Just to point out that there are other ways you can support a business that is accepting Bitcoin besides paying for a product in Bitcoin, especially if you're not going to do that consistently. You can;
• Promote their business to their target audience,
• Offer advice to them to help them better use Bitcoin as a payment method,
• Buy their product in other currencies on offer that you are comfortable spending. Most businesses convert the bitcoins instantly to fiat, so paying in fiat is also a financial support to the business.
These are options you can go for if liquidating some of your bitcoins is too much of a leap to take and it will still give you results.
Topic: How Do I find a Balance Here? - page 4. (Read 457 times)
Why do you have to take Bitcoin out of your reserves Wallet? Buy more Bitcoin purposely for supporting Bitcoin businesses. Just as if you went to the local grocery store and paid in Cash. Use that Cash to get more Bitcoin you can then use to support other Bitcoin businesses.
Do not make the mistake of starting to take Bitcoin out of the balance you want to be kept as reserves. You will spend more than you plan to in no time.
Do not make the mistake of starting to take Bitcoin out of the balance you want to be kept as reserves. You will spend more than you plan to in no time.
Your intention is to support the Bitcoin-Network in any way that you can. Holding is also part of the support, in my opinion, and accepting Bitcoin in your business is also part of the support. Supporting businesses that accept Bitcoin by patronising them is also another means of showing support. What matters is, that there is a transaction going on in the network; there's enough support for it.
It is important to think carefully before making any decisions, whether personal or business-related. When it comes to your business, make sure that you are not blinded by your love for blockchain technology and are not taking unnecessary risks. Remember to stay focused on your goals and make sound decisions that will help you achieve success.
If you run out of business and there is no longer a stable cashflow, your holding life won't be strong again, as a strong holder is backed up by a stable inflow of income, which will be enough to foot bills, and the need for the holding to be spent won't be there.
It is important to think carefully before making any decisions, whether personal or business-related. When it comes to your business, make sure that you are not blinded by your love for blockchain technology and are not taking unnecessary risks. Remember to stay focused on your goals and make sound decisions that will help you achieve success.
If you run out of business and there is no longer a stable cashflow, your holding life won't be strong again, as a strong holder is backed up by a stable inflow of income, which will be enough to foot bills, and the need for the holding to be spent won't be there.
So you're more or less in a dilemma between choosing to hold your coins and benefit yourself financially, or help a business and contribute to the Bitcoin ecosystem but with less financial gains potentially.
I say do what your heart tells you. If you think that selling the bitcoin is too much of a wrongdoing to yourself, then don't. If you think that the business, the people you'll get to meet and work with --the ethical satisfaction in general-- outweigh the capital appreciation over the long term, then you gotta sell.
I say do what your heart tells you. If you think that selling the bitcoin is too much of a wrongdoing to yourself, then don't. If you think that the business, the people you'll get to meet and work with --the ethical satisfaction in general-- outweigh the capital appreciation over the long term, then you gotta sell.
It means you don't have spare funds not because you have to choose between maintaining or supporting the business you want to run even if it starts adopting bitcoin in bitcoin acceptance.
If there is only this second choice then you need to carefully consider whether your new business by adopting will go according to plan going forward? And see what you think the business income is if it is possible for you then support your business.
Another way maybe if your portfolio is already large try to take some capital from what you keep the BTC, the rest you can accumulate again from the results of your business profits into the portfolio, but if you take everything that has been invested in BTC then just to support your business then I think it's very unfortunate especially soon BTC will halving will trigger a higher increase.
This is a personal opinion but you can consider other things that you think are relevant and in line.
If there is only this second choice then you need to carefully consider whether your new business by adopting will go according to plan going forward? And see what you think the business income is if it is possible for you then support your business.
Another way maybe if your portfolio is already large try to take some capital from what you keep the BTC, the rest you can accumulate again from the results of your business profits into the portfolio, but if you take everything that has been invested in BTC then just to support your business then I think it's very unfortunate especially soon BTC will halving will trigger a higher increase.
This is a personal opinion but you can consider other things that you think are relevant and in line.
I must say I understand your plight and want to iterate that the business should try to survive on it own for at least five years before considering expansion that might require you to invest more Capital into it.
Your idea and discipline to HoDL is very commendable and as such, you shouldn't relent on your effort to HoDL till completion of the duration you intend to HoDL for.
Still encourage your customers to pay in BTC and watch how you make your dream of accepting BTC and encouraging other businesses to do so, materializes.
Your idea and discipline to HoDL is very commendable and as such, you shouldn't relent on your effort to HoDL till completion of the duration you intend to HoDL for.
Still encourage your customers to pay in BTC and watch how you make your dream of accepting BTC and encouraging other businesses to do so, materializes.
IMHO, there's no need to get confused by having your long term holding plan focused as what it is and also by simply supporting a business that accepts Bitcoin. Think of what is important to you now? Holding can be done with other activities that's going to make you productive. What are you thinking then? having to slash some BTC holdings for you to support that business? If you don't have any other money from other sources that you have and you're thinking of helping that business through taking a part of your holdings to support it, don't take all of it. There's more to business and you shouldn't put full force of your assets or resource on it as you start. There's a period that you need to study on it during the operation before you fully expand or see if it's worth it to continue it.
I have been holding for the long term and really want to continue this into the future. But right now, I am torn between continuing to hold and supporting a business that just started accepting Bitcoin. The internal conflict stems from my desire to contribute to the expansion of the Bitcoin economy by supporting businesses that adopt Bitcoin. I view this as a personal contribution to the broader acceptance and utilization of Bitcoin. On the other hand, it means that it will disrupt my plan of holding 100%. How do I find a balance between supporting this business that just started accepting Bitcoin and adhering to my investment strategy of long-term hodling?
In the real world, very few people will stand up for others. So when you say you want to support businesses that accepts bitcoin as a payment method, what do you mean? Do you mean that you want to invest in those businesses? If yes, you can go ahead with 50% of your bitcoin reserve. But never ever spend 100% of your reserve.
Helping others is a good thing, but you need to secure your position first. Never compromise on your own financial security.
I agree with Zaguru12, I think you should invest in expanding your business. I’m a strong believer of hodling but also understand the importance of having a business with constant cashflow. With cashflow, you can buy more bitcoins from the profits you make from the business.
You didn’t tell us the business you’re into, only that you accept bitcoin as payment. In this case, I don’t think it matters whether or not your business accepts bitcoin. The important thing is the product or service you’re selling and how profitable the business is.
You didn’t tell us the business you’re into, only that you accept bitcoin as payment. In this case, I don’t think it matters whether or not your business accepts bitcoin. The important thing is the product or service you’re selling and how profitable the business is.
I have been holding for the long term and really want to continue this into the future.
Continue as long as you have other cash reserves to meet your needs.
How do I find a balance between supporting this business that just started accepting Bitcoin and adhering to my investment strategy of long-term hodling?
If you have held Bitcoin for a long time, if there are other sources of income that can meet your needs without disrupting your business, I don't think it will affect accepting Bitcoin in your business.
On the positive side, you can hold more Bitcoin in the future with the business model you run, namely accepting Bitcoin.
If there are no other sources of income, I think making that decision is difficult. So that it doesn't become a burden, just do it based on your abilities. If you can do both without financial constraints, continue holding it long term.
If I misunderstood what you meant, please correct me.
Since you mentioned in your post that you plan to hold for a long term it means; the funds that you’ve invested won’t be needed anytime soon and if that’s true I’ll suggest you stick to it and look for other means to generate funds to support those businesses that you want to support.
Your investment funds should be different from those you plan to use for charity works. Or except you plan to get some kind of reward from helping them I’ll suggest you look for other means to generate money like I mentioned. And as we normally say in my local language “Nor go put hand for Watin your power nor fit carry”
Your investment funds should be different from those you plan to use for charity works. Or except you plan to get some kind of reward from helping them I’ll suggest you look for other means to generate money like I mentioned. And as we normally say in my local language “Nor go put hand for Watin your power nor fit carry”
Short answer; do the one that actually fits you and brings you profit. That is the safest option.
Accepting bitcoin as a means of investment is definitely creating awareness to it and increases the adoption rate but it definitely has to been only when both parties (buyer and seller) are each benefiting. In the case of this high transaction costs it is not visible for small scale business. It is an alternative means
For your question about investing to bitcoin it has been said before that one should invest what they can afford to lose do not just focus on having more bitcoin only and neglecting other things, hold some other currencies too Atleast for day to day activity and invest into bitcoin when you have the funds to spare.
Accepting bitcoin as a means of investment is definitely creating awareness to it and increases the adoption rate but it definitely has to been only when both parties (buyer and seller) are each benefiting. In the case of this high transaction costs it is not visible for small scale business. It is an alternative means
For your question about investing to bitcoin it has been said before that one should invest what they can afford to lose do not just focus on having more bitcoin only and neglecting other things, hold some other currencies too Atleast for day to day activity and invest into bitcoin when you have the funds to spare.
I have been holding for the long term and really want to continue this into the future. But right now, I am torn between continuing to hold and supporting a business that just started accepting Bitcoin. The internal conflict stems from my desire to contribute to the expansion of the Bitcoin economy by supporting businesses that adopt Bitcoin. I view this as a personal contribution to the broader acceptance and utilization of Bitcoin. On the other hand, it means that it will disrupt my plan of holding 100%. How do I find a balance between supporting this business that just started accepting Bitcoin and adhering to my investment strategy of long-term hodling?
Jump to: