Life's first investment in Bitcoin by selling bicycles - page 3.

fullhdpixel

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Quote from: DanWalker on February 23, 2023, 04:52:54 AM

OP didn't mention if that bike is still in use or not. If it is no longer used, selling the bike for an investment is a good idea because the longer the bike is left, the more it depreciates in value over time. But if it's his day to day medium, then I would disagree with his opinion. Sustainable investment is from idle money, not from selling other assets to invest.

Investing is not always profitable, and having a job is the surest thing that can guarantee life as well as the future. Do not be too dependent on investment and think that it can bring us wealth without working.

Bikes are not like a real estate or other investment assets which value can appreciate overtime. Another factor which helps their value depreciate more is their material gets deteriorate over time but if you know how to do a maintenance on your bike like if you will paint them to prevent them from rusting then you can prolong their ~~shelf~~ life. These days in my neighborhoods, people are preferring cycles for commuting nearby as it got health benefits as well. So, selling bikes is somehow a new trend now for various reasons.

fadhilz123

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Quote from: Fuso.hp on February 22, 2023, 01:14:08 PM

Ever since many people talk about how to make a profit by investing in Bitcoin, I have been wondering when I can invest in Bitcoin. There is a lot of information about investing that I have tried to learn. And from various online platforms I got some information and ideas about investing.

As long as the information and ideas you have got can really help you to invest in Bitcoin, it doesn't matter if you continue to run it from now on. But what you need to know is if you only want to invest in Bitcoin and not take it into day trading, it is better for you to keep it in a trusted wallet and not even put it on an exchange even though it is a trusted exchange.

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So I decided to sell my bicycle and invest in bitcoins. But since investing, the Bitcoin market has gradually started to decline. I invested with a small amount of money and from that small amount of money I lost like 5 dollars. But I am optimistic that I will definitely benefit from the amount I have invested.

Your decision to invest at this time is not wrong even if you sacrifice one unit of your bicycle for this. But as I said above you only need to keep Bitcoins safer if it is for investment and not for trading so losing $5 initially is very common in investing as you still have plenty of time to recover the lost $5 and even you will get better profits if you have enough patience in waiting for the best price for Bitcoin.

Iranus

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Great OP, although many people are not happy that selling assets to buy bitcoin is not advisable, but sometimes we need to make tradeoffs, and take risks to achieve greater things. If it is a house or other important assets, it is not recommended, but this is just a bicycle, I believe it will not affect your life too much, and you certainly have a plan for yourself.

The next thing you need to do is hold it long enough until you make a profit, and to do that, you need knowledge, knowledge is the only way to succeed.

worle1bm

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Quote from: cryptomaniac_xxx on February 22, 2023, 03:44:58 PM

I know your feeling of first investing on bitcoin and seeing the value going down. But that is the first lesson here, invest what you can afford to lose so that you don't have to worry about it.

So if I'm in your shows, it's bitcoin's volatility and learn to embrace it. And what others have said, just be a long term holder and keep that bitcoin and don't ever think of selling it because obviously you will not make any profit. Just wait for the right time to sell.

With investments also come the risks so we should be prepared for it but yes whenever our funds loose value we are worried about it.On a personal note if you have knowledge and faith about btc then holding it long term will give you good returns as well as patience to hold it for that time period.Many newbies invest what they can't risk which is why they get panicked with dumps but keep your patience level high if you have decided to invest.

Cookdata

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There is nothing to worry about, no cause for alarm. You have taken a bold decision, however, you should have waited a little while and analyzed the market, and bought when the price is low, it would have helped you now that you worry about market decline though it is better even better that you stick to bitcoin else you will have had more loss had it been you bought an altcoin.
The next piece of advice I will give you is this, please get a hardware wallet and move your bitcoin out of an exchange, it is better and more secure if you hold the private key where your bitcoin is held, if today Binance becomes insolvent, you will lose all hard work you have done to purchase your bitcoin.

LDL

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It's certainly good that you invest in bitcoins, but that you sell your hobby bicycle and invest in bitcoins doesn't make much sense to me. Since you are going to invest in bitcoins first you can buy bitcoins but my advice is if you have enough profit on your investment then you buy motor bike instead of bicycle. Like you, I have invested in Bitcoin several times but I have never invested in Bitcoin by selling any material. In the month of December 2022, I withdrew money from the bank and invested in Bitcoin and currently I have received a profit of 300 dollars from that investment.

Frankolala

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Wow,nice one OP I bet you,that you will never regret your decision of selling your bike to purchase a fraction of bitcoin. I have seen a similar topic with yours in this forum but he had two bikes and sold one. Material things depreciates but assets like bitcoin don't depreciates instead it increases in value.

If you check this out,you will see that in four years time from now,it is either you might have sold your bike or dumped it because of depreciation or you must have spent so much for maintenance. Now that you have converted your bike to bitcoin, if you study bitcoin cycle and follow the rules of when to buy and sell,you will be making profits. The most interesting thing is that you will still own a bitcoin.

Welcome to the cryptospace.

kryptqnick

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There are places where a bicycle is a crucial mode of transportation, pretty much a must. That's because in some countries the villages can be quite big to walk around but not big enough for public transport and there is no infrastructure for using cars on a regular basis. Or countries and cities where people tend to cycle instead of using cars or public transport because there's a strong eco-friendly culture and good infrastructure for this. I hope that in op's case a bicycle wasn't as important, so selling it to invest in Bitcoin was a good idea. The thing about investing in Bitcoin is that it seems safest to go for long-term investments. This way you can simply wait out the bear market and not be concerned about the temporary losses. Good luck!

yazher

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Quote from: Zaguru12 on February 22, 2023, 02:14:28 PM

Welcome on board to the freedom of money(bitcoin). First you need to learn about security because this images shows you are currently saving your funds on Binance. Learn more about non custodian wallets and save there.
Do not panic about the dump only long term holder’s actually profit from bitcoin, short term trading comes with high risk. Lastly do not invest more than you can lose

I recommend this method too because we don't really know what will gonna happen in the future with those trusted exchanges because we have already seen some scenarios that we don't think might gonna happen like in the case of FTX. that's why right now when you have a decent amount of BTC and you are planning to hold it for a long, it is recommended to have a personal wallet where you are the only one who has the access to it whenever or wherever you want. This is the beauty of bitcoins and you are probably worried about the complexity of using a personal wallet, I understand. Just learn it first then read the necessary procedures on how to protect your wallet keys and you are good to go.

ethereumhunter

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If you see that the value of your investment is decreasing, that's normal because market conditions are also declining. And when market conditions start to change, especially if the bitcoin price can touch more than your purchase price, that means you have started to make a profit and that's just what selling price you want to set so that your profits are bigger.

I hope you can invest in bitcoin the DCA way and not buy bitcoin with all your money at once because we will see a lot of ups and downs this year. So prepare for its arrival and try to buy when the decline comes.

DanWalker

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Quote from: BountySujon on February 23, 2023, 04:20:50 AM

Quote from: lovesmayfamilis on February 23, 2023, 03:33:26 AM

OP, I can understand your feelings of joy. I wish that your new investment will be successful, and since you sold your bike, you will be able to buy a new one with the proceeds from the investment.
Nevertheless, for your future holidays, it is not necessary to increase the font. I hope that you will become less emotional as you get used to your deposits and that you will calmly react not only to the ups but also to the fall in the price of bitcoin.

I could never agree with him. How did he get interested in selling his bike and investing in crypto?
Is he not well versed in crypto currency?
Does he not know that there is only profit or sometimes loss? If he knows this, why did he invest his own personal money?I think a job is very necessary to live in real life and it is better to save the necessary money and invest the extra money in crypto. Because once a victim of loss here, many miseries in his real life will come down.

OP didn't mention if that bike is still in use or not. If it is no longer used, selling the bike for an investment is a good idea because the longer the bike is left, the more it depreciates in value over time. But if it's his day to day medium, then I would disagree with his opinion. Sustainable investment is from idle money, not from selling other assets to invest.

Investing is not always profitable, and having a job is the surest thing that can guarantee life as well as the future. Do not be too dependent on investment and think that it can bring us wealth without working.

Botnake

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Quote from: Ultegra134 on February 22, 2023, 02:04:35 PM

First of all, congratulations on your first Bitcoin acquisition; however, many newer members haven't properly comprehended the concept of Bitcoin and cryptocurrencies in general, and the so-called success stories are to blame. You shouldn't be discouraged over losing $5 worth of value. I perfectly understand how you feel because I've been in your position before, but you should aim for long-term holding and the accumulation of Bitcoin while having realistic expectations. Chances are, if you're starting from scratch, you're unlikely to become rich from cryptocurrencies. Focus on your steady growth and don't be discouraged.

It’s too early to expect good profits from bitcoin, especially that the market is still not bullish. But still, stay being optimistic. Bitcoin profits are most seen when you consider it as a long term investment, the longer you hold it, the higher the profits you will gain. However, always know that bitcoin investment are not all about profiting only, we have our fair share of losses and profits here. But if you want to maximize your profits, invest bitcoin for long term, and never fall for panic selling just because bitcoin value is declining. Bitcoin will surely grow, you just have to patiently wait for it. And while waiting for the price to increase, I suggest you do DCA but only with an amount you can manage to lose.

BountySujon

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Quote from: lovesmayfamilis on February 23, 2023, 03:33:26 AM

OP, I can understand your feelings of joy. I wish that your new investment will be successful, and since you sold your bike, you will be able to buy a new one with the proceeds from the investment.
Nevertheless, for your future holidays, it is not necessary to increase the font. I hope that you will become less emotional as you get used to your deposits and that you will calmly react not only to the ups but also to the fall in the price of bitcoin.

I could never agree with him. How did he get interested in selling his bike and investing in crypto?
Is he not well versed in crypto currency?
Does he not know that there is only profit or sometimes loss? If he knows this, why did he invest his own personal money?I think a job is very necessary to live in real life and it is better to save the necessary money and invest the extra money in crypto. Because once a victim of loss here, many miseries in his real life will come down.

Rockstarguy

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Quote from: Fuso.hp on February 22, 2023, 01:14:08 PM

Ever since many people talk about how to make a profit by investing in Bitcoin, I have been wondering when I can invest in Bitcoin. There is a lot of information about investing that I have tried to learn. And from various online platforms I got some information and ideas about investing.

So I decided to sell my bicycle and invest in bitcoins. But since investing, the Bitcoin market has gradually started to decline. I invested with a small amount of money and from that small amount of money I lost like 5 dollars. But I am optimistic that I will definitely benefit from the amount I have invested.

I guess before you made decision to invest in bitcoin you already understand how the market is, that it is volatile and unpredictable. If the price of bitcoin falls you don't need to be panic because you are already aware about the volatility of the market, and your target is to wait for profit. Fall of price of bitcoin should not make you feel panic , as far as you are hodling bitcoin the drop in price doesn't mean you have loss your bitcoin, you only loss when you panic and sell your bitcoin.

Just keep calm and hodl do not allow volatility to make you panic, the fall of price won't remain forever it will definitely rise back. You took a bold step to invest in bitcoin which will be profitable to you if only you wait.

Danydee72

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Quote from: Fuso.hp on February 22, 2023, 01:14:08 PM

... I invested with a small amount of money and from that small amount of money I lost like 5 dollars. ...

You are wrong. You do not lose anything if you don't sell. What happens between the point you buy and the point you sell doesn't matter. That's why you shouldn't invest money you can't afford to lose.

What I began to do is to make a plan.
A plan may look like this:

If BTC is below 25'000: invest a (small) amount every month (this is called DCA)
If BTC is above 40'000: sell with a plan. For example: 10% at 40k, 10% at 50k, 10% at 100k and so on.

It's just an example. You have to find your numbers by yourself. Do your research to find them. Some may take more risk, some not.
If you invest in BTC, it may be a good idea to look at it's cycles. Some people say it will reach 200k, some 1m. We all don't know exactly and important: we don't know when.
And what others wrote about security: That's the key point. Do not follow people. There are a lot of scams.
Finally: Most people investing in BTC are on a minus now. I don't know if this is really true, but it's my guess. Cool

Plaguedeath

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If your bicycle is unused and it's not important to keep your bicycle, then it's a good choice because bicycle's value will not increased, so better to convert it to Bitcoin.

But if the bicycle is the only one vehicle you have and it's used for work or something else, it's really dumb if you sell it. Nevertheless you've sold your bicycle and there's no way to rewind the time.

@OP you need to hold it at least for the next 2-3 years, thank me later.

lovesmayfamilis

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OP, I can understand your feelings of joy. I wish that your new investment will be successful, and since you sold your bike, you will be able to buy a new one with the proceeds from the investment.
Nevertheless, for your future holidays, it is not necessary to increase the font. I hope that you will become less emotional as you get used to your deposits and that you will calmly react not only to the ups but also to the fall in the price of bitcoin.

Mauser

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Quote from: Fuso.hp on February 22, 2023, 01:14:08 PM

So I decided to sell my bicycle and invest in bitcoins. But since investing, the Bitcoin market has gradually started to decline. I invested with a small amount of money and from that small amount of money I lost like 5 dollars. But I am optimistic that I will definitely benefit from the amount I have invested.

That is a great idea and congratulations for owning your first bitcoins. Don't worry so much about the short term price fluctuations, you did the first step of buying coins and now you need to wait for the next big bull run. Once the bitcoin market recovers you can take some profit and buy a new bicycles. In my opinion it's clever to sell physical things we don't need at the moment and invest the money in bitcoins. Back in 2016 I did the exact opposite, which was my biggest trading mistake. After making a lot of profits in CSGO skin trading, I cashed out all my money into bitcoins, but didn't keep them. I sold the bitcoins and bought a new bicycle for it. It's a great bicycle and still works fine today, but every time I use it I think about how much the bitcoins would be worth today. Not going to make the same mistake again and will always keep at least some bitcoins in my wallet.

Edwardard

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Quote from: bounceback on February 23, 2023, 02:46:41 AM

are you prepared for the always volatile market that can sometimes make you lose everything

Technically speaking, he can't loose everything on his btc investment. He can only loose it all if he starts futures/options or altcoins trading with his initial investment. Bitcoin can't just go to zero to make his 50$ worth null, Tongue

Also, @OP you must immediately transfer your investment to a safe self-custodial wallet if you are not going to trade with it.

hyudien

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a few days ago I visited my brother's house. He bought his first Bitcoins on one of the centralized exchanges. But it turned out that he presented a problem and asked me for a solution. What he experienced was: he couldn't make withdrawals to a non-custodial wallet, the reason for the withdrawal process was confirmed using a mobile number even though the number had been lost for a long time. I tried to help him by reassociating the new number but it still requires confirmation of the old number. So the case is that until now he has not been able to liquidate his assets on the stock exchange. Contact support and must complete KYC requirements, Processing takes 7 working days.

Learn from the story above that if you want to invest in Bitcoin and not trade it then immediately make a withdrawal to a non-custodial wallet while you can. Because if it is still stored on the exchange, it means that the asset is not yours, but belongs to the exchange. At any time when you have withdrawal problems, the process will be more complicated.

Topic: Life's first investment in Bitcoin by selling bicycles - page 3. (Read 578 times)