Topic: Am I Too Broke To Own Bitcoin? - page 4. (Read 511 times)

Prejudice from your own understanding makes you doubt your own abilities. I don't think there are any limits in life, you don't have to force yourself to approach something you eligible yet. Do you have a job that brings you income, and are you willing to spend 5 -10% of your spending to buy bitcoin every month, and accumulate it for 5 or even 10 years... and learn again "what is investing?" The term can be easily searched, but when asked, not many people can understand its basic content, and many people like to play a game without understanding what it is about. This time, how you understand bitcoin will reflect your goals and how you seek opportunities with it.

If you hear about ways to own bitcoin without spending money to buy it, that is an opportunity that you can research for yourself and it is certainly not easy if you are not ready. And one thing I realized in life is that before you want to eat a sweet fruit, think about how to grow it.

Your case is the reality of most bitcoin enthusiast living in a country with very low minimum wage. It is always a dilemma and as someone put it the Bitcoin that you save will later end up saving you in times of hardship.

To be an effective bitcoin holder you would need to have another source of income. Speak to your wife if both of you are willing to take up other jobs so that you can comfortably HODL and do it with peace of mind without undue pressure.

True, $3000 a month will be too much. In fact, with that kind of money, he can save a lot or allocate a huge amount of his salary for buying bitcoin or doing DCA. But the thing is, this statement is not clear. The OP didn't elaborate if this is his monthly salary or not, but if it is his monthly salary, then I don't see a reason for him not to own a bitcoin or allocate an amount for doing DCA of satoshi until he can accumulate satoshis that eventually will become bitcoin. If it's true and yet he can't still own a bitcoin or he ends up selling his holdings, then maybe because of their lifestyle, that's why he often needed to sell his assets based on his statement. If that's the case, then the problem is in him. Anyway, I would like to hear from OP if that salary is monthly or not, because if it is monthly, then I don't see a reason for him to not own a bitcoin right now.

Such amount is already high considering the regular monthly salary of an employee.
He can very well afford to buy some btc every month if he truly believes in this market.
But if he has high-end lifestyle, of course, such amount is not more than enough.
But having that monthly amount of income, I would spare some money to investments and not just luxury items.

Do you earn $3000/month? If that's the case then your income is actually more than enough and even if it's per year I think it's still very large because if we talk about comparisons with salaries in my country which are still in the average range of $200-$300 it's actually almost the same.
Especially if it's $3000 per month then I really don't understand what kind of needs you have until that much money is not enough to fulfill your needs for one month.

Investing in bitcoin is not a demand and do it while you can but when you often buy and sell bitcoin that you have it is not an investment but I might classify it as trading.
As for when you sell the bitcoin that you have actually it is also not wrong if indeed you have made a profit from there regardless of the need or not as long as it is profitable and you think selling is the best choice then why not because again this is about your own choice.

No, it highly depends on from where he comes from. $3000 a month might be much in average countries, but in industrial developed countries like in USA, Canada or in some European countries it is just enough to pay your rent, feed your kids and pay your bills. However, you have no free money to invest in and save for economical difficult times. So, he might be right with his statement.

It cannot be denied that we really need courage, strength and patience to hold Bitcoin. Because no matter what, there will continue to be various problems, issues, FUD, uptrends and so on which can interfere with our desire to hold. What is certain is that we are obliged to manage our finances well, namely by investing according to our abilities, don't force it. and make sure that we really can and are able to hold it well. whatever the condition, without panic under any circumstances. stay calm and patient.

Yes, the majority of my Bitcoin is >1200% gain and I don't consider that much appreciation at all. Five digit prices for Bitcoin is nothing. Once it gets to mid-six digit prices next decade that'll be pretty decent (10,000% to 20,000% gain for me). But 7 digit prices is when Bitcoin will finally be reaching maturity and I'd consider that a good amount of wealth growth, of course that sort of price is probably 20 years away.

In the meantime I'll be using some of my Bitcoin as needed, but definitely expect to have plenty left to spend as needed once Bitcoin is in the millions and I can use it for say a new car for like 0.05 BTC, or buy a nice house for less than 1 BTC, that sort of thing.



300% gain for Bitcoin is pretty short term gains. That isn't even a market cycle worth of gains. 1000% at this point would at least mean you've held for more than one full market cycle so that's like the start of a long term investment.

The problem here isn't to be unable to hold Bitocoin. The issue is that you have too much debt in your life, what forces you to get rid of your Bitcoin holdings to pay for it. You have to manage your finances and organize yourself in a way you decrease your monthly expenses, so you will be able to start holding Bitcoin tracing long term goals for your coins.

Your wage isn't that bad. 3000$ monthly would be the heaven for many people in the world. It would be the final solution for many of our problems and the possibility of achieving many of our dreams, but for you it's not enough... Then I guess even if you had a higher income, it wouldn't be enough, anyway, because the problem in your case is how you (don't) organize your expenses and not the flux of money coming in.

I don't want to be nosy, but since you are sharing your story on this forum, I feel like I have right of doing so. You have to talk to your wife and make her understand you need her help in the task of decreasing debt, spending less money and saving some portion of monthly income for investment reasons. Make her understand you are doing it for your family, and not only for yourself. It will be a positive and impacting measure for both of you. While you don't do this, I fear it won't be possible for you to invest in BTC, so have this talk and make a decision for your life as soon as possible.

Op there's always time to invest as there is no late time to invest in Bitcoin but for you to enjoy the profit you need based on your current financial conditions right now, holding for a long time would be the better option for me but before you can achieve that you must have a job that keeps your income coming or a business that's bringing steady income for you otherwise you won't have the patience to keep holding for a long time. If you are able to settle have a job that brings income to you, you can choose DCA it will help to keep you away from loss of the price of Bitcoin rises or falls.

Exactly. If you are only putting in purely extra money (like long term savings / retirement money) into Bitcoin then you won't be in this situation where you always end up having to sell bitcoin to pay for something.

Figure out your budget, cover spending as well as short term savings to build up an emergency fund, and see if you can have even just like $50-$100 per month extra that can go toward long term savings - this is what you should be putting into Bitcoin in order to hold long term so that you can realize that 10x or 20x gain over the next decade or so.

Unfortunately, we can't all be rich. If all people had the knowledge to buy something valuable and dedication to hold it for many years, despite all the ups and downs, all of them would enjoy life and just live happily ever after with the money they made. It's like a race, but most people in the world lack some of the important traits and can't make it to the finish line. Your story suggests that you're one of those people who did not make it. It's not the end though, it's not over for bitcoin and you still have a chance to turn the tides, but it's up to you what you'll do with that knowledge.


I do. I'm not sure how much up I am, but I was at 1000% long ago.

I am comfortably holding and you're earning more than what I am earning.

I think it's all about your management and the expenses that you're having. If there are some not mandatory expenses that you have on your spendings, what you have to do is to try to lessen or remove them.

You're not broke but it is that you've got obligations and with that, another solution is to increase your source of income and that's for sure going to help.

If you have to ask yourself this, then owning bitcoin is probably not right for you.  I've spoken about this quite a few times on here, but it's important to remember that bitcoin is inherently NOT and investment.  Sure it's become one, but it's important to understand that point.

I would focus your investing on less risky/volatile investments.  That would seem to be more prudent for you and your situation.

The key here is proper allocation of your money. No one's too broke, we just expect too much from ourselves. There are potential investors who are avoidant because the market price of Bitcoin is so high right now. But the catch here is that nothing requires us to own 1 Bitcoin in an instant. We are free to do partial investments of it little by little, just an amount you won't need in times of emergency. Problem is that we are giving or putting everything to it which makes our pockets 'thinner' than the usual. The difference of only investing an amount you can really afford (afford means you can just let something for years without worrying about it), than forcing things out. First and foremost we have circumstances to deal with. Many investors are pushed to edge of selling early because of situational issues on their end and circumstances along the way while holding. This is where investors are suffering from loss which we should avoid in the first place as much as possible.
Not only just a source of income but something stable and consistent for you to have enough 'margin' to engage with investments and to eventually develop additional income. Struggles will always be a part of each of our journeys especially if it is something rewarding. No other choice but to move forward and adapt with those struggling times to earn reward after things ease down.

This kind of earning in my place can enable a person to live in luxury. 


The problem probably is that you do not cut your expenses. Try to be thrifty sometimes and save money.  With the amount you are earning, I think you are capable enough to hodl Bitcoin but probably you don't want to sacrifice some leisure in order for you to have the needed fund to sustain your life without selling your BTC.


1000% is small compared if one is able to hodl Bitcoin for many cycles.

The economic situation is some countries is very severe, investors who intend to keep bitcoins for a long tim will find it difficult to hold. It can be a very disturbing situation, and a heartache to investors like you in these kind of places. The best thing to do if you passing through this similar conditions, the best way to remedy your situation is to seek for extra sources of income, so you can have more to sort out your budget.

I don't know where you're from, but $3000 per month doesn't sound little to me. I don't know if you manage to buy a whole Bitcoin, with its current value at $40.000, but with enough planning and budgeting, you may be able to acquire a decent amount. How much can you spare per month for investments? By saving $500 per month and using that towards Bitcoin, you'll spend $6.000 per year for Bitcoin, which is quite decent.

I'm only saving any signature campaign earnings; I'm not buying myself approximately $300, while the average wage here ranges from $800 to $1000 at most, which means that the chances of me acquiring a whole bitcoin are pretty slim.

Well, thats life on which not all would really be having the capacity on holding up their coins into that situation that they cant really be able to snip it out or would be able to pull it out, considering that we do have that different life situations on which there are ones who could really be able to solve out problems without the need on pulling out their investment but there are ones who cant really be just that able to do so just because their income source cant really be able to hold it out and this is why we dont really have no choice but to convert those Bitcoin into cash specially when we are in need. I cant really blame out someone on missing out those profit making opportunity on holding Bitcoin for long because i do experience it even upto now that i do need to convert those coins into fiat because this is part for me to be able to survive on day to day living.

I do have an income from my day job but since i do have my own family and having this worsening economical conditions then additional expenses would really be there on which my paycheck
doesnt really fit out on the expense that you could really be having and this is why it would really be leaving no choice but for you to make out adjustments accordingly
even if it means that you would really be needing to sell those coins even if you do plan on holding it for long term.

the problem is not whether he has income or not. he has a source of income, because he says that he barely earns more than $3000 from his job, but the problem is that money is tight and he has difficulty investing in bitcoin because of this. so what is at issue here is how his financial condition is related to his ability to invest in bitcoin.

and it is true, that not everyone is suitable to invest in bitcoin, because to invest a person needs to first see what their financial condition is, whether they are able to invest or not, because priority things must come first and if these have been fulfilled then then they can invest with their excess money.