Quote from: Blitzboy on January 31, 2024, 06:14:01 PM

Quote from: Asuspawer09 on January 31, 2024, 04:58:46 PM

Quote from: Barikui1 on December 13, 2023, 08:12:58 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.

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.

Bitcoin is more than an investment - its a commitment to a financial philosophy that emphasizes innovation and possibility. You're right - it needs a solid financial foundation. I always urge newbies to have emergency finances, insurance, and college savings. This is smart and essential.

Many can relate to your point of selling at a loss. It emphasizes the need for a well-balanced investment approach. Bitcoin offers financial independence but also requires responsibility. When you have your essentials covered, you can keep onto your investments and ride out the market's volatility, which historically rises.

Might be better if we already have a multiple sources of income before even stating on investing on Bitcoin but for sure there are still some people that is investing on cryptocurrency that only have it as the only investment. Probably risking everything on cryptocurrency, i dont really blame them since when im a newbie that is what I do as well putting and risking everything on cryptocurrency without even realizing how risky cryptocurrency is, I just started to realize it on experience on investing in vryptocurrency when the market started to drop and i realize the market cycle the bullrun and bear market. With that I start saving and investing on my financial foundation so that even if cryptocurrency fails I still have a backup plan and i could easily recover.