Topic: How you start a particular journey matters a lot. - page 2. (Read 239 times)

Life is not by force, instead by choice, if you're making an investment, it's either you exchange your fiat currency to bitcoin or any other cryptocurrency of interest, or you wait to accumulate more by earning the desired currency you want, the way we started matters indeed because we don't need to rush in doing somethings in life, we have to follow the due process which is a gradual one, selling an asset is not a bad decision to invest in bitcoin if it's turning to a liability, but a profitable asset may not have to necessarily go for bitcoin to set in, it's a matter of understanding, why you're taking some decisions or not.

I agree with you that borrowing money to invest into bitcoin or any investment is actually not the perfect way most especially a volatile asset like bitcoin because it mounts unnecessary pressure on the holder. But I will say there are cases where people actually do well with borrowed funds or sold items. First instance on borrowed funds is when you have a strong collateral to pay back or you’re expecting a certain amount of money which you had worked for and plan to invest in bitcoin but you see an opportunity to buy maybe the market is low then you can actually borrow since there is a another means to pay outside the bitcoin itself. Example is Microstrategy borrowing to invest into bitcoin.

Another case is selling off abandoned properties that you think will depreciate with time since no one is using it example is maybe a car or an old house. Or maybe you have extra properties, you can actually sell some off to invest into bitcoin like jewelries

Some of this are actually possible for bouyant individuals, so just as you said someone without extra income shouldn’t do any of the above

It is not advisable to sell important assets like a land to invest in risky business/bitcoin, but if you have non-essential asset you're willing to part with, you could consider selling that and using the funds to invest in bitcoin. This approach follow the rule of investing an amount you can afford to lose.

If you have a stable source of income, such as a job or business, it might be a wiser choice to start investing in bitcoin gradually. This way, you can keep aside a small portion of your regular earnings and Start to DCA in bitcoin. This approach is generally considered more prudent than selling valuable assets solely to invest in bitcoin.

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What is Dollar Cost Averaging?

I've read so many threads where people assert that they sold or intend to sell an asset just because they want to invest in Bitcoin, while this might present the person as someone who believes so much in Bitcoin and even went to the extent of selling an asset just to invest into it, is it the right thing to do?

I have attended a lot of business seminars and one of the key advice we receive most of the time is not to start up a business with borrowed money as it will put us under unnecessary pressure and the outcome doesn't always end up well and although selling an asset to start up a business or in this context, buying of bitcoin isn't directly borrowing, but it goes a long way to show how unprepared you are, venturing into that business.

And I guess this is the reason why a lot of people can't hold their bitcoin for a while before selling it off in times of minor challenges.

I still will want to reiterate that the idea of investment isn't for people with no source of income who have to start up their bitcoin investment journey with the money realized from the sell of an asset or even considering using a borrowed money, it won't let you to invest profitably and so I just want to advice all the newbie and old folks that intend accumulating bitcoin but that don't have a means of doing so now to work first In their personal lives and ensure that they get something going on in their lives before venturing into accumulating Bitcoin.

Remember that bitcointalk.com is not an office and so you should find other sources of income and then you will appreciate the forum and your holding will not become the nearest option to consider whenever an emergency sets in.