Topic: The lessons I've learnt as a bitcoin long term holder (Read 407 times)

 it's definitely true that there's a lot of generic "feel-good" advice floating around,  particularly on the internet and in this community and it can be challenging to discern between those who are genuinely trying to help and those who are just trying to get attention and validation. As for the OP, it's possible that he was genuinely trying to help, but he was unaware that their advice was too basic for the people in this particular part of the community. Either way, it's good to be able to recognize when and where an advice is needed as well as where and when it's not

This is the exact reason why it's very important for a poster to know when, where and how a post should be made on the forum, this piece of information like you said would be a lot more valuable in the B&H section of the forum or some other section but definitely not here.

It's just like trying to catch a falling knife, most people wants to buy at the lowest entry point, and forget the fact that we can't really predict much about the market, in my case I set a target when I saw Bitcoin price falling, but it never reached my target and that's how I lost better opportunities to have bought at a low price, at 15k then, and I don't think bitcoin would be reaching such a low price in a very long time.

👉 I've learnt not to procastinate: around 2022 when I first wanted to start buying bitcoin, I was busy procrastinating on when to start investing in bitcoin cause I was waiting for the right opportunity and price that would be good for me to start investing, I would always find myself checking bitcoin price, reading blogs about speculations, I set a target that once bitcoin reaches 10K I would start buying and this never happened, I missed so many opportunities that was so nice to start, even when bitcoin reaches 15k dip on November 2022, I didn't still buy.

Following the price of Bitcoin will not make you rich, and if you are a trader, you can automate a bot to execute orders while you continue your normal life. do not consider trading a full-time job, but rather something additional to increase your investments.

Telling your friends about your salary and income rate is a bad thing, let alone your future investment.

If I use the accumulation system bro, I continue to accumulate my bitcoins from month to month, every payday I will leave 10% of my salary to buy bitcoins, if the price corrects I will buy 2x as usual. I don't really care about technical analysis. What I do is keep buying and buying again. Until now I have not sold any of my Bitcoin, only once I sold my Bitcoin at $600 8 years ago. I decided to become a long-term holder specifically for Bitcoin,

I did not say you did not learn anything with your time in this market but I advised you to calm down and don't feel like you have to hurry to share your experience and teach other newbies. Because with your limited experience, what you teach maybe is not right and will mislead other newbies.

It's always easy to just say about something you read assumed to legendary members or articles and you come here to share it with your own words. If you have yet experienced it by yourself, it's just saying and you even did not completely understand it.

That's reason I told you to come back after you already experience bull and bear market because each market type has different risk and opportunity and lesson for you.

This is the exact reason why it's very important for a poster to know when, where and how a post should be made on the forum, this piece of information like you said would be a lot more valuable in the B&H section of the forum or some other section but definitely not here.

It is true that there is no ideal time to invest, but there is a bad time to invest and buy, and a bad time. These times are ideal for buying, but if you ask me after a year, I may not prefer to buy more, especially with the possibility that there will be a major correction soon.

Following the price of Bitcoin will not make you rich, and if you are a trader, you can automate a bot to execute orders while you continue your normal life. do not consider trading a full-time job, but rather something additional to increase your investments.

Telling your friends about your salary and income rate is a bad thing, let alone your future investment.

The best time to buy Bitcoin is when you have the money to invest. Many people who wanted to buy when the price dropped to the level they wanted missed the opportunity to invest. But the best option for buying Bitcoin is through DCA.

Me. 
You can add to it that as a long term Bitcoin holder, you're always learning. That's how we're going to survive a long term holder because as we learn from the others, we discover new things and when we develop that, we're the ones to benefit from it. One mistake in the past that me and for sure many others did was when we're panic selling. With some bad news that's being reported on the media, that's already making us nervous. But eventually, if there's a newbie out there, you'll be able to control your emotion and don't believe with every news that you read from these crypto news media outlets. Many of them are like paid, shilled, sponsored just to put everyone who has a weak heart down and pushed to sell their holdings.

Though OP is basically an anonymous member here and didn't disclose how much bitcoin he owns or proved that he even purchased any, it's kinda too late for that advice now, wouldn't you say?

This is the second thread I've seen in a couple of days by a low-ranked member in which they give generic advice and don't seem to know their audience.  What OP wrote might be appropriate for a B&H thread, I think most people who frequent Speculation already know basic stuff like "don't panic", "don't procrastinate", and all that.  In short, I'd say I smell a merit-grab attempt except for the fact that OP isn't in a campaign and hasn't been all that active since he registered.  If this is well-meaning advice, I feel like I'm being given advice by a typical 20-something Youtuber who thinks he's got it all figured out and wants to share his "wisdom". 

No offense, OP.

Though OP is basically an anonymous member here and didn't disclose how much bitcoin he owns or proved that he even purchased any, it's kinda too late for that advice now, wouldn't you say?

👉 Mind who you tell about your investment: there was a time i showed a friend of mine(very close) my bitcoin possessions, ever since then he would keep on asking me to sell some let's get something when ever we wanted to go out and if I refused, it would be as tho I don't want to give and most time he would just start telling me all the bad news about bitcoin and it was not very fun since he knew about my investment in bitcoin. Speaking from experience I think its not wise you tell people about your bitcoin holdings, unless you are taking investment advice from them and they are fellow holders like you, that is if you must.

👉 I've learnt not to procastinate: .

Who else is optimistic about the halving as I am, it would be bitcoin birthday soon, hope your all buying now

During my early days as a bitcoin holder, I did face many challenges and learnt some new lessons along the way. Much improvement has been made and I also believe lots of new investors or potential investors who might want to start investing or are in their early stages can learn a lot too.


👉 I've learnt not to procastinate: around 2022 when I first wanted to start buying bitcoin, I was busy procrastinating on when to start investing in bitcoin cause I was waiting for the right opportunity and price that would be good for me to start investing, I would always find myself checking bitcoin price, reading blogs about speculations, I set a target that once bitcoin reaches 10K I would start buying and this never happened, I missed so many opportunities that was so nice to start, even when bitcoin reaches 15k dip on November 2022, I didn't still buy. This procrastination and waiting for the best price really dealt with me cause I did not later end up investing in bitcoin through out that year and that was a whole year that if I started DCA with even 5% from my income at that time would  have been a plus to my portfolio. So I've learnt that there is no perfect time to start investing in bitcoin, no matter the price of bitcoin you can start your investment journey, waiting would only cause to to wait more and miss opportunities that never come back.

👉Don't panic and apply discipline: during my early days as a bitcoin investor, I see the price of bitcoin fall lower than my buy point at times and my portfolio would seem as tho its On a loss, and at times this could end up happening for months or weeks and i would start to panic and end up selling my bitcoin and after a while bitcoin price would bounce back and I would end up regretting. After falling for this twice I made up my mind to be disciplined about holding bitcoin and I started building up reserves, so instead of panicking about dips, I started buying more on dips that way i felt comfortable that either way I'm still winning.

👉 Mind who you tell about your investment: there was a time i showed a friend of mine(very close) my bitcoin possessions, ever since then he would keep on asking me to sell some let's get something when ever we wanted to go out and if I refused, it would be as tho I don't want to give and most time he would just start telling me all the bad news about bitcoin and it was not very fun since he knew about my investment in bitcoin. Speaking from experience I think its not wise you tell people about your bitcoin holdings, unless you are taking investment advice from them and they are fellow holders like you, that is if you must.

👉I learnt how to manage my cashflow: prior to when I started investing in bitcoin, I saw it it important to have a good cashflow management character, i would just spend and live my life without calculating my expenses and at times I would spend money before removing my DCA allocations and this was bad because I could save, I was always in panic. I learnt how to manage my cashflow properly as I became more determined to really buy bitcoin and I became more strict with my DCA. I also started building up my emergency funds and reserves and I created a spending budget monthly that I must follow. It was hard at first tho since my former lifestyle required me to live like that cause we were more into the party life 🤭 and it also made me distance my self a bit from my old friends 🤧

👉 Always be comfortable with your investment allocation and strategy: when is started using DCA newly I used to be very aggressive , while this was not very bad, my approach was wrong. I used to pump money into bitcoin on intervals that were irregular and my allocations where also irregular. Any money I get or extra income I earned I would just pump into bitcoin and this caused me always find myself in situations where I would have to dip my hands back in my bitcoin to cover up some needs.

👉 Be among like minded individuals: taking investment advice or even telling no coiners or low coiners about my investment decision was the worst thign I did as an early investor, I was so many Reddit communities on bitcoin as a subject and when ever I say I'm DCAING into bitcoin, you would hear things like with the current price you would never make it to one bitcoin cause the price keeps rising, go and find another project and all that. This made me feel like I was the only  person around that was investing in bitcoin.

I really owe a lot to this forum for making it this far and finding a community where everyone is willing to help you out. I only grew thsi quick because of you guys .

Who else is optimistic about the halving as I am, it would be bitcoin birthday soon, hope your all buying now

I don't think so, I Don't have to go through 4 years to learn something as a holder although I might have really gone through a lot, but if you think I've learnt nothing for the past six to eight months, then you must be be joking, ive seen people quit after two months, for me to stay this long at least it requires discipline, a solid long term plan, and some experience

you can't expect me share all my transaction receipts to prove I hold bitcoin or have bought any, but at least, beign on this forum for a while now and the thread I engage in, should give you a tip.

OP, don't be angry. You are doing well. At least much better than many newbies. If I read your posts, I can see that you are following the discussion. Some threads are interesting to read, and your discussions JayJuanGee indicate that you are learning and doing well.
Put on a thick skin and don't react too strongly to criticism. In this way, you become stronger. Good luck.

If I use the accumulation system bro, I continue to accumulate my bitcoins from month to month, every payday I will leave 10% of my salary to buy bitcoins, if the price corrects I will buy 2x as usual. I don't really care about technical analysis. What I do is keep buying and buying again. Until now I have not sold any of my Bitcoin, only once I sold my Bitcoin at $600 8 years ago. I decided to become a long-term holder specifically for Bitcoin,

Procrastination is what have been killing most people, some of them do set target that when bitcoin dumps to a particular price, they are going to buy, but don’t be surprise that if bitcoin dumps below the price, they will never buy, they will end up setting another target for themselves. Lots of of people have missed out just because an of procrastination, if you want to invest in bitcoin and you are scared if the price will end up dumping more, then you can divide your money in parts and start accumulating gradually.

If you actually read through what I said then you would notice that this stuff are easy to come buy, there is never a place I claimed to be a pro or the longest term holder, as the title says "the lessons I've learnt" I never said the lessons everyone has learnt, Im only saying what I've experienced so far and I think any newbie that has been into crypto for at least 6 months should know this stuff.

And when I see comments like this I wonder if any of you are actually reading anything or just jumping straight to judgement, anyway typically what i expected. I'm not claiming to be too knowledgeable, just sharing experience, you can either believe or not.

OP, when was your early day that you started your bitcoin journey, because you said that you used 2022 for procrastination, so what it 2023 that you finally started to invest in bitcoin, and you have all these experiences within a year. It means that you don't have any ecp9yet because you haven't hodli for up to 18 weeks and you are sounding like some one who has a whole hell of experience. It is after you have hodli for 4yrs a complete circle and above that is when you can say that you are a holder, because currently, you are still a short-term investor. Discipline, self determination, patience, consistency, and persistent with turning deaf years to whatever people say about bitcoin is the way forward to a long term investment goal.