Quote from: Zanab247 on February 03, 2024, 07:31:06 AM

Quote from: Julien_Olynpic

Most of the time, it can actually be difficult for us to figure out a good entry point into Bitcoin. This is especially difficult to do when you do not have technical or wave analysis. However, even in this case we may have errors. Therefore, the DCA strategy has become widespread among people investing in Bitcoin. She does not look for the bottom and does not even set such a goal for herself. We simply enter the position in many small parts.
But with this strategy, it is really important to have a source of regular income. After all, before success in investments comes to you, you will need to pay utility bills and pay for many things for many years. This will gradually reduce your capital.

If you understand the way very well, I don't think is difficult for people to have other sources of income because there are many job opportunities in some countries were people can get daily or weekly payment to solve some problem that will make them to sell their BTC but some just depend only on their BTC and it has made many to sold their BTC at loss.

If you look at the community very well, you will discover that those wealthy bitcoiners make use of this strategies to have other sources of income that made them who they are through the BTC they hodl over some years to achieved what they want.

Maybe part of the point is that it is pretty fucking stupid to be spending your bitcoin if you are still building your portfolio, and so you are never going to get anywhere in terms of really believing that you have an investment if you are spending it... so you don't have to be rich in order to figure out some ways to make sure that you hang onto your bitcoin, you don't spend it, you spend other sources first, and if you cannot achieve that, then you are not engaging in long term investing..

and another thing about long term investing is that you likely need more than a whole cycle to really feel the compounding effects, so maybe even a cycle and a half minimum... and at the same time there are no guarantees and also if you are continuing to invest the whole time, such as over 6 years, then your earliest purchased coins have gone through a cycle and a half, but your latest purchase coins might be barely even profitable, they might even be unprofitable until they have had some time to stay in a kind of HODL situation, even though bitcoin has been volatile and quite likely to continue to be volatile, so surely people get nervous about buying coins that might take a while to go into negative and even to start to compound on themselves.. so coins bought in 2021 and even into the earlier parts of 2022 are not doing as great right now, as compared with coins bought in late 2022 and through much of 2023.. so it can take a while to germinate, including coins bought in late 2017, may weil have gone through some troubles too (especially during late 2022).. even though clearly even those late 2017 coins are starting to feel a lot more comfortable these days even though they might not have had compounded very many times, yet.

It is interesting that tranthidung has a pretty cool site (tool) that shows us the profitability history of any of our particular purchase dates.

Quote from: tranthidung on December 25, 2023, 08:07:58 AM

................The second question, for Bitcoin investors, can be explained with the following chart.

...............Choose one color setting you like to use.....................

Quote from: eye-con on February 03, 2024, 10:35:07 PM

Quote from: Gormicsta on February 03, 2024, 07:56:12 PM

[edited out]

Aside from having an emergency fund, it is important to have a steady job that can provide for your financial needs. While investing is a good way to grow your money, it is important to keep in mind that you cannot sell or move your investment unless you make a profit. It is also important to avoid investing money that you will need to withdraw later to pay your bills, as this can hinder the success of your investment.

Personally, I consider an emergency fund to be necessary no matter if you have an income or not; however, the less reliable and steady your income, the more important that you have an emergency fund, a float and reserves, so even if you do not have an income you would draw from your float and your reserves first, and your emergency fund should be ONLY for emergencies, and the fact that you do not have a job surely is an emergency, but it should be one that any of us is attempting to resolve as soon as possible, especially once we have run out of reserves and float....

and surely investing into something like bitcoin also requires maintaining all of those things, and you can still invest into bitcoin, but if you are getting down to your emergency fund, and you don't have any idea when your cashflows are coming in, then it would be quite difficult to justify investing into bitcoin or anything else.. ...

so then the source of income is a matter of degree rather than whether or not.. because most of us already agree that you have to have an income that is already coming in (even if it might not be regular) or something that is expected in the future, but then if you are investing into BTC, then you would likely be taking from your reserves and/or from your float.. and . .taking from your emergency fund does not seem justified, since that would then put someone into the territory of gambling rather than investing, unless the person has pretty solid information that some kind of income was going to be coming back in the near future.

In the end, people can do what they like, but if they are too loosey and goosey with their finances, then they are gambling rather than investing, and even if some people like to live like that, they likely do have some ideas about how they are not going to run out of money, even if they are mooching off family and relatives for food and lodging, then someone is paying for that persons upkeep, so yeah in those kinds of circumstances, they are using their friends/family as income, reserves, float and/or emergency fund.. otherwise, if they are having to live off the land and/or engage in questionable behaviors to get value.. then those would be other ways that some people might be able to figure out ways to get money or to be able to live, and maybe even not having to sell their bitcoin if they are figuring out ways that food, shelter and other basics are going to be available.