Topic: Patience is not enough for hodling Bitcoin - page 2. (Read 522 times)

What you said OP is actually the truth about bitcoin investment. People talk a lot about patience and how powerful it is to exercise patience while investing in bitcoin. We always forget the part that will make the patient been exercised well which is the steady flow of income for the investor. Without a steady flow of income, patient will just sound like an hard term for you that you’ll employ in your investment. It will be hard for you to exercise the patience, because even when you want to, the forces of needs that you need to solve will not allow you to do that. Having a continuous source of income will help you in achieving your investment goals in bitcoin, but without that, your savings will not increase but rather it will be reducing and you’ll always be at loss always.

I've spent a lot of quality time going through the discussion in Buy the dip and HODL and I learnt a lot of the ingredients of successful Bitcoin accumulation and management. The areas of emphasis in that discussion was how to buy and what it takes to HODL Bitcoin for long time. From the discussion, to successfully hold Bitcoin for long term, there should be provision for emergency funds in addition to making sure that personal needs are met first before making investment in Bitcoin. The reason for the emergency funds is to ensure that one will not sell the Bitcoin when not planned due to emergency.

So it is important to set aside funds for basic needs, then emergency funds to be able to HODL Bitcoin for long term.

E just be like this popular saying which goes na person wey don chop na dey save money or invest. The importance of having a steady income flow is overwhelming overlooked by the trooping number of amateur and newbie investor who are only triggered by the positive view of getting to save your money in Bitcoin but they fail to understand that Saving or investing in something is not as easy as it sounds, there is lots of discipline and numerous factor to it and if you are not well prepared then I could boldly say you are just fucking wasting your time.

You are right that lack of source of income could stand as a barrier to some investors who doesn't have any other ways money is coming from but however before the investors should have started the investment he should have considered those probabilities that his investment could be tampered if there is no other way of getting money, so perhaps after identifying those disadvantages they will either wait till they have accumulated enough funds that they will not only invest but also putting a little business that will be helping them by yielding interest either on the daily basis or weekly basis while they keep regularly investing on Bitcoin with some of the profits they realize from the business.

So perhaps with that there is no way they can tamper with there investment because they have other things that's sustaining them and talking care of there daily needs, so actually planning is essential in everything we do especially during our investment because just like what they said that he who fails to plan, plan to fail, so perhaps we no that there is need for everyone to invest on Bitcoin but however there is no way I will advise someone to put all the little money he has on investment when he has no other means of getting another money so instead I will advise the person to start up small businesses that could help him rase the money he will start investing on Bitcoin because with this way the person will become a bit stable.

The truth of the matter is that hungry stomach is always looking for what to eat that's the nature of person that don't have enough to save any one available is always an option. But another thing is that not everyone one that have zeal of saving even when the money is available the spirit of pleasure most time control people that don't have power of them, they spend even what they would have save and regret later after when the money is no longer there. Example my friend dad when his was working in total energy, buys everything that comes around him reason being that he has differed before and want to enjoyed to cover all his suffer ,that he can't enjoy in the grave person with such mentality even when the money is available can't save reasonable money.

Exactly, patience is a virtue many might have but what better way to exercise it with respect to hodling if you ain’t got other dreams of income. For one one to be able to hodl or take up any investment in life, you sure need to be alive first. A dead man can’t hodl nothing and as such, you need to be running your life and day by some means before being able to have some investment set aside successfully to maturation.
In trying to hodl, get another source of income. Something not within the crypto fields a job that is run by the world order, something you can comprehend, fully understand and have got a great deal of control over. That way, you would be able to make plans and do proper money management to handle the huddles life would throw at you.

Sometimes no be only hunger but as na humans we be something unexpected fit come wey go need money and without money that problem no fit solve and you go like use your investment money na why no be only steady money but when the money come no use all invest at least keep some to settle different problems. This thing wey you talk na true no be only Patience we need, we need both funds and Patience to succeed because when money dey you no go too focus for the investment and it's very important to have something doing before investing to enjoy the investment.

Just to add to what the op have said which I totally agree with, patience is a virtue no doubt but having patience alone can't do the magic when it comes to holding Bitcoin rather you need either a stable income or steady flow of income to help you not to self off easily when holding Bitcoin. One more observation which I consider very necessary when holding Bitcoin is Determination, someone who has no determination can't hold Bitcoin for a long time regardless of the amout of money which comes to the person on regular basis, you need to have good income, you need to be determined and you need patience without all this you can't hold Bitcoin even for a month.

Apparently if you must make it prosperously in this Bitcoin investments industry, one must be possesd with you the abilities of patiency and of course have an alternative source of income because both would enhance your possibilities to achieve your crytop goal of profit

That is why it is good to understand the basic about Bitcoin investment before starting any, as to understand how to manage the risk.

Firstly you don't start any investment when you are not financially stable and capable of carrying out the cost of living. We should understand the basic to invest with our spare money, what we are capable of loosing anytime and also keeping aside enough funds for emergency. If you are well prepared and then invest their will be no circumstances that will make you alter your investment

You no get patience then, if you no fit hodl your Bitcoin in all conditions then you no get patience, wetin you go talk na say to make you get more patience e get some things wey you support dey do and no be say patience no dey enough. Patience dey very enough, but enhance it more so you don't lose the patience. Bitcoin na long term investment dey sweet pass, as you dey buy today just know say you no supposed sell untill many years in the future, no be say na rules but na that way go fit give you better profits pass all this buy and sell wey people dey dey. No be say e no dey pay as buying and selling dey also pay but you no fit use am compared to hodling strategy


You talk well but patience still dey very important because e get people wey get money but na that Bitcoin wey dey fall so for price na where there mind go dey. E get people wey no get patience or dem no wan see their investment dey lose value. Immediately that one happen dem go just rush sell as dem no get patience. Since na investment you dey do, e mean say you no dey plan chop from that investment anytime soon so you no suppose dey put mind there but get other things wey you go dey do wey dey bring money so investing without a source of income wey go sustain you be option self.

I think this is similar to making fixed deposits In banks. Interests are way lower than what you'd earn in hodling but at the end of the day, if you are hungry or in an emergency, you'd collect or liquidate it.

First of all, understand that if you don't discipline yourself, it's going to become a habit and you're not going to be able to save anything. You're going to start from hunger, move to necessary dresses, down to unnecessary things like show-offs and parties, confusing needs and wants.
You don't necessarily have to hold everything, liquidate some and hodl some so you won't starve and you won't spend on unnecessary things. There are lots of wallets that are fixed for hodling. You put your Bitcoin in and lock it for a specific period.

If the amount from Bitcoin isn't enough, or you feel you're moving at a slow pace, loo for a side hustle or get a main job. The worst thing a person can do now, especially in this country, is to depend only one stream of income .
But, all in all, don't give yourself excuses for impatience and lack of discipline.

Op having a source of income that will take care of your financial challenges alone is not enough in holding Bitcoin. Apart from having a source of income, you need to understand these two things before you can successfully hold your Bitcoin for the long term, such as.
1. understanding that Bitcoin is not a get-rich-quickly scheme so it will enable you to hold your Bitcoin for the long term even when you have not seen any profit from your Bitcoin investment.
2. Understanding the volatility part of Bitcoin so it will enable you to hold your Bitcoin and not sell it when there is a drop in Bitcoin price because of fuds around Bitcoin or when there is a manipulation in the crypto market.

OP no reasonable human will hodl money in their wallets and not touch it if they don't have any other source that fetches them money, for me; before anyone should involve themselves in an investment that they want to make some profits in it, they should have a steady means of generating income if not they can never achieve their investment goals. So it is important that before buying and hodling Bitcoin, one need to have a means of earning money on regular basis so that they will not tamper with the money they've invested for their future.

The thing is I don’t blame people who sell their bitcoin just to eat or cover up bills to me it still because ulcer comes fast this days imagine you trying to keep bitcoin and end up having ulcer you still have to sell the bitcoin to still buy drugs I don’t know if you see my point lol but the truth is everyone have their ways to do things.

You are right but one thing is sure that enough is never enough to whom can't find enough from enough. Lol. I guess it sounded like a lyrical rhythm. Some persons actually chooses to increase their financial budgets simply because the rate of their income has increased which if sometimes there is an income biased of the investor, he/she is likely to loose hold to their expected range of hodling meaning that lack of financial management is also a point that disorganizes inventors hodling.

I just wished everyone can understand this prospect OP. Investment is not for those who cannot carter for general live needs without going through pressure or stress. Definitely live happening may occur and if there is no other means to find solution to them then we may look into the little investment as the only means to solve it. In Nigeria today it is difficult to save talk more of having an investment when your not financially buoyant. However. investment is risk and some person are lucky that their investment pays them faster so it gave them a huge start in life. But we shouldn't rely on luck there are simple steps to do things and its best to follow those steps.

There is this word people use often, problem no dy ever finish. This is why you need a good source of income because if you don't have one, (Sapa) poverty will make you sell your investment. When problems comes nocking on your doors, if you have a source of income, you will sort it out in time but if you don't have anything that can make you money, the next thing you start thinking about is maybe you should sell half of it, and after some time again, if another problem ensued, you will sell the rest and will have nothing to hold again.

Also don't borrow money to invest, whether it's for a long time OT short time, don't try it because if the time reach for you to return the money, you will sell what you are holding and it will be a regret selling what you buy at low price just to settle a debt, it doesn't make sense. Having a source of income beret all these and hide it under without even knowing that you have it in your front.

But patient is one of the element for long term investment. Even though the person is doing extra works to support himself for in the investment he has to be patient because you might used your investment funds to buy something in the your business if you have waited enough time and the price is not going up for you to sell them and use them in your business.

I understand what the op saying, constant income to the life of the investor will save him from thinking of the Bitcoin investment at all the time.

Yey. Bitcoin is hard to hang onto if money's tight.  When your wallet's slim and your bellys rumblin, that Bitcoins lookin real tempting.  But for folks with steady paychecks flowin in, partin with their coin ain't necessarily top of mind just to get by day to day.  Holdin onto it gets easier when you aint sweatin where your next meals comin from and  course if you can hodl off from cashin out when the goin gets tough, your patience might just get rewarded handsomely down the line if that coin keeps climbin.