Topic: My do's and don't's way of acquiring BTC - page 2. (Read 1077 times)

There are several ways to get bitcoin and it depends on what method is used by someone. If you don't want to get into trouble then getting bitcoin should be done responsibly and not taking what is not yours. I prefer to use a simple way where you buy bitcoin when you have money or you can also use the DCA pattern to buy. Work hard to get something we want because it will not be in vain and bitcoin will be something meaningful in investment when run properly.

To be better prepared for investment, someone must first understand bitcoin so that the investment that is carried out will be more knowledgeable. Bitcoin is very speculative and if someone does not understand the journey it will be difficult for anyone to achieve success in investment.

I agree with some of the points you said, but on the part of selling land for Bitcoin investment, it is quite risky, because there is no guarantee that everyone who sells their land for Bitcoin investment can get their money back in a short time. If you manage to get profit, congratulations to you, but people who want to do it should understand the risk, because they might be able to get profit back in a few months or even years, that is if they are patient, and for those who are impatient or new to Bitcoin investment do not have a hodler mindset, they might sell their Bitcoin because of their impatience and end up losing money.

As long as we are able and can be responsible for it, then indeed do it while we can because after all, we currently have to be realistic where money is always a person's benchmark in survival so we need to do many things to support the life we do and dream of in the future successfully. Take on several jobs (core and side jobs) as long as it doesn't interfere and we can do it then why not because this way we can get more income as an addition to us to survive in an increasingly difficult economy.

But when we are not able to be responsible in the sense that we are negligent in the work we do then why be forced because it will not end well so that when we are unable to do it then it is enough for the core job to be the benchmark as long as it can support you because if you are forced to look for a side job even when we are not able then it will end with your setback because you cannot do the job optimally.

You are right. Relying on your single job alone won't be sustainable in the long run. You really have to find a side hustle that will give you extra income that will cater your investment funds. And when you come to manage it properly, it will definitely come into fruition and give you a lot of earning opportunities. Sometimes, it takes encouragement and patience for you to be able to do that. Otherwise, you won't experience investing in bitcoin successfully and profitably.

We have different ways someone can acquire Bitcoin from different ways. Some one who is in the forum of bitcointalk can earn bitcoin through here, and if you wants to accumulate bitcoin you can start it by buying bitcoin in smaller form. That method can make someone to acquire bitcoin, but for me, if I want to acquire without earning from the forum here, I will start by making deposit gradually, so from my understanding of bitcoin I can divide my salary into two places and use half to invest in bitcoin, so I know that bitcoin investment is special decision and determination

Being a trader or holder will help us to achieve earning from our investment in bitcoin, but the market must have to work before then in our direction, if we are going to earn from it, this must be what we are going to do more accurately, by holding, avoiding for fear of unnnecessary demands as well as the fear of missing out, tyhose that hold in a particular season ill have the best of what they wanted to earn from it becuase of the right position over the investment period during which they hold.

What I just see on the whole thing is luck and also a right timing, so anybody who proposed the investment pattern of selling some of there things should seriously have a rethinking before doing that because Bitcoin is the kind of investment that require somebody that even if they are not financially stable but at least have a little way something is coming from, however the reason why he also made such profits from Bitcoin was that in those days the price was very smaller compare to the current price now and the money he realized after selling the property was very huge so it was able to give him the amount of Bitcoin that would generate a lot of profits if the price increases, so that's why he made such profits but however if somebody should want to venture into that pattern it will be difficult to accumulate a huge amount of Bitcoin because the price then and now are totally not the same.

If newbies join in a middle of bull run, they will feel getting profit from this market is very easy. Because in this volatile market, when a bull run is going and hype is reaching to hottest phase, price will soar super quickly. It makes newbies feel it is easy for investment in Bitcoin.

Unfortunately, easy comes, easy goes, and newbies if are not too greed, don't take profit but naively believe in sayings like "Bitcoin will hit $1M in this cycle", they will stuck in this market even many months after a bull run ending. That means newbies will mostly miss many chances for taking profit, and they hold bitcoin till the start of a bear market. After some months of enjoying a bear market, they will panic sell and exit the market, with no profit, but big loss.

It is a good idea, and you had a good plan; your smartness towards investing in Bitcoin when it is down has helped you to double your investment, that is the power of investing in Bitcoin because if you leave your investment in fiat currency, by now, it cannot even buy you one plot of land but Bitcoin investment has helped you.

Secondly, about Bitcoin investment for beginners; I think beginners need to know what Bitcoin is and get their sources of income first before they can think of investing in Bitcoin because it will take them a long time before they can gain profit. I am bringing this on because there are people who will just come and take advice from this forum, of they can have money in excess before investing in Bitcoin, it will be easier for them to hold, but if they invest all they have, they will sell it off and it can be at lost which is not good.

You got all great points, but i came back to comment this one. Sure, it's way more ideal to have a salary, so at any point you don't need to cash out your bitcoin savings, and if you have an option to work rather than being jobless, focus on working. Then investment doesn't seem like working as you earned that money and could afford buying btc.

So i think it's possible, if you are single, and you have ANY spare money to invest in btc, but it requires sacrifices. And those investments are just going to look ridiculously small compared what you could afford by having a job. I remember back in day when 0.01 was around $4, and never ever i would have thought btc would grow like it did.

But if you have a family and you are without a job, then focus on them instead of growing your bag. Risk just isn't worth it, and even if it would eventually pan out to be worth it, just know that you were putting risk before the family. And that you risked it without their consent.

Richest man i know personally, that was made rich by cryptos had a day job during his investment phase. That's why he never was scared about bear markets, he had salary coming in and he was safe. So are a rule of thumb, i think you are right, but there are exceptions for people that are only responsible of themselves.

It looks very funny but very embarrassing, collecting money from others just to satisfy the desire to trade on Bitcoin.
It's really too stupid a way to become an investment salesman with the promise of a profit that will only end up being a loss due to poor trading knowledge.

 In the end, Bitcoin will be associated with a scam project, even though Bitcoin is only used as an investment tool for someone who is too ambitious.

I personally will only use my own money, not from anyone, and of course there are many ways that can be done without having to make loans to loan sharks or even from the people closest to me. Investment is your own responsibility, don't involve others in it.

Investing with not own money destroys a most important element of investment. Invest what you can afford to lose and you can afford to lose your money. If you borrow money, you have to make a collateral of something that will cost you more than if you invest with own money and only afford to lose that money.

Invest with borrowed money also damages your mentality and ability to be strong against market volatility and manipulation. You will receive margin calls, and have higher risk of liquidations but at very least, you will have to pay extra cost to loan interest. If investment does not bring profit, you will surely have loss to loan interest.

By don't know when market can give you profit, you will live in this market with stress and fear that if it comes to a day of loan expiration and your investment is not in profit, what will you do and how will you pay the loan interest?

It only triggers your weak hands, and with weak mentality, you will more possibly make bad decision.

The Psychology of a market cycle shows that in different phases of a market cycle, you will have different stress and fear.

It is a actually risky to sell valuables to invest on Bitcoin especially when you have less but on your case, it seems you have more than one land and decided to take risk of one or probably you have not thought about making use of it in the nearest future and being aware that Investing on Bitcoin and holds for a long time would proffer you the privilege to great profits when the price rocks high could be a great idea.

In life, "No risks" "No  towards" but it is usually better if we undertake risks based on what we can withstand if in case of losts.

Really you choose a good path on your risk with your Bitcoin journey instead taking those risks on the Alt coins.
It is also wise to diversify our earnings so your ability of acquiring Bitcoin in different states would also enable you to accumulate much while your profitablities when market goes high is potential to have you riches based on your goals and strives. Indeed investing on Bitcoin is a wise choice for all that adopts it.

You have really worked hard to invest in bitcoin by any means possible and it’s a good thing because they say heaven help those who help themselves. Having a work for your personal upkeep and working every in the forum to acquire more bitcoin despite mining other cryptocurrencies as well shows how important investing in bitcoin is for you. It’s a food thing and i am glad you made gain from your investment and i hope you keep investing more and more

Investing when you don’t have any source of income is a terrible idea because it will only make you to invest more you intend to use on other things and that way you will be so concerned about the money you invested which could affect your health or mental well being. Always invest only money you can afford to lose.

It’s not just you that is not good at using debts, it is just not advisable to borrow money for investment purposes especially investing in bitcoin because of its volatility. If you intend to repay the debt when bitcoin is bullish and you have gained some profit what if things doesn’t go as planned? There is every possibility that things might not go as planned how do you now intend to pay back? It is not a good idea at all and i won’t advise we take loans to invest in bitcoin.

Good advice for beginners as most of them will think there go to solution is to take a loan to invest in Bitcoin and pay back after a little time thinking bitcoin would have gained them some profit. Having a source of income is important before investing in bitcoin.

Short but precise, that’s it! Just buy if you know you’re capable to, without taking a loan or selling some other assets, but purely from your own hard-earned money. If you have a sustainable income that will support your investment and enable you to DCA regularly, then don’t hesitate to buy and hold. If you haven’t achieve this phase in your life yet, it’s good to say you’re not ready to invest yet.

Bitcoin is an asset that is bought as an investment, in most cases it is, and I think that in the future, as Bitcoin becomes more expensive, it will be more difficult for it to repeat the same profitability that it has shown in previous years. So it is an investment with risks that also need to be taken into account and perhaps in the coming years or even cycles it will not be possible to just buy Bitcoin and be sure that you will definitely make a profit, or you will need to hold it long enough for that to happen. I assume that Bitcoin can become a much more stable asset than it is now.

Borrowing from loan sharks is a very bad choice to do because the interest rate is definitely very high, this is very risky. What's more, collecting money from friends and family just to trade Bitcoin, I think this is very risky than investing in Bitcoin in the long term, it will even break the ties of friendship with friends and family because of losses in trading Bitcoin. If there is no support from anyone, it is better for us to play it safe so that we don't break out in a hot and cold sweat, it is better to collect money from part of the salary we receive every month to invest in Bitcoin.

I think the best thing I did when I first learned about Bitcoin, was to take up a second job to fund my Bitcoin purchases. The income from that second job was not something significant, but it was enough to kickstart my Bitcoin journey.

That small amount grew into something very significant in about 8 years, with the increase in the value of those coins. We are talking about 800%+ during that period, something I would have never been able to do with any other investment option.

Do something extra, because that little bit of effort will reward you in the future. 

Bitcoin has this kind of effect/perception it has on many people. Everyone if not a few left out believes in bitcoin to be a messiah out of poverty for them. In some rare cases, you’ll assume so but largely it may or may not be so still. Bitcoin can be seen as an investable asset note to the people than it as a means of foreign and doing financial transactions, it is to know that bitcoin will still be what you assume of it or the purpose of which you’re using it for.

If you’ve invested a reasonable amount into it for the long term, you’ll get rewarded in proportion to the amount you’ve invested in it, the more your investment (the total amount of bitcoin) you can accumulate, so is the value of which you’ll be profitable in later. Due to volatility of the market, you may invest more and may not have more bitcoin than the one that invested lesser amount. DCA is a method used to mitigate circumstances like this that when you use you’ll get to invest more for a lesser amount.

If you play your cards right, bitcoin might get you out of poverty. But believing that it would be an easy road would be foolish.

Looking at bitcoin’s price now, someone with no money stand no chance. How can someone invest or start trading if they can’t even afford at least 1 satoshi? You need to start somewhere and you need to figure out first how you can earn money enough to feed yourself, your family, and save some for investment. Once you have enough money, you need to make smart decisions and you might just get out of poverty with a little bit of luck.
Unfortunately many people seem to believe this which is how they end up a lot poorer than they were before they started with bitcoin. If you are going to keep taking out your bitcoin because you have no money left to spend, you are just going backwards so don’t expect your life to change with that kind of system.