Topic: My do's and don't's way of acquiring BTC (Read 1077 times)

with adequate knowledge, you get to invest in a manner that's the right way, and you get to know which is the right time to invest and what to do when the market dont look favourable and then you can now device the best strategy that works well for you based on the knowledge you've gotten and how it fits well with the capital you have at hand.

Creating a balance between getting a good capital and a moderate knowledge on what you're investing in is necessary but what I wouldn't do is to trust my knowledge or the investment so much that I'm led to invest all that I have as capital at once. Of cause, Bitcoin is a volatile asset and regardless of how we've come to believe in the blockchain technology, what I wouldn't do is to invest without making the right plan or preparing for the worse case scenario.

Knowledge then practice, and these things must exist together to help an investor safely invests and stores bitcoin.

Because knowledge is not enough if lack of practice. Practice will help you to back up your wallet, it can help you to recover your wallet. And it's very important to back up your wallet, test your wallet backups that is a practice wallet recovery too. If the test is well and you recover the same wallet from backkup, later you can use your backup for wallet recovery, without risk of losing your fund.

If you don't practice, don't test your backup, maybe you will fail in wallet recovery and fund will be lost. Some people lost bitcoin because of hacks but in this case, you lose your bitcoin because of your carelessness and lack of practice, not because of any hacker.

I agree with you because knowledge is the first need in running anything and capital can be adjusted using several methods.
Without knowing bitcoin, how can people believe in investing and it will be very difficult for people to get involved in investment if they do not know the process of the journey.
In addition, there needs to be knowledge about how to store bitcoins in a safer wallet because some people ignore this problem so that when the bitcoins they have are lost they will say it is a scam.

Investments must be carried out based on the ability to recognize potential and this is where this ability is needed so that people can believe in the journey of bitcoin in the past and future through existing historical data.

It's better if people can have solid source of income, because with it, they can do two important things for their investment in bitcoin

Continue their investment with time, with dollar cost averaging strategy.
Always have money to use and don't have to sell their bitcoins to have cash for paying bills and buying necessary things.

Solid income is important but if an investor is very disciplined and has strong faith in Bitcoin, he will not touch his bitcoin even income is broken sometimes and his life is not too bad at that time.

Knowledge first, and it is a foundation for all your later steps in investment.

Without knowledge about Bitcoin, you can not believe in its future, and can not spend money for investment.
With strong belief, you will hold your investment portfolio better through corrections, bear markets and even some market cycles.
Knowledge is important to help you choosing good wallets to store your bitcoin safely, to make wallet backup, to recover your wallet properly too.

How to back up a seed phrase

Starting something you can't finish will cause problems and it's not a good decision to make.
Capital is important in running an investment but knowledge is also very much needed because if someone has a lot of money but doesn't have knowledge about investing it can also result in losses when running it.
More simply, invest responsibly by using sufficient capital and considering learning to invest first so that you are much more prepared.

Focus on developing the potential to make money so that slowly people can start to increase the investment they are doing.
Something that is done in a hurry will not give good results because investment requires knowledge and capital in it.

There will be a point in time when investment becomes your primary need. With my experiences in life, i believe that life is stage by stage. An individual cannot start doing something bigger than his level without encountering challenges bigger than him. At every stage in life, we should cut our coat according to our size. There are investments that we can start doing when we earn average in the country and there are other investments we can do when we are rich and financially comfortable. Bitcoin investment can be done by anyone as long as the income is consistent. It could be that it comes from a business, job, or the skill we have. In as much as we are starting the investment we should not invest more than what we can afford at that month, week, or bi-weekly depending on the period you set aside for your investment. Anyone without a steady income flow should not involve themselves in Bitcoin investment. If the monthly earing is too low that they can easily afford to take care of their need and pay their bills then they should avoid starting.

That is true. Don't get envy to people who are buying btc if you don't have enough money to spare. Don't take a loan just for this investment as you have no idea if you will indeed get profit or not. Do remember, if you take a loan from these loan sharks, instead of gaining, you will likely lose more.

In time, you can also accumulate btc if you will invest slowly. So long you won't have financial problem, you can peacefully collect more satoshis. Would be hard if everyday someone is bothering you because of your loan and interest. That's actually stressful to live such situation.

Yes personally I agree with you because u need to have enough money to buy bitcoins. In addition to having enough money to buy BTC, one must have a high minded mind because to buy it at such a high price one must have a great minded mind. The price of BTC has skyrocketed, no one can buy it if they want to, bro, it is not possible.

People who buy BTC must have a lot of money so that they can live well and handle their family well after buying bitcoins. Let's say he bought BTC with all his money but later his family or himself became too difficult to buy in this way. Even after buying Bitcoin, if you have the ability to run down as a backup and keep your family safe, BTC is worth it.

If I had to pick some of my "do's and don't" of acquiring bitcoin that main thing that I would say it just make sure that you have the money to actually be purchasing bitcoin.  Don't bit off more than you can chew.  Make sure you've got enough "traditional" dollars and investments on hand and that you are set up for retirement, or on the path to meet your retirement goals.  Once that is the case, than okay purchasing bitcoin can be a great idea.

Selling your asset is a big no just to invest in bitcoin. That was my mindset before. But seeing how bitcoin investment prosper more, more than my untouched asset can do, then I’d come up this decision that it’s okay to sell if your asset is not giving any sustainable profits to you. Rather than seeing it sleep all throughout the years, it’s better to just sell it at a reasonable price and invest a portion of it to bitcoin and the rest to some other physical assets.

Bitcoin may be a volatile and highly risky investment but if you know how to manage it, without putting some pressures to earn quick profits, I guess you will definitely find exceptional profits when you’d come to sell your bitcoin at your goal price.

I agree with you. Before investing in Bitcoin first look your basic needs by paying important bills like rent food electricity and transportation on time. Ensure that we have emergency savings and steady income because Bitcoin value can fluctuate quickly. Investing in Bitcoin is not suitable for those struggling financially. To avoid stress and financial trouble first look financial stability by covering essential expenses and building emergency funds before considering Bitcoin investment. But still if anyone wants to invest in Bitcoin so he/she can prefer DCA method.

I've done everything I could to acquire Bitcoin many years ago and till now I am still on some medicine for my body to be fully restored, saying that you are working your ass off to get BTC will come with heavy consequences, just be ready for that.

I can remember that I was put on doctor appointments almost every week, it was so bad that I nearly wound myself, it is not worth it OP,  better find a way to work less and earn more, it is not about how strong you are, how you use your body in your 20s and 30s will determine how your old age will look like.

If your job is too hard on you make sure you find another, less work and less money is smarter than heavy work and heavy money, we are not made of iron.

OP makes undeniable point that DCA into Bitcoin has worked out quite well for many people. If someone was to invest $10 a week into Bitcoin over the past six years, they would have eventually been able to see a return of 202% after five years-with that being relatively huge in comparison to, say, gold or Apple stock, respectively. It reduces risk by spreading out your investments over time and will thus be easier on your stomach during fluctuating ups and downs.

However, one should not sell land or any big asset for the sake of going all-in into Bitcoin. Normally, it is very tricky to time the market-you got in at $17K during a dip. As could be noticed, Bitcoin's price history is just the embodiment of wild changes, thus there is no guarantee that this strategy will work again. If somebody doesn't have several assets to support him or her in such situations, one really needs to think twice before making a huge decision. With DCA, consistency would be less of a risk for the majority.

You are right, when someone decides to start investing, they must first be able to meet their needs and it is very unlikely that someone with a mediocre income will be able to invest well, but they can first be able to think about their needs and still save part of the income they have and after having savings and also the income they have been able to meet all necessary needs, then they can start to invest according to their abilities.

Without enough income to be able to meet the needs we need, it is very impossible to be able to run investments properly and correctly as you said that investing in BItcoin is very good if you choose to survive in the long term, so it is very impossible to be able to maintain their assets because there will always be needs needed while they do not have income so they have to take back the assets that have been and it will be better for us to continue to do work that can have a greater income to be able to meet their needs and also to run investments for their future later.

As long as you have money why not, although it cannot be denied that ideally investing in bitcoin of course we must have a regular income but in the end regardless of whether we are unemployed or working as long as it has sufficient finances or in simple language has a fixed income every month then they can still invest.

Those who are unemployed are those who do not have a job but that does not mean they also do not have money although surely most of the unemployed will definitely have financial problems but in some cases there are people who do not work but they have income every month. So in this case I think there is no limit as long as we have money to invest and intend to be in bitcoin then they can do it.

Let me say my opinion on your do's,

1.) There must be a job that pays under a month but a DCA strat can indeed be done per month to make it more easier for us.

2.) I can see that before you join BTC you are already a real estate investor, so you should also give credits to it and you don't need to risk most of it for BTC because it is also a good investment already but you already did and you still got lucky that the outcome for you on BTC investing is great, I mean even BTC is known to be legit and profitable, there are still newbie investors that doesn't know what they are doing. It can be that they only rush and lacks in knowledge about it. For those who already have an experience, there are still things that can make them go against their plans.

3.) This is because alts are more easier to mine but that's a good strat you did there and I already saw someone who does this before.

4.) This is a nice way to earn a BTC. I believe many started here as well.

Here are on your dont's,

1.) You have other investments remember? And there are also sig campaigns. Other than that, there are still lots of ways to earn free BTC's.

2.) Just like the first one but no doubt that having a debt is no-good and if we can earn free BTC's, why we would still loan a money right? It just doesn't make any sense.

3.) I don't see anything wrong with it. Seeing someone who failed with this, doesn't mean that you will be on the same path. This is what they say that we must stop comparing and stop thinking negatively in advance. Anyways, it is only wrong if you will only beg money alone and I don't think you will be successful with it. I know many people don't like this.

4.) You are right with this. As I said earlier, BTC mining is now difficult so investing a mining equipment for it may seem not a good idea, unless maybe if we are in a country where electricity is cheap and the weather is cold for our miners to run efficiently.

I wish there are ways I can contribute more than sig to make money from this wonderful forum. Anytime I finish my offline and open my PC to move around the forum boards. I browse around the service board and I wish I can just offer some service but then I have to balance myself between been online and offline otherwise I will dedicate my time to offer graphics, there is Bitcoin payment to be made if you are good at it and you can earn Bitcoin from contest and reviews.

Not minding that, anyone with less schedule can participate in this ongoing aidrops, there is some change to be made and you don't need to spend much time. Most of them at revolutionize Notcoin, the likes of Dogs have some people money got login into the telegram based on the date they were registered and they make money. This money can be converted back to Bitcoin and you will be surprised by the number of sats you will accumulate from this aidrops.

I do not see the source of the loan that is devoted to the issue of basic daily needs and what I see especially in our area loans given for business capital costs but there are requirements that need to be completed by the applicant. As for the cost of treatment there is health insurance given by the government for the program they compile and it is enjoyed by most people according to different categories. Loans must be seen according to the needs of its users and never forced to take loans if they do not know how to be more productive.

In terms of investment involvement in bitcoin people can do independently and no other parties are needed as supporters. Regarding funds someone can start with a smaller amount so that investment becomes a good start for people to reach the stage of financial freedom. If it is invested consistently even though using a small capital will surely slowly become more.

I've always known that investment falls under secondary needs, you can not neglect your primary needs and jump into it. People without financial education always jumps into investment without considering whether their incomes are able to cater for their primary needs which are basic necessities. Before going into any investments including Bitcoin, someone must first consider food, shelter and unavailable miscellaneous expenses like transportation to work place and utility bills.

Bitcoin investment is not for the jobless or people who's income cannot take care of their basic needs. Bitcoin is supposed to be a long term project because it's a volatile asset. So if someone that doesn't have spare money to buy after taking care of basic expenses should forget about Bitcoin investment until his income increases . It'll be labor in vain to sale your Bitcoin prematurely especially during dip because you needed money urgently. It's not advisable to start DCA method when you don't have emergency funds to take care of unforseen expenditures.

That's right, that's the worst. For the current conditions, for borrowing and lending funds, I think it's very difficult to get and they only want to help if we are in an emergency, for example for urgent important needs, for example to cover the costs of medical treatment or other things. cover the needs of basic necessities.

If we say for BTC investment and later they will be able to share the results with donors, I don't think so at this time unless we and they are both in the same field. of course assisted because they always monitor its movements Also.