Beginners, you don't need Bitcoin first - page 9.

JoyMarsha

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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.

Well-spoken. Before purchasing Bitcoin, a person should at least have job. Investing in bitcoin while unemployed increases the chance that you'll sell some of it prematurely out of desperation. Many people are simply guilty of this; you can feel their sorrow when they accidentally sell their bitcoin for less than they paid for it because they are unemployed. If they do have a job, they won't need to sell them quickly for a loss.

To invest in bitcoin, one should at least have a stable job. Investing with extra cash is a fantastic idea, but a work is also necessary in case there is an emergency

BlackHatCoiner

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Quote from: Blitzboy on July 18, 2023, 02:30:16 PM

While it is true that having a stable income before buying Bitcoin makes the process easier, this is by no means required. Risk tolerance is a real concept.

If you don't have a stable income (which I suppose is a salary), then you're either living off somebody else (i.e. your parents) or you're somehow earning a passive income (i.e. renting a house). If it's neither, then you're living off your savings, which in that case should only be used to sustain your well-being until you find yourself an income. (Unless you have a million dollars in savings, lol)

knowngunman

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

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.

I know where you are coming from but you are mixing things together. Will that same money give you job? If you are thinking of being financially balance before you invest, you might never invest. Investment requires money while job requires skill and experience. The little money you have should be split among your needs and investment as well no matter how little it would be. It's better to invest with the little you have than to stay jobless and without investment.

The point is do not be 0/2, no job, no investment. If you can combine the two it's better. The pocket money you are being given is enough to enroll yourself in any skill acquisition center where you can be learning and still be saving for investment. Remember, investment is the future.

Nheer

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

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 see any reason why a person still living with his parents shouldn’t invest in bitcoin when he has the means. I even feel that way it would be more convenient because you have limited things to worry about. You wouldn’t be thinking of how to buy food or pay any bills because you have someone taking care of those things for you already so that way you can easily channel all your little income into investing.

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

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

It's a very good suggestion, but many beginners who have no source of income would like to own a bitcoin. They would invest using their pocket money, which they are supposed to live on, knowing full well they need the money and can't afford to lose it, getting themselves into unnecessary frustration. However, some people are actually from wealthy families, and even without work they have everything they need and they don't have to worry to buy things they desire.

Its always advisable to invest money you won’t need later and if lost it wouldn’t affect you in any way.

Silberman

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

...

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.

Simple and to the point, it is true there are many newbies out there which are thinking about investing in bitcoin when they do not have any reliable source of income, and without a doubt this is a mistake, as without any income then even the sightless difficulty will force you to sell your coins, and in that case holding them for any period of time is impossible, so only those that get some form of regular pay should invest in bitcoin.

Blitzboy

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I see your side of the argument, but there are gray areas, too. While it is true that having a stable income before buying Bitcoin makes the process easier, this is by no means required. Risk tolerance is a real concept. The excitement of going all-in on black in the cryptocurrency market is what drives certain people. Knowing your own risk tolerance is more important than gambling recklessly.

People that dared to go against the grain and take the plunge were behind some of crypto's biggest triumphs. This isnt meant to promote careless spending, but rather to bring attention to the fact that there are other ways to achieve success without following the herd. In other words, make sure your lifeboat is ready to go, but also be prepared to sail off into the unknown if thats your thing.

TheGhostMan

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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 agree with the advice and more when talking about a person who lives under the same roof, let's say that family and the only "source of income" is the money that their parents give them. Before investing in any asset, including Bitcoin or other cryptocurrencies, it is essential to have a solid financial foundation and a reliable source of income. Market volatility is significant and thinking about investing with borrowed money, without a stable financial footing, can be more risky and stressful. This not only implies monetary losses, but also loss of confidence in those who gave you the loan, and may even trigger conflicts.

On the other hand, if you have a secure source of income and you are determined to invest in BTC, you assume the risks responsibly. If you were to lose, it will be your money and you will not have to explain yourself to anyone. You can get up and move on to seek profit. Good post, friend.

panganib999

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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.

While I hailed from a poor teenager living under my parent's roof underaged so I couldn't really take up a job especially in 2015, I would say with 100% diction that it's really imperative that you get a safety net when you make investment choices like bitcoin. The worst that could happen is, well you won't have a problem with the money cause you didn't put it up on a debt, the best is that the money is all yours with no one holding you back. I loved giving back to my parents, they were good and supportive about my craft and all that don't get me wrong but I believe some of us here live in situations that are a little less fortunate than mine, so for your peace of mind it's always best to just find a job, and use it to fund your investment portfolio instead of asking for shit.

mk4

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Also, the fact that your job/income doesn't need to be from bitcoin/crypto. Yes, earning bitcoin is great, but also remember that you can simply just earn filthy fiat and use that filthy fiat to buy bitcoin.

aoluain

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I think the statements by the OP are very general. There are scenarios which could contradict
some of the points made in that OP.

What if someone is living at home getting aid from the state, or with a part time job or
no job but earning money playing music, making art or any other side hustle?

Having a job doesnt necessarily mean you will have disposable income, the chances are higher
but shouldnt be a foregone conclusion

Weawant

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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..

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

Investing in Bitcoin become easy when you have a job, you don't have to be bothered about the the market movement when the price goes up and down as the market is very unstable. When you have a job, you'll be covered and won't be depending on Bitcoin for daily income.

This gives your investment the opportunity to grow very well and when you do sell in the future, you'll be very profitable unlike someone else that's depending on Bitcoin to live. Bitcoin shoudn't be your job instead it should be an investment that you're doing for the future.

Using of pocket money to buy Bitcoin isn't a bad idea but that amount won't be enough to get you enough Bitcoin to better profits from the increase of price leading to new all time highs. You should get a job and use the income from the job to invest in Bitcoin and other things.

SOKO-DEKE

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You have given nice advice, but it should not be only when we get a job or stable sources of income that we can start our Bitcoin investment journey. Someone can buy Bitcoin when they have some amount that they believe they don't want to make uses in a short period of time, especially some students that do have some extra money with them and are still depending on their parents. They can invest that money instead of saving it in their local banks.

But honestly, in order to benefit from their Bitcoin investment and experience proper growth, everyone must first have dependable, steady sources of income. Rushing to invest with the little money someone may have in hand at that time and it does not have any other sources of income it never a good idea because it will undoubtedly be sold at any time, and due to the volatility of Bitcoin, the price may be down when it may have the use of the money and it may end up selling it at a loss, which is never the goal of investment.

Renampun

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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.

often our success comes from unexpected things, the advice you said must be carried out by those who still depend on their lives from work but the majority of them also want to change their future through bitcoin, I know your advice is very good but I still recommend that beginners set aside their money to save in bitcoin (don't invest in bitcoin with all the money or debt).

nowadays successful people do a lot of work to make money and investing in bitcoin can be an alternative for everyone especially beginners, investing in bitcoin is really guaranteed and its value tends to increase every year.

Nrcewker

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Investing on other people’s money will be the worst decision in anyone’s life. Be it Bitcoins or any other sort of investments, if it’s not your money then don’t invest with it. Everything will look great as long as you see the investment in profits, once the table turns and red enters, you will panick as you won’t have money to repay back the loan or amount that you have borrowed. So yes first priority is to get a job and a stable source of income. Then follow the 50:30:20 rule, 50% of the salary for monthly needs, 30% investment in Bitcoins or any other investments and 20% of the amount as savings.

Nwada001

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Taking money from family members and friends all in the name of investing in Bitcoin is never a good idea. There is a saying in my local "Pesin way, dem carry 4 shoulder, no suppose dy carry another Pesin," meaning someone who is dependent on another person to survive is not supposed to be accommodating another.

Investment should be done from one's pocket and not from that of others, at least from the little you have been able to save, which you might not be in a hurry to use. Having a stable cash flow is what will help. Someone holds his investment for a very long time; your payment is what you will use to foot your day-to-day bills, as your investment in Bitcoin might be considered a locked savings account that can't be accessed anytime, so in a time of dip, the person won't consider selling off out of panic.

Yatsan

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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.

This is jumping into conclusion. First thing first; not all people are the same. Some would struggle but there'll be those who can save money for the things that they wnat and if investment would be listed on that category even with the young mind, then that would be better. Yes the amount won't be huge for people having no job at all but their decision of saving money and alloting it into any form of investment is already a huge step towards better future even if it is not in this blockchain. Not all people would have that initiative which a mentality they grew up with. It takes courage to invest and if you have it, simply learn how to manage the risk.

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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.

It's not a one size fits all but the path of having something to fall back on is the most reliable. It doesn't always have to be a job. A business or an in-demand skill is good enough. The market isn't always going yobe taking upswing. Many periods will be slow and yield zero to no returns. That's the time those skills/businesses will come in handy.

My advice: Invest aggressively in yourself first and the best time to do so is when you don't have a lot of responsibilities.

michellee

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It is true that for now, one must have a job that can make money first before starting to invest in Bitcoin. After getting a job with a salary that can meet the needs of daily life and save some money, someone can decide to start investing in Bitcoin. It would be even better to set aside some of his salary for emergencies and invest in Bitcoin regularly.

But if you don't have income every week or month, you don't need to force yourself to buy Bitcoin because it will be too heavy for you. You may borrow some money from relatives, parents, or even moneylenders. And that will cause problems for you because we don't know when the price of Bitcoin will increase.

What is important is that if you want to invest in Bitcoin, you must have money first and that is money that is not used for anything else. So you have nothing to risk and only the risk of a decrease in the value of the Bitcoin price where the value of the Bitcoin price can increase again one day.

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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.

We all know that cryptocurrency investment is a high-risk investment so it is not recommended to just invest all of your money into cryptocurrency most investors are going to recommend only investing the money that you could afford to lose, which is probably most of the newbies mistakes where they easily jump into an investment without thinking of the risk just because they know someone that get luck on cryptocurrency and able to earn a good amount of profit, they think that they might as well earn.

You are right if you really want to get rich what you actually need is multiple sources of income, and the most stable income where you could easily start is to get a job, if you have skills and experience you could easily land a high-paying job that could give you a stable source of income, most of the people will say to start a business but to do that what your gonna need is capital, and you could get that from the savings that you get from your salary. Remember to make sure to complete your savings, insurance, etc. If you already have multiple sources of income you could start investing in cryptocurrency because it's the riskiest investment that you could make.

Merit.s

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Good point OP, you have said the fact on what is needed before you start your bitcoin journey. I read of a forum member that said he is trying to convince his parents to invest in bitcoin with their pension,so that he can keep the bitcoin in his custody. When I read that I was amazed and said to myself that one can't use someone else's investment as his and also take the risk involved. If you don't have a source of income, this means that you will not be able to be a successful investor,because there are some unforseen challenges that will befall you which you wouldn't have any hope than to sell off your bitcoin.

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