Topic: Beginners, you don't need Bitcoin first - page 6. (Read 1276 times)

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.

Many people have forgotten the rule of not investing more than you can lose and many have also concluded that losing is impossible. No matter how friendly the market might be, once in a while it gives us some surprises. So, it is ideal that one should have a stable source of income before investing in bitcoin.

No matter how we twist the matter, you must have, then invest before you earn. If you rely on the funds for day to day expenses for investment, you will end up being devastated and you keep withdrawing your investment even when it's not matured.

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

I don't think that it will be difficult for a person if he is under the support of his parents.  This is like saving made from the extras of his allowance.  And I believe this is the best time to invest since all his needs are covered by his parents.  Then after graduating and in a situation where he is to attend for himself then, he can stop investing while holding the Bitcoin he has and look for a job.

Obviously, it is different if you are living alone and don't have a stable job.

I would advise against recommending Bitcoin investments to individuals who lack financial stability. It's crucial for potential investors to have a level of financial security, even if they are not wealthy, to avoid constantly monitoring daily price fluctuations and potentially forgetting about their investments.

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.

Why only shitcoins and exclude bitcoin? If you don't have a job with a steady income, investing in shitcoins or bitcoins will be your burden and not bring you any benefit. The risks of shitcoin are huge, but bitcoin is not without risk, so if you don't have a job you shouldn't invest anywhere.

Once you have a steady income, the investment will depend on your preferences. The fact that you think investing in shitcoin is a waste is also not entirely true, don't forget 14 years ago, there were also many people who despised and did not invest in it. But you also know the result, those who previously despised it are regretting it. Investing in shitcoins is not bad, but they are too risky and not for everyone. But there's no denying that altcoins' returns are bigger than bitcoin's these days.

Its very difficult how to change some trader mindset actually investing in shit coins and in their minds going to the moon later and price up drastically, you should stop them never fanatical actually with shit coin, late investing possibility loss their capital due shit coins only hype on the first time launching. As you job financial advisor, teach and educate them how effective investment in bitcoin than shit coin.
Don't blame when some one show off profit from shit coins because there many people loss their investment after investing in shit coins and not has chance with shit coin returning back to higher price. Although difficult need to teach some one have been fanatical with shit coin because not consistent profitable actually shit coins without list on CEX exchange market.

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.

This is well said and something that I echo every day due to working in finance, more specifically being a financial advisor who quite simply advises people on their finances every day, all day long.

When I get asked about Bitcoin, which happens often, I always start with .."Let's talk about your job, your income, what investments you have that may or may not have you on track for retirement etc, then we will talk about bitcoin (and likely other shitcoins they bought because some Joe Blow told them it was "going to the moon").

No investment advice is universally valid. It depends first of all on the temperament of each: some spend everything, others save or do DCA. In the same country some will have money problems with a salary of 5000 euros when others will do wonders with 1000 euros. The best financial advisers had advised Madoff investments and we know the rest. Conversely, Erik Finman had invested his pocket money in bitcoin and became a millionaire at the age of 19.

We must do what is most for ourselves, listen to conflicting advice and do what seems best to us. We can be wrong, that's life. But you, OP, don't have the science either and your advice is only valid for yourself.

https://www.investopedia.com/news/who-erik-finman-bitcoin-millionaire-teenager/

No investment advice is universally valid. It depends first of all on the temperament of each: some spend everything, others save or do DCA. In the same country some will have money problems with a salary of 5000 euros when others will do wonders with 1000 euros. The best financial advisers had advised Madoff investments and we know the rest. Conversely, Erik Finman had invested his pocket money in bitcoin and became a millionaire at the age of 19.

We must do what is most for ourselves, listen to conflicting advice and do what seems best to us. We can be wrong, that's life. But you, OP, don't have the science either and your advice is only valid for yourself.

https://www.investopedia.com/news/who-erik-finman-bitcoin-millionaire-teenager/

When I get asked about Bitcoin, which happens often, I always start with .."Let's talk about your job, your income, what investments you have that may or may not have you on track for retirement etc, then we will talk about bitcoin (and likely other shitcoins they bought because some Joe Blow told them it was "going to the moon").

This is well said and something that I echo every day due to working in finance, more specifically being a financial advisor who quite simply advises people on their finances every day, all day long.

When I get asked about Bitcoin, which happens often, I always start with .."Let's talk about your job, your income, what investments you have that may or may not have you on track for retirement etc, then we will talk about bitcoin (and likely other shitcoins they bought because some Joe Blow told them it was "going to the moon").

I fully agree with you, people should be very aware of what they are doing before investing in bitcoin, does not rush as it is an issue that requires strategy and good foundations...