Topic: Am I Too Broke To Own Bitcoin? - page 3. (Read 573 times)

How about you think a little and put some things in order in your head and stop thread spamming? First you claim that Bitcoin will help you to be financially free in 2 years, and now you admit that you don't own Bitcoin at all? The problem is that you don't have a strategy at all, because otherwise you would already have a solid stock of BTC that you could keep for the long term.

It is quite logical that you sell BTC or use it as a currency, but is it such a big problem that you take 10% of every job you get paid for and invest in Bitcoin? Therefore, I would not say that your problem is that you are too broke, but that you simply do not know how to deal effectively with what you have.

It's not a good idea to use money that we can use in the nearest future for investments because when a problem arises, we will definitely sell whatever we are holding. If you buy bitcoin before, then bitcoin is meant for you. For instance, if you earn $3000 a month, you don't need to invest your all earning at the same time, you can invest half of it and use the other half for something else. Don't spend your entire monthly earnings on bitcoin, in my opinion, that is the best thing you can do before you know you will hold it for a year.

Since our plans different when it comes to purchasing bitcoin, i believe majority of people that are holding bitcoin cannot even earn as much as you can, but they can hold onto it for years. I don't know how money is value in your country, but if someone makes more than $3000, in my country we can't say the person is poor to hold bitcoin because they will still manage and hold bitcoin despite any difficulties. Owning bitcoin doesn't require you to start with a large amount of money, you may start with anything you can afford.  If you manage your money carefully and make a good strategy, you will eventually make a profit.

Bitcoin should never be a source of financial difficulties or cause you other problems. If you can afford to buy and hold some until the price increases, do it. But don't trouble yourself and put you and your family into financial insecurity because you want to possess Bitcoin at all costs. If you can, find a way to earn Bitcoin as a salary or part of your salary. Do some freelancing for Bitcoin if you have time.

I completely understand. Strategic preparation and patience are needed to own Bitcoin. Not always easy, but I HODL. Balance between saving and investing is vital, I've learned. Its about working for a long-term goal without overextending yourself.

Set aside a little, affordable amount consistently for Bitcoin as a long-term investment rather than a quick way to riches. You may join the Bitcoin journey without jeopardizing your finances. Little, persistent investments can increase over time.

Bitcoin might be a side project in your financial plan. Investment diversification is essential. Not putting all your eggs in one basket helps you invest wisely. Long-term dedication and financial health are key. Keep working toward financial independence, and use Bitcoin as a tool.

I don't really know the country you are in, but to be honest, $3000 per month is not a small amount of money, but may be you are taking care of a large family, which is why it is not always enough for your needs, and that is why you should always sell your Bitcoin anytime you are holding it. If that is the case, I don't think I have anything to say again, but just to get different sources of income that will make you earn more than the amount you are earning per month currently if you really want to invest and hold Bitcoin for a long period of time.
 
Or maybe the reason why you are always selling your Bitcoin is that you always invest even the money you want to in the short term because if you were to be using like $2500 for your monthly needs and investing like $500, but because of your greed that you want to make more profits, you are now investing like $1500 every month and want to be managing $1500 when you know it can't meet your needs. If you want to enjoy holding Bitcoin, don't always invest the money you may like to use at the nearest time.

Well, I will say it’s not for those who can’t hodl because if you can’t hodl then you will likely sell in a bear market and you’ll be at loss. But u think maybe you are investing more than you can afford to and then you have to take the money back. Don’t go investing a large amount hoping for an increase in a short time. Instead, out of your $3000, you can invest 5% which should be $150. Or you can invest less. It’s not just the amount you invest that matters but even the consistency. Someone who invests $50 monthly and is consistent is better than someone who invests $500 but takes out the money too soon.

Earning around $3000 is already huge and it would be impossible for that amount to not have any spare money to invest, you can even take $100 every payroll for you to have funds for investment. To be honest here in my country in PH, with that amount you can already live for many months especially living alone. My technique is that whenever you are gonna invest, never think of it, and also save another spare money for emergency purposes so you won't need to sell your holdings anymore. It might be hard but you need to adjust for your future. Just do the DCA method and timing whenever what time is the best to buy Bitcoin to take advantage of the market and you will profit much more.

I will like to know your country because earning $3000+ is a lot of money, there is no excuse as an investor in Bitcoin, if you can't hold then you choose not to hold, what I have learned the hardest way is that if you have a job it will be easier to hold Bitcoin for the long term, some people also don't understand how the market cycle works, they are confused about when to buy and hold and also when to start taking some profits, DYOR.

I don't recommend you buying some Bitcoin today and selling the same Bitcoin weeks later because of surviving or bills to pay, if what you are earning from your job isn't enough you need to lower your spending to be able to accumulate some Bitcoin, or you can find ways to make extra income for Bitcoin accumulation only, I know you will need a lot of money but having some Bitcoin in few years in the future will be the best decision you've ever made.  

Maybe you are rushing into investment, ask yourself first whether you are already able to fulfill your basic needs with your current income, if not, then are rushing into investment, you need to get better job with better salary, probably you will need to learn new skill or get better on your current job. When you get better salary and more income, don't climb the lifestyle ladder, stay humble, only then you can start invest, if you still have difficulty fulfilling your basic needs, your needs will force you to sell out your investment.

It is really not recommendable for you to keep buying and selling your bitcoin because just imagine the growth of bitcoin you have bought earlier if you just held it if you really have no extra money to invest in bitcoin then just do not buy yet or better yet just buy a few amounts of bitcoin the amount that you can comfortably hold and not take again

If you really want to gain profit in short term then it is just better to do trading which is much more advisable to do with altcoins rather than with bitcoin

Only you can control your future, you can either stay within your employment bubble and not look for any other opportunity, or, you can look outside of the box...there is always a chance to make a little more on the side, or create and continually reinvest in a business that could eventually bring a passive income. Bitcoin is not going anywhere either...after this cycle, there will be another. Why? The fed and other central banks around the world will always create more and more money...what other choice do they have? So with this in mind, you have two choices:
- Slowly accumulate bitcoin within your means, to protect yourself from the growing money supply to to take advantage of its scarcity - Take advantage of the obvious cycles that take place in BTC (1-2 year bull 1-2 year bear)
- Stay in cash, watch as your expenses grow and your wage doesn't grow at the same rate, stay in the struggle, and live a mundane life for the machine.

Sounds dark, though that is how it is for those who don't have the courage to put one toe out of their comfort/security bubble, or start investing before they're within the actual means to do so.

Earn first, then invest.

If you want to chat more about how to put a toe out of the box, contact me. We'll find your interest and I can tell you some ideas to look into. You can also use AI, that's a very good companion to talk about these kinds of things and find your interests that could potentially make money, if you ask the right things and go into depth with it (otherwise you'll get generic answers that will make you think AI is invaluable).

It depends, in California for example, it's a rubbish wage.

There are things he doesn't explain, he talks about his wife's mortgage and we don't know if they are together and the wife also works or if they are separated and by some kind of agreement he has to pay the mortgage.

But I'm sure there is room for improvement. What he has to do is to control income and expenses and cut unnecessary expenses, which I'm sure he can do. Then get rid of consumer debt and save an emergency fund. If he does that, he can then invest in bitcoin without being forced to sell at the drop of a hat.

I think the main reason why you can’t hold is because you don’t really have a good job yet, or maybe I will say you are not satisfied with what you are having. If you are planning to hold bitcoin, then the first thing you should do is get a job. If you don’t have other sources of income, then you will find it difficult to hold bitcoin because you will end up selling it when you are in need of money. I am sure a similar thing is happening to you.
 
So just get a good job that pays a decent amount of money, and then you will be able to plan yourself and have a specific amount you will be using to invest. If you can do that, then you should be able to hold. Make sure you have emergency funds that you will always make use of without touching your bitcoin investments. In case there is an emergency, you won’t be selling bitcoin before you solve the problem.

I don’t really get this part. Are you receiving $3,000 daily, weekly, monthly, or annually? If you are receiving $3,000 monthly, then that’s a decent amount of money. I don’t know the part of the world where you are, but in any part of the world, receiving that amount of money is not really a small amount, and I am sure you should be able to save after taking care of the necessary things that you are supposed to take care of. If you are receiving $3,000 monthly and you claim you can’t invest in bitcoin, then you should just know that you are not ready to invest.

Who told you that only rich people are the ones who own bitcoin. Bitcoins were not created exclusively for.the rich, but for everyone from all works of life. You can buy any amount of bitcoins, an amount within your financial capacity.

You don't need to have lots of money before buying bitcoins, buy with what you can spare, and then work to get more and increase you income streams.

Thinking you are too broke to invest will be regretted later when you hear of people.who even invested less in bitcoins from more worse situations and were still able to have a positive outcome.

Broke is a state of mind as they say cause if there's a will, there's a way. Now unless you're in abject poverty where all of your money gets spent on nothing but your basic needs for living, I don't think you wouldn't be able to afford investing on bitcoin. A lot of newbies think that in order for them to profit in the crypto world they must own one or more whole coins of a certain project, that simply isn't the case my friend. There are a lot of ways for you to be able to still have  stake in the coin of your choosing without having to spend so much money in one go. DCA (Dollar-Cost Averaging) being a prime example of that. You consistently put in a specific amount you can afford into an investment venture you chose, which in this case is bitcoin, and watch as your money accumulates along with the potential profits you may harbor throughout that period. I think it's something you should look into since you're not that confident about being able to buy bitcoin in one go.

First off, learn how to budget, in reality since you're earning more 1000 bucks you pretty much have it better than 80% of people in the planet right now. Learn how to budget and see which expenses could be dropped off and which couldn't. I say cut off that Netflix subscription and watch pirated films instead lol.

You're not rich enough to buy or hold bitcoin? Well you're not broke enough to not be able to accumulate it either. Make your choice my friend.

I hear you, bud.  Making ends meet on $3k a month aint easy.   But hey, no shame if you cannot spare more than a few hundred bucks here and there for Bitcoin.  

However, I still think Bitcoin could pay off big time down the road.  So even tossing a tiny bit at it whenever you can might work out.  They call it dollar cost averaging (DCSing).  Instead of trying to time the dips and peaks and all that noise, you just put in the same small amount on the regular.  Over time it averages out your buy-in price.  Reduces the risk too.

But to answer your question, yes I do HODL comfortably. Mainly because I only invest the amount I can live without. If you think you will need that money for some basic needs in a few months or sooner, then dont invest. No one claims that investing is for everyone.

Hodling is never a smooth pattern. There are tons of challenges that you will face from market crash and correction, and from selling your coins at a low price the moment you badly needed some funds, and that's normal for a hodler like us. No one ever hold without getting tempted to sell. But with self-control and discipline, you will survive all of the challenges since you have a goal to reach, a target selling price that you have set up from the very beginning of hodling.

While hodling is not limited to anyone, but if you want to be a successful hodler, you should stabilize your source of income first so that you won't end up selling every now and then. Having a stable income aside from long term hodling is essential, that way your focus is on your goal, since you're not distracted thinking if there are funds available for you to spend for your personal needs.

For the purpose of clarity, you should have mentioned your country of residence because the amount of income that you mentioned, in some conditions, is way more than enough for you to comfortably hold Bitcoin for a whole market cycle,  and unless you are buying Bitcoin on a lipsum instead of in low affordable percentages.
If you can clarify two things e.g. the country on residents,  and the $3000 income on what basis is it every month or weekly/annual basis, these are things that will give our discussions alot of directions.

I think you have gotten good advice from a few members already. You have a very good salary that I believe should foot all your bills, or are you taking care of a whole community or your entire family? that you can't hold bitcoin even with the slightest amount. Brother, you need to learn money management because if you don't know this key to success, you will probably be working from hand to mouth every time.

There are unnecessary bills that come in as a man that need to be ignored. Yes,  I'm still a kid, but I know that. You can't respond to every need, so you can split your pay differently to use a small portion for Bitcoin holding. Out of $3000, you can just use at least $30 for DCA, and if you can't still hold as little as that in your DCA, then I will suggest you just take your hardware wallets far from you so you can get them when you wish to sell and take your money. I think this will help a little, but you really need to learn money management, buddy!

Over the years I've heard from so many people that they, "can't afford to invest."  The honest to god truth is that nobody can afford not to invest.  The way that inflation and costs are stacked against people, the only hope for any financial freedom is to invest.  It isn't even difficult.  Bitcoin is the birth of a new asset class that's already being widely accepted.  Start dollar cost averaging small amounts and holding them.  Also make sure you have a retirement account through your work or that you are putting money into the S&P500.  Over time, these two things are really all you need to do in order to see some financial success.