Topic: You must have a source - page 13. (Read 2143 times)
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.
Yep, I was also very proud to be able to control income from this market from a number of jobs, but what I did not expect was that sustainability was not stable and I gradually had to use the money I had invested. investment to spend on personal life. Realizing that sustainability is always not perfect, it is necessary to have many plans in place to protect the initial investment, from having a job that generates a stable income, to having reserve funds for personal situations, and also have free cash available when situations present a real opportunity to buy.
And this experience is summarized through many lessons and failures, which we must face as dissatisfaction as part of the motivation to overcome and perfect the plan to achieve the target.
And this experience is summarized through many lessons and failures, which we must face as dissatisfaction as part of the motivation to overcome and perfect the plan to achieve the target.
Life fluctuates greatly and you may find yourself forced to sell your Bitcoin, so always try to make Bitcoin the first investment you buy when you have a surplus and the last thing you spend when you need cash.
Everyone who sold did not calculate the risks, and few are exempt from this rule. They are those who sold due to an urgent need, such as accidents, educating children, or paying off an urgent loan. Sometimes, you short Bitcoin to buy it again at a low price.
Everyone who sold did not calculate the risks, and few are exempt from this rule. They are those who sold due to an urgent need, such as accidents, educating children, or paying off an urgent loan. Sometimes, you short Bitcoin to buy it again at a low price.
I agree bitcoin without any other source of funds can be really risky. The value of bitcoins can be volatile and there is no guarantee that their value will increase over time. If you have no other source of money and are relying solely on the value of your Bitcoin, you may find yourself in a vulnerable financial position. However, it is important to be realistic about our financial situation and hold investments in a sustainable way for us. I think DCA is an approach that is a great way for low-income earners to slowly invest in Bitcoin or other assets without putting themselves at financial risk. It's about finding a strategy that works for you and allows you to steadily build your investments over time.
I would say that the most frequently given advice of do not Invest more than you can’t afford to lose falls in this category. One of the best attributes to have when investing into bitcoin is patience, with patience you can hodl for a very long time and we all know that does who hodl for a very long time are those are most likely to run into profits. So to maintain or exercise this patience you need an extra funds outside this investment so that you don’t always run to the investment for solution of every problem. Invest little and have a diversify means of earning income and that’s the only way to avoid panic sell.
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 bitcoin without any other source of funds can be really risky. The value of bitcoins can be volatile and there is no guarantee that their value will increase over time. If you have no other source of money and are relying solely on the value of your Bitcoin, you may find yourself in a vulnerable financial position. However, it is important to be realistic about our financial situation and hold investments in a sustainable way for us. I think DCA is an approach that is a great way for low-income earners to slowly invest in Bitcoin or other assets without putting themselves at financial risk. It's about finding a strategy that works for you and allows you to steadily build your investments over time. 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.
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You must have a source of income if you must succeed in your holdings.
Not just having a source of income, you should have provision for emergencies. Hence there is a need to have emergency funds in case of loss of job, health issues or other unforeseen occurrences. You should always invest only what you can live without, that is why the DCA strategy will always be the best investment option. It facilitates investing at your pace and places less financial burden on the investor. I agree, but I would add a wealth building plan, in which there is that emergency fund, investment in bitcoin and other investments, such as buying a house, that would be the minimum for me. In short, to achieve a stable cash flow, establish an investment plan, the first step of which must be the emergency fund and from there everything to do with investment.
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.
When experiencing an urgent situation, people will sell it under duress because there is no other source that can cover their sudden needs.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.
In such circumstances other alternatives are needed so as not to sell.
At times like this, for people who understand the importance of holding Bitcoin ownership, it will be an experience that other sources of income are very necessary to maintain Bitcoin ownership. The decision to sell due to urgent circumstances does not need to be regretted because ownership can be carried out again when the problem has been resolved.
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.
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.
Of course, you still need money here to make more money, simply as that. So others here, and I think majority of us have a regular 9-5 office job. And in turn, we uses our salary to invest on BTC, be a long term holder and then don't sell, only offload when necessary (taking profits in the bull run).
There could also be some though, who started their bitcoin journey with nothing, and then earn some for their signature of bounty campaigns and then turn it around thru trading. So there's a lot of ways really and it depends on each individual on how they are going to take their crypto journey here.
We're not in early days anymore when Bitcoin was worthless and you can mine Bitcoin use your old computer with low qualify CPUs, that's when you can become rich with Bitcoin without need a source (although you need computer and internet connection).
If you think you can get rich with Bitcoin, how you can buy Bitcoin when you don't have money in the first place?
If you think you can get rich with Bitcoin, how you can buy Bitcoin when you don't have money in the first place?
This is why passive income is the most important for many people, they have responsibilities to look after, so when such people are exposed to Bitcoin investment it could be a bit harder for them, some people are making the exact amount that's enough for their responsibilities and at the end of the day there will be no room extra money left for investment.
I came from nothing to something myself and I can tell you that nothing having a source of income was why my end result isn't that great today, if I had a source of income I would have made a lot of accomplishment.
Source of income makes investment to be easier, and the lower your responsibility the harder you can go on your investment, today I still risk 80% of my income on bitcoin because the 20% left is more than enough to get by everyday, this is a good advice and thanks for sharing.
I came from nothing to something myself and I can tell you that nothing having a source of income was why my end result isn't that great today, if I had a source of income I would have made a lot of accomplishment.
Source of income makes investment to be easier, and the lower your responsibility the harder you can go on your investment, today I still risk 80% of my income on bitcoin because the 20% left is more than enough to get by everyday, this is a good advice and thanks for sharing.
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.
This is true. An investor aiming to have a long-term investment in Bitcoin or any cryptocurrency requires to have a stable job. High possibility for an investor to sell their holdings early if ever the time comes when they need money for any emergencies. Having a source of income will also be the one to help an investor to at least increase the holdings they have. Instead of being in a situation of selling their investment, they can invest more if they want to. 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.
The only scenario where you don't have another job or source of income is if you are doing a bitcoin related job. Whether it is something you do and get paid in bitcoin (eg. running a CEX) or if you are a trader and make profit on your investment by playing the market.
Otherwise you generally should have a job and only have bitcoin as the additional thing.
Otherwise you generally should have a job and only have bitcoin as the additional thing.
In fact, it is very dangerous to mix personal banking and investing in cryptocurrencies. Its not just an idea that you need a steady income to keep your crypto holdings safe; its a harsh reality based on the lessons of unstable economies. You made a good point when you said that the unstable nature of cryptocurrencies like Bitcoin can force buyers into selling too soon, which can cause them to lose money.
Isnt it a problem to think that all buyers arent strong enough to handle market changes? Having a job is important, but smart money management and mental control are also very important. The real problem is finding a balance between the need to sell assets and the long-term investment goals.
This is shown by your experience going from being vulnerable to stable as a Guinness merchandiser. Its not enough to just have a job; you need to learn how to handle money and your emotions. This is the truth that no one in the world of crypto investing wants to say.
Isnt it a problem to think that all buyers arent strong enough to handle market changes? Having a job is important, but smart money management and mental control are also very important. The real problem is finding a balance between the need to sell assets and the long-term investment goals.
This is shown by your experience going from being vulnerable to stable as a Guinness merchandiser. Its not enough to just have a job; you need to learn how to handle money and your emotions. This is the truth that no one in the world of crypto investing wants to say.
What would you, OP, say to those people who are selling land, real estate, and most recently their home, to acquire Bitcoin? Men who live one day at a time. People are sometimes very hasty and do not strive to learn simple truths. To invest in something, you need to understand that you can do without it for a very long time. We know many good stories where Bitcoin helped people become financially independent, but there are even more stories where people were ruined by their illiteracy and greed. Therefore, if you decide to invest, carry this thought for a few days and imagine the worst possible outcome. If you realize that you can survive after it, then go and invest.
You must have a source of income if you must succeed in your holdings.
You will have best protection for your investment if you have good income source to live with it without touching your bitcoin investment. It is the best because you also can use part of income for DCA.It is not best but still good if you have good savings beyond your bitcoin investment and can live well with your savings.
If you invest in Bitcoin and has no thing left for livelihood, you will have financial troubles and have to sell your bitcoin, even have to make sale-off.
This is why important that we have work while being investor(holder) because that will save us from everything we need in daily basis while we are waiting for the growth of our holdings.
Some investors are also traders in which becomes their bread and butter but this is not as easy as 123 so I don't really recommend to turn as trader while holding but it is depending on your capacity to learn and understand the market.
Some investors are also traders in which becomes their bread and butter but this is not as easy as 123 so I don't really recommend to turn as trader while holding but it is depending on your capacity to learn and understand the market.
That's true, when you don't have basic needs to look after you can hold for as much as you like, and if it's right coin it'll give you hefty profits, and this precisely what happened to me during 2017-18 time, I held alt called Jarvis for 3-4 years, afaik it hovered between $500-$1000 most of the time, however in 2021 it was worth $23k (this value doesn't matter as much as that it was worth 100 ETH in comparison to ETH that's what matters, with right decision I would have made 200k here).
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.
This is the best advise I have gotten of recent. I am happy to see someone learn from experience and succeed in life with it because like you rightly mentioned, experience is the best teacher. And learning from it is the best solution to our problems in life. I remember trying to hold Bitcoin several times but it will fail because I don't always have that financial backing to stay feet with it. Hence, my inability to continue to hold and I have to temper with the funds meant for investment for my personal needs.
As much as I like to hold my Bitcoin, my intentions go into futility because of my lack of ability to earn outside the funds I use to invest. I will also advise that low income earners invest in the DCA approach with the little they can afford if they must to do so for them to sustain their investment.
You must have a source of income if you must succeed in your holdings.
Not just having a source of income, you should have provision for emergencies. Hence there is a need to have emergency funds in case of loss of job, health issues or other unforeseen occurrences. You should always invest only what you can live without, that is why the DCA strategy will always be the best investment option. It facilitates investing at your pace and places less financial burden on the investor. 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.
If possible have more than one source of income because having just one job in this present poor economic conditions in some countries is not sufficient to be a consistent and longtime Bitcoin investor.
For sure experience is the best teacher.
I have read a lot of deliberations on how having a source of income before investing in Bitcoin or other investments in this topic Buy the DIP, and HODL!
There lots of things to consider before going into any investment which cash flow is one of them. To hodl any investment you must have a good cash flow that can serve you without touching the said capital for investment. The experience you had was as results of less knowledge of such but now I know and others will know from you too which is good.
I have read a lot of deliberations on how having a source of income before investing in Bitcoin or other investments in this topic Buy the DIP, and HODL!
There lots of things to consider before going into any investment which cash flow is one of them. To hodl any investment you must have a good cash flow that can serve you without touching the said capital for investment. The experience you had was as results of less knowledge of such but now I know and others will know from you too which is good.
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