Topic: Knowledge vs hodlings - page 5. (Read 2594 times)

I also mentioned people getting influenced by influencers, but I may have skipped the part where I explain it. So here how it goes. The knowledge, the availability, the ease of access are all in our hand. And the thing we need is a curious mind. But when it is possible to do anything or fake anything using money people are most likely to get confused on which one to believe. Imagine an influencer getting paid to promote a shit coin that has no value, no potential, and could easily fail at any time. This is not just only in cryptocurrency. The other factors and other things that people are spreading wrong information about. So finding the right one has become hard. But with a curious mind and some patience you can always find the right one. All it needs is a bit of time and some research.
If you have the will to learn then you will do multiple researches and not only get limited by one. I said that doing some comparison will make everything clear. In the end it all comes down to our capabilities and willingness. So that's the fact.

Of course that is a good thing because before we are in bitcoin we must know in advance what bitcoin is and how bitcoin works so that we can be sure that what we are doing is not wrong and put what strategies are suitable when in bitcoin.
Nothing is 100 per cent in knowledge because knowledge will continue to be updated and when we learn something everything will definitely be lacking and have to learn every day but that's not the point, we learn bitcoin first is not intended to know up to 100 percent about bitcoin because it will not be done and it could be that you will not be in bitcoin if you want to learn the knowledge to 100 percent (because bitcoin will also be upgraded every day and the knowledge will also definitely increase) but do learning until you can really believe that bitcoin is one of the investments that can be used as our guide in investing because when we already know the basics and what bitcoin is, we can invest while continuing to learn bitcoin.

Bitcoin is not like other crypto currencies that don't have value, so if anyone is fucking around with Bitcoin, it means that person doesn't know where to start from and, again, not worth being called an investor.

If one has Bitcoin, the most important thing for the person to be thinking is how to use the DCA method to accumulate more Bitcoin and also try to get more pay from his jobs so that he can increase the minimum wage that he is receiving at the end of the month so that he can add more money for accumulating more Bitcoin.

A person who's messing around with Bitcoin doesn't have a strategy to accumulate more Bitcoin. Maybe the person invested $10 or lower and hopes that in a month's time he will get $20k to $30k without him accumulating more.

As I am holding my coins and using the DCA method to accumulate more Bitcoin, my intentions are to hold for long, so I don't think about losing my coins. Yes, 1btc is still 1btc when we apply the DCA strategy. A true investor is a person that holds his bitcoin for long term and not those that hold short-term and shitcoin fellows.

@shield132 Ethereum, Monero or any other shitcoins are all alternative to bitcoin and bitcoin is the king of all the cryptocurrencies in the blockchain. No coin is better than bitcoin. This is the first time I am even hearing Monero and when I checked the shitcoin, the platform looks good but can't compare to bitcoin. Look at one of the major different I figured out. In Monero community to join it is complicated. There you join chatrooms and that is not professional but bitcoin community for you to join it you have to register which is the normal procedure for all online platforms. If you don't have the knowledge how will you hodle bitcoin because if you don't have the knowledge and hodling, you will not be comfortable with it because you be afraid that you funds will lost so you need knowledge. If you don't have the knowledge of bitcoin and only interested in hodling, then you will be asking people to know the market price always. Those features you are saying might not do any different things in the blockchain. The decentralized feature you mentioned is also found in bitcoin and bitcoin is widely known, Monero in no way should be compare to bitcoin.

You are 100% right on this. The minimum wage is actually very small but it represent the smallest amount of money the least persons (those without education or technical qualification or skill) earns. Some skilled workers earns as much as $50 per month and higher. The purchasing power of the minimum wage in that country is high despite it being a small amount compared to other countries. However, it is not enough to make decent accumulation of Bitcoin since the later is not in the local currency. For those at the higher echelon, they can actually meet their needs and still have enough money to invest in Bitcoin and these are the people that can apply the DCA method effectively.

Therefore, if one find himself in a country like Bangladesh and even mine,  it is important to seek for other means of getting additional funding to be able to invest in Bitcoin.

There are a lot of online part time jobs that one can do to make extra income for himself, in order for him to be able to invest in bitcoin, if the person understands the benefits that he will benefit from bitcoin in the nearest future. Anyone from Bangladesh here in the forum, has the best opportunity to invest in bitcoin and increase their bitcoin portfolio, because this is not Bangladesh that they is poverty and low-income jobs. The forum has companies that needs participants to advertise their company for them, so that person can join signature campaign, and only use his minimum wage to take care of his responsibilities and keep on accumulating his bitcoin gotten from signature campaign.

On the other hand, if the responsibilities is still higher than his minimum wage, he can take 20% from his weekly pay and leave 80% in bitcoin and gradually, his bitcoin portfolio will keep on increasing. It is only someone that don't understand the benefit or believe in bitcoin that wouldn't look for a means to invest in bitcoin for a life changer in the nearest future.

If you intend to hold bitcoin, there is no way that you will lose your bitcoin, because no matter the level of price dip of bitcoin 1BTC = 1BTC. This is why hodlers are the real bitcoin investors. This shows that knowledge and hodling should be done at the same time because they go hand in hand

Hell bro, it seems a lot of people are going to get slapped with facts lol.
I like what you said and indeed it is a truth where the resources we should already hold when we have an internet connection and gadget it is enough to look for some information especially about bitcoin this is something that is easy for us to search for although in the end we have to choose which articles are good and which are bad but in the end all will be the same where when having the desire to learn about something then it will be very easy to do.
The problem is that until now there are a lot of people who consider it an excuse even though if we examine further it is not knowledge that is difficult to find but their laziness is too great so that knowledge is difficult to get.

Apart from the country's economic conditions which are indeed difficult to improve and fierce competition in the end we also cannot do anything about it but when talking about investing especially in bitcoin actually this is also no compulsion because if in the end they (people in Bangladesh) can survive with their circumstances that do have minimal wages but can still invest in bitcoin I think that is something that should be appreciated because in this forum I know several Bangladeshis who are still active and investing in bitcoin.
That is one of the behaviours that I think is extraordinary regardless of their economy but they can still set aside money to invest.

But indeed in the end this also refers to economic conditions, when our economy does not allow it, then don't be too forced because however forcing secondary investments is not permitted even though it is in bitcoin because I think before investing, first think about our economic conditions so as not to torture yourself.
If in the end it is felt that it is enough for you to survive in difficult economic conditions then make an investment to support a good old age.

If there are sides hustle that can add more income, then @JayJuanGee is right. Some people are already working hard beyond the minimum wage, so anyone who crave for a better future should endeavour to explore other areas that can earn them money.

Fortunately, I know a lot of hardworking people from Bangladesh that are doing multiple freelancing jobs to make ends meet. This is not perculiar to Bangladesh,  many people from low income countries strive to earn more money to be able to meet their needs.

To invest in Bitcoin and manage the investment effective requires that one have a cashflow that will meet basic needs first then investment funds. If basic needs are not met, there are chances of selling unplanned even in the case of emergency.

You are right, but there is still something that you are missing. Bitcoin is not only for those who have gained all the knowledge about Bitcoin, but it is also for people who don't even have better knowledge, that might be up to 50% of Bitcoin knowledge. So I do say, no matter the amount of knowledge a person will have, if the investor is not disciplined in holding his BTC for a long period of time, that investor will have nothing good to offer. Long-term investors profits more than short-term investors.
However, is it good to have Bitcoin knowledge before investing in Bitcoin, but while trying to acquire that Bitcoin knowledge, we still have to invest at that particular time and not to wait for having a total of 100% knowledge of Bitcoin before investing in it, the earlier we start to invest in Bitcoin the earlier the profits come, so practising and learning Bitcoin should be at the same time.

No need to regret when we lose Bitcoin, because even other regrets can't bring back the lost money, but never to give up on Bitcoin and still buying more is the right step to take, so regrets can not bring back any losses.

You need knowledge to buy Bitcoin and you also need more knowledge to hold and accumulate more Bitcoin. Knowledge can help us to minimise daily or monthly expenses so that, while accumulating more Bitcoin, we will not get stock while accumulating.
However, before accumulating more BTC, patience and knowledge should not be lacking in it. If there is knowledge to accumulate, there should also be patient so that we can extend more time for accumulating Bitcoin.

What you described is risk management, money management and probability in investing and a little depiction of the DCA strategy that we usually mention here, of course I agree that if we can only buy bitcoin at only $10 per week it will make our position better in the next 10 years, provided that we do it regularly and seriously in investing long-term in bitcoin (holding) and that is the real key to getting wealth in bitcoin, just as if we did it ten years ago and we regularly invested in bitcoin $10/$5 we will get decent wealth today.

Yes, this is an alternative way not to eat fees from the market to a personal wallet so we can wait a semester or a year until a decent amount of bitcoin is stored in a personal wallet, I think this method is not only for those poor people but for people who are quite capable, this method is the best way to save from transfer fees.

easier said than done. Bangladesh is the 8th most populated country in the whole world. in a place like this the competition is so high and the opportunity is so low that you should be happy that you are making a minimum wage. but not all people are only making the minimum wage, there are people whose daily expenses is more than minimum wage earned by people.
there are some side hustles that you can do in order to increase your wages but finding a proper job and keep doing the side hustles is quite a bit hard in here. and from what I know in my country the minimum wage-earning people are most likely illiterate or doing works that doesn't include any technological knowledge. so I don't think they will come forward and invest in Bitcoin. and those who are investing in Bitcoin are those who really know about it. so tackling the minimum wage is not a big deal here.

We can learn anywhere, and this forum is one of them. This forum has provided very valuable lessons in learning bitcoin, and honestly not only bitcoin, but also almost all aspects of life we discuss here.
We must not be bored to learn, because if we feel so then believe me we will be left behind from others who always learn and explore knowledge. Learning is one of the keys to success and we must also accompany it with effort and hard work. For me, the two things I said are something that must be balanced, because both are factors to drive success.

Currently I am very interested in learning about Bitcoin because education teaches people to advance. Because I know I need to increase my knowledge and gain more knowledge about Bitcoin so I can manage money properly. And the more knowledgeable you can make yourself, the more consistent you'll be in managing money. I have learned a lot of knowledge about Bitcoin from the forums and great help in managing money. You can definitely invest in Bitcoins for long term with small amount of money monthly or weekly regularly. According to the needs of a person, he can invest in any kind of assets. Especially if you have the risk-taking ability and willingness to invest, the portfolio must be heavy.

If we compare the average salary between countries, it is clear that an income of 15 USD/month is quite low. But if that amount of money is significant in some countries, it is not trivial for people there to invest in bitcoin for as little as $3 or $5 per month. Furthermore, if they can maintain the accumulation of bitcoin for several years and when the price of bitcoin skyrockets, it will also be a great asset in that country. I mean, maybe 520$ or 5k2$ compared to your country would be nothing but in Bangladesh or some low income countries it would be a fortune. With that amount of money they may be nothing in other countries, but in their homeland, they have certainly achieved certain successes.

Their assets and income also skyrocketed compared to the average income in their home country when they invested in bitcoin, meaning they were successful and changed their lives for the better.

Therefore, people with low incomes should compare with the average income in their country to accumulate bitcoins reasonably, do not compare with other countries, that will only make us more depressed.

I agree with you @DaNNy001 that bitcoin knowledge is never a waste, but at the same time, when we get Bitcoin knowledge we should also try and put it to practice, so we can be fully involved in the crypto world (BTC).

You are apparently correct, like I once said to someone on this forum some days ago, that as a beginner investor, learning about Bitcoin should not take the whole day to learn (when I mean the whole day, like maybe a week or some days), as we have gotten some knowledge about Bitcoin we should try to make an attempt to invest, so we can gather more knowledge and experience all at the same time.

A beginner investor and a beginner who is still waiting to have all the knowledge about Bitcoin before investing in Bitcoin are not the same, so investing while learning is better than waiting to acquire all the knowledge before investing.

Hopefully anyone who is a member of this forum and is ONLY making minimum wage in a place like Bangladesh and/or any other country with similar kinds of low level wages, these people should be working towards increasing their wages rather than merely making minimum wage... and so maybe they should still be figuring out ways to make more and to be able to put that extra money into bitcoin.. . and surely make sure that their monthly expenses are covered so that they do not ever have to sell any of their bitcoin, except at a time that is of their own choosing, and surely many of us even realize that it could take many many years to reach a stack of bitcoin that feels sizable if you are ONLY able to invest $10 per week, which would be $520 per year, which would be $5,200 over 10 years, and so maybe 10-20 years of investing into bitcoin, even with a low amount will start to feel like it is providing a lot of options that had not been available without any kind of investment into bitcoin.

Another potential problem area with poor people is to make sure that they are able to hold their bitcoin privately, so it they are not initially holding their BTC privately, maybe every once in a while, even once a year, their bitcoin value can be transferred to private locations.. and surely they have to figure out their best ways of storing their private keys.. even if they might not initially start out holding their own keys until maybe after they have built up their BTC stash to a high enough level that it would be worth it to transfer to a private wallet (accounting for sometimes transferring fees can sometimes be a bit higher than would be justified to transfer smaller amounts of bitcoin - depending on where it is held and what are the fee options for that particular location).

That's true, mate. Technical knowledge about Bitcoin is something I am aspiring to learning because I know it will indeed improve my knowledge and knowing about Bitcoin more, plus the fact that says no knowledge is practically a waste and I know this everytime I stay and learn here in the forum. To successfully manage your riches is what makes a man stand out from the general public out there and, like you said, about people that  were having lots of BTC who have sold off, well it's not a new thing and I think even if they, have lots of, technically knowledge, it's a matter of choice because I think I know some people who don't actually have Bitcoin for the purpose of holding it and I they are tech guru when it comes to the technical aspects but they just prefer using their Bitcoin as a normal everyday currency while its opposite for some people especially for those who see Bitcoin as means of having little earning after holding for some times and these kinds just know one thing which is to hold and buy and they actually achieved this just fine by knowing the simple basics that is involved in Bitcoin and also in same category are the ones who actually have the plans but end up not fulfilling it because of poor strategy and management of funds even if they are tech wizard of Bitcoin.

This is sort of balanced argument and I agree with you mate. the amount of information available for free is enough to give anyone the knowledge they need. I have also come to understand that holding Bitcoin for long is the was to maximize profits and make the most of Bitcoin.

Investing in Bitcoin sure require some level of financial stability especially for those of us from low income earning countries where access to credit facilities is exclusively reserved for the rich and the politician and not easy to come by. So the only option left is to invest with our megger resources and hope it grown with time.

Consequently, I have been applying the DCA method that I learnt from this forum to be buying Bitcoin regularly even though they are small purchases. Looking at my portfolio now actually make me appreciate the beauty being systematic and committed to a course. Anyone of us can actually achieve a good portfolio if we apply the right knowledge and procedure, this is why I feel knowledge is very important.




The amount you quoted, $10 to $15 dollar is actually a big amount of money for some people. According to this article, the minimum wage in Bangladesh is 14.62 per month. This mean $15 is a big amount of money for some people. So one need a good financial balance to be able to DCA even with the amount you quoted.

I think it's worth pointing out that when you say you need to spend a lot of time and knowledge then it's possible to do it even though the risk is still very large when compared to investing and indeed we must also realize that point is important so if you are not prepared to lose very much in trading then don't try it and it's better to move your intention to investing rather than trading.
In the end it will be much more worth it than forcing trading which will actually damage you mentally especially when you don't know how and result in you feeling cheated. Keep in mind only 1 in hundreds or thousands of traders can succeed from trading the rest will only be a loss and this will be very different if you do it in investment because in the end by investing in bitcoin you will still get your bitcoin (like you bought) even though the value in terms of fiat may shrink but when you survive and become hodlers and continue to be consistent in your investment I think it will be very much more profitable at the end.