Topic: Habitual Bitcoin Buyer-Not what you think - page 2. (Read 653 times)

This is still a world of fiat. You have to remember that. My guess is that your regular bills and mortgages can't even be paid in Bitcoin yet. When health emergency comes, your hospitals probably still don't accept Bitcoin yet. If your kids are already in school, my guess is that tuition fees in your local schools can't yet be paid in Bitcoin as well. When the family eats out together, it's most likely that you'll have a hard time looking for a restaurant which accepts Bitcoin.

The point is you have to have fiat. Going all-in with Bitcoin, a volatile currency, is highly risky and, in your case, even irresponsible.

While DCA (Dollar-Cost Averaging) may be the suitable method for some investors given that most does not have a big capital to invest everything in one go, you must need to prioritize or allocate the amount that you are willing to invest on without compromising your daily/weekly/monthly obligations.

One thing you also might need to understand is that investments are cash. They are investments in a way that you can actually withdraw or cash them out if the emergency calls for such situation. The beauty about investing into cryptocurrencies is you can always cash them out without the need of going through a complex process, compared to other investment methods.

Your decision to put money aside is good enough, but you also have to agree with yourself that you have to be as strong as you can to resist the temptation. Especially now that his status is still single, of course, the reality of life and his style also doesn't want to be left behind. The cost of living that has to be pegged in a month and set aside a few dollars in Bitcoin is not as easy as those of us who already have families.

So your decision now will pay off in the next few years. I guarantee if you are able to become a long-term holder for the next 2 or 3 years, the results will be amazing. Trust me no one has ever been let down by Bitcoin as long as they bought the dip and committed to the long term.

Every one of us earns money, but that's not enough to gain some extra gain, to be honest. Proper management of the money is quite important. We always need Liquidity for life, we can't ignore that. So always should keep some USD or any fiat to manage emergency situations. Some funds should hold in the wallet to catch the dip. On the other hand, you may buy some sat regularly after filling your needs from the savings. That's how I try to manage. But sadly when I use my holding funds during the dip, sadly it becomes more dips, and can't take advantage. But that's how I am managing earnings.

What you do is the same as what I experienced.
I also save a little Ethereum but now the price is very sad for us all like a dream I almost feel half of my funds will be lost if I sell now.
There is no other way now other than being patient, even if at that time I immediately sold it when the Ethereum price was still decent, maybe even a few dollars in my savings didn't decrease too much, I really regret saving Ethereum if everything happens as they say.

actually it doesn't matter if you collect as many sat as possible at this time, but you should have planned everything in advance and divided your finances so that it is neatly arranged between investments, living costs and unexpected funds, maybe in % maybe only you can share to avoid debt when you need money

Oh, ok. I understand what you said but don’t see the relationship to the post.

edited to add explanation to relationship to post


do not buy ethereum.

ethereum is going to 'detonate' into PoS
this means the underlying cost to mine. is no longer going to be millions of asics PoW mining which is/was over $1k of electric cost. instead its going to be 'staked' and only a couple dollars of cost to sign blocks to create fresh coin. this will cause cheap new coins meaning alot of sell-off cheaply while still profiting. causing a massive price correction down to a new low of only a few dollars of value.

Oh my god, dammit I shouldn’t have looked. Solana is down to $42 and Eth is at $1700. This is killing me. I wanna be y so bad but have to refrain. My next auto DCA isn’t till Saturday afternoon. It’s tough but the more I successfully resist the easier it will get. I hope. I put some $ in savings yesterday and it has to stay there. I’m doing good. I’m going to bed.

it takes skill to control emotion over funds and organise your life.
something purposefuly not taught in school because they dont want people managing funds correctly, they love people getting into debt as thats new business oppertunities for banks/services to make fee's on debt.

you really need to organise yourself to properly calm your emotions and ensure your essential bills are paid first and then only invest your disposable income later.

the way i trained myself was back when i started out years ago(share trading before btc was a thing). if the fiat(money) was to pay for a bill.. pay the damned bill. if the money was to pay for a luxury or fastfood. then invest it... you can always buy new clothes later

my main reminder is fast foods only return is a bowel movement and a toilet flush the next day. and so wasting money on a toilet flush was a bad decision. where as missing a rent payment means your thrown on the streets starving.

its better to be strong in changing your diet to a basic foods, saving money there.. instead of trying to juggle bills by getting into debt.

..
organise your life to pay all bills first. and cut out the luxury/excess food costs.
work out how to have more disposable income by not buying that beer on a saturday or the trip to the beach at the weekend. rather than getting into debt by skipping bills that keep a roof over your head and heat in your room
..

write down all your income. and your outgoings
that means all bills, all luxuries, all spending. and work out what you can actually live without.
EG can you live without netflix for a few months. do you really need new sneakers/shoes/clothes so often. is there cheaper brands of essential food.
yep the foodbill is usually the main cost that you can alter. especially if your wasting some of your income on fast food often. . make a sandwich instead
a $20 pizza or a $1 sandwich. its an easy decision that nets you $19 disposable income to invest
do that 5 days a week and you have your $100 without sacrificing yourself or have any debt fears

some people organise themselves where the had (us min wage of $10/h for 40h) $400 a week,  but live in a lifestyle as if they were on U.S. social security/unemployment payments($250).
that way they would have $150 spare

I think you have a “good” problem so to speak. In my scale of preference, buying bitcoins is a good investment. After taxes and bills, my next priority is buying as much bitcoins as I can afford. It’s good you have a stable income, save some money in the bank for emergencies. It will be crushing to need money for emergency and you have to dip into your bitcoin stash. The price may have greatly reduced.  Save some money for emergency funds.

So you are receiving a monthly income which means you can very well plan everything out.
Clear all the debts and expenses first and then consider investing into bitcoin and saving for the emergency fund.
Once you have settled your debts and expenses you can take the rest of the amount and invest 50% of it in bitcoin and save 50% of it for the emergency fund.
This way you will be able to manage everything at a better level and not feel guilty about over investing in bitcoin.

You have to get your priorities in order and then review your investment strategy.

1. Your first priority are to pay your bills (Get a roof over your head and food in your cupboards)
2. Buy the Dip (Do not buy every time you have spare cash .... because you are not buying the dip then)

My strategy is to pay the bills and then to shift the surplus funds into a savings account, to be used to buy bitcoins when there are a dip in the price. (While I wait.. that money also gather a little bit of interest)  

Bitcoin as a investment strategy should not be a wild obsessive buying and hoarding of bitcoins ..whenever surplus funds are available, but rather a calculated strategy to buy low and to sell high.  

Yep, I’m going to put some cash savings aside and go at it as hard as I did Bitcoin. We are going to start with a cash goal. And maybe instead of stacking before the price goes up, we can stack before a catastrophe happens. Lol. Thanks to y’all that gave me some perspective and busted my chops a bit. I also need to pay off some debts too. I struggled a bit this month and in hind site, didn’t have to had I done the responsible thing. Thanks again.

Yes but most people like us only got used to the fact of HODL at this moment, which means that the price is too high and sometimes goes down too low, gets even more volatile and then ends up crashing which means people are loosing a lot of money as well. People who only have a like 100-200$ to spare at the end of the month are looking to invest in things like doge or Shiba but their price is also going down drastically, but then again it's an excellent trading choice if you are interested. I do think if you are crypto rich and cash poor, you should try and put some cash savings in the bank for backup this way you would have something to rely upon in case it all goes down. But then again be patient and don't sell everything.

No matter how much money we earn at the end of the day how much we spend really matters because many people earn decent salary but they stuck with the lifestyle inflation so they keep spending equal amount what they are earning but we really have to spend less and save as much as we can then we can decide how can we diverse the saved amount that can go for investment purpose.

He may not be an all-out bitcoin holder but those words came from him about holding. He got businesses and ventures and there's a likelihood that those profits he made all came from holding bitcoin and as well as other cryptocurrencies that have been produced through his exchange.
Although the point here is that is about what he said about being a holder and a being rich.

First of all you could reduce your monthly BTC purchases by 50% for example, in that way you can keep buying BTC but also having some cash ready. Another solution would be to sell part of those BTC every time they go in price, buy them again if and when they go down again, and keep the difference.

Without a doubt this is a problem, I understand your desire to get as much bitcoin as possible as you think that maybe we are never going to see bitcoin at the current prices again and you want to take advantage of that, however it is important to have an emergency fund of at least 3 months so in the case you lose your job or there is a family emergency you do not have to sell your bitcoin for a bad price and you can endure that storm, so while taking all of this into consideration then it could be a good idea to invest in bitcoin only every other week while putting the money on your off week into an emergency fund until you reach your goal, then once you do you can keep investing in bitcoin and keep doing DCA if you want.

At some point you have to set certain priorities. You simply can't have all your savings put into Bitcoin. Especially that you have a family and kids and mortgage to pay, and also at this point in our economic life, it is hard not to have some extra cash.

Of course you have to minimize saving in fiat because it is fast losing value but it is still the money that everybody accepts. So in times of emergency, fiat is the one you could easily withdraw. Bitcoin's price goes high and low and you cannot sacrifice selling with a loss because you need cash.

This is my way of doing it.