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Quote from: Frankolala on December 27, 2024, 05:18:41 PM

Bitcoin is the best amongst all cryptocurrency and it's unique. This is why you see that US government wants it, big tech firms wants it and everyone who understands this also wants bitcoin. Bitcoin does not have a special or right time to buy and you don't need to have all the knowledge of bitcoin before investing, because it's complex and you can invest and learn at the same time since buying bitcoin is easy and that's all you need to know in the beginning because you are not planning to sell.

You make some sense even though you are calling bitcoin cryptocurrency but i think it will be much better if we single out bitcoin and not include it as cryptocurrency since it is way greater and higher than other fucking shitcoins called cryptocurrency. Indeed, due to the price performance of bitcoin so far, many organizations and countries are now buying and hodling bitcoins for long term future proceeds so absolutely, no one is interested in getting much knowledge about bitcoin again since many people are investing as a result of the current trend it has gotten in the market. I think people are getting more wiser not to sell their bitcoins and that is one of the reasons why bitcoin did not experience an intense drop after it got to $100k because many are now holding their bitcoins firmly without being affected by market fluctuations and volatility.

Those are called smart investors, and maybe even a newbie can understand that it's better to accumulate and HODL Bitcoin for as long as we can and not sell specially during dips just like what we are seeing right now. On the contrary, it's a good time to buy as again, there are meme's that says that they missed the boat but then when the price goes on a correction, still they don't want to buy as they are waiting for the price to go down further.

But in any case, it will be better if you can't really resists to sell or there is an emergency that you need money, then do it but not 100% of your stash. At least leave some for you and then start all over again, accumulate hold, simple but very effective formula and then look for the bigger picture again.

Emergencies are part of the plan when starting your accumulation journey, You are advised to setup an emergency funding and grow it alongside your DCA accumulation journey and continue to grow it until it is equivalent to six months of your expenses or a year worth as the case may be. Emergency funds are good to use in servicing emergencies only and nothing else, so when emergencies presents itself, it is solved with your emergency funds and not shaving or liquidating your portfolio.

Although there are situations where the emergencies outweigh your emergency funds and floating cashes, and on the note that there is no other way to source funds within the timeframe apart from loans, then you can shave off some part of your holdings with the intention to continue your accumulation when things bounce back to normal. I am not a fan of loans and would not advise anyone to go in that direction when they have money locked in bitcoin since the interests might be mind-blowing and cause more problems for the investor on the long-run.

Ya setting aside emergency fund should always be part of the plan when trying to invest invest into Bitcoin but you can still start up your bitcoin investment if emergency fund is not available as long as your discretionary income is available then gradually you can start setting up your emergency fund when you have already started accumulating Bitcoin through your discretionary income.
The reason to plan for emergency fund is that certainly in life we will definitely come across unexpected issues that we will definitely want to solve without selling out our bitcoin holding in a short while so it can easily be sort out with your emergency fund.

Even if you don't have an emergency fund at the beginning of your Bitcoin savings, you should still set a goal for your savings so that you can at least build a basic level, such as creating your own separate wallet and saving any amount of Bitcoin according to your ability. Savings is another way for an investor to have independent financial capabilities through which he can accumulate bitcoin from the present time to retirement as he wishes. The need for an emergency fund is certainly there if you have set a target for long-term savings. Therefore, a Bitcoin saver should be aware of it by giving him the right guidance. New investors can be encouraged to save more due to the positive and independent attitude of Bitcoin savings.

Another positive aspect of the need for an emergency fund is that if you regularly decide to lump sum from your savings from time to time, it can have an effective effect on increasing your Bitcoin pile. The question here is how long you can keep an emergency fund for Bitcoin holdings to be beneficial for protection. The answer is a backup fund/floating cash to manage your family's daily needs for 6 months to 1 year. If your backup fund is for a longer period (two years or more) then aggressive savings for Bitcoin savings and bearish holdings can be beneficial.

There are many types of backup funds created out of your discretionary income. It's limitless and you can create as much as you want with respect to your demands. There's emergency fund, floating cash, different kinds of savings e.t.c. Emergency fund is just one of them that is dedicated to saving you in the event of uncertainties and unforseen circumstance. You should treat emergency fund as a necessity and not just an option. You can continue accumulating Bitcoin alongside building your emergency fund until it can service one year or more of your expenses as you intend. At this point you can divert the percentage of income set aside for emergency funds into Bitcoin accumulation to increase your aggressiveness having already built out your emergency funds to a feasible extent.

You now focus more on your Bitcoin accumulation alone until you possibly reach your accumulation target or emergency occurs and you need to rebuild the emergency fund.