Topic: Becoming Financially Free With Bitcoin (Read 952 times)
We had this chance in 2018 to procure property by selling out Bitcoin and Altcoin portfolio but unfortunately we were unable to do so as we had decided to hold the liquid investments for longer. So now we are trying again to put in some funds very slowly into Bitcoin etc in order to procure a decent sized investment. I wish to congratulate you on the fact that you were able to build this big investment in Bitcoin ad I am sure now when Bitcoin went up, you did very well and have probably already now purchased some real estate. The passive income from real estate is a very nice way to become retired fairly fast and for those who have achieved it already in this sector are doing very well. We have to start now from the beginning again unfortunately due to some unforeseen circumstances and bad luck.
I am not planning to become financialy free with bitcoin. I invest in bitcoin to have some extra money some day, but I don´t think I have money enough to reitre.
If you are young and have sufficient information in financial markets, you have more chance to be out of the rat trap than the ordinary people who have less desire, information. The financial literature can save the life of the person and lifestyle of crypto trader will let you to live your life however you desire and the 5-9 job requirements will not be the chain on your shoulders in my opinion. Crypto traders can invest small percent of their monthly paycheck in the reliable projects but they need to be careful from the scammers of the crypto speculators. As the crypto portfolio grows, the market will reward the crypto trader for the smart decisions based on the trading skills and money management. It is never too late increasing the financial literacy, the life will rule everything as it goes like in the crypto trading. Everyone has a slightly different method for becoming financially free, based on their personality, skill-sets and appetite for risk.
I haven't come across many other BTC enthusiasts though that are using Bitcoin to become financially free, so I thought it might be interesting to share what I'm doing.
My plan, simply put is:
That’s if it goes according to the plan I’ve detailed here: https://youtu.be/SiYc6ipKefQ
Some may perceive my plan as extremely reckless.
I know I could potentially lose everything that I invest, but I’m prepared to take that risk, because in my mind the potential reward outweighs the potential risk.
If Bitcoin goes to 0, then it will be a major setback. It won’t ruin me, but it will take me two years to save up that money again (saving £50k from my £75k post tax income).
If it pays off, my route to financial freedom will be LIGHT YEARS faster than I could ever expect from property, gold, bonds, or investing in the stock market as a whole.
Although I fully understand the risk involved, I don’t see this as a gamble. I truly believe in Bitcoin as a technology. I’m willing to bet on something that I believe will have a positive impact on the world going into the future.
If I’m wrong, I’m wrong. That’s it. Start again.
But if I’m right, my life will change.
That’s really just a brief summary of my investment strategy (there is actually a bit more to it) - I’ve created a video, also linked to above, with a clearer explanation here: https://youtu.be/SiYc6ipKefQ
It would be interesting to hear if anyone is doing anything similar to this, and what peoples' thoughts are.
This is a great plan indeed for someone like you who can use that large amount of money to invest, its a big risk but i am sure its worth it, as for me if i have 120k i won't bother to invest it all in bitcoin, way too much and can't take the risk, infact i can have a good life with that amount I haven't come across many other BTC enthusiasts though that are using Bitcoin to become financially free, so I thought it might be interesting to share what I'm doing.
My plan, simply put is:
- Invest a % of my Income into BTC (£100,000 / $120,000) - I have almost completed this step
- Wait for that investment to grow by 5-10x
- Pull out my profit and invest into residential property
- Live off the rental income (passive income will be £100,000 / $120,000 p/a)
That’s if it goes according to the plan I’ve detailed here: https://youtu.be/SiYc6ipKefQ
Some may perceive my plan as extremely reckless.
I know I could potentially lose everything that I invest, but I’m prepared to take that risk, because in my mind the potential reward outweighs the potential risk.
If Bitcoin goes to 0, then it will be a major setback. It won’t ruin me, but it will take me two years to save up that money again (saving £50k from my £75k post tax income).
If it pays off, my route to financial freedom will be LIGHT YEARS faster than I could ever expect from property, gold, bonds, or investing in the stock market as a whole.
Although I fully understand the risk involved, I don’t see this as a gamble. I truly believe in Bitcoin as a technology. I’m willing to bet on something that I believe will have a positive impact on the world going into the future.
If I’m wrong, I’m wrong. That’s it. Start again.
But if I’m right, my life will change.
That’s really just a brief summary of my investment strategy (there is actually a bit more to it) - I’ve created a video, also linked to above, with a clearer explanation here: https://youtu.be/SiYc6ipKefQ
It would be interesting to hear if anyone is doing anything similar to this, and what peoples' thoughts are.
The main problem with Btc as an alternative payment option is that fees are still too high.
thats why there are altcoins . they are invented to solved the most known issue of btc like high fee and slower transfers but not all times btc has a higher fee. sometimes the fee only depend on its value whilst other platform and service use a fix fee no matter what the price of btc is .Quote
On exchanges it cost you about 5$ to transfer your Btc.
whats the name of that exchange ? 5 usd is large enough for a small time traders especialy if the amount that they trade is lower than 5 usd . its not wise to trade thier or better if you can stack up your btc for a while and only trade when it becomes large enough .
The main problem with Btc as an alternative payment option is that fees are still too high. On exchanges it cost you about 5$ to transfer your Btc.
Alternatively, you can buy and send an alternate currency like Bitcoin Cash with a lower transaction fee and then transfer it over to Bitcoin via an exchange once it arrives. You may lose less from transferring between currencies sometimes than you do in sending and transaction fees.
Alternatively, you can buy and send an alternate currency like Bitcoin Cash with a lower transaction fee and then transfer it over to Bitcoin via an exchange once it arrives. You may lose less from transferring between currencies sometimes than you do in sending and transaction fees.
It's good that you have a long term plan. It only means you're preparing for your future. I don't earn much but i still get a chance to invest atleast 1/4 of my monthly earnings since 2017. Planning to buy my own house and do business atleast next year hopefully. I can say i have financial freedom on cryptocurrency and it's amazing!
I am not planning to become financialy free with bitcoin. I invest in Ethereum and bitcoin to have some extra money some day, but I don´t think I have money enough to reitre.
Everyone has a slightly different method for becoming financially free, based on their personality, skill-sets and appetite for risk.
I haven't come across many other BTC enthusiasts though that are using Bitcoin to become financially free, so I thought it might be interesting to share what I'm doing.
My plan, simply put is:
That’s if it goes according to the plan I’ve detailed here: https://youtu.be/SiYc6ipKefQ
Some may perceive my plan as extremely reckless.
I know I could potentially lose everything that I invest, but I’m prepared to take that risk, because in my mind the potential reward outweighs the potential risk.
If Bitcoin goes to 0, then it will be a major setback. It won’t ruin me, but it will take me two years to save up that money again (saving £50k from my £75k post tax income).
If it pays off, my route to financial freedom will be LIGHT YEARS faster than I could ever expect from property, gold, bonds, or investing in the stock market as a whole.
Although I fully understand the risk involved, I don’t see this as a gamble. I truly believe in Bitcoin as a technology. I’m willing to bet on something that I believe will have a positive impact on the world going into the future.
If I’m wrong, I’m wrong. That’s it. Start again.
But if I’m right, my life will change.
That’s really just a brief summary of my investment strategy (there is actually a bit more to it) - I’ve created a video, also linked to above, with a clearer explanation here: https://youtu.be/SiYc6ipKefQ
It would be interesting to hear if anyone is doing anything similar to this, and what peoples' thoughts are.
I haven't come across many other BTC enthusiasts though that are using Bitcoin to become financially free, so I thought it might be interesting to share what I'm doing.
My plan, simply put is:
- Invest a % of my Income into BTC (£100,000 / $120,000) - I have almost completed this step
- Wait for that investment to grow by 5-10x
- Pull out my profit and invest into residential property
- Live off the rental income (passive income will be £100,000 / $120,000 p/a)
That’s if it goes according to the plan I’ve detailed here: https://youtu.be/SiYc6ipKefQ
Some may perceive my plan as extremely reckless.
I know I could potentially lose everything that I invest, but I’m prepared to take that risk, because in my mind the potential reward outweighs the potential risk.
If Bitcoin goes to 0, then it will be a major setback. It won’t ruin me, but it will take me two years to save up that money again (saving £50k from my £75k post tax income).
If it pays off, my route to financial freedom will be LIGHT YEARS faster than I could ever expect from property, gold, bonds, or investing in the stock market as a whole.
Although I fully understand the risk involved, I don’t see this as a gamble. I truly believe in Bitcoin as a technology. I’m willing to bet on something that I believe will have a positive impact on the world going into the future.
If I’m wrong, I’m wrong. That’s it. Start again.
But if I’m right, my life will change.
That’s really just a brief summary of my investment strategy (there is actually a bit more to it) - I’ve created a video, also linked to above, with a clearer explanation here: https://youtu.be/SiYc6ipKefQ
It would be interesting to hear if anyone is doing anything similar to this, and what peoples' thoughts are.
I would like to congratulation you this early, you have a very great plan I wish I have something like that I could implement, and looked every day to see how it's happening, you are not going to go wrong here we assure you that, there's a lot of bump road ahead but we are going there.
Actually you are not the only one who implement such a plan, there are people who believes in Bitcoin and other Cryptocurrency they are the early birds, some of them have fulfilled their dreams because they hang on, and some them sell their shares because they cannot keep up with the wait, it's your choice if you can hang on or not.
I would very much like to be financially independent just trading cryptocurrency, but it is not
Lol, you can be financially free or money free if price goes to zero. Let me grab my magical crystal shard, add some fairy powder from my closet of potions, and roll my 22 sided dice on the crushed bones of a danglegob. That usually tells the future with a great deal of accuracy. Be right back.
If I will be able to generate income from bitcoin through bitcointalk I plan to buy some bitcoin and I will try to hold that. I try to play safe that's I am starting here at bitcointalk because I don't have to invest money I only need patience and of course knowledge. And if ever I will earn more from here I will try to put up a small business. I know that there is no easy way on achieving our plans. That's the best thing there, on your way on reaching your goals you can encounter many things that will help you make your plans better. I really plan to generate income in the future from rental because I live in the city and here almost everyone needs to rent for a shelter.
My plan, simply put is:
I think it's great to have a long term plan set out prior to any major investment, and to have a goal you are aiming for. You should have a set price at which you want to cash out your bitcoin; too many people during the last bull run got greedy and just kept waiting and waiting for a higher price, and then ended up panic selling on the way down, often at a loss.- Invest a % of my Income into BTC (£100,000 / $120,000) - I have almost completed this step
- Wait for that investment to grow by 5-10x
- Pull out my profit and invest into residential property
- Live off the rental income (passive income will be £100,000 / $120,000 p/a)
What do you mean by selling at lost buddy? I believe that when someone buy Bitcoin at the rate of let assume $10,000 and his expecting to sell at the rate of $19,000 but unfortunately the Bitcoin price increase stopped around $17,000 though it didn't get to the expected price of $19,000 and started going down to $17,000 and the investor out of panic sell at $15,000. Is its the kind of scenario you are referring to as the investor sold at lost? I don't believe he actually sold at lost but what I believe is that he sold at profit.
while its a decent plan on paper , there are many obstacles in realiisation
I don't understand why would you want to first increase your profit investing in bitcoin and then ...selling and reinvesting?
is it not more logical to keep it and live off the investment , selling only a small part when needed
at least compare the markets , the bitcoin and property and see which one is better to keep your money at
I don't think there is any business that gives you 100x in a few years time ( not talking about the illegal stuff like drugs , arms and chain food stores here )
bitcoin price did more than 5.000x in less than 10 years , almost 500x yearly on average
also property investment has additional risks other than its losing value , namely force majuer risks like floods , earthshakes , wars , democrats in power etc.
I don't understand why would you want to first increase your profit investing in bitcoin and then ...selling and reinvesting?
is it not more logical to keep it and live off the investment , selling only a small part when needed
at least compare the markets , the bitcoin and property and see which one is better to keep your money at
I don't think there is any business that gives you 100x in a few years time ( not talking about the illegal stuff like drugs , arms and chain food stores here )
bitcoin price did more than 5.000x in less than 10 years , almost 500x yearly on average
also property investment has additional risks other than its losing value , namely force majuer risks like floods , earthshakes , wars , democrats in power etc.
That is a good point.
Why sell any Bitcoin to move into property if Bitcoin is providing amazing returns?
In truth, I will continue to hold a large amount of Bitcoin, as I think it will provide good returns in the coming decades.
I do want an asset which provides cash flow on a monthly basis, like property.
Property also provides capital appreciation, and is diverse from Bitcoin. I don't want to keep all of my wealth in Bitcoin.
Hopefully this thread is still alive when the time comes so we can all see this as a living evidence of a fulfilled plan.
Thanks, I intend to update on my progress within my youtube channel, and can also update to this thread.
This is really clever and very helpful. You have done well with gathering all this info and putting it all together. Maybe you could get others to invest with you with such a great sales pitch as that.
Thanks
. Hopefully others will benefit from investing in Bitcoin. You can simply use it as a long-term investment and from time to time sell some of the coins to have earnings for everyday needs.
Yes I agree.
you can earn much more than a Deposit in the Bank at interest.
Yeah the banks suck. Being your own bank with Bitcoin is much better.
In fact, it was the desire to become financially independent that motivated me to invest in bitcoin. My plan is a bit similar to yours - I invest in bitcoin and when the amount that I have invested will grow several times, I will sell some of my coins and invest in some business. The main thing for me is not to go to work in the office, but to be completely independent.
I'm hoping that in 3-5 years I will be financially free and not have to work (unless I want to). I see Bitcoin as one of the best routes to achieve this.
Well,if i have bigger capital to invest in bitcoin then i think it will help me to become financially free if one day i gained bigger profit then i also invest in real properties such as land,then putting up many house for rent,etc. But there is no 100% assurance that you will gain much bigger in a short period of time in bitcoin. Also bitcoin is volatile which you never know when it will pump and dump. But that's a very good idea to invest not only in bitcoin but also in real properties because the value of it keep on increasing as the time goes by.
while its a decent plan on paper , there are many obstacles in realiisation
I don't understand why would you want to first increase your profit investing in bitcoin and then ...selling and reinvesting?
is it not more logical to keep it and live off the investment , selling only a small part when needed
at least compare the markets , the bitcoin and property and see which one is better to keep your money at
I don't think there is any business that gives you 100x in a few years time ( not talking about the illegal stuff like drugs , arms and chain food stores here )
bitcoin price did more than 5.000x in less than 10 years , almost 500x yearly on average
also property investment has additional risks other than its losing value , namely force majuer risks like floods , earthshakes , wars , democrats in power etc.
I don't understand why would you want to first increase your profit investing in bitcoin and then ...selling and reinvesting?
is it not more logical to keep it and live off the investment , selling only a small part when needed
at least compare the markets , the bitcoin and property and see which one is better to keep your money at
I don't think there is any business that gives you 100x in a few years time ( not talking about the illegal stuff like drugs , arms and chain food stores here )
bitcoin price did more than 5.000x in less than 10 years , almost 500x yearly on average
also property investment has additional risks other than its losing value , namely force majuer risks like floods , earthshakes , wars , democrats in power etc.
Actually i also try financially free with bitcoin and altcoin. But i have diffrent method's and so far it'is work for me. Let say i have £100,000 / $120,000 or need to collect fund until £100,000 / $120,000
1. Investing small fund in bitcoin, I will give around 20% here
2. Investing small fund in 10% in altcoin which have good prospect
3. 60% I bought empty land and build residential property
4. 10% bought and trade company stocks, i trade every week, not daily trade
In step one, i got pasive income around $70 every month while i hodl coin i still get pasive income.
In step two, i have my own method to take profit from altcoin. I don't get pasive income from here, but when bitcoin price increase i got more profit and when bitcoin price decrease i didn't lose anything and loss money
In step three, this is my way to keep my money grow
In step four, because of i invest very small in step 4 so i won't get much dividend, but here i trade company stock so i'm not tied to dividend
After i got some money from step one until step 4 every month, i save my money and bitcoin or altcoin
- And carefully review your steps, altcoin and bitcoin even though it contributes to your financial freedom but the level is insignificant and not a long term because the profit as you say is not so high, sometimes we can still lose when the market is not supportive and we are unlucky, the only thing I can see is that bitcoin and altcoin are trending, so investing in it gives you the opportunity to steadily raise capital. And from there, your financial stability and freedom in step three, real estate gives you freedom, bitcoin and altcoin make a very small contribution 1. Investing small fund in bitcoin, I will give around 20% here
2. Investing small fund in 10% in altcoin which have good prospect
3. 60% I bought empty land and build residential property
4. 10% bought and trade company stocks, i trade every week, not daily trade
In step one, i got pasive income around $70 every month while i hodl coin i still get pasive income.
In step two, i have my own method to take profit from altcoin. I don't get pasive income from here, but when bitcoin price increase i got more profit and when bitcoin price decrease i didn't lose anything and loss money
In step three, this is my way to keep my money grow
In step four, because of i invest very small in step 4 so i won't get much dividend, but here i trade company stock so i'm not tied to dividend
After i got some money from step one until step 4 every month, i save my money and bitcoin or altcoin
Actually i also try financially free with bitcoin and altcoin. But i have diffrent method's and so far it'is work for me. Let say i have £100,000 / $120,000 or need to collect fund until £100,000 / $120,000
1. Investing small fund in bitcoin, I will give around 20% here
2. Investing small fund in 10% in altcoin which have good prospect
3. 60% I bought empty land and build residential property
4. 10% bought and trade company stocks, i trade every week, not daily trade
In step one, i got pasive income around $70 every month while i hodl coin i still get pasive income.
In step two, i have my own method to take profit from altcoin. I don't get pasive income from here, but when bitcoin price increase i got more profit and when bitcoin price decrease i didn't lose anything and loss money
In step three, this is my way to keep my money grow
In step four, because of i invest very small in step 4 so i won't get much dividend, but here i trade company stock so i'm not tied to dividend
After i got some money from step one until step 4 every month, i save my money and bitcoin or altcoin
1. Investing small fund in bitcoin, I will give around 20% here
2. Investing small fund in 10% in altcoin which have good prospect
3. 60% I bought empty land and build residential property
4. 10% bought and trade company stocks, i trade every week, not daily trade
In step one, i got pasive income around $70 every month while i hodl coin i still get pasive income.
In step two, i have my own method to take profit from altcoin. I don't get pasive income from here, but when bitcoin price increase i got more profit and when bitcoin price decrease i didn't lose anything and loss money
In step three, this is my way to keep my money grow
In step four, because of i invest very small in step 4 so i won't get much dividend, but here i trade company stock so i'm not tied to dividend
After i got some money from step one until step 4 every month, i save my money and bitcoin or altcoin
This is really clever and very helpful. You have done well with gathering all this info and putting it all together. Maybe you could get others to invest with you with such a great sales pitch as that.
Its good to have a financial plan and if you are having trouble its also ok to ask for some help and this one is good. Its not easy to become financially free even with bitcoin, and I know making plan and executing it is also hard. For you to achieve your goals in life and other financial goals with bitcoin, make a good plan now and do it accordingly. This is really clever and very helpful. You have done well with gathering all this info and putting it all together. Maybe you could get others to invest with you with such a great sales pitch as that.
We can always follow this if we have struggle in making our own financial plans, this is investing and then diversifying after the first investment will succeed, which I think OP's plan is achievable. In every business, we always start with planning and OP just showed his detailed plan, the next phase which he should do effectively is to implement that plan, well, selling at the right time is easy if an investor has the discipline.
Hopefully this thread is still alive when the time comes so we can all see this as a living evidence of a fulfilled plan.
Jump to: