Post
Topic
Board Speculation
Merits 4 from 2 users
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
Macadonian
on 28/02/2023, 00:27:16 UTC
⭐ Merited by JayJuanGee (3) ,vapourminer (1)
Be careful in regards to going 100%, even in bitcoin. 

You need to be able to make sure that you can cover your expenses, including emergencies.. so usually for the vast majority of peeps (normies) and even non-normies, it is not a good idea to go 100% into anything (especially when we are in a transitory period like this, and also that bitcoin constitutes way less than 1% of the word's population's adoption.. and even way less than 1% of the monetary and monetary derivatives values.. not even accounting for the likelihood that bitcoin is quite likely going to continue to increase the size of the monetary value pie in the coming years.. for perhaps more than 200 years into the future and longer) unless you have some very exceptional circumstances.
Even the most hardcore Bitcoin maximalists are not 100% Bitcoin because you cannot survive 100% on Bitcoin. Until there is a service which allows you to pay your mortgage, rent, groceries, daily expenses and any other expenses you have you cannot go 100% Bitcoin. If you do you will probably get stuck. Try finding a dentist that accepts Bitcoin. You cannot unless you live in El Salvador where it is legal tender. In the USA you are not going to be able to live off of Bitcoin on its own.

I suggest having emergency funds but they could differ between people. If you are a older person you might take into consideration that you will need more money because the chances of having a emergency related event is more likely. If you are a younger person you might not have any unexpected health issues that can pop up but no one is immune to falling over and breaking a bone or smashing their teeth out so everyone should have a bare minimum of at least $3000 in their emergency savings but I recommend more.

If you have a mortgage then you need to have a emergency fund more then the minimum just in case you lose your job. We are in a financial crisis and the likelihood of people losing their job is very high and is unpredictable. If you have a mortgage get insurance that will cover at least a year if you get fired or have savings of at least 6-12 months so you can pay your mortgage. Only then can you start thinking about investing in Bitcoin when you have money left over. 

I recommend every one buys Bitcoin but I do not recommend people to be foolish and ignore the possibilities of them having a emergency especially in a financial crisis as large as this one. It harms the Bitcoin community to because if people invest but then have to take a loss because they need to withdraw during a bear season then they will probably never buy Bitcoin again and that hurts adoption. We want people who are financially ready to invest and will not withdraw at a loss because it drives the price down for us all.