Topic: My decision on bitcoin - page 2. (Read 1179 times)

Very good and you have a nice idea and far ahead by looking at BTC.  storing BTC must also be more careful, both seeds and others, and try if you already have BTC, don't tell it to many people. Enough only for yourself because your asset is your safety.

For long-term investment, BTC is not in doubt, it's just that our ability to survive is still in doubt and it is also inevitable and a weakness when unable to maintain it according to the initial story of your entry into the market. Try not to go to memes first if you want to move. .

Bitcoin is never going to zero because it's ranked first when it comes to cryptocurrency, bitcoin going to zero, it changes everything in the market. We have a situation at hand, and finding solution in resolving them shouldn't be a problem. Stocking bitcoin back to back because it's one of the promising patterns to be on the safer side. I know it's compulsory to make impacts on bitcoin, never relents but tends to focused our attention towards our finances and growth.

One thign I noticed from your post Is that you don't have funds and your most likely relying on the money you would get from that phone to buy bitcoin, but you know that you would be better off fixing the problem of a steady income so that you can properly chase the dream of been a long term holder, the money from the phone can only give you the satisfaction of having some bitcoin but you know you if you must be successful it requires quite the amount invested so you would have made good stash in bitcoin.

To be sincere if you haven't also considered that you need an emergency funds set up sooner or later to insure that you don't sell your holdings soon cause if panic or some unexpected events, so yeah I think your major problem now I getting a steady income if you don't have one.

I do understand that people like to think in absolutes, yet I am not sure if it is healthy.. .because to me, it seems possible to hold both values in your head at the same time, and so you would not give more than .001% preparations for the going to zero scenario.. or whatever might be the odds.. and yet my stick has frequently been to help to prepare members for a variety of scenarios, while surely at the same time being a pretty BIG pusher of the idea to make sure that you have enough bitcoin and that you are prepared for UP.

I remember going through the whole 8 months of 2015 in which a quite a few guys got dissuaded by their staying in bitcoin, and so there can be questions regarding how many more BTC to acquire, even if the price is so great in the mid-to-lower $200s for nearly the whole year, and sometimes there can be questions about buying more and/or whether more should be bought if it even goes lower or if there was already enough in the holdings.

Each of us have differing ways of dealing with those kinds of scenarios and surely new people may well have times in which their BTC holdings are in the negative for extended periods of time, and so there can be questions about whether to buy more and how much more to buy and whether to keep buying if the price keeps going lower, or to just hold through it... with a kind of hope that the price will recover back above your costs per BTC.


Sure we might keep buying, but if the price goes down and continues to go down, then maybe we run out of money, and maybe we just are able to DCA into bitcoin at that point, and we hope at some point it will recover, but there still can be points in which we might not want to keep putting more money into it... or maybe wait for a further dip before we put more into it... since surely if we have a stash of BTC and maybe they are in the negative, and then the price drops and we buy more and we keep doing that, at a certain point, we might need a certain additional amount of drop in order to feel justified in buying more.. and there could be some point that we give up in buying, and I am not saying selling.. because it is a bad practice to sell on the way down.. so we should be buying on the way down and selling on the way up.. and so even the amount that we sell on the way up might not be a lot, so there would be a fairly large bias towards accumulating and holding rather than selling, but we still should have some kinds of practices in place to prepare for possible extremes.. and yeah, so far the UPs have way outweighed the downs.. so it all ends up balancing out, yet it still could take a few years to get out of the negative and back into the positive, and that is not even a given, even though surely, in bitcoin the asymmetric bet to the upside still rules the day.


Personally, I tend to believe that the bullish case for bitcoin (and the strength of bitcoin's investment thesis) is so strong that a person should not be overly concerned about whether his BTC holdings are in profits or not for the first 4 years or more, and so there could be some folks who were fucking around with trading or making other mistakes with leveraging and/or lump sum buying at or near the top without additional plans to continue to buy using DCA and/or buying on the dips... so yeah, there could be folks who screwed up their ways of accumulating BTC, and there are people who figure out ways to lose money in bitcoin, even though bitcoin has been mostly UPward in terms of longer trend lines.

So yeah straight forward buying and even consistent buying lump sum buying and supplementing with DCA and/or buying on dips seem to be great practices, even if the price keeps going down, and so I truly agree with following those practices, and perhaps finding that it could still take 4-10 years just to start to get one's bitcoin holdings up to a level in which some kind of a modified approach might start to seem justifiable... so for sure, I don't disagree with your overall idea to just keep buying BTC no matter what the price including dips, while at the same time realizing that it is possible that the price might never recover, even though we have no current evidence why such a thing should happen and even though now we have a lot of evidence that bitcoin is one of the best if not the best investment ever available all across the planet... so people would be dumb not to have an allocation or even to be somewhat aggressive in their allocation to bitcoin, but they still need to understand and appreciate that there are no guarantees in life.. no guarantees that the BTC price will continue to go up. 

NO guarantees that bitcoin will not spiral downward for the next 5-10 years.. no guarantees that it will not go to zero.. and a lot of other variations in the ways that there are no guarantees in regards to bitcoin, its prices, its adoption, its network effects and other things that make bitcoin continue to seem amongst the best of current asymmetric bets that anyone could make.. and peeps need to get off zero and at least allocate somewhere in the 5% to 25% arena.. but yep.. no guarantees that they are going to be better off for doing those things..

By the way, your example of those who bought in 2021, there are likely some examples of those who bought at higher prices and then sat on their hands and did not buy more during the 2022 and 2023 dip, so they would be in a worse situation than if they had continued to buy from time to time throughout 2022 and 2023, and sure there might not be very many of those, so I would hate to focus on them as representative, and I also tend to be quite critical of folks who engage in lump sum investment practices who do not follow up with either DCA and/or buying on dips. but yeah, if they largely just bought and held through the whole dip period they would likely be at or close to profits now, yet earlier I was referring to a variety of folks who also might have only just gotten into bitcoin in the last couple of months, and some of them might currently not be in profits, even though surely, I would still consider that ongoing buying should be the solution to their entry point not working out as well for them in terms of not going directly to being in profits.


When it comes to bitcoin and anyone who might not have enough bitcoin, waiting is not a good strategy.

Waiting does not prepare you for up, and if you are preparing for down or sideways, you may well have to realize that down and/or sideways might not end up happening.

Sure if you have enough or more than enough BTC or you recently bought some and/or you are running out of cash, then maybe waiting might work as a temporary strategy.

Buying Bitcoin should not be anyone decisions trying to convince you to buy because of the price go bearish again, you might have to blame the people that gave you the advise to buy and hold especially when you are not ready to hold for a longer time.
Bitcoin is going to go bullish and we don't have to be over reactive of the market since their is still liquidity that keeps price moving whether bull direction or the bear direction. I would hit wait until someone tell me to buy before I buy more.

The positives of Bitcoin definitely outweigh the negatives. It's true that there are still obstacles for many people when it comes to investing in Bitcoin, even those who are educated or have investment portfolios. But I believe that as more people learn about the potential of Bitcoin and see its track record, they will start to realize the value it can bring to their financial portfolios. It's all about spreading awareness and understanding the benefits of Bitcoin. consider loss when investing in Bitcoin is important to assess your risk tolerance and be prepared for the possibility of losing your entire investment. But as you accumulate more Bitcoin over time, there is also the potential for appreciation in its price, which can lead to Bitcoin occupying a significant portion of your investment portfolio. Position sizing in Bitcoin is crucial approach in managing risk determining the appropriate amount or percentage of your portfolio that you allocate to Bitcoin. For example, if you have a $10,000 portfolio and decide to allocate 5% to Bitcoin, that would mean investing $500 in Bitcoin.

I am particularly perturbed when I hear about Bitcoin going to zero because even though it is a possibility, the chances are slim and I don't want to dwell in that thought as it will only increase anxiety for those holding for as long as they live like me ( I already made up my mind that Bitcoin will be one of the treasure I will to hand over to my heirs). If I'm preoccupied with the thought of Bitcoin going to zero, then I will naturally be drawn to investment options that I know will not go to zero such as physical asset which only natural disaster can reduce it to zero if the investment is genuine. So Bitcoin going to zero is not a factor for me.

The other factor or variation is investment going down instead of up, well this will simply mean a reduction in dollar value and not on the Bitcoin itself because 1BTC will always remain that, only the dollar equivalent can change and as someone who have the confidence that after this reduction, it will eventually rise so holding it will eliminate whatever risk that may be associated with this variation.


Those who bought around the ATH price of 2021 and held till this new market cycle eventually entered profit even though those might be the core believers of Bitcoin with clear long term view and approach to Bitcoin. Those who bought at the recent ATH price that are in loss now will definitely be in profit, just that we don't know when that will happen and if they will be able to hold like I wish they should be able to. You will agree with me that those using the DCA method might just have a small portion of their Bitcoin collected at that price which may not be so significant to put them in loss overall, meaning they only have part of their Bitcoin collection in loss but their entire portfolio in good profit.

Even though I feel like I am being a bit redundant, surely the various positives of bitcoin seem to quite outweigh the various negatives, and surely that is part of the reason that I have been invested in BTC since late 2013 and largely spent my earliest years in bitcoin focused on accumulating it - even when there were not very many folks who were looking into the matter of bitcoin and even taking small stakes in bitcoin during those times, and surely there remains some obstacles in terms of a lot of normal people and/or even educated people or otherwise folks who invest into things, and still so many people still fail/refuse to invest into bitcoin, even with some relatively small portion of their discretionary income (or some small portion of their investment portfolio, if they happen to have an investment portfolio).

Also, part of my point is to continue to emphasize that the most that you could lose is 100% of what you had invested, and so that should be part of your calculation in terms of whether you would be wiling to completely lose everything that you put into bitcoin, and if it takes you a while to build up your bitcoin holdings, you may well start to have quite a bit invested into bitcoin but then also there could well be appreciations in the BTC price that contribute towards bitcoin occupying a large part of your investment portfolio as compared to any other assets that you might have whether that be only cash (cash equivalents) or if you might have some other assets such as property, stocks, bonds and/or commodities, and yeah I am not referring to holding shitcoins, but there could be some folks who don't really have access to making some of the other traditional investments, so they end up looking into shitcoins, yet hopefully do not end up investing more than 10% of their bitcoin holdings into shitcoins, especially since shitcoins are already correlated to the performance of bitcoin (meaning that they are only able to survive if bitcoin does well), and a lot of shitcoins are either affinity scams on bitcoin or otherwise providing little value.. at least in the sense of considering them as long term investments that you could sit on for 10 years or longer.

A lot of the concerns of possible negative scenarios for bitcoin can be addressed by position size, which also could end up having some trade offs in which a guy might have concerns about bitcoin so he holds back in his investment into bitcoin by being a bit less aggressive than what he otherwise could be, and so then if BTC prices end up going up, then he may start to feel regrets that he had not invested more aggressively, but those are the kinds of trade-offs that each of us should be more than willing to accept, and also part of the power of nature of bitcoin's asymmetric bet.  There might not even be any need to be overly aggressive to still be able to profit stupendously from investing even fairly modest amounts into bitcoin, and surely that has been the case historically, and there is no reason to conclude that bitcoin asymmetric bet nature is not going away, even if some of the upside profit potential has already been absorbed.. .. and there are also no guarantees either.. which is also part of the nature of any asymmetric bet.

It would be ultimately terrible that someone would see an end loss result for an investment and still proceed to taking such investment. It’s either such a person is insane or out of his mind which still shouts insanity.

There is a big difference between entertaining the possibility of a loss and having loss for an end result.
When you talk about possibility of a loss, it simply means you could also make profit and this prepares you for any likely scenario as well as, pushes you to make necessary adjustments to ensure you stay profitable.
While, loss is just loosing and no one in their right sense would want that.

You might not be able to control what happens with Bitcoin but your actions to it is what you could control to stay profitable. It’s well known that Bitcoin is volatile, it’s left for you to use that in your favour.
What you need to learn is patience and have the right mindset when the market seems to go against you. Work within principles of buy low and sell high.
When the market goes bearish, rather than panic, you proceed to buying more Bitcoin and when
It’s high, you could either sell a minor portion of your portfolio but, that’s in obvious cases when you need money and have no other source to turn to or you just continue holding.

The risk really is you as a holder and the actions you take at certain points of the market.

Looking at persisting circumstances, the likely possibility that these could ever be the case have got no significance. Hence, it doesn’t really have a base to be a very considered option in taking Bitcoin investment. As we have the negative news that seems to influence user’s decision, so also do we have the positive and all that is reflected in the market movements by investors.

That's true Bitcoin ain't for the rich alone, but having a good financial status is already an advantage when it comes to Bitcoin accumulation. But one can invest smoothly by just having a good discretionary income when it comes to Bitcoin investment and Accumulation. With some nice plannings inorder to manage his financial situation while holding or investing.


That's true, despite there isn't any guarantees. Bitcoin as prove to be worthy of been called one the best investment or asymmetric bets just as you said. Though alot of folks at there are still doubting and all that , while some are waiting for Bitcoin to cash ( which is impossible), while some are waiting for a massive dip before considering stacking sats . All these individuals are just wasting their time pushing away such wonderful opportunity in investing in bitcoin, and I believe back then that most of those folks that have the thought of Bitcoin crashing may have already jump into investing in bitcoin after seeing the growth potential Bitcoin possess. Though we may not be certain that Bitcoin may continue to increase in value or may not but still having some stashes is just the best, which will put among those that are in the safer side.


That's true but we ain't experiencing such but it's Still a possibility, if such may endup happening it'll  still be an honour investing in such wonderful project

I would phrase the matter differently, and I would think to invest into anything, whether bitcoin or anything else, there should be a certain level of confidence that the odds for it going up are greater than the odds of going down, and from your perspective such odds are greater than 50/50, but yeah, there are a variety of scenarios of marginal performance in one direction or another or great performance in one direction or another, so in some sense, as long as you do not hedge, then the most that you can lose is 100% (and perhaps the opportunity costs of missing the ability to invest into some other asset instead of bitcoin).

Part of the appeal of bitcoin remains that it seems to have very good chances for really high levels of payouts, and surely there could be some variations of the very high payouts that are less profitable, but still quite profitable, so in that sense bitcoin remains one of the best asymmetric bets that are available, but it is still just a bunch of probable scenarios with varying levels of probability and it is likely that people are not going to assign probabilities the same, so then we also have asymmetric information in the sense that hardly anyone owns any bitcoin, so even if they know the word, they likely don't know what it is, otherwise they would own some.. .so in that sense, a large number of them are either going to die first, or they will end up coming into bitcoin later, whether they want to or not.. and sure, we also have ongoing attacks upon bitcoin, too... so there surely can be confusion for anyone regarding whether bitcoin remains a good investment - surely an aspect of the asymmetry in the bitcoin-related information, and investors into bitcoin are likely to receive payments for both their having such information about bitcoin and also their acting upon such information by stacking sats.


It is not a zero chance that bitcoin would either go to zero or some other variation of going down from here rather than going up, so if bitcoin were to continue to spiral downwardly without ever recovering and if you were to keep buying bitcoin and it never recovers, then surely in those kinds of circumstances you would end up losing, and even if they might be low probable outcomes, those are not zero possibility outcomes.


Selling too much too soon.. yeah.. and then also trading and/or using margin.... but yeah, so far, historically, those who have either held or just continued to buy on a regular basis  and errored on the side of holding and not selling, they have so far always gotten into profits, and truly that is completely true for everyone when when we are at all time prices... and the last time that we were at all time prices was around 7 weeks ago... yet for sure, right now, as I type this post at $59,244, we are right around 20% below ATH prices... so there would be a small grouping of folks who are not currently in profits.


For sure, you are not going to get any quibbling from me on this part.. there are a lot of ways that newbies should be able to figure out their position size so that they can mostly invest and/or continue to invest when they are establishing their initial position in bitcoin, and surely some people take longer than others to really establish a position and/or to stick with it... and surely since 2014 or so, I have been saying very similar things to people in the real world.. and they hardly every listen, and there always seems to be certain amount of negative or questionable things going on around bitcoin that will scare normal people from getting involved in bitcoin, but surely a measured approach should resolve these kinds of matters, which also brings us back to DCA.. which also newbies seem to even be reluctant to engage in a DCA kind of an approach.. because if they get into something, they seem to want to figure out a way to get a reasonable stake, and surely having difficulties concluding that DCA is one of the better of ways for almost anyone to get into a long term investment.. even if the first few years might feel a bit painful - especially with the bitcoin's volatility... but yeah, getting over the hump of coming up with a plan and then taking actions (and then following through) can be tough for a lot of folks.

Yes having a good financial status is good in your Bitcoin investment journey, but let not sound like Bitcoin investment is only for the rich.  However, every investor must make that informed decisions of ever considering Bitcoin investment in terms of how much of discretional/disposable income they have and moreso another important thing is proper planning can help an investor to become successful in their Bitcoin investment by making proper use of their financial situation, every investor must tailor down his investment plan to suit his or her financial situation.

It is as if bitcoin was not the best suitable cryptocurrency before.  Well, bitcoin have always been the best and the number one cryptocurrenct in the world.  All cryptocurrencies copying bitcoin and trying to be like bitcoin, it will be better if people should invest in bitcoin because their is no point trying to invest in other coins that are not safe. Looking at Bitcoin it is good and I don't see what is better in other coin than what bitcoin has.
The only problem of people is that they misunderstand bitcoin and think that bitcoin can give them quick profit when they  invest in it and they even invest with the money that they can't afford to lose.

such a sentence is intended for the functional purpose of money used for investment. what is intended may not force investment using money that is actually part of short-term needs or savings.
This means that those who want to invest in Bitcoin should have good finances so that in their investment plans market conditions will not affect investors. That has been the reason why investors end up selling their investment assets at a loss.

From the day you created this post, last year September, Bitcoin has gone up above the price it was. From my observations I can say that only few people are on the short term investment but lot of people are investing for the long term, so you will get more of long terms investment advices.
I like the fact that you take a good decision last year, at least you tried to learn Bitcoin investment so that you can be able to gather more Bitcoin investment knowledge, profiting on Bitcoin is totally depends on how much you invest and how hard to work to make sure you don't quit the accumulation process.

I don't agree with this statement now that I know better about Bitcoin. It is more or less fud in a soft tone. Who will deliberately invest his money to lose it? If I know I will lose my money in any investment, I will not call it investment and I will not be committed to such venture. I use the DCA method and do it consistently,  I won't spend all that time and money on something I know will disappear and all my money gone.

I'm not saying that there is no singe risk involved in Bitcoin but the truth remains that Bitcoin is not turning to zero for any reason so there is no way I will lose. From the available data about Bitcoin, the only time you lose money in Bitcoin is when you deliberately sell at a loss else holding it for a little longer will always lead to profits.

The right advice we should be giving people is to invest what they can afford to hold for a long time and not expect quick profits. If they come into Bitcoin with this mindset, they will not be in a hurry to sell and when price drops like we are experiencing now, they will be patient to wait it out.

In as much as I started last year September and have Seen a bit of sideways and more of the bull, I can say for sure that I have gotten enough experience to challenge my decision and emotion because, I was on a high profit especially when Bitcoin broke the new ATH. But here is my belief,  knowledge is usually stronger than assumption and predictions, however my knowledge I have about Bitcoin in relation to the reputation it has attained over the years is concrete enough to convince me that Bitcoin can still do more ATH.


Sure mate, like I said earlier, when I started this thread I was a bit of a novice who had only little experience or idea in the crypto network, but as of today, I know the importance of security and the penalties that follows if you disregard any caution in safe guarding your mnemonic seed. I'm currently using an electrum wallet to store my Bitcoins but when it gets to a certain level I'll consider the use of a hardware wallet.  

Of course you have made the right decision, but only invest as much money as you are prepared to lose. But nothing can improve in life without taking risks, but now Bitcoin is the best among the best suitable cryptocurrencies in the world today, you will benefit the most if you invest in this Bitcoin. Because Bitcoin has many positives since the ETF was approved in 2024, after this 2024 Harding, the bull market has started, and there is sure to be success if you invest in it now.

Experience starts only after taking actions, I am glad you get this far but one thing is missing here, where are you keeping your Bitcoin? I hope you know the difference of a open source Bitcoin wallet and a closed source Bitcoin wallet.

I bring this up because someone close to me lost all his DCA since 2023 to a stupid Bitcoin wallet he downloaded on the app store, google store to be precise, I don't want the same to happen to you too, the best Bitcoin wallet for mobile users is Electrum.

Make sure you keep your recovery seed in a private location, you don't want to DCA for long only to give it all away to a scam or something similar.

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While your Bitcoin grows I will like to advice you to get a air gap device to store your Bitcoin comfortably for the long term, It is not a good idea to have thousand dollar worth in Bitcoin and not consider a $180 hardware wallet, good luck.

It is more important for you to proceed with reality than dreams because you need to make the right investment friendly policy. Initially you can't expect to profit by dodging the long term. Increase the size of your stash and maintain it with emergency fund resources and security. With the volatility that prevails in the bitcoin market, you can achieve investment success with the right holding attitude. Keeping a floating cash reserve with increasing DCA levels is a key component of long-term investing that can turn your dreams into reality. Markets going through negative conditions and entering a bear market at the end of a bull run is an extreme situation creating an opportunity for some investors to buy BTC again at dips prices. You should be tempted to buy more DIP depending on the situation.