Quote from: Kwarkam on April 11, 2024, 11:53:24 PM

Quote from: Mr.suevie on April 11, 2024, 07:29:15 PM

Quote from: Frankolala on April 11, 2024, 07:46:29 AM

Quote from: Ricardo11 on April 11, 2024, 07:29:58 AM

A few days ago I was withdrawing some money from my bitcoin holdings to fulfill my dream of a computer, which I also needed. But I think I was wrong, if I had bought the computer a few days later, I could have expected better things, as many people think that the price of Bitcoin will increase after the next halving. from my holding, I withdrew about $500 from Bitcoin when it was worth 69k , after halving it, sold my holdings and bought a computer, I would have got something better.

This is the mistake that newbies make by using the money for their needs to invest in bitcoin, and end up selling part of their bitcoin during accumulating period. You don't have an emergency funds, and you are using the money for emergencies to invest in bitcoin, I hope that you don't end up selling again when the price of bitcoin will not be in your favor and run at loss, maybe that is when you will regret it.

The purpose of investing in bitcoin is to grow it without selling any, no matter the temptation from the market, and that is why it is good to figure out that amount that would not be stressful to you or cause tension to you, and invest with it, so that you can hodli without thinking of selling for a very long period of time. When you are investing, have a bitcoin target and stay focused on achieving it. Although, it might not be easy, but with discipline and sacrifice, and the believe that bitcoin is one of the best assest to invest in for the future. It will be possible.

You have just limited the quantity of your bitcoin, which would have generted a higher profit for you, so what is next, start accumulating now that the price is higher than when you bought those one that you sold...not a wise decision.

Thanks for the clarification but I would also like to add this particular problem of inconsistency is not only tied to newbies because I believe even some persons who have been in the space for some time can still make this error. One thing is to start an investment and the other is to end up with the actual plans you thought of starting with. The points you just dropped are actually the basics to starting a Bitcoin investment because if you don't have an steady means of income where you can atleast cut out a portion that won't affect you if you want to save it as Bitcoin then you might likely just end up using that same Bitcoin you intend to save to solve one or issues that's needs attention just because the planning wasn't certain.

I agree with you, sir. At the very least, before any one goes into Bitcoin , you should have an emergency saving, and yes a steady, reliable source of income, so you don't end up using your holdings prematurely to sort out emergency situations.
While there can be a lot of upsides to Bitcoin, remember that the downsides can be sudden and sharp. Also note that Bitcoin may have a higher chance of going to zero than many other assets. In light of this, it would be wise to limit your allocations to an amount you can afford to lose.

If you're looking to diversify your portfolio or are saving for a particular goal (particularly a short-term goal), Bitcoin may not be an appropriate vehicle due to its unpredictability.
In essence, what I'm saying is that firstly, before going into Bitcoin, you should atleast have a reliable source of income that can fund your investment, so you don't have to touch your holdings to handle emergent issues, and then, Bitcoin best fits long term investment, as in the long run the profits pile, but in a short frame, losses can be counted due to its volatility. I think I made sense .

I dis agree with you mate, with your Short sighted way of spreading negative messages about Bitcoin by sounding so crazy in your narrative of what you think Bitcoin is, Bitcoin is one of the best if not the best when it comes to the world digital assets class and has proven beyond every reasonable dout about it's potentials from history since it's inception or innovation.