Before investing in bitcoin, What should I think about?

greenlanternlight01

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Quote from: Velkro on April 13, 2020, 10:54:32 AM

Quote from: fuco0921 on April 08, 2020, 03:51:40 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

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

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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

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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

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

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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

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

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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

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

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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

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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

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

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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

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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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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, 03:51:40 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.

kryptqnick

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

This is not a bad set of questions. The purpose is a very important one that people tend to forget. Some people just buy BTC and HODL it indefinitely because they haven't decided how much profit is enough for them. Historically, such investors in general end up not benefiting from their investments ever. Savings and investments are there for something. I am not sure about question #3, though, because the way I see it if a person will need that money at some point, this person should not invest it. Also 2 and 5 would kind of be the same thing to me.

Slow death

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I removed the other points because I want to talk about that point:

Quote from: fuco0921 on April 08, 2020, 03:51:40 AM

3. When Will You Need This Money Again?

I consider this point as the most important, you must have heard the word "hold" and the following phrase: "do not sell your coins, hold". is there something i have been asking myself whenever i hear this, when people buy bitcoin, do they know when is the right time to sell? or are we facing a situation where people who have bought a lot of bitcoins and want to become very rich encourage other people not to sell bitcoin because they want the price to be too high for when they sell to become very rich? do you know when it is time to sell your bitcoins? does anyone in this thread know when it's time to sell their bitcoins?

Quote from: BIT-BENDER on April 08, 2020, 09:40:54 AM

+ Knowing more about Bitcoin and this goes further than just an investment property.

In fact, this is a very important part, if 90% of people did this before investing in altcoins and researching what the purpose of the currency would probably not fall into many scams

BIT-BENDER

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You can add to your list
+ Knowing more about Bitcoin and this goes further than just an investment property.
+ Can you stand the hit: Bitcoin investment can prove to be patient testing some times the price might be going down which to Bitcoin lovers a time to buy more.

+ Where do you see Bitcoin reaching in future and it's future use

cotton ball

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I think one way have to do before investing with bitcoin or altcoin, try to invest when bitcoin and altcoin have been in support or lower price, although you as beginner and have got bitcoin really down you can buy and invest, but never allow with some one recommendation after bitcoin break limit to higher price to invest with bitcoin and altcoin.

buwaytress

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Perhaps the question really to ask is, "before using Bitcoin".

Now I get that most people are investing and holding, looking to cash out at some magic number, heck even I would liquidate a lot of my Bitcoin if I'm still alive when my magic number arrives. But the thing is, you're really doing something with that investment if you also use it.

Plus, if you're investing because of inheritance, then using it helps keep it strong and viable for whomever inherits your Bitcoin.

Periodik

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Quote from: fuco0921 on April 08, 2020, 03:51:40 AM

5. What Should You Invest In?[/b]

Shall this question need to be asked? I thought you are asking questions before investing in Bitcoin?

Quote

What thoughts did you go through before investing in Bitcoin?

There was not much thought to be honest. Everything was pretty quick. Not much questions asked either. I started investing in Bitcoin when the thing was riding on so much hype. It was the time when even shitcoins were selling like hotcakes. The problem was only about money. I didn't have much. I had to settle with a little investment.

seoincorporation

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

1. The propose is to get an income online
2. Close to 50% goes for investing
3. When it reaches the value I'm chasing
4. Risk all is the way to win big, but that way you can lose it all
5. In coins with future like ETH, XMR...

bgaf

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These list are common and typical question prior to invesment into bitcoin but to tell you. The answers on these are depend on the person status, ability, and dependability. Of course a guy without bigger salary or income couldnt possibly invest on it without any worries. Why, he has some expenditure and expenses to think about. But a wise person, always expand his mind to wide range of possibilities. I know some, who dont have huge investment budget but were able to earn or have a good profits on bitcoin. But then again, it goes back to the answer how you as a person will handle such questions.

Youghoor

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Well, I think one of the key factors to consider before venturing into any investment plan and especially cryptocurrencies is how long can you watch the money grow without touching the digital asset purchased. The reason why I am saying this is because the crypto market is a volatile one and it can take a long time before the market rises after a crash so if your principal is a borrowed money i would say avoid it. Or if you can't afford to lose it then please don't try either.

helenfast69

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Quote from: fuco0921 on April 08, 2020, 03:51:40 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

1. First of all, of course, increase your wealth.
2. Here everyone decides for himself. For the first time, do not invest too much.
3. If this money is likely to be needed in the near future, then bitcoin is hardly suitable for you. This asset may be delayed for a long time.
4. Everyone must decide for himself, everyone has different opportunities.
5. Depends on time and period, at different times, different coins are more interesting to investors.

Peanutswar

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1. Today many people are trying to invest with the use of bitcoin because they know the market volatile can bring them a lot of market income and profit but still take care of this because we cannot predict the market movement. Also, join the world of bitcoin by this and also to use the bitcoin for payment because it is faster, secure and also less transaction fee.
2. I invest what I have because you cannot push yourself to have a lot of investment that you can't afford don't risk everything.
3. If you think you got a lot of profit you can now pull it out, atleast you earn your income. But you think it is enough going ahead but the market again is volatile it is quite a risk.
4. Again it depends on what you can afford because the investment is risky.
5. If you want to make a long term investment go with the bitcoin but if you are a short term investor you can go for bitcoin but I prefer the altcoins.

Solosanz

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Hi, in my opinion
1. I want to get extra money from investing
2. Usually I invest 20% of my salary
3. I need when 1-2 years forward
4. I don't need my money when I invest, because I invest what I will lose all of my money
5. Bitcoin, since I believe in bitcoin

fuco0921

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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

Topic: Before investing in bitcoin, What should I think about? (Read 806 times)