We have been told: Invest only Extra money in bitcoin - page 5.

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Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

We have been told many times to invest only funds which you can afford to lose in bitcoins. But the question is that most of us do not have that extra funds to invest. So, what we do is we buy bitcoins from our savings, and from whatever money we get, we try to buy bitcoins. Middle class people do not have that EXTRA money WHICH THEY CAN"T AFFORD TO LOSE.

Yes, i invest in bitcoins but it is not EXTRA money and I am afraid I can't afford to lose. Do you have that EXTRA money that you can afford to lose Huh

This is a very thoughtful post and it shows that in investment markets only wealth makes wealth. If you have a lot of money, you can invest ideal money in bitcoin and have no worries to meet your daily expenses.

For a person who do not have extra money, he already will face difficulty in meeting his day to day expenses, how can he spend in financial markets.

The only way for him to invest in bitcoin is to cut down his expenses and then buy bitcoin from that savings. Dollar cost averaging can be another way to invest in bitcoin so that you are never in loss and can cash out anytime if you need urgent ready cash.

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When a friend asks me about "investing" in bitcoin, I always say: try to understand what it is, before investing.
that is, bitcoin is a "peculiar" currency with a number of unique advantages. if you invest with the hope of speculating or earning more FIAT maybe it is not the ideal product for you.

For sure if you're looking for a currency unconfiscatable, that can be sent quickly and cheap on the internet, that can be stored with a string of letters and numbers and many many many other advantages, yes bitcoin is what you need. Otherwise no, you should not "invest" on it, it means you're just trying to speculate, one of the worst idea for this currency, as we have seen during bear market it's really easy lost heavy amount in few months.

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I think you misunderstood the concept of “investing only what you can afford to lose”, and I understand this is subjective. In my opinion, the theory doesn’t say you should only use “extra” funds for bitcoin investment, who are we kidding? Is there really any such thing as extra money I don’t think so. If you’re waiting to make that “extra” money I don’t think you will ever get to buy bitcoins. The point is don’t invest so much that you get into debt should the market crash

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I feel people used to invest everything they had into BTC, including what they were supposed to hold in order to feed themselves, this made them withdraw BTC when they didn't want to, or when they need cash fast, and because they are withdrawing when they didn't plan to, they can either lose or gain, but likely they will lose because BTC does not do short term pumps like altcoins, it is a long term investment plan. I believe it is because of these kind of people we are told to invest extra money in BTC, that is money we would not need fast, it doesn't mean it has to be a small amount of money.

I will replace invest only extra money in BTC with invest only money you would not be needing in some years time, BTC isn't like altcoins that collapses, and people may think that when we say extra money we say so because BTC could collapse, but i don't think it can, the advice is for you to understand that when you invest in BTC it should probably be for the long run, and the money shouldn't be needed by you for a long while.

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Yeah, you made a good point. Most of us don't have that extra cash they can afford to lose because every penny counts, in this situation.
You can only by btc from your savings of earnings, there is no spare cash lying waiting to be spent. If you are in this category, losing any funds will have a great impact.

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Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

We have been told many times to invest only funds which you can afford to lose in bitcoins. But the question is that most of us do not have that extra funds to invest. So, what we do is we buy bitcoins from our savings, and from whatever money we get, we try to buy bitcoins. Middle class people do not have that EXTRA money WHICH THEY CAN"T AFFORD TO LOSE.

Yes, i invest in bitcoins but it is not EXTRA money and I am afraid I can't afford to lose. Do you have that EXTRA money that you can afford to lose Huh

If you don't have extra cash which you won't be using, then you should be able to save from the amount you are making, am not asking you to save any amount that will affect you, even if it's little amount you can just save it from your salary and invest in bitcoin. I believe no matter how rich you are, if you lose money it might not affect you but it will pain you, nobody really wants to lose money. If you are investing, make sure you invest in bitcoin, I think it's not really risky compare to if you invest in altcoins, if you are investing in altcoins, then anything can happen to you money at any moment, but if you invest in bitcoin, just be prepared to hold for long term and I think you are good.

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That advice is a bit overused at this point and I think the line between what we can afford to lose gets more blurry to many. But we should always have a plan when investing into any asset, and this plan should involve growing our income stream, if we do not have much left over to spare.
The major mistake you would make is trying to use bitcoin as a means to get rich. It doesn't exactly work that way, and you could as easily lose out the amounts you invested into it.

Focus on growing skills which are in demand and getting paid for your services; you can then choose what percent of your income goes to Bitcoin (and any other investment) and which goes into your savings.

Quote from: aoluain on December 29, 2022, 01:48:15 PM

Is there really a risk though?

Yes it is.
If you invest amounts you might need at a not too distant future, there's no guarantee that you would be in profit at the exact time you need it and could be forced to sell at a loss.

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Quote from: aoluain on December 29, 2022, 01:48:15 PM

Is there really a risk though?

I mean Bitcoin pretty much since 2010 has been on an upwards trajectory, it's important
though to zoom out but we all know about it's qualities and the opportunities.

I recon in 5 to 10 years we will look back and wonder why we didn't sell everything to buy ?

The risk is usually in human behavior.
The combination between people investing money they don't afford to lose and an unexpected new leg down for the price, maybe with some FUD as seasoning, is usually so bad it tends to end with selling at lower price than the coins were bought and with a grudge against bitcoin and bitcoiners. Such people will most probably never admit they've made a mistake, instead will call bitcoin a scam.
At least this is how I see these things...

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Anyone can buy/invest Bitcoin no matter how small it was since no one will be able to afford a 1 BTC nowadays unless if they were rich. It's not just about how much you can afford to lose/risk to invest but how knowledgeably well of what you are going to invest.

Bitcoin is indeed showing enough sign that it won't be dead as long as there's a lot of people supporting the Bitcoin community. Finding enough extra money to invest in Bitcoin won't matter as long as you buy when it's cheap during this bear market. But you should know when to sell when it's time to sell.

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Everyone can say anything, including investment plans and strategies. Most of them probably don't have a salary that fits their needs, even if they do save, I'm not sure 1/10 people are able to save 10% -15% every month. Inflation is increasing in every country, basic needs are getting more expensive and no matter how well they manage their spending, their basic needs must still be met.

Investment also does not need to be forced, meaning that someone does not need to starve just to invest. Everyone has a certain level of financial and they have to do anything according to their respective levels. While investments can be made at any time as long as they have sufficient funds, that means there is no need to force them.

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Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

We have been told many times to invest only funds which you can afford to lose in bitcoins. But the question is that most of us do not have that extra funds to invest. So, what we do is we buy bitcoins from our savings, and from whatever money we get, we try to buy bitcoins. Middle class people do not have that EXTRA money WHICH THEY CAN"T AFFORD TO LOSE.

Yes, i invest in bitcoins but it is not EXTRA money and I am afraid I can't afford to lose. Do you have that EXTRA money that you can afford to lose Huh

Of course, it's hard to follow this to the tee, the world is very different now, and if you don't know how to reinvent yourself to make extra money, then it's hard to invest on crypto. But what I do is that I invest 10% of my monthly income to bitcoin and bitcoin only, that's it, maybe a few altcoins, but majority is to bitcoin. But there were times that I can't invest that 10% because of some emergency that I uses all my fiat for expenses and others. But that's my rule, just 10% and I'm good with that, no pressure, whatsoever and I can still continue to invest on bitcoin with my 'extra' money. And I would say that it is very effective strategy to me.

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Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

We have been told many times to invest only funds which you can afford to lose in bitcoins. But the question is that most of us do not have that extra funds to invest. So, what we do is we buy bitcoins from our savings, and from whatever money we get, we try to buy bitcoins. Middle class people do not have that EXTRA money WHICH THEY CAN"T AFFORD TO LOSE.

Yes, i invest in bitcoins but it is not EXTRA money and I am afraid I can't afford to lose. Do you have that EXTRA money that you can afford to lose Huh

You spoke the reality of many of us, several of us don't have extra money talk more of having one we can afford to lose, many of us are buying bitcoin with our savings(like you said) and hoping we don't lose it, but rather, make some profit on it.

But there is another context to this analogy which maybe you forgot to mention or you don't realize,
To buy Bitcoin with extra money one can afford to lose does not necessarily mean just as it is said, it also means that one should only buy Bitcoin with money they won't be making use of in the near future, this is because buying bitcoin with hopes of making profit on it is a long term investment, it could take a month, two or more or even years to see a tangible profit on the initial amount you bought bitcoin with.
So it makes no sense buying bitcoin today, and tomorrow, you sell it because you need the money to attend to another urgent matter that seem more important, so this is why it is advised to only buy Bitcoin with money one can afford to lose, which in other words means to buy Bitcoin with money you won't be needing or making use of at a significant long period of time.

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Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

Yes, i invest in bitcoins but it is not EXTRA money and I am afraid I can't afford to lose. Do you have that EXTRA money that you can afford to lose Huh

In the current state of bitcoin I don't have any extra money to invest. People are very interested in bitcoin investment even though there are ricks still people love to invest here. Especially the middle class have to live in a situation where they don't have any extra money. That's why they can't invest much and if they invest, they have to sell it even if necessary at a loss.

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Is there really a risk though?

I mean Bitcoin pretty much since 2010 has been on an upwards trajectory, it's important
though to zoom out but we all know about it's qualities and the opportunities.

I recon in 5 to 10 years we will look back and wonder why we didn't sell everything to buy ?

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Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

Middle class people do not have that EXTRA money WHICH THEY CAN"T AFFORD TO LOSE.

What is your definition of middle class? According to the generally accepted definition, the middle class refers to the social group between the upper and working classes. This means that many individuals within this group have some financial stability, including the ability to save for retirement and the means to indulge in occasional luxuries like dining out or taking vacations. Yes, it is generally advised to only invest funds that you can afford to lose in any type of investment, including bitcoin, but that doesn't mean that you shouldn't invest. If you have a little bit of cash sitting around, or you have money set aside for the future, it may be worth considering a small investment in bitcoin as part of your portfolio so that you can take advantage of what could be a profitable opportunity in the coming years.

Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

Yes, i invest in bitcoins but it is not EXTRA money and I am afraid I can't afford to lose. Do you have that EXTRA money that you can afford to lose Huh

There is always a risk that your investment could lose money, so it's important to make sure that you are financially prepared for that possibility. As a rule of thumb, it is best to limit your investment to what you could afford to lose without it affecting your lifestyle or ability to pay bills. Unlike many in the working class, the middle class has the financial resources to make this type of investment.

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Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

We have been told many times to invest only funds which you can afford to lose in bitcoins. But the question is that most of us do not have that extra funds to invest. So, what we do is we buy bitcoins from our savings, and from whatever money we get, we try to buy bitcoins. Middle class people do not have that EXTRA money WHICH THEY CAN"T AFFORD TO LOSE.

I think what that statement means is that, one should invest money that is not out of your reach to recover from is the investment goes wrong and same also refer to all other investment be it gold,, real estate or properties. This is also lead to the slogans that said you should not put all your money in one investment no matter how successful those investment are. Bitcoinisn doubt a successful project
That have survive more a decade but still we should not put everything in bitcoin and don't be too greedy.

Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

Yes, iIinvest in bitcoins but it is not EXTRA money and I am afraid I can't afford to lose. Do you have that EXTRA money that you can afford to lose Huh

No matter what your class is, be it a lower class, middle class or high class when it comes to business and investment, one needs to be very versed in so many areas especially when it comes to a high-risk investment like cryptocurrency. So for that everyone have to invest by buying bitcoin at whatever time and there is nothing like spear many every money have equal value and individual have scales of preference, some spend they spear money on bears while others invest that money in something tangled and of increasing value. But above all one most be diversified in several areas and to attain success in one life the level of their investment and area of interest matter, directly or indirectly.

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If it's money that can't be lost, then I definitely won't use it to invest in bitcoin, it's too risky not only for me but also for my loved ones. Bitcoin is a good investment that can be profitable but it also has risks so I always stand my ground, only invest with money that can be lost and when I run out of money, I choose to ignore it.

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Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

Middle class people do not have that EXTRA money WHICH THEY CAN"T AFFORD TO LOSE.

Middle class people that do not have extra money that they can invest in bitcoin/stocks/land/whatever and are living from salary to salary aren't middle class at all.

Quote from: UmerIdrees on December 29, 2022, 11:25:12 AM

Yes, i invest in bitcoins but it is not EXTRA money and I am afraid I can't afford to lose. Do you have that EXTRA money that you can afford to lose Huh

Well, you are playing a dangerous game but at least you are aware of the risk since you are not new to bitcoin. To answer your question, I only invest the amount I can lose, meaning part of my salary goes to the savings account and I use only part of it to buy bitcoin. I could invest more, but I don't wanna get into situation that I need to sell bitcoin with a loss just because I need cash asap.

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In my own interpretation about this slogan. The money that you can afford to lose is not necessary an extra money. It can be part of your savings that you can accept if it's loss like 10% of your savings more or less. I have my life savings too and I can lose part of it on investment since the money is just stored in my bank.

I don't know when will I die so I always using part of it on investment then leave the majority percentage untouched.

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Unwritten rule I guess, not only in this industry but to all types of investment. In any investment, profit is not assured most of the time, especially in this industry wherein market prices are volatile or changing from time to time. Losing is the only thing certain especually if you won't be having the right guess. The idea of investing only an an amount you can afford losing is ideal. But think if there are even people who does it. Ofcourse all of us are having high hopes of earning profit from doing so, because why would you even invest into something if you are not having assumptions that you'll get something from it? Money is just tempting that it would abide our personal boundaries or limitations set for ourselves.

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