Topic: My Opinion Concerning Holding - page 2. (Read 396 times)

Well said Dr, but I put it to you that the challenges of an average salary earner have doubled more than it's previous state, due to the current economic situation, have you gone to the market to see the price of foodstuffs or toiletries or even your deodorants? You should know that times are getting harder and that's a big challenge for most people holding currently.

 I think your statement would mostly imply to wealthy people that are earning seven figures and above monthly, or single people or those without kids or much family that's earning such figure you mentioned, someone paying rent with a family of about four or five, paying school fees and other utility bills could find it a little difficult holding for a very long-term and would definitely give up at some point.

 Talking about Charles-Tim's statement that their are rich people still holding, yes that statement is right, but how many are they currently compared to the middle class or poor people trying to survive at this current economic state, I'm never against holding and I'll keep encouraging those that are capable of doing so, but people are hungry and currently what an average Nigerian is thinking of is survival.

Op is right and you are also right, the whole thought about this comments is based on your assumptions but the both of you are right. However what matters mostly is the amount you earn as a salary, wether it's monthly or weekly it doesn't matter how you earn it, the important part is how much you earn. Some reasons why people don't like depending on 1 job is because in life anything can happen and to be on a safer side it's important to have more than one job. And the other reason why some people put their hands in other business to earn a living is because the only one that they have is not giving them the amount of money that they want, so they discide to create other opportunities for more money to come. Having a single job that pays well is not bad, and there are other people that have 3 to 4 businesses that doesn't pay them up to #500,000k per month. So the amount one is receiving is more important than how many jobs they have. Having more jobs increase stress but only a single job that pays well gives the employer time to rest or time to do other important things.

One concept about holding is it may not really matter on how much one puts into purchasing at the moment but how consistent the investors is to accumulate a good portion. From tiny holding to large portion of Bitcoin, with small units of currency invested into ones portfolio to a greater figure of accumulation.

The economy is bad, hard and unfavorable to the average earner and worst for those lesser than just average. Investment on Bitcoin is not based on wanting to always be part of it but we invest also because we want and also have as little resources we find convenient to invest with. Holding Bitcoin doesn't necessarily mean having more source of income, a person might be a large business owner or getting paid wholesomely after working month and his salary is good enough to fit in every wants and needs then it wouldn't affect his chances of investing in Bitcoin. It is either get a well paid job, become a business owner or establish multiple sources of income.

It might not matter that much how many sources of income an holder has, it just depends on your income level and how much you spend on your personal stuffs before receiving another money in a cycle you’ve been placed on to be receiving salary. It is indeed true that this economy situation of the country can make one without another source of dependency want to touch their savings, but if you’ve planned well and also able to deal with upcoming obstacles, you won’t feel the needs to touch your bitcoin and will just adjust to the current situation of the country’s economy.

If I’m able to hold through this period and the economy becomes better, if my source of income have reduced later and my expenses is still the way it is, it will only make me to adjust to the current state and not going to my bitcoin hodling to continue living the lifestyle I was when my pay was higher. It all depends on planning and how you wish to execute your plan of hodling bitcoin for a very long time before selling them when your profit target has reached.

You mean having numerous sources of income? It's not about having numerous sources of income, but having a consistent and sustainable source of income. A Bitcoin investor doesn't need numerous or multiple streams of income before they can hold their Bitcoin for a long time. Even if you only have one or two sources of income, you can still hold your bitcoin for a long time, as long as your other source of income is paying off regularly. 

For example, if an employee who is earning about $150–$200 monthly decides to invest $50 every month after they receive their salary, the person can hold their bitcoin for a long duration as long as their job continues.I am not saying it's bad to have multiple streams of income. You can have multiple income sources, but with only one or two of them, you can hold your coins for a long time. 

Of course the economy is so bad that people don't longer care much about investing but now basically thinking of surviver.

Having multiple streams of income is good for investment purposes but one must remember that it's not possible to break out with multiple streams of income, you only need on skill or job to make it out then diversify your result into other areas where the investment can yield more.

but if you want to do all at the same time it becomes hard for you and profit may not be guaranteed, so if you wish to get a good result stick to one and make more money from that one then invest in another area which you are convinced in.

Considering the current state of our economy, anyone who's still holding has gone above the middle class and is comfortably earning way more than what is required for an average family to take care of his/her needs. A regular 9 AM to 4 PM salary earner is even struggling to feed himself in naira and converting the small 90k most people earn to dollars makes it very unrealistic to even buy bitcoin if you're an average Nigerian salary earner.

Most HODLers are either earning in one way or the other through the crypto space or are already established in a business or have a strong source of income they can comfortably take out a portion of their earnings from and still survive comfortably.

E reach to share you opinion concerning this hodling matter based on all of us reality for the country.

The way way I take see am be same, people dey hold according to their ability. And the "fear" of say if you nor invest for bitcoin you dey wrong nor dey worry people again. Why e go worry dem when then first tin wey dey everybody mind na how to take survive. And for am na spare money wey people dey keep for bitcoin unless say your core business revolve around tech, finance, cryptocurrency, and ICT.

Well said mate, in real sense, holding of Bitcoin is a decision that requires high level of discipline as been said by you, this is why for me I constantly say that it is better for an investors to invest what they can sustain for a long run without any form of interuption, you must not hold in a large sum, you hold as your income permits, you dont hold $4 when your earmings is $5, if you do this, you will end half way unless you get additional source in the process, life is plan, although we all know the evonomic reality facing the present nigeria states but i can still tell you that people still hold their Bitcoin but it is with good plan.

Op I want you to understand that what makes you a successful holdler is your ability to apply your strategy in other to remain relevant in the system, as an investor you must know that circumstances must occur and you must be prepared to tackle them at all time, investors with one source of income should invest with what they can spare so that holding wont be a difficult task for them to achieve irrespective of unexpected occurrence.
I agree with you that few people are holding in Nigeria right now but people with good orientation can still hold if they understand the concept and the path of holding.

I have continued to tell people that having multiple sources of income is not a prove of financial solvency even though it could help. The target of many people is to have multiple streams of income, the reason most do not pay attention to getting one reliable source of income or that one product that can make them rich. If you observe a trend in Nigeria, anything that is trending, many people will rush into it... take your mind to when opening betting shop was trending, now POS is trending as well as selling something on whatsap and other social media, they will also trend and go and many people will just remain within one level because of jumping around from one thing to the other thinking they want to create multiple streams of income.

You are right and I'm not saying that multiple sources of income is bad, my point is that many people are so focused on that and forget the need to be loyal and committed to something worthwhile. Some go into bad investment and end up being scammed because they want to create multiple sources of income. I have seen people doing well in their shops but because they think they want to diversify, they invested a large chunk of their capital in ponzi scheme when it was raining. This killed many businesses I know which were doing very well.

Normally Nigeria economy is getting worse each day, but I believe that despite being in such economy alot of Nigerians are still holding base on the knowledge they have concerning this space, because most of us in this space are already aware of the bullrun season, and we just experience bitcoin halving months back. And we are still waiting for the main bullrun, and before any bullrun occurs base on history bitcoin do experience alot of up and down movement before the main surging.

But the only thing the economy can literally affect is the rate of ones accumulation, let me say a guy who normally accumulate $100 monthly, but due to are tough economy has turn out to be lately he decided to reduce his accumulation rate to the range of $50-$30 , so his Stashes rate of increasing will also reduce inorder for him to take care of some financial situation and to keep up with his normal daily activities.

My brother, wetin you dy talk na true, no be lie, to hold no dy easy as e dy sound, but as an individual wey oil dy head, we surpose think out of the box and look for a way to make am easy, so in this present economy, having more than one source of income na very good thing, but just as oga Charles don point out already, some people one source of income better pass most people wey get up to five source of income, so wetin I dy try talk is that, in other to hold effectively, e dy good to get a reliable and a good paying source of income, so that you fit get and emergency fund join, because if ur source of income no dy ok, you no go fit get emergency fund.

Secondly, when you dy talk of holding, e for dy very good of you, make you dy specific, make we know say na Bitcoin you dy talk about, because most alt coin and shit coin no dy worth holding, them fit make all ur holding effort be in vain, because holding shit coin just be like gambling, e get like 90% chances of failing and 10%  chance of succeeding, so try to dy specific, because newbies full here, make them no think say na every coin Dem dy hold in this crypto space we find ourselves.

It is not about how many sources of income that you have. It is about having more than enough money or earning more than enough money.

Example is if someone have three jobs but you earn ₦50000 in the first, ₦80000 in the second and ₦30000 in the third monthly. That is ₦160000 earned in total every month. How about someone that is earning ₦500000 from a single job.

Although, it is good to diversify because if one job disappoint, you can earn money from the other one.

Rich people do not feel the situation and many of them are holding bitcoin. Even those that felt it still invested.

 Holding any Cryptocurrency, mostly Bitcoin is one of the investment plan one could create for themselve, especially those that are holding for a long-term, I believe those that held during the bear market till the past halving would understand my point and enjoyed the benefits that comes with Holding, I must commend them cause it's not an easy task and comes with discipline.
 
 Infact I consider anyone holding in this current economic situation as a very disciplined person, I think they must have other sources of income before embarking on such journey if not I wonder how any Nigerian would be able to hold for long in this present situation of the country with just one source of income, if there's anyone here then I must commend you for your discipline,  cause on a normal Nigeria would humble you and you'll be forced to sell.

 With that being said I think and I've concluded that those holding currently must have numerous sources of income to do so, I might be wrong though. Well, people might say one is putting their future at risk if they don't invest by holding Cryptocurrency but then people with one source of income would be putting themselves at risk of holding if they don't eat, lol. it's easier to preach about holding but with the current economic situation of Nigeria not much people are holding.