Topic: How do you work toward hodling bitcoin? - page 8. (Read 1367 times)

Bitcoin is a good decision to invest because if its value increases, it will help to achieve the goal. A new investor always needs to be careful because investment should always be done according to the plan. We all have specific goals dreams wishes and wish list and if you know the importance of an investment plan and invest accordingly then all these goals can be achieved. The first thing you do when creating an investment plan is setting financial goals we all want to be financially stable and we need a steady stream of income. If financial stability is good it will be easier to invest in currencies like bitcoin.

There are risks that must be faced for those who have achieved success and there are many processes they have gone through to be able to achieve the goals they want. Having good planning before making an investment would certainly be very good, because without good planning before choosing to make an investment there is very little chance that we will be successful in the investment we make, but in my opinion, choosing to take a loan to make an investment is not possible. It's wrong, but if we don't know well about the investment we are making, it would be better not to take out a loan, it would be better for us to save the little income we have to be able to invest.

And that is what prevents many people form holding bitcoin successfully, holding bitcoin for years at a time is not something that just happens, it is something we have to plan for, and even those which understand this could fail as they could face significant setbacks that force them to sell their coins, so only the most dedicated holders and the ones that are completely convinced about the potential of bitcoin can hold for that long.

What you say is good; that's why we are not always strong; it's different because we have other sources that can generate money, right? In this topic, it's frequently stated or read that you shouldn't put all of your eggs in one basket. It was at this point in the crypto space that we ought to have grasped this.

The more Bitcoin is outlawed in the nation you are in, the more driven you will be to figure out a means to make ends meet and purchase the items you desire.

I'm definitely, or still, thinking about diversification. But in business or the kind of entrepreneur I'm made of, the goal is mainly to arrange or organize everything possible for the growth of my business. Most times when I think about it, I'd wonder about the same idea or advice you just coined out. I love the initiative, but can't lie or tell if it'll be possible to achieve that. Because running a business online isn't that easy. So much money still goes back in advertisement and all other expenses regarding my personal lifestyle. That's why I always thought of diversification as building a local internet business, to an extent where it'll yield enough fiat that'll never worry about investing bitcoin into the online global business again. Hence, worrying about keeping some bitcoin aside during these period of building the business can delay, in my perspective, the growth of the business. And, once the process mature it looks quite simple for me to hodl the bitcoin earned through the business. Yet running a successful business. This idea is fueled by the methods at which people can invest into bitcoin. Instead of throwing a whooping amount in purchasing bitcoin. It'll be honorable to earn and stack the bitcoin at same time. Since, it's a great idea, personally, I wouldn't expect it to be achieved easily. But, definitely the stage could be reached some day.

It is quite easy to maintain your bitcoin, you must be able to have from other sources of income if you only rely on investment or sales of businesses that accept bitcoin then it will be a little difficult because in business the money that comes in must be rotated again to meet the needs of the business it is running.

Because not all countries accept bitcoin including in business services then if caught will break the law, one of the more common your business accepts fiat then profits can be invested in bitcoin - some of the profits to bitcoin some more meet your living needs.

No need to do business to hold bitcoin, you just have to have a large source of income then believe me you can HODL bitcoin long term.

Also success comes when we take risks, and we also know without the risks reaching the success would also be difficult and we can be aware of that at any instant we have to take some risky steps ahead.
But this also required some investment for which investment plans would be needed and we also know that if we start some business in real life it also needs an investment. But if we are going to take some loans in real life from our near and dear friend and we take loan from our family members in real life then it would be easy to give them, but if we take it in the way of online working like trading in bitcoin, so it can give a person a massive loss which is unpredictable and which we can't even tell other to help us when we got loss in trading.

Holding Bitcoin for long term without ever a thought of selling it requires meticulous planning and strategizing. We have the Liberty of having multiple streams of income from that multiple streams of income, one of each can be used for buying bitcoin and putting it in a wallet to hold while the other streams would be used for your daily expenses and daily living. This is the strategy that I have been using although it has not been easy but I am getting the hang of it.

I agree with you. Building a business with bitcoin services for me is a bit of a hassle. I don't blame many people for using this opportunity to increase profits. Because on the one hand, in my country, bitcoin is prohibited for buying and selling transactions and services because bitcoin is only a commodity for investment. Maybe if my country already allows it like that there's no harm in trying strategies like the OP said.

But currently the strategy I use is only holding and selling in an effort to manage the bitcoins I have. make purchases in stages so that when my target is reached I sell.

Running a business in BTC and holding BTC or cycling it between high and low are two different things. A business is making a income per month and the owner might decide to try some of it into speculative trading, that is where the question of selling and buying back at low comes in.

Again fiat is not to be ignored. Most countries in this world do not have the facility to spend bitcoins for daily necessities and so you need fiat every damn day. BTC will only be a thing for the future and that too probably side by side with fiat. Hence I always say that the idea of "No fiat" is a far fetched idea.

Also I suggest people to stop following social media influencers like this. Buy bitcoin if you have to, its good but not become someone on the internet told you to, have your own ideals and live by them.

I think his point here is how to maintain business and at the same time hold Bitcoin in long term. Not literally selling his Bitcoin for business but rather sustaining his Bitcoin holdings through his business profit. Imo he just use the article as an example which the person sell his Bitcoin at first then later on learn how to hold using the business profit converted to Bitcoin.

The main goal here is the long term accumulation of Bitcoin using the business profit as source of continuous cash flow for his Bitcoin investment.

Most of the money I made locally goes for bills at home and some of this money goes back into Bitcoin every month, I also have a knowledge about Bitcoin trading which I only take into action when the market is bullish, especially those buy the rumour sell the news events, although not all worked out well.

Having at least a source of income is very important before investing money into anything, think about your survival first, to avoid getting drained out by Bitcoin investment is why having a job or source of income is good.

It's not easy to be a Bitcoin holder and I believe those who held their Bitcoin for the last years have something they are doing that's bringing them money, it's hard to live a life of someone who is making too small money while you are sitting on good amount of money in your Bitcoin wallet.

so far, in my few years here in the crypto space. I don't have any other source of income except for the signature campaign and trading that I do in this industry. And for the other things I earn here, I sell as much as I want to hold in the upcoming bull run or the upcoming halving.

And when my analysis hits on the cryptocurrencies I'm holding now, I'll get an investment in my small business builder that I also want somehow. Because it's still different when you have a traditional business as a source of income.

What business do you mean? If the buying and selling business you are running requires large capital to maintain both. But if you provide services to other people such as creating works of art, servicing and car rental services or other rental services, you can maintain Bitcoin without having to disrupt business. You don't need to rush to achieve success, everything takes time and process. What you need now is to run a business consistently to make it easier for you to collect little by little capital to expand your business and collect a certain amount of Bitcoin.

Honestly, I would have been a multi-millionaire if I held every bitcoin I had, not that I earned nothing, I did earn some decent amount of money and I have been living full-time bitcoin earner for the past 7-8 years, so I can say that whatever I spent on the last 8 years, was purely from bitcoin income, which must be something close to half 100k or even more dollars give or take, I think something like 130k would be a realist amount to say for the past 8 years.

That alone is good enough amount to say that I did alright, so I do not have much right now, maybe like a few thousand dollars at most, but I did earned that much so far, which should be the key factor here, holding is not a must, as long as you get to make your living from it.

You've come a long way with Bitcoin, huh? I completely understand your perspective. It's a bit like looking back at old photos and thinking, "If only I knew!" However, here's the thing: looking backward won't make you richer, is it? The interesting thing about your narrative is the new ability you have: converting money into additional opportunities. That is progressive

Now, balance is key when it comes to safeguarding your company and storing those priceless bitcoins. It's fantastic that you are already utilizing Bitcoin to invest in your local internet business. But have you given diversification any thought? For example, allocating a certain portion of every Bitcoin transaction for hodling. Consider it to be your "future fund." Reinvest the remaining funds in your company or convert them to fiat currency if needed. In this manner, you're constructing for the future in addition to living in the present

Fortunate those guys that have other means of investing in Bitcoin. If you've got other business that can support your other goals through Bitcoin and holding it, that's so much better for you guys. Not everyone gets that opportunity to buy for themselves with the use of Bitcoin. But as someone who just buys it casually when I am able and holds it, I'm thinking of until when I am going to hold but upon selling, there's really no point when I'd do want to start selling. As long as I want to hold and sell, that's actually the whole point of my strategy but I am no longer naive of ignoring the opportunities when they come. No more regrets upon selling because we can always buy back whenever we can.

If everyone remembered their lost opportunities in relation to Bitcoin, we would probably have a society of millionaires here. But why regret what is gone? Firstly, ask yourself why you want to accumulate Bitcoin, and what amount would satisfy you to start a business. What is the problem that you sell your bitcoins and understand that the money will go to a business, the profit from which you can return by buying bitcoin again? A person must have a goal, why he needs savings, and what to do with them. Simple hoarding resembles the most common greed, in which all the value and brightness of life turns into useless savings. Don't forget that people have a very limited lifespan.

I think there's a lot of possible ways to build a business while securing your btc holdings. People should learn how to earn multiple source of income and if you're planning to build a business, make sure you have a budget for it and that your money will not be diverted to investments.
having a business is important to a person because you'll be able to work in a field that you really want and it gives you a freedom to put your skills and k owledge in terms of what business you want to build, Same as having an investment because it allows your money to outspace inflation and increase its value.

If I understand correctly. You want to build a business with BTC, sell products/services and collect the BTC from it. If it's so, first of all not all businesses succeed. If you have got faith in btc, which appears you do, why not just hold onto btc, why make this unnecessary fuss of selling and collecting again?