which can only be possible when there is a set aside emergency fund to take care of other basic needs because without having alternate source of income one may be tempted to sell the Bitcoin when it has not attain the expected performance.
You don't need an emergency funds to take care of your basic needs, because emergency funds is to take care of any unforeseen circumstances that plays out during your bitcoin investment
Don't misunderstand the purpose of setting up an emergency funds. Your basic needs should be taken care of from your income before you can use the leftover which is your discretionary to invest in bitcoin and build up your emergency funds. Your emergency funds should only be tampered with when there's an emergency that must be taken care of so that the does not worsen the situation on ground. Like losing your job, the roof of your house was pulled of by storm and severe accident cases.
You don't need to have an alternative source of bitcoin before you can hodli your investment for long as long as you are using the right amount of money from your discretionary income to invest in bitcoin, you will be fine. Having an alternative source of income is to boost your financial strength so that you can be progressive in life and also use the chance to increase your weekly DCA amount in order for you to reach your bitcoin target faster.
You are right, and you have made @bestcandy understand the purpose of emergency funds. But I add some additional hints to the points you have already made.
First, not everything is an emergency issue (like buying a house or buying a car and other necessary things we need daily are not emergency issues). Emergency cases are unexpected things that happen when you do not expect them.
I think emergency cases are things that may happen, and if we do not look into them and solve them immediately, we might be at a big loss or high risk. And I believe we know some of the emergency cases, i.e., medical issues, job loss, and natural disasters (which we do not wish for).
Emergency funds should not be used for basic needs (just like you have highlighted already). Basic needs are what an investor needs to take care of before purchasing his regular amount in Bitcoin (through the DCA method).
Before going into an investment, you need to make sure you have your basic needs and other expenses covered, but you only need to take from your emergency funds when there is a crisis, medical attention, or disaster.
Do not forget to use spare (leftover) money to invest in Bitcoin.
Everything you've said here looked fine except the bolded text.
. You must have a fixed amount you map out periodically from your discretionary income to invest into Bitcoin. It would help you remain committed and focused in your accumulation journey and not leaving it to chances and mercy of having a leftover.
Being precise about our accumulation amount helps us manage our cashflow better. It also helps the investor in the optimal utilisation of his discretionary income since he knows the specific amounts that goes into his Bitcoin accumulation and other variances of backup funds. He is compelled to be diligent utilizing funds when they are available.