* Know how to manage your investment very important, this will help you scale through some challenges
What kind of management we talkin' about here anyway? We're in it for the long game, HODL mode activated. Not phased by market swings, not even by those dramatic dumps, because history’s shown us they’re just temporary speed bumps. Let’s not forget,
Bitcoin’s "died" 477 times and yet here we are, sitting on one of the most successful assets of our generation.
When it comes to managing your investment, it’s more about how much fiat you're willing to put in. Whether you're buying small during dips or going all in, the key is holding it long term.
Managing your BTC is not ONLY about figuring out how much you are going to buy, since how you balance your life, your dollars, your other investments and your bitcoin may well be considered a moving target.
Sure, you have been registered on the forum since early 2016 so getting close to 8 years so maybe you have had time to accumulate bitcoin, and you may or may not be done with you BTC accumulation, yet you might go through a maintenance stage where you are neither buying BTC and you are also not selling it either, yet you still should be purposefully considering how you are managing your BTC in that regard.. and what your expectations might be in regards to your BTC. Whether you don't yet have enough, or you are getting close to having enough or you have more than enough can affect how you choose to manage your holdings, which also may include considerations where to keep it, which could end up being a combination of places that may or may not be shared with others and ideas about whether you have figured out succession strategies too.. or if you are going to just die with your bitcoin.
I have no issues with where or how to store it since I researched that well before I started accumulating. I actually started back in 2016, but honestly, the amount I’ve gathered isn’t enough (yet) to make me retire. As for budgeting, I’m good with that too since I have income outside of the Bitcoin space that helps me live a simple life. But I’ve always kept in mind that I need more time to keep accumulating, and when the right moment comes, I’ll sell even just half of it and live a financially free life by my own standards.
That time will definitely come, but for now, I’m not focused on hitting any specific figure since I’m not ready to cash out yet. I’ll just keep accumulating regularly. I won’t share the exact amount for privacy reasons, but you’ll know it’s big when it satisfies me.
Honestly, I wrestle with how much to invest myself, but once it's in my wallet, I’m in for the ride. It just waits there, knowing one day it’ll be worth so much more. Bitcoin’s growth is inevitable, especially with big names that once hated it now slowly coming onboard.
You kind of sound like a guy who is in a long term trade rather than an investment, since you seem to have not considered how much bitcoin you need (or want to accumulate) and then you seem to not really know what your target is.. Are you just going to sell all of it when it reaches a certain price, or maybe you have ideas about how much you are selling at various price points?
I am not suggesting that you need to know all of these matters, but you should try to figure out some of the parameters in regards to how you are planning to treat your BTC. and if you are still accumulating then how much more do you need or want? Sure there are some guys who might mostly be done accumulating BTC on a regular basis, but they still might choose to pick up more on dips... so there can be quite a few variations in regards to how to manage your BTC holdings.
I’m pretty sure I know, but right now, I’m not at the point where I feel the need to count all the eggs I’ve saved up. The time will come, hopefully soon, and I’ll update you here when it does. But like they say, privacy keeps us safe, because you never know who’s watching. It’s a good thing our accounts hide our real identities; otherwise, I wouldn’t feel comfortable sharing here.
Let’s just say I believe Bitcoin could hit $1 million a piece, and when that happens, maybe I’ll be tempted to sell. How’s that sound?
Look at the USA, they used to think Bitcoin was just for shady stuff, but now they’re regulating it and even approving ETFs for the big players.
This is only the start, just the beginning of Bitcoin's climb. You might be tempted to cash out, but when Bitcoin skyrockets, you might regret it. That’s why HODL’s the word.
So you seem to not have any exact target for how many BTC you want or need, except you just buy it from time to time, and then wait for the day that it goes to the moon? When it goes to the moon, then what are you going to do? Sell at that point? You seem to have a pretty vague approach in regards to your bitcoin stash, no?
Selling will be the ultimate success, but I know it won’t happen anytime soon. So, I’ll just keep holding with discipline. Like I said, maybe one day I’ll get tempted to sell. Here’s a little clue: I’ll sell my Bitcoin when it hits $1 million a piece. So, when do you think that’ll be?