My decision on bitcoin - page 5. | Bitcointalksearch.org

tranthidung

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Quote from: FatFork on September 08, 2023, 05:20:50 AM

I saw your topic and noticed that the thread is now locked. I'm not sure if you locked it or if the moderators did, but generally, you don't need to create a new topic for every thought you want to express, especially if it's related to a previous discussion.

It will continue to be created because it is easiest story telling to fish merit.

Quote from: Makus on September 08, 2023, 03:25:21 AM

Reason for all these questioning, I have a dream of becoming a long term bitcoin holder but, dreams aren't achieved with words alone, an action is needed for the start up, so I have decided to sell one of my less used phone for the purpose of buying bitcoin.

If you have to sell something to buy bitcoin, you are doing something not too healthy to invest in Bitcoin. Because investment should be done with money you don't need to use in short term or even a bit long term. Capital for investment should be what you don't need and don't have to touch it even in emergency. It means you must have another source of money for emergency already.

Now, you sell your phone because you are not regularly using it but what if your current phone is broken and you don't have money to buy a new phone? Will you sell your bitcoin to buy a new phone?

Next question, what do you think if you have to sell your bitcoin with loss?

Porfirii

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Quote from: inthelongrun on September 08, 2023, 07:31:02 AM

Well, if the phone is not necessary anymore since you have another one then it is a wise move. The value of that phone will depreciate fast over time while the value of your satoshis will be worth more than double next year or by 2025. There is a risk of course but I guess most of us here are very confident of a major bull run during and after bitcoin halvings as what we've seen in the past.

-snip-

In fact, I think that it is all about Opportunity Cost:

Quote

"the loss of potential gain from other alternatives when one alternative is chosen."

If you decide to sell the goods you don't need anymore (in a consumer society we usually have many), and you invest the price in Bitcoin, you have to assess first what assets you prefer. You should make the same decision when you think about other alternate investments also.

Instead or selling goods, idea I personally like as a first step towards a minimalistic life, you can also think about investing your time. But, again, your time has a value, so you have to decide which is the best opportunity among the existing ones (spend time, spend money, liquidate your goods, invest in traditional assets or altcoins instead, or simply save).

Pingrapole

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It is normal that there will be a risk in everything, but you take good decision and be patient as you take decision, and you will get good hopefully at least from one halving to another Wait till halving then you will expect a good profit and an investment will be successful.First of all you have to be patient and buy as many bitcoins as you can before you might get a good profit and get something as good as a fast horse.Good step taken according to me and will get good things wait and invest.You can see that the experts have given their opinion since they already have it, their opinion is valuable and what they say will hopefully be what you start with.

ultrloa

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Quote from: Makus on September 08, 2023, 03:25:21 AM

I recently created a post asking if I should buy bitcoin now or wait for the dip, and majority of the response I got from the post, advised that I should buy now rather than waiting for the dip due to its volatile nature, and I'm satisfied with this response and I'm willing to bear the risk.
Reason for all these questioning, I have a dream of becoming a long term bitcoin holder but, dreams aren't achieved with words alone, an action is needed for the start up, so I have decided to sell one of my less used phone for the purpose of buying bitcoin.
I'm really eager to purchase my first bitcoin in satoshi.

How much is the cost of your phone is you sell it? Since if the selling price is low then you might just waste your time buying bitcoin now and hold it for long term since this action is best to do by investors who have big capital to spend. Since they can decently earn a lot even if the percentage of the movement is low. So maybe think for more better decision since having bitcoin is not only about holding since you can do a lot of things and generate more for long term.

inthelongrun

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Well, if the phone is not necessary anymore since you have another one then it is a wise move. The value of that phone will depreciate fast over time while the value of your satoshis will be worth more than double next year or by 2025. There is a risk of course but I guess most of us here are very confident of a major bull run during and after bitcoin halvings as what we've seen in the past.

Another suggestion OP is to make a regular dollar-cost averaging. Maybe doing it monthly even in small amounts will do while the price is still cheap.

Coyster

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Quote from: Makus on September 08, 2023, 03:25:21 AM

I have a dream of becoming a long term bitcoin holder but, dreams aren't achieved with words alone, an action is needed for the start up, so I have decided to sell one of my less used phone for the purpose of buying bitcoin.
I'm really eager to purchase my first bitcoin in satoshi.

Do you have a source of income to help you continue accumulating Bitcoin, you want to sell your old and unused phone to buy Bitcoin which might not be a bad idea, but how much does this old phone really cost and if you want to buy Bitcoin next time what again are you going to sell.

Mind you that it is wrong to sell properties just to buy Bitcoin, you might be selling something of less value to you right now, but who knows what you'll sell next, it could prolly be something valuable. Having said that, if you cannot invest in Bitcoin without sellng something, then you prolly should not invest.

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Quote from: Makus on September 08, 2023, 03:25:21 AM

~~~

The first thing you should consider before you go intro long term investment is the funds; will you be able to do without the money you are about to invest? And also you should be able to forgo the money you have invested in a project if anything unfortunate should happen; now ask yourself Op will I be able to do just fine if I should lose this money that I’m about to invest?

Selling your used phone is a good way of providing funds but if you don’t have spare cash elsewhere to use for your daily expenses you’ll soon be needing that money you have invested and if luck is one your side the price might be higher or the same as when you bought your coin, but if you don’t have high income then you shouldn’t rush yourself, buy bit by bit don’t just go all in.

Ronsbit

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Your decision is quite alright mate. Currently, the market is down and from the looks, this is the right time to buy more as a matter of fact, halving is around the corner so it would be of huge benefit for you now because if you are buying to hold for a long term, at least with few months from now when halving is over, you could make some reasonable amount of profit from your little investment.

I will advise you to know this "not your keys not your coin" do well to keep your investment under your custody for your own safety. Third parties are good but can not be trusted with your funds and assets. Of what difference is it you holding your assets and keeping it with a third party when they add no interest for you other than you trading with it or activating a savings function which they could use to make more profit for themselves and give you peanut at the end. It is better you have your assets with you than hearing stories of exchange hack and lots more.

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Quote from: Makus on September 08, 2023, 03:25:21 AM

snip~~

You have taken the right decision as the price of Bitcoin from its last ATH is down by more than 60% as of today. The next halving would happen next year and the price will surge up and might go beyond the 69K mark. You would get good return if you are able to hold it for that long. If you continue to hold for long term then there is no limit. Another good thing that you are doing is that you are selling an old phone which you do not use. That means you are investing with the money that you can forget for a long time. It is a great investment policy and I would say you did a proper research with the help of forum members. Best of Luck.

Accardo

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Investing on bitcoin depends on you, the investor, nothing else. What you think would work should be backed with extensive research before you throw in the first money into bitcoin. What matters is watching how the market price is moving. Whatever happens when you invest, if it occur to be losses, nothing can be done about it. That's why, it's advisable to invest what you are able to lose. It's not a get rich quick scheme. One thing for sure, the price will increase or decrease, if you want to profit do not fidget when the price goes down. Keep on holding on to it. Many investors still hold their bitcoin regardless of the market price. I'd say it's a good decision and a lot to learn from the investment. The best time to invest, can't be predicted. The chance of correctly predicting such, is low.

sokani

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Quote from: Makus on September 08, 2023, 03:25:21 AM

I recently created a post asking if I should buy bitcoin now or wait for the dip, and majority of the response I got from the post, advised that I should buy now rather than waiting for the dip due to its volatile nature, and I'm satisfied with this response and I'm willing to bear the risk.
Reason for all these questioning, I have a dream of becoming a long term bitcoin holder but, dreams aren't achieved with words alone, an action is needed for the start up, so I have decided to sell one of my less used phone for the purpose of buying bitcoin.
I'm really eager to purchase my first bitcoin in satoshi.

Some persons go far as selling their landed properties just to invest in Bitcoin, so the decision to sell one of your phones in other to buy your first bitcoin is actually not a bad idea. The market is unpredictable and as you can see it has taken a dive to $25k, it can also retrace anytime to $30k or more. So there's no better time to buy and hold than now. Whenever you have money you can still be doing DCA and be stacking your bitcoin. When the bull season finally comes and you sell your bitcoin, you will certainly get more than the money you invested and get to buy a better phone or whatever you want.

Bd officer

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Quote from: Makus on September 08, 2023, 03:25:21 AM

I recently created a post asking if I should buy bitcoin now or wait for the dip, and majority of the response I got from the post, advised that I should buy now rather than waiting for the dip due to its volatile nature, and I'm satisfied with this response and I'm willing to bear the risk.
Reason for all these questioning, I have a dream of becoming a long term bitcoin holder but, dreams aren't achieved with words alone, an action is needed for the start up, so I have decided to sell one of my less used phone for the purpose of buying bitcoin.
I'm really eager to purchase my first bitcoin in satoshi.

I don't know how much you know about Bitcoin. Looks like you have a pretty good idea about Bitcoin. You probably have a good idea when to buy Bitcoin. No one can accurately predict when the price of Bitcoin will go down. I think, now is a good time to buy Bitcoin. At the moment bitcoin price is 26k, it can be a good opportunity for you. If you wait for the price to drop further, that's up to you. You buy bitcoins and hold them for a long time. Bitcoin halving day in 2024, expect bitcoin price to double in 2025.

Lucius

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Quote from: Makus on September 08, 2023, 03:25:21 AM

I recently created a post asking if I should buy bitcoin now or wait for the dip...
~snip~

I didn't read your other topic, but what price would satisfy you personally as your entry point? No one can tell you with certainty to wait or to act now, because the price of BTC is almost completely unpredictable and can go in any direction. If you wait, you have a chance to buy cheaper, but also that the dip you are thinking about never happens.

In addition, as far as I understand, you plan to buy a small amount of BTC to start with, and then it doesn't matter too much whether the price is $20k or $25k - try to calculate it and you will see if there is a reason to wait or buy today.

What is perhaps more important in the whole story is whether you have taken care of the safe storage of what you are going to buy.

DoublerHunter

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Quote from: Makus on September 08, 2023, 03:25:21 AM

I recently created a post asking if I should buy bitcoin now or wait for the dip, and majority of the response I got from the post, advised that I should buy now rather than waiting for the dip due to its volatile nature, and I'm satisfied with this response and I'm willing to bear the risk.
Reason for all these questioning, I have a dream of becoming a long term bitcoin holder but, dreams aren't achieved with words alone, an action is needed for the start up, so I have decided to sell one of my less used phone for the purpose of buying bitcoin.
I'm really eager to purchase my first bitcoin in satoshi.

^ Satoshi once said, " If you don't believe me or don't get it, I don't have time to try to convince you, sorry".
https://bitcointalksearch.org/topic/m.6306
No need to convince you to buy BTC, if you believe that it will grow your investment in BTC then go for it. So best of luck with your first BTC purchase, and may your investment grow over time. Keep in mind that there is no time frame for gaining profit upon investing in BTC, it should be the amount that you are willing to wait for a long-term purpose.

michellee

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I was wondering when you would start buying your first Bitcoins and I hope it won't be long. But you can wait a while because the price is reversing. But you can also buy it now if you want.

And if you can accept the risk of falling and increasing the price of Bitcoin, that's great and that means you're ready to start investing in Bitcoin. And it's true. It takes real action to start investing in Bitcoin.

Once you have your first Bitcoin, you need to be able to manage your emotions because you will start to see Bitcoin price changes. It can give you all the feels so you have to be able to keep it unaffected by anything to become a longtime Bitcoin holder.

FatFork

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Quote from: Makus on September 08, 2023, 03:25:21 AM

I recently created a post asking if I should buy bitcoin now or wait for the dip,

I saw your topic and noticed that the thread is now locked. I'm not sure if you locked it or if the moderators did, but generally, you don't need to create a new topic for every thought you want to express, especially if it's related to a previous discussion.

Quote from: Makus on September 08, 2023, 03:25:21 AM

Reason for all these questioning, I have a dream of becoming a long term bitcoin holder but, dreams aren't achieved with words alone, an action is needed for the start up, so I have decided to sell one of my less used phone for the purpose of buying bitcoin.

You start every journey with the first step. When it comes to investing and buying the dip, it's a bit like setting off on an adventure. Nobody can tell you for sure whether it's the right time or not; that call is all yours to make.

uchegod-21

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Quote from: Jon_Hodl on September 08, 2023, 04:26:55 AM

It's next to impossible for us normal people to time the market and buy when we think the price is low. The best strategy is to buy on a consistent basis over a long period of time and hodl for years (I personally think hodling for t least 10 years is a good idea) and then spend them when people in your local economy and network of friends all start to accept bitcoin as payment for goods and services.

I have seen people recommend buying and holding bitcoin for a very long time, which is a welcome development and that is what most of us here in the forum does. But the time duration I always see in recommendation is from two years to five years. This is my first time of seeing a whooping 10-years advised of Bitcoin. Mate, I think 10 years is so long that you cannot tell if many of us will be alive and how about if bitcoin will not last upto the 10 years? Everything is possible. 10 years will give you two times halving and two times bull run. Only one time bull run should be able to give you an expected profit and you will start again for another bull run.

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Every investor should be ready to bear all risks that might occur at any time. Waiting will be very boring if the price never goes down, your best option should be to buy Bitcoin now, then hold it until the price reaches as planned. Long-term Bitcoin investors will continue to increase the investment amount even though the value of the asset is decreasing. Those who are used to the movement of Bitcoin will continue to be patient even though the price continues to decline, they have formed the belief that Bitcoin will return to the moon after the Bearish phase occurs.

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It's next to impossible for us normal people to time the market and buy when we think the price is low. The best strategy is to buy on a consistent basis over a long period of time and hodl for years (I personally think hodling for t least 10 years is a good idea) and then spend them when people in your local economy and network of friends all start to accept bitcoin as payment for goods and services.

_act_

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Quote from: Makus on September 08, 2023, 03:25:21 AM

I recently created a post asking if I should buy bitcoin now or wait for the dip, and majority of the response I got from the post, advised that I should buy now rather than waiting for the dip due to its volatile nature, and I'm satisfied with this response and I'm willing to bear the risk.

If it is on this forum that you ask that question, some people will also tell you to DCA. Buying now or starting to DCA now are all good because bitcoin price for now is not high at all and you are only buying the dip.

Quote from: Makus on September 08, 2023, 03:25:21 AM

Reason for all these questioning, I have a dream of becoming a long term bitcoin holder but, dreams aren't achieved with words alone, an action is needed for the start up, so I have decided to sell one of my less used phone for the purpose of buying bitcoin.
I'm really eager to purchase my first bitcoin in satoshi.

If your old phone is not useful for you anymore, you can sell it to buy bitcoin because your phone will continue to become old and the price will become less as it becomes more old.

Topic: My decision on bitcoin - page 5. (Read 877 times)