Beginners, you don't need Bitcoin first - page 7.

serjent05

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Quote from: Z390 on July 18, 2023, 04:04:39 AM

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.

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.

Quote from: Z390 on July 18, 2023, 04:04:39 AM

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

I agree but as I stated if we are still under the care of our parents we can use our extra money to slowly build up our Bitcoin portfolio. There is no harm in investing our extra money from our allowance in Bitcoin when we are still in the care of our parents.

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Quote from: Wimex on July 20, 2023, 10:00:53 AM

Quote from: Z390 on July 18, 2023, 04:04:39 AM

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.

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... what is the use of getting into debt to obtain bitcoins if you are in constant anguish due to market volatility and the need to have to cancel that money as soon as possible, also knowing (if you are well educated on the subject) that the investments in bitcoin take tim, so you do not get what you expect in a short period of time and it is not only that, but the people who carry out this type of action can even end up on the street because they do not have a way to cancel their debt, they lose everything completely... so it seems to me that it is a maneuver that is not worth executing, it is better to go the safe path so that in this way the results are very different from the previous scenario.

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.

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Quote from: kryptqnick on July 18, 2023, 09:13:14 AM

Having a source of regular income (including, but not limited to a job, as it can be a grant, a scholarship, stable freelance work, etc.) is a good thing to have in life before putting any money at risk (and investment is a risk, even if it's Bitcoin we're talking about). However, if someone unexpectedly gets some money (either as a gift or by winning it), I think it's fine to buy Bitcoin with such money, even if a person doesn't have a source of income yet. IMO, it's actually the kind of money people can be ready to lose, as they weren't supposed to have it in the first place.

That's too serious man but I'm happy if I can have all those things. Maybe investing is not going to be necessary anymore but I will just save the money that I get from my job and other income streams. There's no need to spend huge money only to enroll myself to school because I already have a scholarship plan.

But, I think any free lance job is not stable. They usually have a couple of months' contract only. We are lucky if we can reach a year or two on some of them but we can always seek for another once our contract expires. Investing has a risk but it can be minimized. It can be by using a small amount of money, preferably the residual ones and then by picking a trusted asset. When it comes to crypto it was Bitcoin.

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Quote from: Z390 on July 18, 2023, 04:04:39 AM

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.

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... what is the use of getting into debt to obtain bitcoins if you are in constant anguish due to market volatility and the need to have to cancel that money as soon as possible, also knowing (if you are well educated on the subject) that the investments in bitcoin take tim, so you do not get what you expect in a short period of time and it is not only that, but the people who carry out this type of action can even end up on the street because they do not have a way to cancel their debt, they lose everything completely... so it seems to me that it is a maneuver that is not worth executing, it is better to go the safe path so that in this way the results are very different from the previous scenario.

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Quote from: Z390 on July 18, 2023, 04:04:39 AM

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.

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/

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First, you would need money to buy it or at least find a way to make money to buy it. Usually, it's about making money with the reason you get into Bitcoin. I think those are the most common reasons why we get into Bitcoin. That's the reason why I discovered it in the first place. It's different for everyone, though. I do hope real beginners get to see this as well because they are the ones who will get motivated with this.

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your advice is very good op because there are indeed many people who are still beginners in bitcoin who feel disadvantaged as a result of investing in bitcoin because the price of bitcoin is falling and finally a beginner sells his bitcoin out of panic.

and in my opinion investing in bitcoin should not be made a main job, because in my opinion investing in btc is very suitable as a side business.

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Quote from: Z390 on July 18, 2023, 04:04:39 AM

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.

The first rule when you invest, no matter what you're investing in, is to risk only what you can afford to lose. If you're still young and you actually get what bitcoin is, what it represents, and how it could change the world, personally I would take that risk even if I'm 15 years old and the only money I have comes from birthday and Christmas gifts because I may be missing an incredible opportunity to change my future.

I agree with what you're saying but if you're still a kid then you won't be working for several years and at the same time you still have your family helping you so probably your little savings won't make a big difference in the next years. Just my idea of course.

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Quote from: Z390 on July 18, 2023, 04:04:39 AM

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

The majority of investors who hold Bitcoin already have a source of income from routine daily activities, rather than having their money kept at home, saving at a bank or buying commodity assets, they prefer buying Bitcoin which is believed to be safer and can provide returns in the future. For those who still depend on their family or are still unemployed, it is not the best decision to buy Bitcoin using their pocket money.

There is no prohibition for anyone buying Bitcoin, it is necessary to pay attention to a regular source of income to finance his life before buying Bitcoin. Bitcoin price fluctuations need to be considered by newbies who want to invest in Bitcoin using pocket money, prices can change at various times, from minutes, hours, daily, weekly to yearly.
I agree Newbie needs to find a job to finance his needs, the rest is stored in Bitcoin.

Bazzu

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investing in bitcoin is of course very risky, and investing in btc would be better to use money that is ready to lose, because if our invest with money that is not ready to lose, of course it will affect the fundamentals, so what you say is true if we don't have a job, don't invest first because usually if you don't have a job, the money our use for investment usually always uses money that you are not ready to lose.
but in this case it's up to the person who will invest because everyone has a different strategy in investing.
but if we are ready with the risk, of course there is no problem.

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Bitcoin is just one of asset that used for investment, so if you're not work or have a lot money, how can the beginner can buy Bitcoin?

However even you already have enough money to buy Bitcoin, don't blindly invest in Bitcoin when you don't have good knowledge and good reason to buy it. I think if people still don't know the difference between non custodial wallet and custodial wallet, Bitcoin and bank, decentralized exchange and centralized exchange, they shouldn't invest in Bitcoin yet.

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Quote from: Z390 on July 18, 2023, 04:04:39 AM

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..

-snip-

That's right. Most beginners who invest in Bitcoin are those who don't have a steady job and want to get a jackpot from investing in Bitcoin. They usually invest money they shouldn't, such as savings or the proceeds from selling goods. Even though investing in Bitcoin requires careful consideration, because it is different from other investment instruments, it tends to be unstable and anytime the value of their investment will decrease. So at a minimum, if you want to focus on investing in Bitcoin, the first thing you must have is to have a steady job or stable income, so that it will back up your investment.

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Quote from: Z390 on July 18, 2023, 04:04:39 AM

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

Exactly. Some investors are thinking investing in Bitcoin can give them profit in a short period. Relying solely with this investment and having high expectation to the point they already count and plan the profit that has never been achieve yet. What investors should do as newbie is fill their mind with knowledge to understand the nature of investing in Bitcoin. If you already know the risk and the possible thing to happen when you invest your money, you'll then grasp that it's not wise to only rely with Bitcoin.

Therefore, it would be better that you have other source of income or a stable job before engaging yourself. This way, you don't have to depend to anyone for your financial needs and can invest freely to Bitcoin using your own money. Moreover, you're capable enough to invest more and not relying solely to your investment.

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Quote from: Z390 on July 18, 2023, 04:04:39 AM

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

As much as you are right with the advice, we the readers always assume that anybody who comes on and wants to invest in bitcoin should already have a stable source of income, or atleast something to fall back on and not look at selling their just bought coins in times of minor financial crises..

Anyways, if there be truly any one who uses their pocket money to invest in bitcoin (aside a student of course), that indeed is not the best way, like op have said it, buying bitcoin for future profit when such individual have no reliable source of income will only lead to a life of financial frustrations as an investor, for such a person, i will advice that, if he or she can not find a job, atleast, start a business, for me, starting a business is even way better than getting a job and depending on salaries, atleast, if you have your own business running, you have more free time for yourself to do other things, like other side hustles, and another idea is cryptocurrency trading, that also is another good source of income is the person will sacrifice the time, effort need to gain good knowledge of it.

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If you are unemployed but really believe in Bitcoin then you should do everything in your power to find ways of earning it through your own merit. Putting most of your money in Bitcoin is not necessarily a negative thing because there is no currency that is 100% safe from risks. As long as you have a steady source of income it is your choice how much you want to keep allocated in Bitcoin but you will have to be willing to make some sacrifices whenever the market is heading downwards.

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Quote from: Z390 on July 18, 2023, 04:04:39 AM

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

That's right, work is first of all stability. You cannot trust your life to chance in the crypto currency market, because inexperienced traders lose everything. And I understand that this trade is aimed specifically at inexperienced users. At the beginning of the cryptocurrency path, one should be careful and invest the extra amounts earned at work. And I advise for beginners who want a quick result to invest in unknown coins. Bitcoin is not agile and its growth is long. And for those newbies who already have a deposit, and want a slow but stable income, I advise them to invest in bitcoin. But to buy it only at the bottom.

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knowledge is the most important capital in investing in bitcoin, for beginners, don't rush to invest before understanding it, because that will shape our attitude in investing, and make provisions for facing problems. even though they already have cold money capital, they still don't have knowledge, I think I can hold off on investing, because many people have failed due to their ignorance in dealing with bitcoin. don't worry about missing the price, because there will always be opportunities at the right time. therefore don't get bored to learn

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Quote from: Razmirraz on July 19, 2023, 10:38:31 AM

Newbie can not always be called a Newbie. Those who are new to the Bitcoin market are called Newbies, but not all Newbies do not have sufficient knowledge of Bitcoin investment. Without Newbie there is no Senior, those who have become senior investors start from Newbie. Sufficient capital as a complement in the Investment process, those with sufficient capital are calmer even though the price of Bitcoin is moving sideways.

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.

Quote from: Razmirraz on July 19, 2023, 10:38:31 AM

It doesn't matter where the source of money is used for Bitcoin investment as long as you have mastered the knowledge of investing, knowledge will lead someone to be more calm, patient and relaxed when there is a downturn in the market. This is only limited to your assumptions in my opinion, anyone can invest in Bitcoin as long as they are equipped with knowledge and skills. A person's character is formed from small things and failures in the past, courage in taking action will pave the way to success.

It will be a big learning curve for them, but hopefully they will learn from it and became a bitcoin holder. And won't borrow or take a loan from people or even bank. And with a stable job, they could be a successful investor as they have source of money then.

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All glory belongs to the Almighty, my crypto journey was hell but I have no other choice but to go the hard way, it's true that money makes investment more easier but I don't even have a rich parent, the money my father and mother made from their jobs are all going for rent and bills, I had no choice but to start with airdrops so if anyone on here is in same position as I was years ago, do not think that having money is everything.

Op has a valid point but crypto have few ways of supporting those that have no other way, I know job is the answer but I couldn't because here you can't easily find a available position to start working, job is very scarce and poverty rate is higher.

Crypto introduce testnets and few airdrop platforms are still working, it's a good place to start and if you don't give up you can get lucky, do not give up on yourselves if you can't find a job, some people are still making money through testnets.

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Skills, education and experience to get into a job and have a stable income is the first priority but that sounds like a lot of grind for many of the youngsters in this forum and hence they dont want to start on it. While we also have some blokes here who preach the "I never got any degree but am rich AF" and that sways these youth in the wrong direction.

Bitcoin is a currency and needs an exchange to be bought from using fiat or some altcoin. You cant just create it out of thin air, forget about mining for now. Hence work on yourself first and then when the time is right every one will get the chance to invest.

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