Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
Agbamoni
on 23/01/2024, 23:57:16 UTC
Have always thought of this idea and why will anyone want to withdraw their money from bitcoin investment cause it sounds strange and at the same time it's likely that the money used for their investment was met for something else, with this kind of strategy and mindset how will the investment stand for long. People usually make this mistake when investing. I believe they see bitcoin investment as gambling where you stake your money and it's either you win or lose cause why will anyone want to invest in bitcoin for short term when they fully know bitcoin investment is for long term.

Many people dive into Bitcoin investment without really grasping how it works. Some end up selling their Bitcoin without holding onto it for long because they lack a proper understanding of Bitcoin investment. These individuals don't often have a plan to hold their Bitcoin for an extended period, thinking it's a quick way to make money.

When you lack understanding about Bitcoin investment, they wouldn't make good plans for their Bitcoin investment. This is why many newbies invest any amount they have with them, even if it's money they might need in the near future they don't always care. They like taking risks, and when they need the money, they go ahead and sell bitcoin and withdraw their money even at a loss when the price is down.

However, those who understand Bitcoin investment are more likely to have emergency savings, ensuring they don't need to sell their Bitcoin investments hastily. Having a good knowledge of Bitcoin helps in making informed decisions and holding onto investments for a longer period without succumbing to the temptation of quick gains or immediate financial needs.
depends on the strategies of the particular investor though. Imo before taking action in doing any investment always ensure to have a back up cash than to just go all in, you going all in. Have already given you the mindset that yah hope is on your investment and that can of investing are not normally for long time because you would be in eager in withdrawing  your investment.

That why DCA strategies is nice help you to buy different quantities of bitcoin mostly with cash you know you can actually leave for a long period of time. Then you don't have to bother thinking of withdrawing investment in an premature state. At that you be able to leave as an long-term investment. Not bad to withdraw some profit in your investment though but know that you are just withdrawing some quantity of it not

The back up plans you are refereeing to literally means emergency funds. Although i wouldn't prefer stacking emergency funds before thinking of starting an investment. To me it is better to do both simultaneously so as not to miss out on good opportunities to jump in the market. Imagine seeing Bitcoin so cheap that you can afford if you lump sum this week, do you rather prefer to keep your money fund this year and then use the next year money to buy when by then the price would have gone back up?

@Jayjuangee and everyone which do you prefer should be priority?

1. Building your emergency fund first before investing

2. Start investing immediately and leave emergency fund for later

3. Do both of them simultaneously