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Topic: My do's and don't's way of acquiring BTC - page 4. (Read 1069 times)

hero member
Activity: 686
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Give all before death
September 13, 2024, 01:36:54 PM
#39
You don't have to work too much because as long as you have work then you will have money to invest in bitcoin. Working your ass off could cause you your health so thinking about your health should also be your priority. Well, since it's your decision so there's nothing wrong with working your ass of so, I can only say that it depends on the person about their do's and don'ts if you ask me about every person's do's and don'ts.
Even in first-world if you don't work hard, you might be unable to save and buy Bitcoin. There have been protests in different parts of the world because workers want increased wages. You don't have to blame them because there is high inflation everywhere in the world. So there is no certainty that one job will be able to pay your bills. For you to be able to save and buy Bitcoin you have to have a high-paying job or multiple streams of income. But of course, you don't have to work until you break down. OP is just encouraging us to put in more effort to get Bitcoin.     
hero member
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September 13, 2024, 01:09:33 PM
#38
Very good thread especially for beginners because there are still many beginners who are mistaken, some even think that bitcoin can solve their financial problems so they invest without proper calculations.

Strategy and knowledge are needed before starting a bitcoin investment, especially how to manage finances. Many are wrong in terms of finance, many take risks by borrowing money to invest in bitcoin or even some have limited money but try their luck by investing in bitcoin. This is a fact because many of my friends have experienced this even though now they are aware after being forced to sell bitcoin even though they are at a loss just to pay off debts because from the beginning they invested with borrowed money.
sr. member
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Merit: 255
September 13, 2024, 12:29:05 PM
#37
2. I've sold few lands and I've made back my money already, thanks to Bitcoin, many said it was a bad idea but things went fine for me, I entered at the 17k bottom in 2022, the best decision of my life, if I can I would again, mind you, I have more than the two lands I sold, this might not be a good idea for someone who have one.

even though you might have been lucky that after you've sold your land to buy Bitcoin, you still made a good amount of profit to buy back the land, I don't subscribe to the idea of going that extreme when sourcing for the money you're to use in buying Bitcoin. If you already have an investment in the real estate field, it's best to let it grow and work on building an additional stream of income that will go into your Bitcoin investments.

Imagine that you left your land from 2022 till now and found another source of income that goes into buying Bitcoin, you've in the process built two sources of wealth which will yield a groose profit that is huge. Part of the things I wouldn't do even at this stage of my accumilation is to put my self in undue pressure as an investor. As much as it's not good to borrow money for the purchase of Bitcoin, its still not good to sell an already acquired asset for such purpose.
hero member
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September 13, 2024, 12:14:37 PM
#36
That makes sense to work because being jobless will bring you nothing and even you're the most optimistic person about Bitcoin but you have no resource for buying, you'll be left behind by the market.

2. I've sold few lands and I've made back my money already, thanks to Bitcoin, many said it was a bad idea but things went fine for me, I entered at the 17k bottom in 2022, the best decision of my life, if I can I would again, mind you, I have more than the two lands I sold, this might not be a good idea for someone who have one.
If this has worked for you, that's good to hear. I have also read stories that they've sold their lands and properties and bought Bitcoin and they all did it at the right time when the market was low. Now, they can buy more than double of those lands and properties that they've sold. For me, I'll do the opposite if I've made money with my Bitcoin investments and that's the time I'll reinvest some in buying land proportions and as well as buying back BTC at low.
sr. member
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Merit: 441
September 13, 2024, 12:04:29 PM
#35
I feel so good whenever I see someone who reasons the way I do, you are one of the very few people that believe that I did nothing wrong selling my lands for Bitcoin, I still don't know why people are so against this idea, till this day the value of the lands are still the same and I've made almost 3x of the money already, I have always believe that Bitcoin investment is way better than land investment, land takes more years to be profitable and some other things apply, like locations for example, some lands will never even appreciate till your death bed, it is just the fact.
I think it depends on the country where you are from and the location of land. In my country, land appreciates faster, especially in big cities. So, if you sell your land in 2022, by now it would have doubled or tripled in value. Also, investing in cryptocurrency carries much of a risk compared to real estate or landed properties, so that may be the reason why some persons are against your action but life is all about risk and I'm glad yours paid off.
sr. member
Activity: 616
Merit: 271
September 13, 2024, 11:28:31 AM
#34
Things I would do to acquire some Bitcoin (Again & Again if possible).

1. Work my butts off to get paid every month and DCA into Bitcoin.

2. I've sold few lands and I've made back my money already, thanks to Bitcoin, many said it was a bad idea but things went fine for me, I entered at the 17k bottom in 2022, the best decision of my life, if I can I would again, mind you, I have more than the two lands I sold, this might not be a good idea for someone who have one.
I seriously to not buy the idea of mounting pressure on one's self while investing in Bitcoin.  With the right mindset, approach and strategy, one can invest in bitcoin without neccessarily working their butt's off or sell off valuable assets just to accumulate bitcoins. Sometimes, we investors give ourselves some short term expectations that we begin to put burdens on ourselves.

This may be what worked perfectly for you, but to some other prospective investors, this will be highly not recommended. It may not be healthy for some people to work their butts off or sell off valuables just to invest. Bitcoin investment isn't dieing off any time some, invest moderately what you can afford to lose and do that comfortably.
hero member
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September 13, 2024, 11:12:19 AM
#33
Another thing I would never do as well is to consider stealing someones bitcoin because they let their guard down. Although this has been the method of some people to earn and have bitcoins quickly, I am vehemently against it and will never consider it. Planning to have bitcoins by stealing from another person means that you will never value it, and will most likely be just be a squander-er. If the first bitcoins that you have is the one you stole, you will be planing to steal another one shortly.

People who consider stealing bitcoins from others are creating a bad image for bitcoins too, I never want to be one of these kind of people.
It sounds like something that is easy to do and probably not everyone can hack someone else's bitcoins to steal. Most people would never consider owning bitcoins by stealing them because it is not easy to do. However, there are some people who may have the ability and take advantage of other people's stupidity to generate bitcoins. This is indeed not good behavior because taking what is not yours is stealing and there are times when we will experience unexpected consequences from the crime that was committed.

If you have the intention to get involved in investment, then you can do something better by buying according to the portion of your finances. Now there is a pattern that can be applied even though your finances are not that big, where people can buy bitcoin by using the DCA pattern. This method is considered much better for investment planning and people can slowly collect bitcoin responsibly.
full member
Activity: 658
Merit: 172
September 13, 2024, 04:18:48 AM
#32
Things I would never do to acquire Bitcoin.
Another thing I would never do as well is to consider stealing someones bitcoin because they let their guard down. Although this has been the method of some people to earn and have bitcoins quickly, I am vehemently against it and will never consider it. Planning to have bitcoins by stealing from another person means that you will never value it, and will most likely be just be a squander-er. If the first bitcoins that you have is the one you stole, you will be planing to steal another one shortly.

People who consider stealing bitcoins from others are creating a bad image for bitcoins too, I never want to be one of these kind of people.
sr. member
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Vave.com - Crypto Casino
September 13, 2024, 03:31:04 AM
#31
1. Work my butts off to get paid every month and DCA into Bitcoin.
2. I've sold few lands and I've made back my money already, thanks to Bitcoin, many said it was a bad idea but things went fine for me, I entered at the 17k bottom in 2022, the best decision of my life, if I can I would again, mind you, I have more than the two lands I sold, this might not be a good idea for someone who have one.
Just like my parents used to say "At times, having one thing is like not having at all".
3. Mining alternative coins and converting back into BTC, I have separate mining rigs channeled towards other coins and I convert them all to Bitcoin.
4. Improving my contributions on the forum and getting paid via sig campaign, equals to more BTC.

2. So you're the one that sold his land just to buy Bitcoin. I remember what you said here and yes, many here are against to it, but not me because I know at that time that it's the perfect time to sacrifice any asset that you have just to accumulate Bitcoin at a lower price. Now the sacrifice is paying off already and if you bought at the near bottom, you now almost tripled your initial investment already. Congratulations, and to those who're against this kind of strategy, it's all about risk management and having the balls. Tongue


I feel so good whenever I see someone who reasons the way I do, you are one of the very few people that believe that I did nothing wrong selling my lands for Bitcoin, I still don't know why people are so against this idea, till this day the value of the lands are still the same and I've made almost 3x of the money already, I have always believe that Bitcoin investment is way better than land investment, land takes more years to be profitable and some other things apply, like locations for example, some lands will never even appreciate till your death bed, it is just the fact.

If I come across another good opportunity to buy Bitcoin again I will sell even more lands, I plan to buy back in another location though, maybe after Bitcoin tops in this cycle and I will wait till 2026 bear market for another good opportunity, I believe I am doing this right many people don't just get it, and I don't blame them, some people takes lands investment too serious.

Thanks for your opinion, I guess some risks are not for everyone.
hero member
Activity: 2702
Merit: 672
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September 13, 2024, 02:36:00 AM
#30
~
In hindsight, yeah selling your land for Bitcoin sounds like a good idea but I honestly still wouldn't do it lol. It just sounds like a dumb risky decision to make when you already have a stable method you can capitalize on. That is if you can but if you can't due to various reasons, then I guess selling it for Bitcoin would've been a great alternative (Still think it's better to just build around it though).

Also if you look at it in the long term, you don't really need to work your ass off. Rest is also part of a healthy lifestyle and you're almost always going to invest in Bitcoin for the long run with DCA, so just take your time.
full member
Activity: 952
Merit: 232
September 13, 2024, 01:22:36 AM
#29
Things I would do to acquire some Bitcoin (Again & Again if possible).

1. Work my butts off to get paid every month and DCA into Bitcoin.

2. I've sold few lands and I've made back my money already, thanks to Bitcoin, many said it was a bad idea but things went fine for me, I entered at the 17k bottom in 2022, the best decision of my life, if I can I would again, mind you, I have more than the two lands I sold, this might not be a good idea for someone who have one.

Just like my parents used to say "At times, having one thing is like not having at all".

3. Mining alternative coins and converting back into BTC, I have separate mining rigs channeled towards other coins and I convert them all to Bitcoin.

4. Improving my contributions on the forum and getting paid via sig campaign, equals to more BTC.



Things I would never do to acquire Bitcoin.

1. Been jobless and start planning to buy some Bitcoin, with what money?

2. Borrow money from someone or a loan shark to invest in Bitcoin, what is my worth? How will I pay back when I have nothing? Debt is best for someone who has collateral, just in case, or let me say maybe I am not just good at using debt? Still I believe it is a bad idea using debt to acquire something like BTC.

3. Collect money from friends and family with the hope to help them trade Bitcoin and me making few percent out of it, sorry I have seen more than two people who did this, trust me, it doesn't end well.

4. Blindly invest in Bitcoin Asic miners when I don't even know how much my electricity tariff plan is, the cheapest the better, Bitcoin mining isn't for everyone, even some small-time companies can't even keep up, anything after 5cent/ KWh is bad news.


I hope this gets to someone out there, beginners to be precise, do not start what you can't finish, you have no success chance investing in Bitcoin without a job or solid source of income, hunger will strike, bills will strike and your BTC will be the only option left, start with a solid foundation aka ( a source of income ).
A solid foundation in the form of a source of income will help a long way when it comes to Bitcoin and cryptocurrencies investment, because I believe the essence of any investment is for future use and even if there is going to be diversification of such investment portfolio, the fear to going back to ground zero is one that won't linger even in the shadows because there is a sure source of guaranteed income to rebound from.

I think Bitcoin is not for poor people, simply put, because someone who doesn't have landed properties to sell or even properties worth much to invest in cryptocurrency and without a job will have to try other ways to earn from Bitcoin like airdrops or bounties or just joining and writing articles for campaigns and blogs willing to pay for such services, otherwise, the proper channel of acquisition of Bitcoin will remain a mystery reserved only for those with enough investment cash.
legendary
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September 13, 2024, 01:11:18 AM
#28
4. Blindly invest in Bitcoin Asic miners when I don't even know how much my electricity tariff plan is
You pay bills, don't you? If you pay bills, then you already know your tariff Cheesy

You need to know a lot of things about how electricity works and how devices take in electricity as well as the PPS of your mining pool in order to make an educated guess on what sort of rates and mining equipment combos will make you a net profit.
legendary
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Leading Crypto Sports Betting & Casino Platform
September 12, 2024, 06:47:36 PM
#27
You don't have to work too much because as long as you have work then you will have money to invest in bitcoin. Working your ass off could cause you your health so thinking about your health should also be your priority. Well, since it's your decision so there's nothing wrong with working your ass of so, I can only say that it depends on the person about their do's and don'ts if you ask me about every person's do's and don'ts.

Once a person is suffering some type of anxiety, stress or disease owed to too much work, then, he will realize that such activity is not all that matters in life.
Also, in my opinion, it is not advisable to take a loan from these online apps because the interest is too high. You will end up paying the interest and not getting profits from your investments. So just wait for the time that you have more than enough to invest and not resort to taking loans.
hero member
Activity: 2268
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Bitcoin Casino Est. 2013
September 12, 2024, 06:41:37 PM
#26
You don't have to work too much because as long as you have work then you will have money to invest in bitcoin. Working your ass off could cause you your health so thinking about your health should also be your priority. Well, since it's your decision so there's nothing wrong with working your ass of so, I can only say that it depends on the person about their do's and don'ts if you ask me about every person's do's and don'ts.
legendary
Activity: 3010
Merit: 1280
Get $2100 deposit bonuses & 60 FS
September 12, 2024, 05:24:27 PM
#25
2. I've sold few lands and I've made back my money already, thanks to Bitcoin, many said it was a bad idea but things went fine for me, I entered at the 17k bottom in 2022, the best decision of my life, if I can I would again, mind you, I have more than the two lands I sold, this might not be a good idea for someone who have one.


My advise here is that you should not rely on only one kind of investment, i think land as well is also a profitable investment, therefore, for selling one to acquire bitcoin and invest, then you should be willing in taking the interest made as profits to reinvest back on land again, because it also appreciates over time, while bitcoin may still remain as the main holding capacity of your investment.

I do not think that would be @OP will be doing, I think he will reinvest it again in Bitcoin.  I would do the same thing, I have to pay for tax or mortgage if I buy land and houses yearly, while if I invest it on Bitcoin, I will only pay the tax on profit.  It would be a great thing if the property is rented out generating profit but if it will stay idle, I believe better to invest the money else where.

I hope that you understand the need for us to have our investment asset being diversified, because we may not be able to predict what the future may tells, things changes over time, but having a back up will always be a profitable decision as well when making an investment.

It is true that we need to diversify but I think we also have to think which one will give an optimum gain from an investment.  I do not say that it is wrong to invest back on land but I believe it is better to look for investment that will produce way more, this way one will have more fund to re-accumulate those sold land and probably can even buy more than what @OP had sold.
legendary
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September 12, 2024, 04:17:31 PM
#24

I hope this gets to someone out there, beginners to be precise, do not start what you can't finish, you have no success chance investing in Bitcoin without a job or solid source of income, hunger will strike, bills will strike and your BTC will be the only option left, start with a solid foundation aka ( a source of income ).
Great do's and dont's, seems to me like I've been reserving that last smerit for this post, this makes a whole lots of sense to me to be honest.

Specially the part where you talked about having a good source of incoming before ever thinking of investing in bitcoin or any other cryptocurrency.
I am particularly interested in this part because this is a mistake I've personally made a couple of times before, and to be honest, it never really ended well as I had to sell of most of the time at a good loss because I had nothing else to turn to for financial aid whenever something important that requires money comes up.
This is one area newbies must pay attention and make sure they do not make the mistake, it's one of the easiest ways to lose money here.
legendary
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Goodnight, o_e_l_e_o 🌹
September 12, 2024, 03:55:39 PM
#23
Those steps you took towards purchasing Bitcoin is what so many persons are doing. What some people are doing wrong is to sell all their property and use the money to invest in Bitcoin, there's always the advice of not putting all your eggs in one basket, even if you want to sell your stuffs (like landed property) and invest the money into Bitcoin, learn to only sell some and not all, so that if any go wrong, you will still have something to hold unto. No body is praying for anything bad to happen but we can not predict anything.
Many people take more than desired risk to invest in bitcoin. I have read stories like;
  • Selling all my landed properties to buy bitcoin.
  • Using all my pension money to buy bitcoin.
  • Borrowing from bank to buy bitcoin
  • Using my life savings to buy bitcoin.
However, it seems some of these madness has stopped. I have seen less of people doing the above these days.
legendary
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September 12, 2024, 12:41:48 PM
#22
1. Work my butts off to get paid every month and DCA into Bitcoin.
2. I've sold few lands and I've made back my money already, thanks to Bitcoin, many said it was a bad idea but things went fine for me, I entered at the 17k bottom in 2022, the best decision of my life, if I can I would again, mind you, I have more than the two lands I sold, this might not be a good idea for someone who have one.
Just like my parents used to say "At times, having one thing is like not having at all".
3. Mining alternative coins and converting back into BTC, I have separate mining rigs channeled towards other coins and I convert them all to Bitcoin.
4. Improving my contributions on the forum and getting paid via sig campaign, equals to more BTC.
1. This is what most of us are doing. Having a stable job, putting a portion of our salary towards buying Bitcoin and buy it through Dollar Cost Average.

2. So you're the one that sold his land just to buy Bitcoin. I remember what you said here and yes, many here are against to it, but not me because I know at that time that it's the perfect time to sacrifice any asset that you have just to accumulate Bitcoin at a lower price. Now the sacrifice is paying off already and if you bought at the near bottom, you now almost tripled your initial investment already. Congratulations, and to those who're against this kind of strategy, it's all about risk management and having the balls. Tongue

3. Not familiar with mining in general since it's not profitable here in our country, but as long as you're not losing money from it then just continue.

4. Well, that's what we are doing as well. Sharing our opinions, contributing to the forum through not shit-posting.


1. Been jobless and start planning to buy some Bitcoin, with what money?
2. Borrow money from someone or a loan shark to invest in Bitcoin, what is my worth? How will I pay back when I have nothing? Debt is best for someone who has collateral, just in case, or let me say maybe I am not just good at using debt? Still I believe it is a bad idea using debt to acquire something like BTC.
3. Collect money from friends and family with the hope to help them trade Bitcoin and me making few percent out of it, sorry I have seen more than two people who did this, trust me, it doesn't end well.
4. Blindly invest in Bitcoin Asic miners when I don't even know how much my electricity tariff plan is, the cheapest the better, Bitcoin mining isn't for everyone, even some small-time companies can't even keep up, anything after 5cent/ KWh is bad news.
1. Being jobless in general is a bad thing I guess. I mean unless you're a student then it's understandable, but if you have a family already then it's a no-no.

2. You're against borrowing money just to buy Bitcoin then. It's your opinion and it's understandable however, I'm not against borrowing money just to have money to buy Bitcoin. It will all depends on when you will borrow money to buy it. The best time to borrow is when we are on a bear market, and maybe if we're in the accumulation stage if you can risk more money.

3. Crowdfunding is also a no-no especially when it comes to trading. No further explanation. I'm straight-up against it.

4. Not familiar with Bitcoin mining.
hero member
Activity: 686
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Give all before death
September 12, 2024, 12:35:23 PM
#21
Things I would do to acquire some Bitcoin (Again & Again if possible).
1. Work my butts off to get paid every month and DCA into Bitcoin.
To save in this current economic condition, one has to work like a bee. Most people are finding it very difficult to survive on one job. So you are correct that you have to work hard to DCA weekly or monthly.

My advise here is that you should not rely on only one kind of investment, i think land as well is also a profitable investment, therefore, for selling one to acquire bitcoin and invest, then you should be willing in taking the interest made as profits to reinvest back on land again, because it also appreciates over time, while bitcoin may still remain as the main holding capacity of your investment.

I hope that you understand the need for us to have our investment asset being diversified, because we may not be able to predict what the future may tells, things changes over time, but having a back up will always be a profitable decision as well when making an investment.
OP took a big risk but it was worth it. He was able to buy Bitcoin at a very low price after he sold that land and was able to keep it to date. This is not the best means of raising funds to invest in Bitcoin and buying lump sum is riskier. The best option will be to buy Bitcoin with what you can afford because diversification of assets is important. Land is a good investment, so I accept that he should buy another piece of land to cover the one he sold. 

2. Borrow money from someone or a loan shark to invest in Bitcoin, what is my worth? How will I pay back when I have nothing? Debt is best for someone who has collateral, just in case, or let me say maybe I am not just good at using debt? Still I believe it is a bad idea using debt to acquire something like BTC.

3. Collect money from friends and family with the hope to help them trade Bitcoin and me making few percent out of it, sorry I have seen more than two people who did this, trust me, it doesn't end well.
People claim that they are high-risk takers but for me, I will never borrow funds to invest in Bitcoin. The market is unpredictable and this can make you lose money. You might even be forced to sell off your coin prematurely because you want to settle creditors.   
legendary
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Crypto Casino and Sportsbook
September 12, 2024, 12:01:00 PM
#20
Things I would never do to acquire Bitcoin.

2. Borrow money from someone or a loan shark to invest in Bitcoin, what is my worth? How will I pay back when I have nothing? Debt is best for someone who has collateral, just in case, or let me say maybe I am not just good at using debt? Still I believe it is a bad idea using debt to acquire something like BTC.
Being a money lender, I would never lend money to invest in bitcoin, I would invest in bitcoi myself. Smiley

A debt is acceptable only when borrowed money can bring income. Theoretically, buying bitcoin with borrowed money is possible, but it creates double unnecessary risks: BTC falls in price unsuccessfully (1st loss) and you have to repay the debt (2nd loss).

3. Collect money from friends and family with the hope to help them trade Bitcoin and me making few percent out of it, sorry I have seen more than two people who did this, trust me, it doesn't end well.
In this case, you act as a borrower (borrow interest-free from friends) with the function of a trusted trader. Risk other people's money? But here too the money will have to be returned (as a loan or in a loan).

4. Blindly invest in Bitcoin Asic miners when I don't even know how much my electricity tariff plan is, the cheapest the better, Bitcoin mining isn't for everyone, even some small-time companies can't even keep up, anything after 5cent/ KWh is bad news.
If add free sources of electricity (electricity theft), then the scheme you described starts to function. Smiley But this is fraught with unpleasant consequences.

I hope this gets to someone out there, beginners to be precise, do not start what you can't finish, you have no success chance investing in Bitcoin without a job or solid source of income, hunger will strike, bills will strike and your BTC will be the only option left, start with a solid foundation aka ( a source of income ).
Newbies in investing in bitcoin act like sprinters (trying to immediately run to the finish line of BTC-profit), whereas here you need to act like in a marathon (slowly and gradually overcome the distance to financial well-being based on bitcoin).
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