Topic: How do you work toward hodling bitcoin? - page 6. (Read 1365 times)

You are apparently correct, that business can only go smoothly if only the owner of the business have extra money that he or she will use and buy other things and add to the shop so that the business will continue to flourish.
As a business owner, if you don't always replace things that you have sold out back to the shop, the shop will run dry and no more customers will not go to the shop because no new things inside.
However, it will be more easier if the place the business owner is going to buy things also accept Bitcoin, because if the person does, he or she will not have to sell any BTC or convert from BTC to fiat anymore, the person will just have to click on the send button that's all.

If you're going to sell your products and accept bitcoin as a payment, the only problem I see is when; for example, your product's price is 0.001 BTC and let's say that's $20, but suddenly bitcoin dumped so it became $15. My point is, you're going to have a problem editing your products prices every single time bitcoin dumps and pump since your customer would complain about your price, if that does make any sense.

And to answer your question, I believe for you not to get bored while waiting on another all time high, do something that will keep you occupied, your hobbies for example or another business to accumulate more source of money.

It really depends on how they will see the use of bitcoin even though they wasted a lot of BTC during their times or before the market of the bitcoin is on the lowest point still it matters how they will use it, for short term traders or holders they keep exchanging the price of the bitcoin they have every market pump to gain profit and sell when the dump is near for the cut loss so they keep secure their assets. I don't trust too much with the influencers because its easy to them to say that they don't hold but sooner or later once the price of the bitcoin shows up sure there's another post of them telling another hype that good they bought when the lowest point, use your asset wisely to increase your net profit. Better to focus on yourselfignore the others.

Actually, it is not easy to save the bitcoins collected from each payment at the shop we own. Because of course the bitcoins that are included in payments in our business inevitably have to be converted into fiat. Because the fiat will need to be turned over so that the business continues to run and develop. But I think the steps that can be taken to save some of the bitcoin chunks can still be done. Namely by saving part of our business profits in bitcoin. For example, if in 1 transaction we get a 2 percent profit. Then we can convert 99 percent into fiat and leave 1 percent to save or hold. This can only be done if we are disciplined in saving and setting aside assets that we want to maintain. Sorry if my explanation may be a little difficult to understand or a little off target.

Indeed the DCA method is a wonderful way of accumulating Bitcoin such that there will be no pressure or desperation. If you have imbibed this habit, you will think more of buying than selling. I had several issues buying Bitcoin before I learnt the DCA method which have come to make the entire process easy for me. Now I buy Bitcoin without worries, the process has become seamless.


I will really recommend the DCA method for anyone starting their journey of building their Bitcoin portfolio especially those who do not have huge capital to invest at once. It is even sweeter for someone with a steady inflow of capital as it offers a unique opportunity for saving a fraction of that fund for the future and Bitcoin is a good choice as it eliminates the possibility of depreciating of assets via inflation.

I am doing side hustles to earn my share of Bitcoin that goes into holding. The amount is not huge but it is around $300-$400 per month in BTC. This doesn't include the signature campaign as it is uncontrolled income/ we can lose it anytime. Most of the side hustle includes digital publishing and moderation work at one of the online earning websites. I have the option of using WISE transfers or BTC payout, of course, I have chosen BTC out of my passion and holding intentions.

Since I have acknowledged how it is when we hold for long terms, I bought Ledger Nano and started sending every bit that I earned from online income to the Ledger address. Honestly, this works like a charm. We see the power of sats when they get sent slowly to one destination. It grows!

This doesn't include my primary job salary so I am also not in fear of losing any investment of some kind, this calms me down a lot during Bitcoins fall.

Let's say bitcoin is savings for our future. I agree, no matter how much we have bitcoin, if we don't have other sources of income, then slowly the existing bitcoin will be drained. We must still have income every month, at least to fulfill our daily needs.
I will not talk about other people, I will talk about me personally. I have a number of bitcoins in my portfolio, that I got from me doing DCA. I'm sure if I didn't have the income, then I would never have the bitcoins. Or if I have any bitcoins, then it will run out because I will sell it to fulfill my daily needs.

of course, it needs good management to implement it.
It is not easy to build a business and make it stable and profitable while simultaneously investing in Bitcoin for the long term.

Then try to connect another business exclusively with Fiat that will provide income to support long-term investment.

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Just like when I built a real business on livestock farming that earned enough to start another business and build a Bitcoin investment, albeit a small one.
But this is consistently done to build investments from small to large investments.

Parallel income will provide a source of income that can be used for anything, as long as the main business is still running well.

What you should try is to find the right balance between how to keep the business stable and profitable, and at the same time to invest at least part of the money in Bitcoin or something else that has the potential to bring you long-term profit. Of course, this is not easy considering that obviously your entire business depends on Bitcoins, which means that you always have to take into account volatility, which can often be much more pronounced than inflation, which affects purchasing power due to inflation.

Is there perhaps a way to try to start another business that would be connected exclusively to fiat and thus have two parallel sources of income, so that you can keep most of the BTC for the long term?

Sometimes as an investor, you still have to be realistic, even though Bitcoin looks so promising, it cannot be separated from price fluctuations. Doing DCA is also not as easy as it sounds, because generally DCA will be ideal for those with a stable income every month. However, that does not mean that those who do not have a stable income cannot DCA, of course they can, but eventually anything becomes hodling because the initial basis for investment is stable income, while clashing with urgent needs will come and cannot be avoided.

The more Bitcoin you have, the higher the demand in the market and the higher the price of Bitcoin and is considered rare. And generally rare items always have a high selling price. Bitcoin can be accepted by society as long as it is in the right place where people understand and know what Bitcoin is. On the other hand, not all people know about bitcoin, and some countries do not legalize bitcoin as a means of payment for goods and services. They only accept fiat as the only legal transaction tool to use.

I think some people who sell their stuff by accepting the reason why they don't have that patience of hodling Bitcoin is because maybe their business needed more money for growth. Like I know many business who sell bu receiving fiat they still reinvest the money into  their business,  this is just to make the business gets to a certain level they desire. One thing we should understand about Bitcoin,  it is not every Bitcoin that is for hodling ,  bitcoin is also a currency that people can accept in exchange of goods and services,  so it can be  spent just as every money is been spent.

You could invest in both of them. Think of it this way, you have a business, and you want to buy the plot of land next to yours, that's a good investment for your business, but not like you can just have money out of thin air, assume that you do not have enough to buy that land just yet, that means you are going to save, and what better way to save than keeping it in bitcoin.

So you have to have 10 million dollars, 2 million in cash and you can get 8 million in loan, but you want to get 5 million in cash and 5 million in loan, you make 1 million per year in savings, that means 5 years. If you invest that 1 million into bitcoin, you can get to 5 million in probably 3 years or maybe less. That is how you use both investing into your business but also investing into bitcoin all at the same time. There are plenty of people I know that does this, they earn income, they invest into bitcoin and when it is high enough they use that to grow their business as well.

DCA is good for everyone to apply forever if it is for Bitcoin, because Bitcoin's value will continue to exist and will never just disappear if over time there is an increase in Bitcoin users who believe that Bitcoin is good. So it would be very good if we want to continue running DCA while still looking for side income as you said in several ways that can support us in getting income in life, because the implementation of HODLing will not be disturbed when we have side income that can be used for life.

Actually, there are many ways for us to have Bitcoin if we really want and can find a way to do so. Therefore, you don't need to
be rich just to own Bitcoin.

Bitcoin is for everyone who wants to have it; as long as you know the way, you will definitely have it, and then I believe that as you study or learn about bitcoin, you will surely discover how to have it so that you don't take out any money from your hard-earned means.

Yeah, it's definitely not an easy decision for me, due to my experience during the previous years. Your idea is both ways, but would want to look it from a fiat generating business perspective. If I had a fiat generating business and invested in bitcoin with those fiat it's a different kind of move compared to when the business generates the bitcoin and when I don't touch the money generated for 1 year, the business won't run anymore, as an example. During those periods of risks I will generate more running the business, compared to what the specific hodled bitcoin will give me in return. Lets say things are bring sorted out like my bills during those period and I have no reason to touch the hodled bitcoin. I'd have more money to show than running the business. Since during the 1 year of running the business it eats up the money too. If you grasp this illustration, you'd see the difference; running the business generates more money, but leaves little money to show, but holding the bitcoin for 1 year would leave me with enough money to show. This entails that the bitcoin doesn't require any more expense for it to grow. While the business requires steady expenses for it to stay relevant. Hence, it's a typical way of saying that the money spent is used in purchasing customers. Because the more the business is functional and maintained, customers increases. Money increases too, but decrease faster, due to maintenance. Then, in terms of the bitcoin profits the higher the hodled bitcoin the bigger the reward in the bull run. That's why I mentioned about the thoughts of seeing how much our long spent bitcoin had become today. If the fiat business was there to supplement, then the profits in bitcoin would have been enormous.

The thing is that the hardest part of hodling bitcoin is keeping yourself from spending it. Which is why it’s always best to stay employed despite having a sizeable portfolio. This way, you get to continue to have a consistent source of money that you can reliably depend upon without having to spend money that you’ve saved through your bitcoin. Once you’re able to complete this you’re pretty much out of the woods when it comes to bitcoin holding, as everything else will come easy for you.

Oh, and also set a consistent schedule for when you’re going to put money into your crypto wallet. And always make sure you put it on time. This will instill discipline upon yourself which will eventually grow to become your very own habit.

Bitcoin is highly valuable as an asset so make sure to keep more it and spend fiat first as its value will come to depreciate in the long run. Although its undeniable that sometimes we get to spend some of our bitcoin to cover up the expenses in fiat but as much as possible, spend more of your fiat so you can increase the chance of hodling bitcoin. But if you are actually running a business that aims to maximize hodling more of bitcoin, then you can actually accept bitcoin more than fiat from your consumers who actually want to spend their bitcoin that serves like a purpose with fiat.

In addition, by accepting side hustles that pay in bitcoin, that is also a good option to receive bitcoin and proceed it for long term hodling. At least, while you continue to grow your fiat from your business, your bitcoin investment also grows from the side hustles that pay you.

I for one, I really think that either one should invest in a DCA strategy and try as much as possible to be consistent and disciplined about it. Or joining a signature campaign of this sort or rendering services of sort on sites that pay good dollars/crypto.
At least the coin, is earned from  side gigs where a few coins can be also channelled toward fulfilling the HODLing plan. It doesn't matter whether the amount used to buy BTC at the time, its value is rewarding over time.

You'd have to be very rich in order not to touch the bitcoin that you made from your sales or services, because almost every need in this life requires money to actualize. So it's not your fault if you're not able to meet up with the target of holding every bitcoin, that you made in your business.

We need to survive from the business that we do, so you can't hold your bitcoin, and starve or not meet other primary needs, that'll be an unwise decision. For me it's either to get a second source of income, that can support your expences, so you can be able to hold the bitcoin from your sales. Or you can cut down on your weekly or monthly expenditure, in order to hold the bitcoin, as desired.

We will always think about our profit so we will choose that investment category which offer us more profit. If business is offering someone huge return and there is no associated risk then it's okay to not put money into bitcoin because just wealthy people can carry out two investment at a same time otherwise its not easy because one has to complete his family needs. Bitcoin is more competent asset and will never see defeat because it is used from years but permanent decline never occurs in its price.

If one can afford double investment then there will be no better thing for enhancing your economy but try to save some amount for emergency purpose as we should be ready for each kind of circumstances. It can also be possible to continue a business and utilise some amount of profit from a successful business into bitcoin investment so your money will not only save but will also continuesly increase.