Topic: You must have a source - page 12. (Read 2143 times)

You just expounded on what I just said and you also just reworded some of it so thank you, I didn't think that other people are going to have a hard time understanding what I've just said so your translation helps a lot. One thing that I forgot to tell is that when you're resting or taking some relaxation after a long day of work, it should be no brainer that you never take too long with those relaxation or you might end up not feeling motivated to work again too much rest and too much work are different sides of the spectrum, we need to find the balance. Regarding investment, you need to be smart and do something that you're going to win in the end of that investment, never make it difficult for you when you're investing.

this is so true. I have read a lot of thread when people will say that they sold their personal property before they are able to buy a bitcoin, the thing always sound very funny to me because how can you sell off your asset just to buy make investment? My knowledge of investment has always been that you have some reserve fund that is not in use at the moment and so you want to out it into something that will course the money to increase in it value with time.

How do you then successfully make an investment when you don't have a source of income? I think at the stage when you don't have a source of income, what you need is a job or business that you can start and will be certain that on a daily or weekly bases, you will be getting some funds from it.

Investment is for working class individual and to be really honest, if you're not working, you shouldn't think on making any investment and that include buying of Bitcoin.

Hmm, a decent and considerable point OP, if you really dont have a stable outsource of income except for the crypto market you won't be able to service in critical times, for those who completely rely on Bitcoin and the crypto market used to follow a strategy called emergency funds in their portfolio management.

In my initial time I also sold most of my funds in 3x to 5x loss due to emergency needs, I remember those days really hard times when I was not willing to sell my assets but I did. Now things are different I've prepared for most of the scenarios till a decent time frame.

Bitcoin investment should be seen as a secondary means of income because you need to be patient with your investment to grow for a very long time maybe 4-10yrs or more before you can sell to take profit. Most people don't understand that bitcoin investment is like every other investment that when you gave started, you will need time to nurture and grow the investment for it to expand, until it has reached the level that when you take profit it wouldn't affect the investment.
This is why you should use like 10% or 5% from your weekly or monthly income to buy bitcoin weekly so that it will not affect your monthly expenses. There is need for reserve funds and emergency funds so that you can keep growing your investment without going back to sell it when an emergency arise. Another problem that some investors have is that they invest aggressively due to FOMO or late start on their bitcoin investment and they want to acquire more bitcoin than their capacity, before you know it due to lack of proper plan, when an emergency arise, they will be left with no fiat and this will make them go and sell their bitcoin, even though the price is lower than their entry point, and they will run at loss. If you have only one job, you can also trim down your expenses to help you continue to your regular DCA method weekly or monthly. Bitcoin investment is for the future and you need to understand that for you to be able to HODLi

Indeed, before investing in BTC, it would be better to have a job or income because living in this world we need food and drink and other things, and indeed we often come across people who fail to make a profit from investing in BTC and one of the factors is because they don't have income and only relies on bitcoin as his main job. but of course there are also many people who rely on bitcoin to meet their living needs such as food and drink costs, school fees, weddings and so on, but of course they are experienced and have mastered the knowledge about investing in btc and others.

But it would be better to make BTC as a side business because BTC prices are difficult to predict.

and indeed op when we have no income in the real world and only rely on bitcoin of course when there is an urgent need then we will sell btc and ultimately fail to make a profit when we sell it at a cheap price.

Yes, experience is the best teacher, because with experience we can correct our mistakes in the past.

and I also always see people who are successful investing in BTC, and indeed they have income in the real world so that in the end they are very calm in investing in BTC and in the end they get big profits.

Sometimes there are always people who blame BTC for the losses they receive when in fact the loss is due to a lack of knowledge about investing in BTC. This is a good topic, hopefully it will be useful.

Just having a source of income is not even okay for people who have just one and then trying to fit in all their expenses and investment into the budget for it. More than one source of income is required to hold comfortably, or even if it is one source of income, the income has to be huge if it will be okay for the plan to invest, hold and not be tempted to pinch your investment because you still have enough for your daily expenses. If you are still struggling to feed and also for other bills due to low income, the first thing is to first find solution to your problems before you start considering investing.

I create this thread https://bitcointalksearch.org/topic/m.63110565 on the 5th of November 2023 and I the same thing that if you not working or doing something to survive then don't invest in Bitcoin because you can't keep the Bitcoin for a very long time and definitely you must touch the Bitcoin you are hodling and because of that it is not advisable to tell someone to buy Bitcoin and hodle unless the person is doing a business and the he or she would not touch the investment Bitcoin.

It has happened to me and that was why I also created that thread.

Of course, hold also requires knowledge, imagine that you have money and every time you buy on a new ATH, what profit can you get with such a strategy? Of course, if you hold and only buy more, then in the end there will be some kind of profit, but is there any point in hold for 10 or 20 years without withdrawing profit from your investments. It follows that knowledge is important in any business you engage in  trading, or holding, or business, because without it the result will be minimal or there will be none at all.

Truly there is no two ways about it. You cant keep to your Bitcoin hodling as much longer than your patience if you must respond to emergency and essential needs at your perceive circumstances of tensions or threats oef there is no alternative source of your earnings.

There is always basis to life that requires financial responses in other to be solved but must not be on the account of your hodling.
This is why it is required that any dependent on Bitcoins trading and investments must have diverses of portfolios and must consider either one a short-term hodling in chasing after nearby profits for a nearby financial responses while also considering the long-term hodling in further accumulating and just forget being bothered about it in the meantime because it is assumed a project to proffer your financial needs solutions against the future.

There is no just possibilities to succeed in a long-term hodling goal if you haven't vested on a stable current financial provisions to solve your financial needs else tempting tendencies to sell your holdings Bitcoin.

Typically I am one of those people that have hold and sold when I needed money because I don't have other source of income neither a saving. OP is right about that. You can't focus in holding if you can't even hold for a long time because your mindset is you've got something to pull off when you are in need of money. While technically, that's what we've been doing and there is nothing wrong with that. But if you want to survive on this market with a longer term of goal, then it is a must that you shouldn't touch yet your holdings and keep it as is until the right time comes.

I don't think you need "knowledge" on holding. Isn't it about the knowledge of "Why" you should HODL? I think it's too vague when you say it like that. Build up the rapport on yourself and find the reason "why" you should hold, then you could continue to do so.

So you have a consistent income, you have money to put into crypto and then you don't have to worry much about the part where you can take advantage of it as long as you know how to manage and budget your money, you are safe.

If you don’t have other sources of income, then you will find it difficult to hold on. How will you even be able to feed yourself or take care of other necessary things if you don’t have other sources of income? If you are a trader, you can take from your profits to take care of yourself, but if you are holding for a long time and you don’t have other sources from which you will be making money, then you won’t be able to hold, and you will end up selling your bitcoin just to take care of yourself.
 
We shouldn’t be too desperate to invest just because you see people saying there is money in bitcoin and things like that. If you invest everything you have in bitcoin, then you will end up selling everything back gradually, and you might even be selling at a loss because the bitcoin price might have dropped by then. Don’t be deceived by people who tell you to invest everything you have in bitcoin or sell your properties just to invest in bitcoin.

It is true that if we want to hold Bitcoin for a long period of time we must have income that can meet the needs we need because if we do not have a source of income and only hope for profits from holding Bitcoin then we will not be able to hold Bitcoin for long because there are other things. what we need and we don't have the money to meet our needs so we have to sell it before making a profit from holding Bitcoin.
In doing our work we still have to take care of ourselves so that we don't get too tired doing the work and we also have to be able to enjoy the results of what we have done, don't let us get tired of working and not be able to enjoy it, this is really a very stupid thing to do like that.

When you go for a long-term hold, you must hold the bitcoins for a long time without selling them. And due to which you have to have some other source of income to meet your daily expenses otherwise you cannot meet your daily expenses.  This will force you to sell the bitcoins.

Most Bitcoin investors are motivated to invest by seeing others profit from Bitcoins and later sell the Bitcoins at a loss as they have no other source of income.  Because at that time money is needed and on the other hand he panics when he sees loss. So one should not consider holding Bitcoin long term unless one is financially strong and has no separate source of income.

I think this should be common sense for cryptocurrency investors, or bitcoin, to be specific. The thing is, investing in BitCiin will take a long time before you can earn or see your profit. It's not that you will always have to wait longer to have a profit; you will have a profit in bitcoin if you know what you are doing, but you can't maximise the potential earning. There are scalpers, for example, who trade bitcoin. That's why bitcoin investment is a long-term investment. So if you don't have a stable "job" or "source of income," then you will not survive on a daily basis. Treat bitcoin investment as your sideline or investment, not full-time work on which you will rely entirely. Invest only the money you can afford, meaning money that you will never use no matter what, because if you only use it when there's an emergency or uncertainty, then that's not investment money.

I really agree with what you said and with what you concluded. Even though this is a common thing that people know, this really needs to be a reminder for anyone who really wants to become stronger in holding the bitcoins they own. Because after all, when investing in high-risk assets, you have to use really cold money and not the money that we actually need to meet our living needs. And to maintain this, of course we need an income that can continue to cover or fulfill every need that always arises in our lives. So having a stable source of income is indeed important for this. In fact, so that we can continue to maintain our bitcoin ownership, we also need to prepare an emergency fund to address any needs that are outside the budget. Someone who doesn't have a source of income will definitely find it difficult to keep holding onto the bitcoins they own. Because when an urgent need comes and we no longer have anything else to sell other than bitcoin then of course in that situation we have no choice but to sell bitcoin. Even if we have a source of income but then a fairly large urgent need arises then this can still threaten our bitcoin holdings if we don't have an emergency fund that has been prepared from the start. So to become a strong Holder you need a good source of income, and you also need thorough financial preparation such as having reserve funds and emergency funds.

This is not required, but it is quite significant. Some people are such good investment managers that they don't have the sense of spending a portion of their investment to solve difficulties even when they don't have a source of income. It is really difficult, and only a few people can withstand the stress.  Having a source of income makes investing easier because you don't have to worry about or refer to your portfolio when you need money, making it easier to succeed in your investment.

It is preferable to keep an emergency reserve separate from your investing capital for unexpected financial emergencies.

If you fail to implement an emergency fund strategy and are in an urgent need of financial assistance to address an urgent emergencies it is acceptable to lend money from your investment with the purpose of replacing the money as soon as possible.

I believe it is simply a lack of self-discipline on the part of many investors, and it appears that they invest blindly without a well-drafted investment plan. Also, I believe they lack proper understanding of the bitcoin concept, since they are not hesitant about selling at any small financial obstacle. Having a source of income makes investing easier, and without one, you will be breaking a major rule of investing by not investing an amount you can afford to lose, which is a bad investment habit.

Obviously that's a prerequisite if you want to survive hodling bitcoin for a really long time. Also not just have one source of income, make it more than two or even three if you can although three sources of income is already too much also make sure that you're doing your body a favor and getting enough rest while you work your ass off, you wouldn't benefit from multiple income streams if you die of fatigue. Make sure that your second source of income is not that intensive as your steady source which is your day job.

Not just simply source of income, maybe the better phrasing would be, 'We must meet our basic needs, before we could invest'. Even when we have source of income, but if it still not enough to fulfill our basic needs, then we should use our money to learn new skills or get a better formal education that could get us to better salary and finally have spare money that we could use for investment.

Life can be so unpredictable that if we don't prepare well enough for the future against any type of emergencies that may arise we might end up going back to square one like we never had a plan or a job in the first place.

There are circumstances that may hit a man that his single job that is his source of income can't handle it compared to when he's with multiple streams of income. Still fresh in my head the covid-19 pandemic that made a lot of companies to layoff some of their workers , I had a family member that was affected and that was how he fell back to his little savings (if it were bitcoin we would call it hodling). Assuming he had other sources of income flow a layoff from his company wouldn't have had such adverse effects on him that he fell back immediately to his savings. So I agree, having multiple streams is much better than just a single source of income in today's world.

However, some persons that sell their bitcoin hodling in some cases may not be as a result having no steady income source or  a single income source that later went bad but could be that they faced life challenges and circumstances that not even their multiple income source was capable to settle it all so they had no option but to sell their bitcoin hodling even in a loss or average price to settle their problems. Life is entirely unpredictable!