Topic: You must have a source - page 2. (Read 2143 times)

Great advice It's important that we have a source of income before we begin holding. Since hearing about bitcoin, I have been preparing to start holding so that I can join the beneficiaries because I get jealous of others who seem to be making huge profits from holding, especially during the bull run. I don't want to rush myself now because I will find it extremely frustrating if I want to start holding now, because my current source of income won't allow me to save enough if I say I will be holding and also saving for other things outside. but I have planned that I will begin my investment after this bull run by using DCA strategy, I learned about the DCA strategy and how to use it during my research, had I known about it earlier I should have saved a lot by now. However, I still don't regret it because investing would frustrate me if I jumped into it without proper knowledge.

Well, honestly speaking, investing in bitcoin is easy to do as long as you have the means to buy it, but if you do it without any idea or knowledge, that's a bit of a wrong move, especially if you don't do any study, at least here in Bitcoin.

Yes, Bitcoin is proven and tested, but investing in it doesn't end there. Once you've done it and you have Bitcoin, what do you do next? Are you just going to wait for its value to increase by doing nothing? Since you can really do this if you are a businessperson, what if you are not? Will it only work? What about the things you eat every day while you wait for the right day or time to increase the price of Bitcoin? Do you get what I mean?

The reason for this is that we do not have the same personalities, we can handle situations, investments, emotions and others better than each other as human beings. However, those who are short of the good qualities in this regard could still strive to do better instead of relaxing by training themselves since there is nothing that training can't achieve if we give our best and have a positive mindset that we can do it. Talking about this subject matter, that is one of the reasons why I tell people that learning to gain the experience of what to do and how to do it is not enough but we must have the needed psychological qualities as well. Many know the way but are not just qualified for the mental part which is also a setback for them.

Also, many factors can be responsible, and one of them is the lack of adequate resources to back our plan up, and the investment of the money that is too dear to us, and that we can't afford to lose. If all these could be eliminated, I think that it would go a long way in increasing our power to wait for a positive investment (patience). I wonder how the person who needs to pay his children's school fees can hold the money in investment packages conveniently and patiently, that money is too precious to lose and pressing to spend. This could hurt also if the initially gained profit was removed due to unfavourable market conditions. Therefore, bad investment decisions can come through this situation. Not even with DCA approaches as pressing money will always cause emotion. But your plan on the DCA is good, it doesn't matter, it could be systematically invested with only a small portion committed frequently, and that person could take this time to get the money securely over time instead of burdening himself at once.

Crypto is a four years cycle thing, can you survive for the next four years while investing in Bitcoin? Ask yourself this question first before doing anything, because most people that started investing ends up getting tired of the whole thing, the motivation they had at the beginning is not there anymore, and that's because their preparation sucks from the beginning.

I started with no job too but those days were better, there was paying airdrops and free faucets on the internet, I started this crypto investment with nothing and I made some money from airdrops that's how I ended up buying my first Bitcoin, today things are too uncertain, even airdrops today don't always pay, testnets are good, running nodes are nice but not all of them pays.

So yeah, it's not a bad idea to advice people about how important source of income is while they are planning to start investing in Bitcoin, you would probably get nowhere if you don't have a source of income and still proceed, think about your survival on the long run first.

If you understand the way very well, I don't think is difficult for people to have other sources of income because there are many job opportunities in some countries were people can get daily or weekly payment to solve some problem that will make them to sell their BTC but some just depend only on their BTC and it has made many to sold their BTC at loss.

 If you look at the community very well, you will discover that those wealthy bitcoiners make use of this strategies to have other sources of income that made them who they are through the BTC they hodl over some years to achieved what they want.

Most of the time, it can actually be difficult for us to figure out a good entry point into Bitcoin. This is especially difficult to do when you do not have technical or wave analysis. However, even in this case we may have errors. Therefore, the DCA strategy has become widespread among people investing in Bitcoin. She does not look for the bottom and does not even set such a goal for herself. We simply enter the position in many small parts.
      But with this strategy, it is really important to have a source of regular income. After all, before success in investments comes to you, you will need to pay utility bills and pay for many things for many years. This will gradually reduce your capital.

I would not suggest that it is obvious to choose to be a business person rather than working for someone else, and a lot of businesses either fail or the owners do not really end up gaining more than what he could have gained by merely being an employee - and surely certain kinds of employees can receive greater wages than others, and sure there are some places where employees cannot really make very much money at all without somehow advancing their skills or their education.

Maybe a related part to investing is being able to save and therefore having more income than expenses, and so there could still be ways that regular people are able to save enough and invest enough in something like bitcoin, when some of those opportunities had not previously been available to them through traditional investment channels.  So of course, we have opportunities with bitcoin, and no guarantees, and also ways that guys can screw things up if they are not exercising discipline in their own investments to try to make sure that they are earning more than they are spending and so therefore they are ONLY using the money that is left over which is referred to as their discretionary/disposable income...

and yeah, the guy on the street who hardly has anything to his name and he is not sure about how he is going to get his next meal, he likely is not in a good position to invest, even though there could be ways that he might be able to organize whatever he does have so that he might figure out if he can earn an income that is greater than his expenses, and so therefore he would be able to invest.. even though surely many regular people would like to have a bit of comforts in terms of having a roof over their heads and also food and other kinds of basic security and needs.. so that he can make sure that whatever he is investing is not actually needed for the next 4-10 years or more.  If he is just betting on the potential for a short term upswing in the BTC price, then he is not investing, but instead gambling.


Your frequent use of the term crypto currency and also suggest that people investing into crypto currency might know know what it is or its risks are.. and your whole post makes little to no sense, except for your own claim that you are a newbie..

Hopefully you are not investing in shitcoins, and hopefully you know the difference between bitcoin and shitcoins..  that would be one of the best places to start.  Start with bitcoin and figure out bitcoin for several years before you go out an explore shitcoins and then just confuse yourself to such an extent that you don't even seem to know what you are talking about.. as if such a thing as crypto actually exists.. it is a dumb, confusing, non-specific, misleading and sometimes disingenuine term, even if you hear others speaking and/or writing in those kinds of vague ways. 

If you don't want to go on being vague and speaking in gobbledy gook, then your responsibility should be (at minimum) to learn the difference between bitcoin and shitcoins..   

You only use the term bitcoin one time in your post, so it causes me to speculate that you might not know what the fuck you are talking about.. because hopefully people are not investing into crypto.. that would be dumb.


The less reliable your income, then the more that you would need to make sure that you have an emergency fund, reserves and/or a float... other wise you should not be using whatever money you do have for investing..

Of course, if investments get to a certain high size, then the investments can be used as a source of income, but if any of us is in the building stage of our investment many times it is better to build the investment for a long term prior to drawing from it early.. since there is a lot of value and power to build an investment over a long period of time, and there are increasing chances that a longer term investment is going to be able to compound upon itself several times.. especially in something like bitcoin, even though bitcoin has had a solid historical performance in terms of providing great returns over time, there are no guarantees. .even while at the same time bitcoin's investment thesis does not seem to be getting weaker, either..

 
Having a reliable source of income is very fundamental an essential but it is not enough rather working towards having a meaningful and determine purpose is what makes it more colourful. There are those who have this reliable source of income but create room for mismanagement they even become indebted before the end of month yet they have reliable source of income, curtailing budgets and expenses according pressing needs could help in achieving individual goals in life and in Bitcoin accumulation. Having a reliable source of income flow makes some individual to be too comfortable and at such spending extravagantly over things that may not be necessary. So having a reliable source of income in not just enough but rather having a better control over your income flow is what Will give the best investment opportunities.

Might be better if we already have a multiple sources of income before even stating on investing on Bitcoin but for sure there are still some people that is investing on cryptocurrency that only have it as the only investment. Probably risking everything on cryptocurrency, i dont really blame them since when im a newbie that is what I do as well putting and risking everything on cryptocurrency without even realizing how risky cryptocurrency is, I just started to realize it on experience on investing in vryptocurrency when the market started to drop and  i realize the market cycle the bullrun and bear market. With that I start saving and investing on my financial foundation so that even if cryptocurrency fails I still have a backup plan and i could easily recover.

Most of the time people realize their mistakes and wrongdoings when they are on the edge of suffering difficulties in life and think --why do I never save money and invest when I can still have a good job and huge income? People usually don't think about preparation instead, they prefer to make themselves happy today and suffer later. That is why only a few people are into doing business while a lot of people are in the labor force even though they are old already as they don't have other options to live.

Even in crypto, people already hear about Bitcoins but still ignore the opportunity. Yes, it is really the choice of the person but sadly most of the time they choose the wrong one.

Sometimes extreme examples will help to illustrate these kinds of various points regarding both discretion and even figuring out a balance, including that each of us is not going to make the same choices in regards to how to find balance, if any.

Some times people do end up making the wrong kinds of choices, which might be a demonstration of someone's life to be continuously making bad choices and part of the reason that some persons are living on the very edge and without any kind of normal financial cushion has to do with their ongoingly making wrong choices, and perhaps sometimes not even being able to get out of their situation once it gets to such a bad place that it becomes harder and harder to build some kind of a steady income stream... because sometimes even a homeless person might come to realize that he needs to change his ways and figure out a way out of his situation after he had gotten himself into such a place..

I came across a post where someone said 'he invested his last dime while he was faced with starvation and homelessness because his conviction did not allow to touch his capital. He stated categorically that he feeds once a day whereas he was having an investment in bitcoin'. That condition is not an easy one. Judging from my perspective, I can't endure hunger, be homeless and feed once just to hold my investment. My brother if you die, your investment will lost.
I think before investing there should should be other source(s) of income because life must be in continuace.

I am sorry but could you please use some punctuation in your texts? I am not a native English speaker and do not know where to stop. Please use commas and full stops when necessary. Now I am giving you an answer based on what I understood. Yes, you could say that I am lacking of planning. But it's not true that I have invested ALL my savings INCLUDING unexpected needs. I feel like you never know how much money to start a business. Otherwise, you won't say that.

My business needs a couple of thousand dollars, and I have already managed a big portion of it. As of writing, 90% of my funds were managed without selling a single satoshi. Now, If you hate altcoins or shitcoins, that's your personal opinion and I do not care about it. If you do not respect others just because they said they have invested some money in shitcoin, you have very low moral. 90% of my portfolio is BTC only and the rest is alts. If you do not like having alts for other purposes, we can't be friends.

   It's true what you mentioned that when we have long-term holdings, we must have another source, because every day we spend, especially if we have a family to support or relatives to help.

   So it's good that we don't have only one source of income. At least while we wait for the time frame of our Bitcoin sale, we can still save for the future and the dreams we want. Especially at this time, this is not the right time to sell bitcoins or other altcoins that have potential in the future.

This is absolutely true, not only with Bitcoin but also in any investment field. You must maintain a stable source of income before thinking about investing, firstly we have outside capital that can supplement our investment, secondly we do not need to worry about the amount of money we have invested because of urgent external needs. I, like you, have been in the situation of having to sell my Bitcoin when I needed money in outside life, and I believe many people have also been in this situation.
Investing is a boring job, because you just need to sit still and do nothing for a long time, so the amount of money you spend on investing must also be the amount of money we determine that we don't need it for a while long. If you determine that you have not done this, you should not think about investing, because there will be a time when you have to sell your investment asset before it increases in price, and I believe the feeling of regret later will be even more terrible than you skip investing from the beginning.

Sorry guys no offense but when you already know what you are doing then you are unlikely to be confused with your business planwhich is indeed a new plan because your savings and all the money you have including unexpected needs you all use to buy bitcoin and some altcoins maybe shitcoin so in this case I think you are lacking in planning even though indeed your life is maintained because you don't use your daily needs money there (because only use all the savings you have) but indeed when there are some needs that in the end are not too unexpected like wanting to do a new business you become a hassle then this can be considered your planning is less mature.

It is not wrong to be a little aggressive especially when prices are still considered cheap because it is an optional condition but again using all your savings without considering unexpected needs I think it is too much friend.

Bitcoin is more than an investment - its a commitment to a financial philosophy that emphasizes innovation and possibility. You're right - it needs a solid financial foundation. I always urge newbies to have emergency finances, insurance, and college savings. This is smart and essential.

Many can relate to your point of selling at a loss. It emphasizes the need for a well-balanced investment approach. Bitcoin offers financial independence but also requires responsibility. When you have your essentials covered, you can keep onto your investments and ride out the market's volatility, which historically rises.

I gets the points which you are saying about this thread, IMO the OP is do not actually eat 1 time meal a day because ime can not survive such, just think about it.
The OP said that so we can understand how he was so committed to accumulate Bitcoin effortlessly because he believes that Bitcoin will change his life in time to come and not with how Bitcoin is growing today we have to say that the OP efforts didn't go in vain because Bitcoin has a good future. You either others might not be able to see it but let's just hold and watch out of other parts.

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There's no person that can make it up to buy bitcoin every month when he's not working, that not possible, you must have a source of if income like the OP of the other discussion I just posted, if the OP didn't have a source of income he couldn't have continued buying Bitcoin.

whenever any Investor wanna withdraw their investment actually depend on them though, but the truth must be told holding for long term is more profitable. And just the best because most time most investors that sell their investment prematurely may eventually end up saying "had I known" that why there's sources that you can be earining some extra funds for emergency funds to reduce the urge of withdrawing your investment. That why most people keep saying that if you wanna invest you got to use funds you can stay without for long...

Yes, you are right about that those who cannot hold the investment for a long time taras are really failed investors. Actually everyone can invest but not everyone can hold for a long time patiently. If one wants to be successful in investing then one should aim to hold the investment for a long time. However, Bitcoin is definitely profitable if held for a long time. I have a small investment, I am still investing in DCA method. My goal is to hold for a long time. I hope to get good profit from my investment in 2025.