Topic: Finally I did it (I am happy to join). - page 2. (Read 1997 times)

Firstly, congrats How much have you been able to add since OP? New Year bonus I hope

This is me, my Bitcoin is my savings which means only to be used in emergency or in retirement, I hope the retirement option kicks in if BTC is 1 million before I actually retire in about 25 years lol

My advice is to have no expectation. You just started so keep building for a whole 4/5 years (1 cycle). Bitcoin still too unpredictable to rely on it but I'm glad you already understand this is a longterm thing!

Since you have done that OP, expect the ROI profit that you will get; we just don't know if x2 or more can come back to you from the amount that you started OP. The good and important thing about this step is that you have made the first move here, and that will continue.

I congratulate you, and I can say that it is a good starting experience for you in this field of the bitcoin industry. I also admire you because you also know how to listen to the advice of other communities on this forum platform.

That is a very good thought, but you also have to realize that not everyone can think like that, especially those who don't like Bitcoin. Even though many media have explained that Bitcoin is very good and suitable for long-term investment using savings that are not intended for emergency funds in life. Because if there are many people who want to think like that by putting more money into Bitcoin investments without thinking about selling in the near future, maybe the price of Bitcoin will experience price increases more often than corrected.

I think this is a good idea, to see how OP funds are progressing. But I think if the price of bitcoin fall and OP have extra funds which are not emergency funds, it would be better to invest again to have more satoshi. Anyway, cryptocurrencies and banks is very different, and yes OP and your friends really right to save their funds in crypto especially bitcoin because it is profitable also safe and reliable.
@OP, Congratulations, you are on the right path because it is never too late to start invest in bitcoin.

I think you can continue to update this thread in a few months or every year let's see how your savings are in the long term in bitcoin. Yesterday my friend also started buying bitcoin to save. I think in 6 months from now at least he will have more assets than saving in a bank. The best alternative for saving is in crypto by buying bitcoin. If it is long term and most trustworthy, I can assure you that Bitcoin is the most worthy of trust because it is very iconic in crypto.

Well, we can only congratulate the topicstarter on his acquisition. For many people, buying Bitcoin is more of a symbolic act, because hardly anyone would argue that in the modern world Bitcoin is a cult item. It is correct to store Bitcoin in a cold wallet. But I would recommend storing your Bitcoin on a multi-signature wallet. For example, 2 out of 3. By the way, Electrum also has multi-signature wallets, but, in my opinion, they are hardly the best. It seems that multisignature on Electrum does not support Segwit addresses. You might consider Sparrow-wallet.

If one can save bigger amount for emergencies in 9 months, he should just concentrate on the investment for some times until the emergency funds is low then he can continue saving for emergencies, like after removing the monthly expenses from the monthly salaries hes receiving then he should just put the rest of them into Bitcoin.

That's the more reason why any Bitcoin investor should scrap out some money from their earnings that will stand as emergency fund should the need arises rather than tampering with their holdings because if they tamper with their holdings then their motive of accumulating more Bitcoins will be conquered because they gonna keep tampering with their holdings from time to time until they exhaust all their holdings so it is important to always plan ahead should in case things doesn't go as planned.


Depending on salaries alone is not enough to buy and hodl especially when you are using DCA because in the course of your salaries not coming at regular intervals it may affect your DCA so it is advisable to also have another medium of earning an income that you can be sure of at the end of the day so that it wouldn't affect your investment goals. Having external savings from your earnings is also very important so that in a case of your income being delayed, you can just go to your savings to sort out yourself.

Even though you are correct that if an emergency fund is not very robust, then a person probably should never use the fund for anything other than emergencies.

However, I doubt that there is any strict rule in regards to whether someone might choose to use his emergency funds - so maybe if I exaggerate the hypothetical a bit more, you might be able to understand how an emergency fund might be used in a floating kind of way. 

Let's say for example, a person starts investing into bitcoin, and at the same time he is building up his emergency fund, and so his regular salary ranges between $300 and $1,200, and most of the time, his salary is more $700.  His expenses are right around $500, and let's say that he has 2 months of expenses saved up in his emergency fund saved up ($1k), but he wants to get his emergency fund up to between 3 and 6 months ($1,500 to $3k)... and so maybe he will not really be comfortable buying bitcoin until he get's his emergency fund up to 3 months, but he does not want to forgo investing into bitcoin, so he decides that he is going to buy $50 worth of bitcoin no matter what, so long as his income for the month is greater than $550, which is $50  greater than his expenses, and if  the income for the month  comes in greater than $550, then he will split the extra between his emergency fund and buying bitcoin, so if he ends up earning $1k for the month, then he has made $500 extra, so he could put $250 into bitcoin and $250 into his emergency fund.

Maybe he also decides while his emergency fund is between 3 months and 6 months, he is going to buy $100 worth of bitcoin no matter what, and so there could be some cases in which, and sure there could be cases in which he has to dip within his emergency fund to accomplish that, especially if his income were less than $500 for the month.

So then maybe once he gets his emergency fund up to 6 months, he might decide to buy $500 in bitcoin each month no matter what, and there also could be cases that he ends up dipping into his emergency fund.

Let's say that he continues to invest and build his emergency fund, and his emergency fund has gotten up to 9 months worth of expenses (which would be $4,500), so at that point, he might decide to buy $1k worth of bitcoin every month no matter what until his emergency fund goes back to 6 months, and then if his emergency fund goes back down to only 6 months, he will modify his approach to be more conservative at that time.

I am merely giving this as an example to show that there could be cases in which an emergency fund ends up being greater than it needs to be, so then there could be choices to dip into that emergency fund, based on the size of the emergency fund being greater and perhaps having a greater ability to float non-emergency type issues. .and so what you call it might be an argument about semantics rather than recognizing that there can be ways in which some portions of the emergency fund might be treated more strictly than other portions, especially if such emergency fund gets built up to be fairly robust in size relative to expenses (or expected expenses or even how much extra might be needed to keep in the emergency fund for unexpected happenings, which the punchline, like you said Su-asa is not to get to any kind of point in which you run out of emergency funds and have to dip into your BTC investment at a time that is anything other than your own choosing. .which depletion of your emergency fund would not be a good place to be... in part because it seems to be largely preventable.


Even if people are not accustomed to keeping an emergency fund, if they start to invest, there is a higher need to have an emergency fund in order that you do not have to sell your investment at a time that is anything other than your own choosing.  Anyone who invests and does not establish an emergency fund is gambling with his investment, and yeah there could be some folks who have developed some ways of cushioning themselves with various assets that they would sell first, so they might not call their funds or their assets to be part of an emergency fund, even if some funds might be serving that purpose, if they were to be the thing that is sold first, and anyone investing in bitcoin should not be putting himself into a position in which he has to sell his bitcoin first or at any point that is not of his own choosing, otherwise he is treating his bitcoin as part of his emergency fund, which is a plan that is likely to not have very good success .. it is a kind of gambling to treat your bitcoin as your emergency fund.


There are all kinds of emergencies.. not just sick persons.... but you raise a point in which there coudl be some kinds of cases in which it might be prudent to have an emergency fund that is larger than usual.. maybe more than 3-6 months but and might have some other funds that are for catastrophic situations.. and if you do no thave funds in other place, then your bitcoin would be serving that purpose.. which may or may not be a good idea and may or not be something in which you could attempt to plan for how many funds you hold in various places and what would be the order in which those cushion funds would be used for any emergency that was ongoing, persistent and of the magnitude that is draining your regular and then seemingly insufficient 3-6 months emergency fund.


You are assuming too much Mate2237.. people do have funds for emergencies, and sometimes it could take a long time to build up such funds, and sure some of that could be in bitcoin, but it could also be in other assets, so the longer and longer that you are in bitcoin and thinking about these kinds of things, the more likely you could be building up your emergency fund to be more and more robust.. .and some of the robustness can be planned in advanced, but some of the robustness might well be a thing that is built as you go.. ..

So, like the example that I already gave above, if a person knows that his regular expenses are usually around $500 per month, and his income is $300 to $1,200 but usually around $700, there still could be ways to attempt to cut expenses down and/or to build up income.. and so maybe once the emergency fund gets to 6 months, he might decide to build it up to 12 months, and perhaps some of the funds would be considered working funds.. so there could be various places to put the emergency fund and to build its size at the same time.  I would not presume an emergency fund to be futile, merely because you don't do it or no one you know does it, and I some people do decide  to keep some forms of money in cash even though it is not working capital, partly because the want to make sure that they have enough of an emergency fund.

Sure there are some cultures in which the money tends to debase so fast that it does not make a lot of sense to hold that money in cash, so there could be some ways that some of the emergency fund is held in non-yielding cash, and then there could be some other cash that might take a bit longer to get to but it is earning some kind of interest so that it holds its value.. and so there can be questions of trade-offs between liquidity and holding value.. .especially the larger it is, then if you are holding a whole year's worth of cash and it is losing value at 2-5% per year, you might believe it is not that big of a deal to keep adding value to it, but if it is losing value fastr than that then you may want to be able to earn some kind of interest on it.

I have not seen anyone keeping funds for emergency. There is no special emergency funds in anywhere but the funds came out when the emergency arise. Nobody pray for bad omen or danger ahead, but emergency is unavoidable, whether we like it or not we must encountered it from one way to another  and emergency funds also comes unprepared. And at that time of the emergency, no responsible person would use that funds to invest in Bitcoin then the person does not value the sick person life. Bitcoin is not something we invest and reap within a second or hours. But a long term investment.

As I said nobody saves money for accident, law case and others but it is when the matters arise then money would come out from it hidden places to settle the problem.

Anybody that uses funds for emergencies to invest in Bitcoin is not a wise investor because problems can come at anytime when he/she will need some money that he will use to settle down some things that needs to be settled..
Having an emergency funds might make an investor to hold more longer than he or she planned to hold. Reasons are because when you are saving and still accumulating Bitcoin and on the other hand you have funds for emergencies, then what will the person want to sell his coins for? Nothing,,, unless they will want to use some of the profits to complete a project and other things that can be bring more money to them during the week or month.

There are some people who works in a company that don't pay workers salaries on time (delays payments) and those people if they are invest in Bitcoin and they are not saving some funds for emergencies and just saving for nothing, by the time month end and there is no payment they will want to sell some coins and use the money to support them self untill payment is made.

Glad that you took the community’s suggestion and chose to be the part of Bitcoins family. I am 100% sure that you won’t regret this decision. If you have some funds for investing in long term, then Bitcoins are the best according to me. Its decentralised nature will definitely help you to save from paying unnecessary taxes. Just keep showing trust in the coin and you will never regret investing in Bitcoins. Wishing you all the best for your future mate.

I saw the price too that year and I didn't expect that it gonna reach this high today but there is no need to worry because, through those years, I have been accumulating bitcoins and ended up getting more balance in my investment and jobs and not fully expect my earnings on my investment rather I was using every opportunity to buy low and patiently waiting to sell it at a high price. This will only become possible if you have enough knowledge of crypto investment and especially how to secure and prevent your crypto from getting stolen by hackers.

There should be proper knowledge about Bitcoin before deciding to begin investing in it, not just buying and transferring to wallets but we need to consider other risk factors associated with Bitcoin. Most people who do invest with poor knowledge of what they are putting their money into always ends up with loosing due to panic of the price going down, getting involved with scammers or technical problems which will cost them loosing their Bitcoin.
All this are associated risk factors which if their is enough proper knowledge about Bitcoin can be avoided, then their will be no chances of becoming a victim.

On a normal position, I don't have a proper knowledge of Bitcoin but with the little I have gotten just this few days that I have been active, I have get to know some of the important things about Bitcoin investment, with that I can perfectly hold my coins and protect it with everything i have gotten.
As a Bitcoin beginner all I have I to do I to protect my wallet seed phrases.

I agree that a person should not be dipping into his emergency funds for BTC buys, but there could be situations in which it makes sense if there is variability in income and expenses, and there is also a decent sized emergency fund.  There also may be decisions to buy a certain quantity of BTC no matter what, so if the cashflow over several months is fluctuating, the income might not meet expenses, and yet there still might be expectations that the following months or the month after, the emergency fund will be able to be diminished with the short-fall, and part of the reason to have an extra large sized emergency fund is to be able to buy BTC every month/week. . or whatever might be the priority that is pre-established.


I was not trying to say that a person has to have an emergency fund prior to buying BTC.  I am frequently saying to start investing in BTC as soon as possible and also I am saying that sometimes more than one thing can be accomplished at the same time, and yeah, there may be risks involved if the emergency fund is not very strong, but there may also be preferences to make sure to invest into BTC on a weekly basis and to build the bitcoin investment, even if there might be an inadequate emergency fund and other ways that the person's finances are fucked up.. such as not having his debt under control...and so maybe he is paying off debt too... .. and sometimes the earliest days of getting your finances and psychology in order can take a bit of time, maybe even 6 months to 18 months, or even longer, but maybe at the same time there is at least a minimum amount of BTC that is bought.. and maybe there was a past practice of not having any emergency fund, so there was a past practice of always panicking and just the creation of an emergency fund is going to bring progress and the more and more that the emergency fund is built, the more aggressive the person likely is going to be able to become in terms of his BTC investing.


At the same time, we should not let the perfect be the enemy of the good, and we might end up having way too much cash.

So we have to find a workable balance, and if a person has expenses of $200 a month but a salary that varies too, then there might be months that he is not able to pay all of his expenses from his salary.. and he should be in the best position to figure out if he needs to have more saved up so that he can deal with the variability, but also there are other ideas of cashflow replacement, but also if an unexpected outside emergency comes besides the needs for cashflow, then he might need to have more than just 6 months worth of regular expenses saved up... so I am not going to be able to suggest in advance for someone, and each of us has to figure out how much cash to keep and how aggressive to be in our BTC investment, and if maybe we have been investing in BTC for more than 4 years, we might even be in a better position in terms of solidifying our emergency funds.. and maybe even having other categories of emergency funds besides cash..and maybe we would also have an order in which we would draw such funds and hoping to never have to dip into the BTC.... .


You can prepare for dips or not. That's your choice.

Since I got into bitcoin I have striven to be prepared for either BTC price direction, and I have striven to maintain such preparedness at all times.  That has been my own approach.

When you are brand new to investing into bitcoin, you might have some savings and maybe you have some kind of an investment portfolio of stocks or something, so when you first decide to start buying, maybe you have an aim to get at 10% of your investment portfolio will get allocated to BTC, and so if you own $10k worth of stock, and you don't want to sell any, then maybe the next 10 months you invest $100 per month into bitcoin and you thereby get close to being around 10% into bitcoin, and then after that you can reassess what is your next goal.

If you already have $600 in cash in the bank that you could allocate to buying bitcoin, but you don't want to spend it right away on bitcoin, you might choose to allocate a portion to buying bitcoin, but maybe at the same time you have to account for your income and maybe you have $100 per month coming into your income that could be spent on bitcoin, so if you add up what you have in the bank and what you have coming in, then that is $1,200, and so you could divide it up $400 to each category but then you don't have $400 to buy right away and $400 for buying on dips, so maybe you divided it $300 for buying on dips and $300 right way, and then you still would have $100 per month for DCA, and yeah, there can be a lot of scenarios to consider, but having money to buy on dips is part of something that I have always try to prepare myself, but sometimes when the BTC price keeps dipping, any of us can get to points in which we need to reassess or we might even run out of cash.

On the other side, yeah it can be uncomfortable if the BTC price does not dip and you have money waiting to buy on dips that does not get used, and you have to figure out yourself how you want to treat that money or to readjust your considerations of the setting of your buying price points from time to time in order to attempt to best prepare for what you believe that the BTC price might do in that portion of the money that you have available for that purpose, and at the same time it would not necessarily mean that you stop DCA buying within the terms that you have set for that category of funds..


I already stated how I would have dealt with it, and that does not mean that my way is either the best for OP or for anyone else, and OP has to decide, and once he decided and he already employed that strategy, then he likely is somewhat locked into that strategy, unless the BTC price goes sufficiently above his buying in [price and he decides to reassess based on that kind of a price movement...and sometimes people will take a loss in order to correct a mistake that they made, and there are surely trade offs in correcting mistakes by taking losses, but sometimes it might be the more practical solution, and I am not even suggesting that OP should do that. 

I have made some similar mistakes in the past, and frequently i have to make some tweaks in order to account for the mistake, and hope that the mistake is not too large... and so sometimes I have mistakenly bought when I meant to sell, and other times I have mistakenly sold when I meant to buy...and sometimes I don't realize that I made the mistake until several hours or even several days later.  I will usually have to figure out some kind of a solution that I consider to be acceptable to wait out a price move that might correct the mistake in one direction or another or I might force some kind of a resolution... and if there are likely fees to take into account, then that would also be something that is calculated into what can be done or should be done.

Sometimes it could take several weeks or even longer for the situation to resolve in one direction or another in order to get me back to where I should have been or could have had been absent the mistake.

Actually during that time it's nice to see and it's nice to compared cause in the year 2017-2018 the price of bitcoins is negotiable which means if you buy bitcoins those days then one thing for sure you will become a multimillionaire this days cause if we look in the price during 2017-2028  it is very low which is we can buy Bitcoins many more. But like what you said mate you did a bad decision cause instead of buying Bitcoin you didn't buy that but you by altcoins which pretty bad

If one is using emergency funds to invest in Bitcoin, that means the person is not really saving the money for emergency cases but investing it in Bitcoin. Meanwhile, if an investor is not saving for emergencies, that means the person can not hold his coins for a long time (they might even sell them off in just a month or a couple of weeks).

You are absolutely right, you know what I understand in the second phrase that you are trying to say. An investor must have 3 or 6 months of emergency funds even before he or she starts investing in Bitcoin (I see) because it will absolutely make the investor not think of touching his investment.

Let's imagine that before one starts investing in Bitcoin, he has been saving $200 per month in 6 months. That's about $1200 and the investor is still working and getting paid steadily (he has a steady cash flow), then on the 7th month he starts investing $100 weekly in Bitcoin (and still saving emergency funds too)... With all those savings he or she has, he or she will not think of tempering his or her investment for a long time.

What's the essence of waiting for the dip when the dip will not come so easy? However, such person might not even be aware of the dip rather.
As the OP didn't wait for the dip, I like it that way because maybe before the dip might come back he must have spent the money already if only he's one of those that can't deal with cash .

You don't need to have any good knowledge before you can invest into bitcoin, all you need to know is the basics, which OP already know, which is to buy and transfer to your wallet. As long as OP has already made up his mind to hold for a long term, he will be learning along side with growing his investment.

Financial management, patience, consistency and discipline is what a newbie investor needs for him to be able to hodli his bitcoin for as long as he wants to hodli. Don't make it sound as if hodli is something that need market analysis or to know the technical aspect of bitcoin. If you know how to save money from young age, it wouldn't be a big challenge to hodli

I am so familiar with this kinds of statement of regrets and you will surely not be the last. Even now many people are still choosing shitcoins over Bitcoin siting huge ROI and fast profits as motivation. Just check how much funds people are injecting into Ordinals that messed up the transaction fees of Bitcoin, that should tell you how much people follow the hype, some of whom will cry later.

Now you still have the chance to correct that mistake, you can join the OP and those of us who are already building our portfolio. The chances of Bitcoin rising so high, following coming activities, is high and it will be bad to miss opportunities twice. I have my reservation with shitcoins because the risk is much. I don't want the founders to use my money and invest in Bitcoin for themselves