Black Friday deals and your plan to hold bitcoins.

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

I don't think too much about about black Fridays but I'm confidence that they dont increase the purchasing power but people just love it the way it was back because of the culture. Some people are doing black Fridays because they think others are doing it. Black Friday is like discount sales for the public for the people to buy whatever thing they want to buy without going to.think about it twice.

It's that discount amount they gave that makes a lot of people to have the confidence to buy what they want, even sometimes they don't have interest of buying. It's this that encourage them to use the market.

Quote

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Even if you hold plenty of bitcoin and there is nothing good around to buy bitcoin, I don't think it's a great idea to use it to buy anything. Using your bitcoin that is supposed to be used for holding for long term but you decide to convert everything to what you like is one of the dullest thing a bitcoin holder will ever they because it will not worth and no matter what no try to explain it to people will not be justified.

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Are Black Friday deals so intriguing that people sell the Bitcoins that they are supposed to be holding just to buy those things even if they don't need them? Or even if you need a thing that is on sale, why sell your Bitcoins? If you don't have money at the moment, plan it for some time in the future, maybe next month or so, you can't sell your Bitcoins before it's your desired time in the market just to purchase in a Black Friday event. I have never been this intrigued about buying anything even if it's 70% off, I wouldn't sell my Bitcoins for it.

People need to have their priorities right, if investments like they do in Bitcoin or any other thing are the first thing they think of withdrawing when they need money, they shouldn't do it in the first place. I wonder what such a person would do if they had bought Bitcoin at $30k and now it's at $25k and they want to withdraw their money for the Black Friday sale.

JoyMarsha

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Even though Black Friday seems to be the time to buy things at a discount price, but that won't make a bitcoin holder who's into crypto to begin to sell off their crypto assets just because of that.

It will be a bad move for anyone who has considered hodling bitcoin for the long term would think of taking. It is absurd for someone to lay aside their future investment in bitcoin, all because they want to buy things at a discount price during Black Friday. It doesn't sound reasonable to the hearing. Anyone that hears about that, will ask whether the person is okay with his senses.

By the way, how much discount price is being removed during Black Friday that will make someone sell his or her crypto? If a crypto investor is to check that(discount price), he or she would withdraw ever trying that because it isn't worth it.

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

I have. I have always known the date of each year Black Friday, so before that time comes, I have already saved up before that time so that I won't be forced to borrow money from someone else or think of selling my crypto assets to it

Cryptomultiplier

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Black Friday deals have become a common practice mostly for people who have large superstores and warehouses that have so much old goods and products and willing to sell it at discounted prices.
I am yet to even partake in any since I started seeing ads and posters for such.

Still, most of the products sold are being sold at this time when the economy has been terrible and the bills left to clear off is mounting, so much so that even the price of BTC is nearing $40k and with prospects of rising.
I plan to HoDL BTC, but only after the halving has been effected and the bull run is in play.

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Black Friday this year at least for me was terrible, I didn't manage to get any good deals for the things I wanted to buy. My main focus was a new graphics card and a new monitor for which I was checking prices the last few weeks and hoped to get a good deal for Black Friday. The graphics card I really wanted was either not being reduced in price on some website, or so low in quantity that it was already sold out at 8 o'clock in the morning. Prices for graphics cards went down a lot this year and I am not hoping that there will be some cheap Christmas deals for me to get a new one. A new monitor for my PC is something I want to buy with a new graphics card and here the prices were really ridiculous during Black Friday. The monitor I am looking at cost 300 Euros at the end of October, during November they increased the price to 400 Euro, only to bring it back down to 300 during the Black Friday week. Maybe there is so much demand for new PC equipment at the moment that the companies don't need to offer real deals as people are still buying a lot. For my purchases I am not going to use any Bitcoin, I will keep holding at least until end of 2024 before considering making any purchases.

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

No. I’ve seen a ton of Black Friday deals and I have not purchased anything yet. I equally don’t have any plan to purchase at all too, because I believe that it mustn’t be now. For those who are hoarding and are following their investment plan, don’t get distracted. Everything you see now can be purchased later, and you can even purchase a more recent version of it when the time comes. For now, stick to your investment plan no matter how tempting your wants are. The discipline is what will help you finish off.

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Quote from: slapper on November 30, 2023, 04:49:35 AM

Quote from: PeRo on November 30, 2023, 04:26:58 AM

Well, if you have a separate budget for every purchase/investment forms then you shouldn't have a problem with buying yourself something on a great discount - that's how I organize my finances. If you don't, then you have to be at least disciplined not to go overboard with spending money you could've used to invest (of course, spending Bitcoin directly is not wanted at all).
It all depends on how organized are you personally, it will reflect on the investments you make.

As for Black Friday, I've seen some good deals and I have made some purchases but only on stuff I already intended buying and I knew the price before so I made sure it's really a discount and not a marketing trick.
You can genuinely find some good discounts but there are also many fake discounts you should watch out for. My strategy is following the price of my wishlist items so I know if a discount is real.

It's interesting to explore the human mindset's susceptibility to amazing offers. Budgeting for certain investments or purchases is wise. Behavioral economics shows that discount excitement often trumps logical budgeting. Even with a separate budget, overspending on discounted things can lead to a psychological trap where we excuse additional purchases. This conduct, intriguingly, often reallocates monies that may have been better invested.

Your point about Black Friday is correct, yet deals are everywhere in retail today. Black Friday has become a cultural phenomenon, a shopping holiday where social excitement boosts spending. Actually, smart buyers like you can locate better bargains year-round. This begs the question: is Black Friday more about community consumption than actual savings? Deals that happen discreetly but frequently throughout the year may be more profitable.

It's indeed fascinating how the excitement of discounts can sometimes override logical budgeting decisions. The observation about overspending on discounted items creating a psychological trap is particularly relevant, as it often leads to justifying additional purchases. The notion that the social excitement surrounding events like Black Friday may contribute to increased spending raises an interesting question about the true nature of the day. Is it more about community consumption and the thrill of shopping together than actual savings?

Your suggestion that smart buyers can find better bargains year-round implies that discreet deals happening throughout the year might be more financially beneficial. Your perspective encourages a deeper reflection on consumer behavior, economic decision-making, and the role of cultural phenomena like Black Friday in shaping spending habits. It's a reminder for individuals to stay mindful of their financial goals and not get swayed solely by the excitement of discounts, considering more strategic and sustainable approaches to saving money.

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Quote from: lovesmayfamilis on December 01, 2023, 05:40:09 AM

The expression about buying those goods that we need, and not those that we want, is not entirely clear. It sounds like the same thing to me. I love Black Friday because it allows me to get the items I need at a great price.
I'm not strict about tomorrow. We can afford the purchases we can make without leaving ourselves with empty pockets. So I don't think strictly limiting your needs should limit your investment in Bitcoin. If I want something, I'll buy it. When tomorrow comes, he will tell me how to live in it.

I feel like what you "need" is something that would allow you to keep living at the same standard, and something that you have to have in order to keep living. Let me make it clear, you need food, but you do not need luxury food, so what this means, if you eat ramen today to survive because you need to eat everyday, then yeah that's a need, but if you purchase a t-bone steak then that's luxury and you should not do it if you want to save money. That type of thing matters and should be important case.

I understand it may not feel like the difference is clear, but when you check the prices you get it. Or like getting a new macbook, if it's for your business and you will make more from it then that's a need, but if it is just for fun then you absolutely do not need to get it.

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Quote from: ChiBitCTy on December 01, 2023, 03:33:42 PM

I heard on the news that this Black Friday and Cyber Monday were the largest online shopping days ever. I believe it said that, or at least the largest it's ever been for these two days. It's kind of sad to see the brick and mortar locations all closing down and everything becoming purely virtual (but also thanks to thieves ransacking stores in mobs).

Anyways, you have to be careful as some of these companies put things on "black friday" sale but were really just the same sale that it was on already before. Companies getting shady.

They are one of the biggest but that means employees of these online stores and couriers work in sweat and tears. If they want to make these 50% deals they should spread them a bit and they'd profit because people would be able to buy a number of discounted items if only they could use 2 or 3 of their monthly wages. It's hard to afford 2 large appliances at the same time when they get discounted both on the same day, so they choose one, but could get both if there was a discount in a month or 2.

I did not buy anything because there's nothing that I need. I wanted a few tools, but conveniently the tools that are really good were not discounted on Amazon. The greatest discounts are on things that people rarely buy, but good tools are 5% off if you're lucky. Nothing special to be honest. Most of the discounted stuff is cheap Chinese shit nobody really needs at home.

ChiBitCTy

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I heard on the news that this Black Friday and Cyber Monday were the largest online shopping days ever. I believe it said that, or at least the largest it's ever been for these two days. It's kind of sad to see the brick and mortar locations all closing down and everything becoming purely virtual (but also thanks to thieves ransacking stores in mobs).

Anyways, you have to be careful as some of these companies put things on "black friday" sale but were really just the same sale that it was on already before. Companies getting shady.

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If you look at market habits, it's been like this lately, but I think it's normal for prices to correct a little. Maybe some people sell their BTC for holidays at the weekend but after that on Monday they usually get excited again because all public activities start on Monday.

If it goes down, it means a bonus and can be accumulated. Wink

.

bayu7adi

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This actually happens to me quite often. In my country, there's always a massive discount period every month on the corresponding date, like January 1, February 2, March 3, and so on until December 12. Each month has one day for the same date and month number, guaranteeing a discount (1x/month). Oddly enough, some of the items I purchase turn out to be useful, while others are completely pointless. I once bought a small portable speaker that's typically used for vacations, but I rarely go on vacation, so it ended up being severely underutilized. There are other useless items as well, and I'm reluctant to list them one by one.

However, items that have been on my wishlist for weeks usually serve a more optimal purpose. I've found the best way to make my purchases more effective is by using the wishlist or cart feature. I conduct a quick evaluation when I'm about to check out regarding their functionality in the future.

Well, at least I'm not selling my BTC for such non-essential purposes. There's some regret, but discounts indeed influence many people's psychology to shop with a higher budget.

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The expression about buying those goods that we need, and not those that we want, is not entirely clear. It sounds like the same thing to me. I love Black Friday because it allows me to get the items I need at a great price.
I'm not strict about tomorrow. We can afford the purchases we can make without leaving ourselves with empty pockets. So I don't think strictly limiting your needs should limit your investment in Bitcoin. If I want something, I'll buy it. When tomorrow comes, he will tell me how to live in it.

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

When it comes to purchasing things, Isn't it better to save money months prior the black Friday sale rather than trying to get it from your investment? that's one of my way to budget my income because for me, if you really want to buy something you must get it from your savings unless there's an emergency. You have to be well disciplined when it comes to your finances in order to achieve the financial stability that you are looking for, always set a budget for your needs and wants so that you'll not able to use some of your investments.

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

Sometimes, it's not about the greater purchasing power, it's because some products has been long overdue in their shelves and store, the better strategy is to sell them at price Lowe than the sales price so as to.het back the initial investment than having the products on the stores than having nothing at all, most stores do this to avoid further loss on yheir investment just the way apple store does when they launched new iPhone and still have the previous ones in the store.

Quote

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Bitcoin is an investment and should never be touched, spare mosey are what is supposed to be use for those that sees it as opportunity to get what they have been wanting to buy. Selling bitcoin half way to bitcoin halving is just strategy to lose your bitcoin to whales and that should be highly discourage. I don't fancy black Fridays, mostly are scams because they mostly remove the previous price tag and add new one with the same price.

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Quote from: AicecreaME on November 30, 2023, 04:39:33 AM

...

It's always better to find another source of income, for your holding to remain in your wallet for the next bull run, and not selling it little by little just to survive in everyday lives. It's better to hold it for the long run, and not just short investment.

Bitcoin is a profitable investment but also has certain risks. It would be a bad idea to put all our assets in bitcoin and expect it to bring us profits without any work. Investing in bitcoin should never be considered a main source of income even though sometimes the profit it brings us is greater than our monthly salary.

I always advise people to have a job with a stable income first before investing in bitcoin. Never consider bitcoin as a lifesaver when we are unemployed or poor. A job with a stable income should be prioritized over investing in bitcoin.

Eternad

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Blackfriday is a hoax sale of all time like in my country which companies is just using same discount price as the regular discount and just changing the tags a blackfriday sale with exaggerated discount percentage.

This kind of fake advertisement is worst scam to make people purchased item even though they didn’t need it. I rarely purchased just because of sales promotion but rather when I only needed the specific item anytime. Buying on sale will just make you do unnecessary purchase due to the fake discounts.

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

If I want something, it's something that I need, I don't find interest in something that I don't need, I work extremely hard to make money, and I only spend it on things that are worthy.

Unnecessary spending you say, the thing is I always wait for black Friday to buy some things, imagine waiting a whole year before buying something you really need? That's because I want the cheapest price over all, this doesn't mean you should start buying things you don't really need just because black Friday discount is ongoing.

If you have a lot of money and you can't spend on yourself it's your problem, I brought stuffs for my partner many times before and I don't bother buying a thing for myself, I would rather invest my own money, this have been my way for years, but it get to a point that I said f**k it, and I spent some money on me.

It makes no sense to work very hard and not enjoy your money at some point, that's slavery to money in another definition, I don't encourage this practice, unless you can't afford it, we are running on borrowed time, do not forget this, if you can afford something you deserve it.

Strongkored

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Spending the money you have by shopping when there is a Black Friday event or so on, in my opinion it is fine as long as you use your money, what I mean is not by using a credit card or by going into debt because one of the things that makes the economy run is that people use it by shopping but of course within your means.
But I'm not someone who makes events like Black Friday or when there are big discounts available to shop for certain items, I will only shop for certain items when I'm ready with the budget, and I often use the Bitcoin I have to buy certain items only but not at a special event.

slapper

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Quote from: PeRo on November 30, 2023, 04:26:58 AM

Well, if you have a separate budget for every purchase/investment forms then you shouldn't have a problem with buying yourself something on a great discount - that's how I organize my finances. If you don't, then you have to be at least disciplined not to go overboard with spending money you could've used to invest (of course, spending Bitcoin directly is not wanted at all).
It all depends on how organized are you personally, it will reflect on the investments you make.

As for Black Friday, I've seen some good deals and I have made some purchases but only on stuff I already intended buying and I knew the price before so I made sure it's really a discount and not a marketing trick.
You can genuinely find some good discounts but there are also many fake discounts you should watch out for. My strategy is following the price of my wishlist items so I know if a discount is real.

It's interesting to explore the human mindset's susceptibility to amazing offers. Budgeting for certain investments or purchases is wise. Behavioral economics shows that discount excitement often trumps logical budgeting. Even with a separate budget, overspending on discounted things can lead to a psychological trap where we excuse additional purchases. This conduct, intriguingly, often reallocates monies that may have been better invested.

Your point about Black Friday is correct, yet deals are everywhere in retail today. Black Friday has become a cultural phenomenon, a shopping holiday where social excitement boosts spending. Actually, smart buyers like you can locate better bargains year-round. This begs the question: is Black Friday more about community consumption than actual savings? Deals that happen discreetly but frequently throughout the year may be more profitable.

AicecreaME

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I've purchased something I need but there's no need to sell a portion of my bitcoin holdings. That's the one mistake other Bitcoin holder's make, they put all their money in Bitcoin hoping they could earn money everyday to sustain their daily needs, which for me is not a very good kind of plan.

It's always better to find another source of income, for your holding to remain in your wallet for the next bull run, and not selling it little by little just to survive in everyday lives. It's better to hold it for the long run, and not just short investment.

PeRo

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Well, if you have a separate budget for every purchase/investment forms then you shouldn't have a problem with buying yourself something on a great discount - that's how I organize my finances. If you don't, then you have to be at least disciplined not to go overboard with spending money you could've used to invest (of course, spending Bitcoin directly is not wanted at all).
It all depends on how organized are you personally, it will reflect on the investments you make.

As for Black Friday, I've seen some good deals and I have made some purchases but only on stuff I already intended buying and I knew the price before so I made sure it's really a discount and not a marketing trick.
You can genuinely find some good discounts but there are also many fake discounts you should watch out for. My strategy is following the price of my wishlist items so I know if a discount is real.

Y3shot

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The black Friday Market of Jumia has always been a good market that have help people to afford the the things in a cheaper amount but people don't need to be carried away because of the low price of things and buy what they do not really want. It is very common when people go to a market where things are cheap they would want to buy things that are not really important to them just because the things are very cheap. I will advice people not to be carried away with the market of jumia and spend money on things which it can be invested to bring more money.

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

During black Friday I don't see any serious discount given we are just been manipulated not more than that and it is a business strategy that they use to get more consumers, marketers are smart and they have just doing all this for more sales since Christmas is already around the corner, and people holding for a long term should not start touching their holdings just because of black Friday and some of the serious holders won't touch no matter what the event will be, and they have jobs of business so their is money in their account, so things like this, and certainly they would have made a plan for Christmas because you holding and you don't have funds then the holder is just wasting is time holding. and investors need to be careful because there are a lot of beautiful stocks that you will want to spend your money on so this period it will be good to embrace wisdom. I purchased an item not even any platform involved in black Friday because I know it is all deceit I go to the market to get my kind of stuff.

bayu7adi

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Absolutely, I've been there too! I once bought stuff that I haven't even used till now. It was like throwing money away, falling for those tempting shopping deals. Some useless things I got on discount are proof that I easily get lured by sales without really knowing what I actually need.

But, I've been trying to change this habit slowly. I've stopped paying too much attention to discounts. Now, when I need something, I usually make a wishlist first and buy it when the discount period comes around. This way, it's more effective because I don't get distracted by other things outside my wishlist.

Then, do I use my Bitcoin for spending? Nope. I never touch my Bitcoin for everyday purchases. I keep it as BTC savings to resist the urge to spend it. It's quite different from when I save in fiat... that's way too easy to spend because I always underestimate the value of my savings.

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Black friday sales are usually only awesome in countries like the US and Canada. Personally, I am a big fan of black friday and cyber monday which is why I save up and buy whatever I require during these days.

Purchased a Quest 3 this year during the BF-CM week using some of my crypto though I didn't really get a discount since it launched very recently, but I did get a free game and Quest+.

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

From a seller's perspective, this is an opportunity to increase sales quickly, and usually Q4 consumption statistics reach a number many times larger than the whole year's journey.

I'm not sure about everyone's shopping behavior, but for me, even if it's not Black Friday, I will still buy what I need. And I honestly don't need anything new right now so I'm just watching people buy everything.

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

I've only heard a lot about plans to hold and accumulate more when prices drop, but I'm not too worried about price manipulation in this market. And this is an investment market, not a consumption market, so don't get too caught up in things that everyone labels themselves as discounted.

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This thread is another of several around the forum that is based on a false premise which has already been dismantled:

Quote from: NotATether on November 28, 2023, 08:23:57 AM

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Most people are not going to rush to liquidate their bitcoins because they already have a bank account balance which they can use to take advantage of Black Friday deals and buy stuff.

Quote from: Davidvictorson on November 28, 2023, 08:53:08 AM

It is very unlikely that this would be the case.

Within the total percentage of holders I do not deny that some may do this, but they will be a minority who do not act very intelligently with their investments, to say the least.

philipma1957

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I spent other monies to get stuff , I actually spent under 100 for black friday and cybermonday combined.

I purchased a silver 1 oz btc coin using my credit card.

Darker45

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Black Friday is a good time to buy what you need, even what you want. But it isn't a good time to just buy whatever it is that is on sale. Many of us have needs and wants that we put off buying because we want to buy them at a much cheaper price. Black Friday may be that buying day as most goods are offered on discounted prices.

Trezor is offering up to 40% off of their products. Ledger is giving away gift cards which contain up to $50 of Bitcoin. These are stuff that you either need or want. And Black Friday is a good time to buy them. But, again, it isn't a good time to just browse what's on sale and shop. That's impulsive shopping. And with big discounts, you might end up buying a lot of useless stuff.

Me, I haven't joined this Black Friday sale.

peter0425

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

I am not into any occasions (not unless Christmas,new year and Birthdays) that i purchase some needed of my family and friends but about crypto investing?
I only focus on how much i have in wallet and also how much is the value of the coin I am investing.
Bitcoin is one of the most of my purchase in crypto and this is why I am investing with better choice and never as an option .

Mr.right85

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

This is a popular notion that have been promoted by vendors and merchants to a point that, it’s been accepted to be relatively true. With regards to inflation, I can’t in all wholesomeness agree with this notion as, these guys might just take that for a time to sell at a previous profit oriented price rather than make actual deductions on products.
It’s also a time to offload only stocks whose market value have dropped.

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Having to wait out for Black Fridays before making a purchase, that’s not something I would do or like to do. I don’t subscribe to the idea as, you don’t wait out a need. A need is a can’t do without but wants on the other hand can be scheduled for a time.
Still, I wouldn’t sell my Bitcoin just to archive a Black Friday fantasy, it’s just not worth it.

Dr.Bitcoin_Strange

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Every investor will do what ever they please with their Bitcoin investment, I believe they are already aware of what they decided to spend their money on and what not to. During the black Friday as the name imply, some store might decide to give a huge discount on the price of a particular item that use to be very much expensive and this become an opportunity for those people who need for that particular item but because it was so expensive in the time past, they could not afford it. Holding Bitcoin is very good, but if you have some need to spend on and you feel like using some fractions from your holding, then it's not bad.

Quote

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

I have bought some stuffs during some store's black Friday sale, but the item I bought did not actually give me the quality I was expecting from that item and it made me to believe that stuffs that are sold during black Fridays (with heavy discount) are things that the quality have dropped, so, those store are just trying to push it off their store on a discount rate, so that they can receive fresh products

livingfree

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?

Nope, none.

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Did you have to use some or a significant amount of your bitcoins?

No.

If the time that I'll be using to sell some of my Bitcoins for things, it won't just be a want but most likely a need. Like a real estate, computers for other tasks that I might do.

You know stuff that we need to do that will make us productive and as in we need only and not a want. That's what I am going to spend those Bitcoins for.

DeathAngel

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I don’t spend my Bitcoin on consumer goods & neither should you. Nothing Black Friday offers should persuade you to part with your Bitcoin. If you sell some Bitcoin it should be to make your life better like buying a home or diversifying into something else. Don’t use Bitcoin to make dumb purchases on Black Friday.

slapper

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In the long run, selling Bitcoin for Black Friday deals seems nonsensical. My hodler mantra is to stay calm during storms and peaks. Bitcoin is an investment in the future, not a piggy bank for today's splurges. From my experience, I've avoided Black Friday shopping. My focus? Hodling strictly. Not only fighting temptation, but strategic financial positioning. Deep in crypto, every move must be calculated. Chess, not checkers.

Isn't Black Friday's 'discount' narrative intriguing? We're told we're saving, but aren't we merely buying stuff we wouldn't? A smart psychological trick. I follow the hodl philosophy. Bitcoin is simply one part of our holistic personal financial approach. I save Bitcoin and my financial future by avoiding hasty purchases, especially on Black Friday. Separating immediate enjoyment from long-term advantages is tricky. The key? Concentrate, be disciplined, and remember that patience is a strategy in investing.

eightdots

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Quote from: Husires on November 29, 2023, 07:03:58 AM

I don't buy a lot with my Bitcoin on Black Friday. My shopping list is to renew the domains I own and buy a VPN or VPS with some gift cards within a maximum of $500.In some stores there are discounts, such as purchasing some equipment and sports equipment, or gym subscriptions and clothes, but it is not the season for discounts, as the prices for many products are cheaper at the end of the year and after the Christmas holidays, when many people begin to stop spending and try to spend the vacation.

Since everyone is shopping at the same time, many products are treated as if they are on sale when in fact they are not. We should consume consciously and shop according to our needs. The discount mentioned on social media is not the same as the discount we actually encounter. This does not apply to every product because there have been very good discounts on some products.

There are frequent discounts and I think it would be unnecessary to sell Bitcoin investment for shopping. There are also great opportunities when you go shopping during the periods you mentioned. Following certain periods for shopping allows us to buy the things we need at affordable prices.

Husires

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I don't buy a lot with my Bitcoin on Black Friday. My shopping list is to renew the domains I own and buy a VPN or VPS with some gift cards within a maximum of $500.In some stores there are discounts, such as purchasing some equipment and sports equipment, or gym subscriptions and clothes, but it is not the season for discounts, as the prices for many products are cheaper at the end of the year and after the Christmas holidays, when many people begin to stop spending and try to spend the vacation.

Fortify

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Like many things in life, the original purpose has changed and been manipulated over time. At the beginning, when this craze first took off I remember actually finding great bargains for the first few years but you had to know what you were looking to get out of it. Now it is so hard to distinguish what is a good deal, that it's not worth even bothering with this day. I saw a lot fewer people and advertisements for it this year, as people are starting to wise up to the scam it's become and maybe it'll start to die out. It came out of nowhere and I doubt many people would miss it if it were to disappear again, there are already enough consumer holidays around that retailers can use to discount goods and services.

coolcoinz

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We all know that the worst time to sell bitcoin is in the bottom of a bear market and the second worst time is before the halving.

There are things I need and buy on Black Friday, but these aren't big purchases, so I don't need to sell bitcoin. This year I bought myself some car parts, like wipers and winter floor mats because the discounts were nice and I needed that anyway. Nothing too expensive. I also bought Christmas gifts for my wife and daughter, all paid using fiat money.

What would you want to buy that is expensive enough to warrant selling bitcoin for? The average person will have some income and some fiat savings, so if they want a new washing machine, or a computer they can afford it and many stores allow you to get an instant loan, or pay in installments. To be forced to sell my bitcoin I'd have to be buying land, a house, or a car and these things rarely come in black friday 30% off deals. Tongue

Stalker22

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Those Black Friday deals can for sure make folks wanna ditch some Bitcoin for fast cash. Not gonna lie, I have totally been roped into some Black Friday stuff before that I wound up regretting. Ended up never touching the thing - total waste of money. But nah, I have never cashed out my bitcoin to snag deals.

I get how it is tempting though. Everyone likes saving a few bucks. And when you see those crazy low prices you can justify in your head buying stuff you dont need. But that Bitcoin could be worth a whole lot more down the road. Probably smarter to hold onto it. I am trying to be better about not giving in to the hype around sales holidays. Cause most of the time, you dont save as much as they want you to think. And even if you get a good deal, doesnt mean much if it is something you dont really need anyway.

kentrolla

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Nah this time people are not gonna liquidate thier Bitcoin portfolio to purchase stuffs at Black Friday deals and yes these deals like Black Friday deals, all the other deal provided during certain occasions are to increase the consumers purchasing power regardless they need it or not a d whether they buy it through their savings or over credit and get themselves into debt. I work for an e-commerce giant and I can tell you that we plan sales and marketing strategy 6 months in advance and there are lot of logics and brains behind every single sale and offers you see during these time.

But, this year we are at the verge of bull run and possible pump due to halving is also approaching as there are lot of noise on same hence people might not use Bitcoin to buy stuffs which they don't need rather they may use their credit cards.

kryptqnick

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Black Friday is a thing in my country, but it's a relatively small thing. It's what companies push, advertising their discounted prices, but it's not popular among the people (we don't have crazy queues of people overshopping at that time, for instance).
From what I've seen, some businesses do offer actual discounts on products, but there's also this thing that you might buy something because of a discount that you would not have bought otherwise, so you're not exactly winning there. I didn't use BTC this time and I spent a very modest amount of money on something I was considering buying anyway.

crwth

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It gives you the reason to buy and not to really observe HODLing or something. Because in the market, the only discount that you can get is if the market itself is on the red and the decrease in price would be enough to get you in. I think that's the best discount and I think it just happens when there's really a big event that could happen.

Don't give yourself another thing to spend on, just HODL your BTC. Tongue

ChiBitCTy

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When it comes to economic situations, saving money is certainly key to your economic outlook..and I personally take full advantage of Black Friday as well as Cyber Monday. Typically the sales deals last from Friday through Monday, which is nice. I start a list several months out from this time period as I know I will be able to get a lot things for much less. I spent a few hundred this year, but I definitely saved a good amount of money as well.

I definitely did stay away from the fake "deals", like Target for example made fake Black Friday sign, where the products didn't actually get any discount. Shady stuff.

Gozie51

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It is a good opportunity to buy what you actually need at the black Friday sales because you might have prepared for it and now you are going to get some freebies and bonuses for what you want.

If you are going for what you don't want on a bonus sales it means you can at least take care of it despite the economic downturn but it won't be a wise decision to buy things you don't need because of bonus whilst you don't have extra money to take care of yourself, your immediate need and want. I don't think I will do that and I won't use bitcoin at this time when I'm suppose to be accumulating Grin

harapan

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?

This may make people who have used their money feel less disciplined. The whole point of making money is to have a better life. A better life isn't a life of only getting what you need, it's also about getting what you want. If I want a new laptop and I can afford it without much trouble, so I shouldn't get a new one despite the fact the the one I have is old but still manageable even if it's giving me problems?
There's a thine line between want and unnecessary spending. Because I'm trying to plan for the future doesn't mean I shouldn't try to have a better and more comfortable life

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Did you have to use some or a significant amount of your bitcoins?

I can't speak for others for the bitcoin I HODL is in a separate wallet from any other bitcoin. You can't keep all the coins in one wallet. You cat keep the coins you plan to HODL for a very long time together with the use you trade with (for trader) and the ones you spend often in one walletm I don't think that is wise.
There is a bank account that can have money for your day to day spending, that is what you should spend from.

MusaMohamed

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Great discounts in Black Friday can help you to buy what you really need to use in next months. Go ahead to buy them if you need them and especially when you can buy them with great discounts.

Don't think it like if you buy them, you will not have money to buy bitcoin. Think about it like buying in Black Friday will help you to have savings to buy bitcoin. If you don't shop in Black Friday, you will have to spend more later and will have less savings for buying Bitcoin.

Black Friday is only harmful for your investment if you over shopping and don't have any saving left for buying Bitcoin.

Porfirii

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I confess guilty of the charges of purchasing something that I wanted, but didn't need it, last black friday. And yes, I spent a few satoshis on it.

In my defense, I can say that I almost never buy anything for me apart from food and other basic needs. And it os the first black friday I remember that I purchased something for me, and not just christmas presents with discount for my relatives and friends.

Anyway, if it was more expensive I wouldn't have purchased it, less if I had to waste my precious btc for that. But this time it was a small and rare tribute to myself.

shield132

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Sometimes yes, most of the times - no.
This is how black Friday works: Product costs $100 before black Friday, they increase price up to $140, then add a strikethrough effect and add $120 under increase price tag and call it a black Friday.

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

You invest money to gain more and to be able to buy more things. If you find something cheap on a particular day, you have to sell your coins and buy that item because there is no point in holding if you can't benefit and if your life stays the same. But one has to be careful whether it's a good idea to buy something with 20% off or wait a little bit and gain 30% on your capital.

uneng

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

I don't think so... During the Black Friday we just pay the fair price for goods which are overpriced on another days of the year.

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

That is the psychological effect of Black Friday in consumers' lives, but people who are already aware about this phenomenon don't fall for these tricks anymore. Promotions don't have a specific day or week of the year to happen: they can happen anytime, depending the needs of the seller. That is the real deal.

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Crypto holders may feel tempted to sell their holdings in order to use the money for trivial purchases, but personally, I'm not feeling such temptation over me. I may need to sell my holdings for another reasons, but not because of a Black Friday event.

DVlog

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After this prolonged bear market where we struggled to accumulate bitcoin, this is not the right time to sell bitcoin for any possible correction. The feasible approach should be to prepare some cash to accumulate more bitcoin if there is any correction in the future. No one wants to risk missing the train only to get a few extra % discount on the bitcoin price. What if there isn't any correction at all?

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Did you have to use some or a significant amount of your bitcoins?

Selling assets to purchase goods or basic needs is an ill practice if you are an investor. Your investment funds and your monthly expenses should be managed differently. Let your asset grow in value, then with the profit do whatever you want to do or keep that asset as collateral and take a loan in fiat or stable currencies. This way you can fulfill your desires without selling any assets.

michellee

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I'm lucky because I buy things out of necessity and not desire. When I really need those things, I will buy them. But if not, I won't buy it and will probably just keep it in my order basket. I'm still training myself to be able to save money and Bitcoin because I want to get big returns like yesterday's ATH.

So it's not because of Black Friday that I buy things but because I need them. But I often miss the Black Friday moment by not buying anything. And that allows me to save some money for sudden needs. I can still stop myself from buying things I don't need. That's because I still use existing items to this day.

And I also don't sell my Bitcoins for unnecessary things. I still want to buy more Bitcoin. If there is a big discount in the market in the form of a drop in the price of Bitcoin, I don't want to miss it and want to buy more.

Yogee

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Maybe some businesses follow that but I've already seen some products sold online where the price is actually lower a couple of months back than what's posted as "70% discount" for black Friday sale. It's deceptive marketing but I guess that's what they usually do specially during holiday seasons since sellers know people have money to spend.

Quote

Have you purchased any item during this time?, was it a need or a want?

I had a plan until I saw what I explained above.

Quote

Did you have to use some or a significant amount of your bitcoins?

BTC untouched.

hg_away

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If what I want to buy is worth the wait, I track the price throughout the year and choose the lowest price that year. Sometimes the Black Friday offers are excellent, but they are not golden sales, which means that the offers they advertise are real.

348Judah

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

It's actually true that they make this promotional offers on discounted items but not every buyer is benefitibg from them all, those that were being discounted will be hidden and the only first customer to discover them win the item having such discount, they may try to make us of a poll or appear in form of a lottery while everyone is eligible but few were selected.

Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

I can't even try to make use of my bitcoin to purchase a slot on applying for this black friday offers, it was then in the past that everyone if us were being too eager to make purchase and buy things at a discounted rate but not anymore because we've realized it's sometimes a waste of time and they are using such as a market strategies.

Majestic-milf

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It can be really tempting to take advantage of the Black Friday deals and just liquidate your Bitcoin so you can purchase that one thing you've always dreamed of getting but for some reason couldn't but I don't think that's necessary. For one, before investing in Bitcoin, you must have had spare cash, right? So why touch the investment when I can use cash or better yet, wait for another Black Friday sale? I mean, one more waiting won't kill anyone right?
The essence of holding these coins is so we can wait for when it's ripe so we can sell to have a greater gain but just because we want to take advantage of the cheap prices of things thanks to Black Friday doesn't have to make us sell. It then defeats the purpose of holding. If you can just pause for a minute when you get that rush to purchase those things you feel trading your BTC is worthy for, you'd find that most times it's only a want and not a need.

Helena Yu

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Then why it feels wrong to spend money for your need or desire? you're really easy to judge someone life, when someone did something different from you, it doesn't mean they're wrong.

Someone invest $5,000 in Bitcoin after the next 2 years his Bitcoin investment now worth $20,000, then he sold all of his coins. The reason is when he was a kid, he dreamed to have Ninja H2 SX in the future, so his money will be used to buy that sport bike.

Each person has it's own choice.

Davidvictorson

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

It is very unlikely that this would be the case. We are expecting a bull run and liquidating a part of your investment for black Friday deals doesn't sound smart to me no matter what the reasons may be. It only shows that the holder lacks the ability to delay gratification.

Quote

Have you purchased any item during this time?, was it a need or a want?

I doubt the genuineness of these black Friday deals. I hear their discounts aren't actually any discounts.

Quote

Did you have to use some or a significant amount of your bitcoins?

Never. I will fail Satoshi if I did this.

NotATether

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Most people are not going to rush to liquidate their bitcoins because they already have a bank account balance which they can use to take advantage of Black Friday deals and buy stuff. Withdrawals sometimes take days to process depending on the exchange, so there's a possibility that selling and cashing out might not be fast enough to catch the deal on time. (But this is a non-issue if you have credit cards.)

Die_empty

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Quote from: Stepstowealth on November 28, 2023, 07:34:52 AM

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

The cardinal way to control your expenses is to have a budget and follow it diligently. If I don't have a plan to buy anything during this period, nothing can change my stand. A good investor is one who is not moved by enticing adverts because he is self-controlled. I also have my investment budget, expenses budget and emergency funds. My emergency funds might be tampered with in rare cases, but my investment is a no-go area until the projected time to liquidate the funds.

Quote

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Black Friday is indeed a good time to buy things at a discounted price. But it depends on how important the item the person intends to buy after selling his coin. In some cases, people buy what they don't really need because of the discounted rate. Some people might decide to sell their coins because they have planned to maximize the discount offered on Black Friday. I plan to purchase a power bank and install a solar backup power source if the price is good. But I have already kept the money for the purchase, hence no need to sell any coins.

Stepstowealth

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Although Black Friday is commonly associated with sellers offering huge discounts to customers, is this really true?

Black Friday is an excellent time to buy only what you need, not what you want. The event's psychology is to give consumers greater purchasing power and encourage unnecessary spending.

For example, a lot of individuals or bitcoin holders may sell significant amounts of their cryptocurrency during this time because they wish to purchase items that will affect their investments. Black Friday deals can affect your plan to hold bitcoins, and as an investor, you have to be careful and be disciplined enough to control yourself.

Have you purchased any item during this time?, was it a need or a want?
Did you have to use some or a significant amount of your bitcoins?

Topic: Black Friday deals and your plan to hold bitcoins. (Read 440 times)