Topic: Beginners, you don't need Bitcoin first - page 2. (Read 1358 times)

Yes, getting a job is very important, this happened to me as I often had to sell the bitcoins that I accumulate for living expenses and my family’s expenses.

It sucks that you have to sell your precious bitcoin in order to make ends meet for your family's monthly expenses.

Bitcoin mining is hard; I mean very difficult. It would be an understatement to say that most people are familiar with the equipment used to build mining rigs.

Even if it's meant as a learning experience, the plan to mine for practice might be like building a car from scratch to get behind the wheel. Nonetheless, who am I to make a decision?

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Put another way, "Don't just drive; build the car, the road, and the traffic lights too!" Despite the fact that it defies logic, I admire your faith in Bitcoin, and I admit that I am a little bit envious of your apparent familiarity with the crypto world. Right now, Bitcoin is your only choice.

The Bitcoin exchange rate is already too high; it will be difficult for you to get it. It's better to participate in the Airdrop or Bounty Campaign to get Altcoins that can be used to buy Bitcoins, because if you buy Bitcoins using money that is often used for the necessities of life, then when the price collapses, it will make you depressed.

Yea, that is the whole point of the discussion. Before invest in BTC, first ensure that you have another source of income you can rely on, not that you're investing with all your monies because someone told you that investments in BTC can make you rich. Get a job, and then invest with spare cash.

From what I can tell, it would be better for the newbies to mine their own Bitcoin. Just a small amount which is barely enough to try out a couple of transactions. For practice. Not only would they understand where Bitcoin comes from, but they would understand the advantages of Bitcoin over Fiat much more clearly, after having an in-depth introduction with practical decentralization.

Then there are testnets online, with which you can practice trading on an exchange. Deribit testnet being one of my favorites, although I have not used it for years now.

You are right. Bitcoin investment is usually a long term investment and shouldn't be entered into with the intention of making quick bucks. And moreso, before investing in BTC, one should as a matter of necessity have a reliable source of income, otherwise, they may not be disciplined enough to leave that BTC in their wallet when they start having financial emergencies.

Totally get what you're saying! It's all about the balance, right? Rich folks can afford to hold onto their Bitcoin for the long haul since they've got other income streams keeping them afloat. And you're spot on about not relying solely on Bitcoin as a get-rich-quick scheme – it's more of a long game. Patience is key here, unlike those unrealistic expectations some folks have. Bitcoin's like a slow-cooking stew, takes time to reach that delicious flavor. So, if you're in for the hodl, better pack some patience and wait for those months or even years to roll in. 🕒💸

But if you're still confused on which advice to take. Just start. And make it a goal for you not to lose money. Because at the beginning when you're still learning, the goal is absolutely not to make money but to survive while remaining sane. You must not be reliant on your BTC income because it will not be stable in the beginning years. But sure enough if you last long in the game you'll make more than you expect.

Which set of people do you consider to be the rich, and which are the poor? Anyone who is able to feed themselves three square meals a day should no longer be considered poor as they are already living above their means, and for someone to have left over money that they can risk investing in bitcoin, it should at least give us the mindset that they have something else to do that is their major source of income. I don't see holding decisions as attached to either being rich or poor; there are also rich people who have the money and have invested in bitcoin, but they always panic sell in every little market downward movement. This is not because they see bitcoin as a primary source of income, but as a result of being conscious of losing their wealth to the market dump, which is not supposed to be so.

There are people out there who are just earning a little by doing some helping jobs that are giving them enough money to feed and foot their daily bills, and they have the privilege of knowing about bitcoin. They happen to invest some of their earnings in bitcoin and will continue doing that over and over again, not because they are rich but because they have a targeted amount that they want to accumulate before a certain period of time. To me, one thing about holding bitcoin is to first not see it as a get-rich-quick scheme, and after that, it all depends on one's personal decision, whether to hold or to sell.

Here's the deal: you're totally right about the quick-cash mentality. Zilch! Nada! Zero! Need cash now? No, mate, that's not Bitcoin. Some people here think that Bitcoin is a quick-cash machine... A slot machine in a restaurant in Las Vegas! Well, here's some news: it's not! I know it's sad.

Ponzi plan? That takes trouble to a whole new level. Big money with no risk? Come on, doesn't that sound shady? To believe that, you'd have to have your head in the sand. Sadly, though, some do. Then they say Bitcoin is to blame. So it goes

And about having to live off of Bitcoin. You might as well bet on a goldfish to win a race, man. It wasn't the best plan. Always have a Plan B.

They can hold because they don't rely solely on Bitcoin's earnings as their primary source of income is their job or business. This is to compare why rich people can hold for many years while poor people can't. That is why I encourage people not to focus on Bitcoin investment because this won't make us rich instantly nor earn a profit right away. As we can see, a lot of people leave crypto because of their wrong expectations. Well, we can say that Bitcoin is a profitable investment but not to the point that we can expect it every day, maybe if we are trading that seems possible. But if we are just holding, that is impossible, it takes months or years.

If you a having the mindset of making quick money in bitcoin investment, then you will end up losing everything within a short period of time, since they are looking for quick money, if they join bitcoin and they didn’t get the quick money they are looking for, they might end up being introduced to a Ponzi scheme where they will promise them huge return in a short period of time without any risk, if most them see offers like this, they will end up falling for it and at the end they will end up being scammed, and they will be complaining that bitcoin is a scam, but they didn’t know they made the wrong decision.

I know people that are really ready to hold their bitcoin will have another source of income and they won’t depend on the bitcoin they are holding for survival, if you depend on the bitcoin you are holding for survival, then you will be selling all your bitcoin soon, and you might be selling at lose.

Risk taking is part of the knowledge that's needed to be acquired about Bitcoin investment so this person already included what you are trying to say, I will like to add more by saying, extra income source helps your investment more than not having an income, on the risk side you will feel comfortable buying Bitcoin and you will be able to take more risks if you have others ways to survive.

Job is very important or other ways that can bring in money for you and that's why I believe this advice from OP is precise, many people likes to get involved with Bitcoin and they are motivated to invest in Bitcoin, but with money they aren't ready to lose, and that's because they don't have source of income, so if Bitcoin doesn't pump in a year they get tired of holding very quick and the thought of maybe selling and move on with their lives will set in.

Source of income will help you takes your investment journey for years to come without the need to worry about the money you used to invest.

But we don't know what the alt season could be in the upcoming bull market. Now everything speaks in favor of bitcoin, but if at some point, as it has already happened, after bitcoin finishes its growth, altcoins will start to catch up to it, and even in the last bull market, we saw a situation in which many altcoins performed better than bitcoin.

But even this example shows us the benefits of initially investing in bitcoin, even for altcoin enthusiasts, since after the rise of bitcoin they will have a chance to switch to altcoins and get even more profit. To do this, you need to have very good analytical skills, which is unlikely for beginners, but who knows, this is definitely something to aspire to.

if someone have extra source of money then they can able to invest and hold coins for some time for generate profit but off course there is always risk involve in using btc

I think most times it is because some people see investment in BTC as a means of getting quick money. That's why they can invest the little they have so it can multiply at the speed of light. But, more often they get disappointed because it just doesn't turn out the way they had anticipated.

If you don’t have a source of income even if invest in bitcoin you might end up selling the bitcoin back when you are in need of money, you might be having the intention to hold your bitcoin, but if you don’t have source of income, you won’t be able to hold for a long term, because whenever their is any emergency then you will end up selling the bitcoin just to solve the problem, you don’t have any money to fall back to than the bitcoin you are holding, which you might keep on selling it gradually till you sell all your bitcoin.

Buying bitcoin shouldn’t be the first aim, having a job or having a business should come first. If you are having money to invest in bitcoin, it’s better to start a business with the money, then you can be investing some part of the profits you are making in bitcoin investment.

All the principles, financial stability, security measures, and knowledge are good factors to consider;

What about the risk involved?

In my own understanding, I think risk taking is also an important factor to be considered before embarking on a bitcoin investment process because of the techniques behind it, and the market instability.

Really... Your advice is repetitive and in fact it is not updated to the new times, the speech changed in this new millennium, get an income, pay your bills and fulfill your responsibilities, I think that this is not new, you are not inventing the wheel of advice.

What has changed is that today, you can live quietly with an income without having a formal job and in that line, investing in bitcoin does not have to be slavery, and we all fall mostly, in that line of advice.

If you have a job or an income, then, it means that the bitcoin starts to arrive in lots,(!?), if your investment reaches 3x (e.g.) it does not mean anything, for those who have a few satoshi, even millions of satoshi, which is where the vast majority of lagging users are who are waiting for someone to tell them "work... first..."

I think he caught a few merits with his OP, in a piece of advice that is old and reformulated to bitcoin.

It appears that you are playing it cool... but harsh. Correct. Absolutely correct! Attempting to invest while living paycheck to paycheck is like to trying to grab a falling knife. Insufficient funds? Ban Bitcoin! What, no Bitcoins? Its no sweat

Bitcoin investment is, without a doubt, a trendy issue. A goose that lays gold, for people who have enough of gold to spare. However, many who barely scrape by every day will be hit with a harsh dose of reality. This is a tragic tale, no doubt. Its a heartbreaking tale.

DCA was another term you tossed out there. Excellent plan! What a brilliant plan! But only if you've got some cash to throw around, pal. To average dollars, you must first have...