Life's first investment in Bitcoin by selling bicycles - page 4.

bounceback

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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.

You sell a bicycle then put your funds into a bitcoin investment sure this is the right decision but as this is your first investment in bitcoin do you know all the risks about investing in bitcoin and are you prepared for the always volatile market that can sometimes make you lose everything and can also make you able to get a return in a short time.
Don't panic about the current decrease in your portfolio value after you buy bitcoins because later if the bitcoin price goes up again, your portfolio value will also go up again and you will even see a profit when the bitcoin price goes up.

CryptoBuds

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Quote from: OcTradism on February 22, 2023, 08:50:02 PM

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.

What did you plan to to next after selling your bicycle for your first Bitcoin investment?

I think you should have better plans, work to get salary and use part of it as your savings but rather than savings, you invest it in Bitcoin. With this gradual accumulation, you are doing dollar cost averaging too.

https://dcabtc.com/

Bitcoin is in its bear market and any price you buy in a bear market is a great discount in a next bull run.

The idea of selling assets to invest in bitcoin is not recommended unless his bicycle is no longer used. I agree that we should go to work and spend some of our paychecks on investments rather than trying to sell assets for investment money. But also should not use savings to invest, saving is for emergencies, and one should prioritize saving before considering an investment. If you don't have enough money to invest, work harder, and save as much as possible, and you will have money to invest. Investment is very risky, so we do not need to be too hasty.

OcTradism

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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.

What did you plan to to next after selling your bicycle for your first Bitcoin investment?

I think you should have better plans, work to get salary and use part of it as your savings but rather than savings, you invest it in Bitcoin. With this gradual accumulation, you are doing dollar cost averaging too.

https://dcabtc.com/

Bitcoin is in its bear market and any price you buy in a bear market is a great discount in a next bull run.

PX-Z

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I never sold any material thing in my possession just to accumulate bitcoin, all came from my salary, but that's a good move. What you only need is to learn the security on how to secured your holdings. So holding it on non-custodial wallet like electrum and mycelium ^{(for smartphone)} is a good move unlike it on an exchange for long time.

GreatArkansas

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I'm glad you selected Bitcoin over random altcoins. Keep it up OP, I believe this is just the beginning and once you start this act, you will see the difference and you will learn life lessons, especially in finance.
Before when I started to save or use Bitcoin or invest their also, I became responsible for my finance and become aware of everything like my expenses, investments, income, etc.

Bazzu

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I want to ask if the bicycle you are selling is no longer needed? or you have 2 bikes?

I ask that because I have a suggestion how good it would be if investing using idle money,

but if your bike is no longer needed, I think your decision is a good decision.
I hope you get a big profit from your investment.

Blisszi

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

https://i.imgur.com/Xlx4JZ8.jpg
https://i.imgur.com/80X5RQu.jpg
https://i.imgur.com/3874SPC.jpg

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.

The fractions of bitcoin showing here is a good start, you don't about losses on bitcoin when you're still connected like you didn't withdrew your capital despite the deep. Don't give a shit of what's happening to the market, is a phase' when it's time surface your enjoys your coins.

But lol dude you're funny with your bicycle exchange! How much is bicycle I guess is fairly used? You must have sold it in small amount or do add money from other source? I always advised people don't do something because people are doing, do something because you feels is secured and convenient for you.

Like you mention losses $5, what if you lost all because someone is somewhere telling juices stories of investment, when you heard something learn first OK but I congrats your bold steps with bicycle exchange for bitcoin, you will enjoy your reward soon

Charmekkd

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everyone has a different story in getting their first bitcoin, some sell cars, land, but there are also many people who buy bitcoin from their monthly salary which is set aside to buy bitcoin.

and this sounds unique when you buy your first bitcoin using money from selling bicycles, this sounds very interesting. I hope your investment goes smoothly, and you have to be strong if the market is down.

congratulations on your first bitcoin purchase.

Quidat

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

But I am optimistic that I will definitely benefit from the amount I have invested.

You are right on this one!
Dont lose hope nor make yourself that in panic just because you had seen some negative.We do know that Bitcoin is volatile whether you could lose or earn basing up into its
price movement.Somehow its not that a total $5 lost because as long you arent selling it up then its just a paper loss and not totally been realized.Therefore, its better to find
ways on how to accumulate bitcoin as much as you could.Its not that you should sell goods more or something which you could also accumulate or buy on small amounts too.
You can find some extra jobs or something or whatever that gives you income.

Fara Chan

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That's a great idea, a great first step to make an investment, maybe someone has already lost the bike to achieve the desire to invest in Bitcoi, but it's a shame that your hope will be to benefit from a rising market that occurs instead of a declining market where you have to keep holding investment assets you first, maybe when you made an investment the market was still in a long bearish state yesterday.

Zorigi

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You sell a bicycle and the money is used to invest in bitcoin, yes, this is a good thing, and hopefully you will benefit from your investment in bitcoin. but you have to be patient in investing in bitcoin. because usually there are always many challenges and temptations. so prepare your mind.

TimeTeller

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Quote from: Issa56 on February 22, 2023, 04:19:48 PM

I think it's a nice idea investing in bitcoin, but I don't think it's really a nice idea selling your properties just because you want to invest, you should invest any amount you won't be using for now and also invest any amount you can afford to lose.

For your security make sure you blur some parts in the screenshot you posted, you don't have to disclose your wealth here. Also make sure you create a non custodial wallet and transfer your bitcoin to it, don't leave your coin on exchange, it's not really safe anything can happen to your coin at any moment.

And also try to resize the image's which you posted above.

If he deemed his bicycle was just sitting idle, then for me, it is good to invest to an asset that you believe has good future.
He is learning and who knows this small investment will be worthwhile later on.
This is just the beginning for him, and for sure, he will learn more on this market and start to invest more.
Congratulations to the OP for starting his first crypto investment, and good luck to your journey here.

livingfree

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Congratulations!

The first step of investing in bitcoin is always the hardest for the most because of uncertainty but you just broke that barrier. Next, if you're not going to trade it on exchange because it seems based on that picture, you're keeping it on Binance.

My tip to you is to use Electrum or any other reliable wallets (Samourai, Wasabi) if you're for the long term keeps. You don't have the private keys there if you're keeping your first ever bits in an exchange and that means, you don't own it yet.

Issa56

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I think it's a nice idea investing in bitcoin, but I don't think it's really a nice idea selling your properties just because you want to invest, you should invest any amount you won't be using for now and also invest any amount you can afford to lose.

For your security make sure you blur some parts in the screenshot you posted, you don't have to disclose your wealth here. Also make sure you create a non custodial wallet and transfer your bitcoin to it, don't leave your coin on exchange, it's not really safe anything can happen to your coin at any moment.

And also try to resize the image's which you posted above.

naira

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One thing you need to remember, investing in a centralized exchange and not withdrawing it to a cold wallet will only make you sell it quickly when there is an increase. If you really want to invest long-term then the decision is to keep it in a cold wallet as long as possible. I've seen people say they're investing but their assets are still on the exchange. Remember do not store your assets there if not traded. Investing means that you save for a certain period of time, so after buying, don't look at the estimated balance too often. Buy, withdraw and store in a safe place, forget about market rates and continue to accumulate with the DCA method.

JeromeTash

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You always have to start from somewhere, right?

Welcome to the Bitcoin journey, Sometimes the journey is smooth, other times it's so bumpy but as long as you know your destination, you will reach there. Every day, you are going to learn something new, and it will help you make better investment decisions in the future.

Good Luck!

cryptomaniac_xxx

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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.

tjtonmoy

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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.

Just zoom out the price chart to see its history. You will see a different story there. Don't get emotional over the fact that you just lost $5. And while you are hodling the BTC, don't compare it to dollar. The amount you own will always stay the same if you consider Bitcoin as only Bitcoin. Halving is coming, and the market is going up and down a bit for now. But it will go up for sure. Keep adding small amount of crypto every week or month. Buy at different price to keep a steady value. I am sure you will get a good profit out of it. And also don't sell out of greed early. Make a target how much profit you want from this and keep working for it.

coupable

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Welcome to the BitcoinTalk forum.
If you intend to invest in bitcoin in any legitimate way, then you are in the right place. Judging by your posts and merit points, it appears to me that you are doing well to be here. Good luck
I encourage and salute you for your courage to sell your bike to start investing with a small amount. This will be like a demo account to understand the basics of investing in a practical way and for a small amount. But the amount is too small to diversify your portfolio. I really hope that you will earn twice the amount you invested so that you can at least buy a new bike, so there is no problem in diversifying your savings.
I advise you first to look at the various topics that provide explanations on how to use a private wallet (not on Binance) and how to save your savings yourself. Secondly, never venture into investing what you fear of losing, no matter how safe that investment may seem to you.

Zaguru12

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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

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