Topic: Am I Too Broke To Own Bitcoin? - page 5. (Read 574 times)

There have been people around us who have experienced this because of necessity so Bitcoin is not held like a long-term investment in the hope of selling at the highest price.
Practices like this do not need to be blamed because Bitcoin can be used as we wish.
It is impossible for us to hold Bitcoin for the long term without selling when we need it for our daily needs.

Because we are aware that Bitcoin can provide large returns when the price is highest, then when there is money left over after daily needs, switch to Bitcoin even if the amount is small. If we continue to do things like that, I am sure we can achieve our goal of holding Bitcoin.

Before investing into Bitcoin, you have to firstly have a source of income, because if you don't do that and depends sorely on the dividend on your Bitcoin investment, you will surely eat up your Bitcoin investment bit by bit till it's been exhausted.
So my brother you need a source of income first before thinking of investing in Bitcoin.

The way you described your situation, it makes me think that you are investing in bitcoin way more than your finance can handle (that forces you to sell during bear) so maybe you should adjust the amount so you are more comfortable hodling for longer period of time.


Hardware wallet is a good investment even if you don't use it for a long term hodl.

So is the $3000 a one-time job that you do or every month?
That's a big amount if you say you earn $3000 a month, but it also depends on your lifestyle and the place you leave if you live in Europe, it might be a little for those of you with families.

HODL bitcoin depends on the individual how they can withstand the temptation that continues to exist, such as where there is an urgent need you do not have emergency funds then what is done is to sell bitcoin at any time including during bearish times maybe because it is forced, so if you can only HODL in a year even though it is already profitable better right?

Yes, at this time we are used to HODL, 300% is big enough let alone 1000%.

You're right. The expenses are in megatons. Even bought a hardware wallet sometime ago to start HODLing. There's zer btc in it.



Can't seriously seem to not need any short-term.

True.
Depending on in which country he is living of course but 3000$ won't qualify as being broke I think.
Sure there are some bills and so on but I honestly think at least a little bit of cash each month, even as low as 100-200$ to invest into bitcoin would be doable. Of course we don't know your whole situation but in my opinion you have something you can build up on.
Don't be encouraged or anything.

The problem that you are having is that you are using the funds for important things to invest in bitcoin and this is why you cannot hodli. Since you are earning up to $3k, you should make a proper calculation on your monthly expenses and how much it is, after that, you should also keep some funds in reserve for emergencies that can occur in future. If all these are done, you should look at the amount left and if it is still up to $500, you should keep $400 aside and use only $100 to buy bitcoin regular, either weekly or monthly based on when you do get paid. If it is weekly, you accumulate the amount for one month to make sure it is $100. Always buy bitcoin with this amount every monthly, and practice this for four years, it is called DCA method. Forget that you have an investment somewhere, but your concern should be your constant buying to keep on increasing your bitcoin portfolio. Then be patient with your investment for a very long time. Before you know it, you will have a significant amount of bitcoin in your portfolio after four years. However, if after doing all your calculations and you just have let me say $20 below, you should cut down your expenses and also look for a second means of income to enable buy bitcoin and hodli for a long time and also it will help you to be able to increase your bitcoin portfolio. Only use the money that will not be useful to you for a long time to invest in bitcoin so that you can hodli.

3000$ per month or per year? Because this amount is already decent if it’s per month unless you have tons of fixed bills per month.


Your problem is mainly because you are investing money that you will need to use in your future expenses such as bills that’s why you can’t hold longer. The key to your problem is just invest money which you didn’t need to spend in short term. Try to invest small regularly so that you will not be needing this money anytime soon for you to hold.

It’s not about you being poor but rather just proper money management. It’s not necessary for you to invest big immediately.


My biggest hold ROI is x3 on Bitcoin when I purchase on 10K and sold at 30K.

To be honest, I don't really own bitcoins because I do not HODL. I always see myself selling my coins due to one issue or another, possibly because I really cannot afford to live my dream of holing until Bitcoin makes me rich.

In practice, I barely earn more than $3000 from my job, my wife's mortgage, and other demands waiting to snap up the money. Sometimes I sell in a bull market, and other times I sell in a bear market. Would you say that holding BTC isn't for everyone? Am I not too broke to depend on Bitcoin for financial freedom? Yeah, I'm working for my financial independence, but Bitcoin has remained a peripheral component of that plan. Only if I can HODL for a few years.

Do you comfortably HODL? 300% is quite a lot. 1000% for me is a dream.