Topic: How to HODL for long. - page 4. (Read 864 times)

In as much as it may look like a only those who have money are opportune to invest into cryptocurrency and those without money Should not it is true. People will say everyone can invest into bitcoin or cryptocurrency at large but I tell those who feed from hand to mouth are not fit to invest into cryptocurrency for me.

It is most at times not about having money and going straight to invest into crypto but can you afford to lose that money, someone who probably earns just enough to cater for his needs wouldn’t have this luxury to lose money and such investing into crypto will be a very high risk for them because when they might need the money might be a very wrong or bad time to sell.

So first step of investing into cryptocurrency is to first find two or more income streams and risk an amount you can afford to.

This is why it is very important to invest when you have a source of income. It is not really advisable to invest while struggling to meet your needs. It is kind of challenging to us who are willing to invest, even me personally. This same thing has happened to me before. It will be of no use to invest and sell in a short period of time.

You may even sell at loss because you really need the money at the moment, and since you don't have any other source of income, you will sell the invested money into bitcoin. So even now, if you still have a source of income, invest the amount you can afford to lose. Don't say that because you have money now, you will invest much money in bitcoin.

We invest in the considerable variety which become favorable for everyone of us. The space is filled with risks but they're worth taking because we're investors who solely wants the best for ourselves. It's advisable to invest in bitcoin and this have become a regular investment in the space. Everyone have a uprising plan and it this have become a regarding aspect for everyone to acknowledge.

If you don’t have other sources of income, it will be kind of difficult for you to invest in bitcoin, because anytime anytime wey u Dey broke, your mind go definitely go your investment. You no fit Dey hungry you go come Dey claim say you no go sell Wetin you get. Na why if you wan invest in bitcoin, you suppose do am with any amount wey you fit afford to lose, and the money wey you know say you no go use for now, but no carry money wey you suppose use chop go invest in bitcoin, because last last na you go use your hand go sell am back, and e fit be say na at loss you go sell am.

If you Dey invest make sure say make u get target. Like me now I divide my bitcoin into two, if I see say bull run don start and e hit my target, awi sell some part of my bitcoin, then I go leave the remaining bitcoin for my wallet, I know say after bull run, life continues so I go still get something for my wallet for future purpose.

If you no get emergency fund, if anything happens to you and you need money, na Wetin Dey your wallet you go sell, but if you get emergency funds, you go definitely go get Wetin you go fall back to in you need money, na why you no suppose leave all your investment for bitcoin be that.

Di most important thing for person wey de serious to hodl Bitcoin on the long term na to make sure say im get atleast one steady source of income, odawise e no go de possible to do am. Investment na secondary need, you go first of all make sure say your income de cover basic needs like food and shelter, den you go fit to put emergency funds aside as savings, no matter how small, na dat time person fit to de able to do long term hodl without distractions, na di way wey I take see am be dat.

Person wey get responsibilities and im no get work, or im income no de enough to take care of basic needs, make im forget about Bitcoin investment, even if di person come de lucky say im hammer money, make im no rush enter Bitcoin, make im first establish business wey go de give am steady money on di short term first. Di important thing na to get Bitcoin investment knowledge, you fit to start anytime wey your income grow pass your primary basic needs, no matter how small you go fit start DCA method, de hodl Satoshi, without to tamper di money.

As a bitcoin investor, you don`t think of eating your investment capital or taking from it before you get to accumulation goal even in rainy days except its highly important probably life and death. Its good to invest in bitcoin but when you are now taking from it before even reaching your accumulation goal then you`re not acting as a good investor who has a set planned goal which is bad because in the end you will notice that you have accumulated or nothing in comparison to your investment plan because you just turn your investment to savings

Bitcoin journey is the best journey of my life, when I knew about Bitcoin I wanted to invest on it but I had no income because I was still struggling with finance in the university so I decided to save little by little and i saved for a year plus and then started, it was challenging sometimes especially when I had nothing to eat I will remember I have Bitcoin and that I could sell it off.

Holding bitcoin for long term is difficult and the only thing that can help you hold for long is setting out your goals and also having an emergency funds.

Set goals:
Before going into a long-term bitcoin investment you need to tell yourself this is how long I want my investment to last or this is certain amount I want my investment to reach before I pull out.
When you set this goals it helps you have a direction on where you are going and also helps you achieve your goals.
I understood the principle of setting goals before I invested on Bitcoin and I can tell you for real that it has helped me in this journey of long-term hodling, I don't think of anything else each time I see my Bitcoin apart from the goals I have set in place for it.

Emergency funds:
Before going into long-term bitcoin investment you need to save for emergencies.
When you have an emergency funds it helps you settle emergency issues without dipping into your investment.
5 years ago I invested on on a certain cryptocurrency. However I also was saving for something that was not too important, then I had an emergency which I needed to sort out, my only options was either to sell off my crypto investment or dip into the savings I was doing for something that was not important to me at that point in time, all I did was dip into my savings and left my investment from that day I saw the need for an emergency fund.