Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Buy the DIP, and HODL!
by
Justbillywitt
on 10/06/2024, 22:52:04 UTC
⭐ Merited by JayJuanGee (1)
You don't need to have a stable income before you start investing into bitcoin, you can start with what ever amount you have, waiting to stabilise before investing in Bitcoin is not the right thign to do cause you can start while you put yourself in a better position by looking for a stable source of income, let's assume a guy that receives 100$ as a birthday gift and wants to buy bitcoin, although it's it's a steady income he can decide to invest up to 50$ into bitcoin or less depending on his expenses and what matters most is taht he has already started and when he has another money he can buy again and by the time he is stable he might already have some money invested into bitcoin, besides it's a long term approach so he has time to fix himself as he accumulates bitcoin.
Having a stable source of income is crucial for consistent Bitcoin accumulation while also meeting personal needs. investing money you have at the moment without having a steble source of income can impact negatively and  hinder your Bitcoin investment growth. Bitcoin investment requires one to be engaged in something that  brings earnings or wages either weekly or monthly so that certain percentage can be allocated to your Bitcoin investment no matter how little it may be and also doing it consistently, whether weekly or monthly, to ensure steady growth in your investments. Consistency is key in building your Bitcoin portfolio while balancing your financial responsibilities. It's all about finding that balance and staying committed to your investment goals.
Investors are generally advised to build funds and then start investing to ensure consistency in their investments. It is applicable only to those investors who are very serious about their investment and who do not want to disturb the continuity of investment in any way. But I think that an investor can continue to invest properly as long as he doesn't feel too much pressure on his investment. Whenever an investor feels investment pressure he will not be satisfied with his investment and will feel that he should sell this investment. So the investor will invest according to his ability and when he gets time to invest he will invest so that even if the investment is not continuous he can hold his investment for a long time.
I see the idea of building up funds first before accumulating bitcoin as a plan that will delay our bitcoin accumulation journey. Instead of trying to build up funds before accumulating bitcoin, you can use the DCA strategy to accumulate bitcoin either weekly or monthly, whenever your money is readily available. There's no pressure to invest in bitcoin; no one is forcing you to do so. The only thing that can make you sell your bitcoin when it's not time for you to sell it is when you use your whole money to invest in bitcoin. You will depend on your bitcoin investment to survive because you used all your money to invest in bitcoin.
I don't even support the idea of piling up funds before investing in bitcoin. Nobody can predict the future and nobody knows what will happen the next minutes, besides the funds you are keeping can easily be diverted to other things. Money is best invested the moment it is readily available, procastinating it can be dangerous. Just imagine you have money that you are piling up somewhere and suddenly something happen you will dip hand into it and solve the problem, but when you have invested the money in bitcoin, you won't have the mind to go to your investment to take money from there, rather you will seek for other sources to raise money and solve the situation, should Incase the money involved is bigger than what you have in your emergency funds, reserve funds and discretionary funds.

But if the cash that's been piled up is still with you, you won't have the urge to look for money elsewhere. Nobody will have physical cash with him or Her that will not use it to fix himself up. But if the cash is not there you will be forced to look for other means. In nutshell I don't support building up funds before investing in bitcoin. You can be buying it bit by bit as the money keeps coming, that's why it's called bitcoin. Buy the little you can once you have the money.