Topic: Ways newbies can prevent dipping hands into there long term Bitcoin investment. (Read 201 times)

Those are nice points you just gave at O.P, as these 3 points will definitely help a Bitcoin investor hold his/her coin for a long term without tampering with it, if obeyed. But however, one important factor that a long term investor needs to have that is crucial is "Self Discipline" and a dedicated mindset to not touch the funds, despite whatever may happen. Because an individual could have a "Source of income" and if he/she is not self discipline enough, he could end up lavishing his income and then dive into tampering with his Bitcoin investment. And likewise is that also applicable to Backup funds and Discretionary income. Hence, the need for financial discipline can never be overemphasize on any form of investment, either short or long term.

To make it more simple, just ensure that you are having two kinds of crypto portfolios you're using, the first to be the type that you are having your long time investment in and there you wont have a frequent access to or make any withdrawal from it, then the second is the one whereby you will have an additional means through which this can constitute only little portion of your asset which you will be interested to convert and exchange to fiat at any time, without having to go through your major holdings or portfolio.

This discretionary income is very much important when it comes to bitcoin investment expecially when an investor want to hodl Bitcoin for a longer time with the discretionary income you won't see your coin short time when an unforeseen circumstances may occur you won't deep your hand in your bitcoin hodling and sell with out this discretionary income bitcoin may not really work well because that is where an investor will be using to accumulate Bitcoin either dacing regularly weekly or monthly regardless of the price of Bitcoin and hodl for a longer period of time which could be from 4-10 and more.

OP you already called it long term bitcoin investment which means an investment that has been hodl for a long time. If someone has been hodling for a long term and has made some reasonable amount of profits from it and decides to dip hand in it as you call it, then i don't see it as problematic. Hodling for a long time does not mean that you will hodl forever. At some point when you feel like you have achieved a good amount of profits from your investment, and you sell to attend to other basic and important needs to you, then it's fine. Except for a starter who just began investing in bitcoin, those are the people that will take the proactive measures you have just outlined otherwise, any investor must surely take profits from their investment when they feel like they have gotten some good profits from it no matter if they have hodl for long or not.
        Having a source of income, backup funds and using a discretionary amount to invest with, as you have mentioned, depends on the financial status and capacity of anyone who wants to invest in bitcoin. The most important thing is having bitcoin in your portfolio when you have the opportunity to invest in it, if you are able to withstand your investment in the long term, fine, if you aren't able and feel like selling or pausing your accumulation for a while it's all your decisions to take.

I didn’t make out time to read responses after you because you caught my attention and frankly your post aligns perfectly with my mentality.
Over the time, I’ve read a lot of post and responses in the community here where people, make it seem like a taboo to touch your investment and I’m always curious as to know the purpose of saving or investing when you can’t take care of yourself or do we have a second phase of life where we get to spend these savings and investments?

We shouldn’t make it seem like it’s wrong to touch an investment when it’s necessary but the problem should be selling for irrelevant things.

Also newbies should not be carried away with buying the dip so that they will not invest in bitcoin in such a way that it will stop them from solving their daily expenses, which might get them off the game, partially or permanently. Newbies should always use the money they will not need for like 4-10 years or more when they are investing in bitcoin so that they will not depend on their bitcoin investment to survive, which will give them the advantage to hold their bitcoin investment for the long term because they used the money that is not allocated to solve anything in their lives for the next 4-10 years to invest in bitcoin.

Na this point wey you point out so, na em be wetin everyone in the cypto space gat to store up in their mind that there's a level of an opportunity to reinvest if they sell their Bitcoin to solve their pressing needs that comes before them that are above their financial capacity.

Many at times, wey peso don face with problems wey bigger their income, they can't really allow it be like that without getting it solved. If it is means  selling your Bitcoin to raise funds, no be bad idea. The society won't blame for that, for taking such decision because na who wey d alive to  solve their problem, go later run reinvest for Bitcoin when em finances don settle.

All very valid ways but they aren't no secret as they're the same advice we all give when writing on the forum. Before choosing to become an investor, have a stable source of income that you can be relying on to meet daily needs because your investments aren't going to be giving you profits at all time. There will be times when the market will be bearish and you'll need funds for daily upkeep. If you have a stable income, you'll not be worried about times like this because you'll get things covered with your income. After investing you also need emergency funds for times when your income isn't sufficient and then you don't have to use everything in your safe to invest but do things according to your pocket.

Good one OP but I would want to remind everyone that you come first above every investment and that includes Bitcoin. If you aren't alive then your investment won't be enjoyed by you.
I believe anyone that decides to invest in Bitcoin has already shown some level of wisdom they don't need to be told what to do with their Bitcoin. And also Bitcoin investment may not be their first time Investing. I wish everyone diamond hands but some situations can arise beyond control always feel free to take care of yourself you can always reinvest.

Beginners in this Bitcoin investment literally need to understand firstly that Bitcoin is not a get quick rich investment which then is demanded of investors to hold their assets patiently in a specific period of time targeted to reach their goal of accounting profits.
This could be either long or short term depending on how much one could hold.

There is no way to hold this confidently without having alternative source of income because of there is no other source and relying on your holding on Bitcoin, that means they would be tempted to tamper their Bitcoin which is practically wrong because you could exhaust the fund before the Bitcoin market is set to proffer income and then they may be selling at dip in a lost count.

We also need to talk about FOMO that is... When market price Dips, beginners are feared that they may lost their funds or even Lossing the profits they have made in a closed time.
There in they just need to understand that the market is volatile and potential of fluctuating which market value could Dip down or Pump up but one thing is sure that there is a time for any market condition. So it is demanded to hold while the time for market increase to come before they can sell and do away with the FOMO.

Deeping hand into your bitcoin investing no be only newbie de do am. as long as  say you be person when de invest in bitcoin, e no get as e go be when you no go at some point in time make use of a portion of your investment for one thing or the other. bitcoin no de like gold or land when be say to sell a fraction no de all that simple and sometimes you fit just luck am up say you no de sell am or sometimes you fit even decide say you wan sell am but because buyers no de, e go come worry you to fit sell am. for bitcoin, even if you decide to sell all your investment within the next five minutes, you fit just run am asap and the matter go clear like that and this na the reason why e legit make we set out parameters when go protect our investment even when we know say e already de vulnerable to be touched.

all the point you don list so de very valid and if you don ensure say you don set out your emergency funds on ground also make sure say you hold your work tight so that nothing go do am, and still use the dollar cost average method take run the investment so that you fit de use an amount when go de alright with you for the long run, e go go a long way to prevent you from touching your investment. but again, investment in bitcoin no be ideal something. e hard to see person when don de invest in bitcoin for a very long time when never at some point in time touch him investment or even take out some profit. its not a sin if you take out a profit from your investment, it might just show that you are not disciplined enough but no be wetin supposed make you feel bad say you touch am. if you get needs and you don exhaust all your options other than using your bitcoin investment, e no de bad say you use am sort out your needs.

Countless times we have discussed same topics like this, even outside the local board. Severally we have pointed out points just like you listed, besides the idea of investing is optional and something not to get involved when there is no proudly sufficient amount of funds that can be split into several portions and still allows the user to spread out his income without feeling overburdened.  

Our economy is already dealing with us, but some people are lucky to have more than enough that can fit inside their expenses and what they can afford to invest, as this set of people should endeavour to click according to what you mentioned, by DCA we can hit a better accumulated portfolio from little incomes invested into large outputs after applying the long term approach.

Everything way you talk correct Op, but the thing be say for Nigeria now billing nor dey finished, rather e go better to cut down expenses or spending wey nor dey relevant.  Also,  if e still dey difficult to get better funds for investment, e go better wey the person find side job(s) add join the main one.

Another thing na be say, e dey important wey person get properly investment plan, in order for dem to fit collect profits at the right time based on their investment plan.

The tin be say to invest in bitcoin no dey easy at all make we just dey real because as the country be like dis, almost every bodi dey guide himself from the little earnings wey dem get and wit the condition of tins now, no be every bodi go fit get investment for bitcoin come see as the price rise like dis come dey talk say him wan hodl for long. If the price of bitcoin come fall and maybe your business no dey too move again or your work no come get head how you go dey manage yourself within dos periods. Unless person wey go fit get the mind to see any money wey him store for bitcoin as money wey him no go fit access no mata any temptation of selling it.

I think all you have described are summed up as the DCA method with the variations of adding emergency funds and sometimes reserve funds. It is the only way to ensure that the investor is always afloat and never under pressure that will lead to touching the investment. The mistake new investor make is investing beyond what they should put into Bitcoin and this make them sell their Bitcoin when they have need for money. This does  not really make for steady growth of the Bitcoin portfolio,  hence the need to invest only part of their money which you referred to as discretionary income.

Some newbies dey always dip hand for there Bitcoin and this attitude no gree them to hold and succeed for there long term Bitcoin investment, this thing done make some people lose all there Bitcoin way them done hold for long, e get somethings way newbies need to set in place or do to avoid this kind thing when them they hold for long term which are.

1. Source of income.
As person way they hold Bitcoin for long term you need to get source of income, this source of income na watin go dey give you money weekly, monthly or yearly, if you no get am how you go dey cope remember you need to pay bills for example food, house rent, light bill, etc.
So if you no get source of income you go dey always dip hand for your Bitcoin investment dey take settle those bills.

2. Backup funds.
This backup funds na your emergency, reserve and float funds, now if you get this backup funds e go help prevent you from dipping hands into your Bitcoin investment for example you no say problem no dey finish and nobody dey pray for evil to happen but person just need to prepare in case of anything, emergency issue fit come up maybe accident, sickness, fire outbreak, etc since no be watin you dey expect to happen you no go put am for budget for that week or month and you need to settle the issue na just for you to use your backup funds use settle am without touching your Bitcoin.

3. Only use your Discretionary income to invest.
Discretionary income na Money way remain after you done pay all your bills and run all your expenses. Na that money way remain you need to dey use accumulate and hold your Bitcoin.
Some people they use money way them suppose use pay there bills they accumulate Bitcoin and later when them won pay the bills them no go get option than to dip hand inside there Bitcoin.