Topic: My decision on bitcoin - page 5. (Read 1191 times)

That sounds good because basically a phone you don't use isn't helping you at all and it might work to your advantage if you use the proceeds to invest. It's a great idea to consider, but you don't have to wait too long for the bitcoins to drop, just buy it now and store it safely like you've kept that phone all along.

I'm not sure what budget you will get from selling that used phone, but it will be good and worth it if you really invest it. Remember that you have considered the risk of price volatility, but you should never ignore other risks including not storing your bitcoin on centralized exchanges for the long term. Get a wallet that fully gives you custody, it's much safer than trusting your money to other parties.

These are old stories and it doesn't move market again. Op you don't have to bear any risk. And what risk are you talking again? You said, you asked a question to buy bitcoin and the responses were favorable and you were told to buy because you done know the next movement of bitcoin. Op are saying you don't have the money to buy now or  what?  And if you are eager to buy then there is no need to beat around the bush, go straight to the main point and purchase your bitcoin now that bitcoin is down. Your less use phone? Smile! I am waiting for the next thread which you have finally sold your less used phone which you purchase with money fr a specific purpose.

I don't think the op is desperate to buy bitcoin, when we see those who are desperate, we know them. Selling of phone to buy bitcoin is not a desperate move to buy bitcoin, and desperate people work hard to buy bitcoin.

That decision suppose to be personal if you have the strength and capacity in term of money, and if you want to hold for a very long time, then buying the dip will be the best and if the price goes up then your rest assured of the profit. And since everyone already knows the nature of bitcoin that it does not have a stable price once you have an opportunity the best thing is to make use of it, one of the major thing i see about bitcoin is learning  how to take opportunity. I love your ambition of been a long time holder it pays but make sure you have another source of income so you don't put to much eye on what has been invested. There are also financial principles while investing in bitcoin and that is why the knowledge is always important.

If I am advising anyone to invest in bitcoin, then I will recommend they invest for the long term. I notice you are a newbie, and trying to trade or invest for short term might be very risky, because you can easily lose your money due to the high volatility in the market currently. If you buy and hold, then your chances of losing your money is kind of low, but there are still some necessary things that you have to do to secure your bitcoin if you are planning to hold.
 
Make sure you don’t leave your bitcoin on exchange. I can say that’s one of the main mistakes that newbies make, they believe that if they leave their bitcoin on exchange, it can be easily accessed, but they don’t know that if anything happens to the exchange, then their investment is already gone. Make sure your bitcoin is stored in a non-custodial wallet address where you are in control of your coin, and make sure you properly secure your wallet private key. If you lose your private key, then you are losing your bitcoin. That’s why your private key should be properly secured. You will need to take your time to read about wallet security, because when holding you need to protect your wallet.

I know you are so desperate to invest in bitcoin, but I don’t think it’s a good idea for you to sell your phone to invest in bitcoin. What happens when you need the phone later in the future? Are you going to sell the bitcoin to buy back the phone? Bitcoin investment should be done with the extra cash that you have with you, you don’t have to hurt yourself because you want to invest in bitcoin or sell your properties because you want to invest in bitcoin.

Good thing you’re now ready to take that risk, even selling your old phone to start realizing your goal. But I want you to invest with caution and just do DCA when you try to accumulate and fill in your portfolio with bitcoin. Buy whenever you have spare money and it would be a lot better if you can start buying when the market is still bearish so you can still prepare your bitcoin investment with the upcoming bitcoin halving and bullish market. However, never expect that everything will end making you highly profitable as there are sudden market factors that will definitely test your patience and attitude towards investing. If you panic sell, then you will lose your investment.

Maybe those that suggested that you wait till the DIPS really felt that BTC is gonna go so low as to compared to 2013 or so??... Cause mhan, nothing is virtually happening pretty much more that what you see... But well, time will tell.
If you wanna stack up, it's not too late but not early too... Just have the right mindset that anything can happen - BTC had already depreciated by 11% but rose back to place so there are ofcourse every chances to go down below again.

To me, it sounds like the OP is not in the best financial situation. How much money are you going to get from an old phone? They retain little to no value after being used for a year. If you're not able to afford to invest, it's best not to proceed. As it was previously mentioned, how would you cope with Bitcoin's value crashing, especially if you bought it at a significantly higher price? Will you be forced to sell, or will you continue to hold on, hoping it recovers? The DCA technique other members mentioned is quite reasonable, but how much can you set aside to buy Bitcoin on a weekly, monthly, bi-monthly, and so on?

Perhaps it's wiser to look at the root, focus on saving more by changing your spending habits, and pursue earning more before you get into investing.

It is good to know that you decided to act now than waiting for the price of Bitcoin to dip.  Buying Bitcoin now is securing your entry point at the current price.  If ever Bitcoin price goes lower, you can always have a chance to lower your average entry point by DCA.


I agree, nothing is done through words but action.  I hope you can get a good deal in selling your extra phone so that you can buy more BTC from its sale.

Well yeah it kinda depends anyway if that money you're about to lose anyway. This is something that only you can answer not by other people. Bitcoin's price could just go anywhere randomly obviously and we ain't having any control from that.

If you really dream to become a long-term Bitcoin hodler, just invest only what you can afford to lose and forget about it like it doesn't exist. I mean you're not wrong in just selling your phone to invest it to crypto, but I believe that would lead you to expecting that you'll earn from it within a month which isn't really the "long-term" that we're talking about.

There is no actual time to buy Bitcoin. Don't wait to go all in, on Bitcoin because the price of Bitcoin can pick up anytime and you will be waiting for the price to dump and it will not dump, FOMO might make you buy Bitcoin at the wrong price because you were not patient enough. You can use the DCA strategy and buy bitcoin anytime Bitcoin price dump.

Hmm, Op that's good that you preferred jumping into the market now rather than waiting for another major dip Even though there are conspiracies that there can be a major dip again it is only to the limit of theories. As far as you are done with the Home Work on Bitcoin and now you've made up your mind to invest in Bitcoin and be a long-term holder you should not wait for the DIP as to avoid the FOMO you can have a very common and most suggest investment strategy in the Bitcoin called DCA.

It is never known whether the market bottom is confirmed or not even until now as I said there are different sorts of theories and opinions of analysts about it so to avoid such scenarios except for the particular ones you should stick to DCA.

That's right that if you're not going to do something right now then how would that dream of yours will be met? I'd like to congratulate you with that decision and by taking an action after asking such questions. Because many of those that have asked the same questions didn't even followed up on what they have decided to do. And by selling that used phone of yours, whether it is less used or not as long as the fact that it's already been in your turf for quite a while, it's already a second hand phone. But that's not what matters, what matters now is that you're about to take risk and it's likely that you've made your research to on how much you're willing to spend for having your very first satoshis. Remember that after the purchase, it's just the start of your journey and this is truly going to be a long ride for you just as we, so just enjoy it and never get discouraged when you're seeing the price dropping fast.

If anyone is waiting for the bitcoin dip they may eternally wait and never get to buy , cause no matter the falling price it won't still be the sip to them. When bitcoin price was $16k some persons stay made the excuse of waiting for the dip and boom the price went up to $25k +  and they never bought. What am implying is that almost everyone that talks about buying the dip never gets to buy at last.

You really need not be that so eager to sell your phone to buy a sat BTC, there are services you can offer online using that phone which can give you bitcoin as payment. All you have to do is to use your expertise if you have any.

You can sell your phone today to buy bitcoin which is a good investment so to say, but what if the bear market tarries longer with another dip when you have bought with the money from your phone, what are you going to sell again?

Don't be satisfied if you're yet to understand the main reason why you were suggested to make the move to buy, you need to understand the reasons and not just for you to conclude buying and after then you don't know what next to do and fear begin to grip your nerves on mising out.


That's a nice discovery you made for choosing bitcoin for an investment and for the fact that you're willing to hold bitcoin as an investment for long, then there's nothing to fear about even when the market dips, you're not loosing because you're going long to hold bitcoin with you.

Whilst some people might have gambled by selling properties or borrowing money to buy Bitcoin and it worked out well for them, doesn't mean that's the appropriate thing to do. Just as i've asked the OP, if you are selling to invest for the first time, are you going to continue seling properties when next you want to buy Bitcoin. Obviously it is a personal choice and anybody can do whatsoever they want with their money, but what i am saying is that it is wrong to make it a habit of selling things just because you want to buy Bitcoin.

You do not have to update your life activities here and create a separate topic each time. Instead, you could create only one topic containing all the activities. Well, what could be done now that you have already made the topic? So here is my reply to you. I do not know if you asked about investing in BTC now or not. But my answer will be the same, which is based on true facts. You should take at least 20% of your investment and invest it in BTC to avoid FOMO. Let's say now the price of BTC is at $25,7k and you see it going towards $30k and fall for FOMO and start to take entries abruptly.

I do not know where you live, but rates are decreasing now, which means it is the best time to at least buy some USDT and wait for the market to buy BTC. (This only applies if you first buy USDT, then BTC, as you can also buy BTC directly via many sources.)

The point is that you have done the right thing. But please follow the best practice, which is to not invest all the money you have at once. Instead do DCA and perform proper emergency funds for backing you up in unexpected dips.

@makus, you have taken a very bold step at the start to follow the leading crypto investment. There are a lot of people who have sold things that you can not imagine just to invest in Bitcoin. Anyway, you have made the right choice after all, besides. Besides, now is the right time for you to click the buy button.
Some people who have made such a good decision end up profiting in the end, so I also believe that your good decision will profit you.

As long as you are very willing to take the risk yourself, there is no problem if you want to buy Bitcoin now. Besides, currently the price is not that expensive if you look at the highest price that Bitcoin has ever reached in the past and I don't think you are making a mistake by selling one of the cellphones that you rarely use in order to be able to buy Bitcoin. Because it is part of your own business once you have the intention to buy Bitcoin and the thing that is very unique is that you don't immediately buy before you get advice from other people about this.

You need to take a bold step if you want to start your bitcoin journey and don't wait till the price of bitcoin goes lower than this because no one can predict what price we will see next. It is better you buy now if you are serious to invest,so that you can also experience how hodling bitcoin is during the price fluctuation. Selling your old phone is a good idea because the phone will depreciate in value with time. Don't forget to keep your bitcoin in a noncustodial wallet and don't leave it on an exchange after you have purchase it. You can use DCA method anytime that you can afford it.

It will be good if you invest now as the price is still reasonable and there is a chance of becoming profitable during the bull run since there is a possibility of having another all-time high price of bitcoin.

That is a good idea if the phone is of less use, but I hope the decision will not be regretted. If you have a stable source of income, the dollar cost averaging method of investment will be better than buying once to prevent the risk of investing all you have at once so that you will not panic and sell when you are in serious need of money.