invest the remaining portion of the money into Bitcoin as that won't affect your life at all.

You should also keep in mind that Bitcoin isn't a get rich quick scheme and it's like a commodity in which you invest and leave it to go higher in value. The current rate of Bitcoin is not so high and if you're already investing in it then you should continue that and accumulate as much Bitcoin over next few years as you possibly can. Once your investments are enough then Hold your Bitcoin for 1-2 decades before selling them to secure profit. It's expected that Bitcoin's price will be in millions after a decade or more and you may earn quite enough profits by holding your Bitcoin.

I also recommend you to keep your Bitcoin in a secure cold wallet. You should install a software wallet in your computer and when you generate a wallet with that software you should remember to copy your private key and save it on many storage devices that aren't connected to internet. You should also save your seed phrase in those storage devices and at the same time you should also backup your wallet.dat on those storage devices. I recommend you to use USB flash drive, and SSD's as storage devices because they are better than hard drives and they last for longer periods. Once you have done copying your private key, seed phrase, and your wallet.dat on the storage devices then you should disconnect that computer from internet and only copy the wallet address with you so that when you accumulate more bitcoin you can transfer those to your cold wallet. You should also write your private key and seed phrase on a paper and keep that in a secure place.

Investing in Bitcoin won't make a person rich over night, but after some years the return on investment could be very high. The price of Bitcoin keeps increasing because the supply of it is limited to 21 million BTC only and with each halving the amount of Bitcoin are reduced per block. The current halving event is expected in 2024 and after that the block reward will decrease from 6.25 to only 3.125 Bitcoin per block, and after that the next halving that's expected to occur in 2028-2029 and with that the reward will further reduce from 3.125 to 1.5625 Bitcoin per block and so on. With each halving period the amount of Bitcoin reduce per block and that creates scarcity in the supply which triggers more demand for it and thus prices increase with the demand.

I think you should still consider Bitcoin as secondary investment and not the primary one. It's good to know you are investing only some portion from the actual income into the Bitcoin. First get to know Bitcoin, its one crazy horse to ride and control. Its volatility rules are mind wobbling so its better to focus more on your Business and how you could grow it with the time in the bad times like these. You should always keep up your Bitcoin purchases and see how it goes over the period of time. Why I am saying not jump all in is due to its volatile nature. Since your business is already running low, it means you need to keep up with daily needs with little bit of struggle. Hope so you will calculate the finances properly and make your choices. Remember: Your and family optimum living > other investments. 

OP it is nice you invested in bitcoin but you should note that bitcoin is volatile and risky. Therefore do not expect immediate profit from your bitcoin investment as it is not a get rich scheme affairs but holding for a long term would definitely yield you big rewards depending on how fast and high the price goes.

I believe what you invested was your extra proceed
otherwise you spare cash which you would not feel bothered about so that you can not lose focus based on how the market trends goes be it down or up.

If your business is kinda struggling, I think there’s equal good and bad no matter the decisions you take.

Buying BTC is fine and great, but consider that money lost. If you were to “lose” all that money instead of investing it, does it still sound like a good idea for your business? How about the future of your financial situation?

It’s a good idea to never keep all eggs in the same basket, but think it very very wisely and thoroughly. You don’t want to spread your eggs in high risk investments I suppose. After all, there has to be at least one safer, more protected egg.

My advice is to take this very seriously and seriously consider your actions. Are you willing to take the risks involved? Because the BTC market isn’t in very strong at the moment and the uncertainty is about at an ATH. And if all you own is a now-uncertain business and BTC during a crypto winter, it’s probably time to think about more opportunities as well.

Bitcoin investment is a very interesting asset that one can hold because it's not like every other investment where you need to stress so hard for things to get done, like having to give out your information or bank details in order to get the investment deal done. But Bitcoin gives you privacy. Just that, while investing in Bitcoin, you should not invest an amount that causes you some phycological issues when the price becomes so volatile. Whoever is investing in Bitcoin should be prepared to hold onto it for a long time until they make a profit. Just as you are investing your business profit share into Bitcoin, you should only invest what you know that even if you have an emergency at hand, it will not force you to sell off your Bitcoin for a lower price than the amount you bought it for, because that's what most newbies do: they invest so hard and exceed the limit of what they were supposed to invest, and when they are not making profit in the time frame in which they have speculated, it becomes an issue for them. So, while investing, just invest the amount that you can afford to leave for the long term.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

Since business is no longer as good as it used to be and you are already investing a portion of your profit, it will be good to find a way to cut cost in your business so you can have more to invest in bitcoins.

If your shop is big and you know that renewing the rent on the shop will be difficult for you and cut into your investment, you can find another small business owner looking for a small corner in a store to pay rent for, to run their small business. There are beauty shops around me that started up first as just a salon for females, later on, they allowed a Male salon owner to combine with them to have a male salon too, soon after, they allowed a pedicurist and manicurist to join them too, all different businesses operating under one roof and each paying a percentage in the rentage depending on how much space they consume. That is a way for you to get more if your shop is big, you can permit other small businesses that maybe have a linkage to what you do to come under you.

There's nothing wrong with your investment if you think it's good, but in the weekly income from your shop, is there another percentage where in terms of shop rental or other needs that also have to be set aside?

You should also know that investing in bitcoin comes with risks but I think you understand how bitcoin moves in the market and can observe that in each of those weekly buys or closer to DCA.

I think the OP is from Bangladesh, isn't that country prohibited for bitcoin, especially in payment transactions at a shop or as another medium of exchange?

The idea of accepting Bitcoin payments may be a good idea, but it is somewhat difficult to implement in practice if people in your area are not familiar with the Bitcoin payment method.

You can try another idea, why don't you issue T-shirts, for example, with the Bitcoin logo on it? It will be an attractive idea on the one hand, and on the other hand, it may help attract the attention of your region to Bitcoin. Perhaps it will be the first clothing store to do this idea.

It is one of choices and good idea but three big things must be considered as a small shop.

Value of each product, cloth likely is not too big and it can cause to big percent of transaction fee for on-chain transaction from a customer to a total value of a purchase. It is only affordable for big enough purchase.

The shop operator, OP, must aware that there will be many inputs in his Bitcoin wallet and he must consolidate them when transaction fee is cheap.

OP must have reserve in cash to keep his cloth store running without have to sell bitcoin every week or every month. With reserve, if bitcoin price falls, he can hold it and wait and it is more like his investment. If he don't have reserve for his business, he will have to sell his bitcoin even when price is lower a lot than price he receives it as payment from customer.

Why don't you accept bitcoin as a payment?

You can start small, generating a new address for every purchase in a mobile wallet (or even in a hardware wallet) and see how it goes.

I bet some customers will like the idea and you might even get a few extra sells. I don't think lots of people will be buying using bitcoin, but it is a start.

If you've ever taken a look at shops in crazy expensive places like the beaches in California and you'll notice something strange.  The real estate prices are so high that many large businesses can't afford to operate their.  However, you also see a lot of Mom and Pop type of shops that have been there forever.  The difference in the ones that got rich vs the shops that failed are whether or not they owned their building.  Shops that purchased their real estate ended up getting rich from valuations, while shops that rented all met the same fate of being priced out of the market.  I could see Bitcoin being the next wave of this phenomenon, where shop owners that held onto some Bitcoin over the years ended up wealthy, while those who didn't were eventually forced to close.

Invest in Bitcoin looks promising and profitable but you can get profit but can get loss with your investment.

You must aware that investment in Bitcoin is risky and if you are sure that you accept risk, afford to lose your money, welcome you as a Bitcoin investor.

If you decide to do it, do not let your bitcoin on exchanges. You will change to trade and no longer keep it as investment. You will have risk to lose it to exchange because it is their bussiness, not yours and you have no control on your bitcoin.

I am not sure where you get profit share from your shop because you revealed that you are struggling to maintain it because of less total income from sales and other costs as well as inflation (?) in your country.

I have a small cloth shop. Currently everything in my own country is very expensive, so we are facing many problems in our life. The shop I have used to sell well. But now due to the increase in price, there are not as many customers or sales as before. Again. On top of that I have to pay rent for the shop which has become a bit difficult for me. After entering this platform I got to know Bitcoin. Then after browsing many places I realized that I can earn money by investing in Bitcoin. So I want to invest in Bitcoin. So I have my weekly I decided to invest in bitcoin from a profit share. I think I made the right decision. I hope that I can use my bitcoin profit for other purposes. Hope you guys can help me with good advice.