Topic: My do's and don't's way of acquiring BTC - page 3. (Read 1069 times)

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One thing I like about the Op buying strategy was that he or she sold what was as if it was not to be used at that very moment, and if there was extra for that property, it could be used if there was a need for such property.
 
The bitcoin price will grow up to an extent where selling property to acquire it will not be profitable again; you just have to use physical cash or available funds (fiat), which is not to be used at that moment to invest in it rather than just leaving it to stay in that account.
 
Land value is just increasing every single day depending on the location, so in some areas it will be a loss record to the investor.

Your example of buying BTC with a small of money in 2010 does not count these says, BTC is now expensive and you don't expect one to make a $5 one time purchase of BTC and hold that, it is foolish in my own opinion. The point is that people who don't have a source of income would use any funds they have to cover basic needs like feeding, they wouldn't be thinking about buying any asset, because in truth they cannot afford to do so.

This should definitely be the ideal investment plan for each and every man. People often forget that the investment that they need to make must be with their own money only. As when you invest, you take some risk with it. Now it won’t be nice to take the risk with other people’s money. Hence, if you just want to invest in Bitcoins and don’t have other jobs, then it’s better to find a small job and invest some of the salary from it in DCAing Bitcoins. Don’t put your land or house in collateral and borrow money; don’t blackmail your family to borrow money. Get yourself independent and use your own money to buy and hold the Bitcoins.

You're doing a good job. It is one of my things to set up a mining farm but electricity in my area isn't cheap and investing on a solar panel for renewable energy is quite expensive to set up. And since you're having a free electricity, that's certainly free money that you're printing there and being converted to BTC is a better strategy that you're doing.

Well done. This is the type of investment that's very ideal and everyone wants to have it but not everyone can have it due to those constraints that each of us have. Keep it up Z390!

His strategy in selling his property will only work for him and other people can not follow what he did. That is because he have his consideration when deciding like that so other people needs to consider what they must do to invest in Bitcoin. Perhaps other people needs to have another source of income to earn more money or they can sell something for an additional job or others. Yes, he is very lucky investing in Bitcoin in the right time so he can see the profit coming after him. But other people can still follow him to invest his money in Bitcoin because they have time to buy Bitcoin at the price now so they should not miss that before the price increase.

We should know what we can do and don't so that will help us to run our plan with right. We have that chance to acquire more Bitcoin so we will have more amount of Bitcoin.

It's a good thing that it worked out for you, and as you said, that wasn't the only property you had, so you had some backup and safety behind. Many people make the mistake of selling their only property and investing the money in cryptocurrencies which is never a good idea because it might not work out the way they are expecting and in that case, it will only make them regret the decision.

Taking loans is also a bad idea, however, collecting money from family and friends and promising them that you will earn them profit for their deposits is the worst idea. I would say, one should never take money from someone they know or meet every day, if anything goes wrong, you won't be able to live in peace.

I like the fact that you were able to point out these key steps that can and can't help in acquiring/accumulating Bitcoin. Some of these steps are are well known, but only few
investors lay emphasis on them. Most times, we only address the continuous use of the DCA method, but we don't even look to the direction of acquiring money (getting paid) continuously that will aid the continuous use of the DCA method. If the salary of an investor is not consistent, i.e does come within a specified timeframe, then the investor's DCA approach will start lagging and might even lead to loss of interest. So, I think there is a need to get not just jobs, but a good one that can provide any investor with a decent amount for investment.



This is clearly what I don't support, so I won't advise anyone to try this. Personally, I don't like loans, because I see it as a constraint to ones financial life. We all know that the price of Bitcoin tends to change from time to time, so the chance that someone might make instant profit from the funds that was borrowed is 50/50. I really don't advice investors to stake people's money on the line, and start thinking of how to quickly make a refund. This is why i encourage all Interested Investors to get a good source of income that will allow easy and flexible use of the DCA method. @Op, you've done well by sharing this tips. I think this tips won't just be a thread for newbies, but might also serve as a reminder to others that are already in the game.

There is nothing wrong in working very hard every month just to make sure you continue acquiring Bitcoin because is important to remain very constant on Bitcoin investment in other to have a lot of Bitcoin in your possession. However I must say that you were very lucky to have sold some of your properties to acquire Bitcoin and was still able to gain back those sold properties with a lot of profits remaining, however the reason why I said you are very lucky is that during that time you started was when Bitcoin price was on the bullish trend so it keeps moving giving you the opportunity to acquire that much profits but still I will not advise or even think of selling properties to accumulate Bitcoin because the only money we should use for Bitcoin investment should only be our disposable income because is money that shouldn't have any effect on us.

Your strategy for earning Bitcoin is proactive and cautious, giving importance to stability and informed decision-making. It's actually a very good strategy to actively use Bitcoin on DCA, as the volatility in the market can be reduced by diversifying your investments over time. This can give you an even better average entry price. Selling such an asset as land to invest in Bitcoin, especially at a discount, is a very timely and good strategy move. Not recommended for just about anyone but particularly the ones with small resources, such strategies hold great risk. Another smart move is converting other cryptocurrencies into Bitcoin. It leverages economic activity to build BTC holdings, but this again requires a deeper understanding of mining economics and the cost of electricity. Participating in forums and earning Bitcoin through signature campaigns is an innovative way to build up BTC while encouraging community participation.

On the flip side, your advice on what to avoid is equally valuable. Investing in Bitcoin without a stable income is risky; having a job or another source of income is crucial for managing investments responsibly and covering living expenses. The use of leveraged funds to invest in Bitcoin is quite risky and may be even riskier should you not be able to pay off the loan; then, this makes for a very risky investment with little collateral and unclear payment terms. Raising funds from friends or family to invest in Bitcoin, especially if the aim is to make a profit for yourself. This may result in reliability and financial problems if anything were to go wrong. Lastly, another common mistake made by investors in Bitcoin involves investment in its mining without putting into consideration the cost of electricity. This is because high volumes erode mining profits really fast.


That may be true, but that would be a timely purchase of Bitcoin after the sale of an asset, which, in this case, is my land. However, it is wise to be informed of the risks involved. Many have incurred huge losses by borrowing money to invest in Bitcoin, especially when there was a rise and fall in prices. The point on volatility within Bitcoin does stand. However, historical examples can give some insight into this topic. But there is no guarantee that they would keep on doing so. It is better to invest in Bitcoin cautiously, investing an amount that you can afford to lose. Selling appreciable assets to invest in cryptocurrencies can be dicey and mostly not advisable. Keep the right strategy, keep financial stability first. A reminder of how to hold onto what one can afford to lose in a smart investing strategy, and it is a good reminder for anyone trying to make it through the wild cryptocurrency market.

It's great that you were able to buy at a decent price after selling your land. I know many people who took loan when BTC was at $60k and then went down the hill. It's more of a luck than a strategy which you think you have cracked. I personally believe in the Bitcoin Cycle however there will be a day when it will no longer work. And anyone assuming that it will always be like that is a fool. Only invest the amount you would be fine losing. Never sell your assets to buy in.

Though you made a solid and vital points in all what you said this is thread, but however, I was drawn to this very statement which I single-handed highlighted above regarding the fact that you can't invest in Bitcoin if you are jobless. Because categorically speaking, I might say that you are wrong, as people can still invest in Bitcoin even while been jobless, as where job could come into play is when they intend to be a consistent investor in Bitcoin. (i.e A jobless person can invest in Bitcoin once, but a jobless person can not consistently be investing in Bitcoin) which is what I'm trying to different here, because taking an example from far back in 2010, we could all agree that even the least poorest individual could afford the least $5-$10 in a month, of which if only that person had invested just a single $1 in Bitcoin in 2010, by today, that individual would have been a multi-millionaire right now. Hence, what I'm trying to say is that even the less jobless individual can still invest in Bitcoin, if only he/she has been able to understand how it works.

You don't need a whole millions of dollars to start investing in Bitcoin, but rather you can start from either $5 to $10 and hold on to either 10yrs to 15yrs time.

Understanding is the most important thing to get when planning to invest in bitcoin. Firstly when their is no Understanding about bitcoin it means it will be impossible for it to yield a good result because there should be Understanding of volatility of the market.

It is also necessary for one to have a clear understanding why their is a need to Invest bitcoin because some people go into bitcoin if it can serve as source of income to them, while some other people take it as an investment that they can be able to make profit from it in the future.
One of the common mistakes that some beginners make they feel investing in Bitcoin can make them to become rich quick, and they don't understand what the volatility of bitcoin is like, they feel the price value of the market only increases.  Understanding is the principal thing to get first while planning to invest bitcoin.

Op's list of Don'ts makes perfect sense to me, so I'll focus on Dos here.
Working and doing DCA is a good thing, but overworking isn't sustainable in the long run, so not worth it. Then the second 'Do' on the list hints that the op had a good starting point, already owning land in multiple places, which allowed selling the land and investing in Bitcoin. Nice, but most people don't have that kind of privilege.
Mining altcoins to convert into Bitcoin is actually something I haven't thought of, but it's a neat idea in theory, especially if you're mining something that doesn't require special equipment and isn't too energy-consuming.

Some jobs are considered working your ass off, you can't compare someone who works as a cleric in a office to someone who works on an Oil rig, there are different set of hardships in every job, some are high levels.

People shouldn't worry because I mentioned working my ass off, I am used to taking care of my health and going for normal health checkups, health is wealth like people used to say, you guys don't have to remind me and also it is all about me myself and I, you guys shouldn't follow my shoe.




There is nothing much to say, mining isn't that profitable right now but I am able to get away with mining ETC and Kaspa because I have free electricity, not the grid-tied but solar system, enough to power two Kaspa miners and an ETC miner, then every week I convert the profits back to Bitcoin.

After this Bull season I planned to expand my solar power and maybe buy more miners that I can run with Low power and keep converting back to BTC for future sake.

People mainly start with news, stories that motivate them to start their research and investment but they don't prepare enough basic knowledge to secure their capital like how to purchase bitcoin safely, on what platforms, then how to store bitcoins safely and in full control (with private keys, mnemonic seeds) and what wallets are safest to use for bitcoin storage.

If they take risk like selling a home, a land slot for Bitcoin purchasing but losing it all to a scam trade partner, they are done shortly with with investment journey. The same bad ending if they store bitcoins on exchanges that turn to scam or collapse like FTX exchange in 2022.

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wbtc is a token, an altcoin. It's not Bitcoin, and will never be Bitcoin.

Developers create altcoin tokens with names related to Bitcoin, with pegs to Bitcoin price on the market; but these tokens are not bitcoin and their price pegs to Bitcoin price can lose anytime.

A classic example in 2022 year is peg loss and death spiral of Terra UST stable coin. Bitcoin-pegged tokens are the same as the failed UST stablecoin.

That's what I mean that you don't have to work until you break down. All you need is to work moderately because you would still get paid for doing your work. I mentioned it in my post that you should also think about your health rather than not thinking about it. Asnoong as you do your job then you will get your wage although working hard may result in promotion or higher wages but it doesn't matter when you work normal and still receive wage and portion of your money will be invested in bitcoin so you will have other source of income.

Among other things on security of how to hold and safe keep bitcoin, this part of knowing what you are buying is really important as I just came across a family member yesterday when I visited my family house who hold Wbtc and claim they are holding bitcoin with the boldness that this one is the real one as it can be swapped and traded where ever they want with a low fee.
 
I just have to make him understand that pegged tokens are not the same thing as the real coin; he has to sell it off using pancakeswap with the intention of buying and holding real bitcoin later, which I didn't check to confirm if he has or not.

The first thing I want to know about altcoin mining is how much profit you take and whether you go through a conversion process. If you could tell us about your profits and your experience, that would help others be aware of it.

Now, coming to the post, firstly, I am very happy for you that you made some profits from Bitcoin by selling your land for it and took the risk, because it's not easy for someone to sell land and invest in Bitcoin. Secondly, I appreciate the plans and strategies you made regarding Bitcoin.

In my understanding, borrowing money would be the worst decision if someone chooses to do so. Even if you have collateral, I still would not recommend this to users because if you invest randomly and do not take serious steps, you will lose your collateral to repay the money from where you borrowed it.

It actually did favor some people that took such kind of step, while some people that also took such step got disappointed and devastated. There's nothing so good as taking the kind of risk that you can be able to bear the outcome. Some people took the risk after they are already aware of the consequences peradventure the game turn against them, but other persons that took similar risk and faild, we're never prepared.
There's a saying, "always have a plan B and a backup for the plan A. " That's the reason why some people never fail, because they always have a second backup plan or call it an escape plan.

This is why I suggest having a crypto job as well, bonus points if it's related to any crypto related business as well. For example I can see that you have a signature campaign, if possible keep that campaign money in bitcoin. This means that if you end up with a salary on a regular job, like lets say you are an accountant, then all that money goes into you living, and that betcoin.ag income you make stays in crypto and you keep doing that for as long as possible.

This allows people to make thousands every year and with bitcoin going up, in 5 to 10 years you will be able to retire if all goes well, depends on your nation too of course, you can't retire with that money in USA or UK, but in many smaller nations you can retire with just 5-10 years of signature campaign money plus bitcoin increases.