When investing in Bitcoin: what to consider? - page 3.

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Quote from: serjent05 on May 19, 2024, 09:02:06 AM

As for the title, I think one should consider they financial capability when investing in Bitcoin. They should make sure that they have more than enough money to sustain their needs while holding Bitcoin so that they won't be in a situation where they have to sell their holdings at a loss due to emergency needs.

There are a lot of things that need to be considered before we invest in bitcoin and listing all those factors I think would be very long. I agree with you, in investing, profit and risk are the things we all care about first, so it can be said that considering our financial capability is what we need to pay attention to the most and most importantly.

Bitcoin is a very volatile investment, it can generate huge profits but can also make us lose, so only invest with idle money, that is something we should consider and consider. As long as we have not solved the problem of capital for investment, do not rush to consider other factors because capital is the most important thing when it comes to investment.

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Quote from: serjent05 on May 19, 2024, 09:02:06 AM

As for the title, I think one should consider they financial capability when investing in Bitcoin. They should make sure that they have more than enough money to sustain their needs while holding Bitcoin so that they won't be in a situation where they have to sell their holdings at a loss due to emergency needs.

People can spend money to buy bitcoin but will it be considered as an investment or a gamble, it will depend on their financial status and position when they purchase bitcoin and their plan for their finance in future.

If they use their savings, better part of their savings, to invest in bitcoin, it is an actual investment because they have other money to use, from their savings, from their salary for other spendings and won't have to touch their bitcoins.

If they use all money they have to purchase bitcoin, without any saving left for other spendings, they will have to sell their bitcoins each month or each week, to use for other spendings, it is no longer considered as an actual investment but more like a gamble.

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Aside from that he should also consider his knowledge about the securities and safety of his holdings. He must learn the curve of keeping Bitcoin safely. There are many instructions online that can guide him in securing his Bitcoin holdings.

Not their private keys, not their bitcoin. Knowing this warning will help them to choose non custodial and open source wallet to store their bitcoin.
Reminder: do not keep your money in online accounts
Recommended Bitcoin wallets

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Do not use wallets that don't give you recovery data; these wallets are likely controlling your keys.
Do not use paper wallets unless you're an advanced user who understands all the risks.
Do not store large amounts of value in single signature wallets.
Make sure your heirs know how to recover your wallets without you!

Choose a wallet
https://bitcoin.org/en/choose-your-wallet

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Quote from: Fiasem20 on May 18, 2024, 09:28:15 AM

The government or critics will always have an opposite thought about bitcoin,if the critics say that Bitcoin is not a currency,then what's the purpose of a currency?the purpose of a currency is to make payments for goods and services.Bitcoin is used as a method of payment for goods and services just that it appears in a different way, the payment isn't physical but an online payment that's decentralized.No matter what critics will say bitcoin is a currency and also an asset for investment.

Don't think too much about it when we get involved in bitcoin investment because people who have a negative view of bitcoin will continue to make the opposite effort. Investing in bitcoin also has no relationship with the government because we can do it ourselves responsibly even though we live in a country that prohibits bitcoin completely. We just need to act carefully and it is better to be anonymous for the security measures we implement.

Not many places accept payments using bitcoin and many more are not available. Avoid something that causes problems for us because many countries prohibit payments using bitcoin. Let's put aside Bitcoin as a currency first because not many places implement and recommend the benefits of Bitcoin as an investment step.

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

So what are your opinion towards the people that are investing in Bitcoin?

My opinion towards the people who are investing in Bitcoin is that the majority of them are spending money to accumulate Bitcoin to make a profit one day. There are only a few that use Bitcoin as a currency, many of the investors are attracted to Bitcoin because of the potential profit they can get if they hold for it for some time and sell at a target price.

As for the title, I think one should consider they financial capability when investing in Bitcoin. They should make sure that they have more than enough money to sustain their needs while holding Bitcoin so that they won't be in a situation where they have to sell their holdings at a loss due to emergency needs.

Quote from: CCMS on May 19, 2024, 08:52:21 AM

You should consider the safety and the length of the holding. Short terms may also give you quick gains but in long run you will have good profit.

Aside from that he should also consider his knowledge about the securities and safety of his holdings. He must learn the curve of keeping Bitcoin safely. There are many instructions online that can guide him in securing his Bitcoin holdings.

CCMS

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You should consider the safety and the length of the holding. Short terms may also give you quick gains but in long run you will have good profit.

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Quote from: Iranus on May 19, 2024, 04:37:38 AM

Quote from: GbitG on May 18, 2024, 07:45:36 AM

Quote from: kryptqnick on May 17, 2024, 11:16:22 AM

Volatility, usage of Bitcoin by criminals, irreversibility of transactions, environmental impact, occasionally high transaction fees etc. can all be considered if they are important to a certain person. But I'd say that this isn't what one should start from. The initial questions should be: how much money can I afford to lose and thus can dedicate to investment? Do I believe that Bitcoin's long-term upward price trend will continue for the years to come? Which wallet should I use, and which seed storage method will I choose? Will I sell when Bitcoin gets above/below a certain point?

It it true but anyway mate you forgot to mention decentralization which is one of the most prominent features of Bitcoin because it isn't in control or isn't controllable by any country or authority or third-party service just due to the decentralized nature of Bitcoin.

What might be surprising is that some people don't like decentralization, this is the reason why they don't like Bitcoin and prefer traditional financial systems over Bitcoin and cryptocurrencies because they believe that if you can't touch or feel something, it doesn't exist. However, the thoughts of such people should change after they come to know about Bitcoin which doesn't have a physical existence but has created a big name for itself in the world.

You also don't need to be surprised that some people don't like decentralization because nothing is so perfect that it has no disadvantages. For law-abiding people, or those who are not confident in their ability to preserve their own assets, it is understandable that they trust banks and centralized organizations. Just like our parents' generation, banks and governments are ingrained in their subconscious and whether you introduce bitcoin or decentralization to them, they will not care and will continue to trust the government. The world is full of color and we cannot force people to think like us or impose our thoughts on others.

People do not like unknown things. Anything unknown seem to be scary for people so the concept of decentralization is something they are afraid of even if it just literally means you have full control of your money and no one is involved in controlling it for you besides yourself.they just need to be taught properly but if they do not want to listen then so be it.

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Quote from: Iranus on May 19, 2024, 04:37:38 AM

You also don't need to be surprised that some people don't like decentralization because nothing is so perfect that it has no disadvantages. For law-abiding people, or those who are not confident in their ability to preserve their own assets, it is understandable that they trust banks and centralized organizations. Just like our parents' generation, banks and governments are ingrained in their subconscious and whether you introduce bitcoin or decentralization to them, they will not care and will continue to trust the government. The world is full of color and we cannot force people to think like us or impose our thoughts on others.

It's hard to believe in most things especially now that the world is evolving there are people who are so premitive to accept that anything is possible and of course you can have them to be blamed because anyone who isn't exposed and doesn't accept that anything is possible would also think this way. Perfection is based on understanding especially in terms of digitalization, all we need is to gradually build trust and start using it along the line we could see the perfection in what we are using.

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Quote from: GbitG on May 18, 2024, 07:45:36 AM

Quote from: kryptqnick on May 17, 2024, 11:16:22 AM

Volatility, usage of Bitcoin by criminals, irreversibility of transactions, environmental impact, occasionally high transaction fees etc. can all be considered if they are important to a certain person. But I'd say that this isn't what one should start from. The initial questions should be: how much money can I afford to lose and thus can dedicate to investment? Do I believe that Bitcoin's long-term upward price trend will continue for the years to come? Which wallet should I use, and which seed storage method will I choose? Will I sell when Bitcoin gets above/below a certain point?

It it true but anyway mate you forgot to mention decentralization which is one of the most prominent features of Bitcoin because it isn't in control or isn't controllable by any country or authority or third-party service just due to the decentralized nature of Bitcoin.

What might be surprising is that some people don't like decentralization, this is the reason why they don't like Bitcoin and prefer traditional financial systems over Bitcoin and cryptocurrencies because they believe that if you can't touch or feel something, it doesn't exist. However, the thoughts of such people should change after they come to know about Bitcoin which doesn't have a physical existence but has created a big name for itself in the world.

You also don't need to be surprised that some people don't like decentralization because nothing is so perfect that it has no disadvantages. For law-abiding people, or those who are not confident in their ability to preserve their own assets, it is understandable that they trust banks and centralized organizations. Just like our parents' generation, banks and governments are ingrained in their subconscious and whether you introduce bitcoin or decentralization to them, they will not care and will continue to trust the government. The world is full of color and we cannot force people to think like us or impose our thoughts on others.

LDL

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Quote from: Fiasem20 on May 18, 2024, 09:28:15 AM

the critics say that Bitcoin is not a currency,then what's the purpose of a currency?the purpose of a currency is to make payments for goods and services.

,if Bitcoin is used as a method of payment for goods and services just that it appears in a different way, the payment isn't physical but an online payment that's decentralized.

Bitcoin is a currency as well as an asset. Bitcoin is accepted in a small number of countries around the world and will be considered as Bitcoin currency in those countries. For example, in El Salvador, Bitcoin is accepted and everyday services and products can be exchanged for Bitcoin, in which case Bitcoin will be used as a currency. As my country Bangladesh has strict ban on Bitcoin and we cannot exchange any product or service in exchange of Bitcoin, in this case I don't understand whether Bitcoin should be declared as a currency in general in my country. But while Bitcoin may not be recognized as a currency to me, it will definitely be recognized as a valuable asset.

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Quote from: GideonGono on May 16, 2024, 03:30:11 PM

We have different opinion about Bitcoin so why bother what others or critics think of it?
They don't see it as a currency then move on we don't need to force them to see it that way, we have been using it however we want (payment option or investment tool).

Bitcoin is what it is, no matter what we or anybody thinks about it, and the truth is that it's a store of value that is changing the lives of it's holders, so it's a gem that is not hidden, only the bold takes advantage of it's values. The world has evolved, from trade by bater, to valuables like gold and silver, to fiat currencies, now we're in the digital age, and Bitcoin, being a digital cash is taking over the naretive as the future currency. Some people and governments like to remain in their comfort zones, where they'll continue to do things the old ways, but they forget that the only thing that's permanent in this world is change.

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The government or critics will always have an opposite thought about bitcoin,if the critics say that Bitcoin is not a currency,then what's the purpose of a currency?the purpose of a currency is to make payments for goods and services.Bitcoin is used as a method of payment for goods and services just that it appears in a different way, the payment isn't physical but an online payment that's decentralized.No matter what critics will say bitcoin is a currency and also an asset for investment.

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Quote from: kryptqnick on May 17, 2024, 11:16:22 AM

Volatility, usage of Bitcoin by criminals, irreversibility of transactions, environmental impact, occasionally high transaction fees etc. can all be considered if they are important to a certain person. But I'd say that this isn't what one should start from. The initial questions should be: how much money can I afford to lose and thus can dedicate to investment? Do I believe that Bitcoin's long-term upward price trend will continue for the years to come? Which wallet should I use, and which seed storage method will I choose? Will I sell when Bitcoin gets above/below a certain point?

It it true but anyway mate you forgot to mention decentralization which is one of the most prominent features of Bitcoin because it isn't in control or isn't controllable by any country or authority or third-party service just due to the decentralized nature of Bitcoin.

What might be surprising is that some people don't like decentralization, this is the reason why they don't like Bitcoin and prefer traditional financial systems over Bitcoin and cryptocurrencies because they believe that if you can't touch or feel something, it doesn't exist. However, the thoughts of such people should change after they come to know about Bitcoin which doesn't have a physical existence but has created a big name for itself in the world.

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

First how does Bitcoin operate? Bitcoin it's a digital currency uses Blockchain technology to support transactions between users. If you know how Bitcoin operates then you will also know the consideration that comes with. And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity, but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns. I know their are so many things to be consider with when it comes to anything investment. Mostly concerning the highest exchange in the world. So what are your opinion towards the people that are investing in Bitcoin?

When investing in Bitcoin I consider the notice that I will make profit in the future if Bitcoin keep reaching new ATH.
I don't care what the government are saying against Bitcoin, I don't care about the criticism of Bitcoin haters, what I care about is the good thoughts that other Bitcoinist have for Bitcoin and I want to make profit just like some many investors have made profit too.

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A chaotic post connecting the incompatible. What are we talking about when we talk about people investing in Bitcoin? These people are good financiers who understand the value of Bitcoin and know how to save their money from inflation. Anyone who wants to know the truth about Bitcoin should stick to all the information and not just rely on good or bad facts. A good return on investment will come from those who weigh their pros and cons, act wisely, avoid panic when they see the market fall, and wait patiently for their goals.

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Quote from: GideonGono on May 16, 2024, 03:30:11 PM

We have different opinion about Bitcoin so why bother what others or critics think of it?
They don't see it as a currency then move on we don't need to force them to see it that way, we have been using it however we want (payment option or investment tool).

I guess op is worried about the public’s opinions about bitcoin that is directly linked to its adoption. The general public will be the ones to decide if bitcoin is already a mainstream currency or something to avoid. Of course for investors, more interest will lead to more demand which will benefit them as well.

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Quote from: LDL on May 17, 2024, 06:58:42 PM

Quote from: Ojinga on May 16, 2024, 02:54:00 PM

First how does Bitcoin operate? Bitcoin it's a digital currency uses Blockchain technology to support transactions between users. If you know how Bitcoin operates then you will also know the consideration that comes with. And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity, but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns. I know their are so many things to be consider with when it comes to anything investment. Mostly concerning the highest exchange in the world. So what are your opinion towards the people that are investing in Bitcoin?

There are several critical factors that you must consider when investing in Bitcoin. If you are a newbie investor then you must choose DCA method of investing. The amount of dollars you plan to invest in Bitcoin should not be invested at the same time, in which case you need to invest step by step using the DCA method at different prices.
After making the investment, you will have to come to see if there is acceptance of Bitcoin in your country, if there is acceptance, and if your country's government imposes a tax on Bitcoin transactions, you will have to pay the tax. Moreover, you have to monitor your work to see what you are spending your bitcoin on, if you have spent it on any illegal activity, you have to be fully aware and control yourself so that you do not use your bitcoin for illegal activities.

Indeed, it would be better for us to divide the capital that we will use to invest in Bitcoin, but indeed we have prepared a framework scenario beforehand, so that we know which areas we will use as a reference for purchasing Bitcoin, that way we have the opportunity to get the best price, if we only place a purchase once, so if the price continues its decline then this can disturb our psychology. In my country, crypto trading is taxed, so don't carry out activities that violate the laws in force in our country or we will face the law.

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Quote from: GideonGono on May 16, 2024, 03:30:11 PM

We have different opinion about Bitcoin so why bother what others or critics think of it?
They don't see it as a currency then move on we don't need to force them to see it that way, we have been using it however we want (payment option or investment tool).

I agree with you, yes we don't need to bother thinking about people who don't like bitcoin or who are not interested in bitcoin because of course everyone's opinion will be different.

and of course we shouldn't force people to see it that way and of course there are those who like to use Bitcoin as a means of payment and there are also those who don't. but what is clear is that I think Bitcoin has many benefits and yes, we can like to use BTC. but in my country BTC is only allowed for investment so I'm sure that now there are fewer and fewer people who look down on BTC and of course I'm sure Bitcoin will get even more advanced.

and I see that now in society it is starting to become popular, which used to be anti-bitcoin, now many people are starting to invest in BTC and this proves that BTC is a valuable asset and many are starting to believe that BTC is a good asset for the future.

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

~

Why do you need to mind what people are saying so much really? At a certain point the price of the product already speaks volumes, and I'm pretty sure Bitcoin is at that state already. Same with the idea of knowing how it works. If it was new yea go for it, but if not then you don't really need to. It's a good thing, but not a necessity.

You'd mostly only really consider whether you can buy it, and whether the money you spent buying it is money you can afford to lose or not. At least that's what I mostly consider. I guess you can also add whether to DCA or not, but ultimately that's up to preference or what you're better at instead.

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Quote from: Ojinga on May 16, 2024, 02:54:00 PM

First how does Bitcoin operate? Bitcoin it's a digital currency uses Blockchain technology to support transactions between users. If you know how Bitcoin operates then you will also know the consideration that comes with. And critics say Bitcoin doesn't work as a currency, Citing volatility use in illegal activity, but supporters argue that it's too early to make some of these claims, is already fixing many of those concerns. I know their are so many things to be consider with when it comes to anything investment. Mostly concerning the highest exchange in the world. So what are your opinion towards the people that are investing in Bitcoin?

There are several critical factors that you must consider when investing in Bitcoin. If you are a newbie investor then you must choose DCA method of investing. The amount of dollars you plan to invest in Bitcoin should not be invested at the same time, in which case you need to invest step by step using the DCA method at different prices.
After making the investment, you will have to come to see if there is acceptance of Bitcoin in your country, if there is acceptance, and if your country's government imposes a tax on Bitcoin transactions, you will have to pay the tax. Moreover, you have to monitor your work to see what you are spending your bitcoin on, if you have spent it on any illegal activity, you have to be fully aware and control yourself so that you do not use your bitcoin for illegal activities.

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Quote from: Churchillvv on May 17, 2024, 06:20:17 PM

I know a lot of people most have contributed enough or have mentioned what I want to say in one way or the other one consideration which must be put in place before investing in bitcoin or while investing in bitcoin.
One major thing to consider is having a good source of income. One must be well to do with his or her income to venture into bitcoin because I don't expect anyone wanting to invest in bitcoin to it in all her income into it as it discourages long term Hodling which is always a primary goal.

Another thing that must be put in place is emergency funds that could last for at least 3-6 months hence one would have nothing to do with his or her investments for a short period of time instead it will be sad to holding for a very long term hence profit will be guaranteed.

We must not forget also one of the most important thing which is security and self custody. In storing your assets a self custodian wallet is most advisable and an open source wallet like electrum.

Very well-said, if you will venture into this volatile market, make sure you have back-up resources so as not to put yourself in a tight position. Because if you only have your bitcoin in stash, most definitely, you will use this when you need it for other expenses.
Also, one thing to keep in mind is how secure are you with your btc holdings? Given that you know how to deal with this market, you should not forget how vulnerable this asset to hackers and the likes. So better not divulge your crypto dealings over the net. Better keep it to yourself or be discreet with your crypto activities.

Topic: When investing in Bitcoin: what to consider? - page 3. (Read 709 times)