Quote from: Winterfrost on April 04, 2024, 05:23:25 PM

Quote from: Justbillywitt on April 04, 2024, 04:34:49 PM

Quote from: Lidger on April 03, 2024, 04:48:34 PM

Bitcoin market from 70 thousand dollars suddenly touched 66 thousand dollars, although I lost some money due to this temporary dumping of the market, I still see this change in the market as a big opportunity to make profit by investing.

The price of Bitcoin naturally and a few days ago was 70 thousand dollars at that time many investors invested and some investors were waiting for the price of Bitcoin to drop a bit. That's why some investors were waiting for the price of Bitcoin to fall because they would have the opportunity to buy more Bitcoins at a relatively low price. Opportunities have arisen for these investors because the market is dumping a bit, at this time if those investors invest in Bitcoin and wait for a few days, they can make good profits in a short period of time. I already have enough amount of investment, then after seeing this temporary dumping of the market, I am planning to add some more amount of investment to my total investment.

I have made a deposit account which I have paid a few days ago, I want to withdraw the money instead of keeping it in the bank and invest in bitcoins because the price of bitcoins is relatively low now. If I invest now and hold for a short period of time, I will still get a good amount of profit from my new investment, which I will not get if I keep the money in the bank.
Hopefully this will definitely be the best step for me in investing and I will be able to invest all the money in my deposit account and achieve success.

Be careful on how you go about this thing. With your explanation it's seems like you are in for this short time profit hunting in bitcoin investment and you might get hurt along the way depending on the approach you have Decided to use. Yes you are right that money kept in bank will not yield you any profit as compared to when invested in bitcoin. But you have to understand that for you to see substantial profit in bitcoin you don't have to have this short term mentality that you are chasing, using all your deposit in the bank to buy bitcoin and waiting for it to rise a little for you to take profit is not very healthy. What happens if bitcoin doesn't rise within the time frame you were expecting it to rise so you take your Little profit? It simply means that you will sell your bitcoin at a reduced price for you to feed since your expectations were not met. We don't have control over the market to know the exact time it will recover, that's why we invest in it for a long term, so that no matter what happens along the way, we are not bothered because we already have all this planned out, on how to run our life without panicking. Don't use all your savings and invest in bitcoin and hoping to get good profit within days or months, it will backfire you and you won't like the experience. Rather have a long term mentality when investing in bitcoin, and when you are in for the long term, you have to make sure that your emergency funds are in place.

the problem with some folks is that they ignore some key fundamentals which is what's necessary for effective decision making. Once you're looking at investing all your fortune into an asset that's as volatile as Bitcoin without making proper plans and you're expecting an immediate profit within intervals of weeks or few months, it goes to show you don't even know how investing into an asset as Bitcoin works and that you're possibly gambling with your money or possibly in search of anything that's available to double or multiply your funds. Now here is the take; as promising as investing into Bitcoin his, if you go about it with the wrong mentality You're invariably going to face similar fate with folks that Hold on to shit coins and continue waiting for the moment when it will become bullish and it never happens.

For you to effectively invest into Bitcoin and get the necessary profit, you must fix these key variables right;

1. Know the amount you can comfortably allocate into your investment that won't affect your needs
2. Device a stacking methord that works well for you based on your financial strength and this is where using DCA methord, bulk purchase or front loading comes into play
3. Set out an emergency fund that serves as a wall to protect your holding
4. Stay disciplined such that emotions and unnecessary event don't come up to take off your holdings.
5. And then you can work on ensuring that your holding is safe and secured from any intruder or hackers
6. as an important point, take off every sense of ponzi scheme mentality that makes you feel like you can just invest into Bitcoin today and get the expected profit in no time. You've got to be patient so you can stack up a good amount of bitcoin before thinking about making any profit. At the stage of your accumulation, if you're just concerned about making quick profit, then you obviously need to have a rethink.

You know as much as strategy gives us an edge, having a good psychology is also better and would carry us a long way in our investment, how would someone have a mind set that buying low and selling high is the best strategy to approach bitcoin with just because he feels he would make quick profits from it and disregard a long term holding that is a more after and better option, having a good mindset is also as good as using the best strategy and knowing how to do all the calculations, cause if you don't have a good mindset, you would find yourself often gambling than investing.

One of the most common area that even bitcoiners have a poor psychology is that they fail to understand the worth of bitcoin itself as an asset and for that reason they also fail to be able to want to hold bitcoin for long, to them bitcoin is just merely for profit making and that's why they may never get rich, cause how can you get rich when you don't have any bitcoin and end up selling evertime you make a little profit and the flaw to this strategy is that,

1. They would never have any bitcoin: after so many years of buying and selling, when they look at their portfolio there is no prove that they had actually bought Bitcoin at any time, and that is because they have been busy selling everything.

2.They would most likely remain poor : if you know about the compounding effect of bitcoin, then you would know that bitcoin favours long term holders more, and the more bitcoin you accumulate and the longer you keep, the more compounding value effect that would happen on your portfolio.

3. They would have more failures than success : while this might not be a general reality for many but one thign we know is that trying to time the market is not a very good thign cause you might be anticipating for the price to come to a particular level and it woudl never reach their, so you end up not buying and missing out and you have to wait till another dip which might not also come.

In conclusion been in bitcoin does not guarantee success, only doing the right thing and having a good mindset can guarantee such, yeah everything has its risk and we are investing with monet we won't miss, so potentially or if they is a possibility that bitcoin won't pay off we have to worry much about that.