Topic: Beginners, you don't need Bitcoin first - page 5. (Read 1276 times)

For me, I would say it’s definitely necessary to have a stable job first before you decide to invest, so that if ever things do not work as planned, your finances will never break out. I know a lot have experienced investing without a stable source of income maybe because of greed and the goal of making instantly rich, but I must say a lot of them fail too and end up losing their capital especially when investing in a very volatile market like bitcoin. That’s the reason why getting a job first is much important than having an investment, because your job will secure fixed and stable income while your investment does not guarantee fixed returns or profits.

It's hard to accept but it is the harsh reality. I have also met many people even I am included. Who tries to invest in BTC or Trade in BTC in the hope of making money out of it. The funny thing is we are using the money that's is all we have and starting with zero knowledge.

I mean, in this situation if the market will come down then obviously the trader/investor will panic trade. And will face loss too. So, to keep your mind relaxed and to avoid yourself from all the market sentiments, a source of income is necessary. It's not that compulsory but I would say it's the best practise to have a source of income before investing in BTC or any other currency.

Well said dude. Securing a stable job first should be our topmost priority knowing we need to spend on our basic needs and necessities so we can survive and live life as it is. Investment should only come next to our job, since it’s best to invest from our hard-earned money than to simply borrow our capital and then see ourselves struggling paying for that principal with high interest. At least, if we invest using our own funds then we won’t be bothered at all if ever we end up losing our capital as there are always inevitable losses especially if we invest without prior experiences.

I have read some interesting stories of few members on this forum that did all they could to buy their first set of BTC years ago and also how they made it through the journey, but one thing that I found missing from those stories is a secured job..

Newbies or Beginners, who are aiming to start buying Bitcoin for future sakes, I want you to take this advice very seriously, do not start your Bitcoin investment living under a roof that still feeds you, it could work but it will make things to be more difficult for you.

When you don't have anything else to fall back on, after asking your brothers or sisters in the family to give you some money for investment, what will you do when you get the Bitcoin? You need to live, you will have desires to buy things, and you will panic if the market move downside even more..

All this will happen because you have no job secured, as a beginner, before investing in Bitcoin, make sure you have a job or source of income, it will make the journey of accumulation to be easier and less bothered about the market behavior.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

It's obvious that's what most Bitcoiners in the crypto space do. I agree that one must have a sustainable source of income (a real job or business) before they can dream of having a healthy Bitcoin investment; otherwise, it would just be like some kind of story heard along the roadside. Although it's very possible that one can invest with the money they received from friends and relatives or from their parents, if it ceases to come from their benefactor, that means they will have to sell off what they have invested, and it could be that they will even sell at a loss. I agree with you, OP.

The point is that finance is not forbidding it, but limiting it and making sure to make any decisions based on numbers, not emotions. I understand a little what the OP said, and I think it's not only newbies who have to carry out suggestions like this, those who are not beginners should also implement a system like this. Because bitcoin is an asset that is used for investment if you don't have a job, how do we start investing? by way of debt? this will worsen our finances.

The mindset must be changed, don't buy Bitcoin expecting to get rich in a short time, but buying bitcoin means we are ready to lose money. Therefore, what is needed first is not to buy bitcoin, but how do we find work, that way 30% of the money we get from our new job buys bitcoin in stages every time we receive a salary from work.

You’re right with this mate. People don’t need to invest if they will only use their last money left, I mean an amount that is intended to pay the bills or buy the necessities instead. Not just for bitcoin, but in all types of investments, it is a must that you need to invest using your extra money. Otherwise, if you secure your investment first more than a stable job or a a secured source of income, yes you will profit at first but eventually, you will also use those profits to pay the bills or buy goods and services that you need, which means you cannot save after all from your investment profits.

Academics say, "Knowledge is power." This mindset gives us control over our Bitcoin investments. You're right - a plan needs solid foundations. Debt to invest in risky assets is like sailing without a compass.

I feel terrible for debtors who are stressed by Bitcoin's volatility. However, Bitcoin's value could rise over time. Over the past decade, big financial companies have increasingly used it. I understand. Short-term aims can end in disastrous acts.

Bitcoin's technology is amazing. Its a decentralized cryptocurrency. "Digital gold" is valuable for the same reasons as real gold. Know what this means and modify with patience and smarts to invest in Bitcoin securely.

Is it necessary to be wealthy beforehand in order to purchase cryptocurrency and secure a prosperous future?

However, bear in mind that the disparity between the initial release price of Bitcoin and its current value is incredibly vast. Even if someone had set aside a mere $2 to acquire BTC thirteen years ago, undoubtedly, their assets would have grown exponentially.

Acquiring a small amount is not an issue, as long as one does not pin all their hopes on that modest investment. Working diligently remains the optimal solution to ensure your needs are met, allowing you to lead a longer and more fulfilling life.

Before we invest in Bitcoin, we have to get a job. I believe that even if we don't have a job right now but have money to invest in Bitcoin, we can do so. The negative is that if you don't have a job, there's a chance you would be able to use the money you invested, especially if there's an emergency. That is why most people advise getting a job before investing. Aside from that, if you know you're going to invest in shitcoins from the start, you must cancel it. You are aware that shitcoins were caused by hype and that following a dramatic rise, they will crash. Therefore, make sure you invest in top alts with a higher potential ROI to avoid this kind of stuff.

In other words one must a solid road map before he jumps into any investment. In crypto only if you have proper knowledge prior to investment only then you can win here. There are moments when Bitcoin goes bearish and your investment may struck for indefinite period. If you have plan of what to do in such bearish market only then you can survive otherwise you will end up withdrawing your money on loss. Only invest what you have extra, don't invest money you need for daily living.

It's true, having a job with a regular monthly income is much more important that buying a few hundred USD worth of bitcoin. Having a small crypto portfolio is not going to much us rich, even if we trade well and make 50-100% return in a year is not going to let us live independently. The first step should always be finding a job that pays us decently and let's us save money every month. Once we have free disposable income that is not borrowed or needed for medium term purchases, we can start buy crypto currencies regularly. Like that we will be able to build a crypto portfolio much faster. To live off a investment portfolio alone we first need the foundation to start investing. Without any savings it's hard to make large returns.

Pocket money, or the money that someone gives you will only bring you unrest mind if you plan to invest with such money,  it's the type of money you are not ready to lose, because it's all you have, because you have no other money coming from else where.

You don't need Bitcoin first, What you need is a JOB, work on that first.

Yes true as job is very important and one should think bitcoin as part time job and select when he has another source of getting cash. Completely dependent on bitcoin will not be advantageous as it is risky so you will loss your invested money too instead of profitable results.

Job is necessary as if market goes downs then management of your abilities will not be effect because of constant salary. Other thing is that you can save some percentage of income for investment and will not be a include in those individuals who are taking loan for such purpose.

I think the point of the OP is that newbies easily jump on the bandwagon and that is bitcoin and think that they will be instant millionaire. And the worst thing is that they don't have a job or might be not be earning enough money to be a investor. And with that they don't have sufficient capital to start and so they borrow money from others.