Topic: How do you work toward hodling bitcoin? - page 9. (Read 1365 times)

Individuals must have multiple income sources, never depend upon bitcoin only. While spending on Bitcoin, never spend everything. ''Not spending everything'' is not only applicable for bitcoin but also in everywhere where you are planning to invest. And yes, one most prominent thing is that you learn to have patience once you invest in bitcoin. Once you learn to hold bitcoin for the long term it provides several advantages like Bitcoin serves as a secure store of value and provides financial stability in an increasingly digital world. One more thing holding Bitcoin long-term can serve as a hedge against inflation.

It depends on your plans towards bitcoin and what you want to achieve, because selling what you have to purchase bitcoin meaning that you have a deep passion in bitcoin and since you have a such passion in bitcoin you have to also have a calculation of what you want to benefit in bitcoin also, but people don't acknowledge such, so therefore you will not blame anyone who sells property to hold bitcoin and I believe that holdings of bitcoin is for a personal detriment,

While some people doesn't continue to hold their bitcoin is basically depends on their challenges and also fear because sometimes people sell out of their bitcoin or other coins as result of panic / fear of the market, while what they have in mind is to hold bitcoin within the period of five years or more than five years.

I became an active participant in the bitcoin market back when the price was already at 8k USD or something like that so I don't really have to work too hard on hodling my bitcoin because I know that if I just wait for the right time, I would see myself getting the profit from hodling it for so long, I want to be considered by my friends as someone who has a diamond hands so there's that too and I have a job with a decent pay so I am not worried that I would need to sell my bitcoin this early, taking care of my body and working out regularly helps a lot too so I won't be seeing any problems with my health that might compromise my bitcoin hodling.

The point is that whether your income is 100% fiat or 100% Bitcoin or a mix, you have to pay for living expenses and then you can save and invest. For me, investing in Bitcoin should be part of an overall wealth building plan in which you have a good emergency fund for contingencies (and that will prevent you from having to sell Bitcoin when there is a downturn in the market). Then, if you do things correctly you will be able to HODL Bitcoin over the long term.

You cannot do it simultaneously, because the income you get from your business in any form, including Bitcoin, must also be used for operational costs so that the business can continue to run and can even develop further. In my opinion, you can only take a small portion of the Bitcoin payment for you to save, while the larger portion is still used to develop the business and as your business grows, the opportunity to get more Bitcoin will become wider so that your Bitcoin savings will also increase. My guess is that you feel the need to save Bitcoin for future profits and that is true, but focusing on developing the business using existing income is the key to success in business.

It is difficult to balance the two things, but as the saying goes, fiat money is spent first, so make sure that Bitcoin payments have a high priority in depositing and the last item on the expense list, thus reducing the possibility of spending in Bitcoin, although I prefer to have Bitcoin accepted at your local business as a future investment. Leave cash payment for daily expenses. Results will vary depending on tax rules, trading strategy and your buying and selling of Bitcoin.

I have met some of my friends who have succeeded in having new businesses that can produce fiat. They can have that business because a few years ago, they benefited from the Bitcoin bull run and altcoin season. Some of those profits were used to create new businesses that are still running today and provide profits from fiat.

Meanwhile, a small portion of the profit from the business is used to invest in Bitcoin until now. Oh yes, they made another big profit from Bitcoin's last ATH. They use these profits to expand their business and keep other profits as savings. Meanwhile, they can meet their daily needs from their profits and their business.

From that, they can continue to invest in Bitcoin while they also have a business to generate fiat and meet their living needs.

Some friends work in offices and companies. The salary they get every month exceeds their daily needs because they are very frugal and calculate every expense in detail. They do not disturb their Bitcoin investments because they have other sources of income.

And some other friends are still trying to trade in crypto to make a profit. Some of them are successful in having daily, weekly and monthly income.

From the stories of my friends, they are really lucky to be able to have their business, to be able to make big profits during the Bitcoin bull run and altcoin season, and to be able to grow their business from the profits they get from investing in Bitcoin and altcoins. I learned from them and just tried so there is still something that needs to be improved.

I remember another topic that asked how customers could directly pay bitcoin for their products. This issue is a business activity, so please follow the law in the country you live in that accepts Bitcoin and compile quarterly asset statistics for tax reporting. But in my opinion, for large businesses, it will not be feasible when Bitcoin is not always accepted.
But in the case of small-scale businesses, I think it still depends on the needs of the customer, as long as payment is convenient for the customer, and using crypto is just one method among many payment methods. Present. However, if you still aim to use crypto more, you must educate your customers about it, as well as promote your service that accepts crypto as a payment method.

my effort in holding bitcoin as an investment is by accumulating my profits through my trades in altcoin trading and also investment in altcoin which I eventually convert back to bitcoin, so basically hitting two birds with one stone in my opinion, its always good to see when the market becoming better like this, I got doubled the profit such a scene is what make me accumulate bitcoin more and more.

Personally i don't invest my whole salary to bitcoin, its just some portion of it and the other portion also for altcoin but we all know that whenever bullish come its always bitcoin that rise first.
though I also have thinking of creating my business for the sake of increasing my investment, honestly you could just accept fiat and just invest in bitcoin for the sake of simplicity, so you will still get benefit while also not going through some complicated process.

First of all, I want to say congrats on your new rank OP!

All you have said is very relatable. One thing that helps so much is your perception on what you think about Bitcoin. I am convinced that Bitcoin will one day become a world currency, and as such will go 10x to 100x even 1000x more than today's price. This has made held on to my Bitcoin for years. I stopped receiving fiat payment from my freelance work last year and am receiving in Bitcoin. So, what i do is i take the percentage i need for fiat expenses, some to emergency fund and send the rest for my weekly DCA. It can be easy once you know the reason you bought Bitcoin in the first place.

The concept of my example is hodling while running your fiat business without spending a dime from the coins generated. Like I said teaching other people can be a source of income for an artist online classes and offline class can offer him or her a source of income that will facilities the business speaking from experience while the actual amount of art sold out using BTC as payment is saved without being spent.
If you're not deeply into art you won't notice that art works are seriously sold steadily.

It's not a problem when you sell your product outside of your country, because you can accept and use Bitcoin for global payment. For example today, you have received a payment signature with Bitcoin even working in the Indonesia area, right? So with this situation, I think it's not a big problem so far, except if you sell your product on an online shop where you are restricted just use payment Rupiah. I have a friend who has been selling digital products since 4 years ago, he is fine today, not been banned even he only accepted payment PayPal and bitcoin. Because he sells in outside the country. but even if not accepted his local currency, he still pay tax after he exchange his bitcoin to local exchange. he can still contribute to his country.

In my country, bitcoin can't be used as a payment currency so I didn't think about creating a business with bitcoin payments. But on the other hand, bitcoin is not popular in my country so if I open a business using bitcoin as payment currency it will have a bad impact on my business. I will focus more on business development and use the most common payments people make so that my products can be purchased easily. If my business is advanced and I can collect a lot of money, that's where I will start buying bitcoin. I think this way is more logical for me than forcing to create a business and accept bitcoin payments

I think it's a matter of what you think could contribute more? Seeing as you spend more on your local business compared to Bitcoin, I reckon said business isn't mature enough to provide its own profits, generate a part of that for improvements, and generate another part for other investments. Nothing wrong with that imo, it just shows how young the business is. If you really wanted to push profits towards Bitcoin though, then you have to convert said service to a point where you can provide for it yourself alone without the need for external sources, say something like a graphic artist (at most, costs would be for programs/software used) Btw this considers bills and money for daily necessities already removed/paid for in the picture.

I wouldn't recommend the latter though. The former may be more expensive now, but in the long run, it can be a method for passive profit without you needing to do anything. You only need to sit and wait for the money to come. Meanwhile you offering the service yourself without any external help can bring in more immediate profit but it only relies on you. So if you stop, there's nothing that would come in.

For me, it's simple: working towards holding Bitcoin means you need to have another income source that you are earning from, and then you will have no need to spend your Bitcoin if not just to hold it. Second option is, while spending your Bitcoin, never spend everything, always learn to save some and hold tight unto it.

Like the guy on the OP who said he sold his product for 14 BTC, meanwhile he could not just save up 1 or 0.5 Bitcoin out of the 14 he received as payment.

There have been threads where OPs were asking what people would do if their salaries were paid in Bitcoin. The answer to that question is also simple. Perhaps, let's assume that Bitcoin has been accepted globally and salaries are paid in Bitcoin, the truth is that not everyone is going to save up their salary. We will still have the poor and the rich, those who will earn such a great salary in Bitcoin that they can satisfy all their bills and still have some Bitcoin to allocate to their safe (holding or portfolio). There are also the middle class and the poor who can receive a small salary in Bitcoin, and they will spend it all on all their needs.

Based on the above points I have made, and to answer your question, for one to be able to hold his or her bitcoin, they need to have a budget for their spending and also have self-discipline to save. Because if you earn in Bitcoin or sell some products in exchange for Bitcoin, you definitely have needs to spend those Bitcoin on, but the ability for you to only spend some of the Bitcoin and save some for the future is what helps you hold the Bitcoin.


I don't know if you get my point.

For example, if you have a business and you accept payment only in Bitcoin, perhaps that business is your only source of income, which means you will feed from the profits you make on your business and you will still pay some bills from the profit you make in your business. For you to pay those bills and settle your needs, you have to sell some bitcoin. You cannot hold all the bitcoin you earn forever if your business is your only source of income and you depend on it for survival.

Let me give another example. Imagine I am working for a company and my salary is $400 per month, which is normally paid in Bitcoin. From my salary, I have bills to pay and financial responsibility to handle, which can take up to about $390 worth of bitcoin. That means in that month, I am only able to save $10 worth of bitcoin of my salary for that month.

The question is, what if my salary of $400 worth of Bitcoin is not even going to cover 50% of my needs for that months? That means I am going to spend all my salary and won't hold anything.

So, the solution is that, while earning in Bitcoin, you need to cultivate the habit of saving some portion of your earnings and don't spend it all.

If you are running a business and receiving payments in Bitcoin, and perhaps you are scared that the price of Bitcoin is too volatile, you can equally covert your Bitcoin to Fiat, but before you do so, make sure to keep some Bitcoin fraction that you wish to save in your portfolio. If you keep gathering in the ban, before you know it, you will have a full ban.

For those that are accepting Bitcoin from their sold products, I think most of these merchants are using third party that automatically converts their Bitcoins into fiat.
Easily, you've got the option if you want to accept them and convert instantly or you get to hold that if you can for the sake of your investment. There's the boundary between being a businessman and keeping your store rolling with the profits you're making from those sold products and as well as being an investor from holding Bitcoin. Most businessman knows about that thing. Or if it's the opposite, you sell something and you get paid in fiat, you're also free to use a portion of that profit that shall go and will be used for buying Bitcoin.

I was thinking of having a different business that generates fiat while running the bitcoin business. You've got a great idea, by expanding the business. But, we'll still have to sell those bitcoin to push the business via adverts and paying assistants working with us. You'd notice that the bitcoin will still not be saved 100 percent. Which is the idea behind this thread.  Because looking at the growth of bitcoin selling them is a huge loss to the business and the entrepreneur. It hurts looking back like trying to change the hand of time and seeing how much bitcoin has been spent in running a business. Like the above example, 12 BTC spent 11 years ago. Though, no matter how we regret it's quite too late. That's why a second method of safe guarding, for a long time, the bitcoin earned. While running along with it a fiat business that can as well be used to maintain the other world business. Running a business that generates bitcoin without requiring us to spend those coins is the best means of hodling bitcoin. Talking about art, I've seen arts on bitcoin that rarely get bought. Unless during the era of NFTs. But, for artists that draw and ask bitcoin as a payment method it's a nice way of generating bitcoin. If they have different source of income, then their whole life doing the business they'll see no reason selling those coins. 

There are possible ways which we can secure our businesses and still save Bitcoin made through the services, like an artist who creates awesome arts can secure his or her business through selling the art works using Bitcoin as payment, I have seen people who sold some art works for Bitcoin. had through this same means set up there art business career, teach people how to create this awesome arts and having their business held up in their local areas & online and at the same time saving Bitcoin through that means. People tend to be successful when they offer a particular services to the world at large and when you have a skill that serves the masses you can secure a business very fast and easy as long as you have build yourself to a standard it's very hard to be replaced.
Then you can save Bitcoin from your services using it as a payment method.

Personally was going through some sales of mine in the past and the worth of the BTC I had spent few years back today. Thought about it, until I came across of a twitter influencer who also sold his products for bitcoin. And he mentioned he didn't hodl those bitcoin. But he worked strides ahead to build his business such that he'll hold every single bitcoin he made through sales. Same thing I linked to other people who sold products for bitcoin, many didn't hold their bitcoin. But, that's not the issue or problem. The question is what are the possible means of securing our businesses and at same time saving the bitcoin made through the services we render? Mainly I crafted out a new skill out of me that earns me local currency; fiat. Yet building a fresh business from scratch isn't easy, most often, I still use bitcoin to invest on the local online business. Still keep me yards back from achieving my goal of hodling bitcoin made through online business. Contribute your thoughts and personal experiences. As the influencer didn't elaborate how he made his possible.