Bad economic situation makes bitcoins more difficult to keep. - page 4.

uswa56

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Quote from: Queentoshi on August 17, 2023, 12:38:56 PM

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

I've even experienced something like this, don't care about the belief in Bitcoin or other investments that will increase dramatically in the future but when responsibilities and needs in real life must be fulfilled then we can't maintain anything, I've even experienced losses due to needs I suddenly needed it so I decided to sell Bitcoin at a cheap price.
That is very influential, it is impossible for us to invest when our stomachs are hungry, if we have to be able to fulfill our needs and responsibilities first before finally being free to invest.
What you say is true and even this goes into a person's person, regardless of which country he is in.

Wind_FURY

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Quote from: irhact on August 23, 2023, 04:11:18 AM

Quote from: Questat on August 22, 2023, 05:35:26 PM

People invest in Bitcoin for some reason and they would sell them when they are in need. We can't stop them either nor urge them that just hold because some of these investors are weak, they will easily get into panic once they saw a decline. But I don't see it was a problem because this is really how the crypto market works and this is how the volatility showed to us. It is definitely we can't see Bitcoin keep on high but we also see its price dump for any reason that is why we always have to be prepared for what will happen next.

These individuals claiming to be investors have to understand what investing is all about, if they don't have the behavior of investor they should stop lying to their self because it'll hurt them in future. They shouldn't be investing with money that they can't lose because that's only when the market dumping can cause a panic because they have gone to over invest amount they can't handle losing. Investing should be done for long term because that's when you can get the best profits.

For the crypto market to be active, there has to be buying and selling going on daily but it must not come from you as we have those that trades and make money from the market daily. Those traders are responsible for the activeness of the market and not you, an investor.

That's the sad truth. That's probably why the age demographic for most Bitcoin owners who will have more probabalities to make it through to the next bull cycle without selling are in their 20s or 30s, and single without anyone depending on them in financial matters.

Perhaps it's also why many people gamble in very volatile shitcoins on leverage. BUT most of them end up with no profit. It would be more productive to save and HODL Bitcoin, and it's a safer way to use limited capital.

irhact

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Quote from: Questat on August 22, 2023, 05:35:26 PM

People invest in Bitcoin for some reason and they would sell them when they are in need. We can't stop them either nor urge them that just hold because some of these investors are weak, they will easily get into panic once they saw a decline. But I don't see it was a problem because this is really how the crypto market works and this is how the volatility showed to us. It is definitely we can't see Bitcoin keep on high but we also see its price dump for any reason that is why we always have to be prepared for what will happen next.

These individuals claiming to be investors have to understand what investing is all about, if they don't have the behavior of investor they should stop lying to their self because it'll hurt them in future. They shouldn't be investing with money that they can't lose because that's only when the market dumping can cause a panic because they have gone to over invest amount they can't handle losing. Investing should be done for long term because that's when you can get the best profits.

For the crypto market to be active, there has to be buying and selling going on daily but it must not come from you as we have those that trades and make money from the market daily. Those traders are responsible for the activeness of the market and not you, an investor.

Abu-Naim

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Quote from: Queentoshi on August 17, 2023, 12:38:56 PM

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

Financial discipline is required for success in life, not just in retaining bitcoin. If you are financially trained, you will find it easy to manage your wealth during any economic downturn.

There is no need to panic if you invest little sums of money that you can afford to lose or money that you will not be able to use soon in Bitcoin because that money is designed to be set aside for investment, not personal necessities.

dothebeats

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Quote from: BRINIRHA on August 22, 2023, 07:16:32 PM

Quote from: Queentoshi on August 17, 2023, 12:38:56 PM

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

Not only in bitcoin investments but we will also find it difficult to survive in maintaining all other investments. When our financial condition is not okay. Yes, because our priority is to survive and of course we must always be ready to meet the needs of our lives. So in a financially unfavorable condition it would be very natural for someone to start pulling back their investment that he had maintained for a long time. Because after all we can only invest if we are able to meet all the needs in our lives. So it's important for us to always prepare a good income so that our finances are always fine. This is where it is important to build a business and also this is where it is important to have more than one income in our life. But every country has different conditions. So yeah, everyone in every country has their own way of survival.

Very well said. Depending on one source of income is very dangerous for our financial status and needs. We cannot always expect for things to go the way we want them to, there will be unexpected situations that will force us into a corner and will push us to make decisions, hence it is always best to have various options to get a solution. Much like having various ways and source of income,

BRINIRHA

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Quote from: Queentoshi on August 17, 2023, 12:38:56 PM

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

Not only in bitcoin investments but we will also find it difficult to survive in maintaining all other investments. When our financial condition is not okay. Yes, because our priority is to survive and of course we must always be ready to meet the needs of our lives. So in a financially unfavorable condition it would be very natural for someone to start pulling back their investment that he had maintained for a long time. Because after all we can only invest if we are able to meet all the needs in our lives. So it's important for us to always prepare a good income so that our finances are always fine. This is where it is important to build a business and also this is where it is important to have more than one income in our life. But every country has different conditions. So yeah, everyone in every country has their own way of survival.

Questat

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Quote from: Sim_card on August 22, 2023, 12:04:10 AM

Inflation is the cause of this,that is why your income might not be able to meet up with your needs anymore. You don't need to start selling your bitcoin only if you have invested more than the amount that you are suppose to invest. This is where the problem lies because when there is an emergency need,you are left with no option than to sell off. That's is why you need to have various means of cash inflow to enable you not sell your bitcoin or you need to invest based on your cash inflow at a given period of time. Inflation can destabilize one bitcoin accumulating plan or your plan to hold for long if you can't be flexible with the changes in the cost of living.

People invest in Bitcoin for some reason and they would sell them when they are in need. We can't stop them either nor urge them that just hold because some of these investors are weak, they will easily get into panic once they saw a decline. But I don't see it was a problem because this is really how the crypto market works and this is how the volatility showed to us. It is definitely we can't see Bitcoin keep on high but we also see its price dump for any reason that is why we always have to be prepared for what will happen next.

DanWalker

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Quote from: Sim_card on August 22, 2023, 12:04:10 AM

Inflation is the cause of this,that is why your income might not be able to meet up with your needs anymore. You don't need to start selling your bitcoin only if you have invested more than the amount that you are suppose to invest. This is where the problem lies because when there is an emergency need,you are left with no option than to sell off. That's is why you need to have various means of cash inflow to enable you not sell your bitcoin or you need to invest based on your cash inflow at a given period of time. Inflation can destabilize one bitcoin accumulating plan or your plan to hold for long if you can't be flexible with the changes in the cost of living.

But inflation is also one of the many reasons why we invest in bitcoin. Is it because we think government mismanagement is causing inflation to skyrocket and our fiat currency to depreciate rapidly, and we see bitcoin as the solution to that? So it can be said that we don't keep bitcoins and have to sell it unwillingly, it's our own fault. We did not have a good preparation, no perfect plan to deal with inflation knowing that it is killing us every day.

Majestic-milf

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Well, at the end of the day the cost of living is trying to kill the living. Grin

..I saw this somewhere on the forum and it had a nice ring so decided to use it as it really explains the economic situation of the world. Majority of the well recognized currencies and even the lesser ones are going under some form of inflation and this is sorely affecting the population, especially the lower income household.
I won't blame those who don't have any BTC due to financial constraints because you'd first need to meet the most important needs which are shelter, food and clothing before anything else
When the government of the day decide to get greedy and print more money than is needed, the economy becomes inflationary, but this doesn't bother them as long as they get to line their coffers.

Pierre 2

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I am having this very same issue nowadays with ramping inflation and unbalanced increase on cost of living. I sometimes buy and sell Bitcoin just to close my high amount of minus balances of my credit cards. Well its hard to keep up especially if you are paying rents too. Finding new flat to rent is becoming harder and finding cheap flat to buy is nearly impossible with current wages in many countries. I am so sad to sell some of my bitcoins...

Doan9269

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Honestly i don't know when it has always been good for the smooth runnings of the economy everywhere, there must always be some challenges factors and moments things may not really work out as expected, yet through this some still find an opportunity investing in bitcoin because they realized the future found in doing so, instead of things getting more worse, you have the better results in your financial economy if investments in bitcoin is made over the years, you can't have same experience with how others do when they are more concentrated on fiat economy.

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Quote from: Majestic-milf on August 22, 2023, 03:33:50 AM

Quote from: Kakmakr on August 22, 2023, 02:14:06 AM

Yes, I have friends that were forced to sell their coins, before they could make a profit. The high inflation and fuel prices are pushing up the cost of food and services and interest on debt are increasing, so people are struggling to survive.

The problem with this are the following... these people say "Bitcoin" is a bad investment, because they lost money or they did not profit. They do not care that they did not have the liquidity to "save" their bitcoins or that it was their decision to sell early.... they just blame Bitcoin. Roll Eyes

I guess your friends fall under the category of those people who need someone or to something to blame for their inability to be prudent in their business.. I mean, Bitcoin never promised that it would stop being volatile the moment they start investing that's why most times when going into BTC investment, it's best to do it with money you can afford to ignore even when things get red because the best way to reap it's fruits is not when you panic and sell, but rather when you hodl.
It's quite sad that people view Bitcoin as a get rich quick scheme and do not DYOR before putting money that's why when it's doesn't yield positive returns, it gets labelled as fake, shit or as Warren Buffett will call it, "poison".. Roll Eyes

I call those people losers who always blame others and never admit their fault, they will always fail no matter where they invest. After all, bitcoin is just an asset and a tool for us to use for investment purposes, and profit or loss is up to us, not bitcoin or gold.

This is the financial market and I won't grieve for those stupid greedy people. The market always has winners and losers and if they are greedy in their stupidity, they will have to pay the price. The reward should only be given to the deserving, it would be unfair if the lazy also received the reward.

Flexystar

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The current economic situation can definitely hamper the Bitcoin but I truly believe that it is temporary effect on it. The effect happens because there are always investors who are not entirely into bitcoin and they are entrusted by the reality of traditional economic circle. This means they have very high influence on them when something happens in the market. They can not withstand the fact that Bitcoin is more beneficial when it is hold for long terms so we can not really control the entire Bitcoin movement due to such technical difficulties.

This obviously tells us why bitcoin is highly volatile. There is some bad shit happens in the world and people start selling off their Bitcoin in crazy way. If some celebrity is buying then things are going on green candlestick in no time. I think it's all about the perspective of people and how they look at the Bitcoin. In the long timeline only people with more Bitcoin and higher DCA will benefit.

Better let go what rest of the traditional economy says or does.

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Quote from: Queentoshi on August 17, 2023, 12:38:56 PM

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

Accumulating Bitcoin nowadays honestly speaking is not that easy for the people who make wages every month where its not enough for their expenses. That is why most of the other employed people are still looking for other extra income to sustain and to maintain to provide some of the billings that needs to be pay.

So holding Bitcoin at this moment by simply doing DCA is only good and easy for those who has a good source of income and high salary in the company. But having a discipline with determination I think this could give a bit help anyhow I guess.

Crypt0Gore

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The earlier people realize this the better their Bitcoin HODL journey will be, many people on this forum try saying that Bitcoin investment is for everybody, and for someone like me who is familiar with holding for long term I believe they are all wrong, to prove me really wrong you have to taste what a real bear market feels like, I am very certain that it's distasteful to the core.

The reason why Bitcoin investment is not for everybody is because of the hardship that comes with holding Bitcoin through a bear market, so many people thinks it's a bluff but when bear market start showing how cruel it can be, they start voicing out, posts like getting tired of holding Bitcoin will surface and that's when they will understand.

Buying Bitcoin can be easy but holding for long term is not for everyone, only few people are so disciplined to hold on, even if life challenges are trying to force them to sell their Bitcoin they won't do it.

The more you make money, the easier holding Bitcoin for the long term will be, lack of good income is what makes HODL a very hard task.

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Quote from: suzanne5223 on August 19, 2023, 06:52:22 PM

The best way I see to avoid the temptation of selling Bitcoin holding during emergency or economic condition is to have vast means of earnings or lock their holding away for some time and the same thing goes for people who are not into BTC they always look for something they can sell or exchange for deal through the pawnbroker.

Good things like that can indeed apply to everyone, especially if some people are not willing to sacrifice any assets in an emergency, so they prefer to find another job to overcome this emergency. I also quite agree with what you say because for those who really like Bitcoin and don't want to sacrifice it in any situation, they will be more than happy to find another solution as long as this solution can make money and cover their needs in difficult conditions.

Quote from: AmoreJaz on August 19, 2023, 07:01:25 PM

that is why it is always advisable to diversify your portfolio, not only with cryptocurrencies but with other tangible assets as well. because if one is not doing good in the market, you can opt to use the other asset.
however, you can only lock your holdings if you are very sure that you won't need them in any way. because unforeseen circumstances will give you the reason to pull off some of your assets or else, you will be in deep debt owed to high interest from lenders.

The suggestion to have more portfolios or a very varied asset model is indeed good as long as these assets are assets that are already popular and well-known among cryptocurrency lovers. But some people who only have assets like Bitcoin will prefer to look for other options such as working at different jobs in order to be able to make money, even though it's not enough, but as long as the income can help cover their needs, I think that's a very good thing to do. because they can be more flexible in storing Bitcoin and avoid selling Bitcoin when conditions are sudden.

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Quote from: Queentoshi on August 17, 2023, 12:38:56 PM

What do you think?

When you are thinking about investing in Bitcoin to make a profit in the future, then many things must be considered
You must first be able to meet all your main needs without the need to reduce them because reducing the allocation of funds for the main needs will only make you sell Bitcoin at unexpected times because there are needs that must be met.
If you have a business and set aside profits and buy Bitcoin but can only last for a while because it turns out there are things that must be fulfilled immediately so that you are likely to sell at a loss then you are actually not yet in a stable economy to be able to start investing.
Economic difficulties can ruin our Bitcoin savings and that means we don't have economic stability yet.

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Quote from: Majestic-milf on August 22, 2023, 03:33:50 AM

I guess your friends fall under the category of those people who need someone or to something to blame for their inability to be prudent in their business.. I mean, Bitcoin never promised that it would stop being volatile the moment they start investing that's why most times when going into BTC investment, it's best to do it with money you can afford to ignore even when things get red because the best way to reap it's fruits is not when you panic and sell, but rather when you hodl.
It's quite sad that people view Bitcoin as a get rich quick scheme and do not DYOR before putting money that's why when it's doesn't yield positive returns, it gets labelled as fake, shit or as Warren Buffett will call it, "poison".. Roll Eyes

If someone risks their money on someone's advice, whether it's bitcoin or any other purchase, then I will say that you will almost certainly lose your money. It is not enough just to buy, you need to understand what to do next, when to sell, or when not to sell, there will always be too many pitfalls for your boat to reach its destination if you do not have an understanding of how to manage this boat.

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Quote from: Sim_card on August 22, 2023, 12:04:10 AM

Inflation is the cause of this,that is why your income might not be able to meet up with your needs anymore. You don't need to start selling your bitcoin only if you have invested more than the amount that you are suppose to invest. This is where the problem lies because when there is an emergency need,you are left with no option than to sell off. That's is why you need to have various means of cash inflow to enable you not sell your bitcoin or you need to invest based on your cash inflow at a given period of time. Inflation can destabilize one bitcoin accumulating plan or your plan to hold for long if you can't be flexible with the changes in the cost of living.

We can't know when we have an emergency need, so before investing it's a good idea to know how much we can afford to invest so that in investing we haven't reached the target we have set, we have to sell it. You are right if we don't have a good calculation of our expenses then what we get from our work will not be enough for our needs, so we need to sell what we invest before our target is achieved.

Majestic-milf

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Quote from: Kakmakr on August 22, 2023, 02:14:06 AM

Yes, I have friends that were forced to sell their coins, before they could make a profit. The high inflation and fuel prices are pushing up the cost of food and services and interest on debt are increasing, so people are struggling to survive.

The problem with this are the following... these people say "Bitcoin" is a bad investment, because they lost money or they did not profit. They do not care that they did not have the liquidity to "save" their bitcoins or that it was their decision to sell early.... they just blame Bitcoin. Roll Eyes

I guess your friends fall under the category of those people who need someone or to something to blame for their inability to be prudent in their business.. I mean, Bitcoin never promised that it would stop being volatile the moment they start investing that's why most times when going into BTC investment, it's best to do it with money you can afford to ignore even when things get red because the best way to reap it's fruits is not when you panic and sell, but rather when you hodl.
It's quite sad that people view Bitcoin as a get rich quick scheme and do not DYOR before putting money that's why when it's doesn't yield positive returns, it gets labelled as fake, shit or as Warren Buffett will call it, "poison".. Roll Eyes

Topic: Bad economic situation makes bitcoins more difficult to keep. - page 4. (Read 907 times)