Topic: You must have a source - page 6. (Read 2262 times)

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.

Should've been obvious from the start, that you should be making money while investing because it takes a long time for someone to be able to reap the profits of investing in bitcoin. In fact, I advocate that besides finding a stable source of income, you should also increase the amount of things that you do that can provide you cashflow, be it a part-time work, extra or commission works, or another investment, it doesn't matter as long as you can find one to make sure that you're pursuing that goal, make sure though that you're choosing the one that you're comfortable doing, stress free or lesser stress than your main work, worth the time kind of pay and that it's more money for you compared to the other options. If you do this, you might also need to consider that you're going to need some time to rest, a little rest and relaxation won't hurt, it's going to be your way of detoxifying and resetting your body, if you don't do this then the money that you're saving and investing into bitcoin will eventually go back to hospital bills because you didn't consider rest for all the work that you're doing.

Usually, I do not invest all my savings in Bitcoin. I always keep some stablecoins and fiat money for emergencies. My average income is well enough for me and my family. But, you should look at the reason I already told you. I guess nobody wants to miss the bull run. I have lost some money in the past because of my own mistake. I wanted to be early on the market and my average buying price is 27K.

So, I consider my investment to be great so far. I will take some profit during the bull run and everything will be okay. I didn't even know that I was going to start a business. Suddenly, I found a store that is for sell and I don't want to miss this chance as well. So yeah, that's where I am right now.

Well each of us has to decide how much we are ready, willing and able to put into bitcoin, so even if the amount that you put into bitcoin is not very much, at least if you are taking some action, then you are likely in a better position than those folks who have not even gotten started. 

And, yeah of course, there are no guarantees, and we do need to have some cash reserves, but ONLY up to a certain point our cash reserves are likely not holding their value very well, as compared to bitcoin.. even though there are no guarantees, there should be some recognition and appreciation for bitcoin's asymmetric upside bet opportunity, so even if you might consider 10% to be too high, then maybe you could consider 1%.. which hopefully is not too whimpy...sometimes if the investment amount is too low, then it might hardly even make a difference, even though something is better than nothing, especially when it comes to the idea of making sure that each of us should get off of zero and likely have at least 1% allocated to it.. even if we do not have a lot of confidence in it... but we also have to figure out how to hold our bitcoin privately too, once they get up to a certain value. .maybe $500 or $1k or more... I know that these threshold consideration kinds of numbers will vary from person to person.

You can manage your expenses and don't have a problem with it then I don't think it will be too much of a problem but spending all your savings to be in bitcoin and other alternatives even though it's good enough but I think it's an aggressive action because after all, looking at the initial goal with long-term investment, it's actually an excessive action especially when you say about other alternatives in this case it might be altcoin (I don't dare to mention specifically because you don't explain it).

That's a bold move in my opinion because after all when you try to be in bitcoin even if it doesn't interfere with your needs today but doing it directly with all the savings you have is a little aggressive and I don't think it's too good if the money is going to be used for the near future.

There is a dream to hold, but in reality I can't hold. We are here but we are far behind in earnings but if we can earn well in future then we can definitely keep it. This may happen to many people who have held on but due to some family problems or personal problems have to sell those long held investments. But it is a fact that if a man has no source of income he can never invest and never succeed in investing. Also children of middle class families and low class families cannot invest even if they want to because they have to sell all the money they earn for family needs. However, if a person has a strong desire to invest something then he can definitely hold it even if it is small.

Understandable; thank you for making it clear. From your initial post along with the loan request, you were passing this vibe. Excuse me for misunderstanding and making assumptions. Anyway, I only wanted to point out the significance of budgeting and separating your cryptocurrency investments from your fiat money. A case similar to what you first described wouldn't be the first one we'd hear in the forum. The validity of these stories remains unclear, but it was a common occurrence to read similar cases from newbies on the forum; I remember reading quite a few during the bear market approximately a year ago.

One thing about investment is that if you have what you do for life that gives you a stable income you will know from how much you earn how much will be due for all your daily expense and you also have to remove after your daily expenses an emergency funds this funds will be used to settle all your unforeseen expenses that might arise in future.

And after you have done all the deductions you need to do and you as a man or woman you still need some little cash you will use to keep up with your daily life style from there if the money is enough you can be able to make bitcoin investment without the fear of anything, because you are already aware that at the end of every month you will earn salary and it will be enough for you to cover up all other expenses, so in such situations you won’t need to worry about bitcoin price movement rather you will focus on what you can accumulate at the end of every month with your left over money. Those who have a stable cash flow are more of accumulator than some random buyers who might buy and end up losing money due to their incompetence of making the right calculation.

There I a serious need to have business to back up your hodl journey. Holding is not just a word to regularly emphasis but working towards it. Most Bitcoin investors couldn't make it to the end of their holding journey because of inproper planing and mismanagement.

Planing: you need to set your financial goal. Like setting up a business. If there are loan or Dept you owe, you pay them off to clear things that will be a hindrance in your bitcoin journey.
Settle other pressing need before you Start bitcoin hodl otherwise it will later affect you.

Mismanagement: sometimes mismanagement of fund or improper usage of fund can Leed to selling of accumulated bitcoin. Like lack of planing on your salary. Like keeping emergency fund asid incase of any problem. Because after setting you goal or plan on Bitcoin investment there is also need to keep that emergency fund. If there is no emergency fun it will be very difficult to finish or win the race.

Let us always remember to always keep emergency fund, because emergency fund is the only way to keep the hold journey going and unstoppable.

You should invest only the amount you can live without and handle emergencies. Because after investing all your money, if you don't have any cash and if there is an emergency such as health problem or some other major accident, how will you manage everything? Or how to get out of that problem? Then your invested money will be of no use in that emergency. So you should always have a source of income and keep some cash for emergencies. After depositing all the necessary funds, you can invest whatever money you have. As a result, you will never have to face any major problems.

Let me clear it further. I am not struggling. My income is stable and I could be still okay without selling my Bitcoin and I would be able to manage my family expenses from my monthly earnings. The problem is, I have invested all my savings in Bitcoin and some other alts as well because we all know that the bull run is ahead and nobody want to miss that.

But, I have a plan to start a new business. We all know that it's not possible to open a business with a one month salary or income. So, I need a couple of thousand USD to start my business and I am glad to let you know that I have already manager large part of my initial investment without selling my Bitcoins. I hope I would be able to run my business within a couple of weeks.

Investing more than you can afford in general is not advised, not just in Bitcoin. What's going to happen if you lose your job, get sick, or simply lose 10% or 20% of its value? You cannot sell because you'll be at a loss, and you're simply attempting to wait it out, hoping that it'll recover soon. What if it doesn't, or it takes several months? Then you'll be forced to sell, and there goes your Bitcoin investment. There goes nothing.
Wow, this is one detailed reply. I'm not sure how @Learn Bitcoin is managing; I hope he's doing well; however, his investment technique is an example to avoid, and he's certainly not the only one who has made this mistake. It can happen, especially if you're overwhelmed, thinking of all the possibilities of your investment (this step usually ignores it going downhill). Generally, you need to find the balance between how much money you're needing to get by, minus some for saving and entertainment. The rest can be used for investments. If you cannot afford to set money aside, then you shouldn't be investing and need to find ways to increase your income or acquire multiple flows.

Personally, even though I've been in the Bitcoin scene since 2014, I can now safely claim that the last few years have been the most meaningful in terms of management and how I'm accomplishing things in terms of accumulating Bitcoin and obtaining new knowledge. I do have the budget to acquire more bitcoin, but currently I don't. I spent more than a year unemployed due to mandatory military enlistment, in which I was paid peanuts, which were barely enough to cover my expenses. As you can guess, during that time I wasn't willing to buy Bitcoin, even though I had a decent amount of savings aside.

I'm yet to be fully enstablished and back on my feet financially after my enlistment, and even now that I've got a reasonable-paying job, I'm not willing to put more money at stake, not because I'm not confident in Bitcoin, but because I want to be able to save both fiat and Bitcoin simultaneously, as I'm already setting aside every single satoshi I earn from signature campaigns.

I'm not sure if you get my point, but I prefer separating fiat and cryptocurrencies completely. Having investments doesn't mean that I'm not going to save in fiat currency as well; that's what I use to pay for everything in my daily life, thus, the one that is available at any time.

If you don't have any source of income then you won't be able to hold because every person has daily expenses that he needs to meet so if he doesn't have a separate source of income then he won't be able to meet his daily expenses so he has to sell his bitcoin holdings.  Everyone needs a source of income that will be able to meet their daily expenses. Otherwise he cannot hold  He must sell his bitcoins

I was thinking about this too.  I thought that he already got a loan with bitcoin as collateral.  So I would think that anyone would want any such loan to be over-collateralized, and getting a loan without interest seems like charity work, and so there should be at least a minimum of somewhere between 3% to 6% annualized and even those kinds of rates might not even cover the cost of living changes..

Each of us should be careful in terms of the balances that we make in terms of if we want to be aggressive in buying bitcoin, and maybe we set some limits on ourselves and maybe even sometimes we become overly aggressive within boundaries, but then if we cross too far into overly aggressive, we devolve into gambling rather than investing, and so part of the challenge is to figure out those kinds of limits - which each of us should be able to accomplish those kinds of objectives, but it does take practice and I personally think that some of the better ways to reach a balance is to project out your income/expenses several months in advance, and if you engage in those kinds of practices, you will see if there are areas in which there are short-falls and you can try to make sure that you have a cash cushion to cover everything.. so then the question becomes if you are spending more than your income.... and once you are already in a pickle then it can sometimes be difficult to reverse.. so yeah, maybe it is not even correct to be expecting any kind of interest free loan, even though it seems that @Learn Bitcoin had gotten a forum member to agree to such... which seems that it would be a kind of charity that might well not be deserved as you seemed to suggest @Ultegra134.


You seem to be suggesting to invest into something and then just spend it all down based on fractions, which surely is not sustainable.. since you are not conceptually separating the principle and the appreciation and you seem to be just treating it as one lump sum.  Sure there are some kinds of assets that do not appreciate in value, and there are others that do.  One of the lucky things about bitcoin is that historically it has tended to appreciate in value quite extensively, so as long as we are ONLY drawing from the appreciation then we won't be depleting the principle.. which can take a while for guys to get their heads around such idea.. and sure maybe when we get to the end of our investment (or perhaps the end of our lives) then it might be acceptable to deplete the principle.

You raise a very significant point: some people undervalue the significance of having an emergency fund because they think that having several sources of income will shield them from all types of emergencies.
Yes, in an emergency all streams of income can all dry up at once, even if you have many. Just as you cited an example of the Covid-19 pandemic, emergencies can endure far longer than we anticipate. Therefore, even if you believe you have many sources of income, having an emergency reserve is crucial. Things could change at any time, so it's always best to be ready.


I get your point 100%,
 Investing all of your money in Bitcoin is not a smart move, particularly if you don't have any other sources of income or savings in fiat. Investing should be diversified, and you should have a backup plan in case something goes wrong. I believe that using Bitcoin as a form of savings account rather than a checking account is far preferable. That is, investing in Bitcoin long-term while keeping other assets or savings in fiat. This way, you won't have to worry about sudden spikes or drops in price, or the need to visit your bitcoin account pointlessly, or even need to sell off a portion of it to cover unexpected expenses.

This has happened to me several times. Basically it becomes very difficult for those who belong to middle class and lower class families to invest in Bitcoin or other currencies. It is seen that we have accumulated some bitcoins using DCA method and there comes a time when the problem cannot be solved without selling these bitcoins as we have no other source from which we can supply money, eventually we are forced to sell those bitcoins. To solve family problems. So investment is good for those who have financial ability, those who have outside source of income can also invest but those who are middle class family or low class family who are connected to this bitcoin forum have no way to invest have to support their family by earning bitcoin.

I think investing is quite simple for someone who doesn't have much capital and they can invest based on the percentage of money they have and adjust expenses to meet daily life.
This percentage will be ideal when someone can reach and be able to create a balance. If not, someone's finances will be quite problematic and when they need money for daily needs they will sell bitcoin even though the price is falling.

A fixed income is a must because we have responsibilities towards our family, but we are also required to be able to invest so that our finances become better. The more profits we get from various methods, the stronger our finances will be. Therefore, make a percentage for income, expenses and investment. When we can run it correctly, we can control all three well.

Well, that was wrong on your part. I'm guessing you bought too much Bitcoin without considering your budget, or there's something else you're not telling us, such as a decrease in your income for whatever reason. Despite what it is, you should always have a backup plan, or at least some savings in fiat currency. Having all your money on Bitcoin makes no sense. This is the point of this thread: it's almost impossible to acquire Bitcoin if you don't have a steady source of income, preferably multiple, but one also works if you're budgeting correctly.

Unfortunately, if you're currently struggling, I'd suggest you sell at a price that you deem reasonable, because I read your loan request and I'll have to disappoint you, but no one is going to fund your loan with no interest, especially to some stranger on the internet. Otherwise, I'd suggest you to look for any possible way to acquire a secondary source of income.

most investors, especially beginners, ignore this advice because they immediately invest without a steady source of income. they invest with the thought that the money they invest will be able to multiply and when they need it later they can sell it to make a profit. but what happens is the opposite, their investment actually becomes a loss and when they need money they sell their assets at a loss.

and therefore it is quite important for an investor to be able to invest with a steady income. by having a fixed income, an investor can invest more smoothly and the possibility that they will sell their assets when they need the money may be reduced, so they can get better profits in the future.

It happened to most of us I think. I also fall victim to this when I thought hodling Bitcoin is enough without having another source of income but I ended up selling my Bitcoins for my personal and familiy's needs. It's sad reality when our plans don't meet our capability to sustain what we are doing in our daily lives. But there will always be a better way to solve this problem and that is one the reason why we are here right now. I think having more than one source of income is enough for us to hodl Bitcoin without any problem.