Topic: Have a Income? Invest in Crypto or Not? Let's think realistically (Read 742 times)

In my opinion, the best thing about investing is when we have income, if we have income, we can be patient and hold it according to the target time we want, when the price drops, we don't panic and sell at low prices or lose money, unfortunately only a few people understand this is so they will not invest when they have income.

in that case, it is up to you where you will get such extra money. side jobs or other income generating activities. because if you are just living paycheck to paycheck, better not use it for your trading activities as there is no assurance that you will get profits or even your initial investments.
as the OP mentioned at one point, he lost a large part of his money by participating in the pump and dump group. so if he was using his money for the bills, he got screwed in that venture. and he will have debts afterwards. this is why if you are into crypto, better use your extra funds not your money to buy food  or any basic necessities.

I agree, we need to diversify our assets not because we didn't trust crypto so much but we should need to learn that there's other trading instruments thwt we can try as well. It is better to have some other things that we can try so that when one trading market is not yet pump we can check other markets but sometimes they are also all the same but my point is we can invest in crypto and put some money to other trading investment as well.

You asked not to use one's salary but idle money, my question is that where is that money coming from? What you will advise is to separate it and use your savings or any money left after removing daily expenses need at least for you to be okay in a month from your salary. Your point will only work for those on multiple streams of income or else no investment.

Yes one can never do anything big depending on single source of income only. So if one has source of passive income then he should invest some money elsewhere to generate some more income from there. Investing in that case can be a good plan because after investing there is nothing else to do except to hold it.  So it will not disturb any other work in any way.  So investing here and holding for long time can be a good plan. So if op has passive income then of course he can invest in crypto

I don't know your country's spending, but in my country, $200-300 is the average spend for a family to have a basic life. Furthermore, inflation is not the same across countries. I live in the countryside, and most people don't care about inflation, let alone upset people. I also admit the cost here has increased, but it is very small, and people don't mind too much.

Well unless you're really at the older age where you literally don't have to work for a single penny then sure do it for the charity, but in younger age?  Considering that inflation almost screws everyone these days, the million dollars might not last for even a year or two if you just purely spend it even just for your own needs in basic sense.

I would consider building the next software company for that if I just have the means to do so.

It's to each and their own anyways. I am a salary earner as well, but I just purely put my extra savings in Bitcoin only. There are just way too many shitcoins in the market that is not just worth my time, money and mental health.

Thinking of trading as a gamble is one of the biggest mistakes you can ever commit as a beginner trader. You’re literally undermining your own future by setting yourself up for failure, in the form of unprecedented losses because well, you’re belligerent enough to not be thinking what’s best for your portfolio. Not knowing that your losses compound over time and how it’s going to become the death of your entire trading journey.

You can have all the lenience in the world. An accepting wife, wads of cash to play with, a keen eye for business that you can of course monetize.

I am also from 3rd world, with 1 million dollars, I can do charity and live a life without work for the rest of my life. If I have a million, I don't really need to invest in bitcoin, if I use it, I will only use it for the purpose of protecting my privacy rather than thinking of profit.
Of course, real estate is the thing that I will buy the most because it is safe and always increases in price over time, the demand for housing never ends.

I don't think it's a mistake, but only about the desire that still doesn't exist to invest in Bitcoin. And sometimes we also cannot equate other people's living conditions with the conditions of investors who do have the desire to invest, because everyone's desires are always different even though they already have an income of $ 15K per month which they can actually save up to invest, but maybe income of that size is still not enough to meet the needs they still need in their lives, such as expanding their business to various places.

It's strange if investing should be considered as "Julo-Julo" because investments can still experience losses, while for "Julo-Julo" you mean I don't know whether you can experience losses or not. Because when someone starts investing, they shouldn't forget one thing and only remember one thing, namely profit. But he has to be able to remember both of them so that he won't feel regret when what he hopes for doesn't come through investment. The two things I mean are remembering the losses as well as the advantages, don't just remember the advantages while the losses are starting to be forgotten by them.

Simple answer from you don't think much. Investing in cryptocurrencies can provide many benefits in the future by setting aside a few percent of our income. Yes. In my place, they often say, let's just say that this is playing "Julo-Julo" like the habits of traders in the market  .

For investment, some people put all their eggs into the baskets while some separate them into various baskets. As a salary earner, I won't say bitcoin is my only investment but for others, it can be because it's a matter of choice and how you meant to do your savings. Money saved in a bank is not useful because it will just be idle while wasting in value.

Colorful language, I have to agree to with your statement. Trading is like driving a car. When you're behind the wheel, you have to be focused and alert, making informed, split-second decisions especially during the current downturn. instead of wanting to get a lot of coins because the price is already on the floor but there is no other buffer stock, huh. Cut loss ends. We have to admit trading is a long game, not a short one. It's better to make a few smart decisions over time than to try to make a big decision all at once and lose everything and don't let emotions rule us.

I can say that naturally there are people who have investophobia; they want to make money and expand their income, but they have a great fear of losing the money. Instead, they prefer a physical thing like doing business and growing their income gradually, which is less productive in most cases unless it's a big business, and the person will also need to put in a lot of time and effort for the business to do well. I don't really blame them. I could remember when I first had Bitcoin in my wallet, I showed my friend that "look, I have acquired just a little fraction of Bitcoin, which I believe can be worth a fortune for me in the future." He laughed at me and said, "This is not real Bitcoin; you cannot get a real Bitcoin because people who have it are storing it so safely that no one can have it unless themselves." I can't even remember all he said because it's been so long.

Like seriously.. 😳😳oh reall? I just felt like I was telling a little child about Bitcoin for the first time that day because of the disappointing responses I got from this friend of mine.

So, @sana54210, it could be fear or 0% knowledge about crycurrency. It just takes a gradual process for someone who is new to cryptocurrency to really know everything at once and also kill their fear. Some people always have that fear in them, but after they keep their heads down and learn aggressively, they also get better, like any crypto professional.

I think those people who are constantly afraid of losing money are doing a wrong thing by getting out instead of fixing their thinking. When you are in and you are afraid you lose, when you are out because you fear then you don't earn, not lose maybe but not earn, but when you stay in and start to earn and not fear, then you will do better.

I think we need to focus on that, we need to figure out a way to make it work and that should be a lot better for everyone. I know that it is not going to be easy, but it is possible to learn how to be staying away from this, not that hard neither. Just realize that when it goes down, it will come back up again and that has been done a million times already, so try to see how it has recovered each time it dropped.

The best time to invest is when we have good finances or stable income, if our income reaches $ 15k per month then leave around 30% or around $ 5000 to invest bitcoin, the mistake of many people is not wanting to invest when they have income and this will make them regret it when they have no income.

If someone sees that his investment has decreased by a third or even by half, then the understanding that it is important not to sell will not be perceived so clearly for them, they will want to sell in order to save at least some money.

But this is a consequence of the wrong time to buy. Buying too early for a beginner is also a pretty big mistake, which in the end does not allow everyone to survive the bear market. And in such periods it is difficult to explain the benefits of DCA, since this will only increase the risks in their understanding, and instead of averaging the purchase price, they decide to sell at a loss and after a while the price of course begins to rise.

Well, how are you going to get the money then? The amount you are going to invest has to come from somewhere. If not salary, then how? I mean, you could say that don't use all of your salary, then that's acceptable. You can always make a saving and put separate money in that, so that later when you plan to invest that, it will become the money which will be free from all strings.
And I do agree about the fact that when your mental health is broken, trading becomes a gamble. All you focus on is profits and you can't take the small losses and lose the will to carry on to focus on your next trades.

DCA can only keep the value of your assets in a steady amount. It is only profitable in the long run. Short term profits can be earned through DCA, but you need to have advance level experience and skills to execute that. Something like trend trading.
DCA is the best option from newbies starting their journey, but as you go forward, you need to learn the advance methods too in order to survive the competitions.

Yes, it's really money they can afford to lose. Quite a lot of people always have the quest to make money by investing in crypto, but the fear of losing money has made some people not invest, and I think it's better that way. Why? Because if you cannot handle the loss, it's better to stay away instead of having to blame yourself or someone who brought you into crypto. Yesterday, I was still talking about how people don't make budgets for their expenses before investing and also save some money for arising emergencies. When their investment doesn't work out as well as they expected, they tend to be stranded and begin to blame others. Normally no one wants to take a risk where their money can just evaporate overnight, but because one characteristic of the Bitcoin price is volatility, which people must understand before going into it, it doesn't necessarily mean they will lose their money to the investment, but let them just be prepared for any bad situation that may arise. For Bitcoin investment, as long as one has not sold their coin, they have not lost their money totally. Unless they sell cheap.

Well, talking about the DCA, there is a level that the Bitcoin price can drop to where the DCA should not really be applicable, although it also depends on the amount you are buying. Perhaps if I see Bitcoin today at $12k, I don't think I will need to DCA if I want to buy 1 Bitcoin or 0.5 Bitcoin; I will just go ahead and invest it because it's really cheap for me at that level. Although this is just based on my opinion, I am not speaking for anyone else unless someone buys my idea.

Most mistakes people are they only rely on one source of income, open opportunities if we want to develop our money, do not just focus on one income and better find alternative income, the easiest thing we can do now is to invest, and the best investment we can choose is cryptocurrencies because we have full control and if you have sudden needs can be sold immediately.