Quote from: SuperBitMan on Today at 05:52:00 AM

Quote from: Zaguru12 on August 31, 2024, 09:54:20 PM

Quote from: SuperBitMan on August 31, 2024, 07:24:44 PM

Some people says is only a stingy person can invest on Bitcoin and become successful there reasons are that someone who is not stingy will always sell some part of his or her Bitcoin to solve issues, help others and enjoy life, this mindset is wrong even if you are not stingy you can still invest in Bitcoin and solve your issues, you can still help others and enjoy life, that is why you need a source of income before starting Bitcoin investment and what you are only using to invest on Bitcoin is your Discretionary income so you can do other things which will make your life interesting you just need to follow the right steps.
Some steps one needs to follow are:
1. Have a good source of income
2. Have good emergency, reserve and float funds.
3. Manage your salary very well
4. Don't be aggressive in your investment without having a backup funds.
5. Be consistent
6. Be patient.

All this are some few things I know can help when one wants to start or have already started Bitcoin investment, one don't need to rush in going into Bitcoin investment when you calm down and ask questions make research it will help you grow well in your Bitcoin investment journey.

If by stingy they mean only some that has a very tight hand to hold can invest into bitcoin then I will say they are correct, for you to be a good or profitable bitcoin holder, the urge to sell at every slightest opportunity should be something you need to control, this doesn’t in no way means you just hold and don’t take profit, No you can set a take profit target and when the price gets there you take some profits and then invest into other businesses or assets for diversification sake this will even give you more income to buy more future dips.

Looking at the tips you listed i will like you to add the one ultimate tip which never invest what you cannot afford to lose even if the assets is having a good history like bitcoin, investing in what you can afford to lose doesn’t necessarily even safe you from losing but actually keeps you calm even when the price dips and allows you to make better decisions.

If you are using the DCA strategy to invest in Bitcoin how will you be able to invest what you will be able to lose since you are accumulating Bitcoin bit by bit on a weekly or monthly basis or are you saying if you accumulate to a certain level one can stop in other to invest what one can lose.
Yes there's risk in every investment but investing what you can afford to lose is not for all investment there are some investment that one don't need to think about losing to the extend that it will now affect your accumulation journey, this saying is what have stopped a lot of people from being consistent in there Bitcoin investment, this investing what you can afford to lose is for gambling, shitcoins and Ponzi scheme.
The history of Bitcoin is something one should take serious in knowing because from the history you will know that Bitcoin is one of the best investment to go into without fear of losing, Bitcoin has not reached half of it's growth so no need to fear and anyone that knows how Bitcoin works has nothing to fear.
Some people had the opportunity to invest in Bitcoin 10 years ago but refused because of fear of losing there money and today they are regretting there action deeply and 10 years from now people who are also having fear in investing in Bitcoin will also regret so don't be part of those that will regret be part of those that will rejoice so accumulate enough Bitcoin.

The fact that Bitcoin has proven itself doesn't mean it is 100% certain or guarantee likewise other investment. We are not investing in Bitcoin because we are sure of what will be the outcome some years to come NO, rather we are investing because we think it has the ability to exist and also hoping that our thinking or thoughts comes to fulfillment. I will doubt anyone who says he or she is sure that Bitcoin investment is guarantee though it will stay but we don't know how long and that is the reason why people are advise to invest with what they can afford to let go so that Incase our thinking or thoughts is been cut short we won't feel it that much.

The fear of losing money is not only what has affected a lot of people not to invest in Bitcoin rather the problem is that, some don't have knowledge about it, some are not interested and some have little or no good source of income etc which is the number one thing an investor should endeavor to have so as to bring continuous investment. In summary, Bitcoin is a very nice asset to invest in but we should always use what we can afford to let go no matter how one trust the investment because no one can tell for sure what will be the outcome.