You must have a source - page 11. | Bitcointalksearch.org

Ultegra134

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Quote from: Cryptomultiplier on December 14, 2023, 01:53:51 PM

Even with a source of income, the discipline to stay focused on building the holdings account is what will be needed, because the distractions one would have to face would be more to do with the desires of pleasure one wants to enjoy at the moment.

Still a source of income is what would help any potential rich or wealthy person attain so and as such every idle hand waiting on when to cash out big before investing in BTC is not doing what is expected.

You're mentioning that it's tempting to sell and hard to stay focused on your holding goals. Imagine even attempting it without a source of income, or at least a stable inflow; it's impossible. Even I sold some Bitcoin a few years ago, it wasn't of any significant worth back then, but it was a respectable amount in Bitcoin terms.

It's vital to be financially independent and not rely on cryptocurrencies to sustain yourself; it's much easier that way, and I'm seeing now, after many years since my involvement in Bitcoin, that I'm not even tempted to sell, even though I've almost doubled my funds, and that's because I'm not relying on my Bitcoin.

Jenwi

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It is like diversification if you anchor all your hope cryptocurrency during time of emergency it might make you tell your coin therefore it is advisable to diversify let income be flowing from other sources to keep you stable.

However in terms of emergency like it is better to go and search for funds externally even if it demands little interest than to lose your coins for nothing.
Take it as if you never had an investment in bitcoin

dunfida

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Quote from: Barikui1 on December 13, 2023, 03:12:58 AM

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Wayback when im just starting on this space on which i do have those kind of plans on trying out to accumulate Bitcoin and would be saving up for the future but just like on what the situation or condition
that been mentioned above on which you would really be needing to cash out those coins or would be converted to fiat just because you are really that in need or something that do talks about life expenses
then you wont really be having no choice but to do that on which it wouldnt really be giving you out the opportunity for you to save up which its sad. Now that the price is already on the rooftop
and im trying to make those kind of conversions with overall ins and outs into my main wallet previously then it would really be just giving out that kind of extreme regret feeling and it do really
give out that kind of stress.

This is why, if you are really that planning on holding something then you should really be finding up other source of income on which it could really be able to sustain because if you dont
then you would really be just basically be putting up yourself into such scenario or situation again in the future years when you do see that you have been left behind.

komisariatku

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Quote from: Barikui1 on December 13, 2023, 03:12:58 AM

You must have a source of income if you must succeed in your holdings.

Yes you're right. The price of bitcoin is very volatile so we cannot sell it suddenly when we need money. We have to patiently wait until bitcoin has a good price and we can make a profit. Actually investing in bitcoin is very easy, we just need to buy it and hold it until bitcoin has a price that matches the target we want.

Most people will experience losses in bitcoin investment when they need money and sell bitcoin at a cheap price. We must be able to avoid this, one of the best ways is of course when we have other income that is stable and able to support our daily needs, apart from that we also need to have emergency money for unexpected situations.

Issa56

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Quote from: sulendra12 on December 13, 2023, 01:59:14 PM

When I was first actually hold my Bitcoin, I didn't spend any single dime except for the internet data on my trading journey.

I think you don't just understand the OP properly. When you started your crypto journey, you only spent money on internet data alone, and you didn't spend a dime on other things. Didn't you spend money on feeding, or buy clothes and other things? If you don't have other sources of income to do that, won't you be selling the bitcoin that you are accumulating to take care of the necessary things that you need? But if you have other sources to take care of things like that, then you won't be touching the bitcoin that you have accumulated.

Quote from: sulendra12 on December 13, 2023, 01:59:14 PM

So, it just depends on how well you manage your stuff, sure you need source of income but it can be from anywhere. Based on my experience.

What you don't understand is that other sources of income might not be from the crypto space, you might have a physical business that you might be running, or you might be working under someone else, but just have a source from which you will be making money. I agree with the OP to have other sources of income before investing in bitcoin.

redsun114

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The very first thing one needs to understand before one gets into the cryptocurrency market and starts making investments is that one can't invest the money that one needs or may need soon because the market is highly volatile and unpredictable and no one knows when it will go up or down, so when you make an investment expecting that the market will go up, it might go down and you have your investment stuck, and in case the money you've invested is needed, you will have to sell them at a loss.

So, an investor needs to make sure that they do their due diligence before they get into the market so that they don't have to face such situations, and have to incur losses because no one invests in a financial market to lose money but the primary reason behind any investment is to gain profit.

Septex

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Quote from: Barikui1 on December 13, 2023, 03:12:58 AM

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

I agree with your words. A few days ago I didn't think much about this matter. But after discussion many people gave me this suggestion. Of course we need to have a separate source of income besides Bitcoin investment.

tjtonmoy

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I don't think there is anything wrong with people using their holding of Bitcoin for tackling difficult situations. Why do we make investment? In order to have a better life, in order to make money. But if that money does not come handy in times of needs, then what's the point of it? If you are investing correctly then there's no issue. By doing it correctly I mean investing what you can afford to lose. If that amount is something that will not affect your day-to-day life, then you will not use it for other purposes!
In order to have money that you can afford to lose, you need a source of income that's for sure. But using Bitcoin holdings for emergency situation is not that bad.

Cryptomultiplier

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Even with a source of income, the discipline to stay focused on building the holdings account is what will be needed, because the distractions one would have to face would be more to do with the desires of pleasure one wants to enjoy at the moment.

Still a source of income is what would help any potential rich or wealthy person attain so and as such every idle hand waiting on when to cash out big before investing in BTC is not doing what is expected.

Litzki1990

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Holding one's investment for a long time is very challenging if there is no source of income. When a person earns money, he can meet his needs with the money he earns, but when he has no external income and only his investments, it may not be possible to hold on to his investments to meet his needs. If an investor has a job or is engaged in some income but he will have a thought that money will come at the end of the month due to which he can hold his investment deeply instead of selling it. On the other hand, if there is no source of income, he will be forced to sell the investment, let alone hold the investment. If we have a source of income, it will be easier for us to hold the investment for a long time.

JoyMarsha

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Quote from: Barikui1 on December 13, 2023, 03:12:58 AM

You must have a source of income if you must succeed in your holdings.

That's true. It will be difficult for anyone who has a long-term investment plan in bitcoin to succeed in it if they don't have any other source of income to sustain them when financial crises arise before and after the bull run. It is certain that every crypto investor would one way or the other experience financial difficulties in their lives. And the way they calmed the storm before them would say whether they have a source of income apart from bitcoin investment.

So many people have had a change of investment plan in bitcoin from long term to short time because of not having a source of income for them to continue hodling Bitcoin for the long term they dream of having it with.

Captain Corporate

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Income doesn't always means business or a job, it could also mean investment. Not all investments just go up or down, some pays you and that's the way most rich people get rich. If you ever read Kevin O'leary (shark tank guy) you will see he used this with his hundreds of millions of dollars as well. When you are at a certain wealth, you do not have to work a single day and you will get paid while also getting richer. You invest 100 dollars into something, after a year the price is 120 dollars and it paid you 10 dollars. Now that's a big example, not many things pays %10 dividends AND goes up %20 but it does happen time to time. So not only you get rich, but also get paid at the same time. Consider that as an option.

BenCodie

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This topic is highly accurate. I'd send some merit if I had some.

I believe that a lot of people (including those with an income) have made the mistake of buying bitcoin with no foresight as to how long they might have to hold it to get into the net positive territory. Learning that both a safety net, and income to provide livelihood, must still be primary in order to be able to successfully hold Bitcoin in the long term.

Unfortunately, I know that many would learn this lesson the hard way...after buying too much and having to sell after a shorter timeframe than intended. Though like others have said, it seems to be a lesson that must be learned the hard way...and once it is, it makes us better holders.

I think the best kind of holder is one that owns a business. Employment is great, but a business is better. If you don't own a business already, create an idea, formulate a plan, and execute with determination and faith if you have spare capital. You might just free yourself from the shackles of employment or create a new and potentially passive income.

GiftedMAN

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Watch&Pray.

It will be a crazy thing to do when you invest not just in Bitcoin but every orher business without having a source of income, how do you plan to sustain the growth of the business when you keep pulling out money from the investment to take care of family needs or your basic needs? I think lack of proper orientation is the reason why most people believe that they can actually start of any kind of Bitcoin investment with all what they have without minding what the omen will be in the future. These saying has been over emphasis here on the forum, Bitcoin is not a quick money giving scheme, before you Hold, trade etc insure you have your back , have source of income, don't leave your present job to focus on Bitcoin investments only and invest with the amount you can afford to lose even though you don't intend to lose.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: Barikui1 on December 13, 2023, 03:12:58 AM

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

People who don't have a source of income don't invest in the first place, unless is that rare case of an unemployed person winning the lottery or inheriting wealth.
Your theory isn't very good because the bitcoin holder could've bought in 2016 and have enough money now to be able to live without any other income. I have enough bitcoin that if I started to sell it today to cover all my basic needs, it would last me for decades.

Ojima-ojo

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Having a source of income Is definitely the integral or important part of hodling when it comes investing in bitcoin and other cryptocurrencies in general, so for me, I totally agree with all that op says, this is something I believe have been discussed on this board on several occasions, but then, it's still something we probably will never get tired of discussing.

Bitcoin and cryptocurrency investment is not something one enters and tomorrow, he or she is out with profit, it requires enough times like every other investment, to mature, if one buys bitcoin, it's advisable to hold it atleast, for 5 years or more, and holdinf through this period of time can't be possible unless the investor have a good source of income to fall back on, otherwise, it's just going to be a case of invest in bitcoin today, sell it tomorrow at the slightest need for money.

tabas

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Exactly, you'll be forced to sell when you don't have any other money that get when you are in emergency or there are some important events that you need to pay something. When we say that we're going to hold, it is that we're actually gonna hold and we have no problems of doing that for so long because that's how it should go. We wouldn't mind letting it on our wallets for a long time and we can sustain our needs without touching the money that has been invested on Bitcoin.

bitgolden

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Quote from: yazher on December 13, 2023, 06:50:57 AM

This is right because you cannot risk like the others when they sell out all their belongings and houses just to convert it all and invest in bitcoins. they took it too far and decided to leave with the tent in the forest. this is not recommended for others that have no security in their country or they have no alternatives that could support their needs in terms of finances especially to buy their essential needs every day. One of the good things to do is not to rush and take it easy and also invest only what you can afford without hurting yourself with its consequences if the result of your investment in bitcoins has not shown any good result yet.

That is something I always keep thinking about but obviously I never do it. It always looks like there is a possibility that I could sell all my belongings and buy bitcoin at this moment and then it will double or even triple and I would be able to live a rich life and retire.

I keep thinking about that, but I never do it because it's a risk that is not worth taking, not because the price will not go up, but I do not want to get the other risks. Stuff like hacking, scamming, taxes, government intervention, and many other things could go wrong and I rather not really take that risk, why would I want to take that risk and lose all my money? What if I send it to a wrong address, that may sound stupid but haven't people done that before? No need to risk it like that.

sulendra12

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Quote from: Barikui1 on December 13, 2023, 03:12:58 AM

You must have a source of income if you must succeed in your holdings.

When I was first actually hold my Bitcoin, I didn't spend any single dime except for the internet data on my trading journey. Most of the capital I had came from faucet and signature campaign from early days and it keeps growing until today. So, it just depends on how well you manage your stuff, sure you need source of income but it can be from anywhere. Based on my experience.

Ziskinberg

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Quote from: Barikui1 on December 13, 2023, 03:12:58 AM

You must have a source of income if you must succeed in your holdings.

For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.

Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.

It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.

Unfortunately, even those who knows how to hold are sometimes left with no other option but to sell part of their bitcoin because of some emergency instances that are unpredicted. But I believe having a stable source of income gives more advantage to hodlers as they have possibilities to hold longer their coins since their hard-earned funds are sufficient enough to sustain their needs without attempting to touch or sell their coins.

Majority of investments will have higher chances to work if the investor do not rely on it solely for profits. Investments are for future gains and profits, so its important that we will be more able to hold that way.

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