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Mr.right85

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Quote from: Viscore on January 21, 2024, 04:43:13 PM

A lot of us here have been trying to invest and hold, most particularly for bitcoin as it’s designed to be long term investment.

I mean, how true is that statement? That “Bitcoin is by design meant for a long term investment” I think that isn’t accurate. From the genesis phase of Bitcoin and by definition, it’s a p2p currency and have got no investment or long term attributes to it.
The disbelief and beliefs of early Bitcoiners coupled with what people in recent time has known it to be is what has brought about the holding idea and it seems like the best thing any Bitcoiner who hopes to make profit even without having to engage in trading or staking could do.
The impression that it is by design a long term investment isn’t accurate although, that’s what it has come to be: that I would agree but this would be for a time. There would be a shift in the near future when it’s design would fully materialize as the order around the innovation.

Viscore

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Hodling is safely keeping your coins within a year or even consecutive years without being tempted to sell, which means there’s no selling earlier, otherwise you’ll end up selling at a loss. And this will only be possible if you have a stable source of income that can sustain all your daily needs and wants, without touching your investments.

A lot of us here have been trying to invest and hold, most particularly for bitcoin as it’s designed to be long term investment. While others have succeeded and sell it after years of hodling and make massive profits, majority still end up selling earlier because they don’t have funds anymore to provide for their needs. So if you have no stable job to support your needs, then holding won’t eventually work for you.

tread93

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It is definitely an unfortunate occurance when someone has to take their savings to pay their debt especially to sell bitcoin at a loss, one day they will surely regret this. You definitely need multiple sources of income not just one! This will ensure that you can pay all of your bills, continue to stack sats, and save and HODL them for rainy days!

Cheema02

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Quote from: Y3shot on December 18, 2023, 06:07:33 AM

The reason one needs to have a source of income before planning to invest in cryptocurrency is because cryptocurrency doesn't provide peoples upkeeps everyday, profit gained from crypto takes place one's in a while. As humans we need to survive every day, so we need what will generate money on a steady for this. Crypto expecially bitcoin can give profits if only people can hodl bitcoin for sometime and it is not possible to expect steady flow of money from this.

Right, You should have multiple sources of income if you want to succeed in crypto because if you have only one source of income you are just one step away from poverty that is why multiple sources of income are very important in life. the benefits of Keeping some emergency money in hand and if You don't sell your assets in loss then these funds are very helpful. I think Bitcoin withdrawals can be avoided by maintaining a financial income and multiple sources of income. I think if you succeed in crypto you should have additional or multiple sources of income to improve then your financial stability and enable you to approach cryptocurrency investments

southerngentuk

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Investing, especially in something as unpredictable as crypto, should be a measured dance, not a desperate leap. It's about calculated risk, not reckless abandonment. The key is to invest within your means, with money you can afford to lose without jeopardizing your livelihood. Remember, that roof over your head and food on the table are non-negotiables, not bargaining chips in a high-stakes crypto game.

Take it slow, do your research, and understand that crypto is a long-term play, not a get-rich-quick scheme. Invest what you can afford to lose, diversify your portfolio, and most importantly, keep your head in the game. Don't let FOMO cloud your judgment or turn you into a desperate gambler.

Raflesia

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Quote from: Cryptmuster on January 21, 2024, 07:11:31 AM

Quote from: PrivacyG on January 21, 2024, 06:48:11 AM

OP is right however. With no source of income there is no way you can live without selling Bitcoin unless you have millions in the Bank.

That is common sense however, is it not. Does any body actually believe they can simply use all their life savings to buy Bitcoin and all of a sudden put their feet up on a table and retire? Life is much harder than that. There are people who get luckier and win a lottery. Or purchase Bitcoin right before a Bull run. But they are the rarest of the rare and the luckiest of the lucky.

You can not just buy Bitcoin and step back, you need to be involved and keep working on it to reach the point of you living a good life. And even then, if Bitcoin is all you own how in the world are you supposed to live? By shouting you own Bitcoin? You need to sell some of it to cover your costs of existence!

Even if someone is lucky enough to buy Bitcoin with all their savings before the bull run, you should not quit your job and wait for some miracle, you need to continue working, and try to sell Bitcoin just as successfully, because buying on time is only half the work. And if you have a good job, then why quit it, let it be another source of income that will cover all your needs until you achieve financial independence, if you are so good at investing, then this will happen someday. Then you can quit your job and do what you want.

It is a wrong decision to think that being in bitcoin is everything and to quit your job or activities entirely just because you are in bitcoin.
Indeed in this case bitcoin is as one of the bridge that can make you have a high enough financial freedom but that does not mean you have to rely on everything to bitcoin and put aside everything that happens just because we already have bitcoin.
The concept is not like that bcause we also have to realize that with what we have now in bitcoin it is for the long term and we must be able to support our lives today which can be done when we do work and get income in it. bitcoin is only as a support for your future investments and the work you are doing now is to support your needs in the near future so it is too reckless to stop working just because you already have bitcoin.

SmartCharpa

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Quote from: Barikui1 on December 13, 2023, 04:12:58 AM

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 think you may have learned from your mistakes. A lot of individuals have sold their bitcoin since they had no other way to make ends meet. Without a doubt, it will be very difficult to invest and hold bitcoin without having another source of income. Even with outside investment, it was wrong to rely just on one source of income because, as humans, we must deal with other issues. For instance, if we only depend on our investments, we will be left with no choice but to sell our bitcoin if we have any other issues to deal with. Op, that is great advise from you. It would be better for us to avoid investing if we don't have another source of income because we could end up having to sell it at a loss.

Quote from: sulendra12 on December 13, 2023, 02:59:14 PM

When I was first actually hold my Bitcoin, I didn't spend any single dime except for the internet data on my trading journey. Most of the capital I had came from faucet and signature campaign from early days and it keeps growing until today. So, it just depends on how well you manage your stuff, sure you need source of income but it can be from anywhere. Based on my experience.

I think you are still misunderstanding the Op. When we start our cryprocurrency journey, there will be some financial problems for us. If we don't have any other source of income apart from holding bitcoin, it will affect the bitcoin we hold. This is because, no matter how patient we are, if we don't have another source of income, we will sell the bitcoin we hold to solve the problems. Another source of income could come from anywhere but we cannot rely on our investments.

Fara Chan

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Quote from: FinePoine0 on January 20, 2024, 10:44:44 PM

It is 100% guaranteed that a person who depends on cryptocurrency, and is not involved in other sources of work, will never hold any holdings. Because he will start selling from his holdings when he feels the urge of a little scarcity. If one has a source of income one will be able to satisfy everyone's wants and needs, his holding will be safe and secure so I think it is important to have a source of income. If the family's wants and needs can be met externally, its holdings will be secure and long-lasting.

I also quite understand what you mean by this because anyone who has a job other than a job in the crypto space will be able to make adjustments in using his money for daily life without having to disturb his cryptocurrency holdings which he has stored quite well. And I think this could also be a very appropriate option for everyone who really wants to keep their crypto assets for the long term, because when everyone has other sources of income through work outside of crypto.

Of course, this will really help him in maintaining crypto assets, and a source of income from crypto can also be used as a long-term future investment, because what he spends in everyday life is fiat money obtained through other jobs out there. So it is very good for everyone if they can have two different incomes in their lives.

karabiber

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Quote from: Y3shot on December 18, 2023, 06:07:33 AM

The reason one needs to have a source of income before planning to invest cryptocurrency is because cryptocurrency doesn't provide peoples upkeeps everyday, profit gained from crypto takes place one's in a while. As humans we need to survive everyday, so we need what will generate money on a steady for this. Crypto expecially bitcoin can give profits if only people can hodl bitcoin for sometime and it is not possible to expect steady flow of money from this.

For cryptocurrency or any investment, you need to have an additional source of income. If you are investing with the last money in your pocket, it is not an investment. Investing is a long term process and you will have a fluctuating economy throughout this process. However, even if you don't have an additional source of income, wise investments can raise you to the high income class in the future, but this is highly unlikely.

For example, if my monthly income is 1k dollars and I have no other source of income, I have to invest accordingly. I can invest 50 dollars every month, but this may make me happy after many years. If I had additional resources other than my monthly income, I would spend it on investment without thinking. I think the important thing here is the size of the investment. If I had 50k dollars and it was my last money for the rest of my life, I could still make a smart long term investment. I can say that the main issue is not whether the investment is made with additional income or not, but the amount of the investment.

Lorence.xD

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Quote from: cryptoWODL on January 21, 2024, 08:21:56 AM

Yes it is true that experience is the best teacher in life. If one invests and has no other source of income he will never be able to continue his investment for long. Everyone who wants to invest in Bitcoin should invest in Bitcoin with whatever money they have left over excluding family expenses. If you can't hold a lot of bitcoins at once, you can continue to invest in bitcoins using the dollar cost averaging method.

If those who do not have an income source invest in bitcoins, they must withdraw money from the invested bitcoins to support the family finances. So everyone should start a small business or job in addition to investing in bitcoins. Otherwise, their invested or holding bitcoins will be at risk.

Well, experience is a good teacher but sometimes it depends on the situation and the outcome, let's say that two people with zero knowledge of Bitcoin, then they invest and both lose money. One could be learning from their mistakes they would do their own research, and the other one would eventually quit and have the mindset that Bitcoin is not for them and something like that. Having a source of income is a must not only to provide all your needs but also to have extra money for wants especially when having savings or investments. It would be a hassle to have many transactions since there's a fee where you would invest and you would sell it early cause you would also need money. To make things smoother, find an alternate source of income to have spare money for investment.

gabbie2010

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Quote from: Y3shot on December 18, 2023, 06:07:33 AM

The reason one needs to have a source of income before planning to invest cryptocurrency is because cryptocurrency doesn't provide peoples upkeeps everyday, profit gained from crypto takes place one's in a while. As humans we need to survive everyday, so we need what will generate money on a steady for this. Crypto expecially bitcoin can give profits if only people can hodl bitcoin for sometime and it is not possible to expect steady flow of money from this.

Hodling Bitcoin is like saving your asset for a long term perspective in wallet instead of fiat and saved in a bank where you are liable to withdraw some of the funds, however hodling Bitcoin in a wallet means a time would come when some the profit earned can be withdrawn, however for the hodlers to sustain themselves definitely they would have to rely on other source of income possibly from side hustle, historically price of Bitcoin do attain all time high at a certain period of time thus that is appropriate period for hodlers to reap what they had sow thus to be counted among those hodlers who would profit from their investment that means they had sustained themselves with other source of income for a very long time.

Egii Nna

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Quote from: Barikui1 on December 13, 2023, 04:12:58 AM

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 sure, I agree with you 100% because, not only are you holding bitcoin, but even though you have invested in other things, if you don’t have a source of income, you will end up carrying the money to suit out other personal issues as long as you have the access to withdraw or sell your investment in a short time. But there is one thing that always happens that I realise, but I don’t know if it happens to only me. When I invest or buy bitcoin to hold, that is when you will see problems coming from all angles. Although some problems will be solved, even if you don’t want to use the money that you have invested, you have to find another alternative. To me, sometimes I borrowed money to solve some problems like that.

To be sincere, holding bitcoin requires a high amount of patience and brains. If not, you will end up selling it just to use it and do something that will not be of any use to you. Although you have already said that experience is the best teacher, sometimes you will even have another source of income. But when problems start coming, you will need more money than what you earn in your side hustle because I am talking from experience.

cryptoWODL

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Yes it is true that experience is the best teacher in life. If one invests and has no other source of income he will never be able to continue his investment for long. Everyone who wants to invest in Bitcoin should invest in Bitcoin with whatever money they have left over excluding family expenses. If you can't hold a lot of bitcoins at once, you can continue to invest in bitcoins using the dollar cost averaging method.

If those who do not have an income source invest in bitcoins, they must withdraw money from the invested bitcoins to support the family finances. So everyone should start a small business or job in addition to investing in bitcoins. Otherwise, their invested or holding bitcoins will be at risk.

pawanjain

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Quote from: Barikui1 on December 13, 2023, 04:12:58 AM

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.

The main problem here is to fulfill the requirement of money when in need, without having to sell our investments.
This is only possible if we already have a bucket of amount to fulfill such situations.
This is why they say we should have at least 6 months of our salary as an emergency fund.
That way we won't have to sell our investments in such emergency situations.

Rufsilf

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Yes, OP, even though the value of bitcoin investments fluctuates, we still need a steady source of income to ensure that we have enough money to cover our living expenses and, in particular, for unforeseen needs like emergencies.
Investments are never risk-free, of course, and the price of bitcoin fluctuates greatly. Additionally, if you depend just on your bitcoin investments for revenue, you may leave us vulnerable to financial instability in the event that the market drops. This kind of danger can be lessened if we have a source of income, such as regular work or even a business.

I believe it would be preferable if you had a steady source of income because, as everyone else in this thread pointed out, investing in bitcoin may not always yield an immediate return. This way, you can plan for the long term and patiently hold onto your money, especially during market swings.

AnonBitCoiner

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Quote from: FinePoine0 on January 20, 2024, 10:44:44 PM

It is 100% guaranteed that a person who depends on cryptocurrency, and is not involved in other sources of work, will never hold any holdings. Because he will start selling from his holdings when he feels the urge of a little scarcity. If one has a source of income one will be able to satisfy everyone's wants and needs, his holding will be safe and secure so I think it is important to have a source of income. If the family's wants and needs can be met externally, its holdings will be secure and long-lasting.

Agree with your opinion some people totally depends on cryptocurrency investment and they fixed their money in crypto investment after which when they need money they take out little by little as a result of which they gets minimum amount due to losing some amount in transaction fees and other amount in reduction due to market dump. If you have job and you know that some part of salary remains unused on monthly basis so if you use that amount for investment then there is no bad thing related to it but if someone invest money by ignoring the use of money for daily routine and other expenses then there is no other foolish idea more than this.

Cryptmuster

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Quote from: PrivacyG on January 21, 2024, 06:48:11 AM

OP is right however. With no source of income there is no way you can live without selling Bitcoin unless you have millions in the Bank.

That is common sense however, is it not. Does any body actually believe they can simply use all their life savings to buy Bitcoin and all of a sudden put their feet up on a table and retire? Life is much harder than that. There are people who get luckier and win a lottery. Or purchase Bitcoin right before a Bull run. But they are the rarest of the rare and the luckiest of the lucky.

You can not just buy Bitcoin and step back, you need to be involved and keep working on it to reach the point of you living a good life. And even then, if Bitcoin is all you own how in the world are you supposed to live? By shouting you own Bitcoin? You need to sell some of it to cover your costs of existence!

Even if someone is lucky enough to buy Bitcoin with all their savings before the bull run, you should not quit your job and wait for some miracle, you need to continue working, and try to sell Bitcoin just as successfully, because buying on time is only half the work. And if you have a good job, then why quit it, let it be another source of income that will cover all your needs until you achieve financial independence, if you are so good at investing, then this will happen someday. Then you can quit your job and do what you want.

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Quote from: nullama on January 20, 2024, 11:59:12 PM

You can also lower your cost of living.

You can move to a cheaper place, buy a small house outright, etc.

The closer your cost of living is to zero, the easier it is for you to get some kind of income that covers it.

OP is right however. With no source of income there is no way you can live without selling Bitcoin unless you have millions in the Bank.

That is common sense however, is it not. Does any body actually believe they can simply use all their life savings to buy Bitcoin and all of a sudden put their feet up on a table and retire? Life is much harder than that. There are people who get luckier and win a lottery. Or purchase Bitcoin right before a Bull run. But they are the rarest of the rare and the luckiest of the lucky.

You can not just buy Bitcoin and step back, you need to be involved and keep working on it to reach the point of you living a good life. And even then, if Bitcoin is all you own how in the world are you supposed to live? By shouting you own Bitcoin? You need to sell some of it to cover your costs of existence!

nullama

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Quote from: Barikui1 on December 13, 2023, 04:12:58 AM

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.

You can also lower your cost of living.

You can move to a cheaper place, buy a small house outright, etc.

The closer your cost of living is to zero, the easier it is for you to get some kind of income that covers it.

You might be able to live somewhere in the world by doing a signature campaign for example:

Is there a place in the world you could live like a king via sig campaigns?

FinePoine0

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Quote from: Barikui1 on December 13, 2023, 04:12:58 AM

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.

It is 100% guaranteed that a person who depends on cryptocurrency, and is not involved in other sources of work, will never hold any holdings. Because he will start selling from his holdings when he feels the urge of a little scarcity. If one has a source of income one will be able to satisfy everyone's wants and needs, his holding will be safe and secure so I think it is important to have a source of income. If the family's wants and needs can be met externally, its holdings will be secure and long-lasting.

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