Topic: You must have a source - page 3. (Read 2262 times)

We are probably the same since in the beginnings of cryptocurrency there are a lot of things that I really realized as well, in the past years on my investment I ended up selling some of my investments just because I really needed that money for some reason, there are for sure a lot of times that you're gonna end up forced to sell your investment in cryptocurrency just because you just doesnt have a source of income or probably income that is enough to sustain you, that is the reason why a lot of investors are going to recommend you to only invest a small percentage of your assets on cryptocurrency, before even starting or thinking on investing on cryptocurrency or Bitcoin just main sure that you are already well equipped with your funds and saving, and you already have the financial foundation for that, something like emergency saving, education, insurance and many more.

If you already have that secured you not gonna end up just selling your investment at the wrong timing or worst case at a lose because you are being forced to sell your cryptocurrency because you just really needed that money.

Keep in mind that the $60k range is in the middle of no man's land...


A lot of mistakes had to have been made to have a current average price of BTC around $60k.. especially given your forum registration date.

The best thing for you to do would probably treat your whole BTC holdings as if you were starting over, and just DCA for 4-10 years before you do any kind of selling, because face it you seem to suck at selling (or trading) or whatever you are doing when BTC has been an overwhelming winning investment over the past 9 years.. and there were many points that you could have had gotten into bitcoin and just accumulated it for 4 years or more and then be in a great place right now.. but instead it seems that you probably had been fucking around. .and that is why you have average BTC costs around $60k.

Guys likely need to learn to accumulate BTC first and probably spend some time holding too.. .. so frequently they are going to need at least a cycle and a half (6 years) or maybe longer with a combination of accumulation and holding..and in the whole scheme of things if you are ongoingly accumulating, then your oldest accumulations should be in more profits than your newer ones, including more likely to have multiple compounding effects.. especially if we consider back to late 2014, there have been at least 6-7 doublings.. depending upon from where you start to count.

0  (start) 250
1   500
2   1000
3   2000
4   4000
5   8000
6   16000
7   32000
8   64000

I did not suggest using borrowed money to invest in cryptocurrency. I specifically recommended using funds that can generate income. I know that it is not advisable to use debt to invest in cryptocurrency as there is no guarantee of when you will be earning a return on your investment. This approach will only prolong your debt problem.

Although some may call it reckless, possibly myself included, it's understandable. Any price below $30,000 was practically a bargain. I wish it lasted a little longer; now my payments in terms of BTC have been significantly reduced. Truth be told, at $60,000 I will have a little more than my current average purchase price, which is astonishing if you think about it; it's kind of tempting, even though I'm keen on holding at least till it surpasses its current ATH, but still, I doubt that I'd sell at that point. I don't want to set unrealistic expectations; we'll see what happens in the future.

It will get extremely hard if you don't have a source of income, because holding for long term requires some well funded bank account and also some inner patience, the most important is source of income because if there is enough to spend there won't be any need in selling your Bitcoin.

It's rare to see someone starting without nothing and successfully end up holding through all the bear market, it's not very common, even those that have good jobs still end up getting tired of holding their Bitcoin because the expected time they have in mind, thinking that Bitcoin will pump isn't happening, so they quit.

The first thing I advice crypto investors wannabes, if they need lots of fund for investment, using DCA strategy and it will be a lot easier if they have something paying them, nothing else than skills or job, a bitcoin investor who can't hold for long is a failed investor.

On average, this is true because from every investor who has invested in Bitcoin for a long time, we can see that most of them have a source of income that is quite clear and also stable enough so that these investors will not disturb their savings in the form of Bitcoin as a future investment. Because we are all very aware of this, that humans cannot stand being hungry so they will always look at where their money is and this will often be sacrificed if there is no source of income from elsewhere.

So it has become very important to have a fairly stable income if you want to keep Bitcoin very safely for investment and not let it go unless it is time to release it at a more appropriate price into the market. I also agree more with the mindset of some investors who see the importance of Bitcoin more than other assets that can be obtained more easily at affordable prices. So Bitcoin will not be the main thing to sacrifice when an investor suddenly needs money in his life.

Yes. That's why I took the risk. Even I am still accumulating my Bitcoin from my signature campaign payments. I do not plan to sell in the 60K range yet. I might cash out some profits in that range. But I won't sell all of them since my target is way bigger. I wish I could hold them till 2030 and see what happens. We may not see 100K this year.

I believe we may see another ATH this year which could be 80K or so. The 100K range is a dream target for many of us. 2025 could be a year for Bitcoin. After that, many of us will buyback again and start preparing for another bullrun.

First is how can you survive if your funds will all be for investing?

there is a thread recently that talks about Him focusing in bitcoin investing that even Eat just once a day to fulfill His dream of investing things that made me realized how desperate some people doing such.

ok lets assume that bitcoin reaches its top in the future but what if His health will be sacrificed and yeah before he take his money from the investment he already had a bad health because of denying his meals.

so indeed that what you said we need stable source of income before considering being investor.

It is like that in every investment,  it is either to sell out your properties when it is hard to provide for your needs . A hungry man will always look up to where his money is settled, that is why it is impossible for people who don't have a source of income to invest.  Most people just have the mindset that it is all about bitcoin to become rich or financially balance. Before planning to start up investment in bitcoin it is very important for one to have steady flow of source of income, with this it will be possible to hodl bitcoin.

To be honest no one can invest in bitcoin without any source of income, have heard people stories on how they succeeded holding bitcoin till date, have you ever thought how did this happen, I have never gotten an opportunity to ask but aside from a source of income there's something attach to being a successful investor.
We can all agree a source of income can be the money we earn monthly for rendering a service, when referring to bitcoin it doesn't necessary mean you'll start with a huge amount and continue to accumulate with such huge amount it's not a must. A lot of salary earners can't afford enough for the family even with their salary due to the economy and the needs you mentioned rent, school fees etc. Does this necessary mean they should avoid investing, in my opinion no one should afford investing with such issue the best here is to double your hustle and always set aside some money for bitcoin investment.

However, as an individual, you should understand bitcoin before you buy it or even consider buying it. If you claim to understand bitcoin and are still unable to hold onto it for an extended period of time, you may not fully understand it. Bitcoin is the kind of investment that you will be able to make before you buy it. Some people lack sources of income, but as soon as they hear about it, they will jump into it because they have heard about the bull run and how much money was made from it. Yes, bitcoin can be very profitable, but it is not for those who are not patient enough or hold for a long time.

I've seen a lot of people invest in bitcoin and then sell it for no profit, which is a sign that they lack patience or are simply incapable of making an investment in it. Some people, on the other hand, have sources of income but still sell their bitcoin whenever a bull run starts or the price rises; I think this indicates that some people don't think long term, and for those who are incapable of holding, I even advise staying away from bitcoin because that is not the proper way to hold the cryptocurrency.

I know so many people who left their mainstream jobs to go all in Bitcoin, or I would say all in Crypto. i think there is nothing wrong in that since  Crypto is full of so many opportunities. everyone can make a living off bitcoiin if they know how to do that.
If someon have the right skils set, and know how to find jobs in crypto space, then he would not have  any problem making money in Bitcoin
other than that there are many mother ways to make money such as trading, mining, joining airdrops and all.

Getting a job is requirement of people in most of the countries and if that job is good and according to your interest then it's ideal kind of thing to have. There are situations were we do job because we need money but it' according to our interest. For instance,  if somebody gave me a job where i have to post on bitcointalk.org then I will love this job as its also according to my interest.
I do agree that we need a job to meet our basic necessities and crypto should be for investment for longer period of time. Job gives you weekly or monthly return but in bitcoin sometimes you have to wait to see your investment going up.

It was been said and based on my experience, it was difficult or even impossible to have financial freedom if we only just working and reliant on our salary. A lot of plans turn into just a dream that never happens. Perhaps, it is very challenging but we should get out of that situation by finding other ways - there's a lot for sure and only we need to discover them.

We don't need to live in our comfort zone but rather get out of it. Many people become a successful business, we can be like them as well. We just need to work hard and don't make a reason that we are poor, instead make this a reason to grow and find a better living not today but in the future as success never comes instantly. As long as we can wait, it will come momentarily.

If someone chooses not to invest in shitcoins or to limit his exposure to shitcoins to less than 10% of his bitcoin investment, that does not mean that the person is "afraid" to take risks.

there is no need to imply that there is some benefit towards fucking around with shitcoins by adding more risk to an already risky investment.

Another way to describe the matter is that shitcoins are all reliant upon the success of bitcoin otherwise they would not be able to stand on their own, so if they are already correlated to bitcoin, then why add more risk by investing into them.. and without limiting your investment - absent some extra-ordinary circumstances.

Another thing is to think about investment versus trading. .. so you can invest into bitcoin, but if you get involved in any shitcoins, you need to think about your in and out strategy because you cannot invest in them, except for a short period of time.

Now if you come to some kind of an assessment  that you are able to feel comfortable with some shitcoin, then surely that is on you to come to such a conclusion, invest into it and hopefully it works out for you.. and I am not claiming that there are no shitcoin projects that might rise to that level of scrutiny, and so hopefully you have some clues about what it is that you are measuring if you do actually come to that kind of a conclusion about any one (or more than one) shitcoin.


As long as you recognize the difference between investing and "messing around," there is nothing wrong with involving yourself in some of those kinds of projects - but it could devolve into a slippery slope and also a big waste of time and brain power, yet if you know how to moderate your involvement with those kinds of likely inferior products, then you may surely be able to both outperform bitcoin and also get some enjoyment out of the process of spending some of your time, money and energy in that direction.


Historically a lot of folks have sold at or around prior ATHs and come to regret it.. but you can do what you like.

kind of reminds me of a lot of the smarter than everyone else folks who were selling their BTC in the $900s to $1,200s in early 2017, and also the ones who were selling $17k to $21k in late 2020 and early 2021.  I wasn't around for the early 2013 sales between $40 and $80, but surely they would have existed and they would not have faired too well

Part of the reason that some of us label those prices areas around the previous ATH as no man's land is for those very reasons that they do not tend to be great places to exit your BTC position in any significant way.. but again, hey do what you like..   By the way no man's land this time around is about $55k to $82k, and sure it might vary.. and we will see what happens...and maybe I can just say "sorry for your loss" in advance for those of you cashing out significant amounts of BTC in this range... even though there may well be somewhere in the ballpark of 40% odds that you could end up being correct. 

Each of us are responsible for our own choices, and whether you sell some or all of your BTC or not, don't come crying to me if you either sold or you failed to sell and the price direction does not work out for you.

That's true about shitcoins; I had never bothered until recently; I always stuck to Bitcoin, which became my first priority for long-term investments. I wouldn't have bothered if it weren't for the large number of Binance Launchpool projects that have been flowing in in the past few months, which were basically providing me with free passive earnings. I wouldn't call that investing, though; taking advantage of certain circumstances and messing around sounds more appropriate.
I also have an average purchase price of $27.000 to $28.000. Just like @Learn Bitcoin mentioned, no one wants to miss the bull run. Even though there were better opportunities in the past, $27.000 is still a decent average price that can easily return double or triple yields within the next few months. I'm not sure when and if we'll surpass $100.000 anytime soon, but personally, a decent amount to consider selling would be between $60.000 and $65.000, but that depends on one's priorities and goals.

Sooner or later, you would really be able to find out those main differences on which it would really making out such realizations on which one would really be worthy on holding and which one would really be just that good for making trading but of course you could still be able to both apply if we do speak about Bitcoin investment or trading as long you are capable off. It would really be just that depending on how well you do hover yourself into this market whether you would be deciding on being that passive or would really be that active or simply matters on how you would really be doing such acts as long it could generate out that possible income or profits,  but if you are someone whose really that afraid on when it comes on taking risks then holding would be your best choice.

You would really be only needing on having that kind of problem when it comes to emotional aspect and discipline towards your thinking on how long you would be holding
and on when you would really be planning to sell on which this one would really differ into each other.

I will really love to know how you arrived at this conclusion that most people in their active age hate their jobs. Well it may be possible in some countries where government give unemployment benefits and take good care of their unemployed population. But here in my country, I doubt if such statement is correct because getting a job is the dream of every young person. With a job you will be able to achieve your targets including investing in Bitcoin which requires a source of income to be able to HODL. How can you hate your source of income, I mean something that gives your food? Were you forced to accept it?

It is not about how many sources of income you have that determine the level of success and comfort but how reliable are the sources of income. Funny enough, I have see some people under the guise of diversification invest their money in several different coins with the believe that if one happens to pump to several multiples of the investment, they will be fine. Unfortunately, luck ran out of some of them as they ended up investing their money in different shitcoins that died without vomiting any profit. So we should be careful of what we call sources of income or business because not all businesses or investment are worth making.

Of a truth, having reliable source of income is important as that is what will help anyone hold his Bitcoin investment. So effort should be made to secure a reliable source of income that can pay the bills and enable one invest with ease and comfort.

By having many sources of income, we will be able to manage it easily and most importantly, we will be able to manage the finances we have well, because if we cannot manage the finances well, whatever income they have, it will be very difficult for them to save, especially if they have to invest.

It's true, if we only have one source of income it will be very difficult to manage it well, especially if we can't manage our finances well, of course we will always be short of meeting the needs we need and it would be better if we still had free time after working with a fixed income. what we have, we can look for activities that can bring in income for us so that we can cover the gaps in the necessities we need and if there is still any left over we can save and also invest.

It is true you couldn't succeed in holding cryptocurrency if you don't have other source of income.
You would always take some from your holding to use for your expenses, so if you want to hold your crypto make sure that you could support your expenses without moving your holdings.
After all those holdings should be considered as your savings or extra money so it shouldn't bother you when the price increase or decrease.