Re: Buy the DIP, and HODL!

Before I got into the digital asset space, my uncle was going on and on about having this shitcoin and all that. Trading was his thing and he was in more valleys than peaks, and HODLing didn't make any sense to him. Well in Bitcoin, HODLing is how to do it.

Everyone is always stuck to his level of understanding about something, until they see someone that will bring them to limelight. and I think you will be in a better position to tell your uncle that trading is not profitable. You must prove some important fact to let him know how important holding is. although I know it might be difficult to change his way of doing things or perspective. But it's a matter of choice. Like me initially when I came to this forum newly I came with the notion of trading and holding shitcoin hoping for a greater days ahead not knowing I was waiting for worst days ahead. And as time passes I realised I was fooling myself all around this year's. Untill I started holding bitcoin . Although I nearly gave up on bitcoin when the price has dip, I would have even sold it off. but as I was coming to this thread I was motivated to keep HODling which I did. Now my btc portfolio is growing impressively and am happy as a holder and I have regretted not using the money I used to buy shitcoin those few years to buy Bitcoin, by now I would have made more profit than ever.

The emergency fund is also another important thing. Life some few days ago I had an emergency call of my sister in-law who was critically ill and was rushed to the hospital, there was no money to commence treatment, no body had emergency fund with them for the treatment to commence so I have to use my emergency fund to take care of the bills without touching my bitcoin HODLing till she came back from the hospital, everyone was asking me where I got that amount from? I was just saying its the lord doing. Where as it was my emergency fund. I now realise the true meaning of emergency fund and how important it is. I am looking up to receive my weekly payments to still replace my emergency fund let it not be dry to the extent of touching my bitcoin holding when it's not yet time for usage.

That can be part of the problem and the dilemma of actually having money because there are so many folks that are not very responsible with their own money, and they have no reserves, and when we build up a bitcoin investment - not only do we end up having money in bitcoin, but then we need to maintain an emergency fund and reserves so that we will not have to dip into our BTC investment.. so it could be a bad thing to deplete your emergency fund based on something that might not exactly even be your own emergency, and then end up experiencing your own emergency prior to your being able to replenish your emergency fund... .. so yeah a lot of times it can feel as if th e emergency fund, reserves and float are just sitting around and not really doing anything.. but then all of a sudden when you need them, then they can surely end up coming in handy.

All my life, I never knew that emergency funds should alway be in place in whatever investment one wants to go into. It was when I came to this topic that I saw how important it is for everyone investing or not investing to have an emergency funds should incase we face lost of job. I only knew how to save to achieve something of value.

I agree with you mate and like I mentioned on most of my post, this thread has been a game changer in advancing my understanding on Bitcoin investment because just like you before I came here I had no idea on most of the things that was discussed here such as the DCA, and the importance of having an emergency funds because all I knew then was just how to invest on Bitcoin without knowing there are things that should be put in place so that I cannot ran into trouble during the holding process, so I most say that coming here has totally change my investment narrative because right now I no longer invest the way I used to invest, so I believe that I'm not the only person who has been inculcate on our investment journey through this thread, however all thanks to @JayJuanGee for always making out his time to inculcating us about the ways to go about Bitcoin investment.

The opinion of saving emergency fund to help solve some emergency challenges is not disputable, it's something that every good investor have to put into considerations to ensure that the fund meant for investment is not tempered. However emergency situation is uncertainty that every good investment need to put in planning although nobody pray for such awkward situation but it's bound to happen but it doesn't occur every moment. In otherwise, the emergency fund saved to tackle occurance of emergency challenges can turnout to be a capital for a new investment if proper planning are put in place instead of saving the fund somewhere without it adding interest. For instance, if there is a total some of $150k save as emergency fund to help tackle emergency challenges, a good investor and business oriented minded person can use part of this money to accumulate Bitcoin using DCA strategies for a long term investment and then be accruing the profit of the investment to emergency challenges and within little time in the near future there may be a reasonable rate of return from the little investment made from emergency fund.