Quote from: Pandu Geddon on Today at 11:30:18 AM

Quote from: Justbillywitt on Today at 07:29:05 AM

Quote from: cryptoWODL on November 09, 2024, 03:46:36 PM

Quote from: SuperBitMan on November 09, 2024, 02:59:21 PM

If you ignore those important ingredients which are having a good backup funds and good source of income before you becoming aggressive in your Bitcoin investment you will surely dip hands into your Bitcoin investment, so before you become aggressive in your Bitcoin accumulation you need to have a good source of income and a good backup funds.
Now when we talk about aggressive Bitcoin accumulation is in different ways one may choose to use more than half of his discretion income to accumulate Bitcoin weekly or monthly which is not the way he those before and the other person may choose to use all his discretion income to accumulate, now when you have a good backup funds and a good source of income you can cover up and it won't affect you but if you don't have them it will affect you and it may lead to you dipping hands into your Bitcoin investment.

It is important to have a backup fund so that the individual does not have to sell his Bitcoin investment in the event of an emergency. Moreover, many investors keep backup funds in their investments with the DCA strategy, essentially for buying in lump sump. When they face dumping periods in the market, they take the opportunity to buy more bitcoins with the backup funds at lower prices.

Yes it is important to have backup funds when investing in bitcoin, but that backup funds are not meant to be utilise for Lump summing or buy any fucking dip. The backup funds are specifically kept for solving future emergencies. Your investment is for a long time and in course of the years that you will be holding your bitcoin, you are going to experience some unplanned emergencies along the line. So it is because of those unforeseen emergencies that may occur that's the reason for keeping the backup funds.

If you use your backup funds for Lump sum buying, then you have exposed your investment to possible sale, because when you will be hit by emergency you won't have money to solve it, and at that time you will have no options than to sell your investment to settle the emergency. You can lump sum when you receive extra funding maybe from the sales of inheritance or when you receive funds from other business deals. But just know it that your backup funds is not meant for Lump sum buying or buying the dip.

It's actually not a problem if you end up having to sell your Bitcoin because of an emergency. I've done it before, and I have no regrets, although if I had held on I would have made a bigger profit.
if you have a reserve fund that can be used to back up emergencies.

Selling your bitcoin to attend to an emergency need may not be problematic for you but it's a very wrong investment step because even though you didn't regret selling it at that period of time when you needed to attend to an immediate need but i believe you felt some kind of way when the price increased and you realized you could have made a larger profit if you didn't sold. I have actually found myself in that kind of situation where i sold due to an emergency need and after some few days the price experienced massive growth as though something was pumping it, i regretted for selling to be honest because i could have used another alternative to attend to my need instead of selling. However, after i learnt about the need to make provision for emergency funds that i can use in case of any unforeseen sudden event that may come up in the futture, i don't tamper with my hodlings again since i have a long term target.

Quote from: Pandu Geddon on Today at 11:30:18 AM

But sometimes when we have that kind of fund and see Bitcoin going down, we can't resist the urge to add some to our wallet. It's a human condition and is often experienced by investors.

That is why bitcoin investment is not for the weak or those who can't hold for long and overcome market fluctuations because at some point, the price is meant to fluctuate either ways but if you have a long term target you won't be moved to sell even when the price is falling.