Before investing in bitcoin, What should I think about?

greenlanternlight01

copper member

Activity: 252

Merit: 6

Quote from: Velkro on April 13, 2020, 11:54:32 AM

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

1. Which Purpose Are You Pursuing?
2. How Much Can You Realistically Set Aside for Investing?
3. When Will You Need This Money Again?
4. How Much Should Risk?
5. What Should You Invest In?
6. Do i know what im investing in?
7. Do i know computer security?
8. If two abose is false, then are you ready to loose it all?

I added sixth, seventh and eight point, because not knowing what you really investing in (brake through technology, but you must know why), not knowing computer security to be able to secure your investment and then eight as warning. If you dont know what you are doing and dont know enough about basic computer security at least, learn first or you will loose it all sooner or later.
Either through exchange hacked/bankcrupcy or trojan horses etc.

to to make it short actually, make an estimate on how much you will invest in any coins and the plan on hodling years. then stick to the plan from day 1.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

...What should I think more than this?...

You should determine for yourself for what period you are going to invest your money. And then you can define your strategy on the crypto market for yourself. You will either simply hold your coins or trade them for a medium-term period or during the day.

KiloFoxtrot

copper member

Activity: 98

Merit: 4

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

Bitcoin investment makes me think a lot.
Of course, it takes a lot of thought to invest in things like Altcoin, Stock, fund, not just Bitcoin.

I have to think of 5 questions before investing in something. And answer it.

1. Which Purpose Are You Pursuing?
2. How Much Can You Realistically Set Aside for Investing?
3. When Will You Need This Money Again?
4. How Much Should Risk?
5. What Should You Invest In?

What should I think more than this?
What thoughts did you go through before investing in Bitcoin?

▶ Source : How to Build an Investment Plan That Works for You

Based on your numbered questions, here are my answers:

1. Profit and Financial Flexibility.
2. My extra disposable income is a good basis, but it's still dependent on my risk tolerance at that time (invest only what you can afford to lose).
3. An emergency definitely caused me to sell before, due to my previous financial situation. So, unless I'm planning to do some day trading, cashing in when it hits an ATH is the ideal goal.
4. Risk Tolerance differs from one person to another. I suggest you try to research more about this topic.
5. Coints/Tokens that I trust (or want to risk on) the most.

Onuohakk

member

Activity: 672

Merit: 29

The things you should think about before investing in bitcoin is that: bitcoin is not quick scheme for richness.
2. It requires much of patience to see some profit
3. you shouldn't invest in what you can't condole with
4. Crypto market is volatile in nature
5. Carryout research before investing in any altcoin

shade jenn

jr. member

Activity: 162

Merit: 1

For me they are:

1. Second Income, which can replace my main income in the future.
I target second income twice the amount of my main income
2. Around 20% (based on an economist consultant).
3. If there is a sudden need.
4. 5-10% from the capital per one transaction.
5. Bitcoin, the mother of cryptocurrency.

CryptoInsights

member

Activity: 141

Merit: 19

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

3. When Will You Need This Money Again?

Thinking about this question and there wont be a fixed answer. There are chances of you market prediction going right but it is hard hard hard to predict life. Think of corona non had predict and it happened and do not know how many families suddenly needed the money. There are also cases where the earning member of the family is suffering.

One more questions that could be added is "Is it the right time to invest?"

romelitounknown

jr. member

Activity: 279

Merit: 7

To sum up your post, just set any amount to invest in any coins for how many years of holding it.then stick to it no matter what the market price is.

Onuohakk

member

Activity: 672

Merit: 29

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

Bitcoin investment makes me think a lot.
Of course, it takes a lot of thought to invest in things like Altcoin, Stock, fund, not just Bitcoin.

I have to think of 5 questions before investing in something. And answer it.

1. Which Purpose Are You Pursuing?
2. How Much Can You Realistically Set Aside for Investing?
3. When Will You Need This Money Again?
4. How Much Should Risk?
5. What Should You Invest In?

What should I think more than this?
What thoughts did you go through before investing in Bitcoin?

▶ Source : How to Build an Investment Plan That Works for You

My primary aim is to make money out of cryptocurrency and also in support of making bitcoin legally accepted globally.
1. To make millions out of crypto
2. I can willingly invest with my spare money
3. Anytime I sees much profit with the investment I made. Whether it is in years or month, will be able to wait patiently.
4. Depending on how much spare money I have at hand at that moment.
5. Bitcoin, eth or any other promising projects I finds interest on

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

The most important thing to think about is probably the thing you won't discover until you're balls deep - what is your appetite and attitude towards risk?

You might find you're a man of iron who laughs off any dips. You might find you're a squealing bitch who panic sells at the precise moment of the bottom and then buys back when it's doubled or more.

Until you know that I wouldn't be putting anything more than play money in.

Annisa_crypto

member

Activity: 128

Merit: 13

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

Bitcoin investment makes me think a lot.
Of course, it takes a lot of thought to invest in things like Altcoin, Stock, fund, not just Bitcoin.

I have to think of 5 questions before investing in something. And answer it.

1. Which Purpose Are You Pursuing?
2. How Much Can You Realistically Set Aside for Investing?
3. When Will You Need This Money Again?
4. How Much Should Risk?
5. What Should You Invest In?

What should I think more than this?
What thoughts did you go through before investing in Bitcoin?

▶ Source : How to Build an Investment Plan That Works for You

1. My purpose is to invest less and hold for a long time.
2. It is in between 30 to 50%
3.When I feel I will get more return from that money
4. Risk is everywhere if we will think about the risk we never invest
5. I will invest in BTC and other alts which has more value like eth.

Eugenar

sr. member

Activity: 1274

Merit: 278

Investing is really good way of making money but always remember that you are taking a risk when doing that because you are not sure that you will make profit from doing that but having skills and knowledge about it is really a good advantage for you if you pursue it.
1. I want to invest because I wan to secure my future, I need more money in future so I can have my own business.
2. Actually it depends, on my money. I think it is about 50% of my money.
3. When I graduated a college, I need moeny so I can be independent and build my own business.
4. It depends on your current situation and the money you have.
5. I think the best cryptocurrency to invest is bitcoin because it has the highest value compared to all other cryptocurrency.

iamsheikhadil

full member

Activity: 1022

Merit: 133

Hmmm... You added the most important ones. Maybe you should also consider how much loss is acceptable since there's no guarantee you will profit from the trades. When to cashout, when to reinvest. Study the market, see when the dip of the coin is and when it's likely to go up again.

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

1. Which Purpose Are You Pursuing?
2. How Much Can You Realistically Set Aside for Investing?
3. When Will You Need This Money Again?
4. How Much Should Risk?
5. What Should You Invest In?
6. Do i know what im investing in?
7. Do i know computer security?
8. If two abose is false, then are you ready to loose it all?

I added sixth, seventh and eight point, because not knowing what you really investing in (brake through technology, but you must know why), not knowing computer security to be able to secure your investment and then eight as warning. If you dont know what you are doing and dont know enough about basic computer security at least, learn first or you will loose it all sooner or later.
Either through exchange hacked/bankcrupcy or trojan horses etc.

Lucius

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Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

Bitcoin investment makes me think a lot.

Before investing in anything, it would be logical to do research. It doesn't matter if it's BTC, stocks, real estate, or buying a new car, quality research and preparation will generally save you money and time. If after all we decide to buy (in this case BTC) then we should apply what we have learned and plan how to make that investment in the most convenient and safe way.

Option A : I will buy BTC for $100 from my friend, which sounds safe and simple. But do I know where my friend bought BTC, what are the tax implications if I want to sell one day?

Option B : I will buy BTC from some exchange, but I need to send money from my bank. Is my bank crypto friendly and is it safe to give my data (KYC) to crypto exchange?

What about storage?

Option A : I have PC that is used for surfing, watching movies, torrents - is it safe to have desktop crypto wallet on such PC - is my OS safe enough, do I have at least some AV protection?

Option B : Is it worth it to buy a hardware wallet, can it guarantee me complete security?

Of course there are options C, D E ... but the point is that we need to approach everything we do in a way to consider as many options as possible, and mostly all the answers are already on the internet.

TopTort777

legendary

Activity: 2394

Merit: 1476

I’ve switched to use crypto from fiat money, because banks charged me to much for wire. I used to order different stuff from abroad, which cost about 200-500 usd (items from China mostly) and bank charged me from 60 to 80 usd (depends on the wire speed). That wast to much, because not always I was able to add 60usd (wire coat) to an item to resell it with profit.

When seller agreed to take payment in btc or eth, it made trading much easier, because transaction fee was less than 1 usd.

From that, some spear money appeared and I’ve used them to invest in btc. Saving on the bank wire made my investment almost risk free.

tukagero

full member

Activity: 994

Merit: 103

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

Bitcoin investment makes me think a lot.
Of course, it takes a lot of thought to invest in things like Altcoin, Stock, fund, not just Bitcoin.

I have to think of 5 questions before investing in something. And answer it.

1. Which Purpose Are You Pursuing?
2. How Much Can You Realistically Set Aside for Investing?
3. When Will You Need This Money Again?
4. How Much Should Risk?
5. What Should You Invest In?

What should I think more than this?
What thoughts did you go through before investing in Bitcoin?

▶ Source : How to Build an Investment Plan That Works for You

investing into bitcoin and in some altcoins are risky ,you must accept to whatever happen on your investment, and there is no guarantee that you will get profit if you invest.

KrisAlex18

full member

Activity: 742

Merit: 160

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

Bitcoin investment makes me think a lot.
Of course, it takes a lot of thought to invest in things like Altcoin, Stock, fund, not just Bitcoin.

I have to think of 5 questions before investing in something. And answer it.

1. Which Purpose Are You Pursuing?
2. How Much Can You Realistically Set Aside for Investing?
3. When Will You Need This Money Again?
4. How Much Should Risk?
5. What Should You Invest In?

What should I think more than this?
What thoughts did you go through before investing in Bitcoin?

▶ Source : How to Build an Investment Plan That Works for You

Investing is really a great way of earning money but do not invest if you don't have some knowledge about it, you should know first some other things about investing before you try it.
My answers about your questions:
1.I just wanna invest because I will need it in the near future.
2.It dependa on how much I spend my money for the whole day but I always set aside my money to invest.
3.After I College life, I wanna build my own business.
4.50% of my money, before we invest we should know that we can lose or we can make money.
5.Bitcoon because the higher the value of the cryptocurrency, then higher the return.

Onuohakk

member

Activity: 672

Merit: 29

Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

Bitcoin investment makes me think a lot.
Of course, it takes a lot of thought to invest in things like Altcoin, Stock, fund, not just Bitcoin.

I have to think of 5 questions before investing in something. And answer it.

1. Which Purpose Are You Pursuing?
2. How Much Can You Realistically Set Aside for Investing?
3. When Will You Need This Money Again?
4. How Much Should Risk?
5. What Should You Invest In?

What should I think more than this?
What thoughts did you go through before investing in Bitcoin?

▶ Source : How to Build an Investment Plan That Works for You

1. Our purpose and pursuit is for bitcoin to be widely legalize throughout the world.
2. I do advise people to use your spare money when investing in crypto
3. Anytime there's an increase to what you invested in
4. It all depends on how much you do have as spare money.
5. Bitcoin or any top 10 altcoin that has potential

Jet Cash

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https://JetCash.com

The first thing you should consider is if you are investing or speculating

Asuspawer09

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Quote from: fuco0921 on April 08, 2020, 04:51:40 AM

Bitcoin investment makes me think a lot.
Of course, it takes a lot of thought to invest in things like Altcoin, Stock, fund, not just Bitcoin.

I have to think of 5 questions before investing in something. And answer it.

1. Which Purpose Are You Pursuing?
2. How Much Can You Realistically Set Aside for Investing?
3. When Will You Need This Money Again?
4. How Much Should Risk?
5. What Should You Invest In?

What should I think more than this?
What thoughts did you go through before investing in Bitcoin?

▶ Source : How to Build an Investment Plan That Works for You / the balance

I guess it seems you are in a right path.

1. I guess the main purpose here in just for profit since bitcoin was digital money.

2. More like it's around 40% of my savings would be enough for investment it would be a risk but still I guess I could take losing it just in case.

3. On the other side, I guess the right answer is for an emergency like this times of coronavirus or survival, Also it would be better if could make as a passive income.

4. same as 2.

5. The most volatile cryptocurrency so that you could plat along win the token and it could make a big income. Like Bitcoin, Ethereum and other popular altcoins.

Topic: Before investing in bitcoin, What should I think about? (Read 800 times)