Topic: My do's and don't's way of acquiring BTC (Read 1103 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.

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.

+1
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.

Reminder: do not keep your money in online accounts
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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.

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.     

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.

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.

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.

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.

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.

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.

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.

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.

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.

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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.

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Thanks for your opinion, I guess some risks are not for everyone.

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.

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.

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.

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.

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.

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.


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.

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.

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.

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.

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. 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.

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.

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. 

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.   

Being a money lender, I would never lend money to invest in bitcoin, I would invest in bitcoi myself.

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).

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).

If add free sources of electricity (electricity theft), then the scheme you described starts to function. But this is fraught with unpleasant consequences.

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).

My idea has always been the best time to invest in bitcoin has always been now and never tomorrow, this is because tomorrow you will never come back to meet bitcoin at the price it was at yesterday, if you had not taken this decision and probably had waited to invest in bitcoin some other time away from the time you did, the chances are you wouldn't be in the kind of profits you are in currently because now you would pay more to get almost the same unit you have now. Investing in bitcoin isn't something one does with funds they hurriedly want to make profits off because they are very likely to get disappointed as its not a get rich quick scheme as some may want to misinterpret and would want to take such risk until they eventually see their mistakes which sometimes may turn out fatal on them.

Your does and don'ts are not a bad idea actually because honestly they are the basics for investing in bitcoin at most point if you are a beginner and most importantly the truth remains the simple basics have always been the best strategies that will actually keep you long in the investment but sometimes other investors who try to feel too experienced would be soothing after the most complex strategies that will end up causing them making some mistakes that will get them to regretting.

At the moment, I'm so confident that Bitcoin will reach 100K soon that I'd sell land if I had one. But recently I sold my very expensive camera and lens. If Bitcoin reachs 100K, I'll be able to get back my camera and the same amount of money back.

I think, it worth the risk to hold some altcoins, especially if they aren't in a quantity that will make their loss unaffordable. Many altcoins have a space for big rise, which is unlikely to happen in Bitcoin's case because it's already very high.

That's the worst idea. No one knows certainly if Bitcoin will rise and fall but when you take a loan, you are forced to pay it back or you won't end up well. It's stupid when some people take huge loans, make bad trading decisions and then they have to work the rest of their life to pay debt.

You pay bills, don't you? If you pay bills, then you already know your tariff

I agree with your line of thought, but the successes he has recorded so far has given him some credence for the decision he took, the risk has so far paid off. He said of having sold about few plots of lands, though he has made the gain since he sold them and so far he has about 17k worth of investment as at 2022, I believe by now that figure might have gone up. My major point is that, diversification can only come in when you have enough capital you can use to pull through into some other investment, because if you look at the storyline, the whole idea of diversification wouldn't have come in if there was no enough capital, so the first step he took has paved way for him to venture into something else if he so wishes.

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.

Who would have been jobless and no other sources of income will be able to finance buying bitcoin? Of course, this is very out of the picture. Except if you have been living life jobless because you are the son of a royal family, well buying bitcoin will definitely be highly possible. In fact, you wouldn't even think of acquiring bitcoin anymore because you have all the assets that will be pass to you when your parents are no longer capable of managing the family assets.

I remember one piece of advice from my parents, start something lighter to finish and this is still the benchmark that I hold so far. I mean someone can take a little risk in investing in bitcoin but not by borrowing money from other parties. But someone can do DCA efforts as a step to make investment prospects even better. Money is indeed the main problem in running an investment besides the support of knowledge which is quite important but people need to have a plan so that they can get freedom in running investments.

There are no loans and there is no term of forcing investment because it must be done responsibly to meet the right criteria. If today there is no pattern that can be done then don't expect people to get better financial freedom. Sometimes taking a little risk is not a problem as long as people understand how to resolve and minimize each decision made.

borrowing money from loan sharks just to invest in bitcoin and hoping that he can make a lot of money from it is a very stupid thing to do. investing in bitcoin is uncertain and at any time someone can lose their money if the market is bearish. when someone borrows from loan sharks it will also burden them because they need to pay high interest and there is a deadline that needs to be met for repayment. so avoiding borrowing from loan sharks to invest in bitcoin is a very right thing to do.

What are differences between mining Bitcoin and altcoins, you both have to pay electricity bill?

With altcoins, you can mine shitcoins and end with very low value or no value and struggle to sell what you mined and can not convert it to bitcoin. It depends on altcoins you choose for mining.

With Bitcoin, risk is smaller and sometimes, since Bitcoin Spot ETF approvals in January, buying demand is more than new bitcoins mined from new blocks.

Luckily for you the entire bitcoin market has been bullish since the end of 2022 so those who got in around the $16k price have been lucky to have witnessed more than 3x of their investment. I wouldn’t question your decision of selling your lands and going for bitcoin investment because it is truly a personal decision, but my advice will be learn to diversify and real estate is one of those investment diversification strategies although you need to be well equipped with what are you getting into first before investing. If you have real estate knowledge i will say you should go for them, take out some profits and invest into other businesses and leave the rest bitcoin to go to moon.

I know you will be anticipating the upcoming bull run and might want to leave everything till then which is also a personal decision but considering this is your total investment funds I will still advice you to diversify with some funds now as the future of every investment isn’t perfectly predictable. Invest into a less volatile asset to avoid potential losses or minimize risks

Hmm, Everything is perfect with the tips, TBH Op had covered all the important factors in the post for accumulating Bitcoin with a small touch of trading as well, in the end, I Would say there's a topic of mine that i got reminded after reading this post if anyone is interested it is quite well discussed and explained, comment is not average as well most of the comments carry huge value if you are really willing to learn anything for accumulation Things to keep in mind before the accumulation of Bitcoin.

I won't prefer selling other assets for accumulation of Bitcoin as I believe slow and steady wins the race, Don't gamble if you are confident in your learning and try it as Op did and he's quite satisfied with his decision, but mostly people here on the forum don't own such kind of assets even if they have good learning and strategic mindset. So for those you need to work more hard and move your ass as OP said to start a stable DCA.

My Job is hard, but it pays the bills, and enough for investment aside, I don't need to go into full details, this is a job i don't have a plan to do forever.

Thanks for your opinion, like the title said, my, my , my, My do's and don't's, I expect you to drop your do's and don't too, what works for me might not work for you.

I must say they really valid point especially the don't which I personally agree with
But going all in isn't my style.
There's a reason diversification exists
It helps mitigate risks
Now say for example rather than rising from $17K it fell to $12K
Would you still be holding?
I doubt because going all in makes one emotional and we tend not to make the best decision when tensed.


In regards to option 2, I guess land isn't as profitable as it is in my country.
It's normal for a land to rise more than 100% here in a year and I have not(though exist) seen a land in my country whose value devalue in any period.
Once it goes up
It comes down not.
What am insinuating is always diversify and land personally based on my environment (personal bias) is a good option.
Diversification is Good if your portfolio is filled with great assets.
Holding a shitcoin with Bitcoin isn't diversification.

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.

Like all good relationship, it's a two way thing, where everyone benefits. However, the initial funds goes into advancing the skill, not bitcoin. Hence, the person will earn back, in a higher denomination, the bitcoin he invested in building a skill on a specific niche. For instance, a quality skill in blockchain development can easily earn you 1-2 btc or more, annually.

Many are misled by thinking Bitcoin is the way out. No, that might not be true at all. Bitcoin is definitely not the way out of poverty. Bitcoin is not the way out of making ends meet everyday. It can only be the way out if you already have a lot of money. There's inflation, money in the bank is not productive, etc. All of this could be fixed by Bitcoin. But to those who don't have the money, they cannot seek refuge in Bitcoin. Make money first and think about Bitcoin later.

You literally don't have money in this, so it shouldn't be part of the equation. People quit their jobs to pursue investing or trading, but that means they already have the resources to start their new venture. So this statement shouldn’t be included in the "don'ts," as only foolish people would do this ^{( I mean the actual thing)}.

I agree with you. The summary of it all is to work hard and work smart. And both are possible. One of the smart ways to work to earn bitcoin is to get a skill and get your clients to pay via bitcoin. If they are concerned about the transaction fee they can make in a stable coin and then you convert it to bitcoin. These clients may not even be people from your country. And one can find them on remote job sites. They are everywhere. It will take a while but if you can persistent you can have you first client and recurrent clients.

Literally you're just saying work your ass off and don't invest if you don't have safety net, that's all.

It would be better for people to understand about Bitcoin first and find the reason why they want to invest in Bitcoin besides it's price. Also knowing the difference between fake Bitcoin and real Bitcoin, knowing centralized exchange isn't a place to hold coins.

Things I would do to acquire some Bitcoin (Again & Again if possible).

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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.

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Things I would never do to acquire Bitcoin.

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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.

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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 ).