Topic: Becoming Financially Free With Bitcoin - page 4. (Read 954 times)

Everyone has their own plan to achieve financial free, holding is one way, but for bitcoin itself achieving such high goals is difficult. unless you try it with altcoin. 5x profit is possible even in a short time, Try these methods repeatedly, in a consistent profit then you can get financial free if you are patient and tenacious

Good and interesting thread
My main goal in life is become financially free
I have my investments in BTC obviously, but I have some traditional investments too, I have a regular job and I do some extra activities when it's possible
And an important part is saving money too

In you plan, you should not count on 5x or 10x in BTC, it's risky to think that, but good lucky my friend

Lucky you, you have a constant source of income externally and that is why it could be easy for to cope with it if you lose such amount of money but you still have to be very careful, there risk in everything, I know that for sure, but we still have to be strong to manage the risk very well because there are some risk that you take and may work against you that time.

At his moment, I think this risk you took will pay off for you, provided it was in bitcoin that you invested the money because we all believe that in the next few months, bitcoin will set another high record for us in the market, but no matter how worth the risk may look, better we still don’t put all our investment or savings in one source, whatever you are investing, at least you should keep 30% of it back for emergency purpose.

I agree, timing is very important and I think OP is at the right timing now since bitcoin has recovered a bit.

Aiming for that increase is realistic, bitcoin has already increase a thousand times that's why it reached it price now, so I don't think it will stop at the current price when the fundamentals are good. It will really take time and every investors has to be patient, the word HODL is popular when investing in bitcoin because everyone is require to hold.

Investing when the market at dip is good, it helps us get a cheaper value and will lessen the time of holding but BTC at 10K, I still believe it's a good entry price.

All if this looks clear as you might have entered at right time. But, there are many who entered during dec 2017 just felt the other way around.

Let me tell you what I have see. In our relatives house they had a cook who constantly heard of btc and its market in 2017 and on a fine day he decided to invest and in those days getting accounts verified was a big task it use to take 15- 20 days minimum and he invested in Dec he is still holding. Point is the waiting for the investment to grow by 5-10x does not work in all case.

The plan is working based on when you stepped into the market.

Go with your maximum goal with is x10 because that goal is realistic.
At the current price of $10,000, bitcoin just need to rise to $100,000 in order for you to achieve your goal, if BTC continues to grow and we will see some great adoption, I think in less than 5 years, you will already achieve your goal.

You have created an impressive plan, you are not exposing much of your income in BTC so I know you can wait if it will take longer before it will be realize.

It is very important to foresee how far a Bitcoin investment can go. Until 1-2 years ago, anyone selling Bitcoin regretted it in the long run. Someone who invested in 2015 regretted selling ATH in 2016. So if your goal is investment, Bitcoin has earned everyone in the long run. Especially in countries with weak economic values against the USD.

In 2017, we saw Bitcoin's ATH against the USD. At the same time, the local currency of my country and ATH was experienced in the same period. But about a month ago, when Bitcoin went up to $ 13500, we approached ATH again in my country. In other words, BTC investment can be very effective especially in countries with high inflation.

The plan seems alright if by investing in residential property you mean buying flats and houses and living off the rent people will pay you. However, I am bit sure it counts as an example of financial freedom reached because of Bitcoin. You seem to have good financial situation already if you can invest that much. And you intend to sell your BTC for fiat in the end and invest into something not related to Bitcoin at all.

I think this is one solid plan. I'm working towards more or less the same plan.

Considering rental income as a passive income makes your plan even more solid. I think no other passive income could match with rental income in terms of steady cash flow.

- Hilarious mate. But could really happen about a decade into the future, lmao.

This is actually a great plan. It will ensure your financial stability for years provided it works out. There's no reason for it not to because Bitcoin is coming from 0 not going to 0. I will definitely adopt this plan but in a smaller scale, I have limited resources.

What I like about your strategy is the following :

1. You are saying, Fck it! I am going for it. A lot of people stand on the side, not taking any risk and waiting for success to come to them. In the real world, that does not happen.

2. You are not going "All in" ....so you only expose enough capital to high risk, that you are willing to lose. A total Bitcoin failure, will not sink your boat. 

3. You have a plan and you stick to it. Too many people invest blindly with no purpose.

4. You are not scared to pull the profit, when you reach your goal. Some people become too greedy and they miss the opportunity, when the profit present it self.

I invested a large amount of money into Bitcoin when the price was between $300 and $400 and I took profit when it reached $18 000+ and that profit was re-invested into other investment options in my bigger portfolio. 

one issue you will face is when you switch between step 2 and 3.
in one of your comments you said you expect 10% (maximum 30%) return in a year as net profit. but the switch you are making is practically from a 10%-30% in a month. for example bitcoin went up 2100% in 2017 alone. this year it has gone up >250% in 6 months. making that kind of switch requires sticking to a solid plan and not getting greedy for more profit as you would be reducing it significantly.

You should know that there are many people working outside here and receiving wages.
They use this money to invest in the Bitcoin market. There are a lot of costs that need to be spent on money, outside of our lives.
The thought of becoming financially free for your BTC is being considered, but if BTC returns to 0, I think a lot of people will become impoverished.

I see you have a great plan and strategy to reach financial freedom with bitcoin. I admitted that you realize that investing in bitcoin will have a risk, and you can accept the risk. It is good if you can invest some % of your income into bitcoin because you want to make a big profit from bitcoin, and from the profit, you will buy another investment type. But I don't believe if bitcoin will go to 0 as now, bitcoin price is trying to increase to the higher rate. Maybe in the next year, you will see your investment will grow in fiat because you save your money into bitcoin.

I think what you did is not a gamble because you already have a plan and strategy to cover the losses if you got one. But you do a great thing for your life which is not all people can realize and they don't know how to start to invest in bitcoin. With those plans, I am sure that it will work for you and will reward you in the future.

Most people are forced to put retirement money into pensions tied to the stock market and government control and the health (or lack of health) of their own currency.

IMHO - In the next 20 years.

- Bitcoin will become stronger,
- There is a chance the stock market will crash or under perform due to global events,
- Governments will change the rules so you don't get back what you expected when contributing towards a pension,
- Your currency itself won't be worth anything.

This will leave people who have contributed into the pension system their whole lives left with little or nothing.

(Government) Mmm? There's too many people. We can't afford to pay their pensions anymore. Maybe we could raise the retirement age to 75 so they'll all be dead before they get any of their money back.

(Government) Mmm? We've just had a banking crisis so let's put our hands in the bank accounts of people that have money saved to bail them out again.

(Government) Mmm? We're short of money because of our out of control national debt so let's just print gazillions of dollars so the dollars people already have aren't worth anything anymore.

Bitcoin is quickly adopting a widespread acceptance as a safe haven against these types of destructive events, including inflation, for a good reason.

Don't think just about yourself. Think about what it happening in over 150 other countries around the world and how those events may affect you.

Look at Cyprus. Look at Venezuela. Look at Argentina. Look at Greece. No country is immune.

In the past 5 years the UK pound has gone from $1.65 to $1.25 - Everyone in England has lost 25% of their money. They don't realize it. They just know everything is more expensive now.

People need a global decentralized currency to protect themselves from the type of events that have happened in the recent past in different countries and inevitably will happen again. And maybe next time it will be bigger. Just Maybe.

Praise be to the Bitcoin.

Bitcoin is never going to zero. I don't think your idea is bad, but if the bitcoin you bought at whatever price goes down, all you have to do is wait even longer. I don't know what are the chances that your investment will growth enough for you to buy real estate, as time passes, bitcoin value increase will slow down. We probably saw the biggest increases in bitcoin's lifetime. It still has more to go, and it will never go flat against fiat, but at its worth point decades away, it will still be growing about 2% or more (the opposite of the induced fiat devaluation).

So its not exactly bad either, but expect it to be more boring. Think of gold, just think if you did your plan with gold, perhaps a decade later your gold will be a bit worth more than what you did invest, but not that much. Bitcoin is a bit more valuable than gold, but not by much (unless someone discovers a new gold source which would make its price plummet but Bitcoin will look stronger against it).

How much i can't tell you, but in my opinion it will grow slower in price than all its lifetime, so under 100k by the next decade, since it already grew 10 times i cannot grow 10 times in the same time period again, its under that else correction will occur. Could be 99k or it could be 12k we shall see. I think it will be a bit more than 20k. by 5 years or so, but don't count on it.

Thank you for saying this.  This is the fault I see a lot of people who want to become successful with crypto but fall flat on their faces quickly. They don't make their peace with possible loss.  Gotta only give what you can lose or have a recovery plan set. Both are a good idea. Some also try to mimic other people's plans w/o considering what may actually work best for them.

Right now, I buy a little here and there, but I'm mostly investing my time in learning about the potential of crypto and blockchain technology, especially in the realm of artwork and game development (my stomping grounds), and seeing how its value can keep increasing via fun and utility. It makes it easier for me to hodl since I'm distracted during low points in the market. 

I'm not smart in the property business lol. If my Bitcoin and Altcoins up 10x, I plan to make a food business. like a restaurant or cafe. Because from my perspective, the food business is the most profitable business of any other business. Let's invest from the results of the crypto investment. 

You really did stat off in BTC as your first investment, that's cool although risky IMO.

Please be specific with your target as sometimes if we are just putting a range like 5-10 times growth, it will make us greedy when we are in a situation that bitcoin price is already growing, especially in the bull market. Instead of thinking of 5-10 growth, why not just make it x10 growth, that would be easy to initiate as you can sell right away, of course x10 is already a good return, you'll be very greed if you don't sell it once you'll see that opportunity.

As always, it's good to invest outside crypto to minimize the risk and at the same time, it's diversifying your investment but step is crucial and it should succeed first.

You'll have to start it now. As we look forward, the value of every satoshi's will absolutely be increasing and keeping it at hold is a terrific idea may have. It probably not only just 3-4% increment but it gonna be more 10% higher . We don't need to start at a high amount, the best thing is to gradually increase our investment from time to time.